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Jubilee maintains dividend as half-year net profit jumps to Sh3.4bn
Jubilee Holdings Limited Group CEO Dr. Julius Kipngetich, Group General Counsel and Company Secretary Margaret Kipchumba, Chairman Zul Abdul, and Deputy Group CEO Juan Cazcarra during the company’s 88th Annual General Meeting.
Jubilee Holdings Limited has maintained an interim dividend of Sh2 per share after its net profit for the half-year ended June 2026 rose by 12.7 percent to Sh3.45 billion, helped by a strong performance of the life insurance business.
The rise in half-year net profit from Sh3.06 billion was helped by a 45.8 percent rise in net insurance finance result to Sh2.33 billion from Sh1.6 billion.
Net insurance finance result refers to the financial gain or loss an insurer makes from interest rates, market changes, and the changing value of money over time after factoring in future claim payouts.
The rise in net insurance finance result was despite the insurance service result declining by 59.6 percent to Sh445.27 million from Sh1.1 billion.
Jubilee said the decline in insurance service result was driven by increased claims and medical inflation that impacted the medical insurance business. This was partly offset by a 52 percent growth in the life business.
On the back of improved profits, Jubilee has maintained dividends at Sh2 per share amounting to Sh144.95 million, being the same as that paid in a similar period last year. Jubilee said it will pay the interim dividend on or about October 8 to members on the company’s register at the close of business on September 7.
The interim dividend follows the payment of Sh13 per share that investors received on July 24 this year after net profit for 2025 rose by 17.6 percent to Sh5.55 billion.
During the review period, insurance service revenue stood at Sh16.9 billion, a one percent growth from the same period last year, helped by the life insurance business that witnessed a 14 percent increase. The life business offset a decline in health business as the insurer opted to focus on profitable portfolios.
Jubilee Holdings Limited Chairman Zul Abdul during the release of the company’s 2025 full-year financial results at their offices in Upper Hill, Nairobi, on April 9, 2026.
Photo credit: File | Nation Media Group
Jubilee Holdings chairman Zul Abdul said the performance provides a foundation for continued progress, with focus on sustainable shareholder returns, customer value and delivery of company ambitions.
“The group’s performance in the first half of the year reflects the resilience of our business and the progress we are making in executing our strategy. More importantly, it demonstrates the solid foundation we are building for long-term growth,” he said.
“We have continued to sharpen our portfolio and deploy capital where it can create the greatest value, with the conclusion of the sale of our remaining stake in SanlamAllianz Uganda marking an important step in this journey.”
The asset management business continued to grow, with retail assets under management (AUM) more than doubling year-on-year by 116 percent to Sh33 billion. The overall AUM grew 18 percent.
The asset management unit was recently recognised as the fastest-growing retail asset management company in 2026 by the Global Banking & Finance Awards.
Jubilee said its Uganda business has now taken the highest market share following the decision to merge the life and health insurance units.
The group has been deepening its focus on technology-powered underwriting since 2022, with a focus on areas such as investing in robotics, artificial intelligence and data analytics to deliver customised covers and improved service delivery.
The digital investment has helped the insurer speed up its claim processing time while improving fraud detection capabilities. For instance, Jubilee Holdings averted Sh1.28 billion in losses from fictitious claims last year, nearly three times the prior year’s figure as it deployed AI.
The insurer handles more than 4,000 claims daily without human intervention, helping speed up service delivery while navigating the challenges of fraud. Industry estimates put fraud prevalence at 20 percent of total claims.
