Jubilee Holdings’ H1 2025 Profit Up 22% on Higher Insurance Revenues – The Kenyan Wall Street
Investment holding company Jubilee Holdings Limited has posted a 22% increase in profit after tax, from KShs 2.51 billion in H1 2024 to KShs 3.06 billion for the first six months of 2025.
- The growth was underpinned by higher insurance revenues and stronger investment income, despite softer other income streams.
- The Group’s profit before tax increased 15% to KShs 3.4 billion, supported by a 32% jump in net insurance finance results to KShs 1.6 billion.
- The board has declared an interim dividend of KShs 2.00 per share (KShs 145 million total), lower than the prior year’s payout of KShs 833 million, signaling a more conservative distribution policy and reinvestment priorities.
Jubilee’s total assets have increased by 7% to KShs 228.4 billion (H1 2024: KShs 213.6 billion). Growth was driven by a larger allocation to government securities (KShs 162.8 billion vs 143.5 billion in 2024) and higher quoted equity investments.
Segment and Income Drivers
The company’s operating cash flows now stand at KShs 3.2 billion, though net cash decreased due to higher investing outflows (KShs 5.0 billion). Cash and cash equivalents stood at KShs 4.1 billion, down from KShs 5.3 billion in December 2024.
- Insurance Revenue surged 33% to KShs 16.7 billion (H1 2024: KShs 12.6 billion), reflecting continued expansion across health, life, and general insurance.
- Insurance Service Result improved 15% to KShs 1.1 billion, highlighting efficiency gains despite higher claims costs.
- Net Insurance Finance Result (including investment returns from insurance funds) climbed 76% to KShs 1.6 billion, a key driver of earnings growth.
- Other Income declined 35% to KShs 697 million, weighed down by lower non-core gains compared to last year.
Total equity rose 5% to KShs 53.8 billion, supported by retained earnings. Insurance contract liabilities expanded to KShs 166.5 billion, reflecting business growth.
Total comprehensive income rose to KShs 3.02 billion from KShs 2.49 billion, aided by retained profitability, though slightly offset by negative fair value adjustments.
Key Highlights- H1 2025 vs H1 2024
| Metric | June 30, 2025 | June 30, 2024 | YoY Change |
| Insurance Service Revenue | KShs 16.69 Billion | KShs 12.58 Billion | 32.60% |
| Net Expenses from Reinsurance | KShs 191.8 Million | KShs 353.7 Million | -45.80% |
| Insurance Service Result | KShs 1.10 Billion | KShs 959.9 Million | 15.00% |
| Net Insurance Finance Result | KShs 1.60 Billion | KShs 909.7 Million | 76.10% |
| Other Income/(Expenses) | KShs 697.50 Million | KShs 1.08 Billion | -35.20% |
| Group Profit Before Tax (PBT) | KShs 3.40 Billion | KShs 2.95 Billion | 15.50% |
| Net Profit | KShs 3.06 Billion | KShs 2.51 Billion | 21.70% |
| Earnings per Share | KShs 41.63 | KShs 34.59 | 20.30% |
| Total Assets | KShs 228.43 Billion | KShs 213.58 Billion | 7.00% |
| Total Liabilities | KShs 174.59 Billion | KShs 162.40 Billion | 7.50% |
| Total Equity/Net Assets | KShs 53.85 Billion | KShs 51.18 Billion | 5.20% |
| Operating Cash Flow (vs Dec ‘24) | KShs 3.22 Billion | KShs 7.32 Billion | -56.00% |
| Cash & Equivalents (vs Dec ‘24) | KShs 4.14 Billion | KShs 5.34 Billion | -22.60% |
| Interim DPS | KShs 2 | KShs 2 | 0.00% |
Outlook
With a rising asset base, prudent balance sheet management, and diversified income streams, the Group is well positioned to sustain growth in H2 2025, though higher claims costs and global market volatility remain key risks.
