Jubilee has announced a dividend payout of Kes9 per share and a special Kes3 per share, summing to Kes870 million.

This is despite the Insurer recording a 2.9 per cent to Kes6.6 billion net profit in the year ending December 31 2022, from the Kes6.8 billion posted in 2021.

The drop is attributed to reduced gross written premiums from Kes30.6 billion to Kes26 billion.

Further, total income dropped from Kes39.5 billion to Kes36.8 billion during the period under review.

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Jubilee Holdings Chairman Nizar Juma noted that the Group is constantly innovating, introducing digitization, managing expenses, and improving business efficiency in a volatile and constantly challenging business environment.

"We are committed to creating maximum value for all our stakeholders and achieving long-term business success,” he added.

During the year, the insurer’s life business recorded a 26 per cent increase from Kes17 billion to Kes22 billion.

However, the Goup’s total assets grew by 9 per cent from Kes155 billion to Kes170 billion while total shareholder’s equity and reserves increased by 15.3 per cent from Kes39.5 billion to Kes45.5 billion.

Further, investment income grew by 41 per cent to Kes4 billion.

Jubilee’s gain from selling the general insurance businesses last year stood at Kes2.1 billion, down from Kes3.2 billion a year earlier.

The insurer, in 2020, started selling stakes ranging from 51 per cent to 66 per cent in its general insurance subsidiaries in Kenya, Uganda, Tanzania, Burundi, and Mauritius.