Jubilee Holdings Limited has recorded 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.

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.

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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.