Type Private Products Insurance Headquarters Nairobi, Kenya | Industry Financial Services Website Homepage Founded 1937 | |
 | ||
Key people Nizar N. Juma
Chairman
Patrick Tumbo Nyamemba
Managing Director & CEO Total assets US$826.65 million (2015). Profiles | ||
Jubilee Insurance Company Limited (JICL), commonly referred to as Jubilee Insurance, is an insurance company in Kenya, the largest economy in the East African Community. It is a wholly owned subsidiary of Jubilee Holdings Limited, a multinational insurance holding company, which maintains its headquarters in Nairobi, the capital of Kenya, with subsidiaries in Burundi, Kenya, Mauritius, Tanzania, Uganda and Pakistan, with plans to expand on the African continent.
Contents
History
Jubilee Insurance was incorporated as a Kenyan financial services provider with headquarters in the coastal city of Mombasa. The company prospered and over the years, opened offices in other East African cities and towns, including Nairobi, Dar-es-Salaam and Kampala. The company also opened branches in the Indian city of Bombay and Karachi, Pakistan. On the Indian Ocean islands of Mauritius and Zanzibar. The company's parent, Jubilee Holdings Limited, was listed on the Nairobi Stock Exchange (NSE) in 1973, where it trades under the symbol JUB. Its sister company in Pakistan is listed on the Karachi Stock Exchange under the symbol NJICL.
Following a period of political and financial instability in the 1970s and 1980s in Uganda, Jubilee Insurance Uganda re-established presence in 1992. The Ugandan subsidiary is co-owned with the DFCU Group and with the Aga Khan Fund for Economic Development (AKFED). In 2006, Jubilee Holdings Limited became crosslisted on the Uganda Securities Exchange (USE).
In 1998, the company re-established a subsidiary in Tanzania. Jubilee Insurance Tanzania is co-owned with local Tanzanian investors. It was the first privately owned insurance company to be licensed in the country, following the liberalisation of financial institutions ownership. Jubilee Holdings Limited became crosslisted on the Dar es Salaam Stock Exchange (DSE), also in 2006.
According to the Kenyan Insurance Regulatory Authority report released in September 2014, The Jubilee Insurance Company of Kenya was ranked first in market share with 11.9% of the Kenyan market ahead of Britam and CIC Insurance Group Limited, who controlled 11.2% and 9% respectively.
Jubilee Holdings Limited
The following is a list of subsidiaries (50+% shareholding) of Jubilee Holdings Limited, who together form the Jubilee Group.
- The Jubilee Insurance Company of Kenya Limited (100%)
- The Jubilee Insurance Company of Uganda Limited (65%)
- The Jubilee Insurance Company of Tanzania Limited (51%)
- The Jubilee Insurance Company of Burundi S.A. (70%)
- Jubilee Insurance (Mauritius) Limited (80%)
- Jubilee Financial Services Limited (100%)
- Jubilee Investments Company Limited (Uganda) (100%)
- Jubilee Investments Tanzania Limited (100%)
- Jubilee Investments Burundi Limited (100%) and (10) Jubilee Center Burundi (80%).
The companies listed below are regarded as associate companies, with less than 50% shareholding of Jubilee Holdings Limited:
Ownership
Jubilee Insurance Company Limited is a 100% subsidiary of Jubilee Holdings Limited; the "Holding Company" or the "Parent". The stock of the holding company is listed on three of the four major stock exchanges in East Africa, namely; the Nairobi Stock Exchange, the Uganda Securities Exchange and the Dar es Salaam Stock Exchange. As of December 2013, the total assets of the Parent were estimated at about US$678 million (KES:61.16 billion), with shareholder's equity of approximately US$119 million (KES:10.7 billion).
Kenya Branch Network
The company maintains the following offices in Kenya, as at 31 December 2013: