VENTURES AFRICA – Leading insurer in East Africa, Jubilee Holdings Ltd., plans to buyout smaller insurance companies to expand its business as competition heats up in the sector. Despite the fact that only 8 percent of Kenyans have any coverage, it is considered a key growth area for the country’s economy.
“The aim is to remain number one, particularly in Kenya, where mergers and acquisitions have been happening. There [have been] about five mergers in the last one year but we managed to remain number one. We are looking for companies to acquire in the country and region because insurance is dynamic,” said Nizar Juma, Jubilee Group chairman.
The insurer has recorded significant successes in Kenya, Tanzania and Uganda over the years, becoming in the process, the top medical and short-term insurance service provider within Kenya. Now a leader in long-term insurance, Jubilee’s revenue hit Sh30 billion ($326 million) in 2014, its highest in nearly a decade.
The company said, yesterday, that its gross written premiums increased by 30 percent to Sh30.35, while earnings per share (EPS) jumped 26 percent to Sh48.