Jubilee Life Insurance Limited (Jun 2023)

Jubilee Life Insurance Limited (Jubilee Life Kenya, formerly The Jubilee Insurance Company of Kenya Limited) is a 100% owned subsidiary of the Jubilee group (Jubilee Holdings Limited and subsidiaries). Jubilee Holdings Limited is a limited liability company incorporated and domiciled in Kenya with streamlined core operations in life and health insurance after the general business disposal to Allianz. Post-transaction, Jubilee Life Kenya emerged with a contribution of 66.1% of total assets and 26.0% of gross premiums within a financially stronger life and health focussed group. Given the high proportion of total assets contributed by Jubilee Life Kenya, we have equalised the insurer’s credit profile to that of the group.

In 2020, Jubilee Holdings Limited entered into a transaction to dispose controlling stakes ranging from 51% to 66% in general business subsidiaries in Kenya, Uganda, Tanzania, Mauritius, and Burundi to Allianz SE (Allianz), based in Germany, and retain minority stakes. The disposals were finalised at different times until the end of the 2022 financial year, cumulatively strengthening the group’s financial profile. The group has other strategic assets through associate investments in power generation, property development and management, telecommunication, and farm produce trading that contribute to the sizeable asset base. Total capital and assets measured at KES48.0bn and KES170.5bn at 31 December 2022 and the group has access to capital markets through a primary listing on the Nairobi Securities Exchange (“NSE”), and cross listings on the Uganda Securities Exchange and the Dar Es Salaam Stock Exchange.