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.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCRâ€™S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCRâ€™S OPINIONS INCLUDED IN GCRâ€™S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCRâ€™S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCRâ€™S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCRâ€™S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCRâ€™S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
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