Par Value: 5/-
Closing Price: 350.25
Total Shares Issued: 72472950.00
Market Capitalization: 25,383,650,738
EPS: 50.06
PE: 6.997
Jubilee reports H1 2021 Earnings versus H1 2020
HY 2021 Gross written premium and contributions 22.206750b versus 20.225097b
HY Gross earned premiums 15.903849b versus 15.518621b
HY Outward reinsurance [4.7389869b] versus [5.368637b]
HY Net Insurance premium revenue 11.163980b versus 10.149984b+9.99%
HY Other Revenue 6.707283b versus 3.802522b +76.39%
HY Total Income 17.871263b versus 13.952506b
HY Net Insurance benefits and claims [12.234158b] versus [8.611781b] +42%
HY Total Expenses and commission [3.390802b] versus [3.266473b]
HY Result of Operating Activities 2.246303b versus 2.074252b +8.29%
HY Share of results of associates 885.931m versus 302.536m +192.834%
HY Profit from Operating Activities 3.132234b versus 2.376788b +31.785%
HY Gain on disposal of Subsidiary 2.073744b
HY Group profit before Taxation 5.205978b versus 2.376788b +119%
HY Net Profit 4.506107b versus 1.8390475b +145%
HY Total Equity 39.772760b versus 35.535381b
HY Total Assets 151.724117b versus 145.863583b
Interim Dividend 1.00 a share
Jubilee Holdings H1 2021 results: @MwangoCapital
https://twitter.com/MwangoCapital/status/1431299292434767872?s=20
Total assets Ksh 151.7B
Gross written premiums up 10%
Net benfits & claims up 42%
Gain on disposal of subsidiary Ksh 2.07B
Total comprehensive income Ksh 4.23B
Interim dividend Ksh 1.00
Conclusions
The core business accelerated +31.785%
The Allianz Partnership is an earnings accelerant
These are strong numbers and going forward we need to accelerate the earning curve.
Jubilee Holdings reports FY 2020 Earnings versus FY 2019
FY Gross Written Premiums 29.971547b versus 28.812194b
FY Insurance Revenue ceded to reinsurers [9.674721b] versus [9.630273b]
FY Net Insurance premium revenue 20.140397b versus 19.489658b
FY Investment Income 11.295345b versus 10.026814b
FY Other Income 1.677744b versus 3.312863b
FY Total Income 33.113486b versus 32.829355b
FY Net Insurance benefits and returns on investment contracts [20.401864b] versus [19.726931b]
FY Total expenses and commissions [8.856261b] versus [9.083703b]
FY Results of operating activities 3.855361b versus 4.018701b
FY Share of results of associates 1.329396b versus 0.988521b
FY Group Profit before Income Tax 5.076895b versus 5.007222b +1.4%
FY Profit for the Year 4.087586b versus 4.017687b
FY EPS 50.06 versus 49.07 +2.0175%
FY Final Dividend 8 shillings a share [+1.00 Interim]
FY Total comprehensive income for te Year 5.755842b versus 3.903155b
FY Net Assets 35.535381b versus 30.521630b
Cash and Cash Equivalents 12.123476b versus 15.019997b
Commentary
Total Assets 146B +12%
Total compreensiva Income 5.8b +49%
No.1 combined Insurer Uganda 20% GWP Growth
No. 1 Regional Medical Insurer 10% GWP Growth
Conclusions
Resilient Earnings.
Dividend Yield 3.157%
HY Earnings 2020
HY Gross Written Premium 20.225097b versus 20.713789b
HY Net Insurance Premium 10.149984b versus 9.566028b
HY Other Revenue 3.802522b versus 4.067355b
HY Total Income 13.952506b versus 13.633383b
Net Insurance Benefits and Claims [8.6117816b] versus [9.0058216b]
HY Group Profit before Tax 2.376788b versus 2.267399b
HY Net Profit 1.830475b versus 1.8314136b
HY EPS 21.94 versus 21.72
Interim dividend 1
Conclusions
FY Net Insurance Premium Revenue 19.489b versus 17.249b
FY Other Revenue 13.339b versus 10.690b +24.78%
FY Total income 32.829b versus 27.939b
FY Net Insurance benefits and claims [19.726b] versus [15.929b]
FY Total Expenses and commissions [9.083b] versus [8.011b]
FY Result of Operating Activities 4.018b versus 3.998b
FY Share of Results of Associates 988.521m versus 1.339b
FY Profit before Tax 5.007b versus 5.338b
FY Profit after Tax 4.017b versus 4.126b
FY EPS 49.07 versus 51.83
Increase in Cash Equivalents [2.172b]
Cash and cash Equivalents 15.019b versus 17.187b
FY Total Assets 130b +14%
The Directors recommend, declare and approve a final dividend of Kes.8 per share, subject to withholding tax where applicable making the total dividend for the year of Kes. 9 per share or 180% (2018:180%).
GWP DA 38.2b +10%
Conclusions
Strong balance sheet.
Would be good to know what led to a +24.78% increase in the Other Revenue line item.
3.6% dividend Yield.
Its difficult to discern what the Medical Insurance Profile looks like.
It would be good to know the GOK Bond Position because its overweight I am sure.
Jubilee Holdings Limited H1 2019 results through 30th June 2019 vs. 30th June 2018
H1 Gross earned premium and contributions 20.713789b vs. 18.693672b +10.806%
H1 Gross earned premium 15.654443b vs. 14.183336b +10.372%
H1 Outward reinsurance [6.088415b] vs. [5.303819b] +14.793%
H1 Net insurance premium revenue 9.566028b vs. 8.879517b +7.731%
H1 Other revenue 4.067355b vs. 5.729673b -29.012%
H1 Total income 13.633383b vs. 14.609190b -6.679%
H1 Net insurance benefits and claims [9.005821b] vs. [9.840372b] -8.481%
H1 Total expenses and commission [3.008412b] vs. [2.817677b] +6.769%
H1 Results of operating activities 1.619150b vs. 1.951141b -17.015%
H1 Share of results of associates 648.249m vs. 470.596m +37.751%
H1 Group profit before tax 2.267399b vs. 2.421737b -6.373%
H1 Net profit 1.831413b vs. 1.859611b -1.516%
Basic and diluted EPS 21.7 vs. 23.4 -7.265%
Total equity 29.755272b
Government securities 60.203979b
Total Assets 124.292382b
Cash and cash equivalents at the end of period 15.828708b
Interim dividend 1.00 vs. 1.00
Conclusions.
Cash and cash equivalents at the end of period 15.828708b speak to the muscle in te balance sheet
Big GOK Position.
inexpensive on a Trailing PE of 6.95
Jubilee Holdings Limited FY 2018 results through 31st December 2018 vs. 31st December 2017
FY Gross written premium 26.898470b vs. 26.940991b -0.158%
FY Gross earned premium 26.706654b vs. 28.328848b -5.726%
FY Outward reinsurance [9.385170b] vs. [9.134984b] +2.739%
FY Net insurance premium revenue 17.321484b vs. 19.193864b -9.755%
FY Investment and other income 8.720734b vs. 7.575360b +15.120%
FY Net fair value [loss]/ gain on financial assets at fair value through profit or loss [374.945m] vs. 2.700471b -113.884%
FY Commissions income 2.344571b vs. 1.803453b +30.005%
FY Total income 28.011844b vs. 31.273148b -10.428%
FY Claims and policyholder benefits expense [20.693302b] vs. [25.127276b] -17.646%
FY Claims recoverable from reinsurers 4.763392b vs. 5.473380b -12.972%
FY Net insurance benefits and claims [15.929910b] vs. [19.653896b] -18.948%
FY Operating and other expenses [4.682646b] vs. [4.240091b] +10.437%
FY Commissions expense [3.328793b] vs. [3.400893b] -2.120%
FY Total expenses and commissions [8.011439b] vs. [7.640984b] +4.848%
FY Results of operating activities 4.070495b vs. 3.978268b +2.318%
FY Share of associates profit 1.339513b vs. 1.182702b +13.259%
FY Group profit before income tax 5.410008b vs. 5.160970b +4.825%
FY Income tax expense [1.233057b] vs. [930.660m] +32.493%
FY Profit for the year 4.176951b vs. 4.230310b -1.261%
FY Profit for the year attributable to equity holders of the company 3.806450b vs. 3.932142b -3.197%
Basic and diluted EPS 52.52 vs. 54.26 -3.207%
Total equity 28.071367b vs. 25.230650b +11.259%
Investment assets 80.355983b vs. 72.853577b +10.298%
Total Assets 114.167639b vs. 104.967530b +8.765%
Cash and cash equivalents at the end of year 17.187969b vs. 14.796784b +16.160%
Total dividend 9.00 vs. 9.00
a period described by the company as having been exceptionally challenging. @JubileeInsKE via @dailynation http:///2WdASb9
Our 80 years of experience, lowest expense ratio in the industry and conservative approach to investments has allowed us to post the impressive results that we have released today said Mr Juma.
Jubilees growth in Uganda and Tanzania has strengthened our market leadership.
With underwriting profit of Sh753 million, Jubilee Kenya outperformed the industry.
Mr Juma attributed this on biometric identification that has helped reduce fraud.
It makes it more difficult for fraudsters to falsify claims, said CEO Julius Kipngetich.
Conclusions
Strong Balance sheet with regional reach. last Year was an Annus horribilis for Insurers.
They weathered the storm better than most.
Jubilee Holdings Limited H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Gross earned premium 14.191236b vs. 15.600726b -9.035%
H1 Outward reinsurance [5.311719b] vs. [5.408010b] -1.781%
H1 Net earned premium 8.879517b vs. 10.192716b -12.884%
H1 Claims and policyholders benefits [9.840372b] vs. [10.381180b] -5.210%
H1 Management expenses [2.114244b] vs. [2.076358b] +1.825%
H1 Investment income 4.303896b vs. 3.396164b +26.728%
H1 Operating profit 1.951141b vs. 1.761183b +10.786%
H1 Share of results of associates 470.596m vs. 578.772m -18.691%
H1 Group profit before income tax 2.421737b vs. 2.339955b +3.495%
H1 Net profit 1.859611b vs. 1.876158b -0.882%
Basic and diluted EPS 23.38 vs. 23.68 -1.267%
Total equity 26.215202b vs. 23.969051b +9.371%
Government securities 54.944239b vs. 43.236596b +27.078%
Total Assets 113.029622b vs. 101.108412b +11.791%
Cash and cash equivalents at the end of period 9.924646b vs. 9.872578b +0.527%
Interim dividend 1.00 vs. 1.00
Conclusions
The -9.035% slide in H1 Gross earned premium [Is this a Signal around competitive pressures?]
Jubilee Holdings Limited FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Gross earned premium 28.328848b vs. 26.907645b +5.282%
FY Outward reinsurance [9.134984b] vs. [9.326416b] -2.053%
FY Net insurance premium revenue 19.193864b vs. 17.581229b +9.172%
FY Other revenue 12.079284b vs. 7.398760b +63.261%
FY Net insurance benefits and claims [19.653896b] vs. [14.241658b] +38.003%
FY Total Expenses & Commissions [7.640984b] vs. [7.606378b] 0.455%
FY Result of operating activities 3.978268b vs. 3.131953b +27.022%
FY Group profit before tax 5.160970b vs. 4.562705b +13.112%
FY Group profit after tax 4.230310b vs. 3.675947b +15.081%
EPS 54.26 vs. 45.49 +19.279%
Total equity 25.230650b vs. 21.421669b +17.781%
Investment assets 72.853577b vs. 64.868332b +12.310%
Total Assets 104.967530b vs. 90.567743b +15.899%
Cash and cash equivalents at the end of year 14.796784b vs. 8.326849b +77.700%
Total dividend 9.00 vs. 8.50 +5.882%
Company Commentary
FY PBT +13%
FY TOTAL INCOME +25%
Long Term Business +22%
Short Term underwriting results +83%
Total Assets 105b. [47.195b Government securities]
Final Dividend 8 a share
Conclusions
44.94% of their Assets are in GOK securities.
Its a well managed but cautious Franchise.
I would like better visibility on the Unquoted Portfolio.
Long term value Proposition.
H1 Earnings through through 30th June 2017 vs. 30th June 2016
H1 Gross earned premium 15.600726b vs. 13.624931b +14.501%
H1 Reinsurance [5.408010b] vs. [5.269488b] +2.629%
H1 Net earned premium 10.192716b vs. 8.355443b +21.989%
H1 Claims and policyholders benefits payable [10.381180b] vs. [7.484883b] +38.695%
H1 Commission paid [1.736179b] vs. [1.670716b] +3.918%
H1 Management expenses [2.076358b] vs. [1.911607b] +8.618%
H1 Net fair value gain through profit or loss 1.297633b vs. [364.908m] +455.606%
H1 Investment income 3.396164b vs. 3.451855b -1.613%
H1 Operating profit 1.761183b vs. 1.371007b +28.459%
H1 Group profit before income tax 2.339955b vs. 1.972774b +18.612%
H1 Net profit 1.876158b vs. 1.578735b +18.839%
H1 Profit attributable to shareholders 1.716095b vs. 1.393283b +23.169%
EPS 26.05 vs. 21.15 +23.168%
Total Equity 23.969051b vs. 21.228070b +12.912%
Quoted equity investments at fair value through profit or loss 5.950869b vs. 6.060304b -1.806%
Government securities at amortized costs 43.236596b vs. 33.481145b +29.137%
Total assets 101.108412b vs. 87.567452b +15.463%
Insurance contract liabilities 23.396742b vs. 18.715702b +25.011%
Cash and cash equivalents at the end of the period 9.872579b vs. 9.554014b +3.334%
Interim dividend 1.00 vs. 1.00
Conclusions
Strong H1 Earnings lifted by an Uplift in Kenyan Asset Prices [which has gotten more traction since these Results were announced]
FY Gross written premium 33.809781b vs. 30.158675b +12.106%
FY Gross earned premium 26.907645b vs. 23.029932b +16.838%
FY Net insurance premium revenue 17.581229b vs. 14.876157b +18.184%
FY Other revenue 7.122633b vs. 6.821757b +4.411%
FY Total income 24.703862b vs. 21.697914b +13.854%
FY Net insurance benefits and claims [13.965531b] vs. [11.565275b] +20.754%
FY Total expenses and commission [7.606378b] vs. [7.004651b] +8.590%
FY Result of operating activities 3.131953b vs. 3.127988b +0.127%
FY Share results of associates 1.430752b vs. 1.052012b +36.001%
FY Group profit before tax 4.562705b vs. 4.145139b +10.074%
FY Net profit 3.675947b 3.121093b +17.778%
EPS 50.0 vs. 42.7 +17.096%
Total equity 21.421669b vs. 20.381207b +5.105%
Insurance liabilities 66.607490b vs. 59.014996+12.865%
Final dividend 7.50 share
Total dividend 8.50 share
Company Commentary
FY PAT +18%
Gross written Premium 33.81b +12%
Group Life business +59%
Individual Life Business +36%
Medical Business +16%
Insurance Result 1.97b +15%
Bonus share issue of 1 share for every ten shares held.
Final Dividend of 7.50 per share 1 shilling interim dividend
Conclusions
Strong Results.
H1 Gross earned premium 13.624931b vs. 12.094921b +12.650%
H1 Reinsurance [5.269488b] vs. [4.674688b] +12.724%
H1 Net earned premium 8.355443b vs. 7.420233b +12.604%
H1 Claims and policyholders benefits payable [7.484882b] vs. [6.167019b] +21.370%
H1 Commission paid [1.670716b] vs. [1.623381b] +2.916%
H1 Management Expenses [1.911607b] vs. [1.667013b] +14.673%
H1 Investment income 3.451855b vs. 2.651368b +30.191%
H1 Net fair value loss through profit or loss [364.908m] vs. [124.651m] -192.744%
H1 Operating profit 1.371007b vs. 1.233736b +11.126%
H1 Share of results of associates 601.767m vs. 582.990m +3.221%
H1 Group profit before income tax 1.972774b vs. 1.789578b +10.237%
H1 Net profit 1.578735b vs. 1.468638b +7.497%
H1 Total other comprehensive income [354.689m] vs. [449.585m] -21.107%
H1 Total comprehensive income 1.224046b vs. 1.019053b +20.116%
EPS 21.2 vs. 20.2 +4.950%
Total equity 21.228070b vs. 17.235920b +23.163%
Total assets 87.567452b vs. 81.023155b +8.077%
Cash and cash equivalents at the end of the period 9.554014b vs. 13.228172b -27.775%
Dividend per share 1.00 vs. 1.00
Conclusions
Strong well managed with 9.55b in cash on the balance sheet.
FY Gross written premium 30.158675b vs. 29.469000b +2.340%
FY Gross earned premium 23.029933b vs. 24.782043b -7.070%
FY Net insurance premium revenue 14.876157b vs. 16.331221b -8.910%
FY Other revenue 6.821757b vs. 8.044664b -15.201%
FY Total income 21.697914b vs. 24.375885b -10.986%
FY Net insurance benefits and claims [11.565275b] vs. [15.870479b] -27.127%
FY Total expenses and commissions [7.004661b] vs. [5.987944b] +16.979%
FY Results of operating activities 3.127988b vs. 2.517462b +24.252%
FY Net finance cost [34.861m] vs. [49.745m] -29.921%
FY Share of associates 1.052012b vs. 1.481568b -28.993%
FY Group profit before tax 4.145139b vs. 3.949285b +4.959%
FY Net profit 3.121093b vs. 3.103653b +0.562%
FY Other comprehensive income for the year [154.569m] vs. 236.725m -165.295%
FY Total comprehensive income 2.966524b vs. 3.340378b -11.192%
EPS 42.7 vs. 43.7 -2.288%
Total equity 20.381207b vs. 16.479031b +23.680%
Total assets 82.378010b vs. 74.505374b +10.567%
FY Investment Assets 56.245763b versus 48.636015b +15.64%
Final Dividend 7.50 a share +1.00 Interim Dividend
Company Commentary
FY PBT +5.00%
Short Term Business +15%
Individual Life business +14%
Medical Business +32%
Conclusions
Headline [Net Insurance premium] Revenue -8.91%.
FY Total Income -10.986%
Net Insurance Claims -27.127% which is a commendable outcome.
Jubilee holds much more of their Portfolio in unlisted Securities than in the Listed Markets and hence can smooth Earnings more effectively.
Its a well managed Franchise and on a Trailing PE of 11.oo just below FV.
H1 Gross earned premium 12.094921b vs. 11.157578b +8.4%
H1 Reinsurance [4.674688b] vs. [4.451171b] +5.0%
H1 Net earned premium 7.420233b vs. 6.706407b +10.6%
H1 Claims and policyholders benefits payable [6.167018b] vs. [6.393342b] -3.5%
H1 Commission paid [1.623381b] vs. [1.507084b] +7.7%
H1 Commission earned 0.744199b vs. 1.040911b -28.5%
H1 Management expenses [1.667013b] vs. [1.517606b] +9.8%
H1 Net fair value gain through profit or loss [124.651m] vs. 880.512m -114.2%
H1 Investment income 2.651368b vs. 1.871527b +41.7%
H1 Operating profit 1.233736b vs. 1.081325b +14.1%
H1 Net finance [27.148m] vs. [24.800m] +9.5%
H1 Group profit before income tax 1.789578b vs. 1.545212b +15.8%
H1 Net profit 1.468638b vs. 1.179350b +24.5%
H1 Earnings per Share 22 vs. 18 +22.2%
H1 Dividend proposed 65.885m vs. 59.895m +10.0%
H1 Total assets 81.023153b vs. 68.878473b +17.6%
H1 Total liabilities 63.787234b vs. 54.406869b +17.2%
H1 Cash and cash equivalents at the end of the period 13.228172b vs. 8.855908b +49.4%
Company Commentary
Gross Premium and contributions [total Business] 16.3569b +8.00%
Medical Gross Premium +12.9%
Life Gross Premium +29.4%
Total Insurance results +21.1%
Conclusions
really strong Earnings and its interesting how minimalist the M to M was given how it troubled other Peer Companies.
Full Year Earnings through 31st December 2014 versus through 31st December 2013
Full Year Total Assets 74.505374b versus 61.159185b +21.822%
Full Year Gross earned premium Revenue 24.782043b versus 18.087946b
FY Net Insurance Premium Revenue 16.331221b versus 10.773385b
FY Investment Income 4.833582b versus 3.697032b
Full Year Total Income 24.375885b versus 18.042639b
Full Year Net Insurance benefits [15.870479b] versus [10.985554b]
Full Year Total Expenses and Commissions [5.987944b] versus [4.828781b] +24.005%
Full Year Profit before Tax 3.949285b versus 3.151188b +25.32%
Full Year Profit after Tax 3.103653b versus 2.502817b +24.006%
Full Year Earnings Per Share 48.00 versus 38.00 +26.3517%
Bonus share Issue of 1 share for every ten held
Final Dividend 7.50 a share +[Interim Dividend of 1.00
Company Commentary
Profit before Tax +25%
Gross written premium +30%
Total Income +35%
Gross Revenue +37%
Long Term business +60%
Medical Business +21%
Conclusions
Real strong results and thats why the share price is at a record.
First Half Earnings through 30th june 2014 versus through june 2013
First Half Gross premium 12.9331b versus 10.0666b +28.5%
First Half Deposit Administration In Flows 2.2053b versus 1.8742b +17.7%
First Half Gross Revenue [including from Insurance Operations] 15.1384b
versus 11.9408b +26.8%
First Half Claims and Policy Holders benefits payable [6.393342b] versus [5.831090b] +9.642%
First Half Management Expenses [1.517606b] versus [1.148376b] +32.152%
First Half Net Fair Value gain through profit and loss 880.512m versus 1.289389b
First Half Investment income 1.871527b versus 1.675965b +11.6686%
First Half Profit before Tax 1.5452b versus 1.1458b +First Half Profit after Tax 1.0765b versus 0.7938b +35.6%
First Half Earnings Per share 18.00 versus 13.3 +35.6%
Interim Dividend of 1 shilling a share unchanged
Cash and cash equivalents at end of the Period 8.855908b versus 5.878160b
The company said its insurance business in Tanzania grew by 96 per cent,
Burundi 34 per cent, Jubilee Mauritius was up by 31 per cent while Jubilee
Uganda recorded a 29 per cent growth.
Conclusions
Strong First Half Earnings. Jubilee is a strong Franchise and its an inexpensive share compared to its peers
One of the oldest composite insurance companies in Kenya.
FY 2013 Earnings through 31st December 2013 versus 12 months through 31st December 2012
FY Gross earned premium revenue 18.087946b versus 15.399514b +17%
Less Outward Reinsurance 7.314561b versus 6.026532b
Net Insurance premium revenue 10.733385b versus 9.372982b +15%
FY Investment and Other income 3.697032b versus 3.156981b
Net Fair Value gains on Financial Assets at Fair value through Profit and Loss 1.887877b versus 443.547m
Commissions earned 1.684345b versus 1.352848b
FY Total Income 18.042639b versus 14.326358b +26%
FY Claims and Policy Holders benefits payable 16.636045b versus 12.198203b
FY Claims recoverable from re insurers 5.650491b versus 3.642666b
FY Net Insurance benefits and claims 10.985554b versus 8.555537b
FY Operating and other Expenses 2.483628b versus 2.203878b
FY Commission payable 2.345153b versus 2.020857b
FY Total expenses and commissions 4.828781b versus 4.224735b +14%
Result of operating Activities 2.228304b versus 1.546086b
Share of result of associates 970.513m versus 1.195154b -18.79598%
FY Profit Before Tax 3.151188b versus 2.693303b +17.0008%
FY Profit After Tax 2.502817b versus 2.284501b +9.5563%
FY Earnings Per Share 38 versus 35 +8.571%
Final Dividend 6 shillings a share [They paid a 1 Interim] making it a 7 Total Pay Out
Conclusions
Its a very solid Business with a very rich Balance Sheet. Certainly we have seen a number of more recent and more aggressive Players and I expect the competitor Threat to expand with Banks setting up Insurance Arms in the near term.
Price has headroom up to 380.00 over the next 6 months
H1 Earnings through June 2013 versus 2012
H1 Gross Premium 10.0666b versus 9.05910b +11.1%
H1 Deposit Administration in Flows 1.8742b versus 1.4995b +25%
H1 PBT 1.1458b versus 0.92790b +23.5%
H1 PAT 793.8m versus 666.1m +19.2%
Interim Dividend 1 shilling a share unchanged
H1 EPS 13.3 versus 11.1 +19.2%
Conclusions
Well Managed, inexpensive on a Trailing PE of 7.701.
Good broad based H1 Acceleration.
FY Earnings through December 2012 versus FY through Dec 2011
Gross Written Premium 20.250838b versus 15.983000b +27%
Net Insurance Premium Revenue 9.372982b versus 7.341996b
Other Revenue 4.953376b versus 3.226867b +54%
Total Income 14.326358b versus 10.568863b +36%
Net Insurance Benefits and Claims 8.555537b versus 6.114019b +40%
Total Expenses and Commission 4.224735b versus 3.384751b +25%
Result of Operating Activities 1.546086b versus 1.070093b +44%
Share of Result of Associates 1.195154b versus 1.123735b +6%
FY PBT 2.693303B versus 2.143891b +26%
FY PAT 2.284501b versus 1.910390b +20%
FY EPS 35.32 versus 30.09 +17%
Final Dividend 6 shillings a share [1 Shilling Interim Dividend]
Conclusions
Its a Strong Operation with a strong Balance Sheet.
H1 2012 versus H1 2011
Interim Dividend 1 Shilling a Share unchanged [But Note Shareholders had a 1 for 10 Bonus]
Gross Premiums 9.0591b versus 6.7521b +34.2%
Gross Profit before Tax 972.9m versus 780.5m +18.9%
Profit After Tax 666.1m versus 567.8m +17.3%
Earnings Per Share 11.1 versus 9.5 +17.3%
Conclusions
Its a Cheap Share on a PE Basis but Management are apparently insulated from any Need to look at that Metric, apparently.
The Core Business remains muscular.
And Eventually There will be a Flight to Quality and a concern more around the Claim being Paid versus The Size of the Premium.
That Shake Up will be supportive for Jubilee.
FY 2011 versus FY 2010
Gross Written Premium 15.983b versus 11.494b +39%
Net Insurance Premium Revenue 7.341996b versus 5.360136b +37%
Other Revenue 4.350602b versus 4.830868b -10%
Total Income 11.692598b versus 10.191004b +15%
Total Expenses and Commissions -3.384751b versus -2.458592b +38%
Result of Operating Activities 1.070093b versus 1.692717b -37%
Profit Before Tax 2.143891b versus 2.053287b +4%
Profit After Tax 1.910390b versus 1.839124b +4.00%
Other Comprehensive Income -0.473872b versus +0.151136b
EPS 33.10 shillings vs 32.25
Dividend raised 110 percent to 5.50 shillings per share [4.50 Final 1.00 Interim]
To make one for 10 bonus share issue
It would expand into 12 new African markets by 2014.
Jubilee is the largest insurance company in East Africa by gross premiums and has businesses in Kenya, Uganda, Tanzania, Rwanda, Burundi and Mauritius
Conclusions
These Results are a Curates Egg. See My Previous Analysis and What Mr. Juma has done is Mark to Market some of his Unlisted Positions, in fact.
Swot Analysis 6 months to June 2011 versus 6 months to June 2010
Gross Premium Total Business 6.7521b versus 4.7684b +41.6%
Group Profit before Tax 780.5m versus 580.4m +34.5%
PAT 521.6m versus 396.9m +31.4%
Interim Dividend 1 shilling per share
EPS 9.58 versus 8.02 +19.4%
Conclusions
Its a cheap share and the Balance Sheet has plenty of Fat on the Bone that has not been marked to market.
Swot Analysis FY 2010 versus FY 2009
Net Insurance Premium Revenue 5.360136b versus 4.950134b +8%
Other Revenue 4.409889b versus 2.099678b +110%
Share of Results from Associates 420.979m versus 214.526m +74%
Total Comprehensive Income after Tax 1.990260b versus 0.780762b +162%
EPS 37 versus 17.00 +117.64%
Final Dividend 4.50 per share +1.00 Interim Total 5.50 A Payout
Ratio of 14.864% which is Ultra Low, in fact.
Bonus Issue 1 for 10
Conclusions
The Share Price should be on a PE of nearer 10.00. 10.00 37 370.00. |