Jubilee Holdings, the Kenyan financial services group, has appointed Juan Cazcarra as group chief executive officer, ending Julius Kipng’etich’s nearly nine-year leadership of the East African financial services group as the insurer prepares for a new phase of regional growth and operational expansion.

Cazcarra, currently deputy group CEO, will assume the position Dec. 1, 2026, following Kipng’etich’s retirement on Nov. 30. He joined Jubilee in July 2021 and was promoted to deputy group CEO in April 2025, positioning him as the internal successor to the outgoing chief executive.

AXA veteran takes helm

Cazcarra brings more than 20 years of insurance experience, having held senior positions in finance, operations and risk management across Spain, France, Serbia and Indonesia. Before joining Jubilee, he worked with multinational insurer AXA, building experience across several international insurance markets.

The incoming CEO holds an MBA from Universidad Pontificia Comillas and a law degree from Universidad de Zaragoza, both in Spain. His appointment represents a leadership transition shaped by internal succession, with the company elevating an executive who has spent more than five years within its management structure.

The appointment follows another executive change in Kenya’s insurance industry. Sanlam Allianz Holdings named Jacqueline Karasha CEO effective Nov. 1, succeeding Patrick Tumbo, who completed an eight-year tenure at the helm.

Kipng’etich reshaped Jubilee

Kipng’etich assumed leadership of Jubilee in January 2018, succeeding Dietmar Raich, who had held the group CEO position since January 2016. Before joining the insurer, Kipng’etich held senior positions outside the insurance industry, including leadership roles at Kenya Wildlife Service, Uchumi Supermarkets and the Investment Promotion Centre, as well as chief operating officer at Equity Group.

One of the defining developments during his tenure was Jubilee’s restructuring of its regional insurance operations. Between 2021 and 2022, the group sold controlling stakes in its general insurance businesses to Germany’s Allianz, sharpening its focus on life and health insurance and investment management.

Founded in Mombasa, Jubilee has grown into one of East Africa’s largest composite insurers, serving more than 1.9 million customers. Its operations span Kenya, Uganda, Tanzania, Burundi and Mauritius, giving the group an established presence across several regional insurance markets.

Profit reaches five-year high

The leadership handover follows stronger financial results, with Jubilee reporting a 12.7% increase in net profit to Ksh 3.45 billion ($26.55 million) for the six months ended June 2026, from Ksh3.06 billion ($23.55 million) a year earlier.

The company recorded its strongest first-half profit in five years, supported by higher investment and other income that offset weaker performance from insurance operations. Total assets increased 19% to a record Ksh 272.69 billion ($2.1 billion) 448.7 million), while shareholders’ equity rose to Ksh 58.3 billion ($448.7 million).

Jubilee also declared an interim dividend of 2 shillings ($0.01) per share, extending returns to shareholders as Cazcarra prepares to take charge. His immediate challenge will be sustaining earnings growth while managing the group’s regional operations and executing its strategic focus on life, health insurance and investment management.