Jubilee Holdings profit climbs to $27 million in H1 2026 as investments drive growth

Jubilee Holdings, the Kenyan financial services group, reported a 12.7% increase in net profit to Ksh3.45 billion ($26.66 million) for the six months ended June 2026, marking its strongest first-half performance in five years as gains in investment and other income offset weaker insurance operations.

The stronger investment and non-insurance income streams helped Jubilee deliver higher group earnings despite the sharp decline in its insurance service result.

Investment income cushions insurance decline

According to the group’s recently released half-year results, net profit rose from Ksh3.06 billion ($23.64 million) in H1 2025 to Ksh3.45 billion ($26.66 million), extending Jubilee’s profit growth to three consecutive half-year periods. The improvement was supported by a 45.8% increase in profit from the life insurance business, which rose to Ksh2.33 billion from Ksh1.60 billion a year earlier.

However, the group’s broader insurance operations came under pressure during the period. Insurance service revenue edged up 1% to Ksh16.88 billion ($131 million), while insurance service expenses increased 5% to Ksh16.10 billion ($125 million). Net expenses from reinsurance contracts also rose to Ksh334 million ($2.59 million), from Ksh192 million ($1.49 million).

These pressures drove insurance service profit down 60% to Ksh445 million ($3.45 million), compared with approximately Ksh1.10 billion ($8.5 million) in H1 2025. Jubilee nevertheless offset much of the decline through higher investment-related and other income. Net insurance finance income rose 46% to Ksh2.34 billion ($18.1 million), while other income more than doubled to Ksh1.64 billion ($12.7 million), from Ksh697 million ($5.4 million) a year earlier.

Assets shift further toward investments

Investment assets increased 19% to Ksh246.49 billion ($1.91 billion), accounting for approximately 90% of Jubilee’s total assets. The growing concentration in investment assets highlights the increasing contribution of investment returns to group earnings as insurance service profitability comes under pressure.

Operating activities generated Ksh2.76 billion ($21.4 million), down from Ksh3.22 billion ($24.9 million), while investing activities consumed Ksh3.18 billion ($24.6 million). The group ended June with Ksh6.14 billion ($47.5 million) in cash and cash equivalents.

Jubilee’s first-half profit has increased every year since the adoption of IFRS 17, rising from KSh2.04 billion in H1 2023 to KSh2.51 billion in 2024, KSh3.06 billion in 2025 and KSh3.45 billion this year. However, the group remains below the KSh4.51 billion recorded in H1 2021, which included one-off gains from the sale of its general insurance operations to Allianz.

Jubilee extends growth beyond insurance

The latest results come as Jubilee expands its business beyond traditional insurance and targets broader retail and underserved markets across East Africa.

The group said in June it would accelerate retail expansion across the region. In July, it signed a memorandum of understanding with FSD Africa aimed at doubling its customer base, initially focusing on underserved segments including small and medium-sized enterprises.

Jubilee Asset Management has also emerged as a major growth engine. The subsidiary reported external assets under management of Ksh22.1 billion ($171 million) at the end of 2025, representing a 148% year-on-year increase, while combined retail and institutional mandates reached Ksh259 billion ($2 billion) by August 2026.

Nairobi-based insurer’s asset expanded

Jubilee Holdings, founded as the first insurance company in Mombasa, has evolved into the leading insurance provider in East Africa. Serving over 1.9 million clients, it holds the top spot as the largest composite insurer in the region, with significant operations in Kenya, Uganda, Tanzania, Burundi, and Mauritius. Total assets rose 19% to a record Ksh272.69 billion ($2.11 billion), while total equity rose 8% to Ksh58.30 billion.

The board maintained the interim dividend at Ksh2 per share, with payment scheduled for about October 8, 2026, to shareholders on the register as of September 7. For Jubilee, the latest results point to a business increasingly reliant on investment and fee income while it works to restore insurance profitability and build scale across retail and SME markets.