By Ramenya Gibendi
Jubilee Insurance Holdings plans to expand to an additional 12 regional countries by acquiring existing firms as it accelerate its pan-African expansion strategy.
Company chairman Nizar Juma said on Wednesday they are targeting companies that are ready to sell their majority stakes in both Central, East and West Africa.
Currently the insurer has presence in Kenya, Uganda, Tanzania, Burundi and Mauritius.
ONGOING NEGOTIATIONS
"We shall be announcing one or two acquisitions in the course of this year as negotiations are ongoing," he said without specifying.
Mr Juma said the firm will soon be naming regional bosses who will be based in Nairobi to co-ordinate all its operations.
"We shall have a regional chief finance officer, audit, public relations, human resource and even information technology," he noted.
Mr Nizar spoke during an investor briefing where the company announced a 10 per cent increase in profit after tax for the 12-months to December 2013.
The management attributes the growth to increase in gross premiums income which rose to Sh23.42 billion up from Sh20.3 billion last year.
The insurer posted a Sh2.5 billion profit in the year under review up from Sh2.28 billion over a similar period last year with its medical unit contributing 25 per cent to the growth.
Long term business grew by 24 per cent to Sh7.22 billion from Sh5.81 billion in 2012 with the firm’s chairman attributing the performance to investments in new operating systems and customer services.
"Our dedication to customer service and prompt claim payments has ensured we remain the market leader," said Mr Juma. Investment income rose to Sh3.69 billion, representing a 17 per cent growth from a similar period in 2012.
The company recommended a dividend payout of Sh6 per share bringing the total to Sh7 having recommended Sh1 per share in its 2013 half year results. The final dividend payout will thus be Sh359.4 million.
Source Daily Nation
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