23rd April 2018
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Company Data
 
Jubilee Insurance Company Ltd.
http://www.jubileeinsurance.com/
Par Value:                  5/-
Closing Price:           524.00
Total Shares Issued:          72472950.00
Market Capitalization:        37,975,825,800
EPS:             54.26
PE:                 9.657
 

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.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 20 Apr 2018
 
Downloads
 
  13-APR-2018 ::  Full Year Results
  Audited Financial Results for the Year Ended 31st December 2017.

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  10-JAN-2018 ::  Public Notice
  Appointment of Regional C.E.O.

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  28-AUG-2017 ::  HALF YEAR RESULTS
  Unaudited Consolidated Results for the Half Year Ended 30th June 2017.

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  26-MAY-2017 ::  AGM Resolutions
  Annual General Meeting Resolutions

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  06-MAY-2017 ::  Notice of Annual General Meeting & Books closure dates.
  Notice of Annual General Meeting & Books closure dates.

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  28-APR-2017 ::  Notice of AGM
  Notice of Annual General Meeting

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