Jubilee Holdings grew its net profit 13% to KSh 3.45 billion in the six months to June 2026, its strongest first half performance in five years, as total assets climbed 19% to a record KSh 272.69 billion.
The result marks a third straight half year of profit growth since the insurer adopted IFRS 17 accounting standards in 2023, though the underlying insurance business weakened even as the group’s overall numbers improved.
Investment Income Carries the Result
Profit before tax rose 30% to KSh 4.43 billion from KSh 3.40 billion a year earlier. Total equity grew 8% to KSh 58.30 billion, and the board kept the interim dividend at KSh 2.00 per share, a level it has held since 2025.
Insurance service revenue edged up 1% to KSh 16.88 billion, but insurance service expenses rose 5% to KSh 16.10 billion, and net expenses from reinsurance contracts nearly doubled to KSh 334 million from KSh 192 million. Together, those pressures cut the insurance service result 60% to KSh 445 million, down sharply from roughly KSh 1.10 billion in the first half of 2025.
Two other lines absorbed the hit. Net insurance finance income rose 46% to KSh 2.34 billion, and other income more than doubled to KSh 1.64 billion from KSh 697 million, according to the results the board released alongside the half year statement.
Five Years of Rebuilding Under IFRS 17
Jubilee’s first half profit has now climbed every year since the new accounting rules took effect: KSh 2.04 billion in 2023, KSh 2.51 billion in 2024, KSh 3.06 billion in 2025 and KSh 3.45 billion this year. Even so, the group has not matched the KSh 4.51 billion it posted in the first half of 2021, a figure boosted by one time gains from selling its general insurance operations to Allianz.
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Net profit | KSh 3.45Bn | KSh 3.06Bn | +13% |
| Profit before tax | KSh 4.43Bn | KSh 3.40Bn | +30% |
| Insurance service result | KSh 445Mn | ~KSh 1.10Bn | -60% |
| Total assets | KSh 272.69Bn | KSh 251.09Bn | +19% |
| Total equity | KSh 58.30Bn | KSh 55.61Bn | +8% |
| Investment assets | KSh 246.49Bn | KSh 208.14Bn | +19% |
Balance Sheet Leans Further Into Investments
Investment assets grew 19% to KSh 246.49 billion, now making up roughly 90% of the group’s total assets. That concentration underscores how much of Jubilee’s earnings now depend on financial markets rather than premium income.
Operating activities produced KSh 2.76 billion, down from KSh 3.22 billion a year earlier, while investing activities consumed KSh 3.18 billion. Jubilee ended June with KSh 6.14 billion in cash and equivalents.
A Push Beyond Traditional Insurance
The results land as Jubilee works to widen its footprint past core insurance. The group said in June it would accelerate retail expansion across East Africa, and in July it signed a memorandum of understanding with FSD Africa aimed at doubling its customer base, with an early focus on underserved segments including small and medium enterprises. The tie up marks FSD Africa’s first partnership with an insurer and will roll out first in Kenya before extending regionally.
Jubilee Asset Management has grown fastest of all. The subsidiary reported external assets under management of KSh 22.1 billion at the end of 2025, up 148% year on year, before the group said combined retail and institutional mandates had reached KSh 259 billion by August 2026.
The expansion mirrors a wider trend among Kenyan financial groups chasing scale beyond their original business lines, a pattern visible too in how Absa Bank Kenya’s earnings moved in the opposite direction this half year, with profit falling even as newer entrants like Family Bank posted sharp gains.
For Jubilee, the half year underlines a business in transition: underwriting margins under pressure, investment and fee income doing the heavy lifting, and a bet on retail and SME growth that will take longer than six months to prove out. Shareholders will collect their KSh 2.00 per share interim dividend on or about 8th October 2026, with the register closing 7th September 2026.
