Author: Muindi

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,…

Old Mutual Holdings Plc has swung to a stronger half year performance, reporting profit after tax of KES 882 million for the six months ended 30 June 2026, up sharply from KES 5 million in the same period last year. The turnaround comes at a time when underwriting margins across Kenya’s insurance industry remain under pressure, making the Group’s recovery stand out against a difficult sector backdrop. Profit before tax climbed 362.1 percent to KES 1.76 billion, while operating profit before financing costs more than doubled to KES 2.26 billion from KES 960 million. The gains flowed from a reversal…

Small scale traders in Nairobi’s Kamukunji, Gikomba and Nyamakima markets closed their businesses on Friday, August 28, in a boycott against a new customs valuation benchmark set by the Kenya Revenue Authority. The action follows weeks of pushback over a decision that raises the minimum reference value for a 40 foot container of consolidated cargo from Sh2.5 million to Sh3.2 million. The Sh700,000 increase, a rise of about 28 percent, took effect on August 21 after what KRA describes as a one month grace period granted to give traders time to prepare. What changed KRA uses the benchmark, known as…

CIC Insurance Group PLC reported a profit after tax of KES 1.09 billion for the six months ended June 30, 2026, up 70.3 percent from KES 638.5 million in the same period last year.  The increase came even as the insurer’s core underwriting business weakened. Insurance service result, the profit generated purely from writing and managing policies, fell 67.2 percent to KES 42.0 million from KES 128.2 million. Investment income covered the gap and then some, pushing the bottom line higher. Underwriting Margin Narrows Further Insurance revenue grew 17.8 percent to KES 16.34 billion from KES 13.87 billion. But insurance…

The Nairobi Securities Exchange (NSE) posted a profit after tax of KES 736.9 million for the six months ended June 30, 2026, up 386.1 percent from KES 151.6 million in the same period last year. The bourse operator’s board approved the unaudited results on August 27, 2026. Total income for the half rose 136.6 percent to KES 1.21 billion from KES 511.6 million, according to the results published on the exchange’s website. Profit before tax climbed 396.0 percent to KES 1.01 billion, while earnings per share increased to KES 2.82 from KES 0.58 a year earlier. Equity Levy Income Jumps…

Continental Reinsurance has received a license from the National Bank of Rwanda to open a Representative Office in Kigali, extending the pan-African reinsurer’s reach in East Africa. The office trades as Continental Reinsurance (R) Limited and began operations on 10 August 2026. The National Bank of Rwanda approved the license, and the office will operate under that name. The move gives Continental Re a formal foothold in a market it has served from a distance until now. What the office will do The Representative Office will serve as a local liaison, connecting Continental Re with insurers, reinsurance brokers, and other…