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Financial Strength to Support Growth

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Financial Strength to Support Growth FINANCIAL STRENGTH TO SUPPORT GROWTH ANNUAL REPORT & FINANCIAL STATEMENTS 2019 OUR VISION Enabling people to overcome uncertainty. OUR MISSION To provide solutions to protect the future of our customers. OUR VALUES Integrity Passion Excellence Teamwork TABLE OF CONTENTS Financial Highlights 4 Group Information 5 Notice of the Annual General Meeting 8 Chairman’s Statement 10 Board of Directors 16 Corporate Governance Statement 22 Director’s Remuneration 28 Sustainability and Corporate Social Responsibility Journey 29 Principal Shareholders and Share Distribution 33 Report of the Directors 36 Statement of Directors’ Responsibilities 38 Independent Auditor’s Report 39 44 Consolidated Statement of Other Comprehensive Income 44 45 Company Statement of Other Comprehensive Income 45 Consolidated Statement of Financial Position 46 Company Statement of Financial Position 47 Consolidated Statement of Changes in Equity 48 Consolidated Statement Of Changes In Equity - Restated 49 Company Statement of Changes in Equity 50 Consolidated Statement of Cash Flows 51 Company Statement of Cash Flows 52 Notes to the Financial Statements 53 Supplementary Information 121 Corporate Social Responsibility 124 Achievements 133 Advertisements 134 Notes 137 A HISTORY OF FINANCIAL STABILITY AND RELIABILITY For over 80 years, Jubilee Insurance has pioneered the development of market-leading products and services to the East African market. Our growth and continued success stems from our reliability, a value the entire Jubilee team embraces to ensure we deliver quality products and services consistently and affordably. JUBILEE HOLDINGS LIMITED Annual Report and Financial Statements 2019 | 3 FIVE YEAR FINANCIAL HIGHLIGHTS Gross Written Premiums and Deposit Administration Contributions (Kes Billion) Earnings per Share (Kes per Share) 30.16 33.81 33.94 34.75 38.19 38.83 45.49 54.26 51.83 49.07 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Gross Written Premiums and Deposit Administration Earnings per share dropped by 5% to Kes 49.07 Contributions increased to Kes 38.19 billion in from Kes 51.83 due to economic activity slow 2019. The core Individual Life portfolio grew by down, higher insurance claims and underwriting 10% as capacity building in distribution networks costs. continued traction, including the increase of Bancassurance in Uganda and Tanzania where the sales increased significantly. Profit Before Tax (Kes Billion) Total Assets (Kes Billion) 4.14 4.56 5.16 5.34 5.01 82.38 90.57 104.97 114.19 130.08 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Profit before tax reduced by 6% to Kes 5.01 billion Total assets grew by 14% to Kes 130.08 billion in 2019 attributed to higher insurance claims and mainly as a result of increased funds generated by underwriting costs. growth in long-term funds. 4 | JUBILEE HOLDINGS LIMITED Annual Report and Financial Statements 2019 GROUP INFORMATION 2019 2018 Capital and reserves Kes' 000 Kes' 000 Authorised Capital 450,000 450,000 Issued Capital 362,365 362,365 Paid-up Capital 362,365 362,365 Retained Earnings 24,618,483 21,019,075 Registered Office Jubilee Insurance House Wabera Street P O Box 30376 - 00100 GPO Nairobi, Kenya Telephone: 020 3821000, 0709 949 000 E-mail: [email protected]; Website: www.jubileeinsurance.com Subsidiaries Jubilee Life Insurance Limited (formerly The Jubilee Insurance Company of Kenya Limited) (100%) Jubilee General Insurance Limited (100%) Jubilee Health Insurance Limited (100%) The Jubilee Insurance Company of Uganda Limited (65%) Jubilee Life Insurance Company of Uganda Limited (65%) The Jubilee Insurance Company of Tanzania Limited (51%) Jubilee Life Insurance Corporation of Tanzania Limited (51%) The Jubilee Insurance Company of Burundi S.A. (70%) Jubilee Life Insurance Company of Burundi S.A (70%) Jubilee Insurance (Mauritius) Limited (80%) Jubilee Financial Services Limited (100%) Jubilee Investments Company Limited (Uganda) (100%) Jubilee Investments Tanzania Limited (100%) Jubilee Investments Burundi S.U. (100%) Jubilee Center Burundi S.P.R.L. (80%) Associates PDM (Holdings) Limited (37.1%) IPS Cable Systems Limited (33.3%) FCL Holdings Limited (30.0%) IPS Power Investment Limited (27.0%) Bujagali Holding Power Company Limited (25.0%) Auditor PricewaterhouseCoopers LLP PwC Tower Waiyaki Way/Chiromo Road Westlands P. O. Box 43963 - 00100 Nairobi Corporate Lawyers CMS Daly Inamdar Advocates ABC Towers, 6th Floor ABC Place, Waiyaki Way P.O. Box 40034 - 00100 Nairobi Share Registrar Image Registrars Group Principal Bankers Diamond Trust Bank (Burundi, Kenya, Tanzania, Uganda) Absa Bank (Kenya, Mauritius, Tanzania, Uganda) Standard Chartered Bank (Kenya, Mauritius, Tanzania, Uganda) KCB (Burundi, Kenya) Citibank N.A (Kenya, Tanzania, Uganda) Habib Bank Limited (Kenya, Mauritius, Tanzania, Uganda) CRDB Bank (Burundi, Tanzania) SBM Bank (Mauritius) JUBILEE HOLDINGS LIMITED Annual Report and Financial Statements 2019 | 5 Associate Companies Jubilee Insurance Uganda, Kampala Headquarters Bujagali Holdings Power Company Limited invested in the equity of Farmers Choice Limited, a company whose main objective is the sale of fresh and processed meat products. It is an investment company which through its subsidiary, has invested in the equity of Bujagali Energy Limited, an electricity generation PDM (Holdings) Limited (Nation Center) company in Uganda. The 250MW Bujagali Hydro Power Plant contributes up to 49% of Uganda’s effective energy capacity. The PDM (Holdings) Limited is an East African real estate company that project is Africa’s largest privately financed hydropower project has pioneered innovative developments in Kenya for more than and currently the largest Clean Development Mechanism project 50 years, shaping the direction of real estate trends in the country registered in a Least Developed Country. The project was awarded by pursuing a philosophy of developing properties that serve an Africa Deal of the Year 2007’ by EuroMoney Project Finance economic purpose and also uplift the quality of life for the community. Magazine in London. PDM’s landmark developments in Kenya include the IPS Building, IPS Cable Systems Limited (Seacom) which was the first high rise building in Nairobi, Nation Centre and the award winning Courtyard along General Mathenge Drive, This is an investment company which has invested in the $650 Westlands. million, 15,000 km Seacom submarine fiber optic cable project. This project, which links South Africa, Mozambique, Madagascar, IPS Power Investment Limited (Tsavo Power Company Ltd) Kenya and Tanzania with other international broadband cables, will provide low cost and high quality broadband capacity. This is an investment vehicle company which, through its subsidiary, has invested in the equity of Tsavo Power Company which was FCL Holdings Limited (Farmers Choice Limited) established to own and operate the 74.5MW Kipevu II thermal power FCL Holdings Limited is an investment vehicle company which has project located in Mombasa, generating power for the Kenyan grid. 6 | JUBILEE HOLDINGS LIMITED Annual Report and Financial Statements 2019 Associate Companies Bujagali Holdings Power Company Limited FCL Holdings Limited (Farmers Choice Limited) IPS Cable Systems Limited (Seacom) PDM (Holdings) Limited (Nation Center) IPS Power Investment Limited (Tsavo Power) JUBILEE HOLDINGS LIMITED Annual Report and Financial Statements 2019 | 7 NOTE ON THE ANNUAL GENERAL MEETING NOTE ON THE 2020 ANNUAL GENERAL MEETING In view of the current COVID-19 pandemic which poses a number of challenges on the conduct of general meetings, the Company has sought and obtained approval from the Business Registration Services to postpone the holding its 2020 Annual General Meeting (“AGM”). The approval granted on 8th June 2020 allows the Company to hold its AGM within six (6) months of the due date or three (3) months of the lifting of the Government ban on public gatherings, whichever happens earlier. Accordingly, the Notice of the 2020 AGM will be published in due course and informed to shareholders within the notice period and in the manner prescribed by the Company’s Articles of Association. In the meanwhile, as advised to shareholders in our public notice of 21st May 2020, the Board has recommended a final dividend of Kes 8.00 per share. Further to guidance given by Capital Markets Authority in Circular No. 4/2020 dated 16th April 2020 authorising Boards of issuers of securities to the public to, where they deem appropriate, proceed to recommend, approve, declare and pay dividends subject to, inter alia, ratification by shareholders at the next AGM, the final dividend will be paid on or about 24th July 2020 to shareholders registered as at 30th June 2020. 8 | JUBILEE HOLDINGS LIMITED Annual Report and Financial Statements 2019 LEADERSHIP THROUGH TEAMWORK At Jubilee Insurance, we understand that diversity makes our company thrive. We promote an open, collaborative and caring working environment where we embrace diversity and new perspectives. We encourage applicants from a wide range of backgrounds and experiences which helps us create a rich culture in which to foster teamwork and innovation. JUBIEE HODINGS Integrated Report Financial Statements 2019 9 CHAIRMAN’S SAEMEN CHAIRMAN’S STATEMENT DEAR SHAREHOLDERS, I am pleased to introduce Jubilee Holding imited’s JH/ Jubilee 2019 Annual Report and Financial Statements. During the year, Jubilee maintained its focus on building sustainable insurance and asset management business based on sound underwriting, innovation and
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