Jubilee Insurance

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Jubilee Insurance Company Limited (JICL)
Type Public company
Traded as KN: JUB
Industry Financial Services
Founded 1937
Headquarters Nairobi, Kenya
Key people Nizar N. Juma
Patrick Tumbo Nyamemba
general manager
Products Insurance
Revenue Increase: Aftertax: US$23.3 million (KES:1.9 billion) (2011)[1]
Total assets US$297 million (2009)
Website www.jubileeholdings.com

Jubilee Insurance Company Limited (JICL), commonly referred to as Jubilee Insurance, is a leading multinational insurance company in East Africa. The company maintains its headquarters in Nairobi, the capital of Kenya, with subsidiaries in Burundi, Mauritius, Tanzania, and Uganda. The company has plans to expand into another twelve African countries in the next three (3) years.[2]


Jubilee Insurance was incorporated as a Kenyan financial services provider with headquarters in the coastal city of Mombasa. The company prospered and over the years, opened offices in other East African cities and towns, including Nairobi, Dar-es-Salaam and Kampala. The company also opened branches in the Indian city of Bombay and Karachi, Pakistan. On the Indian Ocean islands of Mauritius and Zanzibar. Jubilee Insurance, through its holding company, Jubilee Holdings Limited, was listed on the Nairobi Stock Exchange (NSE) in 1973. It trades under the symbol JUBI.[3] The company is also listed at the Karachi Stock Exchange under the symbol NJICL.

Following a period of political and financial instability in the 1970s and 1980s in Uganda, Jubilee Insurance Uganda re-established presence in 1992. The Ugandan subsidiary is co-owned with the DFCU Group and with the Aga Khan Fund for Economic Development (AKFED). In 2006, Jubilee Holdings Limited became crosslisted on the Uganda Securities Exchange (USE).

In 1998, the company re-established a subsidiary in Tanzania. Jubilee Insurance Tanzania is co-owned with local Tanzanian investors. It was the first privately owned insurance company to be licensed in the country, following the liberalisation of financial institutions ownership. Jubilee Holdings Limited became crosslisted on the Dar es Salaam Stock Exchange (DSE), also in 2006.[4]

Subsidiaries and associated companies[edit]

The following is a list of subsidiaries (50+% shareholding) and associated companies (less than 50% shareholding)[5]

  • The Jubilee Insurance Company of Tanzania Limited (51%)
  • The Jubilee Insurance Company of Uganda Limited (65%)
  • The Jubilee Insurance Company of Kenya Limited (100%)
  • Jubilee Investments Company Limited (Uganda) (100%)
  • Jubilee Investments Tanzania Limited (100%)
  • Jubilee Financial Services Limited (100%)
  • Jubilee Insurance (Mauritius) Limited (80%)
  • Jubilee Life Insurance (Pakistan)
  • Jubilee General Insurance (Pakistan)
Associates companies
  • Property Development and Management Limited (37.10%)
  • IPS Power Investment Limited (27.00%)
  • Bujagali Holding Power Company Limited (25.0%)
  • FCL Holdings Limited (30%)
  • IPS Cable Systems Limited (33.3%)


The stock of the company is listed on three of the four major stock exchanges in East Africa. As of December 2009, the total assets of the company were estimated at about US$296.7 million (KES:23.7 billion), with shareholder's equity of approximately US$47.4 million (KES:3.79 billion). The ten largest shareholders in the company at that time, are listed in the table below:[6]

Jubilee Insurance Stock Ownership
Rank Name of Owner Percentage Ownership
1 Aga Khan Fund for Economic Development 37.98
2 Ameerali K. Somji and/or Gulzar Ameerali K. Somji 6.08
3 United Housing Estate Limited 1.81
4 Adam's Brown and Company Limited 1.79
5 Craysell Investment Limited 1.71
6 Ameerali N Esmail 1.33
7 Noorali Rashid Sayani and Gulshan Noorali Sayani 0.50
8 Mahendra Krishnalal Adalja 0.39
9 Mulchand Narshi Shah 0.33
10 Gulbanu Akberali Gulamhusein Nanji 0.33
11 Others via East African Stock Exchanges 47.75
Total 100.00

Branch Network[edit]

The company maintains the following offices in East Africa[7]

Kenya Offices
  1. Head Office – Jubilee Insurance House, Wabera Street, Nairobi
  2. Mombasa Office – Jubilee Insurance Building, Moi Avenue, Mombasa
  3. Kisumu Office – Jubilee Insurance House, Oginga Odinga Road, Kisumu
  4. Nairobi Life Agency Office – Jubilee Exchange Building, Mama Ngina Street, Nairobi
  5. Nakuru Office – C. K. Patel Building, Kenyatta Avenue, Nakuru
  6. Nyeri Office – Sohan Plaza, Nyeri
Uganda Offices
  1. Kampala Office – IPS Building, Parliament Avenue, Kampala
Tanzania Offices
  1. Head Office – Amani Place, Ohio Street, Dar es Salaam
  2. Mwanza Office – Nyanza Co-operative Union Building, Kenyatta Road, Mwanza
  3. Arusha Office – Ground Floor, Ngorongoro Wing, AICC Building, Arusha
  4. Mbeya Office – Ground Floor, NBC Building, Karume Avenue, Mbeya
  5. Zanzibar Office – Ground floor, ZSTC Building, Zanzibar
Mauritius Offices
  1. Port Louis Office – 206 Pearl House, Sir Virgil Naz Street, Port Louis, Mauritius
Burundi Offices
  1. Bujumbura Office – Bujumbura[8]

In Asia it has offices in:

  • Pakistan

See also[edit]


External links[edit]