Jubilee Insurance
Encyclopedia
Jubilee Insurance Company Limited (JICL), commonly referred to as Jubilee Insurance, is a leading insurance company in East Africa
. The company maintains its headquarters in Nairobi
, the capital city of Kenya
, with subsidiaries in Burundi
, Mauritius
, Tanzania
, and Uganda
. The company has plans to expand into another twelve (12) Africa
n countries in the next three (3) years.
n financial services provider with headquarters in the coastal city of Mombasa
. The company prospered and over the years, opened offices in other East Africa
n cities and towns, including Nairobi
, Dar-es-Salaam and Kampala
. The company also opened branches in the India
n cities of Karachi
and Bombay and 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.
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 liberalization of financial institutions ownership. Jubilee Holdings Limited became crosslisted on the Dar es Salaam Stock Exchange (DSE), also in 2006.
(50+% shareholding) and associated companies (less than 50% shareholding)
Subsidiaries
Associates companies
of the company is listed on three of the four major stock exchanges in East Africa
. , 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:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Jubilee Insurance Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |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 Africa
n Stock Exchanges|| 47.75
|-
| ||Total||100.00
|-
|}
Kenya Offices
Uganda Offices
Tanzania Offices
Mauritius Offices
Burundi Offices
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
. The company maintains its headquarters in Nairobi
Nairobi
Nairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, the capital city of Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, with subsidiaries in Burundi
Burundi
Burundi , officially the Republic of Burundi , is a landlocked country in the Great Lakes region of Eastern Africa bordered by Rwanda to the north, Tanzania to the east and south, and the Democratic Republic of the Congo to the west. Its capital is Bujumbura...
, Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
, Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
, and Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
. The company has plans to expand into another twelve (12) Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
n countries in the next three (3) years.
History
Jubilee Insurance was incorporated as a KenyaKenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
n financial services provider with headquarters in the coastal city of Mombasa
Mombasa
Mombasa is the second-largest city in Kenya. Lying next to the Indian Ocean, it has a major port and an international airport. The city also serves as the centre of the coastal tourism industry....
. The company prospered and over the years, opened offices in other East Africa
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
n cities and towns, including Nairobi
Nairobi
Nairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, Dar-es-Salaam and Kampala
Kampala
Kampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
. The company also opened branches in the India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n cities of Karachi
Karachi
Karachi is the largest city, main seaport and the main financial centre of Pakistan, as well as the capital of the province of Sindh. The city has an estimated population of 13 to 15 million, while the total metropolitan area has a population of over 18 million...
and Bombay and on the Indian Ocean
Indian Ocean
The Indian Ocean is the third largest of the world's oceanic divisions, covering approximately 20% of the water on the Earth's surface. It is bounded on the north by the Indian Subcontinent and Arabian Peninsula ; on the west by eastern Africa; on the east by Indochina, the Sunda Islands, and...
islands of Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
and Zanzibar
Zanzibar
Zanzibar ,Persian: زنگبار, from suffix bār: "coast" and Zangi: "bruin" ; is a semi-autonomous part of Tanzania, in East Africa. It comprises the Zanzibar Archipelago in the Indian Ocean, off the coast of the mainland, and consists of numerous small islands and two large ones: Unguja , and Pemba...
. Jubilee Insurance, through its holding company, Jubilee Holdings Limited, was listed on the Nairobi Stock Exchange
Nairobi Stock Exchange
The Nairobi Securities Exchange is the principal stock exchange of Kenya. It began in 1954 as an overseas stock exchange while Kenya was still a British colony with permission of the London Stock Exchange. The NSE is a member of the African Stock Exchanges Association...
(NSE) in 1973. It trades under the symbol JUBI.
Following a period of political and financial instability in the 1970s and 1980s in Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
, Jubilee Insurance Uganda re-established presence in 1992. The Ugandan subsidiary is co-owned with the DFCU Group
DFCU Group
The Development Finance Company of Uganda Group, commonly referred to as the DFCU Group, is a financial services company in Uganda.-Overview:...
and with the Aga Khan Fund for Economic Development
Aga Khan Fund for Economic Development
The Aga Khan Fund for Economic Development ' is the sole for-profit agency of the Aga Khan Development Network and works in partnership with international organizations and governments to stimulate the private sectors of developing economies, with the aim of generating capital for investment...
(AKFED). In 2006, Jubilee Holdings Limited became crosslisted on the Uganda Securities Exchange
Uganda Securities Exchange
The Uganda Securities Exchange is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's central bank.The exchange's doors opened to trading in...
(USE).
In 1998, the company re-established a subsidiary in Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
. 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 liberalization of financial institutions ownership. Jubilee Holdings Limited became crosslisted on the Dar es Salaam Stock Exchange (DSE), also in 2006.
Subsidiaries and associated companies
The following is a list of subsidiariesSubsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
(50+% shareholding) and associated companies (less than 50% shareholding)
Subsidiaries
- 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%)
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%)
Ownership
The stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of the company is listed on three of the four major stock exchanges in East Africa
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
. , 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:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Jubilee Insurance Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Aga Khan Fund for Economic Development
Aga Khan Fund for Economic Development
The Aga Khan Fund for Economic Development ' is the sole for-profit agency of the Aga Khan Development Network and works in partnership with international organizations and governments to stimulate the private sectors of developing economies, with the aim of generating capital for investment...
||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 Africa
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
n Stock Exchanges|| 47.75
|-
| ||Total||100.00
|-
|}
Branch Network
The company maintains the following offices in East AfricaEast Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
Kenya Offices
- Head Office - Jubilee Insurance House, Wabera Street, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Mombasa Office - Jubilee Insurance Building, Moi Avenue, MombasaMombasaMombasa is the second-largest city in Kenya. Lying next to the Indian Ocean, it has a major port and an international airport. The city also serves as the centre of the coastal tourism industry....
- Kisumu Office - Jubilee Insurance House, Oginga Odinga Road, KisumuKisumuKisumu is a port city in western Kenya at , with a population of 355,024 . It is the third largest city in Kenya, the principal city of western Kenya, the immediate former capital of Nyanza Province and the headquarters of Kisumu County. It has a municipal charter but no city charter...
- Nairobi Life Agency Office - Jubilee Exchange Building, Mama Ngina Street, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Nakuru Office - C. K. Patel Building, Kenyatta Avenue, NakuruNakuruNakuru, the provincial capital of Kenya's Rift Valley province, with roughly 300,000 inhabitants, and currently the fourth largest urban centre in the country, lies about 1850 m above sea level...
- Nyeri Office - Sohan Plaza, NyeriNyeriNyeri is a town in situated in the Central Highlands of Kenya Kenya, which was the administrative headquarters of the country's former Central Province...
Uganda Offices
- Kampala Office - IPS Building, Parliament Avenue, KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
Tanzania Offices
- Head Office - Amani Place, Ohio Street, Dar es SalaamDar es SalaamDar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
- Mwanza Office - Nyanza Co-operative Union Building, Kenyatta Road, MwanzaMwanzaMwanza is a mid-sized port city on the southern shores of Lake Victoria in northwestern Tanzania. With an urban population of 1.2 million and a metropolitan population of 2 million, it is Tanzania's second largest city, following Dar es Salaam and ahead of other major Tanzanian cities of Arusha,...
- Arusha Office - Ground Floor, Ngorongoro Wing, AICC Building, ArushaArushaArusha is a city in northern Tanzania. It is the capital of the Arusha Region, which claims a population of 1,288,088, including 281,608 for the Arusha District . Arusha is surrounded by some of Africa's most famous landscapes and national parks...
- Mbeya Office - Ground Floor, NBC Building, Karume Avenue, MbeyaMbeyaMbeya is a city located in southwest Tanzania, Africa. Mbeya's urban population was 280,000 in 2005. Mbeya is the capital of the surrounding rural Mbeya region ....
- Zanzibar Office - Ground floor, ZSTC Building, ZanzibarZanzibarZanzibar ,Persian: زنگبار, from suffix bār: "coast" and Zangi: "bruin" ; is a semi-autonomous part of Tanzania, in East Africa. It comprises the Zanzibar Archipelago in the Indian Ocean, off the coast of the mainland, and consists of numerous small islands and two large ones: Unguja , and Pemba...
Mauritius Offices
- Port Louis Office - 206 Pearl House, Sir Virgil Naz Street, Port LouisPort Louis-Economy:The economy is dominated by its port, which handles Mauritius' international trade. The port was founded by the French who preferred Port Louis as the City is shielded by the Port Louis/Moka mountain range. It is the largest container handling facility in the Indian Ocean and can...
, MauritiusMauritiusMauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
Burundi Offices
- Bujumbura Office - Bujumbura
External links
- Jubilee Insurance Homepage
- Company Profile At Alacrastore
- Jubilee Holdings Profile At Google Finance
See also
- Nairobi Stock ExchangeNairobi Stock ExchangeThe Nairobi Securities Exchange is the principal stock exchange of Kenya. It began in 1954 as an overseas stock exchange while Kenya was still a British colony with permission of the London Stock Exchange. The NSE is a member of the African Stock Exchanges Association...
- Dar es Salaam Stock Exchange
- Uganda Securities ExchangeUganda Securities ExchangeThe Uganda Securities Exchange is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's central bank.The exchange's doors opened to trading in...
- Economy of KenyaEconomy of KenyaKenya's economy is market-based, with a few state-owned infrastructure enterprises, and maintains a liberalized external trade system. The country is generally perceived as Eastern and central Africa's hub for Financial, Communication and Transportation services...
- List of insurance companies in Uganda