Chief executive Julius Kipng’etich, former Uchumi supermarkets has been appointed as the regional CEO Jubilee Holdings, placing him in charge of five markets where the insurance firm operates.
Kenya, Tanzania, Uganda, Burundi and Mauritius are the five market Mr Kipng’etich took stewardship of Jubilee’s operations in kenya and was effective on January 1, the insurance firm announced Wednesday.
Mr Kipng’etich resigned early last month from his leadership position at Uchumi Supermarkets where he had been in charge since moving from Equity Bank in August 2015.
“We wish to advise that the board of directors has appointed Mr Kipng’etich as the regional CEO of Jubilee Holdings Limited with effect from January 1, 2018,” Jubilee said in a statement to the Tanzanian, Kenyan and Ugandan bourses.
Mr Kipng’etich, established a corporate culture at the Kenya Wildlife Service (KWS) where he was in charge before moving to Equity, holds and Master of Business Administration and a Bachelor of Commerce (accounting option).
The net profit for Jubilee Holdings’ for six months ending June 30 2017 increased 18.99 per cent broadly helped by improved performance of the Nairobi bourse that helped to dampen a sharp jump in claims payments.
The listed firm’s net earnings in the period climbed to Sh1.88 billion from Sh1.58 billion as gains from investments at the Nairobi Securities Exchange , largely comprising government securities, increased four-and-a-half time
Jubilee booked gross premiums of Sh18.6 billion, 8.2 per cent better than previous year, helping to boost net premiums income by 21.89 per cent to Sh10.19 billion.
Net claims expanded by Sh2.9 billion, or 38.69 per cent, to Sh10.38 billion.
While growing this business will remain Mr Kipng’etich’s main agenda, he will be expected to pay special attention to tackling fraud which has hit the insurance industry hard.
“He brings to the group considerable knowledge and experience in strategy and management. The Board welcomes him to the Jubilee Holdings Group and looks forward to his valuable contribution,” Jubilee said in its statement.