Former Uchumi Supermarkets chief executive Julius Kipng’etich has been appointed as the Jubilee Holdings' regional CEO, placing him in charge of five markets where the insurance firm operates.
Mr Kipng’etich takes stewardship of Jubilee’s operations in Kenya, Tanzania, Uganda, Burundi and Mauritius effective January 1, the insurance firm announced Wednesday.
“It is a great honour for me to be joining Jubilee Holdings. The group has been in existence for 80 years, has a strong regional presence, excellent products, and a very innovative and talented workforce,” said Mr Kipng’etich in a statement on Wednesday.
“I am excited about my new role, the prospects it brings and I look forward to contributing positively to the changing landscape in the insurance industry across the region.”
Early last month, he resigned from his leadership position at Uchumi Supermarkets where he had been in charge since moving from Equity Bank in August 2015.
Mr Kipng’etich, who 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).
Jubilee Holdings’ net profit for six months ending June 30, 2017 increased 18.99 per cent largely 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 Ksh1.88 billion ($18.2 million) from Ksh1.58 billion ($15.3) as gains from investments at the Nairobi Securities Exchange, largely comprising government securities, increased four-and-a-half times.
Jubilee booked gross premiums of Ksh18.6 billion ($180.6 million), 8.2 per cent better than previous year, helping to boost net premiums income by 21.89 per cent to Ksh10.19 billion ($98.8 million).
Net claims expanded by Ksh2.9 billion ($28.1 million), or 38.69 per cent, to Ksh10.38 billion ($100.6 million).
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.