Kenya’s Jubilee Holdings said it would open a financial-services arm in October 2019 after receiving a fund-manager licence from the Capital Markets Authority. Chairman Nizar Juma spoke after the company’s annual meeting at Nairobi’s Serena Hotel on 25 June. Regional chief executive Julius Kipng’etich cast the move as a step beyond general insurance toward pensions, unit trusts, and wealth management.
Business Daily Africa reported that Jubilee also named Ethiopia among markets for regional expansion. The group was Kenya’s largest insurer by assets and had been shifting its portfolio toward fixed income while keeping dividends. Management said the licence filled a gap for high-net-worth clients and used the firm’s balance sheet strength.
The Ethiopia target mattered for East African capital looking north. Insurance penetration in several neighbours was still low, and Jubilee pitched fund products as a second growth line beside premiums.
Sources: Business Daily Africa