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On a stand-alone basis, we view the improvement in Jubilee Life Kenya’s 3Q F21 statutory capital adequacy ratio (“CAR”) to 150% (FY20: 124%; FY19: 118%) as credit positive. The improved solvency level creates comfortable buffers compared to the regulatory minimum of 100% and closes the gap with the peer average. We note full profit retention and increased asset allocation to government securities (FY20: 78.4%; FY19: 67.7%) as potential drivers for improved solvency over the medium term.
Jubilee Life Kenya, formerly Jubilee Insurance Company of Kenya Limited is a subsidiary of Jubilee Holdings Limited. Jubilee Holdings Limited (“Jubilee Holdings” or “the group”) is a limited liability company incorporated and domiciled in Kenya. Jubilee Insurance Company of Kenya was the leading composite insurer in East Africa before the unbundling of the general and health businesses. The Positive Outlook is premised on potential for Jubilee Life Kenya’s credit profile to be equalised to that of the group, coupled with prospects for the group’s credit profile to improve on the back of proceeds from the disposal of the general businesses.