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Jubilee Holdings results FY2010 profit jumps 84 pct
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invest0r
#131 Posted : Sunday, June 05, 2011 10:29:11 AM
Rank: Member

Joined: 12/15/2010
Posts: 162
guru267 wrote:
invest0r wrote:
@guru267, read my concluding remarks properly. To make it clear to you, the chairman’s statement contradicts the auditors report and so it’s prudent to go with the independent auditor’s report that is certified as true and accepted by NSE and CMA.

And note that I have not related the blog and the chairman’s statement in any way.

@investor the problem here is that you and some other wazuans are of the opinion that underwriting profits are always calculated by subtracting net claims and benefits from net premiums.. You and the others have a very long way to go in accounting...

By the way I didnt locate where the auditors talked about jubilees undewriting loss which is contrary to the chairmans statement as you so accuse.. Kindly post the link so that we can close the matter.. Thanx


@guru267, the agreeable documents we should use, in this case, are the audited financial reports that we all have. They are also available in NSE and Jubilee websites

In your closing remarks, pls present the following:

1. Your accounting calculations showing underwriting performance of Jubilee. (like i did in the concluding remarks - post 117)

2. A comparative analysis of the underwriting performance in insurance industry.

Always thankful
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guru267
#132 Posted : Sunday, June 05, 2011 12:52:43 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
invest0r wrote:


@guru267, the agreeable documents we should use, in this case, are the audited financial reports that we all have. They are also available in NSE and Jubilee websites

In your closing remarks, pls present the following:

1. Your accounting calculations showing underwriting performance of Jubilee. (like i did in the concluding remarks - post 117)

2. A comparative analysis of the underwriting performance in insurance industry.

Always thankful

@investor I do my research independently and come up with my own results which I share with wazuans and provide the source of my information... Thats as much as I can do because you can access the same information and deduce your own results..

One of the reasons I believe jub inflated claims was the fact that the notes show that there was no increase in any of fire, medical, life or motor claims in 2010 above 30% over 2009 except for ONE benefit paid to pension fund of 1.9billion as compared to 818million in 2009.. An increase of 158%... That is a striking abnormality and a likely measure to cater for the abnormal growth in fair value gains and revaluations...

This is an exerpt from the annual report..
Pension benefit obligation: to paid in contributions to a seperate trustee administered fund and are charged to the income statement in th year which they relate but the group has no further obligation once contribution is made...

In 2010 jub made abnormal profits and so decided to hike their pension contributions to ensure profit stability and also cushion the company against paying these contributions in recession years..

My expectations in 2011.
1. Fair value gains and revaluations will decline
2. Underwriting profits will rise
3. Investment income will shoot through the roof..
4. EPS should be at least 40bob
5. I expect 75th year celebrations to be marked with a very special dividend and bonus issue to shareholders..
Mark 12:29
Deuteronomy 4:16
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  | | Edit by user: Sunday, June 05, 2011 1:01 PM | Reason: Not specified
the deal
#133 Posted : Sunday, June 05, 2011 1:13:26 PM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
@guru daamn spot on...you are really good at accounting...in my upcoming blog post i will show you one of the reasons why JUB might have acted that way...yes i expect underwriting profits too.
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the deal
#134 Posted : Sunday, June 05, 2011 4:05:21 PM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
HERE IS MY RESEARCH REPORT ON BRITAK, I HAVE MENTIONED JUBILEE SEVERAL TIMES AND I was not BIASED I HAD TO GO WITH NUMBERS here.

GO HERE http://contrarianinvesti...-investment-company.html
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  | | Edit by user: Sunday, June 05, 2011 4:48 PM | Reason: Not specified
invest0r
#135 Posted : Sunday, June 05, 2011 7:17:25 PM
Rank: Member

Joined: 12/15/2010
Posts: 162
@guru267 and @the deal, it’s too bad that when Jubilee makes an underwriting loss you allege that they inflated their claims. It’s even ‘more-bad’ that, @the deal, you call that good accounting.

@the deal, I still respect your work and respect your latest comparative analysis (Britak compared to its peers). I think if you can add the other 2 listed insurance companies it would be better, that is, Pan Africa Insurance and CFC insurance.

Otherwise, muchas gracias all
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  | | Edit by user: Sunday, June 05, 2011 7:42 PM | Reason: Not specified
the deal
#136 Posted : Sunday, June 05, 2011 7:50:25 PM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
invest0r wrote:
@guru267 and @the deal, it’s too bad that when Jubilee makes an underwriting loss you allege that they inflated their claims. It’s even ‘more-bad’ that, @the deal, you call that good accounting.

@the deal, I still respect your work and respect your latest comparative analysis (Britak compared to its peers). I think if you can add the other 2 listed insurance companies it would be better, that is, Pan Africa Insurance and CFC insurance.

Otherwise, muchas gracias all

JUB were just aggressive in the process they had to take risky biz but in the process they became the NO 1 insurer in E.A. a good price to pay....analysing an insurer is time consuming.
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guru267
#137 Posted : Sunday, June 05, 2011 8:34:15 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
invest0r wrote:
@guru267 and @the deal, it’s too bad that when Jubilee makes an underwriting loss you allege that they inflated their claims. It’s even ‘more-bad’ that, @the deal, you call that good accounting.

@the deal, I still respect your work and respect your latest comparative analysis (Britak compared to its peers). I think if you can add the other 2 listed insurance companies it would be better, that is, Pan Africa Insurance and CFC insurance.

Otherwise, muchas gracias all


@investor I see you are on a mission to dispute the facts for whatever reason you have... I have tried my very best to show you how companies like jubilee maintain stable income growth.. Instead of learning you turn a blind eye..


So You can enjoy from the sidelines as jubs share price does 1000% by the year 2021 and some of us have ridden an awesome wave...
Mark 12:29
Deuteronomy 4:16
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