@ jammo.I agree on the store of value concept. I think if it werent for the underwritting profits,it would have been a different story. Note the huge increase in loss on investments from 45m to 508m..must be the exposure to NSE..all said and done..good stock to hold for dividends etc.

Jammo, I agree with your observation regarding Jubilee being a store of value (but not only because of liquidity or lack thereof). However,Please note Book Value (analogous to Net Asset Value) per share has actually DECLINED from Kshs 80.14 in 2007 to Kshs 63.80. The reason for this is because of a Kshs 1.15 billion drop in Fair Value reserves which are reported on the balance sheet. Note that they have reported a FV loss of Kshs 508 million on the Income statement. I guess the difference in the two figures has to do with interpretation of the relevant IFRS (re: see APA against PanAfric results). Nonetheless,I believe Jubilee's results are actually commendable and well above my expectations given the drop in the value of financial assets in 2008 especially on the NSE. The fact that Jubilee has managed to grow their underwriting profits is testament to the fact that Jubilee is a good insurance company and not just depending on investment income. Also note that exposure to listed equities is only Kshs 3.9 billion out of a total of 20.2 billion in assets. I believe that Jubilee is reasonably well positioned to continue to deliver good (but not necessarily outsize) profits. Opportunity calls but few respond.

Whats this business where you can have revenues of 7.6 Billion and Net profit of 250million (up from 50 Mil last year when Revenues were 4.5Billion). Run!! better just buy Centum now that it is low if Insurers only money they make is in investments.

'Store of Value.' That's quite a sore point for me,I have a lot (albeit small) that I got at Ksh 185.....

@GG - Well... that has happened to the best of firms. Even Berkshire Hathaway is down 50% from its highs BUT it will do very well in the next 3 years. (IMHO). @across - I am not sure who the current CEO is but they have the ability to draw on considerable talent across the AKFED network. BTW,the Chairman does not draw a salary/emoluments! Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB