invest0r wrote:@guru267, the auditors (PWC), NSE and CMA cannot do that willy nilly. PWC certified the books as true after they were satisfied that they presented the state of affairs of Jubilee. This books show an underwriting loss of KES 258,580,000. It is this books that were sent and accepted by NSE and CMA. Every informed person knows that some organisations tend to overstate their revenue and understate their expenses. If auditors find this when doing their audit, they usually insist on the books been amended to the true state and if this is not done, they give an adverse opinion. You and people like you with vested interest in the Jubilee could have wanted the books show an underwriting profit but the auditors had to present the true state that JUBILEE MADE AN UNDERWRITING LOSS
@investor forgive me for thinking you were an accountant... He who bases their investing decisions solely on income statements is in for a fall...
Did you hear the awards the company was showered with:
1. General insurer of the year
2. Medical undewriter of the year
3. Claims settlement runners up
4. Customer service runers up
5. Number one pension plan...
Jubilee was one of the only insurance companies in the world to post profit growth during the height of the global recession... I think the NSE was down that year 30% and jub still grew their profits through isurance
Mark 12:29
Deuteronomy 4:16