Jubilee Holdings has overtaken Britam to become the most valued insurer at the Nairobi Securities Exchange for the first time since October 2013.
Jubilee is now estimated to be worth Sh33.5 billion compared to Britam’s Sh31.1 billion going by Tuesday’s closing prices of Sh560 and Sh16.05 respectively.
Jubilee is the only insurer to record a valuation gain this year at 24.4 per cent.
It has been able to avoid the worst of the bearish run currently pushing down valuations in the market.
Analysts say that its high nominal price, which is hovering just below its all-time high, means that the stock has been out of reach for speculators who were unwilling or unable to pay the premium for the stock.
Jubilee has only 59.89 million issued shares at the NSE, with the top 10 shareholders holding about 55 per cent of the stock.
Britam on the other hand has 1.93 billion shares in issue, making it a lot more liquid in the market.
