Shah Karim al-Husayni, popularly known as Aga Khan IV, has experienced a jump in the value of his interest in Nairobi-based insurer, Jubilee Holdings. The recent upswing in the company’s shares on the Nairobi Securities Exchange (NSE) has boosted the market worth of his stake.
Aga Khan IV owns 37.98 percent of Jubilee Holdings via the Aga Khan Fund for Economic Development, which equates to 27.53 million shares of the biggest insurer. Over the last 29 days, the value of his stake has increased by Ksh440.46 million ($3.41 million).
This follows an earlier loss of Ksh474.87 million ($3.52 million) between April 16 and 26, when his holdings decreased from Ksh5.51 billion ($40.78 million) to Ksh5.03 billion ($37.27 million).
Jubilee Holdings was founded in Mombasa as the region’s first insurer and has since evolved to become East Africa’s top insurer. With over 1.9 million clients, it is the region’s largest composite insurer, with operations in Kenya, Uganda, Tanzania, Burundi, and Mauritius.
Jubilee Holdings’ shares on the NSE have risen by 10.3 percent in the last month, from Ksh155 ($1.2) on September 16 to Ksh171 ($1.32), bringing its market capitalization above $90 million and providing strong returns to investors.
Aga Khan’s shareholding in Jubilee Holdings has increased from Ksh4.27 billion ($33.04 million) on September 16 to Ksh4.71 billion ($36.45 million), a gain of Ksh440.46 million ($3.41 million). The gain strengthens his position as a top investor in Kenya’s financial sector.
Although Jubilee Holdings’ share price has increased, it is still down 7.57 percent year to date. An investment of $100,000 in the largest insurer’s shares at the beginning of the year would now be worth $92,430, representing a $7,570 loss.