@ erifloss
there is no difference between centum, transcentury,helios, solos fund etc they all do the same thing. provide capital, bring influence (lot of it) make money and leave-- mostly thru ipos

msimon made an observation that Jubilee did poorly on their insurance business. He cited the claims paid out figure which was higher than the net premiums. Could the wise guru give us figures as he did rather than generalizing as you have done above?

@MwM, are you by any chance attending the TCL AGM? If so kindly let us in on what went down. My own view is that this is another company whose listing is going to bomb, unless it is propped up.

I do not expect guys to be taken in as they were during E.A. Cables stratospheric rise, and its even more dramatic plunge. I must admit I made one hell of a kill there, but that was then.

@g267...So what was the industry average? Some facts if you may, please.

Guru, Why just not come clean?

Nicely put Guru, but that is a copout. You stated that Jubilee smashed the industry average in its core business. You had no facts to prove it. So now you go off on another road. I have got to give it to you.

I read the last annual report and their performance was stated by the ceo especially in their medical... I dont have the facts and figures so Forgive me for taking his word for it...

@iborian I did not say it is already earning from bujagali because I clearly said the dam is not even open...

I was merely stating they have low reliance on their insurance businezz

@iborian are you aware that there is a practice insurance companies like jubilee carry out in order to avoid super normal earnings..

In years when investment income is super high they inflate the claims to depress the earnings and also cushion themselves against bad years...
Perfectly legal...

I wonder if this is what they did because jubilee has always superb underwriting profits.. And no reazon why 2010 shouldve been any different...

This might be the secret to 11 years of profit growth

@Iborian, actually its completely legal if you do it smartly. Actually most tax authorities accept tax avoidance but not evasion.
Taking an example of Jubilee having branches all over they might use:
1. Expense acceleration tactics.
2. Expense delaying tactics.
3. Transfer pricing.
4. Thin capitalization.
5. Transfer of expenses using the matching principle.
6. Presentation currency as opposed to functional currencies (read exchange differences).
7. Determining whether a branch or subsidiary is in an inflationary or a hyperinflationary economy (read exchange difference)
And now that they are in Mauritius you have to keenly scrutinize their financials coz first i guess they registered as a GBL 1 company. This gives them the leeway not to fully disclose whatever operations they have and this will fully fall on the NSE on disclosure to the public. Makes it easy to transfer expenses, income, liabilities for tax purposes. In Mauritius they ask for a very simple statement of affairs(Balance sheet) & Income statement (both of which are not detailed).
That's why you'll realise most companies go for Subsidiaries rather than Branches when foraying to other markets.