Kenya: Jubilee Insurance FY 2023 net profit jumps 29% to Ksh. 439 million

Jubilee Health Insurance has announced a notable achievement, reporting a profit after tax of Ksh. 438 million for the period ending December 31, 2023. This marks a significant 29% increase from the Ksh. 339 million reported in a similar period the previous year.

The company’s insurance revenue saw a substantial rise, climbing to Ksh. 10.1 billion from Ksh. 8.9 billion in 2022. However, this growth was accompanied by an increase in insurance service expenses, which surged from Ksh. 8.8 billion to Ksh. 10.2 billion.

In terms of investments, Jubilee Health Insurance experienced a commendable boost in net investment income, reaching Ksh. 646 million compared to Ksh. 508 million in the preceding year.

All segments including corporate, retail, and SME, recorded double-digit growth. During the period, Gross written premiums increased by 31% to Ksh. 11.8B while the number of lives insured increased by 25% to stand at 238,000.

Speaking while announcing the results, Ms Njeri Njomo, Jubilee Health Insurance CEO and principal officer said “Jubilee Health’s innovative approach to insurance has been driving exceptional customer service and company growth while our tailored products have expanded their market reach and resonated with customers, cementing our number one position within the region.”

Additionally, Jubilee Health Insurance saw substantial growth in its interest-bearing investments, which played a key role in expanding its asset base. Moreover, the company witnessed a noteworthy increase in earnings per share, rising from Ksh. 122.71 to Ksh. 158.68.