Jubilee Health Insurance, a subsidiary of Jubilee Holdings, has reported a 142 percent increase in its full-year report for the financial year ended December 31, 2024, with a profit before tax of Ksh1.22 billion.
This reflects a Ksh 714 million increase from the Ksh 506 million recorded during the same period in 2023.
Net profit (Profit After Tax) also rose by 107.6%to Ksh 910 million, more than double the Ksh 438.56 million recorded the previous year.
The insurance company stated that this growth reflects its disciplined execution, continued investment in digital health solutions, and a relentless drive for operational efficiency and impact.
Jubilee Health Insurance Profit Before Tax rises by 142%
The Gross Written Premium (GWP) stood at Ksh 13.94 billion, a notable increase from Ksh 11.81 billion in 2023.
At the same time, the company’s Insurance Revenue reached Ksh 13.48 billion, reflecting a 32% year-on-year growth.
Insurance Service Result showed a strong turnaround, posting a profit of Ksh 546 million, compared to a loss of Ksh 62 million the previous year.
The Return on Equity (ROE) surged to 20%, up from 11%, highlighting improved profitability.
Additionally, the Current Ratio improved to 174%, up from 136%, indicating strengthened liquidity and claims capacity.
Jubilee Health Insurance’s Total Comprehensive Income for the year surged to Ksh 975 million, more than double the Ksh 438 million recorded in 2023.
In addition, the company’s total equity rose to Ksh 5.1 billion, signaling sustained value creation for shareholders, customers, and service providers.
The company’s 2024 financial statements, audited by KPMG Kenya, received an unqualified opinion, confirming full compliance with IFRS 17 standards.
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Success Attributed to Innovation, Financial Discipline, and Customer-Centered Culture
CEO and Principal Officer of Jubilee Health Insurance Njeri Jomo stated that the performance is a reflection of purpose-driven culture and a promise to walk with every Kenyan on their healthcare journey.
“We continue to invest in innovative digital platforms, strong provider partnerships, and customer-centered programs like ‘Always with You’, ensuring we serve not only more people—but serve them better,” she said.
On his part, Jubilee Health Insurance Chief Financial Officer, Eugene Mutekhele, stated that these results reflect the company’s commitment to financial discipline.
“We enhanced liquidity, optimized expense ratios, and drove profitability – leading to strong growth in retained earnings,” he said.
” We are firmly positioned to deliver continued sustainable value for our stakeholders.”
In 2024, the company strengthened its operational backbone by embracing AI-powered claims adjudication. It also enhanced digital self-service tools and deepened real-time integrations with healthcare providers.
These initiatives enabled faster and more transparent service delivery for both customers and medical partners.
Also Read: Jubilee Insurance Moves Offices from Nairobi CBD
Awards Won by The Health Insurance
Jubilee Health Insurance’s transformative efforts have earned the company two major industry accolades in 2024:
- Health Financier of the Year – Kenya Medical Association (KMA)
- Company of the Year – Women on Boards Network (WOBN)
Jubilee said these awards are a testament to the trust and recognition Jubilee Health Insurance has garnered across the healthcare ecosystem.
In reaction to the Health Financier of the Year award from KMA, Jubilee Health Insurance said the recognition highlights JHIL’s significant contribution to enabling access to quality healthcare for millions of Kenyans.
The Company of the Year award from WOBN celebrates Jubilee Health’s commitment to inclusive leadership, sustainable business practices, and a customer-first innovation culture.
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