Jubilee Health Insurance Limited (JHIL), a subsidiary of Jubilee Holdings, has recorded an impressive 142 per cent increase in profit before tax for the year ending December 31, 2024. The company reported a profit before tax of Sh1.22 billion, up from Sh506 million in 2023. Net profit surged to Sh910 million more than double the Sh438 million recorded the previous year.
The strong performance has been attributed to JHIL’s strategic investments in technology, operational efficiency, and customer-centric initiatives. CEO and Principal Officer Njeri Jomo emphasized that the results reflect the insurer’s disciplined execution, digital innovation, and unwavering focus on delivering impact.
“This performance is a reflection of our purpose-driven culture and our promise to walk with every Kenyan on their healthcare journey,” said Jomo. “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.”
Key to Jubilee Health’s transformation in 2024 was its embrace of artificial intelligence in claims adjudication, which helped streamline processing and improve transparency. The company also expanded its suite of digital self-service tools and integrated real-time systems with healthcare providers, resulting in faster and more efficient service delivery.
Total equity rose to Sh5.1 billion, signaling sustained value creation for shareholders and affirming JHIL’s robust financial foundation. The company’s financial statements, audited by KPMG Kenya, received an unqualified opinion, underscoring full compliance with IFRS 17 standards and a commitment to transparent reporting.
Eugine Mutekhele, Chief Financial Officer at JHIL, highlighted the insurer’s strong 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.”
Jubilee Health’s stellar 2024 results underline the company’s resilience and adaptability in a competitive insurance landscape. By leveraging technology and maintaining a sharp focus on customer needs, the insurer has set a new benchmark for growth and service delivery in Kenya’s health insurance sector.
