Jubilee Health Insurance After-tax profit doubles to Kes910.4Mn

Jubilee Health Insurance Limited After-tax profit doubles to Sh910.4 Million;

Jubilee Health Insurance Limited doubled its profit after tax to Sh910.4 million in the financial year ending December 2024, up from Sh438.5 million previously on higher premiums.

The underwriter posted an insurance service result of Sh546.7 million from a loss of Sh36.5 million last year, following insurance service revenues rising by 32 percent to Sh13.4 billion from Sh10.1 billion previously.

Jubilee Health’s Insurance service expenses rose at a slower rate of 25.7 percent to Sh12.7 billion from Sh10.1 billion in 2023.

The improved insurance business result was supported by a 47.6 percent surge in net investment income to Sh944.7 million from Sh639.6 million in the previous year.

Insurance service result is the net profit or loss incurred from providing insurance protection.

It is determined by deducting insurance service expenses such as claims and other expenses paid from insurance revenues.

Njeri Jomo , Jubilee Health Insurance Chief Executive and chief officer noted that the rise reflects the underwriter’s ongoing investment in digital health solutions as well as its pursuit of operating efficiencies.

“This performance is a testament to our purpose-led culture and our commitment to accompany every Kenyan along their healthcare journey,” she said adding that

“We continue to invest in innovative digital platforms, strong provider partnerships, and customer-centric programmes, so that we not only reach more but also serve better.”

The firm said that it increased its utilization of technology by embracing artificial intelligence to process insurance claims as it further enhanced its digital service facilities and real-time connectivity with healthcare providers.

Jubilee Health Insurance February policy arrived with an electronic platform to enable paperless management of customers as well as receiving and handling claims as a step towards improved efficiency.

The platform, which has been dubbed J-Force, will also facilitate middlemen such as agents and brokers to shorten the time involved in conducting activities such as issuing policies and tracking renewals.

Founded in 1937,Jubilee Holdings Limited (JHL) was the first incorporated insurance company in Mombasa and has grown to become the leading regional composite insurer.