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Jubilee Health doubles profit to Sh910 million on bigger business
Jubilee Health Insurance CEO and principal officer Njeri Jomo addressing participants at the Jubilee Insurance Centre Auditorium in Nairobi on May 28, 2024.
Jubilee Health Insurance Limited has more than doubled its profit for the year ended December 2024 to Sh910.4 million, up from Sh438.5 million previously on higher premiums.
The underwriter realised a Sh546.7 million insurance service result from a loss of Sh36.5 million last year, as insurance service revenues rose 32 percent to Sh13.4 billion from Sh10.1 billion, previously.
Insurance service result is the net profit or loss generated from providing insurance coverage. It is computed by deducting insurance service expenses such as claims and other incurred costs from insurance revenue.
Jubilee Health’s Insurance service expenses grew slower at 25.7 percent to Sh12.7 billion from Sh10.1 billion in 2023.
The improved insurance service result was complemented by a 47.6 percent jump in net investment income to Sh944.7 million from Sh639.6 million a year earlier.
Jubilee Health Insurance CEO and principal officer Njeri Jomo said the growth reflects the underwriter’s continued investments in digital health solutions and its drive for operational efficiencies.
“This performance is a reflection of our purpose-driven culture and our promise to walk with every Kenyan on their healthcare journey,” she said.
“We continue to invest in innovative digital platforms, strong provider partnerships, and customer-centred programmes, ensuring we serve not only more people but serve them better.”
The insurer said it increased its adoption of technology by embracing artificial intelligence to sift through insurance claims while it further enhanced its digital service tools and real-time integration with healthcare providers.
Jubilee Health Insurance in February introduced a digital platform for the paperless handling of customers and receiving and processing of claims in a bid to enhance efficiency.
The platform, dubbed J-Force, will also allow intermediaries such as brokers and agents to cut the time taken to complete tasks such as issuing policies and tracking renewals.
Jubilee Health closed the year with an asset base of Sh11.3 billion from Sh10.3 billion, previously.
