Jubilee Health Insurance has announced that it has reported a Ksh. 438 million profit after tax for the period ended December 31 2023. This is a 29% increase from the Ksh. 339 million it reported in a similar period last year.
Insurance revenue increased to Ksh. 10.1 billion from Ksh. 8.9 billion in 2022 while insurance service expenses increased from Ksh. 8.8 billion to Ksh. 10.2 billion. Net investment income increased to ksh. 646 million from Ksh. 508 million in the previous 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.”
Further, the business recorded significant growth in interest bearing investments, contributing to the overall expansion of its asset base. Earnings per share increased from Ksh. 122.71 to Ksh. 158.68.