Jubilee Health Insurance doubles net profit to Sh910 million

Jubilee Health Insurance Ltd (JHIL) has more than doubled its profit after tax to Sh910 million for the year ending December 31, 2024, up from Sh438 million the previous year.

The firm, a subsidiary of Jubilee Holdings, attributed the growth to investments in digital health solutions and operational efficiency during the year.

“This performance is a reflection of our purpose-driven culture and our promise to walk with every Kenyan on their healthcare journey,” said Jubilee Health Insurance CEO and Principal Officer Njeri Jomo. “We continue to invest in innovative digital platforms, strong provider partnerships, and customer-centered programs.” 

The firm reported a profit before tax of Sh1.22 billion, a 142 per cent increase from Sh506 million in 2023.

Gross written premium grew to Sh13.94 billion, up from Sh11.81 billion in 2023. Insurance revenue went up 32 per cent to Sh13.48 billion while return on investment increased to 20 per cent from 11 per cent.

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The company’s total equity rose to Sh5.1 billion, signaling sustained value creation for shareholders, customers, and service providers.

Ms Jomo said in 2024, the company significantly strengthened its operational backbone by embracing AI-powered claims adjudication, enhancing digital self-service tools, and deepening real-time integrations with healthcare providers, enabling faster, more transparent service delivery for both customers and medical partners.

Over the year to December 2024, Jubilee Health Insurance’s bagged major industry accolades including being named the Health Financier of the Year by the Kenya Medical Association, recognising the company’s role in enabling access to quality healthcare for many kenyans and ensuring timely payments to healthcare providers.

The firm also won the Company of the Year award by Women on Boards Network, owing to its commitment to inclusive leadership and sustainable business practices. “These awards are a validation of the trust Jubilee Health Insurance has earned across the healthcare ecosystem,” said Jomo.