Jubilee Insurance profit grows to Ksh 438M on higher revenue

Jubilee Health Insurance has reported a 29.3pc increase in full year net profit to Ksh 438.6 million from Ksh 339.1 million for the period to December last year.

The profit increase was driven by a 14.2pc increase in insurance revenue which surged to Ksh 10.2 billion from Ksh 8.9 billion reported during the period under review.

The insurer also reported a 27pc increase in net investment income which increased from Ksh 646.7 million to Ksh 509 million.

“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,” said Jubilee Health Insurance Chief Executive Officer Njeri Jomo.

During the period, Gross written Premiums increased by 31pc to Ksh 11.8 billion while the number of lives insured increased by 25pc 238,000 reflecting the company’s commitment to expanding access to quality and affordable healthcare financing solutions.

“Despite a challenging macroeconomic environment marred by increased costs of claims, Jubilee Health Insurance has been able to improve claims processing efficiency with the help of integrated artificial intelligence (AI) systems, machine learning and data analytics underscoring the company’s commitment to evolve towards becoming a modern, digitally powered business and to continue providing exceptional customer service,” the firm stated.

Jomo now says the insurer is now targeting to enhance its product offerings, improve customer service, and invest in advanced technologies to streamline operations.