Jubilee Health Insurance recorded a 29 percent increase in net profit to Kes 438 million in the full year ending December last year.
The company has attributed the growth to investments with a 15 percent increase in insurance service revenue.
All segments, including corporate, retail, and SME, experienced double-digit growth, reflecting the company’s resilient business model.
On the other hand, gross written premiums increased by 31 percent to Kes 11.8 billion, and the number of lives insured increased by 25 percent to 238,000.
“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,” Jubilee Health Insurance CEO Njeri Njomo said.
Did you read this?
Despite challenges in the macroeconomic environment, including increased claims costs, the company improved claims processing efficiency through integrated artificial intelligence (AI) systems and data analytics.
Additionally, the company saw growth in interest-bearing investments, contributing to expanding its asset base.
With a three-fold increase in cash flows from operations, Jubilee Health Insurance adds that it remains focused on prudent investment strategies to maximize shareholder value and achieve sustainable growth.
Earnings per share increased from Kes 122.71 to Kes 158.68 due to these efforts.
