Jubilee Health Insurance defied a high operating costs and rising customer claims to post a net profit of Sh438.6 million for the financial year ended December 2023.
This was a 29 percent increase from the Sh339.1 million recorded in a similar period in 2022.
In 2023 the insurer's operating expenses more than doubled to Sh364.8 million from Sh152.4 million in 2022 to .
However, Jubilee’s growth and performance across key metrics was primarily driven by robust returns from investment, coupled with 15 percent increase in insurance service revenue.
All segments including corporate, retail, and SME, recorded double-digit growth, underscoring the company's innovative and resilient business model.
During the period, Gross written Premiums increased by 31 percent to Sh11.8 billion.
Jubilee Health Insurance CEO Njeri Jomo, said that with a three-fold increase in cash flows generated from operations, the company remains focused on prudent investment strategies to maximise shareholder value and drive sustainable growth.
Further, the business recorded significant growth in interest-bearing investments, contributing to the overall expansion of its asset base.
Jubilee Insurance Gross Written Premiums increased by 31 percent, reaching a Sh11.8 billion.
Following the results, the shareholders of Jubilee insurance will reap big after the insurer announced a 36 percent rise in earnings per share following an impressive run in the year ended December 2023.
