Jubilee Health Insurance profit up 29% to Sh438 million

Jubilee Health Insurance (K) Ltd has reported a strong performance for the fiscal year 2023 as net earnings increased 29 percent to Kes438 million up from Kes339 million during a similar period previously.

Jubilee Health Insurance’s strong growth and performance across key metrics was primarily driven by robust returns from investment, coupled with a 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 Kes11.8 billion while the number of lives insured increased by 25 percent or 238,000 reflecting the company’s commitment to expanding access to quality and affordable healthcare financing solutions.

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.”

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, digitallypowered business and to continue providing exceptional customer service.

Further, the business recorded significant growth in interest-bearing investments, contributing to the overall expansion of its asset base. With a three-fold increase in cash flows generated from operations, the company remains focused on prudent investment strategies to maximize shareholder value and drive sustainable growth. Earnings per share increased from Kes122.71 to Kes158.68 as a result.

Read also: Jubilee Insurance launches health telematics to influence health habits

Focus on Patient Outcomes: A Game Changer

As part of the strategic milestones that drove this impressive performance, Jubilee Health Insurance’s focus on patient outcomes has been a game-changer in retaining and winning customers.

Through various programs embedded in its MaishaFiti wellness proposition, the company not only offers insurance covers but also prioritizes customers’ well-being and satisfaction in a proactive manner that leads to a deeper understanding of customer’s unique needs, empowering them to actively manage their health and well-being.

The program focuses on preventative measures that enable customers to live a healthy lifestyle.

Looking ahead to 2024 and beyond, Jubilee Health Insurance reaffirms its commitment to customer excellence and innovation. The company is dedicated to enhancing its product offerings.

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