Jubilee Life Insurance, a fully owned subsidiary of Jubilee Holdings Limited, has reported a Profit After Tax of KES 2.1 billion for the financial year ended 31st December 2024.
The company recorded a strong performance in its investment portfolio, with net investment income rising by 87.3% to KES 17.1 billion, compared to KES 9.1 billion during a similar period in 2023. This significant growth reflects the company’s prudent investment strategy and sound financial management.
Insurance revenue for the year stood at KES 4.8 billion, slightly lower than the previous year’s KES 5.3 billion. Meanwhile, insurance service expenses increased to KES 4.5 billion from KES 4.1 billion in 2023. This rise was mainly attributed to higher claims and enhanced operational efforts to support service delivery across various markets.
Despite the increased service costs, Jubilee Life remains focused on strengthening its long-term value and continuing to deliver on its commitment to customers.
Speaking during the results announcement, Jubilee Life Insurance CEO Mr. Asman Mugambi said that the company was taking a long-term view and remained focused on strengthening the fundamentals of the business.
“We’re encouraged by the strides we’ve made, particularly in the performance of our investment portfolio,” he said
“While there has been some pressure on insurance revenue and rising service costs, we remain focused on building a strong, stable business. Our priority is to stay connected to our customers and develop solutions that truly serve them”.
Classified as Public
He added that Jubilee Life Insurance’s investment approach continues to deliver competitive returns that outpace inflation, protecting members’ savings and preserving their purchasing power into retirement.
Building on the strong performance, Jubilee Life Insurance regained the number two position in the Life insurance sector across the region, driven by a 57% growth in Gross Written premiums and Contributions in Kenya and a 58% growth in Tanzania. This achievement reflected the trust customers continue to place in the company and the consistent effort by teams across the East African markets.
The performance was also supported by the company’s focus on digital-first products and customer-centric solutions designed to make financial planning more accessible and responsive to real-life needs.
During the recent Association of Kenya Insurers (AKI) Awards 2024, Jubilee Life Insurance was named First Runners-Up in both the Highest Growth in Policies Sold and Most Improved New Business categories, reflecting its steady growth and strong customer focus. The company also received Second Runners-Up in the Most Innovative Product category.
In addition, super-agent Jayshree Haria earned her fifth consecutive award for achieving 100% policy persistency, highlighting Jubilee Life’s commitment to lasting customer relationships. These awards recognize excellence within the insurance industry.
