Jubilee Health Insurance Limited (JHIL) has posted a 142% rise in profit before tax for 2024, reaching KES 1.22 billion.
This sharp increase from KES 506 million in 2023 marks a strong year for the company, driven by innovation, operational efficiency, and a growing focus on accessible healthcare. Net profit jumped to KES 910 million, more than double the KES 438 million posted the previous year. According to the company, this performance reflects its disciplined execution and ongoing investments in digital health services.
CEO and Principal Officer Njeri Jomo attributed the strong results to a clear mission and customer-first approach. “This performance is a reflection of our purpose-driven culture and our promise to walk with every Kenyan on their healthcare journey,” she said. Jomo added that the company remains focused on innovative platforms, strategic partnerships with healthcare providers, and initiatives like the “Always With You” program, which aims to improve healthcare access and quality.
In 2024, JHIL expanded its digital capabilities by adopting AI-powered claims adjudication, improving digital self-service tools, and strengthening real-time links with healthcare providers. These upgrades have helped speed up service delivery and improve transparency for both customers and medical partners.
The company’s efforts were recognized with two major industry awards: Health Financier of the Year from the Kenya Medical Association and Company of the Year from the Women on Boards Network. The KMA award highlights JHIL’s role in supporting hospitals and health providers with timely payments, while the WOBN award acknowledges the company’s commitment to inclusive leadership, sustainability, and meaningful innovation.
JHIL’s financial health also showed strong improvements. Gross Written Premiums rose to KES 13.94 billion from KES 11.81 billion in 2023. Insurance revenue reached KES 13.48 billion, marking 32% growth year-on-year. The Insurance Service Result moved from a KES 62 million loss to a KES 546 million profit. Return on Equity improved to 20%, and the current ratio rose to 174%, reflecting stronger liquidity and better claims capacity.
Total comprehensive income for 2024 stood at KES 975 million, more than double that of 2023. The company’s equity grew to KES 5.1 billion, while KPMG Kenya gave an unqualified audit opinion, confirming compliance with IFRS 17 standards and transparency in financial reporting.
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