Jubilee Life Insurance posts Ksh.2.1 billion Profit After Tax for 2024

Jubilee Life Insurance has reported a Profit After Tax of Ksh 2.1 billion for the financial year ended 31st December 2024.

The improved performance was largely driven by a robust investment portfolio, with net investment income surging by 87.3% to Ksh 17.1 billion, up from Ksh 9.1 billion in 2023.

Insurance revenue for the year stood at Ksh 4.8 billion, a slight decline from Ksh 5.3 billion the previous year. Concurrently, insurance service expenses rose to Ksh 4.5 billion from Ksh 4.1 billion in 2023, primarily due to increased claims and enhanced operational efforts aimed at improving service delivery across its markets.

Commenting on the results, Jubilee Life Insurance CEO Mr. Asman Mugambi emphasized the company's long-term outlook and commitment to strengthening its business fundamentals.

“We’re encouraged by the strides we’ve made, particularly in the performance of our investment portfolio,” said Mugambi. “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.”

Mugambi further noted that the company’s investment strategy continues to deliver competitive returns that outpace inflation, effectively protecting customers’ savings and preserving their purchasing power into retirement.

Jubilee Life Insurance also reclaimed the number two position in the Life insurance sector regionally, buoyed by a 57% growth in Gross Written Premiums and Contributions in Kenya and 58% in Tanzania.

The company’s success has been reinforced by a strategic focus on digital-first products and customer-driven solutions, aimed at making financial planning more accessible and aligned with real-life needs.

At the 2024 Association of Kenya Insurers (AKI) Awards, Jubilee Life Insurance was named First Runners-Up in both the Highest Growth in Policies Sold and Most Improved New Business categories. The company also received Second Runners-Up recognition for Most Innovative Product.

Additionally, super-agent Jayshree Haria earned her fifth consecutive award for achieving 100% policy persistency—a testament to Jubilee Life’s emphasis on building enduring customer relationships.