Jubilee Health Insurance net earnings for the financial year 2023 increased 29 per cent to KSh 438 million up from KSh 339 million during a similar period last year.
- The growth across key metrics was primarily driven by returns from investment, coupled with a 15 per cent increase in insurance service revenue.
- Earnings per share increased from KSh 122.71 to KSh 158.68.
- During the period, Gross written Premiums increased by 31% to KSh 11.8 billion while the number of lives insured increased by 25%.
Speaking while announcing the results, Njeri Jomo, 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, digitally-powered 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.
“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, improving customer service, and investing in advanced technologies to streamline operations.”
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