NAIROBI, Kenya, April 24 – Jubilee Life Insurance, a fully owned subsidiary of Jubilee Holdings Limited, has posted a Profit After Tax (PAT) of Sh2.1 billion for the financial year ending December 31, 2024, driven by robust investment returns and strategic market growth.
The company recorded a 87.3 percent rise in net investment income to Sh17.1 billion, up from Sh9.1 billion in 2023, reflecting its prudent investment strategy and disciplined financial management.
Despite a dip in insurance revenue to Sh4.8 billion from Sh5.3 billion and a rise in insurance service expenses to Sh4.5 billion, Jubilee Life maintained a solid bottom line.
CEO Asman Mugambi credited the performance to the company’s long-term approach.
“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.”
Regionally, the company regained its position as the second-largest life insurer, supported by a 57 percent growth in gross written premiums and contributions in Kenya and 58 percent in Tanzania. This growth is attributed to strong customer trust, cross-market collaboration, and increased focus on digital-first, customer-centric solutions.
During the 2024 Association of Kenya Insurers (AKI) Awards, Jubilee Life Insurance earned accolades including First Runners-Up for Highest Growth in Policies Sold and Most Improved New Business, and Second Runners-Up for Most Innovative Product.
Super-agent Jayshree Haria also received her fifth consecutive award for 100 percent policy persistency, reflecting the insurer’s deep commitment to client retention and service excellence.
