Jubilee Life Insurance, a wholly owned subsidiary of Jubilee Holdings Limited, has announced a Profit After Tax (PAT) of Sh2.1 billion for the financial year ending December 31, 2024. The impressive performance was fueled by strong investment returns and strategic market expansion.
The company reported an 87.3 percent surge in net investment income, rising to Sh17.1 billion from Sh9.1 billion in 2023, underscoring the effectiveness of its prudent investment strategy and disciplined financial management.
Although insurance revenue dipped to Sh4.8 billion from Sh5.3 billion and insurance service expenses climbed to Sh4.5 billion, Jubilee Life remained firmly profitable.
Chief Executive Officer Asman Mugambi attributed the strong results to the company’s long-term strategic focus.
“We’re encouraged by the progress we’ve made, particularly in the performance of our investment portfolio,” Mugambi said. “Despite some pressure on insurance revenue and increased service costs, our focus remains on building a strong, resilient business. Staying closely connected to our customers and delivering meaningful solutions continues to be our top priority.”
Regionally, Jubilee Life regained its spot as the second-largest life insurer, bolstered by a 57 percent increase in gross written premiums and contributions in Kenya and a 58 percent rise in Tanzania. This growth was driven by enhanced customer trust, cross-market collaboration, and a push toward digital-first, customer-centered solutions.
At the 2024 Association of Kenya Insurers (AKI) Awards, Jubilee Life Insurance received several honors, 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 was also recognized for her fifth consecutive award for achieving 100 percent policy persistency, a testament to the company’s strong commitment to client retention and service excellence.
