Jubilee Health Insurance Reports Strong Financial Performance for 2023, Sets Sights on Customer Excellence in 2024
Monday, 15th April 2024, Nairobi
Jubilee Health Insurance (K) Ltd, the leading health insurer, has announced its financial results for the fiscal year 2023, showcasing remarkable growth and performance across key metrics.
In 2023, Jubilee Health Insurance achieved a net profit of KES 438 million, marking a substantial increase from KES 339 million in the previous year, representing a notable 29% growth. The growth trajectory was primarily driven by robust returns from investments, coupled with a remarkable 15% increase in insurance service revenue.
All segments including corporate, retail, and SME, recorded double-digit growth, underscoring the company’s innovative and resilient business model. On Gross written premiums, the Company recorded a 31% growth from the previous year to close at 11.8Bn. Additionally, there was a growth in the number of lives insured by 25%, reflecting its commitment to expanding access to quality and affordable healthcare financing solutions.
Jubilee Health’s innovative approach to insurance has been driving exceptional customer service and company growth. The company’s tailored products have expanded their market reach and resonated with customers, cementing their number one position in the region.
Despite challenges like increased claim costs, Jubilee Health has been able to improve claims processing efficiency with the help of integrated artificial intelligence (AI) and data analytics. Their commitment to innovation and investments in technology ensures they continue to provide exceptional service to customers.
Further, the business had 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. Earnings per share increased from KES 122.71 to KES 158.68 as a result.
Focus on Patient Outcomes: A Game Changer
Jubilee Health Insurance’s focus on patient outcomes has been a game changer in retaining and winning customers. Through various programs embedded in its MaishaFiti proposition, the firm not only offers insurance
covers but also walks with its customers to ensure they achieve better outcomes from their hospital visits. The program also offers preventative measures that enables customers to live a healthy lifestyle.
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.
