Jubilee Life Insurance has posted a Profit After Tax of Sh2.1 billion for the financial year ending December 31, 2024, underscoring the strength of its investment strategy despite headwinds in insurance income and rising service costs.

The company, a wholly owned subsidiary of Jubilee Holdings Limited, saw its net investment income surge by 87.3 per cent to Sh17.1 billion, up from Sh9.1 billion in 2023.

The robust growth was attributed to a deliberate and prudent investment approach that offset pressures on other parts of the business.

Insurance revenue, however, dipped to Sh4.8 billion from the previous year’s Sh5.3 billion, while insurance service expenses climbed to Sh4.5 billion, compared to Sh4.1 billion in 2023.

The increase in expenses was primarily linked to a rise in claims and efforts to improve service delivery across the company’s regional markets.

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Commenting on the financial results, Jubilee Life Insurance Chief Executive Officer Asman Mugambi emphasised the company’s long-term vision and focus on stability.

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

He acknowledged the twin pressures of declining revenue and higher costs but reaffirmed the insurer’s commitment to customer-driven solutions.

"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 stated.

Mugambi further noted the resilience of the insurer’s investment model, stating: “Jubilee Life Insurance’s investment approach continues to deliver competitive returns that outpace inflation, protecting members’ savings and preserving their purchasing power into retirement.”

Jubilee Life’s strategy appears to be bearing fruit, as the company reclaimed the number two spot in the Life insurance sector within the region.

This milestone was driven by a 57 per cent increase in Gross Written Premium and Contributions in Kenya, and a 58 per cent rise in Tanzania — a signal of growing consumer confidence and successful regional execution.

The company also credited its improved market position to the rollout of digital-first products and customer-centric innovations aimed at making financial planning more intuitive and relevant to evolving consumer needs.

As it consolidates gains in its investment segment, Jubilee Life Insurance remains steadfast in its goal of delivering long-term value for policyholders while safeguarding savings against inflationary pressures.