Jubilee Health Insurance has reported a 29 per cent increase in its net earnings to Sh438 million in the 2023 financial year from Sh339 million posted during a similar period in 2022.

The Kenyan health insurer credits its stellar growth to robust returns realized from its investments added to a 15 per cent surge in revenue realized in the firm’s insurance service.

All segments under Jubilee Health Insurance posted double-digit growth, among them corporate, retail, and SME, which the firm credits to its new innovative business model.

In the reviewed period, gross written premiums go up by 31 per cent to Sh11.8 billion as the number of lives insured rose by 25 per cent to 238,000 as the firm expanded its solutions.

“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,” stated Jubilee Health Insurance CEO and Principal Officer Njeri Njomo.

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The company indicated that it had improved the efficiency of processing claims with the help of integrated Artificial Intelligence (AI) systems, machine learning and data analytics.

Jubilee Health Insurance says it realized this growth in spite of a challenging macroeconomic environment marred by a surge in costs of claims as it seeks to enhance its digital business.

The Kenyan health insurance company realized some significant growth in interest-bearing investments, which contributed to the overall expansion of the business’ asset base.

The company says it will continue to focus on prudent investment strategies to accord shareholders more value and push for sustainable growth in the next financial year.

During the period in review, the earnings per share went up from Sh122.71 to Sh158.68.

Jubilee Health Insurance has undertaken to enhance its product offerings, customer service, and investment in advanced technologies to streamline its operations in 2024 and beyond.