Jubilee Holdings, a leading insurer in East Africa, has reported a significant increase in net profit for the first half of 2024.

The company's net profit rose by 22.7 per cent to Sh2.5 billion, driven primarily by growth in its insurance business.

Insurance service revenue, which includes income from written premiums, increased by 28.4 per cent to Sh12.58 billion during the period.

Jubilee attributed this growth to improved performance in its life and health insurance lines, thanks to increased sales, better claims management, and technological advancements.

Despite higher claims payments, the company's net insurance gain improved to Sh959.92 million from a loss of Sh107.15 million in the previous year. This positive result allowed Jubilee to maintain its interim dividend at Sh2 per share.

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Jubilee Holdings Chairman Zul Abdul expressed satisfaction with the company's performance and reiterated its commitment to delivering strong returns for its shareholders.

“This performance reflects the resilience of our core businesses and the success of our strategic initiatives, particularly in claims management and cost control," Abdul said.

"We are confident that Jubilee Holdings is well-positioned to conclude the year on a high note, further enhancing shareholder value and solidifying our leadership in the industry."

He emphasized the role of strategic initiatives, such as claims management and cost control, in driving the company's success.

Jubilee's digital transformation strategy, launched in 2022, has also contributed to its financial success. The company has invested Sh2.25 billion in digital initiatives, including robotics, artificial intelligence, and data analytics.

These investments have resulted in a 40 per cent reduction in claims processing time and improved fraud detection capabilities.

The insurer has also introduced innovative digital products, such as the Maisha Fiti 2.0 wellness app, which offers telemedicine, teleconsultation, and other health-related services.

"Our company is combining innovative digital tools with our deep industry expertise to enhance operational efficiency and address real market needs with precision and care," said Juan Cazcarra, Jubilee's chief operating officer.

Jubilee is now focusing on a new strategic campaign, "There’s Living and There’s Living Free," aimed at simplifying insurance and investment products for customers across East Africa.