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JUBILEE INSURANCE
The Jubilee insurance brand has firmly established itself as a leader in the Kenyan insurance and asset management market by offering solutions designed to meet the diverse needs of individuals and businesses at every stage of their journey. With a brand promise: Live Free! Jubilee goes beyond just providing insurance – it creates opportunities for financial freedom and security. Through a comprehensive range of tailored insurance products and asset management services, the company ensures that its customers don’t just live; they live without the weight of uncertainty, with every offering designed to meet the unique needs and aspirations of its clients.
For instance, in 2024, the regional insurance industry grew by 15 percent Life (26%), Health (14%) and non-Health (6%). This growth trajectory is expected to continue, driven by rising demand for innovative, accessible, and affordable insurance solutions. With backdrop, the performance of the Jubilee Insurance brand comes to light. Led by one of insurance industry icon, Njeri Jomo, the Jubilee Health insurance business strengthened its position as the leading medical insurer in East Africa, ranking No. 1 in Kenya and Uganda and No. 2 in Tanzania.
In line with its commitment to universal health coverage, the business introduced a range of affordable insurance plans, such as Lipa Pole Pole – which allows individuals to pay premiums in flexible instalments, tailored to meet the diverse needs of individuals and families across the region. Jubilee Health continues to champion wellness and preventive care through the Wellness App, MaishaFitiTM, which has recorded over 10,500 downloads, reflecting strong adoption.
2024 saw the Jubilee brand make significant strides towards achieving its strategic objectives. The Jubilee brand market share grew from 8.5% to 9.7 %, moving the Group from 3rd to 2nd place in industry rankings, according to recent data from insurance regulatory bodies across the region. This growth underscores the success of the Group’s strategic initiatives and strengthens its position as a market leader.
According to Dr. Julius Kipng’etich, the Group CEO, the company has been on a marked digital transformation journey, and 2024 marked another milestone as the Jubilee brand advanced key initiatives under its digital agenda, Changamk@, which will position us as a digitally advanced and innovative insurer in the region. In particular, the tailored enhancement of its Customer Relationship Management platform has significantly improved service delivery and turnaround times, leading to a rise in its Net Promoter Score (NPS) from 38 in 2022 to 56 in 2024. The launch of group’s intermediary portal, J-Force, has streamlined policy management, client engagement, and transaction processing – boosting distribution efficiency.
According to the 2024 Annual Report, Jubilee looks forward to concluding Phase 1 of Changamk@, setting a solid foundation for the next phase of transformation. At the moment, Jubilee covers over 1.35 million lives across the region, which is a strong reflection of the impact at work. Jubilee also boasts a growing distribution force of above 5,000 agents, ensuring the Group’s solutions remain within the reach of customers from all walks of life.
In the Long-Term Insurance – Life and Pension, the Life insurance business regained its position as the No. 2 insurer across the region, fuelled by a 56% growth in Kenya and a 58% growth in Tanzania, with Uganda and Burundi also recording growth during the year.
The Asset Management business reported remarkable growth through the Jubilee Collective Investment Scheme, which grew by KShs 7.7 billion during the year (603% growth) to close at KShs 8.9 billion in assets under management in addition to KShs 172 billion worth of institutional assets under management. The business onboarded 5,284 new customers during the year, an annual growth rate of 577%, closing the year with 6,199 customers.
The Board recommended a final dividend of KShs 11.50 per share for the financial year 2024. Together with the interim dividend of KShs 2.00 per share paid in October 2024, this brings the total dividend for the year to KShs 13.50 per share, the highest in the Group’s history. The ordinary dividend reflects a 50% growth over the last two years, highlighting its commitment to delivering value to the shareholders. Since its listing in 1984, the Company has never paid a lower ordinary dividend than the previous year. The strong growth in the ordinary dividend reflects the Group’s robust performance and sustainable dividend policy.
Turning to Corporate Social Responsibility, through the Jubilee Children’s Fund (JCF), the brand continues to advance access to education and healthcare to vulnerable underprivileged children, having supported 211 children in their secondary school journey to date. Notably, the second cohort sat for the national exams last year, achieving a minimum grade of C+ thereby qualifying for higher education. Through JCF healthcare initiatives, the Group has positively impacted over 1,100 children by providing eye check-ups, medication, prescription glasses and prosthetic arms and limbs, reinforcing Jubilee brand’s commitment to nurturing healthier, brighter futures, under its Brand Promise: Live Free!
Jubilee successfully hosted the third edition of Jubilee Live Free Race in 2014. This flagship event has become a premier platform for promoting wellness, financial resilience, and environmental responsibility. In 2024, the event drew nearly 3,000 participants from 18 countries and gained widespread media coverage, boosting brand visibility and reinforcing Jubilee’s regional presence.
Jubilee continues to embed sustainability in all its operations, reaffirming the company’s commitment to ESG principles and ethical business practices. In 2024, Jubilee advanced its environmental efforts by planting over 1,300 trees, supporting reforestation and reducing our carbon footprint 50 to 51.
In 2014, the Group received 21 corporate and 14 employee awards, reaffirming its industry leadership and the strength of its people. The corporate awards reflect confidence in the Group’s strategy, execution, and value creation, while the employee accolades highlight the expertise and purpose-driven mindset that drives success.As part of the transformation journey, the Group has relocated to the new Jubilee Insurance Building Headquarters in Upper Hill, Nairobi, a bold symbol of its future. This modern facility has been designed to foster efficiency, featuring open, collaborative workspaces, state-of-the-art technology, and flexible areas that support both focused individual work and dynamic team interactions. The building is fully powered by solar energy, and aligns with the brand’s commitment to environmental responsibility.
