JUBILEE HOLDINGS
Jubilee Holdings Limited (JHL) is an investment holding company. Through its subsidiaries and associates, JHJ provides Life insurance, Health insurance, and property and casualty insurance, retirement products, and broader financial related services to customers in Kenya, Uganda, Tanzania, Burundi and Mauritius. JHL also owns investment companies and financial advisory companies in Kenya, Uganda, Tanzania and Burundi.
JHL reported strong financial results for the year ended 31 December 2024, in the middle of very challenging environment that included cut-throat competition in the market, regulatory challenges and harsh economic environment. Profit before tax (PBT) reached a record KES 6.2 billion, exceeding KES 6 billion mark (excluding Jubilee Allianz sales proceeds) for the first time in the company history, underscoring JHL’s sustained growth, strategic resilience, and market leadership in the insurance sector. The increase in EBT is a significant increase from the restated KES 2.8 billion in 2023.
Gross written premiums (GWP) grew by 34% to KES 53 billion, up from KES 39.6 billion, driving a 14% increase in insurance revenue to KES 25.7 billion, up from KES 22.6 billion. This increase fired JHL market share gain across the region and reflects robust performance across its diverse business segments. Earnings per share rose to KES 65 from KES 36 in 2023. Total Assets grew by 12% to KES 213.6 billion, reflecting a solid and resilient balance sheet.
Management attributed the sterling performance to the company’s sustained growth, strategic resilience, and market leadership. The outlook in 2025 remains positive, with continued investment in technology, enhanced customer experience, and innovative products expected to drive future financial performances and maintain its growth trajectory – while delivering enhanced value to its customers, partners, and communities.
The Board of Directors recommended a final dividend of KES 11.50 per share for the year 2024 – up from KES 9.00 in 2023. Combined with the interim dividend of KES. 2.00 per share paid in October 2024, this brings the total dividend for the year to KES. 13.50 per share, expected to be paid on or about 25th July 2025, to shareholders on the register of shareholders as of the close of business on 28th May 2025. This means ordinary dividend per share rose by 13% from KES. 12.00 in 2023 to KES. 13.5 in 2024. Earnings per share rose to KES 65 from KES 36 in 2023.
JHL’s growth and operational highlights are driven by strategic initiatives focused on digital innovation, market leadership in health and life insurance, and expanding access to affordable, flexible insurance solutions. The company gained market share across the region, benefiting from strong performance across its diverse business segments. The company’s performance reflects its resilience and market leadership within a growing insurance sector. While presenting the 2024 Annual Integrated Report for Jubilee Holdings, Zul Abdul commented: ‘Despite a complex and uncertain operating business environment, I am proud of the focus and resilience our teams have demonstrated in driving business performance and creating value for all our stakeholders.
‘Our strong performance continues to reflect the strength of our business model, the dedication of our people and the trust of our stakeholders. However, we are mindful that our success is built on continuous improvement, and we remain committed to driving financial wellness and inclusion, increasing shareholder value, and fostering long-term relationships with all our stakeholders. We continue to drive access to affordable quality health care and a culture of preventive wellness through our health business while our Life and Asset Management businesses empower people to protect their future and grow their wealth.’ He stated.
Zul Abdul, who joined the JHJ Board in 2014 and who chairs both the Boards of Life and Health business subsidiaries in Kenya, added: ‘Last year, we made significant strides towards achieving our strategic objectives. Our 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 our Company’s strategic initiatives and strengthens our position as a market leader.’
‘As part of our transformation journey, we have relocated to our new Jubilee Insurance Headquarters in Upper Hill, Nairobi, a bold symbol of our 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,’ Zul opines.
Dr. Julius Kipng’etich, is the Group CEO of Jubilee Holdings Limited. Since ascending to the helm of JHL, Dr. Kipng’etich has exemplified strategic, results-driven, and ethically grounded leadership. With a distinguished career spanning public and private sectors, he has consistently demonstrated a commitment to excellence and transformative change. Dr. Kipng’etich’s leadership style is consultative and situational, adapting to the needs of his team and the challenges at hand. He believes in the power of values and impact, emphasizing that true leadership is about service to humanity and changing lives for the better.
Under his stewardship, Jubilee Holdings has embraced digital transformation, including AI to enhance customer experiences and operational efficiency. His vision has propelled the company towards becoming a fully digital insurer, offering seamless end-to-end online product experiences. Beyond corporate success, Dr. Kipng’etich is deeply committed to social responsibility. Through initiatives like the Jubilee Children’s Fund, he has championed education and healthcare access for underprivileged children, reflecting his belief in empowering communities.
Dr. Kipng’etich’s unwavering dedication to ethical leadership, innovation, and human-centric values continues to inspire and drive positive change within Jubilee Holdings and the broader East African region. Dr. Kipng’etich continues to lead the insurance conglomerate on its journey under the theme: Our People. Our Passion. Our Promise; a message that captures what drives Jubilee Holdings.
