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JUBILEE
Established in August 1937 as the first incorporated insurance company in Mombasa, Jubilee has evolved into a prominent insurance company within the sub-Saharan region. With a strong presence in Kenya, Uganda, Tanzania, Burundi, and Mauritius, Jubilee caters to over 1.9 million clients, earning the distinction of being the largest composite insurer in East Africa.
The company’s 86-year long journey reflects a legacy built on trust, excellence, and innovation. Jubilee’ commitment to excellence and a client-centric approach has propelled its status as a key player in the insurance sector, contributing significantly to the region’s socio-economic development.
A key pillar of Jubilee’s ethos is its dedication to Environmental, Social, and Governance responsibilities, aligning its practices with both Corporate Social Responsibility (CSR) and the United Nations’ Sustainable Development Goals (UN SDGs). This holistic approach underscores Jubilee’ role as a conscientious corporate citizen, actively contributing to positive societal change and environmental sustainability.
In the realm of environmental stewardship, Jubilee is making significant strides towards achieving Zero Net Carbon by 2050. Collaborating with Net Zero International, the company has set ambitious goals, including a 50 percent reduction in emissions by 2030 and achieving net-zero emissions by 2050. Implementing measures such as touchless water dispensers, energy conservation tools, e-waste management, and conservation champions, Jubilee has already seen a 20 percent reduction in energy consumption, showcasing its commitment to combating climate change.
The company’s commitment to the social aspect of ESG is evident in its efforts to promote employee well-being and inclusivity. With over 70 tribes and 10 nationalities represented among its workforce, Jubilee champions equality, diversity and inclusion (EDI). The company provides skill training and development opportunities, creating a conducive working environment that prioritises the mental, physical, and emotional wellbeing of its employees.
Jubilee goes above and beyond its corporate confines to make a meaningful social impact. Initiatives like the Jubilee Live Free Race and the Jubilee Health Medical Camp showcase the company’s commitment to promoting wellness and providing free medical services to communities, addressing both environmental and social aspects of ESG. The Jubilee Health Medical Camp in Meru, conducted in collaboration with The Aga Khan University Hospital and Solutions Sacco, stands as a prime example. This initiative offered free medical services and preventive health education, benefiting over 2,000 residents.
Furthermore, Jubilee tackles the escalating prevalence of mental health conditions through a program in partnership with Chiromo Hospital Group. Demonstrating that wellness is not merely a concept, but a concrete commitment, Jubilee actively engages in initiatives like the Jubilee Live Free Race. In collaboration with the Grand Nairobi Bike Race, the event brought together over 900 professional and recreational cyclists for a day of fun and cycling. Going beyond physical wellness, the event emphasised environmental conservation through tree planting and promoted inclusive cycling.
One of the company’s central tenets is its commitment to the SDGs, focusing on areas such as healthcare, education, reduced inequalities, and sustainable communities. Through the Jubilee Children’s Fund, Jubilee addresses the challenges faced by underprivileged children, providing scholarships, educational support, and medical assistance. As a notable illustration, supporting 83 children with full high school education, uniforms, and other necessities, the Jubilee Children’s Fund aims to empower the next generation. In 2022, the fund took a significant step by assisting child amputees in accessing prosthetic arms and limbs, contributing to restoring their dignity, independence, and self-worth.
Moreover, Jubilee underscores the significance of good governance as a pivotal element of its ESG practices. The company actively advocates for robust corporate governance, emphasising transparency, accountability, and ethical conduct. In its 85th Annual General Meeting on June 30, 2023, Jubilee reaffirmed this commitment through transparent and inclusive practices. The Q&A session addressed various aspects, including meeting modes, communication, dividends, directors, shares, and overall company performance. The emphasis on virtual meetings, facilitating broader shareholder participation globally, signifies a dedication to openness.
Detailed responses on dividends, director elections, and share-related queries underscore the company’s commitment to providing shareholders with clear information. Measures to combat fraud and investments in post-COVID-19 marketing exemplify Jubilee’s strategic and ethical approach. The company’s commitment to transparency is evident in its open-door policy for shareholder meetings with management. Listed on the Nairobi Securities Exchange (NSE), Dar-es-Salaam Stock Exchange (DSE), and the Uganda Securities Exchange (USE), Jubilee has been recognised for its exceptional performance, further exemplifying its commitment to governance excellence.
The Blue Company Project, founded by Group Chairman Nizar Juma in 2018, additionally underscores Jubilee’ commitment to governance and integrity. With over 500 volunteer businesses and institutions united against corruption, The Blue Company advocates for a cultural transformation within the private sector. By partnering with the UN’s Office on Drugs and Crimes, the initiative supports companies in implementing anti-bribery and whistleblowing guidelines, aligning with SDG 16 for just, peaceful, and inclusive societies.
Jubilee stands as a cornerstone of corporate responsibility, seamlessly integrating ESG principles into its core operations, exemplifying a commitment to sustainable practices, community impact, and governance excellence.
