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JUBILEE HOLDINGS
Insurance companies inherently operate on a foundation of responsibility, as their primary role is to provide safety nets and manage risk on behalf of others. It is therefore fitting that they take this sense of duty further, embedding Environmental, Social, and Governance (ESG) principles into their operations. Jubilee Holdings, one of the largest and most respected insurance companies in East Africa, has not only embraced this responsibility but is actively leading the way in sustainable business practices. As a stalwart in the industry, Jubilee is setting an example for others by integrating ESG efforts into its core strategy, as demonstrated in its 2023 Sustainability Report.
Jubilee Holdings has made significant strides in environmental sustainability, aligning itself with the Aga Khan Development Network’s (AKDN) Environment and Climate Commitment. In 2023, the company embarked on a decarbonisation journey with a commitment to reduce carbon emissions by 50 percent by 2030 and achieve carbon neutrality by the same year, with an even more ambitious goal of net-zero status by 2050. This commitment is not merely theoretical; Jubilee has already achieved a 48 percent reduction in Scope 2 Greenhouse Gas (GHG) emissions. This impressive achievement is largely driven by operational efficiencies, such as minimising power outages and reducing the use of company-owned vehicles.
One of the exemplary initiatives for the company is its new headquarters in Nairobi’s Upper Hill, which has been designed with green strategies in mind. The building incorporates solar panels, solar water heating, and rainwater harvesting systems, all aimed at reducing reliance on municipal resources. With these measures, Jubilee’s new HQ is on track to receive EDGE (Excellence in Design for Greater Efficiencies) certification, a prestigious green building certification focused on resource efficiency.
Dr. Julius Kipng’etich, Group CEO of Jubilee Holdings, emphasised the importance of these environmental efforts, stating, “We recognise that the future of our business is tied to the health of the planet. Our environmental sustainability strategy reflects our commitment to safeguarding the environment for future generations.” Jubilee’s forward-thinking approach to sustainability, coupled with tangible results, positions it as a leader in responsible corporate practices.
Jubilee Holdings’ social impact initiatives demonstrate a deep commitment to improving lives across the communities in which it operates. The company’s efforts in 2023 touched the lives of many, particularly children and vulnerable groups. Through its Jubilee Children’s Fund, which matches employees’ donations of one day’s salary with one day’s worth of company profits, the company sponsored 83 children for secondary education. The fund continues to focus on projects that benefit children in need, offering both financial and emotional support.
Jubilee’s focus on health is another critical aspect of its social responsibility. Through various healthcare initiatives, including the Eye Project, the Prosthetic Limb Project, and Operation Ear Drop, Jubilee provided essential medical support to hundreds of children in 2023. The Afya Mashinani initiative, hosted in partnership with Aga Khan University Hospital, delivered free health screenings and medical services to 1,700 people in Nakuru County, further underscoring the company’s commitment to making healthcare accessible to all. Speaking on the importance of social initiatives, Dr. Kipng’etich remarked, “Our business is about more than just profits; it’s about people. We are dedicated to improving the lives of those we serve, from our employees to the communities that depend on us.”
At the heart of Jubilee Holdings’ governance initiatives is a commitment to ethical business practices and robust corporate governance. The company’s Board of Directors plays an active role in overseeing the sustainability strategy, ensuring that ESG principles are integrated into the overall business plan. Jubilee’s governance framework promotes transparency and accountability, with the Board guiding the group’s sustainable development goals (SDGs) and risk management practices.
In 2023, Jubilee Holdings demonstrated its dedication to fighting fraud and corruption through its continued involvement in the Blue Company Project, which aims to eradicate such practices. The company has also implemented a Whistle Blowing Policy, encouraging both employees and external stakeholders to report any unethical behaviour anonymously. These governance measures are designed to protect the company’s integrity and build trust with stakeholders.
Jubilee’s emphasis on customer satisfaction is reflected in its improved Customer Net Promoter Score (NPS), which rose by 38 percent in 2023. The company’s proactive efforts to enhance service delivery have been met with positive responses, as evidenced by the quarterly customer satisfaction surveys that monitor areas such as claims management and product satisfaction. “Good governance and ethics are not just about compliance – they are the bedrock of a sustainable business,” said Dr. Kipng’etich. “Our focus on transparency and ethical behaviour is what will carry us forward into the future.”
Jubilee Holdings continues to solidify its position as a leader in sustainable business practices, exemplifying what it means to be an organisation committed to ESG efforts. Through collective leadership and strategic initiatives, Jubilee continues to make significant progress in all three areas, positioning itself as a distinctively responsible corporate citizen dedicated to the long-term well-being of its stakeholders.
AUTHOR: DR. HANNINGTONE GAYA
EDITOR: KAREN NDUKU
