Jubilee Holdings Limited (JHL) profit after tax (PAT) surged 82.5% to KES 4.7 billion in 2024, up from KES 2.6 billion recorded in 2023. Additionally, the company surpassed the KES 6.0 billion mark (excluding Jubilee Allianz sales proceeds) in Profit Before Tax (PBT) recording KES 6.2 billion for the financial year ended December 2024 demonstrating its strong financial performance, strategic resilience, and market leadership in the insurance sector.
JHL’s Gross Written Premiums (GWP) surged by 33.8%, reaching KES 53.0 billion, up from KES 39.6 billion in 2023. This substantial growth underscores strong performance across all business units, reinforcing JHL’s market dominance and expansion across the region. Additionally, the company’s total assets grew by 12.1% to KES 213.6 billion from KES 190.5 billion in 2023, further solidifying its financial strength and long-term strategic growth trajectory.
JHL continues to strengthen its leadership in the health and life insurance sectors. The company maintained its top position in health insurance in Kenya and Uganda and ranked second in Tanzania. By introducing affordable health plans and the Lipa Pole Pole payment option, JHL has enhanced access to quality healthcare by allowing flexible premium payments.
The life insurance segment also demonstrated remarkable growth, reclaiming the number two position in the region, with a 56.0% increase in Kenya and a 58.0% rise in Tanzania. Furthermore, JHL’s asset management business, recently launched in Kenya, has already accumulated KES 8.9 billion in assets under management as of December 2024.
In line with the adoption of IFRS 17 in 2023, JHL has adjusted its accounting treatment of certain financial instruments and associate results from Jubilee Allianz Kenya. This resulted in a restatement of the 2022/2023 financial statements, impacting the company’s PBT for 2023 by KES 2.7 billion. However, this restatement does not affect JHL’s overall financial position or future outlook.
As a testament to its strong financial performance, JHL’s Board of Directors has proposed a dividend payout of KES 978.4 million, translating to KES 13.5 per share. This includes a final dividend of KES 11.50 per share for 2024, combined with the interim dividend of KES 2.00 per share paid in October 2024. The final dividend is set to be distributed on or about 25th July 2025 to shareholders registered as of 28th May 2025. Details regarding the Annual General Meeting (AGM) will be communicated in due course.
JHL Group Chairman Zul Abdul attributed the company’s success to its resilience, strategic focus, and commitment to sustainable value creation. Group CEO Dr. Julius Kipngetich emphasized JHL’s broader role beyond insurance, stating, “We are catalysts for progress, driving meaningful change across society.”
