The Jubilee Insurance Company Kenya Limited (JICKL) was incorporated in 1937 as a composite insurer based in Mombasa becoming the first locally incorporated insurance company in Kenya. Jubilee Insurance has spread its sphere of influence throughout the region to become the largest multi-line insurer in East Africa, handling both long-term and short-term insurance, today Jubilee is the number one insurer in East Africa with over 470,000 clients and several regional branches under the holding company, Jubilee Holdings Limited.
Jubilee Insurance has four business lines namely Medical, Life, Pensions and General. It is the leading medical insurer in East Africa with a network of offices spanning Kenya, Uganda, Tanzania, Burundi and Mauritius. It is the only ISO certified insurance group listed on the three East Africa stock exchanges. Its regional offices are highly rated on leadership, quality and risk management and have been awarded an AA- in Kenya and Uganda, and an A+ in Tanzania.
Sustained growth
Jubilee Holdings recorded a 15.8% increase in half year pre-tax profit to Kshs. 1.790 billion up from Kshs. 1.545 billion in 2014. Gross Written Premium revenue increased by Kshs. 1.2 billion to Kshs. 16.4 billion. Group profit after tax attributable to shareholders grew by 23.4% to Kshs. 1.328 billion, while earnings per share rose to Kshs. 22.2 from Kshs. 18.0 in the previous year an increase of 23.3%. Investment income recorded a 7.3% growth to Kshs. 0.65 billion. Jubilee Holdings Chairman, Nizar Juma attributed the growth to a consistent focus on the evolving needs of our markets and a commitment to creating sustainable value for our customers and business partners. “We are pleased with our very positive insurance results in an increasingly challenging environment, where loss ratios are on the rise partly caused by an increased incidence of fraud within the industry. This has necessitated that we manage our performance proactively and efficiently” said Mr Juma.
Jubilee’s long term business grew by 18.6% to Kshs. 4.9billion during the first six months of 2015. Within this sector, life business grew by 29.4% which is attributed to greater customer orientation, new product development, pricing efficiency and above all service delivery. Jubilee continues to lead in the regional medical insurance market with strong performances and recorded a 12.9% increase in medical gross premiums.
Recognised for the commitment to innovation and excellence:
Jubilee Insurance was named Company of the Year at the 2015 Annual Company of the Year Awards organized by the Kenya Institute of Management. Jubilee was recognized for enacting efficient management processes and upholding the Organization Performance Index requirements to enhance the organization’s performance. The insurer also won the Financial Management Award; Innovation, Information Technology and Knowledge Management Award; and the Corporate Citizenship and Environment Focus Award during this ceremony.
Speaking from Jubilee offices, Jubilee CEO Patrick Tumbo, described the win as an endorsement of the Companies continuous endeavour to continually offer the best services and products to clients. “We are happy to receive these accolades and we thank our customers and intermediaries for trusting us with all their insurance needs. I also thank the Jubilee team who has remained committed to designing insurance solutions that ensure that our clients live free from worry,” said Mr Tumbo. Company of the Year Awards (COYA) is inspired by the critical need to celebrate the achievements being made and to enhance organizations’ management capabilities and performance excellence - to give companies the right tools to win in the tough operating environment.
Jubilee Insurance also won the most accolades at the Annual Insurance Awards, being recognized in almost all categories at the 2015 Think Business Awards. The Insurer won Socially Responsible Corporate, Medical Underwriter of the Year, Major Loss Award and General Insurer of the Year. Jubilee was also first runner up in Marketing Initiative, Best Customer Satisfaction General, Best Customer Satisfaction Award Life and Claim Settlement Life; and second runner up, ICT Award. The Insurance Awards, now in its sixth year, is organized by Think Business, which also runs the Banking Awards, Capital Market Awards and SACCO Awards.
Jubilee Insurance has been the most awarded company in previous years. In 2014 the company won in: Fraud Detection and Prevention Initiative Award, Claim Settlement Life Business Award, Socially Responsible Corporate and Training Award.
Jubilee Insurance Team celebrates at the Annual Company of the Year Awards where Jubilee was named the Company of The Year. The insurer also won Financial Management Award, Innovation, Information Technology and Knowledge Management Award; and the Corporate Citizenship and Environment Focus.
Its commitment to innovation led the company to win the Financial Services Award for being the most innovative company in the financial services sector in Kenya at the Annual CIO 100 Awards. CIO 100 celebrates 100 organizations that are using information technology in innovative ways to deliver business value, whether by creating competitive advantage, optimizing business processes, enabling growth or improving customer service. The award also provides an opportunity for participating businesses to share with their peers about the technological innovations that have brought greater success for their organization.
In March 2015 Jubilee Insurance launched the 2015 Life Agent’s Incentive program. This came shortly after the department was awarded the Group Life Best Practice Award at the annual AKI Agent of the Year Award (AAYA). Jubilee CEO Patrick Tumbo noted the award demonstrates that Jubilee operates within the set industry standards and regulations by Insurance Regulatory Authority (IRA). “Our mission is to deliver solutions that protect the future of our customers and at the same time engaging in healthy competition with fellow industry players”.
Jubilee Insurance GM Life Business Mr. Aggrey Mulumbi leads the Jubilee Insurance team in receiving the Group Life Best Practice Award and Life Agent’s Incentive program at the annual AKI Agent of the Year Award (AAYA).
Promoting the community
Jubilee Insurance diligently invests time and money into improving the quality of life of Kenyan citizens. The company’s CSR investment is guided towards improving the well-being of local communities. Jubilee has formulated its own impactful CSR programs that are funded by both the business and Jubilee members of staff. The company also works with leading corporate organizations in different CSR projects. Jubilee Children’s Fund (JCF) seeks to alleviate the hardships faced by underprivileged children in the areas of education and medical care. On 17th April 2015, Jubilee Insurance Children’s Fund donated 10 Pediatric Patients’ Heart Surgery Beds and mattresses worth Kshs 2,800,000, to Kenyatta Hospital’s Ward 4 B, which is a children’s heart surgery Critical Care Unit. The Unit admits 208 children on average annually, aged between 4 months to 3 years.