Jubilee Life Insurance records strong growth, expands market share
DAR ES SALAAM: THE Jubilee Life Insurance has announced strong growth in Tanzania’s insurance industry, expanding its market share by eight per cent over the past five years.
In a statement issued today, the company said that under the leadership of its Chief Executive Officer, Ms Helena Mzena, it has achieved a 5.5-fold increase in revenue, representing a growth of about 500 per cent and reflecting robust financial performance and rising embedded value.
The statement said Jubilee Life has tripled its customer base, recording a 200 per cent increase in insured lives, driven by a deliberate focus on customer-centric service delivery and a strong commitment to excellence.
“This focus has significantly improved customer satisfaction and loyalty, with the company achieving a Net Promoter Score (NPS) of up to 72 per cent, which represents world-class performance,” the statement noted.
According to the company, Ms Mzena’s forward-looking leadership has transformed Jubilee Life into one of the most trusted and competitive life insurance companies in Tanzania.
The company has strengthened its market position, financial performance, distribution capacity and regulatory compliance, while accelerating digital transformation and innovation.
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Over the five-year period, Jubilee Life significantly expanded its distribution network, increasing its bancassurance partnerships from three to 18 banks, introducing telecom partnerships and substantially growing its broker and agency network. The expansion has enhanced collaboration opportunities, shared growth and improved value propositions.
The company also reported paying 2.1 times more claims and benefits, representing a 117 per cent increase, a move it said demonstrates its commitment to honouring promises and providing financial security to customers when it matters most.
Jubilee Life has also recorded notable growth in its workforce and leadership development. Staff numbers increased by 67 per cent, bancassurance sales executives by 700 per cent and retail life agents by 945 per cent, while the company achieved an employee Net Promoter Score (eNPS) of 59 per cent, rated as excellent.
The statement said the growth has created more career opportunities, enhanced staff progression and strengthened skills development, enabling employees to deliver exceptional service.
Over the past five years, Jubilee Life has received more than 21 prestigious awards in recognition of excellence across various platforms. These include being named Most Reliable Life Insurance Company at the Consumer Choice Awards Africa for more than five consecutive years, Best Life Insurance Company in Tanzania at the President’s Manufacturer of the Year Awards for more than two years, and Best Presented Financial Statements by the National Board of Accountants and Auditors for three consecutive years.
Other accolades include Customer Excellence Awards from the Chartered Institute of Customer Management, The Citizen “Rising Woman” Awards, Africa FinTech Awards, African Banking Awards for Corporate Social Responsibility, and recognition of Ms Mzena as Best Life Insurance CEO in the Top 100 Executive Lists Awards.
