Karachi: Jubilee General Insurance Company Limited, a prominent player in Pakistan’s general insurance sector, has retained its AA++ (ifs) rating for insurance financial strength (IFS) from The Pakistan Credit Rating Agency Limited (PACRA). The outlook remains stable, indicating consistent performance and robust governance underpinned by the Aga Khan Development Network.

According to The Pakistan Credit Rating Agency Limited announcement issued on 01 November 2024, Jubilee Insurance leverages significant support from its affiliations within the Aga Khan Development Network, including partnerships with notable entities such as Habib Bank Limited and Jubilee Life Insurance. These relationships enhance the company’s financial practices and governance frameworks, contributing positively to its IFS rating.

The company’s business profile is strong, drawing about 90% of its Gross Premium Written (GPW) from conventional insurance operations and the remainder from window Takaful operations. The primary sources of GPW include fire and property, miscellaneous coverages, accident and health, motor, and marine insurance. Jubilee has seen a growth of approximately 23% in GPW, driven by a combination of value increases and modest volume growth. Financially, the company remains robust with stable underwriting performance and strong investment returns. Looking ahead, the expected recovery in economic activities and an improvement in both the micro and macroeconomic environments are likely to further bolster Jubilee’s market position. The company’s strategic investment portfolio, focused on secure government securities and a diversified array of blue-chip equity securities, supports its financial stability along with its strong liquidity position and consistent dividend payments. The presence of highly rated international
reinsurers also underscores confidence in Jubilee’s operations.