Jubilee Life Insurance posts impressive growth in nine months of 2012

Karachi, December 17, 2012: Jubilee Life Insurance Company Limited continued its aggressive growth in the local market with its increasing volume of premium reaching to Rs 8.19 billion in the nine month period of 2012, showing an unparalleled growth of 42 percent over the corresponding period last year.

This was declared by the Board of Directors who met under the chairmanship of Mr. Masood Noorani to review the performance of the Jubilee Life during the closing quarter ended September 30, 2012.

The pre-tax profit during the nine month period was Rs 0.525 billion against Rs 0.335 billion during same period of last year, registering an impressive growth of 57 percent. With after-tax profit of Rs 0.361 billion, the earnings per share (EPS) for the period stood at Rs 5.75 per share. The financial position of the company strengthened with Rs 5.21 billion rise in assets base closing at Rs 21 billion as on September 30, 2012.

The net investment income increased significantly to Rs 2.21 billion in the nine month period of 2012. In line with growth in business, Company’s expenses witnessed an increase of 44 percent to Rs 2.93 billion in nine month period of 2012. During the period Company paid claims worth of Rs 1.97 billion.

Commenting on financial results, Mr. Javed Ahmed, Managing Director & CEO Jubilee Life said, “The Company has considerably increased its market share in recent times and continuing its aggressive growth and undeviating focus on customer facilitation, Jubilee Life will soon become market leader.”
He also added that life insurance needs remain largely untapped and unexplored in the country and present a huge opportunity to life insurance business.

Jubilee Insurance is a global brand of Aga Khan Fund for Economic Development (AKFED) that offers diverse insurance solutions (life, health and general) in the Asian and East African markets. Jubilee Life in Pakistan offers uniquely designed range of life insurance plans, catering to various customer segments and needs. These include retirement, child education, marriage, saving & protection, wealth accumulation, women’s plan, rural insurance plans and life and health insurance solutions for the less privileged of our country.