PACRA Maintains the IFS ratings of Jubilee Life Insurance Company Limited

Jubilee Life Insurance Company Limited (“Jubilee Life” or “the Company”) derives strength, in its assigned IFS rating, from its longstanding association with the Aga Khan Fund for Economic Development (the Fund), an entity with a solid financial foundation across diverse business arenas. The Company benefits from the strong business insight of its sponsors, while the presence of the Fund’s nominees on the Board further reinforces its governance framework. Jubilee Life remains one of the leading private life insurers in Pakistan that operates on a diversified business model which blends conventional and takaful offerings, with a strong emphasis on Individual Life – Unit Linked products, Group Life and, Group Health products. This model allows the Company to generate steady recurring premiums through renewal contributions while leveraging investment-linked policies to balance risk and return. Its multi-segment approach, including retail, corporate, and accident & health, enables broad market penetration and reduces reliance on any single product line. In the wake of protracted core performance, the Company is reinforcing its focus on persistency, disciplined underwriting, and strategic product diversification forms to unlock growth and long-term financial stability. Jubilee Life offers a diverse product suite across both conventional (~72% of the total GPW) and takaful (~28% of the total GPW) operations. The Company recorded a ~23% rise in the GPW (9MCY25: PKR 43,261mln; 9MCY24: PKR 35,242mln), with Individual Life – Unit Linked products remaining dominant (~35% of the total GPW), followed by accident & health insurance (~25%) and the corporate business segment (~13%). While efforts continue to contain claims, particularly surrenders, maturities remain elevated, keeping underwriting performance under pressure. Investment income continues to support overall profitability; however, it declined by ~11.3%, standing at PKR 32,072mln during 9MCY25 (9MCY24: PKR 36,159mln). This decrease was largely driven by a ~34.15% drop in returns on debt securities, while deposits/COIs/placements fell by ~67.82%.Comfort for the rating is drawn from adequate liquidity, reflected in improved liquid asset cover, as well as the strong risk appetite of the Company. Jubilee Life’s well-established panel of reinsurers demonstrates prudent underwriting discipline, effective protection against volatility, and alignment with best practices, contributing positively to financial stability. As of 6MCY25, the life insurance sector continues to be dominated by the public sector with ~58% market share, compared to ~42% held by the private sector. Sector GPW reached ~PKR 196bln in 6MCY25 (6MCY24: ~PKR 180bln), posting a YoY growth of ~8.8%, while the total investment portfolio increased to ~PKR 2,419bln (6MCY24: ~PKR 2,144bln), supporting a stable industry outlook. The rating remains contingent on the Company’s ability to maintain its competitive standing within the life insurance industry. A continued strategic revamp aimed at strengthening core and operational profitability is critical. Moreover, the solvency profile, as reflected through reserves, must remain consistently strong to support the sustainability of the rating.
The rating depends on the Company's sustained competitive positioning within the life insurance industry. An ongoing strategy revamp to ensure an improvement in core and operational profitability is imperative. The solvency profile, as indicated through reserves, must remain strong at all times to sustain the rating.

About the Entity
Jubilee Life Insurance Company ('Jubilee Life' or 'the Company') was incorporated as a public listed company on 29-Jun-95. The majority of the shareholding vests with Aga Khan Development Fund(~57.87%), followed by Habib Bank Limited (~18.51%) and Jubilee General Insurance (~6.43%). The Aga Khan University Foundation & Foreign Companies held ~0.79% & ~4.45% respectively. The remaining shareholding (~11.95%) vests with the General Public, Executives, Directors, Banks, Mutual Funds & Modarabas. The Company has a nine-member Board chaired by Mr. R. Zakir Mahmood. Mr. Javed Ahmed heads the Company as the Chief Executive Officer and is supported by an experienced team of professionals.