PACRA Maintains IFS Ratings of Jubilee General Insurance Company Limited

Jubilee General Insurance Company Limited (“Jubilee General” or “the Company”) is one of Pakistan’s leading general insurance companies, offering a diversified range of insurance products across various business segments. The Company is part of the Aga Khan Fund for Economic Development ( AKFED), which maintains an established presence in Pakistan’s financial services sector through associated entities, including Habib Bank Limited and Jubilee Life Insurance Company Limited. The Company’s established market position, supported by a sound governance framework and experienced management, underpins its operational profile. Furthermore, its reinsurance arrangements with reputed international reinsurers support its risk management framework, lending strength to its overall financial profile and Insurer Financial Strength (IFS) rating.
During 6MCY26, Jubilee Insurance reported gross premium written (GPW) of PKR 16.3bln, reflecting a 13.5% increase compared to the corresponding period last year. The business mix remained predominantly conventional, contributing 83% of GPW, while Takaful operations accounted for the remaining 17%. In terms of business segmentation, Fire and Property constituted 32% of the portfolio, followed by Accident and Health at 26%, Miscellaneous at 22%, Motor at 12%, and Marine and Aviation at 8%, reflecting a diversified underwriting portfolio. The Company reported a bottom line of PKR 2.5bln during the period, while its investment portfolio stood at PKR 36.9bln, providing an additional source of income and supporting its overall financial profile.
Going forward, the Company intends to strengthen its market position through continued business expansion, product innovation, and enhancement of customer-centric services. The strategic focus remains on broadening its outreach, improving operational efficiency, and leveraging technology to enhance service delivery. In this regard, the Company’s digital initiatives, including its mobile application, are aimed at facilitating customer access to insurance-related services, streamlining interactions, and improving overall customer experience. These initiatives are expected to support the Company’s efforts towards sustainable growth and reinforce its competitive positioning in the general insurance industry.
The Company's paid-up capital remained stable at ~PKR 1.98bln as of June 2026, while equity increased to ~PKR 21.7bln (June 2025: PKR 16.1bln). Liquid investments stood at ~PKR 36.0bln, with liquid investments-to-equity coverage remaining stable at 1.66x. However, liquid assets coverage of outstanding claims, net of borrowings, moderated to 2.19x (June 2025: 2.62x). The investment portfolio stood at ~PKR 36.9bln, with investment income increasing to PKR 3.7bln during 6MCY26 (6MCY25: PKR 3.4bln). Meanwhile, investment yield and ROE moderated to 9.1% (6MCY25: 15.1%) and 23.1% (6MCY25: 24.8%), respectively.
Sustainability of business segments and efficient expense management remain imperative to the financial performance. Moreover, the investment book's performance, which is directed towards high-growth avenues, is crucial for the rating. The rating remains dependent upon the Company's sustained market position and benefiting from the sound Group profile.

About the Entity
Jubilee General Insurance Company Limited ("Jubilee General" or "the Company") was incorporated in May-53 as a publicly listed company. Principal activity involves managing non-life insurance through conventional and window Takaful operations in Fire and Property, Marine and Aviation, Accident and Health, and Motor segments. A major stake of the Company lies with the Aga Khan Fund for Economic Development (~58.58%). The Company's Board is chaired by Mr. Akabarali Pesnani. Lately, Mr. Azfar Arshad has taken up the charge as the CEO. He has been associated with the Company for two decades. They are assisted by a team of experienced professionals.