Jubilee General Insurance Co. Ltd ("Jubilee Insurance" or "the Company") was incorporated as a public limited company in 1953, and became a listed concern in 1955 with a trade symbol of "JGICL" on PSX .

In 1953, New Jubilee Insurance Co. Ltd. began operations with an initial focus on life and general insurance. In 1972, the life insurance business was segregated as per the nationalization orders. Over time, the Company expanded by acquiring Commercial General Union Insurance, and later became the pioneer in accident and health insurance. In 2011, it was renamed as Jubilee General Insurance Co. Ltd. Later, the Company acquired ~19.5% stake in Jubilee Kyrgyzstan Insurance Co. Ltd., and in 2015, the Company began window takaful operations. Today, it's one of the leading insurance companies in the country.

Jubilee Insurance manages conventional insurance along with a takaful window. Within both, it's mainly engaged in fire, marine, and aviation, motor, and accident/health segments through a network of 34 branches across Pakistan. The operations are managed by 4 zones (South, Lahore, Multan & North), and 2 commercial units.

Jubilee General is majorly owned by the Aga Khan Development Network ("the Aga Group") and the Hashwani Group (~58.58%). Directors and their spouses hold (~2%). Remaining stake is held by general public (~26%) and others (~13%).

The sponsors possess an interest in a diversified field of the market and hold a prominent share. The Aga Group has ownership stakes in a number of commercial ventures as well. Similarly, the Hashwani Group possesses a diversified business portfolio, with key significance held by the Pearl-Continental and the Marriott Hotels chain. Considering to aforementioned, the ownership of the Company seems to remain stable.

The sponsors have witnessed various business cycles over time. Both sponsors hold strong business acumen across diversified business portfolios, thus providing the ownership structure with a requisite support in the long term.

The Company’s largest sponsor, the Aga Group, holds diversified business interests across various sectors of the country and maintains a strong presence in the domestic market. The second sponsor, the Hashwani Group, is recognized among the leading business conglomerates in Pakistan. Its operations span commodity trading, textiles, real estate, and mining, along with the processing and marketing of products such as Himalayan pink salt and a variety of minerals including onyx, marble, travertine, lead, chrome, barite, and iron ore. The Group also maintains a diversified international footprint, with business interests extending across South Asia, Europe, Africa, and the Middle East.

Overall control of the Company resides with a 10-member Board (BoD), comprising 6 Non-Executive, 3 Independent and 1 Executive Director. The BoD has an adequate presence of sponsors along with 3 female Director. This bodes well for policy formation and decision making at the BoD level. 

Mr. Akbar Ali Pesnani has been chairing the BoD since 2023 and has been associated with the Company since 2002. He holds more than 5 decades of professional experience. Ms. Nausheen Ahmad, an Independent Director, brings over 3 decades of legal expertise. Lately, Ms. Sima Kamil has been appointed as an Independent Director to fill the casual vacancy created by the resignation of Mr. Badruddin Fatehali Vellani as an Independe Director. Ms. Sima holds 35 years of overall experience in comercial banking. All other BoD members also carry diversified experience, thus strengthening the BoD's policy formation process.

During CY24, the BoD has met six times, with adequate attendance. This ensures effective, transparent and independent oversight is maintained by five sub-committees: (i) Audit Committee, (ii) Finance & Investment Committee, (iii) Board Risk & Compliance Committee, (iv) Human Resource Remuneration and (v) Information Technology Steering Committee. These Committees met six times during CY24. Minutes of the BoD and Committee meetings are maintained adequately.

External Auditors of the Company; M/S: KPMG Taseer Hadi & Co. (Chartered Accountants) has issued an unqualified audit report pertaining to the annual financial statements for CY24. The firm is QCR rated and in category 'A' of SBPs panel.

The Company operates through eight departments - ERM, Compliance & QA, Investments, Operations, Marketing, HR, IT, Finance, and Admin. All departmental Heads report to the CEO, who then reports to the BoD. While the Head of Internal Audit, HR, IT, and Risk functionally reports to the respective BoD committee, and administratively to the CEO. 

In Jan-25, Mr. Azfar Arshad took up the charge as the Company's CEO. Earlier, Mr. Hasan Khan was heading as the CEO. Mr. Azfar holds diversified professional experience of more than 3 decades, and has been associated with the Company for two decades. Previously, Mr. Azfar was working as Jubilee Life's Chief Operating Officer (COO). Mr. Syed Ali Adnan took up the charge as the Chief Financial Officer (CFO) of the Company in Apr-24. Mr. Ali holds an experience of more than 3 decades. Overall, the senior management comprises experienced personnels. 

The management is facilitated by seven committees, (i) Underwriting Committee, (ii) Claims Settlement Committee, (iii) Re-insurance/Co-insurance Committee, (iv) Enterprise Risk Management Committee, (v) Takaful Committee, (vi) Executive Management Committee (MANCOM) and (vii) Assets Allocation Committee. All the Committees are headed by the CEO, and meet on quarterly basis. Minutes of each meeting are adequately documented.

A web-based real-time ERP solution is in place that generates comprehensive MIS reports covering the operations of all business segments within the Company. Information is periodically reviewed and validated through internal controls as well as annual external audits.

A centralized claim management framework is in place, supported by documented risk registers and periodic reviews to ensure adequacy of reserves. The process involves active monitoring of Key Risk Indicators, with any tolerance breaches promptly reported along with corrective actions. The Committee oversees the claims to ensure adequate reserves. It gives attention to claims that may give rise to a series of claims, going forward, and determines the circumstances under which such claim disputes shall be brought to attention.

The BoD-approved Investment Policy sets out clear guidelines, limits, and benchmarks for managing exposures across key categories. Risk tolerances are defined at both board and management levels, ensuring discipline in decision-making and early escalation of breaches. Regular reviews by the management and the Board Risk and Compliance Committee help maintain alignment with capital capacity, regulatory requirements, and the Company’s long-term objectives.

The Company has established an enterprise-wide risk management framework anchored on clearly defined risk appetite statements and tolerance levels, ensuring that risk-taking remains aligned with strategic objectives. Risks are identified through structured protocols such as scenario workshops and external benchmarking, and are evaluated using a universal risk matrix that considers both likelihood and impact. Periodic reviews are carried out with the active involvement of risk owners, with outcomes escalated first to the Enterprise Risk Management Committee and subsequently to the Board Risk and Compliance Committee, thereby ensuring proactive oversight and governance.

Pakistan's general insurance industry reached a total size of ~PKR 218bln in CY24 (CY23: ~PKR 188bln), marking ~17% growth in Gross Premium Written (GPW) from the previous year. The sector's financial performance showed significant improvement, with underwriting results surging by ~67% to PKR 12bln (CY23: ~PKR 7bln). This positive trend was complemented by a ~35% increase in overall investment income, which reached PKR 26bln (CY23: ~PKR 19bln). Going forward, the industry is expected to follow the same trajectory.

The Company is classified as third largest entity in the General Insurance sector with ~14.6% market share in terms of GPW.

During CY24, the Company genrated buisness from both Conventional business 88% (~PKR 20.4bln), and Window Takaful business 12% (~PKR 2.6bln). Fire segment was the forte of the Company comprising ~40% of the total GPW, followed by Miscellaneous ~19%, Accident and Health (~15%), Motor (~13%), and Marine, Aviation & Transport (~9%). During CY24, the Company posted a surge of ~18% in consolidated Gross Premium Written (GPW) mainly due to increase in the premium pricing, with a modest volume of new policies flowing in. The GPW stood at ~PKR 23bln (CY23: ~PKR 19.5bln). During 6MCY25, the Company posted a surge of ~18.6% in consolidated Gross Premium Written (GPW). The GPW stood at ~PKR 14.4bln (6MCY24: ~PKR 13.4bln). Looking ahead, the Company's overall performance may improve due to stabilizing economic conditions.

The underwriting performance of the Company increased by ~11% (CY24: ~PKR 944mln, CY23: ~PKR 851mln), attributed to higher GPW, increased management expense and stable net claims. Whereas, net profits of the Company were supported by healthy investment income (CY24: ~PKR 4.4bln, CY23: ~PKR 3.2mln). During CY24, consolidated profit after tax of the Company witnessed an increase of ~22% and stood at ~PKR 3.5bln (CY23: 2.9bln) supported by higher investment income. During 6MCY25, the underwriting performance of the Company improved by ~2% and stood at ~PKR 575mln (6MCY24: ~PKR 563mln), attributed to improvement in the net contribution backed by higher GPW. The net profits of the Company were supported by healthy investment income (6MCY25: ~PKR 3.6bln, 6MCY24: ~PKR 2.4mln). During 6MCY25, consolidated profit after tax of the Company witnessed a surge of ~48% and stood at ~PKR 2.6bln (6MCY24: 1.77bln). Going forward, overall profits may increase; however, margins from segmental operations may require attention.

The Company's proactive investment strategy yielded good returns (CY24: ~PKR 4.4bln, CY23: ~PKR 3.2bln). To manage risk, ~46% of the total investment tilts towards government securities, followed by equity instruments (~40%), cash (~10%),  investment properties (~2%), and debt instruments (~1%). Similarly, during 6MCY25, investment income increased substantially and reported at ~PKR 3.6bln (6MCY24: ~PKR 2.4bln) mainly due to prudent investment approach of the company with investments in fixed income instruments and dividend yielding stocks. Vigilance in the book may support a stable income stream, going forward.

The Company intends to follow its growth strategy in the long run, while ensuring enhanced profitability along the way. Continuous enhancement of the Company's business and financial risk profile, aligning with its competitive position in the industry, remains crucial for its credit rating. At the same time, the company's liquidity should keep providing a safety net for its policyholder obligations. It is also imperative to sustain growth in revenue.

The Company holds an improved risk absorption capacity as reflected by its claims to liquid investments of ~38.4% as of CY24 (CY23: ~30%). Claims efficiency also improved as evidenced by improved outstanding days (CY24: ~361 days, CY23: ~438days). However, during 6MCY25, claims to liquid investment reduced to ~21.8% (6MCY24: ~28.3%).  Whereas, claims efficiency requires attention due to inflated days outstanding (6MCY25: ~656 days, 6MCY24: ~444days). Sustainability in the claim efficiency remains important.

The Company holds reinsurance treaties of several other reputed reinsurers, like Swiss Re (AA- by S&P; A+ by AM Best), Hannover Re (AA- by S&P and A+ by AM Best), Deutsche Re (A+ by S&P), and Trans Re (AA+ by S&P), Echo Re (A by S&P), Best Meridian Insurance Company (A- by AM Best), Oman Re (BBB- by Fitch), Malaysian Re (A- by AM Best; A by Fitch), SAVA Re (A by S&P , and AM Best), Volante Syndicate, (A+ by S&P; A by AM Best), Korean Re (A by S&P; A+ by AM Best), Chaucer Syndicate 1084 (A+ by S&P; A by AM Best), Odyssey Re (A+ by S&_; A by AM Best), CNA Hardy Syndicate (A+ by S&P; A by AM Best), Axis Syndicate (A+ by S&P; A by AM Best), Antares Syndicate (A+ by S&P; A by AM Best), Apollo Syndicate (A+ by S&P; A by AM Best), Navium Marine Ltd (A- by S&P; A by AM Best), Everest Insurance (A+ by S&P; A by AM Best), SCOR Re,(A+ by S&P; A by AM Best), Labuan Re (A- by AM Best), Transatlantic Re(A+ by S&P; A by AM Best), Arch Insurance (A+ by S&P), Sirius International (A- by both S&P and AM Best), and HCC International Insurance ((A+ by S&P; A++ by AM Best).

The Company’s investment portfolio is primarily liquid investments. The total liquid assets parked with the Company stand at ~PKR 32.4bln as of CY24 (CY23: ~PKR 24bln). Liquid ratio of the Company comparing liquid assets to outstanding claims declined and stood at 2.5x (CY23: 2.9x) due to increased outstanding claims. During 6MCY25, total liquid assets parked with the Company stand at ~PKR 32.7bln (6MCY24: ~PKR 26.8bln). Liquid ratio of the Company, comparing liquid assets to outstanding claims, remained stable at 2.6x (6MCY24: 2.9x). Liquidity is expected to remain stable.

As of CY24, the Company's equity base grew, backed by healthy reserves, to ~PKR 19.7bln (CY23: ~PKR 13.9bln), meeting the statutory capital adequacy requirement of SECP, with a core equity of ~PKR 2bln as of CY24. Similarly, as of 6MCY25, the Company has maintained sufficient equity levels of ~PKR 19.5bln (6MCY24: ~PKR 15bln), depicting an increase of ~26% and remained compliant with SECP’s requirements. The Company witnessed an increase in equity due to an increase in reserves and unappropriated profits. The trend is expected to remain the same.