Jubilee General Insurance Company Limited (“Jubilee Insurance” or “the Company”) was incorporated as a public limited company in 1953 and was subsequently listed on the Pakistan Stock Exchange (PSX) in 1955 under the ticker symbol “JGICL”.

Jubilee Insurance commenced operations in 1953 as New Jubilee Insurance Co. Ltd., initially offering both life and general insurance. In 1972, the Company’s life insurance business was segregated pursuant to the nationalization orders, following which the Company continued its operations as a general insurer. Over the years, the Company expanded its operations through the acquisition of Commercial General Union Insurance and subsequently established a presence in the accident and health insurance segment. In 2011, the Company was renamed Jubilee General Insurance Co. Ltd. The Company later acquired approximately 19.5% stake in Jubilee Kyrgyzstan Insurance Co. Ltd. The Company commenced window Takaful operations in 2015. JGICL has since established a significant presence in Pakistan’s general insurance sector.

Jubilee Insurance operates through both conventional insurance and a window Takaful business, with its portfolio primarily comprising fire, marine and aviation, motor, and accident and health insurance. The Company maintains a nationwide presence through 29 branches across Pakistan. Its operations are organized into four geographical zones, namely South, Lahore, Multan, and North, alongside two commercial units.

The Company’s shareholding remains concentrated, with associated companies collectively holding the majority stake of 58.58%. Individuals represent 23.17% of the shareholding, followed by other shareholders at 11.63%. Foreign companies hold 4.66%, while directors and the CEO collectively hold 1.54%. The ownership structure reflects a significant institutional/associated-company presence, providing a stable shareholder base.

Jubilee Insurance benefits from a stable ownership structure, supported by sponsors with diversified business interests across multiple sectors. Aga Khan Fund for Economic Development (AKFED) maintains interests across various commercial and development-oriented ventures. The sponsors’ established presence across diverse sectors and continued shareholding in the Company support the stability of its ownership structure.

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 Khan Fund for Economic Development, maintains diversified interests across various sectors and has an established presence in Pakistan. The Group also has an international footprint across South Asia, Europe, Africa, and the Middle East. The diversified business interests and established market presence of both sponsors provide strength to the Company’s overall profile.

Overall control of the Company rests with a 9-member Board of Directors (BoD), comprising six Non-Executive Directors, three Independent Directors, and one Executive Director. The Board includes sponsor representation and three female Directors, supporting diversity in governance and decision-making. Following the recent elections, Zahra Anwar Furniturewalla and Abid Akber Vazir were elected as new Directors. One casual vacancy remains on the Board and is expected to be filled within the stipulated timeframe. The Board's composition is considered conducive to effective policy formulation and decision-making.

Mr. Akbarali Pesnani has been serving as Chairman of the BoD and has been associated with the Company since 2002. He brings over five decades of professional experience to the Board. Ms. Kamil brings 35 years of experience in commercial banking. The remaining Board members also possess diverse professional backgrounds and extensive sectoral experience, strengthening the Board’s capacity for effective oversight, policy formulation, and strategic decision-making.

The Company has five sub-committees of the Board, namely: (i) Audit Committee, (ii) Finance & Investment Committee, (iii) Board Risk & Compliance Committee, (iv) Human Resource Remuneration Committee, and (v) Information Technology Steering Committee. During the period, the Board committees convened six times, with minutes of the Board and committee meetings adequately maintained. This framework supports effective, transparent, and independent oversight of the Company's affairs.

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 CY25. The firm is QCR rated and in category 'A' of SBP's panel.

The Company operates through nine key functions, namely ERM, Compliance & QA, Investments, Operations, Marketing, HR, IT, Finance, and Administration. The respective departmental heads report to the CEO, who in turn reports to the BoD. The Heads of Internal Audit, HR, IT, and Risk have functional reporting lines to the respective BoD committees, while maintaining administrative reporting to the CEO. The reporting framework provides an appropriate segregation of responsibilities and supports effective oversight across key control functions.

Mr. Azfar Arshad has been serving as the Chief Executive Officer and Managing Director of the Company since January 2025. He brings over 30 years of diverse professional experience and has been associated with the Company since 2005, having previously served as its Chief Operating Officer (COO). Mr. Syed Ali Adnan serves as the Chief Financial Officer (CFO) of the Company and has over 30 years of professional experience. He has been associated with the Company since April 2024. Mr. Azfar is supported by an experienced management team, facilitating effective implementation of the Company's strategic objectives.

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 a 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.

Jubilee Insurance maintains a centralized claims management framework, supported by documented risk registers and periodic reviews to assess the adequacy of claims reserves. Key Risk Indicators (KRIs) are actively monitored, with breaches of defined risk tolerances promptly reported along with corresponding corrective actions. The relevant Committee oversees claims management and reserve adequacy, with particular focus on claims that may potentially give rise to a series of related claims. The Committee also determines the circumstances under which material or disputed claims are escalated for further review, supporting effective oversight of the claims process.

The Company’s investment activities are governed by a BoD-approved Investment Policy, which establishes defined guidelines, exposure limits, and benchmarks across key investment categories. Risk tolerances are set at both the Board and management levels, supporting disciplined investment decisions and timely escalation of any breaches. The investment portfolio is subject to regular reviews by management and the Board Risk and Compliance Committee to ensure alignment with the Company’s capital capacity, regulatory requirements, and long-term objectives.

The Company has established an enterprise-wide risk management framework, underpinned by clearly defined risk appetite statements and tolerance levels to ensure that risk-taking remains aligned with strategic objectives. Risks are identified through structured processes, including scenario-based workshops and external benchmarking, and assessed through a standardized risk matrix based on likelihood and impact. Periodic risk reviews are conducted with active involvement of respective risk owners, with key outcomes escalated to the Enterprise Risk Management Committee and subsequently to the Board Risk and Compliance Committee. The framework supports proactive identification, monitoring, and escalation of key risks, strengthening overall risk governance.

Pakistan's general insurance industry continued to exhibit growth during 1QCY26, with total Gross Premium Written (GPW) reaching approximately PKR 42.0bln, compared to PKR 39.6bln in 1QCY25, reflecting a growth of ~6% YoY. The increase indicates continued expansion in insurance business volumes, supported by sustained demand across major insurance segments. However, underwriting performance remained broadly stable, with industry underwriting profit recorded at PKR 3.6bln during 1QCY26 compared to PKR 3.7bln in 1QCY25, reflecting a marginal decline of ~3% YoY amid competitive pricing and claims-related pressures. Meanwhile, investment income stood at PKR 6.5bln in 1QCY26, slightly lower than PKR 6.6bln in 1QCY25, indicating broadly stable investment returns during the period. Going forward, the industry's performance is expected to remain influenced by macroeconomic conditions, interest rate movements, inflationary trends, and overall economic activity, which will continue to shape premium growth, underwriting performance, and investment income.

Jubilee Insurance is classified as third largest entity in the General Insurance sector with ~17.9% market share in terms of GPW. 

Total GPW during 6MCY26 stood at PKR 16,342mln, reflecting a ~13.50% increase from PKR 14,398mln in SPLY. The conventional segment remained the primary contributor, generating PKR 13,592mln during 6MCY26, while the takaful segment contributed PKR 2,749mln during the period. Segment-wise, the Fire and Property segment remained the largest contributor to the Company’s portfolio, accounting for ~35% of total GPW in 6MCY26, followed by Accident and Health (~22%), Miscellaneous (~19%), Motor (~9%), Marine (~8%), and Liability (~7%). The portfolio mix reflects the Company’s diversified underwriting profile, with a significant contribution from Fire and Property, while the growing contribution from Accident and Health and Miscellaneous segments provides further diversification across the overall insurance portfolio.

The Company's profitability is driven by its underwriting performance and investment income. The underwriting results remained broadly stable during the period (6MCY26: ~PKR 556mln, 6MCY25: ~PKR 575mln), indicating a marginal decline in the core underwriting performance. Meanwhile, investment income increased to ~PKR 3.8bln during 6MCY26 (6MCY25: ~PKR 3.6bln), providing continued support to the Company's earnings. Consequently, the Company's bottom line remained broadly stable at ~PKR 2.6bln during 6MCY26 (6MCY25: ~PKR 2.6bln).

Jubilee Insurance followed a prudent investment approach to mitigate risk while maintaining a diversified investment portfolio. Investment income increased to ~PKR 3.8bln during 6MCY26 (6MCY25: ~PKR 3.6bln), primarily supported by the Company's investment portfolio, which remained predominantly concentrated in government securities, constituting ~56% of the total portfolio, followed by equity instruments at ~30% and saving and term deposits at ~9%. The diversified investment mix, with a significant allocation toward government securities, provides stability to the Company's overall earnings profile while maintaining exposure to higher-yielding equity instruments.

The Company aims to pursue its growth strategy over the long term while improving profitability. Continued strengthening of its business and financial risk profile, in line with its competitive industry position, remains important for the IFS rating. Maintaining adequate liquidity to support policyholder obligations and sustaining revenue growth are also key considerations. As of 6MCY26, outstanding claims increased to PKR 16.4bln (6MCY25: PKR 12.4bln). However, claims outstanding days improved to 383 days (6MCY25: 656 days), indicating comparatively faster settlement of claims during the period.

As of 6MCY26, outstanding claims increased to ~PKR 16.4bln (6MCY25: ~PKR 12.4bln). However, claims outstanding days decreased to 383 days (6MCY25: 656 days), indicating comparatively faster settlement of claims during the period.

The Company has reinsurance treaties with Swiss Re (AA-by S&P; A+ by AM Best), SCOR Re (AA-by S&P; A by AM Best, Allianz SE (AA by S&P; A+ by AM Best), Hannover Re (AA-by S&P; A+ by AM Best) and several other reputed reinsurance companies.

As of 6MCY26, the Company's liquidity ratio declined to 2.2x (6MCY25: 2.6x), indicating a marginal weakening of the Company's liquidity position during the period.

As of 6MCY26, the Company maintained an equity base of ~PKR 21.7bln (6MCY25: ~PKR 19.8bln), reflecting a strengthening in the Company's capital position during the period. Nevertheless, the Company continues to meet the statutory capital adequacy requirements.