Jubilee Insurance (Pakistan)

Jubilee Insurance (Urdu: جوبلی بیمہ) is a Pakistani general and life insurance company headquartered in Karachi. It is a subsidiary of Swiss for-profit organization Aga Khan Fund for Economic Development.[2] As of 2016, it was one of the largest insurance companies in Pakistan.[3]

Jubilee Insurance
Company typePublic
PSX: JGICL
PSX: JLICL
IndustryInsurance
Founded1953 (1953)
HeadquartersKarachi, Pakistan
Number of locations
224[1] (2022)
Key people
Revenue Rs. 50.3 billion (US$170 million)[1] (2022)
Rs. 3.3 billion (US$11 million)[1] (2022)
Rs. 2.07 billion (US$7.2 million)[1] (2022)
Total assets Rs. 187.8 billion (US$650 million)[1] (2022)
Total equity Rs. 13.9 billion (US$48 million)[1] (2022)
Number of employees
2,031[1] (2022)
ParentAga Khan Fund for Economic Development
Websitejubileegeneral.com.pk
jubileelife.com

History

Jubilee Insurance was incorporated as New Jubilee Insurance Company Limited by the Fancy family in May 1953.[4] In 1955, it was listed on the Karachi Stock Exchange. The life insurance business was nationalised in 1972 and later Fancy family sold it to the Hashwani family.[4]

In 2002, the Aga Khan Fund for Economic Development acquired the Pakistani operations of CGU International Insurance plc.[5] CGU International Insurance founded life insurance business in Pakistan in 1995.[6][7]

In 2011, New Jubilee Insurance was renamed as Jubilee Insurance.[6]

In 2015, Jubilee entered the Takaful insurance market in Pakistan.[8][7]

On July 29, 2020, Jubilee was awarded the Effie Award in the insurance category.[9]

See also

References
  1. "Jubilee Life Insurance Annual Report 2022" (PDF). jubileelife.com. Retrieved 29 November 2023.
  2. "Profits of life insurance companies rise 28.5%". The Express Tribune. July 23, 2016.
  3. "Insurance premium: 'Proposed tax will hurt insurance sector'". The Express Tribune. June 16, 2016.
  4. "Insurance: NEW JUBILEE INSURANCE COMPANY LIMITED - Year Ended December 31 2005". Brecorder. May 3, 2006.
  5. "AKFED to acquire CGU shareholding". DAWN. 2002-09-18. Retrieved 2021-06-21.
  6. Habib, Zoha; D’Souza, Vanessa (August 28, 2018). "A matter of life and death". Aurora Magazine.
  7. Hussain, Dilawar (October 10, 2016). "Private life insurance companies end SLIC dominance". DAWN.
  8. "Pakistan's Islamic insurance industry landscape set for makeover". The Express Tribune. September 6, 2015.
  9. Report, Recorder (2020-07-30). "Jubilee Life wins Effie Award in Insurance Category". Brecorder. Retrieved 2020-07-30.
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