KARACHI: The phenomenal expansion of Pakistan’s life insurance industry can well be described as growth on steroids – gross life insurance premiums grew at an annualised rate of 28% between 2006 and 2011 and a recently released report by the State Bank of Pakistan (SBP) put the growth for 2011 at 27% year-on-year.
Although six out of seven life insurance companies operating in Pakistan have fared equally well by and large in terms of gross premiums since 2006, one company clearly stands out for achieving substantially higher growth in annual profits compared to its rivals.
Profits of Jubilee Life Insurance increased on average by 35.3% annually between 2006 and 2011 while the corresponding figure for the entire life insurance industry of Pakistan over the same period was 19.7%. The after-tax profit of Jubilee Life Insurance increased to Rs361 million for nine months ended on September 30, 2012, which is 66% higher than the comparable period in 2011.
Following the decision of its parent company Aga Khan Fund for Economic Development to adopt a single name for all its insurance subsidiaries operating in different parts of the world, New Jubilee Life Insurance Company – mostly referred to as NJI – recently became Jubilee Life Insurance in the course of a major rebranding campaign.