Press Release
VIS Reaffirms IFS Rating of Jubilee General Insurance Company Limited
Lahore, March 24, 2026: VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength (IFS) Rating of Jubilee General Insurance Limited (JGI or ‘the Company’) at ‘AA++ (IFS)’ (Double A Plus Plus (IFS)). The IFS rating of ‘AA++(IFS)’ denotes very strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on February 4, 2025.
The rating assigned to Jubilee General Insurance Company Limited (JGICL or “the Company”) reflects sound ownership structure, with Aga Khan Fund for Economic Development and related entities remaining significant shareholders. The rating also incorporates the Company’s scale and market positioning, as JGICL held a market share of 12.7% as at end-Sept’ 25, compared to 11.9% in the corresponding period last year, maintaining its position among the leading private-sector general insurers in Pakistan. Gross written premium increased against an industry-wide contraction, driven primarily by growth in the Fire & Property and Accident & Health segments, alongside continued expansion of takaful business.
During 9MCY25, underwriting performance weakened, with the Company reporting an underwriting loss; the same was attributable to elevated claims in the Fire & Property and Miscellaneous segments and higher underwriting expenses. Nevertheless, overall profitability remained supported by higher investment income and realized gains. The rating further factors in the Company’s diversified reinsurance arrangements with international and local counterparties. Liquidity profile is sound as evidenced by adequate coverage of technical reserves by liquid assets. JGI is also considered sound from a solvency risk perspective as the Company has adequate cushion in terms of total admissible assets over liabilities. Since majority of investment portfolio is vested in government securities, the credit risk is considered manageable.
Going forward, the rating will remain sensitive to the Company’s ability to manage underwriting volatility, particularly in loss-affected segments, sustain market share amid competitive conditions, and preserve profitability as investment yields normalize in a declining interest-rate environment.
For further information on this ratings announcement, please contact 042-35723411-13 or email at info@vis.com.pk
Applicable Rating Criteria: General Insurance
https://docs.vis.com.pk/docs/GeneralInsurance-2023.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf