Press Release
VIS Reaffirms IFS Rating of Jubilee Life Insurance Company
Karachi, February 17, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the Insurer Financial Strength (IFS) rating of Jubilee Life Insurance Company Limited (JLICL) at ‘AA++ (IFS)’ (Double A Plus Plus (IFS)). The rating signifies 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’. Previous rating action was announced on February 10, 2025.
Jubilee Life Insurance Company Limited (‘JLICL’ or ‘the Company’) is the largest private sector life insurance Company in Pakistan, offering both individual and group life covers. The assigned rating derives strength from the Company’s robust sponsorship profile which includes the Aga Khan Fund for Economic Development S.A. (AKFED), Switzerland in addition to indirect holding of AKFED through Habib Bank Limited (HBL). Business volumes continued to expand throughout CY24 and showed further positive momentum in 9MCY25, driven by new business acquisition, improved digital onboarding, and broader corporate outreach. Underwriting indicators also improved over this period, although underwriting results remained negative in line with unit-linked market dynamics. Profitability for 9MCY25 benefited from market-driven investment gains despite lower income from fixed-rate securities following policy rate cuts during the review period.
The investment portfolio remained conservative, continuing to be primarily allocated to government securities. Exposure to equities and mutual funds increased during the review period in response to favorable market conditions. Liquidity indicators remained adequate through CY24 and 9MCY25. Capitalization strengthened during this period through internal profit retention, while solvency margins remained well above regulatory requirements. Governance practices remained aligned with SECP’s Code of Corporate Governance. The impact of digitization and ESG initiatives are positively reflected in the assigned rating.
Going forward, the rating will depend on JLICL’s ability to sustain business growth and effectively realize the benefits of the digitization initiatives undertaken during the ongoing year, barring any material adverse impacts from legislation or regulatory action.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk .
Applicable Rating Criteria: Life Insurance and Family Takaful
https://docs.vis.com.pk/docs/LifeTakaful-Oct-2023.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf