Press Release

VIS Reaffirms IFS Rating of Jubilee Life Insurance Company Limited

Karachi, February 23, 2023: VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength Rating of Jubilee Life Insurance Company Limited (JLI) at ‘AA++’ (Double A Double Plus (IFS)). The rating signifies very strong capacity to meet policyholders and contractual 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 March 31, 2022.

Rating assigned to JLI derives strength from its strong market positioning as the largest private sector life insurance company with market share of around 39% (FY21: 39%;) and 15% (FY21: 17%; - in the private sector and overall life insurance industry respectively at end-Sep’22. Further, rating also draws comfort from sound sponsor support with controlling stake vested with Aga Khan Fund for Economic Development coupled with longstanding operational track record of JLI spanning over 2 decades.

Rating takes into account adequate liquid assets, which provide comfortable coverage and excess buffer over insurance liabilities. Moreover, with the rebound in underwriting, JLI’s operating leverage has increased during the period under review. Capital buffers remained above the regulatory requirements and are aligned with the benchmarks of the assigned rating. The rating further factors in reinsurance arrangements with counterparties having sound credit risk profile with appropriate risk retention on net account to maintain risk appetite of the company. JLI has in place a committee-based investment management infrastructure, wherein the committee includes members of the Company’s Board Finance & Investment Committee and representatives of the investment function. The fund performance warrants improvement. Strong Corporate governance infrastructure in place at JLI has also been factored into the rating, particularly with JLI being a listed entity. Going forward, market share along with profitability metrics will remain key rating drivers.

For further information on this rating announcement, please contact Ms. Maham Qasim at 042-35723411-13 (Ext. 8010) or the undersigned at 021-35311861-66 (Ext. 216) or email at

Sara Ahmed

Applicable Rating Criteria: Life Insurance & Family Takaful (March 2022)

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