Press Release

VIS Reaffirms IFS Rating of Jubilee Life Insurance Company

Lahore, February 10, 2025: VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength Rating of Jubilee Life Insurance Company Limited (JLICL) at ‘AA++ (IFS)’ (Double A Plus Plus (IFS)). The rating signifies very strong capacity to meet policyholder 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 February 22, 2024.

JLICL 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). The Company registered a marginal growth in Gross Written Premium/Contribution (GWP) 9MCY24. This growth is attributed to an uptake in group business, where JLICL has effectively leveraged corporate capacity to adjust to inflationary pressures, whereas individual premiums have seen a contraction due to persistent high inflation impacting consumer purchasing power.

JLICL has launched several new products during the review period to further strengthen its market share. Digitization initiatives to enhance customer experience and operational efficiency are reflected in the assigned rating along with ESG initiatives.
The financial stability of JLICL is solidified by substantial income from debt securities and gains on held-for-trading financial assets, buoyed by high policy rates within the period. Furthermore, liquidity and capitalization levels remained satisfactory owing to sufficient available liquid assets along with adequate capital coverage of claims.

For further information on this ratings announcement, please contact 042-35723411 or the undersigned or email at info@vis.com.pk.

Applicable Rating Criteria: Life Insurance 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

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS , the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2025 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .