Karachi: Jubilee Life Insurance Company Limited announced impressive financial results for the year ended December 31, 2012, declaring the company as market leader in the private sector of life insurance industry.
The results were declared by the Board of Directors who met under the chairmanship of Masood Noorani to review the performance of Jubilee Life during the year ended December 31, 2012.
During 2012, Jubilee Life continued its aggressive growth in the local market with its increasing volume of premium reaching to Rs 12.1 billion, showing an unparalleled year-on-year growth of 47 percent.
During the year 2012, the pre-tax profit were reported to be Rs 0.809 billion against Rs 0.582 billion during last year. With after-tax profit of Rs 0.553 billion, the earnings per share EPS increased to Rs 8.82 in 2012 from Rs 5.97 per share in 2011. The Company declared a cash dividend of 45% Rs 4.50 per share for the year 2012.
The financial position of the Company strengthened with Rs 7.7 billion rise in assets base closing at Rs 23.5 billion as at December 31, 2012. The net investment income increased significantly to Rs 2.86 billion during 2012. Company’s expenses increased to Rs 4.29 billion up 41 percent, which is relatively less than the increase in Company’s premiums.
Commenting on financial results, Javed Ahmed, Managing Director & CEO Jubilee Life said, “It is a pleasure to announce that Jubilee life has become the largest player in Pakistan’s private sector life insurance industry. The Company has been the primary driver of growth witnessed in the private sector life insurance industry over the past three years.”
He also added that aggressive growth of Jubilee Life over the past years is a testament in itself that the largely untapped life insurance needs of Pakistani people can be fulfilled with right products, marketing and customer facilitation.
Jubilee Insurance is a global brand of Aga Khan Fund for Economic Development AKFED that offers diverse insurance solutions life, health and general in the Asian and East African markets. Jubilee Life in Pakistan offers uniquely designed range of life and health insurance plans, catering to various customer segments and needs. These include retirement, child education, marriage, saving & protection, wealth accumulation, women’s plan, rural insurance plans and life and health insurance solutions for the less privileged of our country.