KARACHI, September 05 2013: Jubilee Life Insurance Company Limited announced impressive financial results for the first half of 2013, declaring an interim cash dividend of 25% (Rs 2.50 per share).
Company reported a pre-tax profit of Rs 587 million, up 67% from Rs 351 million for the corresponding half of last year. With after-tax profit of Rs 397 million, the earnings per share (EPS) increased to Rs 6.33 per share.
By registering 42% increase in premium income over the same period of last year, Jubilee Life has further strengthened its position as the private sector market leader in terms of gross written premium.
Commenting on the financial results, Mr. Javed Ahmed, Managing Director & CEO Jubilee Life said, “Our results are a clear indication that while providing best possible products and services to our customers, we are also equally enthusiastic about increasing shareholders’ value. We will continue to follow a strategy of high growth in topline with sustainable profitability.”
He also added that life insurance penetration continues to be very low in Pakistan, which presents a huge opportunity for Jubilee Life and other players. By aggressively growing our business we are also playing an important part in inculcating a savings culture within the country. He appreciated the role of the insurance regulator (SECP) for providing an enabling environment which remains conducive to business growth.
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, life insurance plans for women, rural insurance plans and life and health insurance solutions for the less privileged of our country.