Jubilee Life Insurance
TypeSubsidiary
PSX: JLICL
IndustryInsurance
Founded29 June 1995 (1995-06-29)
HeadquartersKarachi, Pakistan
Number of locations
224[1] (2022)
Key people
RevenueDecrease Rs. 50.3 billion (US$170 million)[1] (2022)
Increase Rs. 3.3 billion (US$11 million)[1] (2022)
Increase Rs. 2.07 billion (US$7.2 million)[1] (2022)
Total assetsDecrease Rs. 187.8 billion (US$650 million)[1] (2022)
Total equityIncrease Rs. 13.9 billion (US$48 million)[1] (2022)
Number of employees
2,031[1] (2022)
ParentAga Khan Fund for Economic Development
Websitewww.jubileelife.com

Jubilee Life Insurance Company, commonly known as Jubilee Life, (Urdu: جوبلی زندگی بیمہ) is a Pakistani life insurance company which is a subsidiary of Swiss for-profit organization Aga Khan Fund for Economic Development.[2] It is based in Karachi, Pakistan.

It is the largest and the most profitable among private insurance companies in Pakistan.[3]

History

The company was founded in 1995 as Commercial Union Life Assurance Company and was later renamed as New Jubilee Life Insurance Company Limited.[4][5]

In 2002, the Aga Khan Fund for Economic Development acquired the shares from CGU International Insurance plc.[6]

In 2011, the company rebranded from New Jubilee Insurance to Jubilee Life Insurance.[4]

In 2015, Jubilee Life entered Takaful insurance market in Pakistan.[7][5]

On July 29, 2020, Jubilee Life was awarded the Effie Award in the Insurance Category.[8] This is the first time any insurance company has won the award in this category.[8][9]

References

  1. 1 2 3 4 5 6 7 "Jubilee Life Insurance Annual Report 2022" (PDF). jubileelife.com. Retrieved 29 November 2023.
  2. ↑ "Profits of life insurance companies rise 28.5%". The Express Tribune. July 23, 2016.
  3. ↑ "Insurance premium: 'Proposed tax will hurt insurance sector'". The Express Tribune. June 16, 2016.
  4. 1 2 D’Souza, Zoha Habib | Vanessa (August 28, 2018). "A matter of life and death". Aurora Magazine.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  5. 1 2 Hussain, Dilawar (October 10, 2016). "Private life insurance companies end SLIC dominance". DAWN.COM.
  6. ↑ "AKFED to acquire CGU shareholding". DAWN.COM. 2002-09-18. Retrieved 2021-06-21.
  7. ↑ "Pakistan's Islamic insurance industry landscape set for makeover". The Express Tribune. September 6, 2015.
  8. 1 2 admin (2020-07-29). "Jubilee Life wins prestigious Effie Award in the Insurance Category". News Update Times. Retrieved 2020-07-29.
  9. ↑ Report, Recorder (2020-07-30). "Jubilee Life wins Effie Award in Insurance Category". Brecorder. Retrieved 2020-07-30.
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