New Jubilee Life (formerly known as Commercial
Union Life Assurance Company Pakistan Limited) commenced operations in
June 1996 as subsidiary of CU International Insurance. Later, when
CUII merged with a couple of other international insurers, they
decided to concentrate in developed markets only, mainly Europe.
Accordingly, they sold their holdings in a number of countries
including Pakistan this was told by Pervaiz Ahmed, Head of Sales &
Marketing of New Jubilee Insurance Company.
NJI Life is a subsidiary of the Aga Khan Fund for
Economic Development (AKFED), an organization incorporated in
Switzerland and headquartered in France. The company was previously
known as Commercial Union Norwich International (now Aviva pls), it
changed its name to New Jubilee Life Insurance Company Limited.
Aga Khan Fund for Economic Development (AKFED), and
New Jubilee Insurance Company purchased the majority shareholding in
Commercial Union Life Insurance Company Pakistan Limited and renamed
it to New Jubilee Life Insurance Company. Hence, New Jubilee Life is
now effectively functioning as a subsidiary of AKFED.
After the take-over on January 1, 2003, New Jubilee
Insurance is a general company writing all classes of general
insurance business. It has been established with a paid up capital of
Rs200 million. The new shareholders further strengthened the company
by injecting additional Capital of Rs225 million. The total Paid up
Capital of the company has now increased to Rs627 million, which is
the highest for any insurance company in Pakistan.
New Jubilee Life Insurance Company Limited has
emerged as one of the fast growing insurers in Pakistan as is
evidenced by its size and the spread of its operations. Incorporated
in 1995, it has since then been doing business in every major city of
Pakistan besides other medium and small towns and districts.
Presently, there are 40 branches and sub-offices in 25 key cities
including Karachi, Lahore, Islamabad, Rawalpindi, Peshawar, Quetta,
Faisalabad, Multan, Sukkur, Larkana, Hyderabad, Mirpurkhas, Mirpur (Azad
Kashmir), Gujranwala, Sialkot etc. The total strength of NJI Life's
sales force and managers is around 1200. The sales persons of NJI Life
do not just sell life insurance policies for a source of income. They
believe in extending care and help to the people at the time of need.
While other financial institutions are promoting various products in
the market, NJI Life is promoting and encouraging people to save for
future. Hence, its products are designed accordingly to promote the
habit of saving in people.
Over the years, NJI has shown enormous growth in
the business. The total gross premium of the company increased by 40%
from Rs780.092 million in 2003 to Rs1,094.403 million in 2004.
Individual life regular premium new business increased by 34% from
Rs160.635 million in 2003 to Rs214.846 million in 2004. Individual
life renewal premium increased by 52% from Rs209.489 million to
Rs319.341 million. Individual life single premium increased by 106%
from Rs96.254 million in 2003 to Rs198.559 million in 2004. Group life
premium increased by 13% from Rs243,904 million in 2003 to Rs274,882,
million in 2004. Group pension premium increased by 5% from Rs23.158
million in 2003 to Rs24.229 million in 2004. Group health premium
increased by 38%. These figures are unaudited and show that NJI has
done a great job in a short span of time.
NJI Life has a wide range of products lines for
individual life customers and corporate clients. These products are
extremely flexible and designed to cater for customers needs. NJI Life
believes in need base selling and hence all its products have the
characteristics to recognize the needs of our valued customers and
offer the best possible plans to each customer according to his/her
specific requirement. Besides main products, NJI Life also offers
supplementary covers to cater for any critical illness, family income,
hospitalization, disability, dismemberment inability to pay premium
due to disability.
NJI Life has emerged as pioneer in developing
various unique schemes and plans such as defined contribution group
pension plan, credit shield, depositor's insurance coverage etc and
introducing new distributing channels for its clients. It has taken a
lead to be the first insurer in Pakistan to introduce bank assurance
in the country, which was launched in 2003 successfully in
collaboration with Standard Chartered Bank.
NJI Life has over 600 corporate clients. Large
local reputable companies and most of the multinational clients prefer
to repose confidence in NJI Life to cater for their insurance needs.
Some of our clients are State Bank of Pakistan, Habib Bank Limited,
Pakistan State Oil, Pakistan Petroleum Limited, Fauji Fertilizer, ABN
Amro Bank, Pakistan Oilfields, BP Pakistan Exploration and Production
Inc, and Shell Pakistan Limited.
NJI reputation for setting its claims is remarkably
good as compared with its competitors both in terms of individual life
and corporate claims. AKFED's backing and commitment to this potential
market for life insurance is evident by the fact that it issued Right
Shares worth Rs225 million in 2003 thereby increasing the total Share
Capital to Rs227 million. The company premium income during the year
2004 crossed over 1 billion with industry's highest 2nd years and
renewal persistency of 87.27% and 90.77% respectively. Its clients are
over 450,000, last year the total premium income was Rs. 680 million.
NJI Life has a management team of professionals and
qualified personnel with vast experience of each one in different
fields of life insurance industry. With the young, enthusiastic
leadership in front and excellent performance results in terms of
premium income, persistency, investment yield, growth of life fund and
its reputation for expeditious claim settlement, it can be confidently
said about the company that it will soon emerge as the best and most
profitable insurer in Pakistan.
New Jubilee Insurance Company (NJI), in which AKFED
holds a direct shareholding of 14%, is the third largest general
insurance company in Pakistan. It is the only company among top three
that has 'AA' rating from PACRA. NJI has 50 years of experience in the
insurance industry in Pakistan, including life insurance prior to
nationalisation. NJI has acquired 6% shares of CULAP.
New Jubilee Life Insurance Company has pioneered
not only in bank assurance but has also taken the initiative to play
an active role in the Micro Finance Industry of Pakistan which is
rapidly expanding industry. Micro Insurance, which has gained
popularity in recent times, is a vital part of the Micro Finance
New Jubilee Life Insurance Company has taken a
number of initiatives and devised some innovative products to cater to
the needs of the Micro Finance Industry. A number of Micro Finance
institutions are already availing our benefits.
New Jubilee Life is with a renewed vision and same
unwavering commitment as always. With the rock like financial strength
of Aga Khan Fund for Economic Development combined with New Jubilee
Insurance's professional expertise and five decades of excellence in
local market, New Jubilee Life brings you credentials that spell out
success. Jubilee Insurance Group's experience in the international
market further enhances New Jubilee Life's ability to cope with the
challenges in meeting future financial needs of its customers. Under
the auspicious guidance, leadership and management of AKFED, New
Jubilee Life is fettered to become the prominent and leading life
insurance company in Pakistan.