Mar 07 - 13, 2005

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 Process.

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.