New Jubilee Life (formerly: 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.
Aga Khan Fund for Economic Development (AKFED), an organization based in Switzerland 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.
AKFED is the economic development arm of Aga Khan Development Network (AKDN), a group of private non-denominational development agencies seeking to improve opportunities and living conditions in specific regions of the developing world, especially Asia and Africa. AKFED has long established itself in the financial services industry and its operations include one of East Africa’s oldest and leading Life & General Insurance companies, the Jubilee Insurance Company Limited, with a presence in Kenya, Uganda, Tanzania and Mauritius. AKFED also operates Banks & Financial Institutions in South & Central Asia and Eastern Africa. Active in the fields of Industry, Financial Services, Tourism Development and Infrastructure in 15 countries across South and Central Asia and sub-Saharan Africa, AKFED operates as a network of affiliates with more than 90 separate project companies employing over 15,000 people.
The prominent and widespread presence of Aga Khan Development Network (AKDN) in Pakistan is very much apparent. AKDN organisations are firmly committed to and aggressively involved in the progress and development of Pakistan. Some of the AKDN organisations active in Pakistan are:
The Aga Khan University Hospital
The Aga Khan Health Services
Tourism Promotion Services (Serena Hotels)
First Micro Finance Bank Limited
The Aga Khan Education Services
Focus Humanitarian Assistance
The Aga Khan Foundation
The Aga Khan Housing Board
The Aga Khan Economic Planning Board
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.
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. After the take-over on January 1, 2003, the new shareholders further strengthened the company by injecting additional Capital of Rs 225 million. The total Paid up Capital of the company has now increased to Rs 627 million, which is the highest for any insurance company in Pakistan.
New Jubilee Life is now ready to serve its customers 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 the 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.
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