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Jubilee Insurance (Pakistan)

From Wikipedia, the free encyclopedia
Jubilee Insurance
Company typePublic
PSXJGICL
PSXJLICL
IndustryInsurance
Founded1953; 71 years ago (1953)
HeadquartersKarachi, Pakistan
Number of locations
224 (2022)
Websitejubileegeneral.com.pk
jubileelife.com

Jubilee Insurance (Urdu: جوبلی بیمہ) is a Pakistani general and life insurance company headquartered in Karachi. It is a subsidiary of Swiss for-profit organization Aga Khan Fund for Economic Development.[1] As of 2016, it was one of the largest insurance companies in Pakistan.[2]

History

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Jubilee Insurance was incorporated as New Jubilee Insurance Company Limited by the Fancy family in May 1953.[3] In 1955, it was listed on the Karachi Stock Exchange. The life insurance business was nationalised in 1972 and later Fancy family sold it to the Hashwani family.[3]

In 2002, the Aga Khan Fund for Economic Development acquired the Pakistani operations of CGU International Insurance plc.[4] CGU International Insurance founded life insurance business in Pakistan in 1995.[5][6]

In 2011, New Jubilee Insurance was renamed as Jubilee Insurance.[5]

In 2015, Jubilee entered the Takaful insurance market in Pakistan.[7][6]

On July 29, 2020, Jubilee was awarded the Effie Award in the insurance category.[8]

See also

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References

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  1. ^ "Profits of life insurance companies rise 28.5%". The Express Tribune. July 23, 2016.
  2. ^ "Insurance premium: 'Proposed tax will hurt insurance sector'". The Express Tribune. June 16, 2016.
  3. ^ a b "Insurance: NEW JUBILEE INSURANCE COMPANY LIMITED - Year Ended December 31 2005". Brecorder. May 3, 2006.
  4. ^ "AKFED to acquire CGU shareholding". DAWN. 2002-09-18. Retrieved 2021-06-21.
  5. ^ a b Habib, Zoha; D’Souza, Vanessa (August 28, 2018). "A matter of life and death". Aurora Magazine.
  6. ^ a b Hussain, Dilawar (October 10, 2016). "Private life insurance companies end SLIC dominance". DAWN.
  7. ^ "Pakistan's Islamic insurance industry landscape set for makeover". The Express Tribune. September 6, 2015.
  8. ^ Report, Recorder (2020-07-30). "Jubilee Life wins Effie Award in Insurance Category". Brecorder. Retrieved 2020-07-30.