Global insurance industry experts revealed that the international insurance industry is probable to see

slightly increased growth by 2018. Better economic prospects in the USA and in many emerging markets
will offset pessimistic factors like falling growth in the Chinese market.
The experts also mentioned that in the longer term, the emerging markets of Asia will have the greatest
growth potential, and their share of primary insurance premium is predicted to be on a par with that of
Western Europe in the next few years. They have also calculated that overall the global primary
insurance industry will boost by 4.5 percent p.a. on average (3.0 percent in real terms) in 2017 and 2018.
Whilst premium income is expected to rise only nominally in 2017, slightly higher real growth of 3.0
percent is predicted for 2018. Projected premium growth will thus be slightly higher than that of 2016, and
considerably exceed the average growth rate of almost 2 percent for the past ten years.

In Pakistan, Jubilee Life Insurance Company’s (the Company) is currently engaged in life insurance,
carrying on non-participating business. In accordance with the requirements of the Insurance Ordinance,
2000, the Company has organized a Shareholders’ fund and following statutory funds in respect of each
class of its life insurance business such as Individual Life Unit Linked, Conventional Business, Accident
and Health, Overseas Group Life and Health Business and Window Takaful Operations.

Achievements
During 2017, the Company’s achievements in various areas were well recognized, and it received
prestigious awards such as; selection for the PSX Top 25 Companies Award for 2016; and 5th FPCCI
Achievement Award for 2016, on rendering outstanding services in insurance savings, in the field of
Family Takaful.

In the Financial Statements of the Company for the year ended December 31, 2017, the management
stated that Jubilee Life Insurance continues its march on the trajectory of growth and progress, achieving
higher landmarks of success, growth, and sustainable profitability, which includes; the gross written
premium amounted to Rs47,117 million, an increase of 24 percent over the previous year (2016:
Rs.38,004 million). With this increase, the Company has consolidated its position as the market leader in
the private sector insurance industry of Pakistan. The Company’s total assets aggregated to Rs120
billion, up 18 percent from Rs102 billion last year. Jubilee Life Insurance sustained its leadership position
in Bancassurance business by writing individual life premium of Rs34,539 million in 2017.
The management attained a new landmark of over Rs5 billion in corporate sales during 2017, with
premium of Rs5,181 million, as against Rs4,061 million in 2016. The management also continues to be
the largest underwriter of health insurance business in Pakistan with a premium of Rs3,312 million. In the
report, it is also mentioned that the company, after the unique distinction of writing the fastest Rs1 billion
in new Individual Family Takaful contribution in 2016, continued its strong growth in this segment in 2017,
and wrote new business of Rs3,799 million.

Business performance and operating results

In the annual report-2017 of the company, the Individual Life Unit-Linked business increased by 10
percent, from Rs31,693 million to Rs34,914 million, a rise of 10 percent and generated a surplus of
Rs3,126 million in 2017 (2016: Rs2,991 million). Moreover, conventional business, which comprises
chiefly Group Life Insurance, increased by 13 percent, from Rs1,650 million to Rs1,868 million. The
financial experts of the company also mentioned in a report that a surplus of Rs195 million (2016: Rs.167
million) was attained in 2017. Accident and health business registered a healthy growth of 37 percent, up
from Rs2,411 million during the same period last year to Rs3,312 million. A surplus of Rs423 million was
attained (2016: Rs.271 million). Aggregate Gross Written Contribution from the Window Family Takaful
Operations was registered at Rs6,992 million in 2017. On the other hand, Jubilee Life Insurance offers
four unit-linked funds to its Individual Life policyholders in the conventional insurance business, and two
unit-linked funds to its individual participants in the Individual Family Takaful operations. These funds
have varying risk exposure and are chosen by the individual policy holders/participants as per their
individual risk appetite.
The Profit & Loss Account of the Company shows a pre-tax profit of Rs.3,876 million for 2017, (2016: Rs.
3,152 million), showing a rise of 23 percent. The after-tax-profit for the year 2017 is Rs2,570 million as
against to Rs2,108 million during the corresponding year previous year, a rise of 22 percent. It is said that
Jubilee Life is one of the important tax payers to the national exchequer. During 2017, the Company
contributed Rs2,673 million as direct and indirect taxes (2016: Rs.2,012 million) to the government
treasury. The basic and diluted earnings per share for the year amount to Rs32.39 (2016: Rs26.57
restated).

Conclusion
No doubt, we all know that economic development carries risk. When business owners plan whether to
add a new storefront in a gentrifying area of town or serve a niche audience that hasn’t yet been targeted
by their products, they weigh the potential profits against the risk of failure. The availability of insurance
assists development mainly by allowing businesses to mitigate that danger, offering encouragement for
them to enlarge their operations. In spite of all discussion Jubilee Life Insurance tries to further enhance
its position in the market as the best insurance service provider in Pakistan.