QUARTERLY REPORT SEPTEMBER 30,2023
Table of Contents
Profile | 02 | Vision, Mission & Core Values |
Our Company | 03 | Rating of the Company |
04 | Company Information | |
08 | Directors' Review (English) | |
10 | Directors' Review (Urdu) | |
Financial | 13 | Condensed Interim Statement of Financial Position |
Information | 14 | Condensed Interim Profit and Loss Account |
15 | Condensed Interim Statement of Comprehensive Income | |
16 | Condensed Interim Cash Flow Statement | |
17 | Condensed Interim Statement of Changes in Equity | |
18 | Notes to the Condensed Interim Financial Statements | |
41 | Statement of Directors | |
42 | Statement of Appointed Actuary | |
Window | 44 | Condensed Interim Statement of Financial Position |
Takaful | 45 | Condensed Interim Profit and Loss Account |
Operations | 46 | Condensed Interim Statement of Comprehensive Income |
47 | Condensed Interim Cash Flow Statement | |
48 | Condensed Interim Statement of Changes in Equity | |
49 | Notes to the Condensed Interim Financial Statements |
VISION MISSION
overcome uncertainty | the future of our customers |
CORE VALUES
Team Work
Integrity
Passion
| 003
Insurer Financial Strength (IFS) Ratings
LongTerm Rating
Stable Outlook
ByVIS
During 2023
LongTerm Rating
Stable Outlook
ByPACRA
During 2023
Company Information
BOARD OF DIRECTORS
R. Zakir Mahmood | Sagheer Mufti |
(Chairman) | Non- Executive Director |
Non-Executive Director |
Sultan Ali Akbar Allana
Non-Executive Director
Amyn Currimbhoy
Non-Executive Director
Shahid Ghaffar
Non-Executive Director
John Joseph Metcalf
Non-Executive Director
BOARD COMMITTEES
Audit Committee
Amyn Currimbhoy | Chairman/Member |
Shahid Ghaffar | Member |
John Joseph Metcalf | Member |
Yasmin Ajani | Member |
Muneer Kamal | Member |
Adeel Ahmed Khan | Head of Internal |
Audit/Secretary | |
Finance & Investment Committee | |
Shahid Ghaffar | Chairman/Member |
R. Zakir Mahmood | Member |
John Joseph Metcalf | Member |
Javed Ahmed | Member |
Shan Rabbani | Member |
Omer Farooq | Member & Secretary |
Yasmin Ajani
Non-Executive Director
Muneer Kamal
Non-Executive Director
Javed Ahmed
Managing Director & Chief Executive Officer (Executive Director)
Risk Management Committee
John Joseph Metcalf | Chairman/Member |
Shahid Ghaffar | Member |
Sagheer Mufti | Member |
Javed Ahmed | Member |
Zahid Barki | Member |
Shan Rabbani | Member |
Muhammad Faizan | Member & Secretary |
Technical Committee | |
John Joseph Metcalf | Chairman/Member |
Shahid Ghaffar | Member |
Sagheer Mufti | Member |
Javed Ahmed | Member |
Shan Rabbani | Member |
Muhammad Faizan | Member & Secretary |
Human Resource & Remuneration, Ethics & Nomination | Construction Advisory Committee | ||
Committee | |||
Muneer Kamal | Chairman/Member | R. Zakir Mahmood | Chairman/Member |
John Joseph Metcalf | Member | Sagheer Mufti | Member |
R. Zakir Mahmood | Member | Javed Ahmed | Member & Secretary |
Javed Ahmed | Member | ||
Farrukh Iftekhar | Member & Secretary |
JUBILEE LIFE INSURANCE | 4 |
Company Information
MANAGEMENT
Javed Ahmed
Managing Director &
Chief Executive Officer
Farhan AkhtarFaridi
Group Head Retail Operations,Marketing &
Admin
Muhammad Kashif Naqvi
Group Head Technology &Project
Management
Muhammad Munawar Khalil
Group Head Direct Sales & Alternative
Distribution
Muhammad Sohail Fakhar
Group Head Corporate Business &
Bancassurance
Omer Farooq
Chief Financial Officer
Group Head Finance & Accounts
Shan Rabbani
Group Head Digitalization, Actuarial &
Strategy
ZahidBarki
Group Head Risk Management,
Compliance& Quality Assurance
Najam ul Hassan Janjua
Company Secretary & Head of Legal
Department
Farrukh Iftekhar
Group Head Human Resources
Management & Development Department
CHIEF FINANCIAL OFFICER
COMPANY SECRETARY
COMPLIANCE OFFICER
COMPLIANCE OFFICER -
WINDOW TAKAFUL OPERATIONS
HEAD OF INTERNAL AUDIT
JUBILEE LIFE INSURANCE
Asif Mobin
Head ofInvestments
Faiz ul Hassan
Head of Corporate Business Distribution
Faisal Qasim
Head of Information Security& Quality Assurance
Khurram Murtaza
Head of Window Takaful Operations
Muhammad Aamir
Head of Corporate Business Operations
Muhammad Faizan Farooque
Head of Actuarial Services & Products
Muhammad Junaid Ahmed
Head of Sales Compliance, Investigation & Litigation
Syed Rizwan Azeiz
Head ofBancassurance
Usman Qaisar
Head of Marketing Department
Omer Farooq
Najam ul Hassan Janjua
Zahid Barki
Khurram Murtaza
Adeel Ahmed Khan
5
Company Information
Management Committee
Javed Ahmed | Chairman/Member |
Farhan Akhtar Faridi | Member |
Muhammad Munawar Khalil | Member |
Muhammad Sohail Fakhar | Member |
Muhammad Kashif Naqvi | Member |
Omer Farooq | Member |
Shan Rabbani | Member |
Zahid Barki | Member |
Farrukh Iftekhar | Member |
Underwriting Committee | |
Javed Ahmed | Chairman/Member |
Farhan Akhtar Faridi | Member |
Muhammad Munawar Khalil | Member |
Shan Rabbani | Member |
Raja Naveed | Member & |
Secretary | |
Reinsurance Committee | |
Javed Ahmed | Chairman/Member |
Shan Rabbani | Member |
Muhammad Aamir | Member |
Muhammad Faizan Farooque | Member & |
Secretary | |
Investment Management Committee | |
Javed Ahmed | Chairman/Member |
Omer Farooq | Member |
Shan Rabbani | Member |
Farhan Akhtar Faridi | Member |
Zahid Barki | Member |
Asif Mobin | Member |
Dileep Kumar | Member & |
Secretary | |
Marketing Committee | |
Javed Ahmed | Chairman/Member |
Farhan Akhtar Faridi | Member |
Muhammad Sohail Fakhar | Member |
Shan Rabbani | Member |
Usman Qaiser | Member & |
Secretary |
Claims Committee
Javed Ahmed | Chairman/Member |
Zahid Barki | Member |
Muhammad Sohail Fakhar | Member |
Muhammad Kashif Naqvi | Member |
Muhammad Junaid Ahmed | Member & |
Secretary |
Risk Management &
Compliance Committee
Javed Ahmed | Chairman/Member |
Zahid Barki | Member |
Shan Rabbani | Member |
Omer Farooq | Member |
Faisal Qasim | Member |
Najam ul Hassan Janjua | Member & |
IT Steering Committee | Secretary |
Javed Ahmed | Chairman/Member |
Zahid Barki | Member |
Farhan Akhtar Faridi | Member |
Muhammad Kashif Naqvi | Member & |
Secretary | |
Disaster Steering Committee | |
Javed Ahmed | Chairman/Member |
Zahid Barki | Member |
Farhan Akhtar Faridi | Member |
Muhammad Kashif Naqvi | Member |
Omer Farooq | Member |
Faisal Qasim | Member & |
Secretary |
The above information is updated as of September 30, 2023.
JUBILEE LIFE INSURANCE | 6 |
Company Information
REGISTERED OFFICE | 26-D, 3rd Floor, Kashmir Plaza, Jinnah Avenue, |
Blue Area, lslamabad, Pakistan. | |
Tel: +92 (51) 2206930-6, +92 (51) 2821903 | |
Web: www.jubileelife.com | |
E-mail: | |
info@jubileelife.com | |
HEAD OFFICE | 74/1-A, Lalazar, M. T. Khan |
Road,Karachi-74000, Pakistan. | |
Tel: +92 (21) 35205094-95, +92 (21) 32120201 | |
Web: www.jubileelife.com | |
E-mail: | |
info@jubileelife.com | |
APPOINTED ACTUARY | Nauman Associates |
249-CCA, Sector FF, Phase lV, DHA, | |
Lahore, Pakistan. | |
Tel: +92 (42) 35741827-29 | |
AUDITORS | A.F. Ferguson & Co., Chartered Accountants |
Engagement Partner: Farrukh Rehman | |
State Life Building, 1-C, I.I. Chundrigar Road, | |
P.O. Box 4716, Karachi-74000, Pakistan.Tel: +92 | |
(21) 32426682-6 | |
Fax: +92 (21) 32415007 | |
Web: www.pwc.com.pk | |
BANKERS | Habib Bank Limited (Conventional & Islamic Window) |
Standard Chartered Bank (Pakistan) Limited (Conventional & Islamic Window) | |
LEGAL ADVISORS | Kabraji & Talibuddin |
Advocates & Legal Counsellors, | |
406-407, 4th Floor, The Plaza at Do Talwar, Block 9, Clifton, | |
Karachi-75600, Pakistan. | |
Tel: +92 (21) 35838871-6 | |
Fax: +92 (21) 35838879 | |
REGISTRAR & | CDC Share Registrar Services Limited |
SHARE TRANSFER | CDC House, 99-B,Block-B, S.M.C.H.S., |
OFFICE | Main Shahrah-e-Faisal,Karachi-74400, Pakistan.Tel: |
+92 (21) 111-111-500 | |
SHARIAH ADVISOR | Mufti Zeeshan Abdul Aziz |
JUBILEE LIFE INSURANCE | 7 |
Directors' Review
The Board of Directors of Jubilee Life Insurance Company Limited is pleased to present to the members the condensed interim financial statements (un-audited) of the Company for the third quarter ended September 30, 2023.
Market Review
The new fiscal year beginning July 1, 2023 started on a positive note as the government secured the much-neededStand-by Arrangement (SBA) facility of USD 3 billion from the IMF which along with bilateral assistance from other countries led to healthy buildup of foreign exchange reserves. With certain administrative measures by the State Bank of Pakistan (SBP), the Pak Rupee appreciated by around 6%. Picking the mixed economic indicators, the stock market also depicted relatively better investors' sentiment pushing the index to close at 46,233 levels posting an increase of 4,780 points during the quarter under review.
On the debt and money market side, the SBP, based on the expectation of easing inflationary pressure going forward, kept the policy rate unchanged at 22% during the quarter.
Performance Review
Despite the challenging economic conditions, your Company successfully closed its nine months with an 11% higher Profit before tax (PBT) aggregating to Rs. 2,873 million compared to the PBT of Rs. 2,594 million during the corresponding period last year. However, through the Finance Act 2023, the Government raised the Super tax retrospectively from 4% to 10% payable in addition to the normal corporate tax of 29%. This significant increase in tax rate reduced the Profit after tax to Rs. 1,482 million compared to Rs. 1,492 million generated in the same period last year. Resultantly, the Company's earnings per share (EPS) dropped to Rs. 14.77 compared to Rs. 14.86 per share earned in the same period last year. Nevertheless, the financial performance once again demonstrated the Company's unwavering commitment to excellence and its ability to navigate in a challenging environment.
While the Gross Premium / Contribution of Rs. 34,165 million for the nine months ended remained slightly lower than Rs. 34,701 million generated in the same period last year. Company's Group Life and Health businesses, under both Conventional and Takaful, recorded a business of Rs. 12,290 million depicting a growth of around 21% compared to Rs. 10,190 million generated in same period last year.
Outflows with respect to various insurance claims and benefits were Rs. 35,565 million compared to Rs. 30,350 million in the same period last year. With each passing year of your Company's successful operations, maturity claims under Individual Life business policies continue to grow and have reached to Rs. 5,846 million as compared to Rs. 4,553 million last year. This consistently demonstrates the trust and confidence reposed by our valued policyholders in Company's strong leadership position as the largest private sector insurance company, its financial strength and ability to service its contractual obligations towards the policies sold over these years.
With respect to investment activities, the Company continued to rebalance its asset portfolio with a higher weightage towards investment in fixed income / debt securities. As a result of this, it was able to earn returns to the tune of Rs. 21,545 million compared to Rs 13,219 million in the same period last year.
JUBILEE LIFE INSURANCE | 8 |
Provincial Sales Tax
As mentioned in Note 16.1.2 to the quarterly financial statements, during the period there has been no major change relating to provincial sales tax on life and health insurance except that in Sindh the exemption to health insurance relating to group insurance policies has been expired effective from 01 July 2023. The Company along with other life insurance companies has filed a writ petition in the Hon'ble Sindh High Court challenging the viries of the applicability of sales tax on health insurance.
Outlook
While acknowledging the persistent economic challenges in the medium term, the Company anticipates that ongoing uncertainty may pose a barrier to the insurance sector's growth. Nevertheless, fueled by our sincere dedication to our valued policyholders and other stakeholders, the Company is committed to upholding its position as the leading private insurance company within the industry.
Acknowledgement
We would like to express our gratitude to the various government authorities, SECP and State Bank of Pakistan for their continuous support. The Company would also like to heartily acknowledge its valued policyholders, Takaful participants, and business partners for their confidence and patronage. We reaffirm our commitment to serving the stakeholders in the best possible manner. We would also like to thank our employees and their families for their dedication and tireless efforts towards the continuous growth of the Company.
On behalf of the Board of Directors
R. Zakir Mahmood | Javed Ahmed |
Chairman | Managing Director & |
Chief Executive Officer | |
Karachi, October 26, 2023 |
JUBILEE LIFE INSURANCE | 9 |
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Jubilee Life Insurance Company Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 10:18:22 UTC.