Jubilee Life Insurance : Quarterly Report for the Period Ended 30-09-2023

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

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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

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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

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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.

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Company Information

REGISTERED OFFICE	26-D, 3rd Floor, Kashmir Plaza, Jinnah Avenue,
	Blue Area, lslamabad, Pakistan.
	Tel: [phone]
	Web: www.jubileelife.com
	E-mail:
	[e-mail]
HEAD OFFICE	74/1-A, Lalazar, M. T. Khan
	Road,Karachi-74000, Pakistan.
	Tel: [phone]
	Web: www.jubileelife.com
	E-mail:
	[e-mail]
APPOINTED ACTUARY	Nauman Associates
	249-CCA, Sector FF, Phase lV, DHA,
	Lahore, Pakistan.
	Tel: [phone]
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: [phone]
	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: [phone]
	Fax: [phone]
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:
	[phone]
SHARIAH ADVISOR	Mufti Zeeshan Abdul Aziz

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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.

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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

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