Jubilee Life Insurance : Transmission of 1st Quarter Report 2024

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
	39	Statement of Directors
	40	Statement of Appointed Actuary
Window	42	Condensed Interim Statement of Financial Position
Takaful	43	Condensed Interim Profit and Loss Account
Operations	44	Condensed Interim Statement of Comprehensive Income
	45	Condensed Interim Cash Flow Statement
	46	Condensed Interim Statement of Changes in Equity
	47	Notes to the Condensed Interim Financial Statements

Company Information

BOARD OF DIRECTORS

R. Zakir Mahmood	Sagheer Mufti
(Chairman)	Non- Executive Director
Non-Executive Director

Amyn Currimbhoy

Non-Executive Director

Sultan Ali Akbar Allana

Non-Executive Director

Shahid Ghaffar

Non-Executive Director

John Joseph Metcalf

Non-Executive Director

BOARD COMMITTEES

Audit Committee

Amyn Currimbhoy	Chairman/Member
John Joseph Metcalf	Member
Shahid Ghaffar	Member
Yasmin Ajani	Member
Muneer Kamal	Member
Adeel Ahmed Khan	Head of Internal
	Audit/Secretary
Finance & Investment Committee
Shahid Ghaffar	Chairman/Member
John Joseph Metcalf	Member
R. Zakir Mahmood	Member
Javed Ahmed	Member
Shan Rabbani	Member
Omer Farooq	Member & Secretary
Human Resource & Remuneration, Ethics & Nomination
Committee
Muneer Kamal	Chairman/Member
R. Zakir Mahmood	Member
John Joseph Metcalf	Member
Javed Ahmed	Member
Farrukh Iftekhar	Member & Secretary

JUBILEE LIFE INSURANCE

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
Farooque
Technical Committee
John Joseph Metcalf	Chairman/Member
Shahid Ghaffar	Member
Javed Ahmed	Member
Sagheer Mufti	Member
Shan Rabbani	Member
Muhammad Faizan	Member & Secretary
Farooque
Construction Advisory Committee
R. Zakir Mahmood	Chairman/Member
Sagheer Mufti	Member
Javed Ahmed	Member & Secretary

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Company Information

MANAGEMENT

Javed Ahmed

Managing Director &

Chief Executive Officer

Farhan AkhtarFaridi

Group Head Retail Operations,Marketing &

Admin

Farrukh Iftekhar

Group Head Human Resource

Management & Development

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 Farooque

Chief Financial Officer

Group Head Finance & Accounts

Shan Rabbani

Group Head Digitalization, Actuarial &

Strategy

Zahid Barki

Group Head Risk Management

Compliance & Quality Assurance

CHIEF FINANCIAL OFFICER

COMPANY SECRETARY

COMPLIANCE OFFICER

COMPLIANCE OFFICER -

WINDOW TAKAFUL OPERATIONS

HEAD OF INTERNAL AUDIT

JUBILEE LIFE INSURANCE

Asif Mobin

Head ofInvestments

Azhar Alam Saghir

Head of Retail Operations

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

Najam ul Hassan Janjua

Head ofBancassurance

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
Farrukh Iftekhar	Member
Omer Farooq	Member
Shan Rabbani	Member
Zahid Barki	Member
Muhammad Kashif Naqvi	Member &
Underwriting Committee	Secretary
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
Muhammad Faizan Farooque	Member
Shan Rabbani	Member
Muhammad Aamir	Member
Dost Ali	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
Shan Rabbani	Member
Muhammad Sohail Fakhar	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
Shan Rabbani	Member
Muhammad Kashif Naqvi	Member &
Disaster Steering Committee	Secretary
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 March 31, 2024.

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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 quarter ended March 31, 2024.

Market Review

Growth of new business in the life insurance industry remained challenging during the period, however your Company remained well placed in the industry to maintain its strong position.

Performance Review

Your Company successfully closed its first quarter with a 9% higher Profit after Tax (PAT) aggregating to Rs. 549 million compared to the PAT of Rs. 505 million during the corresponding period last year. Accordingly, this resulted in an increase in earnings per share which reached Rs. 5.47 per share compared to Rs. 5.03 per share earned during the quarter ended March 31, 2023.

While the Gross Premium / Contribution of Rs. 11,918 million for the quarter remained slightly lower than in the same period last year, the Company was still able to cross its consistent trend of writing business of more than Rs. 10,000 million in its first quarter. The Window Takaful Operations (WTO) consistently continued to contribute 25% share of the overall business of the Company and reached to Rs. 3,008 million in terms of the Gross Contributions during the quarter. Corporate business under both conventional and window takaful modes recorded business of Rs. 5,370 million compared to Rs. 4,753 million in the corresponding period last year. This represents a consistent growth of more than 10% on a year-on-year basis.

Outflows with respect to various insurance benefit payments comprising of claims, policy surrenders and maturities were Rs. 13,669 million as compared to Rs. 12,273 million in the same period last year. Out of these insurance benefit payments, Rs. 1,730 million were paid towards insurance policies reaching their maturity term.

Outlook

Amidst the prevailing economic and geo-political challenges, the Company remains committed towards prioritizing the needs of its esteemed policyholders, and will endeavor to maintain its strong position in the insurance industry.

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Acknowledgement

We would like to express our gratitude to the 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 express our gratitude to the Company's dedicated and diligent employees for their invaluable contributions towards the Company's

activities and success.

On behalf of the Board of Directors

R. Zakir Mahmood	Javed Ahmed
Chairman	Managing Director &
	Chief Executive Officer
Karachi, April 23, 2024

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