Jubilee General Insurance Company Limited (JGI) posted a profit after tax of Rs2.63 billion for the six months ended June 30, 2026, marking an improvement from Rs2.39 billion recorded during the same period last year.
According to the company’s unaudited financial statements, JGI’s earnings remained positive during the first half of the year, supported by stronger insurance premiums and investment income. However, profit for the second quarter declined compared with the same quarter of 2025.
Half-year profit rises 10%
Jubilee General Insurance reported profit after tax of Rs2.633 billion for the six months ended June 30, 2026, compared with Rs2.395 billion in the corresponding period of 2025. This represents an increase of roughly 10%.
Earnings per share also improved to Rs13.27, up from Rs12.06 a year earlier, indicating stronger earnings on a per-share basis during the first half.
The company’s insurance business also recorded growth during the period. Net insurance premium increased to Rs4.929 billion from Rs4.156 billion, reflecting higher premium income during the first six months.
Second-quarter earnings come under pressure
Despite the stronger half-year performance, the company faced some pressure during the second quarter.
Profit after tax for the three months ended June 30, 2026 stood at Rs1.016 billion, compared with Rs1.216 billion in the same quarter of 2025. This represents a decline of approximately 16%.
Net insurance premium for the quarter increased to Rs2.602 billion, compared with Rs2.178 billion a year earlier. However, higher claims and related costs weighed on quarterly profitability.
Net insurance claims rose to Rs1.533 billion during the quarter from Rs1.196 billion in the same period last year. For the six-month period, net insurance claims reached Rs2.780 billion, compared with Rs2.121 billion in the first half of 2025.
Investment income remains an important contributor
Investment performance continued to play a significant role in Jubilee General’s earnings.
Net investment income for the first six months reached approximately Rs3.688 billion, compared with Rs3.373 billion in the corresponding period of 2025. Quarterly net investment income stood at about Rs1.347 billion, compared with Rs1.653 billion in the same quarter last year.
The financial statements also show that the company generated Rs2.918 billion in profit on disposal of investments during the six-month period, alongside dividend income and rental income.
Total assets cross Rs69 billion
Jubilee General’s financial position remained substantial, with total assets reaching approximately Rs69.49 billion as of June 30, 2026, compared with Rs65.38 billion at the end of December 2025.
The company’s equity attributable to shareholders stood at approximately Rs21.53 billion, while total liabilities were reported at about Rs47.96 billion.
The company also maintained significant investments in equity and debt securities, reflecting the important role of its investment portfolio in supporting overall financial performance.
Comprehensive income declines
While reported profit improved on a half-year basis, total comprehensive income presented a different picture.
JGI recorded total comprehensive income of approximately Rs460 million for the six months ended June 30, 2026, compared with about Rs1.259 billion in the same period of 2025. The difference was influenced by movements in the valuation and reclassification of investments, as reflected in the statement of comprehensive income.
This highlights the impact that changes in investment valuations can have on the insurer’s overall comprehensive earnings, even when profit after tax remains healthy.
Cash flow remains positive
The company generated Rs794.4 million in net cash from operating activities during the first half of 2026, compared with a net cash outflow of Rs80.6 million in the same period last year.
However, investing activities resulted in a net cash outflow of approximately Rs590.8 million, while financing activities used around Rs1.18 billion. As a result, net cash generated from all activities was negative at approximately Rs977.1 million during the period. Cash and cash equivalents stood at Rs1.84 billion at June 30, 2026, compared with Rs2.48 billion a year earlier.
No interim dividend declared
In its August 21 filing to the Pakistan Stock Exchange, Jubilee General Insurance stated that its Board of Directors had approved the unaudited financial statements for the second quarter and half year ended June 30, 2026.
The company also confirmed that no interim cash dividend or bonus shares had been declared.
Overall, Jubilee General Insurance entered the second half of 2026 with a stronger six-month profit compared with last year, although rising claims and weaker second-quarter earnings remain areas to watch. The company’s premium growth, investment income and solid asset base continue to support its financial position, while movements in investment valuations and insurance claims could influence performance in the coming quarters.
