Jubilee Life Insurance Posts Strong Premium Growth Despite Lower Profit in First Half of 2026
KARACHI: Jubilee Life Insurance Company Limited reported continued growth in its core insurance business during the first half of 2026, with gross written premium rising 6.8% year-on-year to Rs29.78 billion for the six months ended June 30, 2026.
According to the company’s Half Yearly Report 2026, the insurer recorded gross written premium of Rs29.78 billion, compared with Rs27.88 billion in the corresponding period of 2025. Its Window Takaful Operations also maintained positive momentum, with gross contributions increasing 8.4% to Rs8.62 billion from Rs7.95 billion a year earlier.
Corporate Business Drives Growth
One of the key highlights of the period was the performance of Jubilee Life’s corporate business. Across conventional insurance and takaful segments, corporate business grew 20.92%, reaching approximately Rs12.75 billion, compared with Rs10.54 billion in the same period last year.
The growth came despite a challenging economic environment. The company noted that Pakistan’s economy remained broadly resilient during the period, although renewed geopolitical tensions in the Middle East created volatility in global commodity, currency and equity markets. Inflationary pressures also resurfaced, prompting the State Bank of Pakistan to raise the policy rate to 11.5%.
At the same time, improving macroeconomic fundamentals, a stronger external account and progress under the IMF programme helped restore investor confidence. The KSE-100 Index also gained 3.6% during the reporting period, closing at 180,302 points.
Investment Income Declines
While insurance premiums continued to grow, investment income came under pressure during the period. Jubilee Life recorded Rs11.27 billion in investment income, compared with Rs12.80 billion in the first half of 2025. The company also reported a net realised fair-value loss of approximately Rs161 million on financial assets, compared with a gain of Rs890 million in the corresponding period last year.
This weaker investment performance contributed to a decline in overall profitability.
Profit Falls to Rs960 Million
Jubilee Life’s profit after tax stood at Rs959.94 million, down from Rs1.27 billion in the first half of 2025. Earnings per share consequently declined to Rs9.57, compared with Rs12.69 a year earlier.
The company’s financial statements show that profit before tax amounted to Rs1.41 billion, while income tax expense stood at Rs453 million.
Despite the decline in earnings, the company maintained shareholder distributions.
Rs3 Per Share Interim Dividend Declared
Jubilee Life’s Board of Directors declared an interim cash dividend of Rs3 per share for the half year ended June 30, 2026, the same rate as declared for the corresponding period of 2025. The dividend amounts to approximately Rs301.06 million.
The Board also recommended issuing 50% interim bonus shares, equivalent to one bonus share for every two shares held. The bonus share proposal remains subject to approval by shareholders at the forthcoming General Meeting.
Strong Balance Sheet and Solvency Position
Jubilee Life reported total assets of approximately Rs263.94 billion as of June 30, 2026, compared with Rs265.77 billion at the end of December 2025. Investments remained the largest component of the balance sheet, including Rs172.52 billion in government securities and Rs34.74 billion in equity securities.
The company’s total equity stood at approximately Rs18.54 billion, while insurance liabilities amounted to Rs229.92 billion.
The directors also stated that the company remained compliant with applicable requirements relating to paid-up capital, solvency and reinsurance/retakaful arrangements. The appointed actuary likewise stated that the statutory funds complied with solvency requirements.
Focus on Digitalisation and Long-Term Growth
Looking ahead, Jubilee Life said it would continue focusing on innovation, stronger digital capabilities and personalised services to address the changing needs of policyholders.
The company acknowledged that economic and geopolitical uncertainties could continue to affect market conditions, but said its prudent risk-management framework and disciplined execution would support sustainable growth and long-term value creation.
The half-year report also carries an AA++ Insurer Financial Strength rating with a stable outlook from both VIS and PACRA, according to the company’s rating presentation.
Overall, Jubilee Life’s first-half results present a mixed picture: premium and corporate business growth remained encouraging, while lower investment income and weaker profitability weighed on earnings. Nevertheless, the continued dividend and proposed 50% bonus issue underline the company’s commitment to shareholder returns while it works to expand its insurance and takaful operations.
