Press Release

JCR-VIS Reaffirms IFS Rating of New Jubilee Insurance Company Limited at AA

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Karachi, January 25, 2010: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Insurer Financial Strength Rating of New Jubilee Insurance Company Limited (NJI) at ‘AA’ (Double A). Outlook on the assigned rating is ‘Stable’.

NJI is the third largest insurance company operating in the general insurance market, with market share increasing further in 2009, as business volumes have continued to post growth. Top management of the company is seasoned and has remained largely stable over the years.

In addition to competing favorably with peers in conventional business segments, NJI has pursued diversification in its portfolio by developing new products targeted towards niche market segments. This has however also entailed the company’s entry into territories, where prior experience as regards loss norms was lacking. On a prudent note, motor portfolio has been maintained at below 20% of total premium over the years and has consistently remained profitable.

Liquid assets held by the company largely in the form of term deposits and income/money market funds provide adequate coverage against outstanding liabilities. In the backdrop of recent events in the equities market, the investment policy of the company has been revised on a more conservative note.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 35311861-71 (10 lines) or fax to 35311873.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2010 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited