Press Release

JCR-VIS Reaffirms IFS Rating of Jubilee General Insurance Company Limited (formerly New Jubilee Insurance Company Limited)

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Karachi, December 28, 2011: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Insurer Financial Strength (IFS) Rating of Jubilee General Insurance Company Limited (Jubilee) - formerly New Jubilee Insurance Company Limited at ‘AA’ (Double A). The rating denotes very high capacity to meet policyholder and contract obligations. However, risk is modest, but may vary slightly over time due to business/economic conditions. Outlook on the assigned rating remains ‘Positive’.

Rating derives strength from the strong competitive position of Jubilee in the private insurance industry, having a market share of 13.7% in gross premium at end-June 2011. Rebranding exercise was undertaken by the company in 2011 to align itself with other insurance companies established under the brand name of ‘Jubilee’ in Pakistan and Africa, also sponsored by Aga Khan Development Network, Jubilee’s key sponsor.

In line with industry trends, underwriting results of the company registered improvement in 9M2011. Overall net claims ratio of the company witnessed a reduction, particularly in Product of Financial Institutions and Accident & Health. While underwriting has become more selective in the engineering segment; its translation into meaningful improvement in net claims ratio of the segment remains to be seen. Even with inflationary trends in the economy, overall expense ratio of the company has been maintained within prudent limits.

Liquidity profile of the institution is strong, supported by predominance of low-risk exposures in investment portfolio. Investment income has thus also depicted stability. For continuity of sound investment management practices, greater delegation of authority to management is warranted, following a resource-building exercise.

Capitalization indicators of the company are considered sound. Reinsurance coverage is provided by highly rated reinsurers. The company primarily has non-proportional treaty arrangements for the larger business lines with low loss retention levels vis-à-vis capital base of the company.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Ms. Sabeen Saleem, CFA (Ext: 510) at 35311861-71 (10 lines) or fax to 35311873.

Syed Ziauddin Ahmed

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 2011 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