Press Release

JCR-VIS reaffirms the IFS rating of New Jubilee Insurance Company Limited at AA

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Karachi, December 27, 2005: JCR-VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength rating of New Jubilee Insurance Company Limited (NJI) at AA (Double A) with a ‘Stable’ outlook.

NJI is the third largest private sector insurance company by premium, in the general insurance sector of Pakistan. It has a strong franchise value, credible sponsors and an experienced management team. The company has had stable relationships with strong re-insurers. Financial performance has also remained sound with controlled claims and substantial amount of reserves for un-expected losses. Both the underwriting results and return on investments have improved during the period under review.

Consequently upon the change in re-insurance arrangements effective 2005, a relatively large proportion of risk is being retained on NJI’s own account on the back of strong financial strength. However, the impact of this change would only be evident over a period of time.

For further information on this rating announcement, please contact Mr. Syed Ziauddin Ahmed (Ext: 233) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

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 2005 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