Press Release

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


Karachi, December 27, 2006: 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 benefits from a strong franchise value, credible sponsors and an experienced management team. The company has also had stable relationships with strong re-insurers.

It has maintained a diversified business mix with growth in all segments. In addition to underwriting profits that have been maintained at an adequate level, investment income of NJI has increased considerably. The company also has sound level of liquidity and capitalization owing to a good quality of investment portfolio that carries sizeable un-realized gain.

Consequent to the change in re-insurance terms in 2005, a relatively large proportion of risk is being retained on the company’s own account on the back of strong financial strength, and also requiring the company to rely on its own risk management systems. The company has strengthened its risk management systems during the period, which has resulted in improvement in underwriting profits.

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 2006 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