Press Release

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


Karachi, February 7, 2008: 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.

Ranked third amongst the private sector insurance companies, NJI has shown considerable growth over the last two years. The growth impetus has come from non-traditional segments rather than motor which has been the major avenue of growth for other insurance companies. NJI has a diversified and balanced business mix with the lowest proportion of motor amongst its peers. Liquidity profile appears adequate as the company holds a sizeable portfolio of marketable securities. NJI has an experienced management team which has remained stable over the years.

While results from underwriting operations for 2007 are expected to be adversely affected by the recent turmoil in the country, particularly in the fire & property segment, bottom line profits are still projected to be healthy on account of support from investment activity. Strong equity base and adequate reinsurance coverage provide resilience to NJI’s risk profile. JCR-VIS will continue to monitor the impact of developing conditions on the risk profile of insurance companies.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Ms. Sobia Maqbool (Ext: 506) at 5311861-71 (10 lines) or fax to 5311873.

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 2008 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