PACRA Maintains IFS Rating of Jubilee General Insurance Limited - Press Release issued by The Pakistan Credit Rating Agency Limited.

Lahore -- November 06, 2020 (PPI-OT)

Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)

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The rating reflects Jubilee General's robust risk management framework facilitating the company in sustaining sound profitability. The persistent investment income augers well for the bottom line of the company giving it a strong cushion though underwriting profitability needs to be enhanced. The rating recognizes the management's efforts of penetrating relatively untapped segments, reflected in its diverse premium mix. Jubilee General has sound equity base and sufficient liquidity engendering strong risk absorption capacity.

The ability of key sponsor, Aga Khan Development Network (AKDN), to foster synergies amongst its financial institutions operating in Pakistan - HBL, Jubilee General, and Jubilee Life - and in the group's different insurance companies across the globe, is also a consideration. The business strategy, going forward, is focused on improving its market position and consequent profitability from core business.

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