Jubilee Life Insurance chalks up healthy profit

After-tax profit of Jubilee Life Insurance for 2013 clocked up at Rs941.4 million, which is over 70% higher than the company’s bottom line recorded in the preceding year. Jubilee Life Insurance also announced a final cash dividend at Rs3.50 per share, or 35%, which is in addition to an interim dividend already paid at Rs2.50 per share.The company’s board of directors have also recommended that bonus shares be issued in the proportion of 15 shares for every 100 shares held.Premium revenues net of reinsurance of Jubilee Life Insurance increased to Rs16.3 billion in 2013, which is 42.1% higher than premiums received in 2012. Investment income and other income increased 33.9% in 2013 .Based on a steep rise in premiums and investment income, the company’s top line increased 40.6% in 2013 to Rs16.3 billion. Denying that the surge in revenues is a one-off event based on the low-base factor. Jubilee Life Insurance was the largest player in the private sector even in 2012 in terms of gross written premiums. Jubilee life insurance has registered growth of more than 40% in premiums in each of the last three years.Claims net of reinsurance increased 47.8% year-on-year in 2013. As for management expenses, which went up 16.8% last year. Jubilee Life Insurance has consolidated its lead as the largest private sector insurer in Pakistan.