Jubilee General Insurance Comapny Limited (JGICL) reported earnings per share of PKR 20.25 for CY25, compared to earnings per share of PKR 17.74 in CY24. Furthermore, in 1QCY26, the company reported earnings per share of PKR 8.15, compared to earnings per share of PKR 5.94 in the same period last year (SPLY). The Company delivered growth of around 15% in 2025, outperforming the industry’s projected average growth of 8–9%.
Gross premium (including Takaful) closed at PKR 26.5 bn, while profit before tax reached a historical high of PKR 6.5 bn. The portfolio remains led by the Property segment, contributing 34–35% of the total mix, followed by Motor 23%, Health 12%, and Marine 12%. As per the 4QC25 the investment portfolio allocation stood at approximately 44–45% in equities and 55% in fixed income.
However, amid rising Middle East tensions in early 2026, management reduced equity exposure to nearly 30%. Management expects the claims ratio to normalize toward its historical range of 54–57%. To mitigate the risk of recurring flood related losses, the company maintains a diversified risk management framework through co-insurance and reinsurance arrangements. Management also confirmed that insuring assets located in flood affected areas or low lying areas, including specific industrial zones in Karachi, now commands higher premium rates. The implementation deadline for IFRS 17 has been extended by SECP to January 1, 2027.
The company has already submitted dry run results and long form reports to the regulator and remains on track for implementation by the revised timeline. The company has been deploying cash inflows into short term PIB’s, with management highlighting that the current fixed income yield remains above the prevailing policy rate. Management described the 2025 combined ratio of 98% as an exception driven by catastrophic events and expects it to normalize toward the historical target range of 88–92% in 2026
Important Disclosures
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