Jubilee Insurance is a brand used by Pakistani

general A general officer is an Officer (armed forces), officer of high rank in the army, armies, and in some nations' air force, air and space forces, marines or naval infantry. In some usages, the term "general officer" refers to a rank above colone ...

and

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...

companies A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specifi ...

headquartered in

Karachi Karachi is the capital city of the Administrative units of Pakistan, province of Sindh, Pakistan. It is the List of cities in Pakistan by population, largest city in Pakistan and 12th List of largest cities, largest in the world, with a popul ...

. The two companies are subsidiaries of Swiss for-profit organization

Aga Khan Fund for Economic Development Aga Khan Fund for Economic Development SA is a Swiss for-profit entity and international development finance institution which invests in countries of East Africa, West Africa, Central Asia, and South Asia. It is based in Geneva, Switzerland. I ...

. , Jubilee Life was the largest private-sector insurance company in Pakistan. It is also the most awarded insurance company in Pakistan.

History

Jubilee Insurance was incorporated as New Jubilee Insurance Company Limited by the Fancy family in May 1953. In 1955, it was listed on the

Karachi Stock Exchange The Pakistan Stock Exchange (PSX), founded as Karachi Stock Exchange (KSE), is a stock exchange based in Karachi, Pakistan. PSX was classified by MSCI as a Frontier markets, frontier market on 8 September 2021. Pakistan Stock Exchange was fou ...

. The life insurance business was nationalised in 1972 and later Fancy family sold it to the Hashwani family. In 2002, the

acquired the Pakistani operations of CGU International Insurance plc. CGU International Insurance founded life insurance business in Pakistan in 1995. In 2011, New Jubilee Insurance was renamed as Jubilee Insurance. In 2015, Jubilee entered the

Takaful Takaful (, sometimes translated as "solidarity" or mutual guarantee) Khan, ''What Is Wrong with Islamic Economics?'', 2013: p.403 is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or ''sharia''-comp ...

insurance market in Pakistan. On July 29, 2020, Jubilee was awarded the Effie Award in the insurance category.

References

Financial services companies established in 1953 Pakistani companies established in 1953 Aga Khan Development Network 1950s initial public offerings Pakistani subsidiaries of foreign companies Companies listed on the Pakistan Stock Exchange Companies in the KSE 100 Index Insurance companies of Pakistan Companies based in Karachi {{Bank-stub

History

See also

References