The Pakistan Credit Rating Agency (PACRA) has maintained the Insurer Financial Strength (IFS) Rating of New Jubilee Insurance Company Limited (NJI) at "AA" (Double A). The rating denotes a very strong capacity to meet policyholder and contract obligations. Risk factors are considered modest, and the impact of any adverse business and economic factors is expected to be modest.
The rating reflects NJI's maintained performance from core business operations, sound solvency margins and strong financial base. The company is expected to maintain its strong competitive position in the market based on its strong franchise and long-standing relationship with prime clients.
About the company: New Jubilee Insurance Company Limited (NJI) commenced commercial operations as a general insurance company in 1953 and is listed on Karachi and Lahore stock exchanges. Major Shareholders of NJI include Agha Khan Hospital and Medical College Foundation, Agha Khan Fund for Economic Development and Hashoo group.
NJI writes all types of general insurance business, including fire, marine, motor, health and miscellaneous business. Operations are currently carried out from a nation-wide network of 19 branches covering all major cities.
In terms of gross premium written (GPW), NJI ranked third among the insurance companies operating in the country and has completed 51 years of successful operations.
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