New Jubilee Insurance is perhaps the fastest growing company in the non-life insurance sector of the country. This is evident from the following salient numbers:
2005
(Rupees in '000)
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Gross Premium 2,571,883 1,736,610
Net Premium Revenue 1,486,429 917,118
Underwriting Profit 99,676 69,603
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Investment income including
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capital gain and rent 814,868 544,609
Profit before tax 936,793 614,407
Profit after tax 841,733 556,201
Earning per share of Rs 5/- each 9.58 6.33
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NJI posted record growth of 48% in the written premium to achieve more than Rs 2.50 billion. The net premium revenue increased by 62% to almost Rs 1.50 billion. The growth came from all classes of business ie. Fire & Property portfolio grew by 51%, Marine by 44%, Motor by 34%, Liability by 41%, Accident and Health by 34% and Miscellaneous by 111% respectively. As a result the Company's business portfolio remains one of the most balanced and diversified in the industry.
The underwriting profit of almost Rs 100 million is 43% higher than the previous year. On the back of strong performance, the NJI Board was pleased to recommend 40% cash dividend and 25% bonus shares.
During the year 2006, NJI added three branches to its network and going forward the management plans to add another three branches in 2007 to bring personalised service to the doorstep of clients. The management is geared to build upon the balanced portfolio to grow in all areas specially in non-traditional ones like engineering projects, products for financial institutions and crop insurance.
NJI is a company which emphasises providing quality and knowledge-based insurance solutions to its clients and thereby, is able to position it self as the best insurance company of Pakistan.
Established in 1953, NJI is one of the most reputable and brightest names in the insurance sector. Sustained growth over half a century has secured NJI a place among the "Big Three" Pakistani insurers in terms of gross direct premium and financial base. NJI is listed on the Karachi and Lahore Stock Exchanges. Major shareholders include Aga Khan Fund for Economic Development and Hashoo Group. NJI, with its Head Office in Karachi, has an extensive and dynamic branch network in all major cities and towns of Pakistan that guarantees prompt service at the customer's doorstep.
The company prides itself in its long-standing reinsurance arrangements and relationships with internationally renowned reinsurers such as Swiss Re, Munich Re, Lloyds, Hannover Re and Mitsui Sumitomo Re. The company is also supported by internationally acclaimed reinsurance brokers including AON Group. Willis, Marsh and UIB.
In 2003, NJI became the first Pakistani insurance company to acquire a foreign company when it took over the Pakistan operations of Commercial General Union. Together with AKFED, NJI also acquired majority control of CU Life Assurance Company of Pakistan Limited.
At NJI, diversity is maintained through underwriting all classes of general insurance including fire, marine, motor, engineering, health and general accidents. NJI not only offers wide risk coverage, but also provides related risk management services delivered by highly qualified and experienced risk manager.
NJI has developed unique and innovative insurance solutions to meet the growing consumer financing trends of the economy. From auto financing to personal loans, mortgages to plastic cards, and trade finance to capital investment finance, NJI has the customised solutions to secure entire operations, product range and transactions of all financial institutions.
As pioneers in Group Health Insurance, NJI continues to develop new, flexible and customised plans to suit the diverse needs of our many blue chip Pakistani companies and multinational clients.
With a broad spectrum of services available, NJI's client-base comprises prominent national and multinational corporations operating in Pharmaceutical, Chemical, Textile, Cement, Services (Hospitals & Hotels), Oil & Energy, Manufacturing, FMCG, Engineering, Banking and Financial sectors.
NJI's business philosophy can be summed up as Customer Protection, Customer Satisfaction and Customer Trust. This is acquired largely by the ability to handle claims effectively. The customer focus and pro-active management approach in all areas of business, allows NJI to underwrite and handle claims in an expeditious and efficient manner.
The true test of the soundness of insurance coverage is the duration of client relationships. This is proven by the fact that many valued clients have been with us for over 40 years. Clients are satisfied knowing that NJI is their best security.
NJI is the only company among the top insurers to secure and sustain an Insurer Financial Strength Rating of "AA" by PACRA and JCR-VIS."
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