Karachi: Jubilee Life Insurance Company Limited has reported a 17% increase in its Profit After Tax (PAT) for the third quarter ended September 30, 2024, marking a rise to Rs. 1,738 million from Rs. 1,482 million during the same period last year, according to information available from the Pakistan Stock Exchange (PSX). The earnings per share also grew from Rs. 14.77 to Rs. 17.32.

Despite a challenging economic environment and stagnant insurance penetration rates, the company has maintained a strong market position through its customer-centric approach and adaptability. The Gross Premium/Contribution remained stable at Rs. 35,242 million, mirroring figures from the previous year and maintaining a consistent trend of surpassing Rs. 30,000 million in the first nine months of each year.

The Window Takaful Operations (WTO) continued to play a crucial role in the company's portfolio, contributing Rs. 8,926 million in Gross Contributions, up from Rs. 8,479 million last year. Corporate business, encompassing both conventional and window takaful modes, demonstrated robust growth of over 21% year-on-year, totaling Rs. 14,817 million.

In the realm of investments, the company strategically rebalanced its asset portfolio towards fixed income and debt securities and mutual funds, yielding returns of Rs. 27,615 million, a significant increase from Rs. 21,545 million in the prior year. This strategic shift underscores the company's proactive management in navigating economic uncertainties.

Looking ahead, Jubilee Life Insurance remains dedicated to meeting the evolving needs of its policyholders through a tailored, customer-first strategy amidst ongoing economic and geopolitical challenges.

The Board extends its gratitude to government authorities, the Securities and Exchange Commission of Pakistan, and the State Bank of Pakistan for their unwavering support. The company also appreciates the trust and loyalty of its policyholders, Takaful participants, and business partners, reaffirming its commitment to serving their interests diligently. Special thanks are also given to the company’s employees, whose dedication has been pivotal in driving Jubilee Life Insurance's continued success.