Karachi: Jubilee Life Insurance Company Limited has reported a decline in its net income for the nine months ended September 30, 2026, reflecting a challenging period marked by significant losses in investment income. The company disclosed its financial results on October 27, 2026.
The company's net income fell to 57.81 billion rupees from 73.62 billion rupees in the same period last year. This decline was primarily driven by net realised fair value losses on financial assets and net fair value losses on financial assets at fair value through profit or loss. Specifically, these losses amounted to 674.12 million rupees and 2.59 billion rupees respectively, compared to gains of 1.60 billion rupees and 11.79 billion rupees in the previous year.
Premium and contribution revenue for the nine-month period saw an increase, reaching 45.90 billion rupees from 43.26 billion rupees last year. After accounting for premiums ceded to reinsurers, the net premium revenue stood at 43.58 billion rupees, up from 41.30 billion rupees. Fee income also experienced growth, rising to 83.54 million rupees from 68.76 million rupees.
According to information available from the Pakistan Stock Exchange (PSX), Jubilee Life Insurance's investment income for the period was 17.10 billion rupees, a decrease from the 18.65 billion rupees reported in the prior year. Other income rose to 319.42 million rupees from 207.08 million rupees.
The company's insurance benefits expenses increased to 50.75 billion rupees from 41.79 billion rupees, while recoveries from reinsurers were recorded at 1.50 billion rupees, up from 1.21 billion rupees. The net insurance benefits, therefore, totaled 49.27 billion rupees compared to 40.60 billion rupees in the previous year.
The financial results also indicated a net change in insurance liabilities of negative 4.51 billion rupees, a notable shift from the positive 18.81 billion rupees registered last year. Total expenses were reported at 6.00 billion rupees, a substantial decrease from 29.91 billion rupees, attributed in part to a reduction in marketing and administration expenses, which fell to 4.55 billion rupees from 5.72 billion rupees.
Jubilee Life Insurance's profit before tax was 2.47 billion rupees, down from 3.05 billion rupees, and after accounting for income tax expenses of 793.47 million rupees, the profit after tax for the period was recorded at 1.68 billion rupees, a decrease from 1.86 billion rupees in the previous year. Earnings per share were reported at 11.13 rupees, compared to 12.33 rupees last year.
The financial results underscore the challenges faced by Jubilee Life Insurance in navigating significant investment losses during the period, despite an increase in premium revenue and fee income.