Jubilee Insurance ( ur, جوبلی بیمہ) is a Pakistani

general A general officer is an Officer (armed forces), officer of highest military ranks, high rank in the army, armies, and in some nations' air forces, space forces, and marines or naval infantry. In some usages the term "general officer" refers t ...

and

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

company A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whether Natural person, natural, Legal person, legal or a mixture of both, with a specific objective. Company members share a common p ...

headquartered in

Karachi Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former cap ...

. It is a subsidiary 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 ...

. , it was one of the largest insurance companies 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 Karachi Stock Exchange ( ur, or PSX-KSE) was a stock exchange located in Karachi, Pakistan. Since 1947, it has been located at the Stock Exchange Building on I. I. Chundrigar Road. It has now been consolidated in the Pakistan Stock Exchan ...

. 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 ( ar, التكافل, 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 ...

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