Sunday, July 23, 2017

Assets of Pakistan’s private-sector life companies up 35.8%

Total assets of private-sector life insurance companies in Pakistan increased by 35.8% to PKR139bn (US$1.36bn) at the end of 2014 from a year ago, industry-wide data shows.

The latest figures also showed that assets of Pakistan’s life insurance industry in the private sector have grown at an annualized rate of 36% in the 2009-2014 period.

Pakistan’s Express Tribune, which published the review of the latest annual reports of market players, reported that combined profits of all insurance companies operating in the private sector amounted to PKR2.4bn (US$23.5m) in 2014, up 20.2% from 2013.

The top five life insurance companies in Pakistan last year, in terms of net profit, were Jubilee Life Insurance with PKR1.3bn (US$12.7m), EFU Life Assurance with PRK950.9m (US$9.3m), IGI Life with PKR55.3m (US$542,955), East West Life with PKR29m (US$284,732) and Adamjee Life with PKR15m (US$147,275).

Jubilee Life Insurance’s net profit in 2014 constitutes more than 56% of the industry’s total collective earnings, the report said.

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