New Jubilee Life (formerly: Commercial Union Life Assurance Company Pakistan Limited) commenced operations in June 1996 as subsidiary of CU International Insurance. Later, when CUII merged with a couple of other international insurers, they decided to concentrate in developed markets only, mainly Europe. Accordingly, they sold their holdings in a number of countries including Pakistan.
Aga Khan Fund for Economic Development (AKFED), an organization based in Switzerland and New Jubilee Insurance Company purchased the majority shareholding in Commercial Union Life Insurance Company Pakistan Limited and renamed it to New Jubilee Life Insurance Company. Hence, New Jubilee Life is now effectively functioning as a subsidiary of AKFED.
AKFED is the economic development arm of