Karachi, February 14, 2011: United Bank Limited (UBL) and New Jubilee Life Insurance Company Limited (NJI Life) have entered into a strategic partnership to sell Life Insurance products under UBL’s existing ambit of UBL BetterLife Investment Plans. The offered plans will include Savings, Retirement, Child Education and Marriage Plans.

The agreement was signed by Mr. Aameer Karachiwalla, Group Executive, Retail Bank-UBL and Mr. Javed Ahmed-Managing Director and CEO-NJI Life at a ceremony held at UBL Head Office.

Speaking on the occasion, Mr. Karachiwalla said, “Bancassurance in UBL has been a tremendous success and now with NJI Life coming onboard, we plan to take this line of business to the next level of direct selling with our Liability Sales Force marketing the investment plans to UBL customers across the country”.

Mr. Javed Ahmed pointed out the immense potential that the country holds for Life Insurance. Mentioning the commendable success of NJI Life during the last 3 years, he stated that NJI Life has written industry high Bancassurance premium of over Rs 2.5 Billion during year 2010.

Both partners were confident that NJI Life’s collaboration with UBL would add significant value to the overall life insurance business in Pakistan. UBL's extensive reach and footprint and NJI Life’s nationwide Bancassurance setup would aid in creating strong synergy between the two institutions making life insurance products available for the benefit of UBL customers across the country.