KARACHI, Sept 17: The Aga Khan Fund for Economic Development (AKFED) and its affiliate, New Jubilee Insurance Company Limited (NJI) would acquire shareholding of CGU International Insurance plc (CGU), principal shareholder in Commercial Union Life Assurance Company (Pakistan) Limited, a press release issued by AKFED on Tuesday said.

It stated that NJI would also acquire CGU’s general business, trading in Pakistan under the name of Commercial Union. “The transactions will be subject to regulatory approval,” the statement said.

The press release stated that AKFED was the economic development arm of Aga Khan Development Network (AKDN), a group of private, non-denominational development agencies seeking to improve opportunities and living conditions in specific regions of the developing world, especially Asia and Africa.

The statement quoted Masood Noorani, MD NJI as saying: “expansion of AKFED’s investment in the insurance business in Pakistan is an expression of confidence in Pakistan’s economy.” He said that NJI was one of the three largest insurance companies in Pakistan and the only one with a AA (double A) rating from PACRA.