Jubilee General Insurance Co (KAR:JGICL) Beneish M-Score: -1.30 (As of Jul. 12, 2026)


KAR:JGICL Jubilee General Insurance Co Ltd KAR:JGICL
70 GF Score
Price ₨81.73
GF Value ₨63.90
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Jubilee General Insurance Co Beneish M-Score?

Jubilee General Insurance Co KAR:JGICL +0.93% 70 Beneish M-Score is -1.30 as of Jul. 12, 2026. GuruFocus rates KAR:JGICL with a GF Score™ of 70/100 and a GF Value™ of ₨63.90 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 399 Insurance companies, Jubilee General Insurance Co ranks worse than 92.23% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score -1.3 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Jubilee General Insurance Co's Beneish M-Score or its related term are showing as below:

KAR:JGICL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.64   Med: -1.5   Max: 15.23
Current: -1.3

During the past 13 years, the highest Beneish M-Score of Jubilee General Insurance Co was 15.23. The lowest was -2.64. And the median was -1.50.

KAR:JGICL
70GF Score
Jubilee General Insurance Co Ltd KAR:JGICL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Jubilee General Insurance Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Jubilee General Insurance Co for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.4606+0.528 * 1+0.404 * 1.0005+0.892 * 1.2499+0.115 * 0.8542
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9468+4.679 * 0.046287-0.327 * 0
=-1.30

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ₨4,555 Mil.
Revenue was ₨15,881 Mil.
Gross Profit was ₨15,881 Mil.
Total Current Assets was ₨0 Mil.
Total Assets was ₨65,378 Mil.
Property, Plant and Equipment(Net PPE) was ₨182 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨107 Mil.
Selling, General, & Admin. Expense(SGA) was ₨135 Mil.
Total Current Liabilities was ₨0 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0 Mil.
Net Income was ₨4,019 Mil.
Gross Profit was ₨808 Mil.
Cash Flow from Operations was ₨185 Mil.
 Total Receivables was ₨2,495 Mil.
Revenue was ₨12,705 Mil.
Gross Profit was ₨12,705 Mil.
Total Current Assets was ₨0 Mil.
Total Assets was ₨53,243 Mil.
Property, Plant and Equipment(Net PPE) was ₨175 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨81 Mil.
Selling, General, & Admin. Expense(SGA) was ₨114 Mil.
Total Current Liabilities was ₨0 Mil.
Long-Term Debt & Capital Lease Obligation was ₨6 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(4554.878 / 15880.534) / (2494.903 / 12705.005)
=0.286821 / 0.196372
=1.4606

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(12705.005 / 12705.005) / (15880.534 / 15880.534)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 181.806) / 65378.379) / (1 - (0 + 174.974) / 53243.18)
=0.997219 / 0.996714
=1.0005

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=15880.534 / 12705.005
=1.2499

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(80.666 / (80.666 + 174.974)) / (106.507 / (106.507 + 181.806))
=0.315545 / 0.369414
=0.8542

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(134.93 / 15880.534) / (114.01 / 12705.005)
=0.008497 / 0.008974
=0.9468

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0 + 0) / 65378.379) / ((6.386 + 0) / 53243.18)
=0 / 0.00012
=0

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(4019.08 - 807.649 - 185.237) / 65378.379
=0.046287

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Jubilee General Insurance Co has a M-score of -1.30 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.30 mean?
Jubilee General Insurance Co (KAR:JGICL) has a Beneish M-Score of -1.30 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jubilee General Insurance Co and its competitors. According to the industry distribution chart, Jubilee General Insurance Co ranks #368 out of 399 companies in the Insurance industry, placing it in the top 92.2%.
Is Jubilee General Insurance Co's Beneish M-Score too high?
Jubilee General Insurance Co's current Beneish M-Score is -1.30. Based on the distribution chart, Jubilee General Insurance Co ranks #368 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Jubilee General Insurance Co has a GF Score™ of 70/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Jubilee General Insurance Co's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Jubilee General Insurance Co ranks #368 out of 399 companies for Beneish M-Score. This places Jubilee General Insurance Co in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jubilee General Insurance Co and its competitors. Jubilee General Insurance Co's current Beneish M-Score is -1.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jubilee General Insurance Co stock overvalued right now?
Based on GuruFocus' analysis, Jubilee General Insurance Co (KAR:JGICL) is currently considered Modestly Overvalued. The stock's GF Value™ is ₨63.90, compared to a current price of ₨81.73 — trading 27.9% above its estimated fair value. The current Beneish M-Score is -1.30. Jubilee General Insurance Co's overall GF Score™ is 70/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Jubilee General Insurance Co (KAR:JGICL), the current Beneish M-Score is -1.30 as of Jul. 12, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Jubilee General Insurance Co (KAR:JGICL) Overvalued in 2026?

Based on GuruFocus' analysis, Jubilee General Insurance Co stock appears to be overvalued. The current stock price of ₨81.73 is trading 27.9% above its estimated GF Value™ of ₨63.90. GuruFocus considers Jubilee General Insurance Co to be Modestly Overvalued.

Key valuation signals for KAR:JGICL:

  • Beneish M-Score: -1.30
  • GF Value™: ₨63.90 vs. price of ₨81.73 (27.9% above fair value)
  • GF Score™: 70/100 with 4 warning signs

No single metric tells the full story. See the KAR:JGICL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Jubilee General Insurance Co Business Description

Address I. I. Chundrigar Road, 2nd Floor, Jubilee Insurance House, Karachi, SD, PAK, 74000
Jubilee General Insurance Co Ltd is engaged in the insurance business sector. The Company has six business segments for reporting purposes, namely Fire and property damage, Marine, aviation and transport, Motor, Accident and health, and Miscellaneous. The Company operates in Pakistan and provides the service of assurance to its clients all over the Country through its operative branches.
70GF Score

Get the complete analysis for KAR:JGICL

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₨81.73
Price
₨63.90
GF Value