Year Book 2009-10

Transcription

Year Book 2009-10

lpha
Insurance Company Limited
Atlas Insurance
Capital Insurance
Company Limited
asiaINSURANCE
Century Insurance
PGI
Insurance
MP
VI C E-P
RITY
PE
U R A N CE CO
ER
S
IT
INS
-S
L
SE C U R
T HE UNI V ER SA
Y
AN Y
L IM I T ED
Shaheen Insurance
R
O
Insurance Year Book 2009-2010
Published By
The Insurance Association of Pakistan
1713-1715, 17th Floor
Saima Trade Tower-A
I.I.Chundrigar Road
P.O. Box No. 4932
Karachi 74000
Tel: (+92-21) 32277165-68
Fax : (+92-21) 32277170
E-mail : [email protected]
Web : www.iap.net.pk
VISION
STATEMENT
OF IAP
To be a forum of active exchange on matters relating
to insurance and to promote, support and protect
the common interest of member companies carrying
on the business of insurance in Pakistan and to
endeavor to increase insurance awareness and
penetration in the country.
C O N T E N T S
1.
The Insurance Association of Pakistan
2.
Chairman's Message ---------------------------------------------------------------------------------------------------05
Message from Chairman,The Insurance Association of Pakistan, Mr. Tahir Ahmed ---------------------------06
3.
Executive, Sectional & Regional Committees Activities --------------------------------------------------------07
Executive Committee ----------------------------------------------------------------------------------------------------08
Accident Sectional Committee -----------------------------------------------------------------------------------------12
Fire Sectional Committee -----------------------------------------------------------------------------------------------14
Marine Sectional Committee -------------------------------------------------------------------------------------------17
Lahore Regional Committee --------------------------------------------------------------------------------------------18
Life Sectional Committee ----------------------------------------------------------------------------------------------19
4.
Market Overview of Non Life Insurance Industry in Pakistan -----------------------------------------------21
Private Sector -------------------------------------------------------------------------------------------------------------22
Public Sector (National Insurance Company Limited) --------------------------------------------------------------23
5.
Market Overview of Life Insurance Industry in Pakistan -----------------------------------------------------25
Private Sector -------------------------------------------------------------------------------------------------------------26
Public Sector (State Life Insurance Corporation of Pakistan)------------------------------------------------------29
6.
Synopsis -------------------------------------------------------------------------------------------------------------------35
A synopsis of the proceedings of Fair International Insurance Conference on political violence -------------36
03
9.
Company Profiles ------------------------------------------------------------------------------------------------------41
Non Life Insurance & Reinsurance Companies
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
ACE Insurance Limited -------------------------------------------------------------------------------------------------42
Adamjee Insurance Company Limited --------------------------------------------------------------------------------44
Agro General Insurance Company Limited --------------------------------------------------------------------------46
Alfalah Insurance Company Limited----------------------------------------------------------------------------------48
Alpha Insurance Company Limited -----------------------------------------------------------------------------------50
Asia Insurance Company Limited -------------------------------------------------------------------------------------52
Askari General Insurance Company Limited ------------------------------------------------------------------------54
Atlas Insurance Limited-------------------------------------------------------------------------------------------------56
Capital Insurance Company Limited ----------------------------------------------------------------------------------58
Central Insurance Company Limited ----------------------------------------------------------------------------------60
Century Insurance Company Limited ---------------------------------------------------------------------------------62
Cooperative Insurance Society of Pakistan Limited-----------------------------------------------------------------64
Crescent Star Insurance Company Limited---------------------------------------------------------------------------66
East West Insurance Company Limited -------------------------------------------------------------------------------68
EFU General Insurance Limited ---------------------------------------------------------------------------------------70
Excel Insurance Company Limited ------------------------------------------------------------------------------------72
Habib Insurance Company Limited -----------------------------------------------------------------------------------74
IGI Insurance Limited ---------------------------------------------------------------------------------------------------76
New Hampshire Insurance Company ---------------------------------------------------------------------------------78
New Jubilee Insurance Company Limited----------------------------------------------------------------------------80
Pakistan General Insurance Company Limited ----------------------------------------------------------------------82
PICIC Insurance Limited -----------------------------------------------------------------------------------------------84
Premier Insurance Limited----------------------------------------------------------------------------------------------86
Reliance Insurance Company Limited --------------------------------------------------------------------------------88
Saudi Pak Insurance Company Limited-------------------------------------------------------------------------------90
Security General Insurance Company Limited ----------------------------------------------------------------------92
Shaheen Insurance Company Limited---------------------------------------------------------------------------------94
Silver Star Insurance Company Limited ------------------------------------------------------------------------------96
TPL Direct Insurance Limited------------------------------------------------------------------------------------------98
UBL Insurers Limited--------------------------------------------------------------------------------------------------100
United Insurance Company of Pakistan Limited -------------------------------------------------------------------102
Universal Insurance Company Limited------------------------------------------------------------------------------104
Pakistan Reinsurance Company Limited ----------------------------------------------------------------------------106
Life Insurance Companies
1.
2.
3.
4.
5.
6.
Adamjee Life Assurance Company Limited ------------------------------------------------------------------------108
American Life Insurance Company Pakistan Limited-------------------------------------------------------------112
Asia Care Health & Life Insurance Co. Ltd.------------------------------------------------------------------------116
East West Life Assurance Company Limited -----------------------------------------------------------------------120
EFU Life Assurance Limited------------------------------------------------------------------------------------------124
New Jubilee Life Insurance Company Limited---------------------------------------------------------------------128
10. Members' Directory --------------------------------------------------------------------------------------------------133
11. Pictorial Presentation of IAP Events ------------------------------------------------------------------------------141
Annual General Meeting (AGM)-------------------------------------------------------------------------------------------142
Annual Dinner ----------------------------------------------------------------------------------------------------------------143
Extra Ordinary General Meeting (EOGM) Amendments in Mamorandum & Articles of Association of IAP --146
CEOs Emergent Meeting - Fit & Proper Criteria ------------------------------------------------------------------------148
CEOs Emergent Meeting - Increase in SECPs Annual Supervision Fee---------------------------------------------150
12. Notes
04
CHAIRMANS
MESSAGE
05
TAHIR AHMED
CHAIRMAN
THE INSURANCE ASSOCIATION OF PAKISTAN
The good news is the timely publication of the Insurance
Year Book 2009 - 2010. This is a commendable
achievement on the part of the Insurance Association of
Pakistan. I hope this tradition will be maintained in
future as well.
-
Amendments in the Memorandum & Articles of
Association of IAP particularly in respect of
technical committees.
-
Fit & Proper Criteria for Chief Executive Officers.
Another good news is that during 2009 we admitted
Pakistan Reinsurance Company limited along with two
other life insurance companies to the fold of our
Association. The IAP now has 39 members in all. Our
efforts continue to bring the remaining two corporations
namely; National Insurance Company Limited and State
Life Insurance Corporation of Pakistan to our fold. I am
confident that the IAP will become more effective when
these two corporations also become members.
-
Amendment in RSD Endorsement to bring it in line
with international wordings.
-
Bank Limits & enlistment of Insurance Companies
on Bank Panels
-
Amendment in Motor Policy Form
-
Fire Policy rewording
For the last few years, despite being beset with
catastrophes one after the other, the non-life insurance
industry of Pakistan has given a creditable account of
itself by meeting all claims and playing its constructive
role in the economy of the nation. Given the strained
national economy nevertheless, it is no surprise that it
could muster only a nominal premium growth of little
more than 2% to Rs.35billion in 2009 against Rs.34
billion in 2008. Life insurance did better by growing 9%
to Rs.13billion compared to Rs.12 billion in 2008.
However, it would be only fair to comment that when
seen in the backdrop of more than 10% inflation, the
insurance sector appears to be struggling in its efforts to
increase penetration in the national economy. This is a
challenging situation and calls for more innovation and
out-of-box solutions by the men and women of the
insurance industry.
-
Amendment proposed in Rule 35 of SECP Rules
2002
I shall be failing in my duty if I do not commend the
excellent effort of my colleagues in Executive Council
in coordinating with SECP in respect of revision of
Solvency & Investment Rules for insurance companies.
At the same time, we are a little disappointed that our
long standing request to SECP for permitting insurance
companies to carry on Takaful business is still pending.
I would also take this opportunity to inform that
considering the present dip in the value of real estate,
we made efforts to identify and purchase a suitable plot
of land to construct the IAP's very own office. As time
did not permit us to complete the exercise, I would like
to call upon the incoming Executive Council to complete
this project. It is our collective vision to have our custom
built office as soon as possible.
During the year under review, the Executive Committee
had to wrestle with a number of issues which have been
covered in some detail else where in this publication.
However, just to give you the flavor, I am taking the
liberty of mentioning some of main ones as follows:
Finally, I would like to thank to all concerned with the
publication of this important document for their hard
work and devotion.
06
EXECUTIVE, SECTIONAL &
REGIONAL COMMITTEES
ACTIVITIES
07
SUMMARY OF THE ACTIVITIES OF EXECUTIVE COMMITTEE
DURING THE YEAR 2009-2010
*
The Committee
c o n t i n u e d
deliberations on the
proposals made by
the last Executive
Committee and
p r a c t i c a l
implementation of the
idea that Technical
Committees should
be selected by the
Executive Committee
rather then elected by
the General Body for
smoother and better
coordination between
the Executive and
Sectional/Regional
Committees.
MEMBERS OF THE EXECUTIVE COMMITTEE
Sub-Committee and
approved by the Executive
Committee. No sooner
approval from the DGTO
is received the same will
be circulated to IAP
members for their
input/approval.
* The Committee's
attention was drawn
towards enlistment and
delistment of insurance
companies by the banks
on their panels. In fact the
Sitting from Left to Right:
Insurance Ordinance 2000
Mr. Taher G. Sachak, Capt. Azhar Ehtesham Ahmed (Vice-Chairman IAP)
Mr. Tahir Ahmed (Chairman IAP), Mr. Hasanali Abdullah & Mr. A. Razak Ahmed clearly states that banks or
Standing from Left to Right:
any other financial
Mr. N.A. Usmani (Secretary General IAP), Mr. Shabbir Gulamali,
institution cannot issue
Mr. Ahmed Salahuddin, Mr. Naim Anwar, Mr. Mumtaz Ali (Risk Surveyor) &
Mr. Afzal-ur-Rehman
negative lists, the State
Bank of Pakistan had already issued circular to
banks for compliance of Section 86 of the said
The Memorandum and Articles of Association
Ordinance, which apparently went unheeded
(MemArts) were therefore thoroughly reviewed
by the Banks.
by the Committee to bring certain amendments
considered necessary to be made in the existing
Therefore attention of the State Bank of Pakistan
MemArts .
(SBP) was drawn vide IAP's letter of 10th
November, 2009 that some of the Banks/DFIs
Suggested amendments were placed for the
consideration of the General Body at the Extra
were still issuing the lists of the insurers of their
Ordinary General Meeting (EOGM) held on
choice based on their own criteria. SBP was
May 25, 2010 which were unanimously
also reported that the insurance companies duly
approved and submitted to the DGTO for
authorized by SECP to conduct the non-life
approval and also filed with SECP.
insurance business were de-listed by certain
institutions without giving any reasons.
In addition to above a Sub-Committee was
formed comprising the following to chalk out
The SBP was requested to intervene for the
a procedure for selecting the Technical/Regional
withdrawal of the practice of
Committees:
enlistment/delistment of the insurance
companies by the Banks/DFIs in order to provide
-Capt. Azhar Ehtesham Ahmed
a level playing field to all the insurance
-Mr. Afzal-ur-Rehman
companies which fulfill the objective criteria
-Mr. Ahmed Salahuddin
of financial strength as per the requirements of
the SECP.
The said procedure has been developed by the
08
In response to IAP's above letter SBP informed
to IAP that it had taken up the matter with
Pakistan Banks' Association (PBA) with the
view to follow the law in letter and spirit. SBP
also advised IAP to contact PBA directly for
early resolution of the issue. Copy of SBP and
Association's letter were sent to PBA. and sought
time for the meeting. The PBA, however,
remained silent on the issue.
has filed appeal before the Honorable Supreme
Court of Pakistan. The concerned companies
have appointed M/s. Sirajul Haque & Co. to
defend the cases in Supreme Court on their
behalf.
Since there was no response from PBA, the
EC engaged a firm of lawyers M/s. Rizvi, Isa,
Afridi & Angell. The lawyers wrote to SBP on
4th May, 2010 subsequently SBP has responded
positively suggesting that the matter may be
amicably resolved by involving all stakeholders
namely SECP, IAP, PBA and SBP.
*
Three companies namely; Pakistan Reinsurance
Company Ltd, Asia Care Health & Life
Insurance Company Ltd, and Adamjee Life
Assurance Company Ltd. were admitted to the
membership of (IAP).
*
Previously the Accounting Formats were in
accordance with the Insurance Accounting
Regulations 2002, the ICAP Insurance
Committee decided to align the formats with
those of `IFRS and the whole exercise of
redrafting the formats was done by the ICAP.
The Institute then forwarded the draft to IAP
for review and comments. The IAP's Taxation
Sub-Committee deliberated and discussed the
proposal at Committee level and also with the
ICAP Committee and SECP.
The matter is being followed actively and all
steps are being taken for its resolution to the
satisfaction of Members.
*
The Taxation Sub-Committee finalized the
proposals for Federal Budget 2010-11 on various
matters concerning the insurance industry and
were sent to SECP and FPCCI with a request
to support for consideration by Federal Board
of Revenue (FBR).
Thereafter, the Executive Committee considered
some of the issues pertaining to new formats
of Financial Statements i.e. regarding, disclosure
in Para 37(c) & 39(c) of IFRS-4, deferment of
applicability of IAS 39, IBNR, Claims
Development Table for outstanding claims and
revision of regulatory returns to bring these in
line with the new formats.
Subsequent to the presentation of Finance Bill
2010, Government of Pakistan and FBR's
attention was drawn to an anomaly on taxability
of Capital Gains on securities held for more
than twelve months by insurance companies,.
We thank the Government of Pakistan and the
Federal Board of Revenue for very kindly
removing the anomaly and keeping us at par
with other assesses.
*
*
Withholding Tax on reinsurance premium
remitted abroad; subsequent to the passing of
Order of the High Court of Sindh in favor of
the petitioners, the Income Tax Department
09
Further to SECP's Circular # 22/2009 dated
30th June, 2009 regarding implementation of
IFRS-4 the Commission in the light of
comments from IAP members framed
comprehensive guidelines (for life and non-life
insurance) as well as the necessary disclosures
required to be made in the 'Notes to the Financial
Statements'. The guidelines were issued vide
SECP's Circular # 4/2010 dated 23rd January,
2010.
*
In October 2009, the SECP (Insurance Division)
forwarded an initial note on Fit and Proper
Criteria to the Association. The said note
contained 'background and justifications' and
proposed criteria for qualifications and
experience of Chief Executive or Principal
Officer of an insurance company. The Executive
Committee deliberated upon the contents of the
note and submitted a reply vide IAP's letter
dated 5th November, 2009 was and suggested
to SECP to make it applicable to all new /
incoming CEOs/POs.
SECP communicating the criteria proposed by
IAP.
The Committee deliberated the matter further
at its meeting on 17th November, 2009 and
forwarded its suggestions regarding
qualifications and experience of CEOs/POs
vide IAP's letter dated 25th November, 2009
reiterating to apply the criteria to the new/
incoming CEOs/POs. SECP's vide its letter
dated 24th December, 2009 advised that one of
the recommendations of IAP regarding
replacing the Master qualification with
Bachelors had been agreed and SECP may allow
a period of one year for implementation of
criteria so that the existing CEOs can complete
their terms of office and/or retire in orderly
manner.
An Emergent meeting of CEOs of all insurance
companies was held on 5th January, 2010 at
Karachi, and subsequently IAP's view point
was communicated to SECP on 6th January,
2010.Thereafter SECP sent revised draft of
Criteria on 17th March, 2010 which was
discussed by the Executive Committee and
also at a meeting of CEOs on 7th April, 2010.
IAP's views were then communicated to
SECP on 22nd April, 2010, which were not
accepted by SECP.. The matter was again
deliberated by the Executive Committee and
Members' inputs were obtained.. Thereafter,
a letter dated 26th May, 2010 was sent to the
*
The SECP vide its notification SRO
145/(1)/2010 dated 1st March, 2010 sought
comments from all stakeholders regarding
proposed amendments in Solvency requirements
of insurance companies under the SECP
Insurance Rules 2002 to frame guidelines on
investments by insurance companies. The
notification was circulated by the Association
to all member companies for seeking their
comments. Subsequently the Taxation SubCommittee reviewed the draft in the light of
both; suggestions made earlier to SECP in 2007
and members' feedback. T a x a t i o n S u b Committee's suggestions were forwarded to
SECP vide letter dated 29th March, 2010 most
of which were accepted by SECP at the meeting
called by the Executive Director, Insurance,
SECP with the Association's representatives.
*
In early November 2009 SECP informed the
Association that the Commission intends to
increase the Annual Supervision Fee to meet
the increased cost of Insurance Division of
SECP the following scale was recommended
by the SECP :
1.5 rupees per thousand of gross direct premium
written in Pakistan during the calendar year
2010: and
2 rupees per thousand of gross direct premium
written in Pakistan during the calendar year
2011:
Subject to a maximum of rupees fifty million.
The Executive Committee deliberated the matter
in its meeting for the month of November and
decided to request SECP for an increase in
phased manner as under:
10
1.20 rupees per thousand of gross direct
premium written in Pakistan during the calendar
year 2010.
Machinery Breakdown Policy were not carried
out in accordance with the policy terms. The
matter was considered both by the Engineering
Sub-Committee and the Executive Committee
and after detailed discussion a comprehensive
note on the subject was prepared and
circulated to for members' guidance.
year 2011: and
year 2012.
*
The IAP has always desired to have its own
office premises. The prevailing real estate rates
are attractive to buy a piece of land preferably
in DHA, Karachi. Some efforts have been made
in this direction and the search for a suitable
plot is continuing. Executive Committee has
earmarked Rs. 15 million for the purchase of
plot initially. The construction work may be
carried out in phases depending upon the
availability of surplus funds. .
*
On the request of the Chairman, LII, Mr.
Mohammed Ishaque Khan, the Executive
Committee met the Council of Lahore Insurance
Institute immediately after the Executive
Committee meeting held on 22nd December,
2009 at Central Park, State Life Insurance
Employees Cooperative Housing Society,
Lahore.
subject to a minimum of rupees fifty thousand
and maximum of rupees twenty five million.
In response the SECP vide its letter dated 4th
December, 2009 informed that since the
Commission desires to develop its capacity to
operate as a financially self-sustainable
organization and as also the fee has remained
the same as prescribed under the repealed
Insurance Act of 1938, whereas premium
income of the companies as well as the
requirements had increased manifold and
therefore IAP's proposal was not acceptable
by the Commission and a limit of minimum
supervision fee of rupees two hundred thousand
was included, an Emergent Meeting of CEOs
of member companies was called on 14th
December 2009. The General Body of the
Association accepted the proposal of SECP
with request to maintain minimum supervision
fee of rupees fifty thousand as against rupees
two hundred thousand which was communicated
by IAP on 14th December, 2009. SECP issued
a formal circular # 37/2009 dated 21st
December, 2009 on the subject.
*
The Chairman, LII briefed the Executive
Committee about the educational activities of
the Institute and also informed that a plot of
two kanal has been donated to LII by the State
Life Insurance Employees Cooperative Housing
Society, Lahore to build an Insurance College.
He informed that now LII was planning to
construct befitting building on this plot. The
Executive Committee appreciated the efforts
made by the Lahore Insurance Institute and
offered their full support for this noble cause.
Association's attention was drawn that in some
instances basis of underwriting and claims
settlement under the Standard Munich Re's
11
SUMMARY OF THE ACTIVITIES OF ACCIDENT SECTIONAL
COMMITTEE DURING THE YEAR 2009-2010
*
The matter pertaining MEMBERS OF THE ACCIDENT SECTIONAL COMMITTEE to members for the period
from 1st January, 2009 to
to payments of theft
30th December, 2009.
claims in motor
businesswas
To get full advantage and
deliberated
utility of the software,
thoroughly by the
members were requested
Accident Sectional
to keep up timely entry of
Committee.The
data pertaining to all
Committee also
reported claims.
examinedthe
wordings of Motor
* The Committee in
P o l i c y F o r m
view to analyze the losses
pertaining to the word
due to rains during the year
"Theft". It was felt
that if theft committed
2009 particularly of 19th
by the driver or
July,2009 rain in Karachi,
Mr. Faisal Mustafa Siddiqui, Mr. Imran Ahmed (Chairman)
somebody known to
which
broke 30 years
Ms. Yasmin Sadiq (Vice-Chairperson) & Mr. Azfar Arshad
the vehicle which was
record, devised a format
Mr. N.A. Usmani (Secretary General IAP), Mr. Zeeshan Raza,
put in his possession
for collection of statistics
Mr. Altaf Ahmed Siddiqi,
with the consent of its Mr. M. Numan Shaikh (Superintendent Accident) & Mr. Khalid Rafiq f r o m t h e m e m b e r
owner, it will be a
companies.
criminal misappropriation or criminal breach
of trust. In such theft cases, claims should not
The statistics were collected and compiled, it
be payable and there should be an
was noted that the reported losses were not so
exclusion,whereas the policy wording did not
big and claims experience did not indicate
prevent claim payments to insured in such
alarming situation. Therefore the Committee
situations. To clarify this issue appropriate
felt that there was no need to suggest deductibles
amendment was suggested in relevant Policy
at this stage. It was decided that the data would
Forms, Section-I Loss or Damage of the policy.
be collected on the same pattern every year.
Therefore proposal Circular No. A-2 dated
January 18, 2010 was issued which was
endorsed by the Majority of members hence
the proposed wording was adopted.
*
The Committee kept on reviewing on regular
basis the data entries made by the member
companies on IAP Claims Management System
regarding snatched/stolen vehicles.
To update the member companies on the
important reports generated by the system,
graphical presentations were prepared and sent
12
*
The matter pertaining to IAP Guidelines / Rules
remained under active consideration of the
Committee. A Sub-Committee was formed to
recommend changes in the Guidelines, which
are expected to be finalized soon by the
Accident Committee.
*
The statements of Motor Claims experience
Statistics for the years 2007 and 2008 and
combined from 2006 to 2008 were reviewed
and finalized by the Committee. The member
companies were informed that the statistical
data was available for the perusal of authorized
record of Tracking Companies & performance
of their tracking devices. Statistics for the period
from 1st January, 2009 to 31st December, 2009
was under scrutiny of the Committee and will
be circulated to member companies shortly.
representatives of members at the Association's
offices at Karachi and Lahore.
*
A Summary of snatched / stolen vehicles with
Tracking Devices for the period from 1st
January, 2008 to 31st December, 2008 was
circulated to member companies showing the
13
SUMMARY OF THE ACTIVITIES OF FIRE SECTIONAL
COMMITTEE DURING THE YEAR 2009 - 2010
*
At the request of MEMBERS OF THE FIRE SECTIONAL COMMITTEE
Captain Suleman
Mahtab of National
Disaster Management
Authority (NDMA)
a meeting was held
on November 25,
2009 with the
Executive/Fire
Committee members
regarding National
Fire Safety Policy.
on Pakistan's National Fire
Safety Policy.
The Executive Committee
therefore, nominated Mr.
Mahmood Lotia as the
Association's nominee for
National Advisory Group
on Pakistan's National Fire
Safety Policy and Mr.
M o h a m m a d
Safdar,Chairman, Fire
Sectional Committee was
his alternate.
During the meeting
Capt.Suleman
Mahtab explained the
Capt. Suleman Mahtab of
Mrs. Shaheen H. Sumar (Vice-Chairperson),
main objective of
National Disaster
Mr. Mohammad Safdar (Chairman)
National Fire Safety
Management Authority
Mr. Mohammad Saleem & Syed Iqbal Hussain
Policy and Data
had sent the draft on
Mr. Kamran Arshad Inam, Mr. Muhammad Salim Iqbal,
assemblage which
National Fire Safety
Mr. Mumtaz Ali (Risk Surveyor),
Mr. Muhammad Ashraf (Superintendent Fire & Marine) &
was in process of
Policy through the
Mr. N.A. Usmani (Secretary General IAP)
development by the
courtesy of Mr. Mahmood
Government of Pakistan. He informed that
Lotia. The Fire Sectional Committee has made
NDMA had conducted extensive study of
comments on draft of National Fire Safety
existing legislations, codes and standards
Policy sent by Capt. Suleman Mahtab.The
pertaining to the Emergency Services in
Committee appreciated the work done by Capt.
Pakistan, resource mapping of Emergency
Suleman in drafting the first National Fire Safety
Services in major cities in order to find out the
Policy.
practical solutions to increase the effectiveness,
coordination, standardization and efficiency of * The Fire Sectional Committee continued
existing Fire / Emergency Services throughout
deliberation on IAP Guidelines / Rules. In this
Pakistan. In addition to that NDMA was also
connection some underwriters from the leading
in process of developing National, Provincial
member companies of the industry having good
and District Emergency Operation Centers,
knowledge of fire underwriting were taken for
Standard Operating Procedures (SOPs) and a
deliberating the matter. A Sub-Committee was
National Database for resources of Emergency
formed comprising the following members:
Services.
Mr. Kamaran Arshad Inam
Mr. Mahtab was of the view that IAP can play
Syed Murtaza Ali Shah
an important role towards the development of
Mr. Muhammad Zeeshan
National Fire Safety Policy and its effective
Mr. Haider Ali
and efficient implementation throughout
Mr. Muhammad Adnan Junaid
Pakistan and requested to nominate Association's
Mr. Tariq Mushtaq
Representatives for National Advisory Group
Syed Iqbal Hussain
14
The members of the Sub-Committee are of the
view that the existing fire Rules, Regulations
and rating part be segregated in the sections
namely A,B & C. The matter is still receiving
the attention of the Sub-Committee.
*
*
was of the view that it is very old document
and member companies have been using it over
the years therefore contents of the fire policy
were considered carefully. .
The Fire Sectional Committee worked out the
formation of Engineering Sub-Committee on
advice of Executive Committee and nominated
the following members to deal with Engineering
issues:
The Committee noted that at present the
Conditions and Exclusions have been stated
together in the current Fire Policy. It was,
therefore, agreed that Conditions and Exclusions
be described under separate heads to make
things more clear for insured.
Mr. Kamran Arshad Inam
Mr. Sheikh Ahsanullah
Mr. Aamir Nayab Ahmed
Mr. Muhammad Salim Iqbal
The Committee deliberated on preamble,
General Exclusions and Conditions in depth
and necessary amendments were made in the
document. .
On advice of Executive Committee the Fire
Sectional Committee reviewed Condition # 6
of Fire Policy. It was noted that the standard
Fire Policy wording used in our market was
subject to Condition # 6 which did not
specifically exclude the terrorism risk whereas
the Condition # 6 of RSD did not properly
define the terrorism risk and there was conflict
in wording. Therefore, it was felt that Condition
# 6 of the Fire Policy be reworded.
*
The statistics submitted by member companies
for the year 2008 was finalized and placed on
IAP's Website. A copy of finalized statistics
was sent to all Principal Representatives for
their information and record. Statistics submitted
by the member companies for the year 2009
are under consideration of the Committee.
Circular # F-5 dated December 09, 2009 was
issued by Fire Sectional Committee to members
for seeking their consent on proposed
amendment in Condition # 6 of RSD/RFD
Endorsements. By Circular F/TC-1 dated
December 31, 2009 members were informed
that the proposal contained in Circular # 5 dated
December 09, 2009 was approved and came
into force with effect from January 01, 2010.
*
Copies of amended versions of RSD & RFD
Endorsements were sent to each member
company alongwith the Circular.
*
The Fire Sectional Committee paid its undivided
attention on collection of statistics and the matter
was considered by the Committee at its all
monthly meetings held throughout the tenure.
Member companies were reminded time to time
to forward their statistical returns to the
Association in time so that maximum data could
be available for consideration of the Committee.
The Committee continued its efforts to develop
unified wording for Fire Policy. The Committee
15
By Circular # FPR-1 dated December 09, 2009
members were informed that the Association
does not monitor or advise any rating
mechanisms, therefore, the Fire Sectional
Committee cannot deliberate on matter
pertaining to sanction of hydrant discounts and
similar other discount applications. However
the Committee would only confirm the status
towards suitability of hydrant system and other
fire fighting arrangements together with
necessary guidelines to members and it would
be entirely at the discretion of the member
companies if they offer any incentives they
deem fit.
*
*
Proposal Circular # F-1 dated January 26, 2010
was issued to obtain the consent of the all the
member companies on proposed amendments
in Special Condition # 1, Standard Explosion
Clause. By Circular # F/TC-1 dated February
15, 2010 was issued informing members that
proposals contained in Circular # F-1 dated
January 26, 2010 had been approved by the
required majority of members and was brought
it into force with immediate effect.
The concept of Pre-Engineered Buildings (PEB)
was considered by the Fire Sectional Committee
earlier and it was decided that PEBs be classified
as Class II Construction. In order to find out
the basis to prove that the decision of the Fire
Committee was technically sound the matter
was considered by the Engineering SubCommittee who discussed all the technical
aspects relating to PEB structures and the
decision of Fire Sectional Committee was
endorsed by Engineering Sub-Committee.
*
During the period (July 2009 - June 2010) IAP's
Risk Surveyor carried out following risk
inspection and issued comprehensive reports
in this regard:
Textiles
Automobile Industries
Sugar Mills
Pharmaceutical
Packages/PET Industries
Miscellaneous
Total
The Fire Sectional Committee observed that
after amending Special Condition # 6 of Riot
and Strike Endorsement (RSD) and Riot Fire
Endorsement (RFD) it had become imperative
to amend Special Condition # 1 (Terrorism
Exclusion) in Standard Explosion Endorsement.
16
09
04
02
02
03
18
38
SUMMARY OF THE ACTIVITIES OF MARINE SECTIONAL
COMMITTEE DURING THE YEAR 2009 - 2010
*
*
Previously statistics MEMBERS OF THE MARINE SECTIONAL COMMITTEE In view of ambiguity in
the said Rule the matter
were collected from
was considered by the
the
member
Executive Committee and
companies but it was
it was felt that this matter
observed by the
involves discussions on a
Committee that
market level and should
members were facing
be handled at IAP level
a lot of difficulties in
so that the whole market's
providing statistics to
opinion was reflected.
the A s s o c i a t i o n
Accordingly the matter
because of lengthy
was deliberated by t h e
and complicated
Executive Committee at
statistical formats.
its various meetings and
The Committee had,
there was unanimity of
therefore, decided to
Mrs. Amna Sarfaraz, Mr. Brendan Thomas D'Lima (Chairman)
views that it would be
discontinue the
Mr. Muhammad Sohail Nazir (Vice-Chairman) & Syed Matin Ahmed
prudent that some
practice of collection
Syed Akbar Raza Naqvi, Mr. N.A. Usmani (Secretary General IAP)
modification be suggested
of statistics from the
Mr. Irtiza Abbas Kazmi,
member companies. Mr. Muhammad Ashraf (Superintendent Fire & Marine) & Mr. Wasim Abbas in the Rule in consultation
with SECP. Therefore, a
However a format for
Sub-Committee was constituted by the
compilation of figures from members' balance
sheet was devised by the Committee.
Executive Committee comprising of following
Accordingly the stats was compiled and placed
members who worked with the assistance of
on Association website.
renowned lawyers M/s. Orr, Dignam & C o ,
Advocates.
Previously the Committee's attention was drawn
to sub rules (1) & (2) of Rule 35 of SECP
Capt. Azhar Ehtesham Ahmed (Coordinator)
(Insurance) Rules 2002 pertaining to premium
Mr. Mujib Khan
payments. The matter was discussed by the
Mr. Fakhir Rahman
Committee and a question was raised that
Mr. Mahmood Lotia
Mr. Muhammad Ali Zeb
whether an insurer can repudiate the liability if
a cover note had been issued and premium had
not been paid or guaranteed. The Committee
The Executive Committee deliberated upon the
draft wording suggested by the working group
had sought legal opinion in the matter and
at its various meetings and final version of the
referred it to the Executive Committee for
draft was forwarded to SECP for its
seeking guidance.
consideration and necessary action.
17
SUMMARY OF THE ACTIVITIES OF
LAHORE REGIONAL COMMITTEE DURING THE YEAR 2009 - 2010
*
The Regional Office
of The Insurance
Association of
Pakistan , completed
38 years of
establishment on 31st
December, 2009, .
During the year,
various matters
including inspection
of risks, received the
attention of Lahore
Regional Committee
were considered and
dealt with in their
meetings.
MEMBERS OF THE LAHORE REGIONAL COMMITTEE
Mr. Satwat Mahmood Butt, Mr. Liaquat Ali Khan (Vice-Chairman LRC)
Mr. Fazal-ur-Rehman Malik (Chairman LRC) & Mr. M.K. Baig
Mr. Muhammad Khurshid (Asstt. Secretary LRO IAP),
Mr. S. Dawood Ali Shah (Secretary LRO IAP), Mr. Tahseen A. Khan (Observer),
Mr. Zeeshan Bakht & Mr. Usman Ali (Alternate of Mr. Nasir Ali)
* A
Cricket
To u r n a m e n t w a s
organized and final was
held on 21st March, 2010 which was keenly
contested by teams from 16 insurance companies
operating in Lahore region. It was a first ever
cricket Bonanza.
The Lahore Regional
Committee managed
to inspect a total number of 97 risks of the
textile mills in the region of Punjab & N.W.F.P.
There was complete co-ordination and liaison
between the Lahore Regional Committee, the
Sectional Committees and the Secretariat of
IAP, Karachi. .
*
An informative Memory Building Workshop
was organized on 17th February, 2010 in the
Auditorium of Hailey College of Banking &
Finance. This Workshop was conducted by a
renowned specialist trainer, Dr. Muhammad
Arif Siddiqui.
*
Visits to Pak Electron, Ferozepur Road, Lahore
on 16th March, 2010, High Noon Laboratory,
Multan Road, on 20th January, 2010 and
Kohinoor Energy, Raidwind Road, were
arranged which were very informative for
insurance people.
The Chartered Insurance Institute Examinations
were held in October, 2009 and April, 2010
under the supervision LRC. .
The following educational/leisure programs
were successfully conducted by the Lahore
Insurance Institute (LII) in collaboration with
Lahore Regional Committee of IAP:*
companies visited
Khawaja Spinning Mills,
Gujranwala on 7th
August, 2009. On 26th
November, 2009 a large
group of underwriters of
different Insurance
Companies visited
Packages Ltd., and
observed the various
manufacturing processes.
Seminar/Workshop on
Time Management held
on 23rd October, 2009
at Hotel Crown Plaza,
Lahore.
On 7th August, 2009, officers of a number of
18
SUMMARY OF THE ACTIVITIES OF
LIFE SECTIONAL COMMITTEE DURING THE YEAR 2009 - 2010
*
*
The Committee
devised a format for
collecting key
information of Life
Insurance Companies
which was forwarded
to all member
companies with a
request to provide
data for the year
2009.
The Committee
discussed and
suggested that the
following be
included in the
proposals to SECP:
MEMBERS OF THE LIFE SECTIONAL COMMITTEE
Mr. Hashim Sadiq Ali, Mr. Mohammad Ali Ahmed (Vice-Chairman),
Mr. Maheen Yunus (Chairman) & Mr. Manzoor Ahmed
Mr. N.A. Usmani (Secretary General IAP) &
Mr. M. Numan Shaikh (Superintendent Accident)
Submission of Statement of Assets & Liabilities
was required by SECP to be submitted within
6 weeks of accounts closing whereas in the
Companies Ordinance this requirement was 4
months. For extension in time to file returns,
every company has to seek prior permission
from SECP each time. The Committee suggested
to pursue SECP to align the said laws.
*
Tax credit was available to customers on mutual
fund investments. With respect to life insurance,
such tax incentives would help channel savings
towards this industry. Moreover, if the tax credit
is granted to the insurance sector it would
increase insurance penetration, the size of the
overall pie and generate funds for the insurance
companies to mobilize the economy and play
a much larger role in creating a savings culture
in the country.
insurance industry.
* Impact of IFRS-4 &
IFRS-1 on the reporting
formats for life
companies was reviewed
by the Committee. It was
noted that guidelines in
this regard have been
provided by the SECP.
Since life companies
were better equipped in
terms of technical
resources as well as more
detailed/regular internal
reporting, no major
hurdles were expected in
implementation of these
standards.
Association was informed that in middle of
February, 2010, Large Tax Payers Unit (LTU)
of FBR, Karachi had issued notices to certain
Life Insurance Companies who had shown
amounts in their Annual Reports on account of
payment to policyholders on maturity of
investment-linked or unit-linked policies.Tax
department drew companies' attention that by
virtue of Section 151(1) (d) of the Income Tax
Ordinance, 2001, the companies were required
to withhold tax on the investment gain portion
of the payment made to the policyholders on
maturity @ 10% as specified in Division I of
Part III of the First Schedule. The department
had, therefore, advised the companies to explain
their position in this regard with supporting
documentary evidence.
The Committee carefully examined Section
151(1) (d) and felt that it does not apply to such
payments to policyholders and was also not
The above proposals were submitted to SECP
along with other proposals pertaining to the
19
representatives of SLIC was also held with ,
Taxation Sub-Committee on 16th March 2010,
wherein it was felt that payments to
policyholders were made by the companies on
maturity of policies on the basis of terms
mentioned therein, which was legally a contract
and not an instrument. Therefore, Section 151(1)
(d) does not apply to Life Insurance Companies
and that Section 151 clearly refers to Profit on
Debt.
applicable to payments on maturity to the
assured as insurance policy was a contract
between the company and assured. The Section
151 pertains to "Profit on Debt" and perhaps
LTU was referring to the interest being given
by banks, i.e. instrument linked product.
Therefore, this section clearly does not apply
in the manner as pointed o u t b y t h e t a x
department.
A joint meeting of members of Life Sectional
Committee, CFOs of Life Companies and
20
MARKET OVERVIEW
OF
NON LIFE
INSURANCE INDUSTRY
IN
PAKISTAN
21
NON LIFE INSURANCE PRIVATE SECTOR
Balance Sheet
Profit and Loss Account
as at 31st December
2009
2008
2007
Rs. in million
Equity
Issued, Subscribed & Paid up Capital
Reserves and Retained Earnings
Surplus on revaluation of fixed assets
Adv.Agst issue of right shares
Underwriting Provisions
Provisions for Outstanding Claims
(including IBNR)
Provision for Unearned Premium - Net
Commission Income Unearned
Additional Provision for Unexpired Risk
Total
10,962.17
44,927.36
55,889.53
767.22
-
11,145.42
41,504.40
52,649.82
951.62
-
7,711.11
50,699.27
58,410.38
14,201.65
14,951.49
951.12
61.90
30,166.16
14,727.11
14,403.07
1,010.41
30,140.59
16,681.94
13,985.50
1,028.00
78.38
32,633.74
9,800.50
11,665.15
745.28
15.68
22,226.61
Deferred Liabilities
Liability against Finance Lease
Creditors and Accruals
Surplus of Fix Assets/Short Term Finance
Other Liabilties
360.96
7,429.13
188.91
2,026.20
186.28
20.52
5,135.78
876.74
2,802.73
111.26
251.57
5,803.93
678.04
2,344.77
94.93
6.20
4,036.27
708.37
1,449.01
Total Equity and Liabilities
96,828.11
92,764.08
100,233.69
54,709.70
Cash and Bank Deposits
Loans - Secured Considered Good
Investment
Investment Properties
Deferred Tax
9,417.32
253.96
52,206.14
866.28
145.49
9,455.61
50.82
49,457.48
698.57
190.96
8,291.33
177.86
59,094.15
458.61
221.85
7,229.79
48.52
25,309.91
438.02
71.35
Reinsurance Recoveries Against
Outstanding Claims
7,844.70
7,800.41
9,256.95
4,352.93
Deferred Commission Expense
1,515.42
1,510.50
1,508.35
1,254.05
Other Assets
Capital Work
Fixed Assets
Leased Assets
Negative Goodwill
19,323.53
22.01
4,893.15
340.11
-
18,681.66
117.01
4,706.58
94.48
-
16,872.90
25.83
4,232.58
93.28
-
12,675.03
16.80
3,257.74
125.29
(69.73)
Total Assets
96,828.11
92,764.08
100,233.69
54,709.70
Asset At Market Value
BALANCE SHEET RATIO
Net Working Capital (Rs.)
Current Ratio
Total Assets/Net Worth
Break up Value
12,928.57
1.55
1.73
50.98
-
13,272.06
-
9,081.12
1.36
1.72
75.75
-
50000
-
2009
0
2006
2007
2008
Less: Net Commission
1,443.37
(1,639.66)
(1,185.93)
(1,199.50)
Underwriting Balance
2,668.68
2,282.18
606.87
2,255.37
Investment Income
3,055.94
(4,020.07)
34,417.19
13,272.49
Rental Income
196.52
193.71
155.58
122.88
Other Income
708.83
687.89
524.34
403.97
(2,461.60)
(3,813.02)
(1,909.50)
(1,595.16)
4,168.37
(4,669.30)
33,794.48
14,459.55
696.60
486.52
3,471.77
(5,155.82)
33,568.68
13,807.24
APPROPRIATIONS
Balance unappropriated profit at
end of previous year
Profit after tax for the year
Dividend
Reserve for Bonus share
General Reserve
Other
Sub Total
11,120.66
3,471.77
32.38
66.70
(6,058.24)
7.48
5,951.68
37,001.81
(5,155.82)
1,538.95
1,478.58
17,767.81
0.02
20,785.36
15,138.89
33,568.73
1,341.21
1,303.35
9,019.91
0
11,664.48
4,775.04
0.40
954.55
831.49
1,673.16
0
3,459.20
Balance Unappropriated profit at end of year
20,544.11
11,060.63
37,043.15
15,123.08
(61.05)
12.45
(22.23)
(6.63)
2.46
32.38
38.97
(62.35)
(22.52)
(20.44)
(7.16)
(4.63)
1,478.58
(70.69)
165.39
(20.23)
(5.84)
43.53
1,385.75
(61.97)
77.16
(18.77)
(6.70)
25.08
954.55
831.49
2009
2000
2009
0
20000
15000
10000
5000
2007
2008
2009
2006
2007
2008
2009
2006
Note: The amounts on y-axis represent Rs. in millions.
22
2007
2008
0
2006
2007
2008
2009
Dividend & other Appropriation
40000
35000
30000
25000
20000
15000
10000
5000
0
-5000
-10000
4000
(652.31)
Net Premium Underwitten
Net Profit after tax
6000
-
25000
2006
8000
2008
(3,358.29)
Claims Incurred
10000
2007
(4,105.05)
Cash and Bank Balances
Investments
2006
(4,679.61)
16000
14000
12000
10000
8000
6000
4000
2000
0
10000
2008
4,846.66
UNDERWRITING RATIOS
Claims incurred to net premium
Net Profit to net premium
Management expenses to net premium
Commission to net premium
Earning per share of Rs.10/= each
Cash Dividend
Stock Dividend
20000
2007
Less: Expenses
Profit After Tax
30000
2006
17,894.38
7.14
(11,088.36)
Equity Growth
100000
2006
20,296.14
(50.50)
(14,347.79)
Taxation
40000
2007
22,897.81
(19.81)
(14,276.55)
Profit Before Tax
8,971.97
1.59
2.09
47.57
2008
22,242.93
(47.57)
13,236.65
General and administration expenses
52,245.33
2009
Rs. in million
Revenue Account
Net Premium Revenue
Premium Deficiency reversal/(expense)
Less: Net Claims
5,505.20
20,683.11
26,188.31
859.92
-
Balance Sheet Growth
150000
70000
60000
50000
40000
30000
20000
10000
0
for the year ended 31st December
2006
2009
25000
20000
15000
10000
5000
0
-5000
-10000
2006
2007
2008
2009
NON LIFE INSURANCE PUBLIC SECTOR
NATIONAL INSURANCE COMPANY LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
Authorised Share Capital
Issued, Subscribed and Paid up Capital
Reserves and retained earnings
Provision for outstanding claims
(including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Total
Creditors And Accruals
Other Liabilities
Total Equity And Liablities
Cash And Bank Deposits
Investments
Deferred Tax
Reinsurance Recoveries
Against Outstanding Cliams
6,000.00
6,000.00
6,000.00
6,000.00
2,000.00
13,728.79
15,728.79
2,000.00
12,104.69
14,104.69
2,000.00
11,554.42
13,554.42
2,000.00
9,818.29
11,818.29
5,041.47
3,109.99
34.79
8,186.25
3,178.89
2,731.71
34.20
5,944.80
3,299.03
2,112.23
36.64
5,447.89
3,275.00
1,347.00
28.17
4,650.17
511.99
344.26
302.53
272.46
2,256.07
1,780.33
1,994.20
1,184.29
125.49
78.55
255.39
249.33
26,808.59
22,252.63
21,554.44
18,174.54
3,486.58
4,807.04
26.77
25.30
5,961.76
.
33.35
5,136.32
.
32.29
10,955.61
10,979.51
10,319.70
9,164.93
4,471.84
647.35
528.54
555.51
238.77
486.76
64.24
50.35
3,253.27
1,660.10
1,922.29
1,963.22
-
Other Assets
-
4,035.59
Fixed Assets
TOTAL ASSETS
-
3,564.20
2,629.70
340.17
82.38
94.85
103.67
26,808.59
22,252.63
21,554.44
18,174.54
Earning per share
Cash Dividend
Stock Dividend
12.66
(500.00)
-
5.25
(500.00)
-
11.18
(500.00)
-
7.72
(500.00)
-
2006
2007
2008
1,028.25
235.86
380.24
Expenses
452.19
350.35
300.84
280.54
Net Commission / (Income)
Underwriting Balance
(63.94)
1,630.09
(58.45)
1,583.38
(54.57)
1,951.04
(55.46)
1,511.32
Investment (Loss) / Income
2,011.41
(389.17)
1,446.00
928.09
156.57
140.91
108.51
91.16
Other Income
Exchange Gain
18.81
126.11
(357.40)
0.79
472.97
(295.27)
10.98
(213.71)
17.30
(168.25)
Profit Before Tax
3,585.59
1,513.62
3,302.81
2,379.61
(1,052.85)
(463.34)
(1,066.68)
(836.15)
2,532.75
1,050.28
2,236.14
1,543.46
APPROPRIATIONS
Balance unappropriated profit at end of previous year 1,704.70
Profit after tax of the year
2,532.75
Dividend
(500.00)
Reserve for exceptional losses
(600.00)
General Reserve
(500.00)
(1,600.00)
2,254.42
1,050.28
(500.00)
(500.00)
(600.00)
(1,600.00)
1,618.29
2,236.14
(500.00)
(600.00)
(500.00)
(1,600.00)
1,674.82
1,543.46
(500.00)
(600.00)
(500.00)
(1,600.00)
2,637.45
1,704.70
2,254.42
1,618.28
32.83
84.28
15.05
(2.13)
35.41
36.17
12.07
(2.01)
9.69
91.90
12.36
(2.24)
17.96
72.92
13.25
(2.62)
Net Claims
1200
1000
800
600
400
200
0
5000
2009
0
Investments
11500
11000
10500
10000
9500
9000
8500
8000
986.65
Underwriting Ratios
10000
2008
Net Claims
15000
2007
2,116.63
Profit After Tax
20000
2006
2,433.16
Equity Growth
30000
25000
20000
15000
10000
5000
0
2006
2007
2008
2009
2009
2006
2007
2008
2006
2007
2008
Net Premium Revenue
2009
7000
6000
5000
4000
3000
2000
1000
0
3000
2500
2000
1500
1000
500
0
2009
23
2006
2,903.52
Provision for taxation
Assets at Market Value
2007
3,004.99
Rental Income
1,168.25
2008
Rs. in million
Revenue Account
Net Premium Revenue
Premium deficiency reversal/(expense)
-
2009
3500
3000
2500
2000
1500
1000
500
0
2006
2007
2008
2009
Dividend & other Appropriation
1620
1600
1580
1560
1540
1520
1500
1480
1460
1440
2006
2007
2008
2009
2006
2007
2008
2009
Market Overview
of
Life Insurance Industry
in
Pakistan
25
LIFE INSURANCE PRIVATE SECTOR
Balance Sheet
Rs. in million
Statutory Fund
as at 31st December
Share
holders
Fund
Individual Individual
Unit
Life
Group
Linked Conventional Life
Fund
Group Accident
Pension & Health
Aggregate Aggregate Aggregate Aggregate
2009
2008
2007
2006
Share Capital and Reserves
4,400.00
4,400.00
3,000.00
3,000.00
2,250.00
Issued, subscribed and paid up Share Capital
3,366.74
3,366.74
2,290.72
1,979.12
1,452.12
520.79
520.79
175.33
481.91
(92.38)
3,887.53
3,887.53
2,466.05
2,461.03
1,359.74
Reserves & Retained Earnings
Net Shareholders' Equity
Balance of statutory fund
0.00
21,037.21
2,671.24
0.00
37.75
380.48
24,126.68
16,278.06
17,805.25
11,016.36
9.72
0.00
0.00
0.00
0.00
0.00
9.72
6.59
4.73
46.72
223.72
1,394.29
1,258.07
0.00
2.62
176.47
3,055.17
2,073.68
1,635.90
1,260.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
17.50
17.15
0.00
233.44
22,431.50
3,929.31
0.00
40.37
556.94
27,191.57
18,375.84
19,463.03
12,323.08
4,120.97
22,431.50
3,929.31
0.00
40.37
556.94
31,079.10
20,841.88
21,924.06
13,682.82
214.82
3,079.44
354.56
0.00
0.56
71.37
3,720.75
4,944.03
3,507.89
2,638.86
64.92
7.01
68.62
0.00
0.00
0.10
140.65
79.82
76.39
68.72
2,408.11
18,694.51
3,154.57
0.00
40.33
330.98
24,628.50
13,894.71
17,199.04
10,146.83
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13.56
0.00
0.00
0.00
0.00
0.00
13.56
6.00
0.00
0.00
Other Assets
838.53
647.40
293.67
0.00
(1.32)
150.47
1,928.77
1,395.42
688.19
465.14
Tangible assets
540.26
3.14
57.87
0.00
0.80
4.02
606.09
501.10
439.77
361.24
Intangible assets
40.78
0.00
0.00
0.00
0.00
0.00
40.78
20.72
12.78
2.03
4,120.97
22,431.50
3,929.31
0.00
40.37
556.94
31,079.10
20,841.88
21,924.06
13,682.82
0.00
0.00
0.00
-
Other Liability
TOTAL LIABILITIES
TOTAL EQUITY & LIABILITIES
Loans
Investments (Net)
Investment in properties
Deferred Taxtation
TOTAL ASSETS
ASSETS AT MARKET VALUE
BALANCE SHEET RATIOS
Net Working Capital
-
-
-
-
-
-
-
-
-
Current Ratio
-
-
-
-
-
-
-
-
-
Total Assets / Net Worth
-
-
-
-
-
-
-
-
-
-
Break -up Value
-
-
-
-
-
-
-
-
-
-
26
Revenue Account
Rs. in million
Statutory Fund
Individual Individual
Unit
Life
Group
Linked Conventional Life
Fund
Group Accident
Pension & Health
2009
2008
2007
2006
Net Premium Income
8,842.88
2,809.12
0.00
11.74
740.28
12,404.02
11,090.57
8,100.97
5,887.30
Net Investment Income
4,259.45
350.73
0.00
5.70
42.72
4,658.60
(3,785.79)
3,885.43
875.30
3.75
18.83
0.00
0.00
9.22
31.80
18.95
36.68
31.37
13,106.08
3,178.68
0.00
17.44
792.22
17,094.42
7,323.73
12,057.76
6,793.97
Net Claims
1,718.38
1,026.64
0.00
2.25
460.11
3,207.38
3,309.01
2,217.18
1,695.91
Net Management Expenses
3,532.18
1,477.59
0.00
1.51
204.77
5,216.05
4,422.65
2,906.68
1,899.13
Total claims and expenditures
5,250.56
2,504.25
0.00
3.76
664.88
8,423.45
7,731.66
5,158.54
3,595.04
Excess of Income over Claims and Expenditure
7,855.52
674.43
0.00
13.68
127.34
8,670.97
(407.92)
6,899.22
3,198.93
Add : Policyholder Liabilities at Beginning of Year
13,347.40
1,968.14
0.00
27.33
195.29
15,538.16
16,654.74
10,575.20
7,861.41
Less : Policyholder Liabilities at End of the Period
20,536.01
2,342.61
0.00
38.75
335.60
23,252.97
13,499.59 (16,654.73) (10,575.19)
666.91
299.96
0.00
2.26
(12.96)
956.17
708.66
819.69
485.50
Movement in policy holder liabilities
7,188.62
374.47
0.00
11.42
140.30
7,714.81
(1,116.59)
6,079.52
2,713.79
Transfers to or from Shareholders' Fund
(485.71)
(408.94)
0.00
(3.65)
(47.86)
(946.16)
(519.55)
(709.96)
(302.44)
0.00
56.98
0.00
0.00
65.76
122.74
(599.62)
599.61
0.00
Balance of Statutory Fund at Beginning of Year
13,671.21
2,345.14
0.00
27.71
233.99
16,278.05
17,805.17
11,016.35
8,119.85
Balance of Statutory Fund at End of the Period
21,041.02
2,667.62
0.00
37.75
379.22
24,125.61
16,278.07
17,805.21
11,016.35
527.04
309.39
0.00
0.00
68.32
904.75
13,763.48
1,624.79
1,072.15
20,536.01
2,342.61
0.00
38.75
335.60
23,252.97
1,899.03
16,654.75
10,575.20
(22.03)
15.62
0.00
(1.00)
(24.70)
(32.11)
615.56
(474.33)
(631.00)
21,041.02
2,667.62
0.00
37.75
379.22
24,125.61
16,278.07
17,805.21
11,016.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Net profit to net premium
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Other Income
Total Net Income
Surplus/(Deficit)
Capital contributed from share holders fund
Represented by:
Capital contributed by Shareholders' fund
Policyholders' liabilities
Retianed earnings on other than participating business
Balance of Statuory Fund
REVENUE ACCOUNT RATIOS
27
Aggregate
2009
Aggregate
2008
Net Investment income not attributable to statutory funds
Gain / (Loss) on sale of investments
Total Investment Income
Other revenue
Total Investment Income and other revenues
Less Expenses not attributable to statutory funds
Profit / (Loss) before appropiation of surplus to shareholders fund
Add: Surplus appropiated to Shareholders fund from ledger A/C D
Profit/(Loss) before tax
Extra Ordinary Items - Deferred Tax
Profit/(Loss) before tax and after extraordinay items
Taxation
Profit/(Loss) after tax
APPROPRIATIONS
257.42
(281.40)
23.98
17.35
(6.63)
(135.86)
(142.49)
890.86
748.37
14.31
0.00
(13.22)
749.46
117.38
719.92
602.54
122.68
725.22
43.38
768.60
526.06
(242.54)
1.19
241.35
191.84
(433.19)
78.27
809.54
887.81
148.19
1,036.00
(28.09)
107.91
708.01
1,715.92
0.00
1,715.92
(267.74)
1,448.18
73.74
73.69
147.43
22.46
169.89
(14.11)
155.78
334.47
490.25
(0.80)
489.45
(114.41)
375.04
Balance at commencement of the year
Transfer to General Reserve
Share Deposit Money Received
Proposed Dividend
Right Share issued
Capital (contributed)/during the year
Capital withdran during the year
Balance upappropriated profit at the end of the year
674.49
749.46
0.00
0.00
(337.50)
0.00
138.81
(64.85)
1,160.41
2,461.02
(433.19)
0.00
61.60
(216.56)
0.00
39.10
632.27
2,466.04
869.71
1,448.18
20.00
(200.00)
(76.25)
327.00
(603.10)
5.47
1,791.01
(402.02)
375.04
(60.00)
(90.00)
(73.35)
0.00
(32.04)
0.00
(282.37)
8.72
5.50
0.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
15.00
PROFIT AND LOSS ACCOUNT RATIOS
Earning per share
Cash Dividend
Stock Dividend
Equity Growth
40000
30000
20000
10000
0
2005
2006
2007
2008
30000
25000
20000
15000
10000
5000
0
Investments
30000
25000
20000
15000
10000
5000
0
2005
2006
2007
2005
2006
2007
Claim Incurred
3500
3000
2500
2000
1500
1000
500
0
2008
2008
2005
2006
2007
2005
2006
2007
Net Premium Underwritten
2008
6000
5000
4000
3000
2000
1000
0
Aggregate
2007
Rs. in million
Aggregate
2006
2000
1500
1000
500
0
-500
-1000
2008
28
14000
12000
10000
8000
6000
4000
2000
0
2005
2006
2007
2008
Dividend and other appropriations
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2005
2006
2007
2008
2005
2006
2007
2008
LIFE INSURANCE PUBLIC SECTOR
STATE LIFE INSURANCE CORPORATION OF PAKISTAN
Balance Sheet
Rs. in million
Statutory Fund
as at 31st December
Share
holders
Fund
Pakistan Overseas
Life
Life
Fund
Fund
Pension Aggregate Aggregate Aggregate Aggregate
Fund
2009
2008
2007
2006
1,500.00
1,500.00
1,500.00
1,000.00
1,000.00
1,100.00
318.77
1,418.77
1,100.00
318.77
1,418.77
1,100.00
96.22
1,196.22
900.00
230.52
1,130.52
900.00
282.74
1,182.74
194,924.80
4,371.95
148.53 199,445.29 177,459.13 156,737.30 137,959.78
-
1,258.95
10.45
-
1,269.40
1,117.67
1,028.98
1,034.77
-
15,246.50
305.38
0.06
15,551.93
13,344.61
10,924.66
9,271.36
TOTAL LIABILITIES
-
211,430.25
4,687.78
148.59 216,266.61 191,921.41 168,690.94 148,265.91
1,418.77 211,430.25
4,687.78
148.59 217,685.38 193,117.63 169,821.46 149,448.65
TOTAL EQUITY AND LIABILITIES
282.71
12,630.77
2,024.31
Loans
328.89
15,665.25
407.41
Investments (Net)
510.59 174,618.59
2,014.51
-
-
6.69
14,944.49
18,176.50
11,718.60
14,332.44
-
16,401.55
13.601.82 11,446.19
9,295.72
130.16 177,273.84 151,424.13 137,342.38 118,024.91
-
-
8,362.59
236.43
11.73
153.05
5.12
1,418.77 211,430.25
4,687.78
-
2,437.23
2,331.22
2,337.74
8,907.33
7,353.47
6,913.69
5,397.10
158.17
124.48
60.38
60.74
Deferred Taxtation
Other Assets
Tangible assets
296.58
-
-
Intangible assets
TOTAL ASSETS
148.59 217,685.38 193,117.63 169,821.46 149,448.65
Net Working Capital
Current Ratio
Break -up Value
-
-
29
-
-
-
-
-
-
Revenue Account
Rs. in million
Statutory Fund
Sholder's Pakistan Overseas
Life
Life
Fund
Fund
Fund
Fund
2009
2008
2007
2006
Net Premium Income
27,303.13
1,040.84
22.94
28,366.91
22,695.27
18,716.70
15,991.57
20,659.78
490.08
13.93
21,163.80
18,696.91
17,103.56
14,678.55
Net Rental Income
274.15
341.92
316.44
163.73
Total Net Income
48,237.07
274.15
1,530.92
36.87
49,804.86
41,734.11
36,136.69
30,833.85
Net Claims
15,334.93
373.78
14.87
15,723.59
12,778.77
10,782.85
8,912.10
11,280.86
349.40
0.18
11,630.43
7,998.49
6,264.84
6,479.57
26,615.79
723.18
15.05
27,354.02
20,777.25
17,047.70
15,391.67
21,621.28
807.74
21.82
22,450.84
20,956.86
19,089.00
15,442.18
171,033.80
3,559.38
126.71 174,719.90 155,416.83 136,719.88 122,007.60
192,535.87
4,357.52
145.61 197,038.99 (174,719.90) (155,416.83) (136,719.87)
Surplus/(Deficit)
119.22
9.61
Total Taxes
(75.01)
Surplus (Deficit) After Tax
-
-
2.92
131.75
1,653.79
392.04
(75.01)
117.36
(54.53)
729.91
(28.92)
44.20
9.61
2.92
56.73
1,771.16
337.51
700.99
21,502.06
798.14
18.89
22,319.09
19,303.06
18,696.96
14,712.26
(384.50)
(5.17)
(389.67)
(352.39)
(256.94)
(228.66)
173,763.04
3,569.38
126.71 177,459.13 156,737.30 137,959.77 122,775.18
194,924.80
4,371.95
148.53 199,445.29 177,459.13 156,737.30 137,959.77
192,535.87
4,357.52
145.61 197,038.99 174,719.90 155,416.83 136,719.87
2,388.94
14.44
194,924.80
4,371.95
-
Represented by:
2.92
2,406.30
2,739.23
1,320.47
1,239.90
148.53 199,445.29 177,459.13 156,737.30 137,959.77
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Rs. in million
Aggregate
2006
Aggregate
2009
Aggregate
2008
Aggregate
2007
109.16
95.77
85.25
81.48
109.16
95.77
85.25
81.48
109.16
95.77
85.25
81.48
(2.42)
(1.95)
(1.70)
(1.36)
106.74
93.82
83.55
80.12
389.67
352.39
256.94
228.66
496.41
446.22
340.49
308.78
496.41
446.22
340.49
308.78
(177.65)
(150.00)
(109.97)
(26.04)
318.77
296.22
230.52
282.74
296.22
230.52
282.74
134.44
Transfer to Bonus shares
Proposed Paid Dividend
318.77
296.22
230.52
282.74
296.22
230.52
282.74
134.44
318.77
296.22
230.52
282.74
28.98
-
26.93
-
25.61
-
31.41
-
Other revenue
Taxation
APPROPRIATIONS
Earning per share
Cash Dividend
Stock Divic=dend
Equity Growth
250000
200000
150000
100000
50000
0
2004
2005
2006
2007
1600
1400
1200
1000
800
600
400
200
0
2005
2006
2007
Investments
200000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
2004
350
300
250
200
150
100
50
0
15000
10000
5000
2005
2006
2007
0
2004
2005
2006
2004
2005
2006
2007
20000
2004
Claims Incurred
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
2007
31
2004
2005
2006
30000
25000
20000
15000
10000
5000
0
2004
2005
2006
2007
2007
2004
2005
2006
2007
Balance Sheet
Rs. in million
Statutory Fund
as at 31st December
Share
holders
Fund
Pakistan Overseas
Life
Life
Fund
Fund
Fund
2008
2007
2006
2005
1,500.00
1,500.00
1,000.00
1,000.00
1,000.00
1,100.00
96.22
1,196.22
1,100.00
96.22
1,196.22
900.00
230.52
1,130.52
900.00
282.74
1,182.74
900.00
134.00
1,034.00
173,763.04
3,569.38
126.71 177,459.13 156,737.30 137,959.78 122,776.00
-
1,109.39
8.28
-
13,126.19
218.39
TOTAL LIABILITIES
-
187,998.61
3,796.05
126.75 191,921.41 168,690.94 148,265.91 130,983.00
1,196.22 187,998.61
3,796.05
126.75 193,117.63 169,821.46 149,448.65 132,017.00
279.08
15,827.38
2,068.02
Loans
298.38
12,966.48
336.96
Investments (Net)
425.22 149,668.62
1,214.94
-
2,437.23
-
193.54
6,976.89
173.66
122.02
2.46
1,196.22 187,998.61
3,796.05
0.04
1,117.67
1,028.98
1,034.77
92.00
13,344.61
10,924.66
9,271.36
8,115.00
2.02
18,176.50
11,718.60
14,332.44
14,315.00
-
13,601.82
11,446.19
9,295.72
7,796.00
115.35 151,424.13 137,342.38 118,024.91 101,774.00
-
2,437.23
2,331.22
2,337.74
2,309.00
9.38
7,353.47
6,913.69
5,397.10
5,760.00
124.48
60.38
60.74
62.00
Deferred Taxtation
Other Assets
Tangible assets
-
-
Intangible assets
TOTAL ASSETS
126.75 193,117.63 169,821.46 149,448.65 132,017.00
Net Working Capital
Current Ratio
Break -up Value
-
-
32
-
-
-
-
-
-
Revenue Account
Rs. in million
Statutory Fund
Sholder's Pakistan Overseas
Life
Life
Fund
Fund
Fund
Fund
2008
2007
2006
2005
Net Premium Income
21,867.07
817.20
11.00
22,695.27
18,716.70
15,991.57
13,819.00
17,807.70
876.06
13.15
18,696.91
17,103.56
14,678.55
12,878.00
341.92
341.92
316.44
163.73
153.00
Total Net Income
40,016.70
1,693.26
24.15
41,734.11
36,136.69
30,833.85
26,850.00
Net Claims
12,534.12
231.02
13.63
12,778.77
10,782.85
8,912.10
7,654.00
7,718.99
279.39
0.12
7,998.49
6,264.84
6,479.57
5,017.00
20,253.11
510.40
13.74
20,777.25
17,047.70
15,391.67
12,671.00
19,763.59
1,182.86
10.41
20,956.86
19,089.00
15,442.18
14,179.00
Net Rental Income
152,929.40
2,371.13
116.30 155,416.83 136,719.88 122,007.60 108,056.00
(171,033.80)
(3,559.38)
(126.71) (174,719.90) (155,416.83) (136,719.87) (122,007.00)
1,659.19
(5.39)
-
1,653.79
392.04
729.91
108.92
8.44
-
117.36
(54.53)
(28.92)
36.00
1,768.10
3.05
-
1,771.16
337.51
700.99
192.00
18,104.40
1,188.25
10.42
19,303.06
18,696.96
14,712.26
13,951.00
(348.13)
(4.26)
(352.39)
(256.94)
(228.66)
(176.00)
154,238.66
2,382.34
116.30 156,737.30 137,959.77 122,775.18 108,808.00
173,763.04
3,569.38
126.71 177,459.13 156,737.30 137,959.77 122,775.00
171,033.80
3,559.38
126.71 174,719.90 155,416.83 136,719.87 122,008.00
2,729.23
10.00
173,763.04
3,569.38
Surplus/(Deficit)
Total Taxes
Surplus (Deficit) After Tax
-
228.00
Represented by:
1,239.90
767.00
126.71 177,459.13 156,737.30 137,959.77
-
2,739.23
1,320.47
122,775.00
-
-
-
-
-
55.72
55.00
-
-
-
-
-
1.39
1.39
-
-
-
-
-
40.50
36.00
-
-
-
-
-
-
-
33
Rs. in million
Aggregate
2005
Aggregate
2008
Aggregate
2007
Aggregate
2006
95.77
85.25
81.48
74.00
95.77
85.25
81.48
74.00
95.77
85.25
81.48
74.00
(1.95)
(1.70)
(1.36)
(2.00)
93.82
83.55
80.12
72.00
352.39
256.94
228.66
176.00
446.22
340.49
308.78
248.00
446.22
340.49
308.78
148.00
(150.00)
(109.97)
(26.04)
(114.00)
296.22
230.52
282.74
134.00
230.52
282.74
134.44
113.00
Transfer to Bonus shares
Proposed Paid Dividend
296.22
230.52
282.74
134.00
230.52
282.74
134.00
113.00
296.22
230.52
282.74
134.00
26.93
-
25.61
-
31.41
-
14.94
-
Other revenue
Taxation
APPROPRIATIONS
Earning per share
Cash Dividend
Stock Divic=dend
200000
150000
100000
50000
0
2004
2005
2006
2007
1250
1200
1150
1100
1050
1000
950
900
Investments
160000
140000
120000
100000
80000
60000
40000
20000
0
Claims Incurred
Equity Growth
250000
2004
2005
2006
14000
12000
10000
8000
6000
4000
2000
0
2007
350
300
250
200
150
100
50
0
15000
10000
5000
2005
2006
2007
0
2004
2005
2006
20000
15000
10000
5000
2004
2005
2006
2007
20000
2004
25000
2007
34
2004
2005
2006
0
2004
2005
2006
2007
2007
2004
2005
2006
2007
A SYNOPSIS OF THE
PROCEEDINGS OF FAIR
INTERNATIONAL INSURANCE
CONFERENCE ON POLITICAL VIOLENCE
By
Dr. Mumtaz A. Hashmi
35
A SYNOPSIS OF THE PROCEEDINGS
OF FAIR INTERNATIONAL INSURANCE CONFERENCE
ON POLITICAL VIOLENCE HELD IN APRIL 2010
Dr. Mumtaz A. Hashmi
Prologue
At a time, when Pakistan has been going through a very difficult time for it being the fore-runner in the
war against terrorism, indeed the decision to hold an international conference on Political Violence was
a bold avant-garde initiative by the council of Pakistan Insurance Institute (PII). Federation of Afro Asian
Insurers and Reinsurers (FAIR) supported the event by encouraging the foreign delegates to make the
event purposeful by their presence in good number. Conference success could be gauged from the fullhouse show right from the welcome dinner through the conference till the ceremonial vote of thanks on
the afternoon of the closing day of the conference.
While there was a lot to learn for the eager attendees, the kick start of the formal conference sessions with
the thundering folk drum-beats of Punjab and the cultural show after the gala dinner, was over whelmingly
enjoyed by all the delegates, specially the foreign visitors.
Enthusiastic ownership and dedicated indulgence of Tahir Ahmed, Chairman, Insurance Association of
Pakistan, and encouragement and support of Saifuddin Zoomkawala, Chairman, PII together with resilience
and untiring efforts of Farzana Siddiq, Executive Director, PII for conceptualizing, organizing and managing
an unprecedented mega event in the history of Pakistan's insurance industry, deserved a thumping applause.
The conference commenced with recitation form Holy Quran, followed by National Anthem and an
absorbing documentary depicting the real image of the vibrant Pakistan (much appreciated by the foreign
visitors).
Following, welcome address by Saifuddin Zoomkawala, Chairman, PII, Salman A. Shaikh, Chairman,
Securities and Exchange Commission of Pakistan (SECP) as a guest of honor, in his key note speech
highlighted insurance related recent legal reforms, and emphasized on the availability of solutions to cover
loss or damage due to terrorism.
Highly interactive discussions between the delegates and the panel of speakers of each session, followed
the respective sessions. Though few presenters did suggest solutions in respect of terrorism risk via creation
of a mandatory risk-pool, having active participation from the industry and patronage / facilitation (including
financial support) from Pakistan's Government, however the conference ended without making any formal
recommendations.
In the following paras, the writer, being one of the delegates, has endeavored to summarize his
understanding of each presentation.
Morning Session - 12 April 2010
Executive Director (Insurance), SECP - Nasreen Rashid (Ms) was the chairperson of the session.
Andrew Bauckham, Chaucer Syndicates, Lloyds of London delivered the first presentation of the
conference on the topic 'Political Violence Insurance - Underwriting Considerations in a Dynamic Pakistan
Industry.' A comprehensive thesis like speech started with a brief on Chaucer's history of underwriting
Political Violence, its current improved underwriting performance and sizeable increase in its capacity to
£ 634, Bauckham shared Chaucer's future plan to reach £1bn capacity by 2012, with no compromise in
its underwriting philosophy and standards.
36
He talked about recent developments in London market, and for high valued assets in Pakistan, indicated
availability of capacity upto US $ 250m.
After highlighting the coverage available, Bauckham moved on to demonstrate Chaucer's commitment
to Pakistan (one third of its Political Violence account from Asia, originates from Pakistan)
Dilated on reinsurance implications and future issues for political violence insurers.
With regard to Pakistan, Bauckham, as an underwriter, at the end of his talk, gave a detailed SWOT
analysis, focusing on textile industry (mainstay of the Pakistan's economy).
John Richard Thorpe, AON Benfield Asia Pte Ltd spoke on 'Terrorism Pools - Drawbacks & Benefits'.
Thorpe commenced his talk with a brief introduction of self and his role and involvement in the formation
of the national pool schemes in respect of Earthquake risk in Taiwan and Indonesia.
Explained the word 'Terrorism' and presented a history of Terrorism associated incidents worldwide.
According to Thorpe, 9/11 was the turning point, where after the insurers withdrew terrorism cover from
most of the policies, and majority of terrorism pools formed thereafter, were created through cooperation
between local insurers associations and the respective governments.
Dwelling on Pakistan, highlighted sectarian and religious violence being the main causal factors for
enhanced terrorism, and gave historical background with an analysis of the incidents.
While elaborating on the terrorism coverage available in Pakistan, Thorpe made a case for the need to
consider a market pool solution for Pakistan. Having the basic requirements i.e. market demand for the
cover and insurers support for such a scheme, fulfilled, Thorpe was of the view that Pakistan market should
immediately move towards establishing the terrorism pool.
Siegfried M. Busch, Swiss Reinsurance Company Limited shared his thoughts on 'The Pakistani Terror
Pool - A reinsurer's view'. Discussing terrorism in the context of its insurability, Busch advocated the case
of private and public partnership for formation of a pool to cover terrorism, and cited existence of such
pools in other countries.
Focusing on creation of a terror pool in Pakistan, the requirements of and expectations from public and
private sectors were dwelt-on, and to successfully manage such a pool, various aspects of the proposed
model were analyzed by the speaker. According to Busch, consistent viability of the pool would depend
on affordable pricing and maximum possible participation of the risks.
In Busch's considered concluding remarks, insuring terrorism by private sector would not be easy on its
own, however public and private sectors together could make it possible.
Jagath Alwis, Ceylinco Insurance plc's presentation titled 'Sri Lanka - Case Study on Terrorism Insurance
Pools'. Alwis commenced his talk with sharing of socio-economic facts about Sri Lanka, and then portrayed
painful picture of over 30 years of human miseries and battered economy of Sri Lanka, inflicted by the
terrorist activities.
While informing about creation of fund to cover SRCC by Sri Lankan Government as a consequence to
the reinsurers' refusal to continue the cover in 1985 after bad hit from losses due to 1983 communal riots,
Alwis talked about modus operandi to manage the fund. Surge in the violence/damage/destruction throughout
Sri Lanka in late eighties by the leftist - rebels, the coverage under the said fund, on the industry's request,
was extended to provide limited cover against terrorism & sabotage.
37
Towards the end of his presentation Alwis shared the impact of the favorable claims experience, which
led to gradual accumulation of funds, exceeding US $ 75m. For the future, due to the successful elimination
of terrorists' leadership, terrorism premium rate effective 17 April 2010 had reportedly been reduced by
75%, and for the continued existence of the fund, the Government had allowed the fund to write other
classes of insurance.
Afternoon Session- 12 April 2010
Chairman, Pakistan Insurance Institute - Saifuddin N. Zoomkawala chaired the session.
Piers Gregory, Ace Overseas General Insurance spoke about the 'International Perception on Terrorism
in Pakistan and the Advantages of a Local Solution'. Citing 9/11 as the turning point in the surge for the
stand alone demand of terrorism cover worldwide, Gregory gave region-wise 2009 Lloyd's total terrorism
premiums (£ 391m) (of which Pakistan accounted for 1.5% only).
On going conflicts and their consequences, major incidents in recent years and segment wise summary
of incidents in last fifteen months were looked at from the underwriters perspective, which followed by
an analytical presentation of 'perception' versus 'reality' in the Pakistan context.
Next, as to how underwriters' perception could be improved, Gregory deliberated on accuracy / relevance
of information in this regard, and stressed on role and contribution of international brokers and risk
consultants.
In conclusion, having spelt out the first hand understanding and knowledge of the risks, Gregory advocated
the case of ACE, Pakistan (only stand alone market with an international financial strength of A+), who
could consider and write terrorism risk in Pakistan.
Cyril Empeigne, SCOR Reinsurance Asia-Pacific dilated on the subject 'Terrorism: Private Market
Solutions or Government -Backed Scheme'
Starting with the display of 2009 Terrorism Threat Map, Empeigne expanded on 'what is terrorism', and
sum up by giving standard definition of Terrorism and a brief on emerging new forms of Terrorism. The
importance of linkage between terrorism incident and resulting loss / damage, and the difficulties in insuring
and assessment of the risk exposures were touched upon, which followed with a brief on SCOR's underwriting
philosophy.
The presentation also featured the existing specialized terrorism insurance plan world-wide, an overview
of the insured loss distribution of 9/11 terrorist attacks on WTC, and summary of loss of lives and impact
on Indian economy caused in Mumbai attacks during November 2008.
Empeigne emphasized on the importance of the governments preventative role in respect of containing
consequences of terrorist activities, and with reference to Pakistan recommended creation of a mandatory
national pool, financially backed by the government with reinsurance protection, as a viable solution.
Heinz Dollberg, Allianz SE in the concluding presentation of the day, talked on the pertinent topic
'Terrorism - Its Economic Impact and Insurability'
First focusing on economic impact of terrorism, Dollberg dilated on costs of terrorism and its economic
consequences and factors influencing the severity of impact of a terrorism incident in a given economy.
38
Explained the impact of terrorism on the insurance industry by citing WTC incident as the third largest
insured loss in insurance history, and also presented loss distribution by type of insurance, from 9/11
incidents.
On the subject of insurability of terrorism, the risk was analyzed by comparing with standard insurable
risks. Advantages and disadvantages of State's involvement in covering Terrorism risk was vividly analyzed
by the presenter, which followed by selected examples of Government's involvement globally.
In his concluding remarks, Dollberg stated that the issue should be addressed, and insurance industry and
state must work together to ensure an adequate solution.
Morning Session - April 13, 2010
Chairman, Insurance Association of Pakistan - Tahir Ahmed supervised the session.
Peter Draper, United Insurance Brokers Ltd expanded on 'What Reinsurers are looking for in Pakistan'.
Draper began his presentation with a focus on the capacity growth at Lloyd's from US $ 100m in 2001
(involving five syndicates) to US $ 1 b in 2009 (engaging 32 syndicates). Also, named key players at
Lloyd's, as well as their main global competitors.
Whilst, mentioning the available standard covers, the relevant context were touched on, and accessibility
to wider coverages was also highlighted. With reference to Pakistan, Draper after summarily underlining
the recent major incidents of terrorists' acts, spot-lighted the underwriting information required by reinsurers
for assessment and consideration of a Terrorism or Political Violence risk proposal.
Lloyd A. Stewart, Jardine Lloyd Thompson Ltd presented 'An Overview of Jardine Lloyd Thompson
Group and Political Violence Insurance'. Stewart commenced his talk with an introduction of JLT as the
largest European based insurance / reinsurance brokers and risk management advisor, who is also a FTSE
250 company, having a history of over 150 years, with revenues nearing US $1 bn mark. He then listed
the benefits and major areas of expertise, which JLT offer to their customers.
Pragmatically described scope of terrorism and political violence in comparison with standard property
insurance covers for various events, and displayed the available coverages thereunder.
Elucidated JLT's philosophy and approach in handling of Terrorism & PV proposals and by citing the
advantages Stewart advocated buying of such covers on a stand alone basis.
Before concluding, briefly spoke on kidnap and ransom insurance. Lastly, Stewart gave the participants
an introduction to a reportedly very informative data base facility - 'World Risk Review' at JLT.
Julian Taylor, Aon Asia Pacific Ltd started his talk on the subject 'Terrorism Insurance - a Broker's
Perspective' with a reference to the terrorism incidents in Pakistan, and moved on to depict the reality
about the fatalities during 2003-2009. Next, the factors contributory to political unrest were summed up,
followed by an analysis of security concerns in the different areas of Pakistan.
Before elaborating on broker's role in persuading underwriters to write a Terrorism / PV risk proposal,
Taylor discussed formative elements of such a risk, and with real life examples explained what he meant
by a 'high risk'.
Following comments on the significance of identifying an incident as War or Terrorism, the available
coverage - options, with extensions, a case for full PV cover, and a list of leading global market places,
were presented by Taylor.
39
In conclusion, prior to marketing Aon Crisis Consulting, Taylor promoted Aon's consultative approach
right from comprehending a risk manager's fear in respect of terrorism risk, assisting him in its assessment
and likely impact it could cause, and ultimately helping him to make informed decision about the most
appropriate risk management strategy.
Daniel O'Connell, Willis Global Markets International spoke about "Terrorism / Political Violence
Solutions". O'Connell began his presentation with a brief about Willis Specialty Team, and expanded on
Willis Holistic approach for a comprehensive solution to Terrorism / Political Violence risk-threats i.e.
risk reduction, risk transfer & risk mitigation.
On the subject of risk reduction with particular reference to threat analysis, security advice and training
exercises, Willis capabilities of working in partnership with insurers and clients were lauded.
In risk transfer context, Willis preference to dialogue with clients in determining of appropriate policy
coverage was emphasized.
As a matter of interest, advice and support Willis Crises Managers offer in respect of various aspects of
risk mitigation, was explained by O'Connell.
Towards seeking Terrorism / Political Violence solutions, Willis approach to identify and understand the
corporate risk profile, and the importance Willis attach in handling of claims, were shared. O'Connell
concluded his talk by summarizing his presentation.
Mr. Omer Morshed, Pakistan Society of Actuaries commenced his presentation on 'Impact of Political
Violence on Work Done by Actuaries' (the last and the most technical one of the Conference), by listing
the works actuaries generally perform.
To better understand as to how modeling of risks involving political violence is different in comparison
to risk arising from catastrophic events, typical approach used by actuaries in reserving of statistically
measurable basic components of a risk model i.e. "frequency" and "severity", were visited.
Before introducing basic model of terrorism risk, Morshed shared major differences in estimation of losses
caused by terrorism and natural calamity, as identified by Terrorism Risk Insurance sub-group of the
American Academy of Actuaries in its 2006 report (AAA). With regard to estimation of severity of losses
due to terrorist attacks, "9/11" versus Hurricanes "Katrina" & "Andrew" were considered, followed by a
display of AAA's estimations of various scenarios of total losses involving major cities of USA.
In Morhsed's opinion estimation of frequency (i.e. probability of occurrence) in case of terrorism was more
difficult to determine then in respect of catastrophic events, which was evident from the available historical
data.
While, insisted using traditional actuarial approach to determine probability of terrorist attacks, Morshed
impressed as to how intuition could contribute by taking into account terrorist's motivation, identification
of high probability targets and their strength of security, etc.
Morshed believed capital allocation to meet possible future catastrophic losses would obviously be welcome
by regulators, however, under para 14 of IFRS 4, such allocations could not be recognized as liability, an
issue which in his considered opinion, seriously needed recognition from IASB.
Morshed's concluded his address with an emphasis on importance to cover terrorism risk in Pakistan on
the lines adopted in other countries, i.e. mandatory risks pooling protected with the government's support.
40
COMPANY PROFILES
41
ACE INSURANCE LIMITED.
Ms. Zehra Naqvi
Values
different perspectives, constructive criticism
and a sense of pride in who we are and what
we do.
ACE Pakistan is committed to the ACE Group Values which
are:
Integrity:
Mission
We comply with all applicable laws regulations
and company policies in our words and in our
deeds. Honesty, Character and ethical behavior
guide us to do the right thing.
Client Focus: We are committed to our clients. We strive to
understand their risks, we make promises and
we keep them.
ACE is committed to being a leader in the global insurance
and reinsurance market by always conducting business in a
consistent, disciplined and focused manner. The ACE way is
to provide:
1) Superior Client Value
2) Superior Shareholder Value
3) Superior Employee Value
Respect:
Key Financial Data for the last two (2) Years
Excellence:
Teamwork:
We value our employees, partners and
communities. We are dedicated to fair
treatment, diversity, trust and mutual respect.
(Rs in million)
We recognize and reward excellence in the
workplace. Performing at the highest level
requires us to think and act like owners.
Premium Written
Net Premium Revenue
Net Claims Expense
Profit / (Loss) after tax
We believe in an environment of open
communication and collaboration produces
results. We encourage full participation,
2009
2008
278.165
82.90
32.16
8.90
16.36
278.08
87.90
25.31
6.24
21.60
COMPANY INFORMATION
1. Managing
Director & CEO Ms. Zehra Naqvi
5. Tax Advisors
2. Directors
6. Legal
consultants
Mr. John Keogh
Mr. Serge Osuof
Mr. Giles R. Ward
Mr. Kenneth Underhill
Ms. Zehra Naqvi
Mr. Syed Umer Ali Shah
Mr. Kamal Ahmed.
7. Registered
Office
3. Chief Financial
Officer
Mr. Kamal Ahmed
4. Auditors
8. Number of
Employees
A.F.Ferguson & Company
42
Ernst & Young Ford Rhodes
Sidat Hyder & Co.
Ebrahim Hosain
6th floor, NIC Building,
Abbasi Shaheed Road
Off: Shahrah-e-Faisal
Karachi.
13
ACE INSURANCE LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
Authorized Share Capital
Issued subscribe and paid-up Capital
(including IBNR)
Total
Other Liabilities
32.16
25.31
39.92
25.43
Less: Expenses
38.75
37.73
28.99
24.64
Underwriting result
8.90
3.09
6.25
18.61
4.56
23.09
(5.62)
16.18
Investment Income
0.03
0.06
0.55
0.39
-
-
-
-
134.59
164.39
8.09
307.07
0.96
79.60
142.83
10.31
232.74
0.05
26.44
28.07
3.10
57.61
-
88.33
51.59
64.94
21.64
Other Income
34.01
25.00
12.34
6.82
2.63
3.29
(6.62)
(4.89)
(5.11)
(3.50)
-
167.70
91.18
-
Investment
-
0.41
0.35
5.06
-
-
-
-
Deferred Tax
-
-
-
1.79
Outstanding Claims
145.40
86.27
36.14
8.35
18.04
18.11
21.04
3.00
145.50
132.14
115.66
48.49
10.95
8.75
8.51
9.83
681.60
550.84
445.76
167.70
353.02
2.18
3.03
11.23
337.39
2.81
2.88
11.95
268.69
2.83
3.07
12.12
96.65
2.88
1.97
10.65
Rental Income
Exchange gain
Finance charges on lease rentals
Current Ratio
Break-up Value
250
600
200
2009
0
Investments
2008
2006
2007
2008
2009
19.90
5.90
Profit after tax
16.35
21.60
19.52
14.00
APPROPRIATIONS
Balance at commencement of year
23.00
24.21
4.68
(9.32)
Dividend
Reserve for Bonus Share/
Bonus Shares issued
General Reserve
27.73
-
-
22.81
-
2009
2006
2007
2008
2009
22.81
11.62
23.00
24.20
5
43
2006
2007
2008
-
4.68
-
38.79
19.72
46.74
10.74
0.82
27.73
28.79
24.57
42.92
7.11
1.35
22.81
41.34
20.22
30.02
4.72
1.63
-
41.94
23.09
40.64
(9.27)
1.75
-
120
100
80
60
40
20
0
2006
2007
2008
2009
Dividend & other appropriations
10
0
-
2009
-
27.73
Claim Incurred
15
2008
3.71
11.35
20
2007
7.78
30.87
25
2006
17.79
36.40
400
350
300
250
200
150
100
50
0
26.41
14.80
50
40
30
20
10
0
50
2008
-
29.50
Claims incurred to net premium %
Net Profit after tax to net premium %
Management expenses to net premium %
Commission to net premium %
Earning per share (Rs.)
Cash Dividend
Stock Dividend
100
200
-
13.15
150
400
(2.38)
Equity Growth
800
(1.01)
Profit before tax
-
2007
Less: Net Claims
211.26
150.15
6.18
367.59
1.01
264.06
2006
60.63
-
80.00
5.16
85.16
445.76
600
500
400
300
200
100
0
96.56
-
120.00
25.40
145.40
305.16
2007
87.90
-
160.00
31.22
191.22
550.84
2006
82.90
-
200.00
24.67
224.67
361.71
0
REVENUE ACCOUNT
Net Premium Revenue
80.00
681.60
TOTAL ASSETS
2006
80.00
Leased Motor Vehicle
2007
300.00
Total Equity And Liabilities
Fixed Assets
2008
Rs. in million
300.00
-
Other Assets
2009
2009
30
25
20
15
10
5
0
2006
2007
2008
2009
ADAMJEE INSURANCE COMPANY LIMITED
Vision
"Our will is to Explore, Innovate &
Differentiate. Our passion is to provide
Leadership to the Insurance Industry".
(Rs in million)
Core Values Integrity: Transparency and Honesty
without Compromise
Humility: Empathy, Self Esteem and
Respect in all relationships
Fun at Workplace: Work Life Balance
Corporate Social Responsibility: Service
to Humanity
2009
Premium Written
Net Premium Revenue
Net Claims Expense
2008
10,321.00 10,205.00
6,807.00 7,488.00
4,453.00 5,173.00
500.00
741.00
2,434.00 1,099.00
COMPANY INFORMATION
1. Chairman
2. Managing
Director &
CEO
3. Directors
4. Company
Secretary
Mr. Umer Mansha
5. Chief Financial Mr. Mudassar ZubairOfficer
Ahmed Mirza
6. Advisor
7. Auditors &
Tax Advisor
Mr. Ahmed Ebrahim Hasham
Mr. Ali Munir
Mr. Alman Aslam
Mr. Atif Bajwa
Mr. Hassan Mansha
Mr. Ibrahim Shamsi
Mr. Khalid Qadeer Qureshi
Mr. Nabiha Shahnawaz Cheema
Mr. S. M. Jawed
Mr. Tameez-ul-Haque
44
Mr. Mian Mohammad Mansha
M/s Riaz Ahmed & Co.
Chartered Accountants,
Karachi
8. Registered
Office
6th Floor, Adamjee House,
I.I Chundrigar Road, Karachi
9. Number of
Employees
1,088
ADAMJEE INSURANCE COMPANY LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
Equity
(including IBNR)
Total
741.37
367.06
442.50
119.25
520.22
481.94
2,479.42
1,098.05
4,486.37
1,515.26
0.48
0.49
0.49
0.49
Underwriting result
228.44
8,210.16
101.42
176.50
8,753.88
9.17
236.04
9,510.66
3.69
2,344.75
1,656.26
1,578.67
1,028.74
Other Income
25.97
25.06
29.50
23.28
21,612.38
19,003.65
18,765.96
11,139.10
2,157.10
1,724.11
954.20
883.23
28.38
26.85
27.31
26.26
9,658.03
7,576.75
8,132.10
4,502.78
Deferred Tax
-
-
-
-
Outstanding Claims
1,845.56
2,188.10
2,792.46
1,262.98
399.88
414.70
413.54
311.94
Other Assets
6,473.10
6,133.23
5,677.93
3,792.78
Fixed Assets
855.74
939.91
768.41
339.77
19,003.65
18,765.96
11,139.09
194.58
21,612.38
Investment Income
Rental Income
Current Ratio
Break-up Value
4,529.15
1.76
2.00
95.87
Exchange gain
-
-
3,801.57
1.61
2.22
83.72
2,793.80
1.42
2.46
74.76
-
1,678.89
1.39
2.94
37.05
20000
15000
10000
5000
2009
12000
10000
8000
6000
4000
2000
0
Investments
2006
2007
2008
6.53
9.16
808.81
(0.56)
4,165.63
(0.88)
1,202.80
Profit before tax
2,595.17
1,175.87
4,284.88
1,684.74
160.68
76.72
83.64
108.25
Profit after tax
2,434.48
1,099.15
4,201.24
1,576.49
APPROPRIATIONS
6,458.72
5,666.27
1,802.40
1,386.90
Dividend
(270.92)
Reserve for Bonus Share/Bonus Shares issued (102.24)
General Reserve
(306.71)
-
(337.38)
-
(214.80)
(196.21)
(750.00)
(373.16)
(306.71)
(337.38)
(1,161.01)
Balance Unappropriated profit at end of year 8,520.04
6,458.71
5,666.26
1,802.38
65.42
35.76
17.26
7.35
21.65
Cash Dividend
(270.92)
Stock Dividend
(102.24)
69.08
14.68
16.11
9.90
10.75
(306.71)
-
70.77
75.95
19.07
8.00
41.09
(337.38)
-
63.54
29.86
17.48
9.85
15.42
(214.80)
(196.21)
2009
4500
4000
3500
3000
2500
2000
1500
1000
500
0
1000
500
2008
8000
7000
6000
5000
4000
3000
2000
1000
0
2006
2007
2008
2009
45
2006
2007
2008
2006
2009
1500
2007
Claim Incurred
2000
2006
119.70
(440.93)
38.40
6000
5000
4000
3000
2000
1000
0
2500
0
71.17
(398.37)
4.19
2009
183.59
(511.72)
(11.64)
1,915.91
Equity Growth
25000
154.27
(710.80)
19.35
-
2008
500.22
679.26
3,208.08
2,974.46
113.58
6,296.12
3.09
-
2007
923.12
5,022.62
4,252.01
-
2006
3,354.85
1,054.98
4,562.55
4,014.82
-
12000
10000
8000
6000
4000
2000
0
3,915.09
1,206.56
3,575.90
4,405.82
-
2008
5,173.15
1,174.58
1,022.35
2,765.52
3,787.87
2007
4,452.84
Less: Expenses
1,022.35
6,621.09
7,643.44
Investment
2006
Less: Net Claims
1,022.35
7,536.95
8,559.30
TOTAL ASSETS
5,280.13
-
1,124.59
9,656.59
10,781.18
2006
5,531.82
-
1,500.00
148.91
2007
7,488.14
-
1,500.00
Borrowings
2008
Rs. in million
6,806.90
-
1,500.00
Other Liabilities
2009
REVENUE ACCOUNT
Net Premium Revenue
1,500.00
0
2006
2007
2008
2009
2009
1400
1200
1000
800
600
400
200
0
2006
2007
2008
2009
AGRO GENERAL INSURANCE CO. LTD.
Mr. M. Jalilullah
History, Back Ground, Principal Activities
(Rs in million)
Agro General Insurance Company Limited was
incorporated in the year 1985; the company was
initially formed with the aim to transit specialized
field of Crop Insurance and other agricultural forms
of insurance. Consequently the management decided
to transact other forms of non life insurance in order
to genrate premium. The company maintained the
selective underwriting Policy. The company looks
forward for better performance in the coming years.
Premium Written
Net Earned Premium
Net Claims Expense
Net Commission/(Income)
2009
2008
1.51
-
COMPANY INFORMATION
1. Chairman/
Director
Mr. Taufiqe Habib
5. Chief Manager
Accounts
2. Chief Executive &
Managing
Director
Mr. M. Jalilullah
3. Directors
4. Company
Secretary
Mr. Hashim M. Shamim
Mr. Muhammad Afreen Dhedhi
Mr. Riaz Kapadia
Mr. Muhammad Ateeq Siddique
Mr. Ali Arshad Hakeem
Mr. Asghar Ali Anjum
46
Mr. Touseef Farooqui
6. Auditors
M. Yousuf Adil Saleem & Co.
Chartered Accountants
7. Registered &
Head Office
Room # 416-418
Continental Trade Centre,
Block 8, Main Clifton Road,
Karachi.
Tel : (92-21) 35302902-06
Fax : (92-21) 35302913
Email : [email protected]
AGRO GENERAL INSURANCE CO. Ltd
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
EQUITY
UNDERWRITING PROVISIONS
(including IBNR)
Total
16.10
160.10
120.00
100.00
140.40
(41.35)
99.05
140.40
(41.83)
98.57
120.00
43.73
163.73
80.00
8.19
88.19
1.46
1.46
-
1.59
1.45
-
5.92
8.96
DEFERRED LIABLITIES
0.51
0.47
0.33
0.22
CREDITORS AND ACCRUALS
0.85
0.80
1.37
2.32
-
-
-
-
OTHER LIABLITIES
TOTAL EQUITY AND LIABLITIES
CASH AND BANK DEPOSITS
LOANS - SECURED CONSIDERED GOOD
INVESTMENT
101.87
99.84
165.43
99.69
7.27
13.21
54.33
60.20
-
-
59.86
-
75.65
39.56
2008
2007
2006
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
-
-
0.82
11.50
Less: Net Claims
-
-
(0.02)
8.11
(0.50)
(0.91)
1.65
0.96
-
-
(0.81)
2.16
Underwriting result
(0.50)
(0.91)
0.00
0.27
Investment Income
10.25
(69.18)
43.20
9.64
Less: Expenses
Less: Net Commission/(income)
Rental Income
-
-
-
-
Other Income
-
8.17
(0.00)
0.04
(7.91)
2.34
(2.41)
(63.43)
(6.04)
37.16
(4.00)
5.68
1.84
(62.52)
37.17
5.95
15.81
2009
INVESTMENT PROPERTIES
-
-
-
-
(0.32)
(0.58)
DEFERRED TAX
-
-
0.63
-
1.52
(63.10)
37.17
4.58
REINSURANCE RECOVERIES AGAINST
OUTSTANDING CLIAMS
-
-
-
4.92
DEFERRED COMMISSION EXPENSE
-
-
-
1.91
(44.52)
41.85
6.54
1.96
(20.40)
(20.40)
-
-
OTHER ASSETS
34.40
9.14
68.65
15.99
FIXED ASSETS
0.35
1.84
2.26
0.85
101.87
99.84
165.43
99.69
39.35
18.01
1.03
7.05
21.55
27.94
1.01
7.02
121.61
89.76
1.01
13.64
72.88
9.85
1.13
11.02
TOTAL ASSETS
APPROPRIATIONS
Dividend
General Reserve
Current Ratio
Break-up Value
200
150
150
100
100
50
50
0
2006
2007
2008
2009
0
2006
2007
2008
2007
2008
2009
2009
60
50
40
30
20
10
0
2006
2007
2008
2006
2007
2008
2009
60
40
20
0
-20
-40
-60
-80
2009
47
1.37
(41.65)
43.71
6.54
0.00
0.00
0.00
0.00
(4.49)
0.00
(20.40)
(2.18)
4510.32
200.36
(98.79)
3.10
0.00
0.00
70.55
39.79
8.35
18.76
0.57
0.00
0.00
Claim Incurred
1
0.8
0.6
0.4
0.2
0
Investments
80
70
60
50
40
30
20
10
0
2006
(43.00)
0.00
0.00
0.00
0.00
Earning per share
0.18
Cash Dividend
0.00
Stock Dividend
0.00
Equity Growth
200
-
-
1.2
1
0.8
0.6
0.4
0.2
0
2006
2007
2008
2009
25
20
15
10
5
2006
2007
2008
2009
0
2006
2007
2008
2009
ALFAL AH
INSURANCE COMPANY
ALFALAH INSURANCE
COMPANY LTD.
Mr. Nasar us Samad Qureshi
VISION
Key Financial Data for the Last two (2) Year
To be a leading insurer by providing most
comprehensive yet flexible cost effective risk
management solutions to our clients backed with
friendly and efficient claims service and enhance
the Alfalah brand value for the benefit of all
stakeholders.
(Rs in million)
Written Premium
Net Premium Revenue
Net Claims Expense
MISSION
We undertake to provide world class service with
unmatched security to our clients and help in
increasing awareness about insurance in the country
as well as enhancing public confidence in the
insurance industry in Pakistan. We will introduce
new modern insurance products comparable with
international standards and will emerge as an
innovative insurer providing complete risk
management solutions to the insuring public in
Pakistan
2009
2008
651.46
325.02
231.34
(68.31)
30.69
568.18
257.42
191.12
(59.56)
7.55
COMPANY INFORMATION
1. Chairman.
H.H. Sheikh Hamdan BinMubarak Bin Mohammed Al Nahayan
4. Chief Financial Officer
& Company Secretary Mr. Adnan Waheed
2. Chief Executive &
Managing Director
5. Auditors &
Tax Advisers
3. Directors.
H.H. Sheikh Hamdan BinMubarak Bin Mohammed Al Nahayan
H.E. Sheikh Saif BinMohammed Bin Butti
Mr. Khalid Mana Saeed Al Otaiba
Mr. Parvez A. Shahid
Mr. Mohammad Yousuf
Mr. Tanweer Ahmed Khan
48
M/s A.F. Ferguson & Co.
6. Head Office.
5-Saint Mary Park,
Gulberg III, Lahore.
UAN : 111-786-234
Fax : 92-42-5774329
Email: [email protected]
Web: www.alfalahinsurance.com
7. No. of Employees.
147
ALFALAH INSURANCE COMPANY LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
Share deposit money
General Reserve
300.00
300.00
300.00
300.00
230.00
1.38
25.00
36.43
292.81
230.00
1.38
30.74
262.12
230.00
1.38
23.19
254.57
230.00
1.38
(1.50)
229.88
(including IBNR)
Total
212.06
292.46
35.19
539.71
12.94
180.29
235.81
27.73
443.83
15.09
107.29
159.18
19.56
286.03
5.15
0.27
17.54
2.81
20.62
-
132.64
166.53
90.80
10.75
26.89
44.00
8.16
18.95
Other Liabilities
REVENUE ACCOUNT
Net Premium Revenue
331.79
Less: Net Claims
Less: Expenses
Underwriting result
Investment Income
(2.31)
17.39
16.91
5.02
(0.81)
30.69
7.55
24.69
(1.50)
30.74
23.19
(1.50)
-
APPROPRIATIONS
43.62
Fixed Assets
88.43
98.18
43.78
7.94
-
TOTAL ASSETS
-
1,004.99
-
Current Ratio
Break-up Value
2006
2007
2008
355.88
1.96
3.43
12.73
-
247.65
1.63
3.57
11.40
261.95
2.27
2.53
11.07
Dividend
Reserve for Bonus Share/Bonus
Shares issued
General Reserve
2009
2006
2007
2008
Balance Unappropriated profit
at end of year
-
187.27
7.25
1.22
9.99
200
150
190
2009
2007
2008
2009
150
2007
2008
25.00
-
-
(1.50)
69.72
9.25
Management expenses to net premium % 28.50
(20.59)
1.33
Cash Dividend
Stock Dividend
-
72.82
2.88
25.14
(22.69)
0.33
-
65.78
33.44
55.65
(34.98)
1.07
-
5.26
(197.37)
1,852.63
(90.79)
(0.07)
-
2006
2007
2008
2009
2009
2006
49
2007
2008
350
300
250
200
150
100
50
0
2006
2007
2008
2009
35
30
25
20
15
10
5
0
-5
2006
-
23.19
Net (loss)/Profit after tax
160
2006
-
-
Claim Incurred
170
50
-
-
30.74
250
200
150
100
50
0
180
100
-
25.00
36.43
200
-
280.20
Equity Growth
350
300
250
200
150
100
50
0
Investments
0
644.71
-
1200
1000
800
600
400
200
0
-
931.57
-
29.71
0.88
197.66
-
24.46
-
352.28
-
(2.83)
48.08
-
401.75
(13.38)
Profit before tax
-
Other Assets
13.19
10.36
Deferred Tax
0.11
33.08
19.70
Profit after tax
3.34
(2.33)
(40.46)
-
5.70
17.03
-
-
8.47
(0.69)
(12.67)
(26.12)
-
14.08
(43.76)
-
0.24
41.09
(25.83)
10.01
(47.31)
77.19
65.97
(59.56)
64.92
-
Exchange gain
117.49
94.56
(68.31)
74.20
-
280.20
132.10
0.04
-
Outstanding Claims
48.57
-
173.38
-
191.12
-
54.03
0.76
-
5.63
644.71
-
73.84
-
-
193.35
129.39
262.45
-
4.16
931.57
-
2006
Other Income
168.70
189.22
2007
Rental Income
193.62
180.62
2008
Rs. in million
231.34
1,004.99
-
Investment
2009
2009
30
25
20
15
10
5
0
2006
2007
2008
2009
ALPHA INSURANCE COMPANY LTD.
lpha
Insurance Company Limited.
Mr. Nasir Javed Khan
Vision
(Rs in million)
With help and involvement of all its Stakeholders
to make Alpha one of the leading General Insurance
Company of the Country with a vibrant marketing
force and efficient and responsive office staff, so as
to provide best quality services to its policyholders.
Premium Written
Net Premium Revenue
Net Claims Expense
Mission
To work zealously towards attaining these objectives
and be able to compete in the open market by
developing a vibrant field force and efficient and
responsive office staff.
2009
2008
109.25
61.51
53.16
0..03
(8.56)
118.81
77.04
48.54
2.25
(17.48)
COMPANY INFORMATION
1. Chairman
7. Auditors
Mr. Shahid Aziz Siddiqui
2. Managing
Director & CEO Mr. Nasir Javed Khan
3. Directors
4. Company
Secretary
Tax Advisor
Mr. Mahmood Hashmi
Syed Yawar Ali
Mr. Rasheed Y. Chinoy
Mr. Mohammad Yahya
Mr. Ansar Hussain
8. Registered
Office
Mr. Attaullah A.Rasheed
5. Chief Financial
Officer
Mr. Attaullah A.Rasheed
6. Advisor
9. Number of
Employees
------
50
M/s. Anjum AsimShahid Rahman
M/s. Ernst & Young
Ford Rhodes Sidat Hyder.
2nd Floor,
State Life Building No.1-B,
Off, I.I.Chundrigar Road,
Karachi - 74000.
Tel: 32416041 - 45
Fax: 92-21-32419968 32422478-9
109
ALPHA INSURANCE COMPANY LTD.
Balance Sheet
as at 31st December
2009
Equity
500
(including IBNR)
Total
Other Liabilities
2008
2007
Rs. in million
200
200
200
303.60
21.63
325.23
161.92
70.67
232.59
121.44
134.70
256.14
101.20
75.98
177.18
152.24
46.66
7.94
206.84
130.93
53.49
7.91
192.33
129.55
69.74
8.94
208.23
105.80
88.00
10.78
204.58
49.54
52.94
47.38
54.66
3.10
3.13
3.00
2.95
584.71
480.99
514.76
439.36
144.89
166.59
160.20
80.32
-
Investment
-
195.60
Deferred Tax
108.53
-
-
-
0.36
0.34
0.57
0.25
92.86
88.65
94.40
82.25
8.55
9.04
11.73
14.29
Other Assets
132.03
127.09
129.05
108.50
Fixed Assets
10.42
11.99
10.29
10.17
-
TOTAL ASSETS
-
584.71
-
Current Ratio
Break-up Value
400
200
2008
2009
350
300
250
200
150
100
50
0
250
250
200
200
150
150
100
100
50
50
0
0
2007
2008
2006
2007
2008
61.66
58.62
27.81
21.66
(0.03)
(26.27)
2.25
(9.72)
5.58
4.45
7.20
22.27
29.22
14.40
84.58
21.69
2009
2006
2007
2008
-
Exchange gain
15.85
10.54
6.76
(17.66)
(13.09)
(13.93)
-
Profit before tax
-
-
82.03
14.52
(7.74)
2.87
86.49
36.79
0.82
20.36
2.46
9.12
Profit after tax
(8.56)
(17.49)
84.02
27.67
APPROPRIATIONS
20.01
84.05
27.73
0.06
6.07
5.06
-
40.48
-
20.24
2.40
-
46.55
27.70
-
11.46
20.01
84.05
27.73
86.42
(13.91)
56.33
(0.05)
(0.28)
Cash Dividend
Stock Dividend
40.48
63.01
(22.70)
46.69
2.92
(1.08)
6.07
40.48
61.97
84.45
27.95
5.61
6.92
5.06
20.24
53.41
25.21
19.73
6.56
2.73
-
40.48
(40.48)
-
Balance Unappropriated profit
at end of year
Claim Incurred
70
60
50
40
30
20
10
0
2006
2007
2008
2009
100
80
60
40
20
0
-20
-40
120
100
80
60
40
20
0
2006
2007
2008
2009
51
-
12.59
-
-
5.83
18.54
Dividend
Shares issued
General Reserve
2009
-
(16.51)
2009
109.74
35.97
Other Income
107.66
1.66
2.48
17.51
99.50
48.54
Investments
2006
203.72
2.13
2.01
21.09
77.04
34.65
Rental Income
-
2006
53.16
Investment Income
439.36
2007
Less: Expenses
Equity Growth
600
2007
-
195.33
2.04
2.07
14.36
2006
514.76
-
164.90
1.80
1.80
10.71
800
0
-
480.99
2008
Rs. in million
Less: Net Claims
Underwriting result
143.59
-
2009
REVENUE ACCOUNT
Net Premium Revenue
61.51
-
77.29
Outstanding Claims
2006
50
40
30
20
10
2006
2007
2008
2009
0
2006
2007
2008
2009
asiaINSURANCE
ASIA INSURANCE COMPANY LTD.
Engr. Ihtsham-ul-Haq Qureshi
Vision
and dynamic team, ensure good governance for
sustainable and equitable growth and prosperity of
the company.
To transform the company into an ideal Insurance
Company with larger equity base which could
provide more opportunities and options for utilization
of funds and help to increase profitability through
economy of scale, better resource mobilization and
reduction in operational cost alongside to provide
better services to our clients and stakeholders which
could gather the confidence of both shareholders
and policyholders.
(Rs in million)
Premium Written
Net Premium Revenue
Net Claims Expense
Mission
To provide excellent services, best risk management,
prompt settlement of claims, expand branches
network of the company, induct and build sound
2009
2008
36.69
29.76
10.95
1.12
4.88
53.64
32.20
14.73
2.02
5.51
COMPANY INFORMATION
1. Chairman
Mr.Ihtsham ul Haq Qureshi
6. Chief Financial
Officer
Mr.Karamat Ullah (ACA)
2. Managing
Director & CEO Mr.Ihtsham ul Haq Qureshi
3. Directors
4. President
5. Company
Secretary
Mrs.Nosheen Ihtsham Qureshi
Mr.Hassan Ahmad Khan
Mr.Aisam ul Haq Qureshi
Mrs.Shiza Hassan
Mr.Zain ul Haq Qureshi
Khawaja Suhail Iftikhar
Mr.Ali Munem Shamsi
Mr.Saleem Akhtar
52
7. Advisor
Barister Munawar us Salam
8. Auditors
Rehman SarfrazRahim Iqbal Rafique
9. Tax Advisor
Amin, Mudassar & Co.
10. Registered
Office
456-K Model Town, Lahore.
11. Number of
Employees
56
ASIA INSURANCE COMPANY LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
300.00
300.00
300.00
80.00
200.00
28.46
228.46
160.00
23.57
183.57
120.00
18.05
138.05
80.00
16.11
96.11
Surplus on revaluation of fixed assets
127.21
127.21
27.21
27.67
(including IBNR)
Total
26.41
18.15
0.00
1.49
46.05
0.00
22.38
27.99
0.00
2.28
52.65
1.29
19.91
25.61
0.00
1.56
47.08
1.37
17.24
24.26
0.00
2.04
43.54
0.00
17.75
13.14
10.88
20.64
0.06
0.06
8.05
0.68
Other Liabilities
419.52
377.91
232.64
188.64
149.00
128.42
96.32
57.68
0.00
2009
2008
2007
2006
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
29.77
0.00
32.20
0.00
33.41
0.00
29.00
0.00
Less: Net Claims
10.95
14.74
14.68
13.29
Less: Expenses
16.23
12.18
12.63
10.66
1.13
1.46
2.02
3.26
-1.04
7.14
-1.07
6.12
19.55
9.57
7.23
4.50
Rental Income
0.00
0.00
1.87
0.28
Other Income
0.26
0.28
0.51
4.64
13.91
3.49
4.34
3.81
Underwriting result
Investment Income
Exchange gain
0.00
0.00
0.00
0.00
0.00
5.9
0.17
6.53
0.10
5.27
0.31
13.54
0.00
0.00
0.00
22.46
6.36
4.10
4.50
Profit before tax
7.36
9.45
12.30
11.43
0.00
0.00
0.00
0.00
2.47
3.93
2.82
0.16
Deferred Tax
0.33
0.00
0.00
0.00
Outstanding Claims
Profit after tax
4.89
5.52
9.49
11.27
13.92
9.83
9.23
9.28
1.89
2.96
2.90
2.60
21.07
-
15.55
-
13.61
0.46
8.00
2.24
0.10
-
0.00
0.00
8.00
0.00
25.96
21.07
15.55
13.61
43.94
28.39
37.79
(3.11)
0.79
8.00
-
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Investment
Other Assets
63.17
67.54
57.03
52.79
Fixed Assets
168.76
162.80
61.12
58.10
TOTAL ASSETS
0.00
0.00
1.93
3.69
419.52
377.91
232.64
188.64
-
Current Ratio
Break-up Value
-
181.87
5.11
1.84
11.42
-
170.21
5.78
2.06
11.47
123.73
4.19
1.69
11.50
APPROPRIATIONS
Dividend
Reserve for Bonus Share/Bonus Shares issued
General Reserve
-
Cash Dividend
Stock Dividend
81.19
3.11
1.96
12.01
Equity Growth
250
20.00
400
200
300
150
15.00
200
100
100
50
0
0
2007
2008
2009
Investments
25
20
15
10
5
0
2006
2007
2008
5.00
2007
2008
0.00
2009
2009
160
140
120
100
80
60
40
20
0
10.00
2006
2006
2007
2008
45.76
17.13
37.83
6.28
0.34
-
Claim Incurred
500
2006
36.79
16.41
54.51
3.79
0.24
-
2006
2007
2008
2009
2009
53
2006
2007
2008
2006
2007
2008
2009
12.00
10.00
8.00
6.00
4.00
2.00
0.00
34
33
32
31
30
29
28
27
26
2009
10
8
6
4
2
0
2006
2007
2008
2009
ASKARI GENERAL INSURANCE CO. LTD.
Mr. Mohammad Hussain Hirji
Vision
The Vision of askari general insurance company is
to be amongst the leading insurance companies of
the country with the clear perception of upholding
the principles of corporate governance and making
agico a profitable and growth oriented insurance
company while creating insurance awareness and
culture
(Rs in million)
2009
2008
Premium Written
1,108.00 1,003.00
Net Premium Revenue
805.00 650.00
Net Claims Expense
522.00 423.00
49.00
23.00
(28).00
7.00
Mission
The Mission of agico is to become a leading company
by providing client friendly services through highly
motivated team of dedicated professionals and
ensuring progressive return to the stakeholders.
COMPANY INFORMATION
1. Chairman
2. President & CEO
3. Directors
4. Company
Secretary
Lt. General (Retd.) Imtiaz Hussain
5. Chief Financial
Officer
Mr. Jamil Ahmed
6. Advisor
Mr. Farrukh Karim Qureshi
7. Auditors &
Tax Advisor
KPMG Taseer Hadi & Company
Maj. Gen. (Retd.) Saeed Ahmed Khan
Brig. (Retd.) Javed Qayum
Brig. (Retd.) Mushtaq Ahmed Malik
Mr. Abdul Waheed
Syed Suhail Ahmad Rizvi
Mr. Abdul Hai Mahmood Bhaimia
8. Registered Office
9. Number of
Employees
Mr. Waseemullah
54
4Th Floor, AWT Plaza,
The Mall, Rawalpindi.
433
ASKARI GENERAL INSURANCE CO. LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
583.32
507.24
Less: Net Claims
522.43
423.39
378.58
300.06
Less: Expenses
155.00
130.82
105.28
81.22
48.99
78.76
23.22
73.00
19.66
79.80
17.91
108.05
(28.17)
12.54
51.76
28.33
250.00
203.77
64.64
268.41
203.77
92.19
295.96
156.75
132.55
289.30
120.58
116.99
237.57
261.49
485.78
29.30
776.57
12.29
223.07
467.78
19.49
710.34
11.50
226.49
353.18
22.67
602.34
9.89
169.73
310.47
18.41
498.61
7.56
65.36
108.99
136.06
91.41
Other Liabilities
73.13
90.47
80.00
47.65
1,195.76
1,217.26
1,117.59
882.80
114.28
85.11
169.78
126.40
Exchange gain
4.20
2.96
2.82
1.89
413.61
512.84
423.23
380.12
Investment
-
-
-
-
Deferred Tax
-
-
4.24
1.19
68.01
49.24
Outstanding Claims
76.15
60.81
41.60
40.91
30.04
25.23
Other Assets
415.28
387.64
315.50
227.57
Fixed Assets
126.05
121.12
96.25
68.60
TOTAL ASSETS
4.59
5.87
7.72
2.56
1,195.76
1,217.26
1,117.59
882.80
-
Current Ratio
Break-up Value
-
205.77
1.51
4.45
13.17
111.03
1.26
4.11
14.52
1000
500
2006
2007
2008
2009
350
300
250
200
150
100
50
0
Investments
600
500
400
300
200
100
0
110.74
1.25
3.86
18.46
Underwriting result
Investment Income
Rental Income
2006
2007
2008
2006
2007
2008
(79.76)
(69.47)
(59.33)
-
55
-
(14.36)
17.74
70.00
84.50
13.18
11.08
18.27
27.42
(27.54)
6.66
51.73
57.08
17.52
62.89
62.33
51.14
-
47.02
5.00
36.17
15.00
18.39
27.50
-
52.02
51.17
45.89
(10.02)
17.53
62.89
62.33
Cash Dividend
Stock Dividend
64.88
(3.42)
19.25
6.08
(1.35)
-
65.09
1.02
20.11
3.57
0.33
47.02
64.90
8.87
18.05
3.37
3.30
36.17
59.16
11.25
16.01
3.53
4.73
18.39
80
60
40
20
0
-20
-40
2009
-
Profit before tax
1000
800
600
400
200
2006
2007
2008
2009
50
2009
(90.72)
Claim Incurred
100
2008
7.45
(23.55)
700
600
500
400
300
200
100
0
150
2007
7.91
(9.80)
Dividend
General Reserve
200
2006
11.96
(55.26)
APPROPRIATIONS
2009
-
25.77
-
Profit after tax
94.42
1.31
3.72
19.70
-
(93.12)
-
-
0
-
Other Income
Equity Growth
1500
0
-
2006
650.43
250.00
2007
805.18
500.00
(including IBNR)
Total
2008
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
500.00
2009
0
2006
2007
2008
2009
50
40
30
20
10
2006
2007
2008
2009
0
2006
2007
2008
2009
Atlas Insurance
ATLAS INSURANCE LIMITED
Mr. Arshad P. Rana
Vision
(Rs in million)
A first class insurance company that provides the
highest level of quality service to its policyholders.
2009
Mission
Premium Written
Net Premium Revenue
Net Claims Expense
To stay in the forefront of innovation and
technological developments, continue to achieve
corporate success, provide its policyholders quality
products and service to their satisfaction, promote
interest of all the stakeholders - employees,
shareholders, reinsurers and business associates
equitably fulfilling demand of overall social
responsibility.
2008
910.74 861.38
443.53 507.95
192.36 231.43
(34.47) (35.81)
189.06 (199.59)
COMPANY INFORMATION
1. Chairman
Mr. Yusuf H. Shirazi
2. Chief Executive
Officer
Mr. Arshad P. Rana
3. Directors
4. Company
Secretary
Mr. Azam Faruque
Mr. Kamal A. Chinoy
Mr. Omar Saeed
Mr Ali H. Shirazi
Mr. Frahim Ali Khan
Ford Rhodes Sidat Hyder & Co.
8. Legal Advisors
Mohsin Tayebaly & Co.
Ch. Maqsood Advocate
Agha Faisal Barrister at Law
9. Registered &
Head Office
Mr. Muhammad Afzal
5. Chief Financial
Officer
Mr. Aamer Waqar Chaudhry
6. Auditors
7. Tax Advisor
10. No of
Employees
A.F. Ferguson & Co.
Chartered Accountants.
56
3-Bank Square, Shahrah-eQuaid-e-Azam, Lahore.
Tel: (92-42) 37320542-43,
37322271-73, 37310658
Fax: (92-42) 37234742
Web: www.atlasinsurance.com.pk
165
ATLAS INSURANCE LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
EQUITY
(including IBNR)
Provision for unearned premium
Total
Deferred Liablities
500.00
500.00
500.00
500.00
335.56
412.40
747.96
268.45
357.57
626.02
206.50
763.66
970.15
158.84
512.65
671.50
253.90
405.47
26.25
685.62
237.51
277.43
25.77
540.71
194.10
316.66
24.30
535.05
116.71
241.33
17.71
375.75
1.87
2.47
2.06
455.51
156.92
211.57
133.11
15.99
14.44
14.18
9.05
1,905.09
1,339.96
1,733.43
1,191.48
660.19
195.93
200.78
75.57
0.20
0.47
0.72
0.97
558.25
494.20
1,010.75
674.81
-
Other Liablities
Investment
Deferred Tax
-
-
-
-
3.27
-
-
-
Outstanding Cliams
160.37
155.41
121.88
77.54
15.14
20.57
18.24
12.37
Other Assets
Fixed Assets
Leased - Motor Vehicles
Capital Work In Progress
Intangible
Total Assets
460.25
47.42
1,905.09
424.09
49.29
1,339.96
338.24
32.26
9.42
1.15
1,733.43
328.29
18.05
0.13
1.47
2.29
1,191.48
1,992.14
1,369.29
1,914.82
1,243.86
555.40
1.77
2.55
22.29
366.56
1.90
2.14
23.32
241.05
1.57
1.79
46.98
222.53
1.86
1.77
42.27
Current Ratio
Break-up Value
2000
1500
1000
500
2006
2007
2008
2009
1200
1000
800
600
400
200
0
2006
2007
2008
Less: Net Claims
192.36
231.43
215.10
133.19
Less: Expenses
181.18
153.93
121.36
101.78
Less: Net Commission/(Income)
(34.47)
(35.81)
(34.06)
(41.24)
Underwriting result
104.47
158.39
144.59
155.00
Investment Income
118.23
(305.17)
314.70
190.20
Rental Income
1.74
1.33
1.27
1.02
Other Income
32.12
19.09
25.06
27.58
(19.36)
132.73
(14.62)
(299.38)
(18.22)
322.81
(15.09)
203.71
Profit before tax
237.19
(140.99)
467.41
358.71
48.14
58.59
57.56
57.99
189.06
(199.59)
409.85
300.72
(199.49)
410.59
301.59
255.06
Dividend
67.11
Reserve for Bonus share/Bonus Shares issued 67.11
General Reserve
(335.00)
(200.78)
144.55
61.95
204.00
410.50
111.19
47.65
142.00
300.84
85.53
36.66
132.00
254.19
Profit after tax
APPROPRIATIONS
190.34
(199.49)
410.59
301.59
Earning per share
Cash Dividend
Stock Dividend
43.37
42.62
40.85
(7.77)
5.63
67.11
67.11
45.56
(39.29)
30.30
(7.05)
(7.43)
144.55
61.95
48.12
91.69
27.15
(7.62)
19.85
111.19
47.65
38.19
86.23
29.19
(11.83)
18.93
85.53
36.66
2009
700
600
500
400
300
200
100
0
Claim Incurred
100
50
0
Investments
1200
1000
800
600
400
200
0
348.73
2009
2006
2007
2008
2006
2007
2008
2009
500
400
300
200
100
0
-100
-200
-300
57
600
500
400
300
200
100
0
2006
2007
2008
2009
2009
2006
447.00
150
2008
2007
507.95
200
2007
2008
Rs. in million
443.53
250
2006
2009
REVENUE ACCOUNT
Net Premium Revenue
Premium deficiency resersal/(expense)
Equity Growth
2500
0
2006
500
400
300
200
100
0
-100
-200
-300
2006
2007
2008
2009
2006
2007
2008
2009
CAPITAL INSURNCE COMPANY LTD.
Capital Insurance
Company Limited
Engr. Ehtesham Malik
Vision
Key financial data for the last two (2) years
To become the largest and most highly respected
Insurance Company in Pakistan
(Rs in million)
Mission
Premium written
Net premium revenue
Net claims expense
Net commission / (income)
Profit/ (loss) after tax
We shall deliver excellent service and superior
product to our customers, remaining focused on
their needs and striving for continuous improvement
through communication and technology. We will
unite and operate our business through the shared
value of trust, tolerance and openness. Our employees
shall be known and respected within the industry
for their expertise, commitment and professional
integrity.
2009
2008
71.00
10.68
1.590
(2.510)
5.787
34.23
7.10
6.82
(0.15)
(11.47)
COMPANY INFORMATION
1. Chairman
Khawaja Zaka-ud-din
4. Company Secretary
& CFO
Sheikh Arfan Ikram
2. Managing Director
& CEO
3. Directors
Mr. Mohammad Ishaq Butt
Mr. Navid Iqbal Sheikh
Mr. Muhammad Hanif Khan
Dr. Iftikhar Ahmad
Mr. Javeed Ahmad
58
5. Auditors
Avais Hyder Liaqat Nauman
6. Register Office
Muradia Road, Model Town
7. Number Of
Employees
13
CAPITAL INSURNCE COMPANY LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Equity
(including IBNR)
Total
300,000,000 300,000,000
100,000,000 100,000,000
120,361,730
6,260,271
126,622,001
88,041,650
5,252,434
93,294,084
19,660,997
38,239,994
10,136,622
68,037,613
410,467
13,517,339
22,825,457
6,219,407
42,562,203
297,333
6,429,021
6,481,679
469,804
13,380,504
263,032
3,616,663
6,904,505
597,733
11,118,901
176,386
54,154,895
24,951,251
10,763,040
14,687,423
295,322
587,258
587,255
340,973,978 240,655,026
Investment
67,571,691
55,408,185
24,805,501
24,822,782
19,531,417
58,298,731
67,505,790
116,196,212
68,313,881
-
9,570,784
8,864,365
5,127,949
1,071,639
1,082,566
80,746,432
47,004,761
19,535,739
12,316,429
Fixed Assets
22,013,232
22,541,045
13,312,842
12,426,677
794,798
993,498
TOTAL ASSETS
-
340,973,978 240,655,026
-
Current Ratio
Break-up Value
94,171,375 85,091,388
2.27
3.18
1.56
1.40
10.90
10.76
200000000
300000000
15000000
200000000
10000000
100000000
5000000
0
0
2009
Investments
2008
6,829,368
1,755,918
3,494,127
Less: Expenses
11,212,928
9,186,719
4,835,599
4,188,745
Underwriting result
(2,510,378)
388,808
145,401
(9,055,131)
558,768
3,101,836
123,272
2,929,265
Investment Income
12,870,298
3,645,377
10,541,661
1,360,630
62,436
335,000
2,535,908
1,561,864
(6,365,627)
(6,205,379)
(1,091,986)
(1,330,552)
6,567,107
(2,225,002)
11,985,583
1,591,942
Profit before tax
6,955,915
(11,280,133)
15,087,419
4,521,207
1,168,565
195,210
(8,811,238)
3,579,006
Profit after tax
5,787,350
(11,475,343)
23,898,657
942,201
(10,011,727)
6,260,271
5,252,434
18,362,733
460,369
(4,814,470)
17,815
(22,890,820)
-
(8,030,000)
(6,022,500)
-
460,369
(4,796,655)
(22,890,820) (14,052,500)
Dividend
General Reserve
-
Balance Unappropriated profit at end of year (3,764,008) (10,011,727)
-
Cash Dividend
Stock Dividend
61,153,304 19,957,675
4.44
2.09
1.20
1.28
10.52
10.60
2006
2007
2008
2009
2006
2007
2008
14.89
96.10
54.18
(161.48)
104.97
129.27
(23.50)
2.05
0.29
(0.72)
(4,814,470)
Claim Incurred
2009
59
17.13
32.55
233.11
8.78
47.17
39.02
5.45
1.15
1.99
0.11
(8,030,000)
(22,890,820) (6,022,500)
8000000
6000000
4000000
2000000
0
2007
2008
2009
2009
5,252,434
1000000
2006
30000000
25000000
20000000
15000000
10000000
5000000
0
-5000000
-10000000
-15000000
6,260,271
12000000
8000000
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
80000000
70000000
60000000
50000000
40000000
30000000
20000000
10000000
0
2007
1,590,196
160000000
140000000
120000000
100000000
80000000
60000000
40000000
20000000
0
2006
Less: Net Claims
Equity Growth
400000000
2008
-
10,735,409
APPROPRIATIONS
151,615,832 119,276,794
-
10,252,121
1,139,831
Other Assets
7,106,357
Exchange gain
-
3,988,696
10,681,554
151,615,832 119,276,794
71,515,860
16,020,297
2006
REVENUE ACCOUNT
Net Premium Revenue
Other Income
Deferred Tax
Outstanding Claims
2007
Rental Income
2007
2008
Rs. in rupees
200,156,750 160,125,400
17,918,931 12,131,581
218,075,681 172,256,981
Other Liabilities
2006
2009
Rs. in rupees
2006
2007
2008
2009
25000000
20000000
15000000
10000000
5000000
2006
2007
2008
2009
0
2006
2007
2008
2009
CENTRAL INSURANCE CO. LTD.
Mr. Viquar Siddiqui
Vision
To be recognized as a highly ethical, innovative and
technically competent insurance company, dedicated
to provide top quality services to its clients in the
field of risk assessment and insurance coverage,
while generating above average returns in the industry
for the investors.
(Rs in million)
Mission
To achieve the status of a quality service provider
in the insurance industry and seize opportunities for
profitable growth through introduction of new
products, market share expansion and effective
utilization of resources, and ensure timely and
equitable settlement of claims, while providing
adequate return to all stakeholders.
2009
2008
Premium Written
99.00
Net Premium Revenue
13.00
Net Claims Expense
8.00
Net Commission / (Income) (15.00)
(855.00)
110.00
15.00
7.00
(13.00)
116.00
COMPANY INFORMATION
1. Chairman
Mr. A. Samad Dawood
2. CEO
Mr. Viquar Siddiqui
3. Directors
Mr. Isar Ahmad
Mr. Shahid Hamid Pracha
Mr. Aziz Moon
Mr. Haroon Mahenti
Mr. Aleem A. Dani
4. Company
Secretary
6. Auditors &
Tax Advisor
Tax Advisor
7. Registered
Office
8. Number of
Employees
Mr. Ghulam Haider
5. Chief Financial
Officer
Mr. Ghulam Haider
60
KPMG Taseer Hadi & Co.
Tanauli Qazi Law Associates
3rd Floor, Dawood Centre,
M.T Khan Road, Karachi.
16
CENTRAL INSURANCE CO. LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
Provision for outstanding claims (including IBNR)
Total
Other Liabilities
300.00
300.00
150.00
150.00
203.00
3,090.00
3,293.00
185.00
4,002.00
4,187.00
140.00
3,975.00
4,115.00
140.00
1,318.00
1,458.00
94.00
35.00
53.00
60.00
41.00
71.00
44.00
31.00
3.00
132.00
1.00
3.00
116.00
1.00
6.00
118.00
1.00
4.00
79.00
1.00
15.00
30.00
42.00
39.00
8.00
10.00
26.00
8.00
3.449.00
4,344.00
4,302.00
1,586.00
65.00
65.00
98.00
308.00
3,250.00
4,124.00
4,017.00
21.00
42.00
Less: Net Claims
(7.00)
(7.00)
(9.00)
(26.00)
Less: Expenses
(10.00)
(6.00)
(8.00)
(7.00)
15.00
11.00
13.00
15.00
8.00
12.00
3.00
12.00
(849.00)
128.00
2,753.00
768.00
Rental Income
Other Income
6.00
4.00
12.00
1.00
(13.00)
(13.00)
(13.00)
(51.00)
(856.00)
119.00
2,752.00
718.00
(845.00)
133.00
2,765.00
730.00
(10.00)
(17.00)
(17.00)
20.00
(Loss)/Profit after tax
(855.00)
116.00
2,748.00
750.00
APPROPRIATIONS
3,869.00
3,842.00
1,185.00
494.00
(20.00)
(37.00)
(45.00)
(44.00)
91.00
-
(46.00)
(13.00)
(57.00)
(89.00)
91.00
(59.00)
2,957.00
3,869.00
4,024.00
1,185.00
Cash Dividend
Stock Dividend
(53.85)
(6,577)
(76.92)
115.38
(42.12)
(20.00)
(37.00)
(46.67)
773
(40.00)
86.67
6.27
(45.00)
(44.00)
(42.86)
13,086
(38.10)
38.10
196.29
91.00
-
(61.90)
1,786
(16.67)
7.14
53.57
(46.00)
(13.00)
Exchange gain
(Loss)/Profit before tax
1.00
1.00
10.00
16.00
69.00
33.00
21.00
22.00
0.00
0.00
1.00
8.00
Other Assets
61.00
118.00
153.00
79.00
Fixed Assets
3.00
3.00
4.00
6.00
3,449.00
4,344.00
4,304.00
1,584.00
Dividend
General Reserve
TOTAL ASSETS
-
Current Ratio
Break-up Value
-
78.02
1.66
1.05
162.23
122.73
2.33
1.04
226.35
5000
4000
4000
3000
3000
2000
2000
1000
1000
0
0
2007
2008
2009
317.50
4.50
1.09
104.18
2006
2007
2008
2009
2007
2008
2009
50
40
30
20
10
2006
2007
2008
2009
350
300
250
200
150
100
50
0
2006
Claim Incurred
0
-5
-10
-15
-20
-25
-30
Investments
4500
4000
3500
3000
2500
2000
1500
1000
500
0
162.07
2.48
1.05
293.93
-
Equity Growth
5000
2006
-
2007
2008
2009
61
2006
2007
2008
2009
100
80
60
40
20
0
-20
-40
-60
2006
0
Net dividend & other appropriations
3000
2500
2000
1500
1000
500
0
-500
-1000
-1500
2006
2006
15.00
Investment Income
1,146.00
Outstanding Claims
2007
13.00
Add: Net Commission Income
Underwriting result
Deferred Tax
2008
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
Investment
2009
2007
2008
2009
2006
2007
2008
2009
CENTURY INSURANCE CO. LTD.
Century Insurance
Mr. Tinku Irfan Johnson
integrity and ethical behaviour.
The Company to be known as one of the best
insurance companies of the Country.
Vision
To be an organisation known for integrity and
ethical behaviour and fully dedicated to our clients,
business partners, shareholders and employees,
providing exceptional quality service and committed
to achieve excellence in all areas of its operations.
(Rs in million)
Mission
Premium Written
Net Premium Revenue
Net Claims Expense
Net Commission Expense/ (Income)
(Loss)/ Profit after tax
To become a Company of choice to our valued
clients, stakeholders and employees.
To maximize growth and profitability of the
Company and provide excellent financial returns to
its valued shareholders.
The Company's culture should be known for its
2009
2008
456.20
206.65
64.71
(12.62)
(69.96)
406.15
241.37
79.30
(8.03)
18.42
COMPANY INFORMATION
1. Chairman
Mr. Iqbal Ali Lakhani
6. Company
Secretary
2. Managing Director
& CEO
3. Advisor
Mr. Sultan Ali Lakhani
4. Directors
Mr. Iqbal Ali Lakhani
(Chairman)
Mr. Zulfiqar Ali Lakhani
Mr. Amin Mohammed Lakhani
Mr. Tasleemuddin A. Batlay
Mr. A. Aziz H. Ebrahim
Mr. Muhammad Abdul Qadir
7. Auditors
Mr. Mansoor Ahmed
M/s. KPMG Taseer Hadi &
Co. Chartered Accountants
8. Registered Office Lakson Square, Building No.
2, Sarwar Shaheed Road,
Karachi- 74200
9. Number of
Employees
5. Chief Financial
Officer
Mr. Sabza Ali Pirani
62
94
CENTURY INSURANCE CO. LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
(including IBNR)
Total
Other Liabilities
500.00
500.00
500.00
300.00
457.24
394.76
852.00
457.24
464.72
921.96
254.02
268.51
522.53
203.22
171.61
374.83
58.39
152.17
106.35
123.38
861.70
122.76
78.64
147.18
17.86
228.42
-
17.55
247.28
1.02
15.14
999.61
3.95
16.61
242.43
0.66
70.95
122.81
164.99
77.10
0.47
0.47
0.48
0.41
1,151.84
1,293.54
1,691.56
695.42
75.31
316.42
248.82
79.42
-
Investment
-
736.00
-
464.45
464.23
REVENUE ACCOUNT
Net Premium Revenue
218.62
208.59
Less: Net Claims
64.71
79.29
146.16
109.74
Less: Expenses
59.53
47.85
44.17
36.68
Underwriting result
(12.63)
95.03
(8.03)
122.26
(9.64)
37.93
(4.48)
66.66
Investment Income
(73.03)
(38.04)
169.38
62.87
Rental Income
-
Other Income
Impairment in value of Investment in associate
8.37
(32.80)
(134.96)
(68.51)
130.22
38.44
(39.93)
53.75
168.16
105.09
30.01
35.33
0.17
9.30
(69.94)
18.42
167.99
95.80
91.69
21.75
174.48
76.21
25.00
-101.21
91.69
99.36
20.32
(3.24)
50.80
25.00
-92.881
174.47
97.41
15.05
52.69
26.10
-93.843
99.36
31.31
(33.84)
Management expenses to net premium % 28.81
(6.11)
(1.53)
Cash Dividend
Stock Dividend
-
32.85
7.63
19.82
(3.33)
0.40
-
66.86
76.84
20.20
(4.41)
6.61
20.32
30.00
52.61
45.92
17.58
(2.15)
3.77
15.05
25.00
Exchange gain
-
358.76
0.61
1.06
-
Outstanding Claims
7.39
28.37
761.52
12.94
11.90
10.55
9.75
14.58
Other Assets
278.03
430.96
174.40
202.08
Fixed Assets
42.63
42.18
31.79
27.65
TOTAL ASSETS
1,151.84
1,293.54
1,691.56
695.42
APPROPRIATIONS
Dividend
Transfer from share of associates' reserve
General Reserve
1,172.49
1,080.81
1,680.27
695.40
230.92
2.78
1.35
18.63
546.12
3.38
1.40
20.16
157.56
1.15
3.24
20.57
138.30
1.89
1.86
18.44
Profit before tax
Profit after tax
100
50
200
0
2007
2008
2006
2009
2006
2007
2008
2007
2008
0
2009
Investments
800
700
600
500
400
300
200
100
0
150
400
2006
2009
350
300
250
200
150
100
50
0
200
600
500
0
Claim Incurred
Equity Growth
1000
2006
2007
2008
-
6.44
(45.59)
0.58
800
-
22.36
(3.50)
(49.33)
Deferred Tax
1500
-
20.24
(23.63)
(58.54)
-
1000
2006
241.37
-
2007
206.64
-
2000
2008
Rs. in million
-
Current Ratio
Break-up Value
2009
2006
2007
2008
2009
2009
63
2006
2007
2008
2009
200
150
100
50
0
-50
-100
250
240
230
220
210
200
190
180
1
1
1
0
0
2006
2007
2008
2009
0
2006
2007
2008
2009
C
SO
AT
INSURAN
D
.
LAHORE
THE COOPERATIVE INSURANCE
SOCIETY OF PAKISTAN LIMITED
LT
E
CO
CIETY
OPER
E
E
IV
TH
Sh. Aziz ul Haq Piracha
Vision
(Rs. In million)
The Cooperative Insurance Society of Pakistan Ltd.,
is an apex Cooperative Society registered under the
Cooperative Societies Act, 1925, on August 06,
1949, and is engaged in general insurance business.
The area of operation of the Society is whole of
Pakistan.
Premium Written
Net Premium Revenue
Net Claims Expense
Net Commission (Income)
Loss/Profit after tax
2009
2008
12.30
16.10
4.30
1.24
5.76
28.29
24.89
0.96
3.18
4.55
COMPANY INFORMATION
1. Chairman
Sh. Aziz-ul-Haq Piracha
6. Legal Advisor
2. Senior Vice
Chairman
Ch. Ahsun Mehmood
7. Registered
Office
3. Directors
4. Auditors
Mr. Nisar Ahmed
Mr. Siddique Akbar
Haji Muhammad Khan
Mr. Nasrullah Khan
Mr. Ghulam Abbas Khan
Mr. Maqbool Elahi Piracha
Mr. Muhammad Aamir Inayat Shahani
Col. (Rtd) Muhammad Jamil
Mr. Rai Azeem Saeed
8. Head Office
Hameed Khan & Company Ltd;
Chartered Accountants.
5. Tax Consultants Mr. Zia Ullah Kayani.
(Advocate)
64
Mr. Mohammad Hanif Khan Niazi
Advocate
23- Shahrah-e-Quaid-eAzam, Lahore
Co-operative Insurance
Building, 23- Shahrah-eQuaid-e-Azam, P.O. Box No.
147, Lahore.
Ph: 7356537, 7352306, 7242798
Fax: 042-7352794
Email: [email protected].
THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
EQUITY
Surplus on Revalution
(including IBNR)
Total
DEFERRED LIABLITIES
CREDITORS AND ACCRUALS
OTHER LIABLITIES
TOTAL EQUITY AND LIABLITIES
300.00
300.00
160.00
160.00
160.00
160.00
100.00
84.15
44.93
344.93
618.90
5.68
165.68
759.74
0.87
160.87
760.67
0.25
84.40
837.50
0.20
4.80
0.01
9.38
5.01
4.13
9.39
0.50
5.25
0.48
9.85
10.33
0.80
4.21
0.97
9.01
9.97
12.84
-
-
0.26
0.26
972.97
940.56
937.14
944.97
11.68
9.45
5.30
7.60
-
-
-
38.54
6.01
5.82
5.02
4.09
5.25
4.86
11.10
DEFERRED TAX
-
-
-
-
REINSURANCE RECOVERIES AGAINST
OUTSTANDING CLIAMS
-
-
-
-
DEFERRED COMMISSION EXPENSE
-
-
-
-
CASH AND BANK DEPOSITS
LOANS - SECURED CONSIDERED GOOD
INVESTMENT
CURRENT ASSETS
OTHER ASSETS
-
-
-
FIXED ASSETS
918.65
919.85
921.16
TOTAL ASSETS
972.97
940.56
937.14
-
Current Ratio
Break-up Value
-
7.35
2.69
2.82
11.50
4.19
1.80
5.68
10.36
272.97
(4.75)
(0.84)
1.12
10.05
11.85
2.78
11.20
10.03
2009
0
Investments
2008
2.68
10.29
17.73
13.74
12.63
Less: Net Commission/(Income)
1.24
3.18
1.71
2.44
Underwriting result
0.28
3.02
(2.00)
(2.34)
Investment Income
4.83
0.34
0.78
0.80
Rental Income
2.41
1.96
2.18
1.76
Other Income
0.09
0.48
0.98
0.65
(0.86)
6.48
(1.10)
1.68
(1.33)
2.62
(0.68)
2.53
Profit before tax
6.76
4.70
0.62
0.19
0.99
0.14
-
-
Profit after tax
5.77
4.56
0.62
0.19
APPROPRIATIONS
0.29
(4.53)
(5.15)
(5.34)
Dividend
General Reserve
1.44
1.44
0.26
0.26
-
-
4.61
(0.24)
(4.53)
(5.15)
Earning per share
Cash Dividend
Stock Dividend
26.70
35.81
63.86
7.70
0.19
-
2006
2007
2008
2009
2009
14
12
10
8
6
4
2
0
2006
2007
2008
2009
2007
2008
2006
2009
65
2007
2008
30.71
3.20
70.80
8.80
0.04
-
17.39
1.23
81.97
15.82
0.02
-
30
25
20
15
10
5
0
2006
2007
2008
2009
7
6
5
4
3
2
1
0
2006
3.87
18.30
71.23
12.78
0.28
0.26
-
45
40
35
30
25
20
15
10
5
0
2007
5.96
Claim Incurred
100
2006
0.96
7
6
5
4
3
2
1
0
200
2008
4.30
300
2007
15.41
Less: Expenses
400
2006
19.40
Equity Growth
980
970
960
950
940
930
920
910
2006
24.90
944.97
-
2007
16.11
Less: Net Claims
-
2008
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
921.25
2009
2009
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
2006
2007
2008
2009
THE CRESCENT STAR INSURANCE CO. LTD.
ON
E
R IN
TI
T HE
F IR
MA
A
E CO. LTD.
CRESC
EN
TAR INSUR
NC
TS
V
E AC CI D E NT A
IA
Mr. Munir I. Millwala
Vision
in progress and to provide our officers and field
force due recompense for their efforts in building
up the company.
To serve and to serve with excellence.
Excellence to be achieved through our corporate
mission.
To generate operational profits and dividend return
in due measusre to the shareholders of the
Company.
Mission
First and foremost to secure the interest of our policy
holders by adopting proper risk management
techniques, prudent financial planning and
maintaining reinsurance arrangements with WorldClass reinsurers.
(Rs in million)
To ensure profitability to our reinsureres who afford
us underwriting capacity.
To recognize human resources as the key element
2009
2008
Premium Written
138.16
Net Premium Revenue
105.36
Net Claims Expense
34.47
8.82
(30.48)
183.78
140.80
62.82
19.50
(37.73)
COMPANY INFORMATION
1. Chairman &
CEO
2. Directors
6. Auditors
Mr. Ardeshir Cowasjee
Mr. Fayyaz F. Millwala
Mr. Abdul Razzak E. Jaffer
Mr. Fida Hussain Samoo
Mr. Qutubuddin A. Millwala
Mr. Hussaini I. Millwala
Mr. M. H. Millwala
3. General
Manager
Mr. Moiz Ali
4. Company
Secretary
Mr. Khuzaima Hakimi
5. Advisor
Mr. Syed Ahmed Ali
7. Registered
Office
66
M/s Moochhala Gangat &
Co,Chartered Accountants
2, Mustafa Avenue, F/4,
Block-9, Behind"TheForum",
Clifton, Karachi
2nd Floor, Nadir House,
I.I.Chundrigar Road,
Karachi
Tel: 2415471-3
Fax: 021-2415474-5
Web: www.cstar.com.pk
THE CRESCENT STAR INSURANCE CO. LTD.
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
Equity
Surplus on revaluation of Land
Advance against issue of right shares
(including IBNR)
Total
Other Liabilities
350.00
350.00
150.00
150.00
121.00
(41.84)
79.16
21.11
121.00
(11.35)
109.65
-
96.80
26.37
123.17
-
88.00
35.34
123.34
-
-
-
8.82
26.13
19.50
10.62
14.97
30.76
12.84
10.27
(25.01)
(9.01)
19.39
3.12
8.84
1.80
0.18
237.78
286.69
310.80
278.82
18.06
27.91
61.74
46.31
70.86
49.38
-
-
-
0.87
0.22
11.93
97.18
119.99
123.42
108.52
45.25
26.87
28.03
24.83
TOTAL ASSETS
237.78
286.69
310.80
278.82
245.02
294.46
303.03
275.29
54.32
1.68
3.00
6.54
79.42
1.82
2.61
9.06
132.17
2.54
2.52
12.72
130.10
4.55
2.26
14.02
-
-
-
-
Other Income
(0.17)
1.40
0.23
1.57
(44.34)
(40.40)
(24.29)
(5.11)
Exchange gain
300000000
200000000
100000000
2009
2006
Investments
2007
2008
Profit before tax
(43.38)
(37.39)
26.09
9.85
(12.89)
0.33
2.05
1.26
Profit after tax
(30.49)
(37.72)
24.04
8.59
APPROPRIATIONS
(37.62)
0.11
9.28
13.69
-
24.20
9.00
8.00
5.00
-
2009
2006
2007
2008
-
33.20
13.00
(68.11)
(37.61)
0.12
9.28
Cash Dividend
Stock Dividend
32.73
(28.94)
36.97
8.37
(2.52)
-
44.62
(26.79)
31.33
13.85
(3.12)
(3.14)
-
51.09
14.12
22.06
8.79
2.48
2.19
24.20
45.69
5.86
38.54
8.76
0.98
0.98
8.00
Claim Incurred
100000000
80000000
60000000
40000000
20000000
0
70000000
60000000
50000000
40000000
30000000
20000000
10000000
0
200000000
150000000
100000000
50000000
2006
2007
2008
2009
30000000
20000000
10000000
0
-10000000
-20000000
-30000000
-40000000
-50000000
2009
67
(0.42)
(4.67)
-
2009
-
(48.01)
Dividend
General Reserve
140000000
120000000
100000000
80000000
60000000
40000000
20000000
0
-
(69.52)
Equity Growth
400000000
-
68.54
-
Rental Income
-
18.48
2008
56.49
11.58
14.51
2007
66.97
37.56
0.42
32.85
2006
86.99
44.11
29.96
12.33
80000000
70000000
60000000
50000000
40000000
30000000
20000000
10000000
0
62.82
38.95
0.42
28.73
2008
34.48
Less: Expenses
29.87
9.25
2007
Less: Net Claims
Investment Income
19.27
2006
146.57
10.03
146.46
-
Current Ratio
Break-up Value
170.28
7.69
164.37
-
Outstanding Claims
Fixed Assets
140.80
3.75
10.79
146.66
-
13.54
Other Assets
105.36
3.02
Underwriting result
-
Deferred Tax
2006
27.64
108.79
-
2006
2007
72.46
84.22
-
2007
2008
REVENUE ACCOUNT
Net Premium Revenue
-
2008
2009
66.84
69.04
35.22
9.88
2009
Rs. in million
For the Year Ended 31st December
49.90
50.35
0.73
6.24
107.22
-
-
Investment
0
2006
2006
2007
2008
0
2006
2007
2008
2009
2009
35000000
30000000
25000000
20000000
15000000
10000000
5000000
0
2006
2007
2008
2009
EAST
WEST
INSURANCE
COMPANY
LIMITED
Jinnah Road, Quetta.
EAST WEST INSURANCE CO. LTD.
Mr. Naved Yunus
Vision
the organization, to take care of shareholder's aspiration
continuously.
To inculcate value added system all cross the
organization for ensuring trustworthy relationship with
its clients as well as shareholders.
To be amongst most trusted insurance securities of the
country by providing protection to our insureds in most
effective manner beside ensuring prosperity of its
stakeholders and its growth through competent human
resource.
(Rs in million)
Mission
To ensure most effective management for sustained
growth of the Company.
To provide reliable & secure protection for the policy
holders.
To retain sound position of the company in industry
while working with dedication & innovative approach.
To maintain continuous pursuit for cost effectiveness,
enhanced productivity for ensuring financial health of
Premium Written
Net Premium Revenue
Net Claims Expense
2009
2008
632.00
437.00
178.00
82.00
(537.00)
614.00
406.00
168.00
73.00
266.00
COMPANY INFORMATION
1. Chairman
Chief Justice ( R ) Mian
Mahboob Ahmad
6. Legal Advisor
2. Managing
Director & CEO Mr. Naved Yunus
3. Directors
4. Company
Secretary
7. Auditors &
Tax Advisor
Mr. Javed Yunus
Mr. Pervez Yunus
Mr. Maheen Yunus
Mr. A.K.M. Sayeed
Mr. Tulu Javed Yunus
8. Registered
Office
Shabbir Ali Kanchwala
9. Number of
Employees
5. Chief Financial
Officer
Ahsan Mehmood Alvi Bsc,
FCA (PK), FAC (UK)
68
Rizwan Ali Dodani,
Advocate
BDO Ebrahim & Company
27, Regal Plaza, Jinnah Road,
Quetta.
Tel : (081) 2822913, 2821397
Telefax : (081) 2824160
208
EAST WEST INSURANCE CO. LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in thousand
Equity
500,000.00
500,000.00
300,000.00
300,000.00
228,526.38
101,186.04
228,526.38
638,308.75
172,851.06
471,233.02
150,305.27
182,546.47
329,712.42
866,835.13
644,084.08
332,851.74
92,705.49
178,213.526
10,517.88
81,228.33
220,503.02
14,079.98
89,172.56
184,390.07
13,080.35
49,767.38
166,546.41
14,393.88
281,436.90
2,612.24
315,811.33
2,140.84
286,642.99
230,707.68
44,135.05
84,262.45
29,896.17
47,093.84
2,585.23
4,273.96
3,059.81
448.18
660,481.86 1,273,323.72
963,683.06
611,101.45
79,595.75
69,885.25
(including IBNR)
Total
Deferred Taxation
Other Liabilities
55,220.91
Less: Net Claims
76,231.61
813,958.85
565,276.47
77,962.41
65,762.00
79,416.74
25,266.50
20,230.27
44,798.82
35,656.11
33,210.83
Other Assets
159,274.96
169,967.87
138,998.20
114,946.91
Fixed Assets
100,740.50
84,800.46
59,813.29
45,410.06
14,243.27
17,804.08
4,926.46
6,158.08
TOTAL ASSETS
660,481.86 1,273,323.72
963,683.06
611,101.45
703,368.86
766,732.71 1,005,986.74
637,773.73
Current Ratio
Break-up Value
153,032.50 142,196.74
2
2
2
1
14
38
6,897.27
2008
2009
(370.66)
2008
2009
1,318.97
624.35
(617,266.15) 196,678.26
282,498.40
23,290.77
(527,995.20) 277,016.13
335,968.60
72,225.83
(11,188.87)
9,705.73
11,779.00
(537,122.70) 265,827.25
(9,127.50)
326,262.87
60,446.83
72,346.47
24,197.33
528,108.75
0
2008
2009
400000000
80000000
200000000
60000000
0
40000000
-200000000
20000000
-400000000
2007
2008
(98,751.53)
(37,576.31) (12,297.70)
986.04
528,108.75
361,033.02
(41)
(42)
(123)
66
(20)
(20)
(19)
(18)
(24)
12
0 (43,076.21)
0 (55,675.32)
-600000000
2009
69
72,346.47
(39)
(35)
102
25
(20)
(25)
(24)
(19)
19
4
(15,030.52) (12,297.70)
(22,545.79)
0
400000000
300000000
200000000
100000000
2006
2007
2008
2009
100000000
2006
10,000.00
100000000
0
(15,030.52) (12,297.70)
(22,545.79)
500000000
150000000
2007
361,033.02
Claim Incurred
50000000
(48,826.85) (41,932.15)
0
200000000
200000000
0
64,598.57
0
Cash Dividend
Stock Dividend
900000000
800000000
700000000
600000000
500000000
400000000
300000000
200000000
100000000
0
330,006.28
0
Balance accumulated profit at end of year
175,882.15 112,789.24
2
2
1
2
37
22
2006
3,687.46
(62,135.04) (62,158.55)
Dividend
(43,076.21)
(55,675.32)
Transfer from exceptional loss reserve in meeting 10,000.00
held on October 27, 2009
Equity Growth
Investments
2007
(561,657.71) 255,149.35
APPROPRIATIONS
400000000
2006
(75,478.50) (45,471.56)
53,470.20
48,935.06
Profit before tax
600000000
2007
(82,160.17) (73,937.36)
89,270.95
80,337.86
Workers Welfare Fund
8000000000
2006
Underwriting result
1000000000
500000000
237,097.00
(65,067.30) (59,129.02)
Profit after tax
1000000000
319,502.48
(87,239.72) (82,976.65)
405,704.62
Less: Expenses
Other Income
316,223.81
Outstanding Claims
0
436,967.79
Rental Income
Deferred Tax
1500000000
2006
(125,486.47) (83,561.35)
Investment Income
2007
(178,296.93) (168,452.73)
232,809.53
2008
Rs. in thousand
REVENUE ACCOUNT
Net Premium Revenue
Investment
2009
2006
2007
2008
0
2006
2007
2008
2009
2009
120000000
100000000
80000000
60000000
40000000
20000000
0
2006
2007
2008
2009
EFU GENERAL INSURANCE LTD.
GENERAL
Mr. Saifuddin N. Zoomkawala
Vision
Achieve zero defects in everything we do.
Our vision is to be the first choice company for our
customers, shareholders and employees. To achieve this
we will be driven by an obsession to be better than the
best in a continuous journey, not a destination.
We will do good business, with good clients and of the
highest integrity. We will not compromise our principles
and we will like to be known as a responsible corporate
citizen aware of our obligation to the Government and
the society we serve.
At EFU first choice means a sustained commitment to
meet and exceed stakeholder expectations. A will to go
the "Extra Mile" to delight our customers with products
and services that exceed their expectations.
(Rs in million)
Mission
We will mange our affairs through modern technology,
collective wisdom and institutionalized leadership. We
will be a respected, cultured and an educated company
with a strong market position. Together with our customers,
reinsurers and employees we will achieve world class
quality standards through continuous quality improvement.
Premium Written
Net Premium Revenue
Net Claims Expense
2009
2008
9,614.00
5,570.00
3,911.00
461.00
732.00
9,699.00
6,137.00
4,370.00
427.00
(5,471.00)
COMPANY INFORMATION
1. Chairman
2. Managing
Director & CEO
3. Directors
4. CEO & Company
Secretary
5. Legal Advisor
6. Tax Advisor
7. Senior Advisor
8. Advisors
9. Rating Agency:
JCR - VIS
Mr. Rafique R. Bhimjee
Mr. Sultan Ahmed
Mr. Abdul Rehman Haji Habib
Mr. Jahangir Siddiqui
Mr. Wolfram W. Karnowski
Mr. Muneer R. Bhimjee
Mr. Hasanali Abdullah
Mr. Taher G. Sachak
10. Auditors
11. Registrar
Mr. Altaf Qamruddin Gokal
Mr. Mohammad Ali Sayeed
Mr. Siraj-ul-Haq, Advocate
Mr. S. C. (Hamid) Subjally
Mr. Akhtar K. Alavi,
Mr. Naqi Zamin Ali
Mr. Salim Rafik Sidiki
Mr. Syed Ahmed A. Haq
Mr. Syed Mehdi Imam
12. Registered Office
13. Main Offices
14. No of Employees
70
Insurer Financial Strength Rating: AA
Outlook: Stable
Hyder Bhimji & Co.
Chartered Accountants, Karachi
Chartered Accountants, Karachi
Technology Trade (Pvt.) Ltd.
Dagia House, 241-C, Block-2,
PECHS,
Off Shahra-e-Quaideen, Karachi
11/4, Shahrah-e-Pehlavi, Peshawar
EFU House, M. A. Jinnah Road,
Karachi
Phone: (92-21) 32313471-90
Fax: (92-21) 32310450
Web: www.efuinsurance.com
Co-operative Insurance Building,
23, Shahrah-e-Quaid-e-Azam,
Lahore
1,338
EFU GENERAL INSURANCE LTD.
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
Equity
(including IBNR)
Total
1,500.00
1,500.00
1,500.00
1,500.00
1,150.00
9,314.49
10,464.49
1,150.00
8,955.94
10,105.94
1,000.00
15,177.17
16,177.17
500.00
1,290.86
1,790.86
5,508.92
4,004.95
54.90
141.33
9,710.10
24.38
5,193.35
4,085.77
262.12
9,541.24
42.11
5,335.72
3,984.88
32.31
276.83
9,629.74
-
3,662.66
4,091.40
216.04
7,970.10
27.29
1,439.21
1,301.64
1,429.77
689.46
300.77
238.76
153.30
150.30
21,938.95
21,229.69
27,389.98
10,628.01
1,349.61
1,303.68
1,162.88
1,135.92
Other Liabilities
Investment
2.77
2.88
3.77
4.97
12,643.73
11,832.00
18,595.36
3,675.09
242.11
259.08
272.49
289.44
33.66
74.73
84.18
Deferred Tax
Outstanding Claims
3,030.34
2,980.80
1,938.30
382.59
369.39
420.39
358.44
Other Assets
3,464.25
3,824.07
3,445.07
2,881.83
Fixed Assets
545.47
533.52
425.04
344.02
21,938.95
21,229.69
27,389.98
10,628.01
TOTAL ASSETS
19,079.00
25,248.00
30,707.00
14,760.00
839.72
1.12
2.10
91.00
1,424.34
1.21
2.10
87.88
669.96
1.10
1.69
161.77
1,453.63
1.32
5.93
35.82
Current Ratio
Break-up Value
2007
2008
2009
0
Investments
15000
10000
5000
2006
2007
2008
3,911.44
4,369.51
5,092.24
4,131.71
Less: Expenses
1,076.14
1,001.27
839.73
837.28
Underwriting result
461.19
66.54
427.04
371.43
323.16
(176.94)
260.89
188.07
Investment Income
673.52
(5,299.62)
14,812.30
696.47
86.08
82.89
75.56
70.65
102.20
295.20
(428.03)
71.68
(188.52)
(503.36)
124.71
46.45
(378.24)
(144.38)
5.93
22.58
(0.10)
0.31
734.90
(5,814.35)
14,634.23
669.50
801.44
(5,442.92)
14,457.29
857.57
69.14
28.30
(79.01)
95.60
732.30
(5,471.22)
14,536.30
761.97
(5,456.96)
14,564.26
777.96
305.99
373.75
600.00
150.00
90.00
(5,900.00)
150.00
13,800.00
500.00
100.00
200.00
-
Profit after tax
APPROPRIATIONS
Dividend
Reserve for Bonus Share/Bonus Shares
issued
General Reserve
(5,526.25)
14,550.00
750.00
290.00
801.59
(5,456.96)
14,564.26
777.96
Cash Dividend
Stock Dividend
70.22
13.15
19.32
8.28
6.37
373.75
-
71.20
(89.15)
16.32
6.96
(47.58)
600.00
150.00
83.34
237.89
13.74
5.29
145.36
150.00
500.00
76.26
14.06
15.45
4.82
15.24
90.00
200.00
Claim Incurred
6000
5000
4000
3000
2000
1000
0
2006
2007
2008
2009
20000
0
Less: Net Claims
Profit before tax
5000
2006
5,417.95
-
10000
10000
2009
1400
1350
1300
1250
1200
1150
1100
1050
1000
2006
2007
2008
2006
2007
2008
2009
20000
15000
10000
5000
0
-5000
10000
71
2006
2007
2008
6200
6000
5800
5600
5400
5200
5000
2006
2007
2008
2009
2009
2006
6,110.50
(32.31)
Exchange gain
15000
2007
6,136.94
32.31
Other Income
Share of associate
20000
20000
2008
Rs. in million
5,570.21
(54.90)
Equity Growth
30000
2009
REVENUE ACCOUNT
Net Premium Revenue
Rental Income
-
3,274.76
0
2006
2009
20000
15000
10000
5000
0
-5000
-10000
2006
2007
2008
2009
EXCEL INSURANCE COMPANY LTD.
Mr. Ghulam Mohammad
Vision
The vision of Excel Insurance Company Limited is
to become one of the preferred insurance companies
of the country by providing insurance services par
excellence to its customers resulting in peace of mind
to its clients.
(Rs in million)
Premium Written
Net Premium Revenue
Net Claims Expense
Mission
The mission of Excel Insurance Company Limited is
To become the most preferred insurer of clients by
providing outstanding risk coverage.
To provide a congenial environment to employees to
attract the best human resource in the industry.
To consistently offer high return on capital to
company's shareholders.
2009
2008
43.16
18.05
4.55
1.24
(2.03)
42.02
18.29
7.24
(2.26)
7.57
COMPANY INFORMATION
1. Chairman
Mr. Iqbal Alimohammad
6. Registered
Office
2. Chief Executive Mr. Ghulam Mohammad
3. Directors
Mr. Iqbal Alimohammad
Mr. Younus Haji Latif
Mr. Ubaid Amanullah
Mr. Tariq M. Ranoonwala
Mrs. Shagufta Ghulam
Mr. Mohammad Irfan Khalique
Mr. Ghulam Mohammad
4. Chief Financial
Officer & Company
Secretary.
Mr. Muhamamd Saleem Akhtar
5. Auditors &
Tax Advisor
Hyder Bhimji & Co.
72
38/C-1, Block-6, P.E.C.H.S.,
Karachi-75400. Pakistan.
UAN: 111-777-666, 4548077
Fax: 4548076
E-mail: [email protected]
Web: www.globemanagements.com
EXCEL INSURANCE COMPANY LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
300.00
300.00
300.00
150.00
200.00
3.73
203.73
160.00
21.75
181.75
120.00
14.19
134.19
90.00
24.69
114.69
5.92
20.55
4.42
16.40
4.47
14.13
8.45
11.93
2.31
28.77
0.68
3.23
24.05
0.68
2.80
21.39
0.75
1.88
22.25
0.81
3.72
4.66
6.55
9.26
11.75
11.75
11.75
236.90
222.89
174.62
158.76
101.13
13.37
24.00
16.04
59.94
155.04
85.69
76.76
(including IBNR)
Total
Other Liabilities
REVENUE ACCOUNT
Net Premium Revenue
2008
2007
2006
Rs. in million
18.05
18.29
16.26
14.97
Less: Net Claims
4.55
7.24
4.93
3.59
Less: Expenses
9.65
12.15
12.37
11.96
Underwriting result
1.24
2.61
(2.27)
1.16
(0.29)
(0.75)
(1.10)
0.51
Investment Income
2.74
17.12
28.68
25.22
Rental Income
-
-
-
-
Other Income
0.36
0.45
-
0.03
(6.63)
(9.29)
(8.13)
(9.58)
(3.54)
8.28
20.55
15.67
(0.93)
9.44
19.80
16.18
Exchange gain
Investment
2009
Profit before tax
Deferred Tax
1.10
1.88
0.30
0.27
Outstanding Claims
3.53
1.68
1.52
6.09
Profit after tax
(2.03)
7.57
19.50
15.91
3.55
3.00
2.84
2.55
Other Assets
59.99
39.54
50.48
50.14
APPROPRIATIONS
21.64
14.08
24.58
18.67
Fixed Assets
8.76
10.28
10.09
7.19
30.00
10.00
236.90
222.89
174.62
158.76
Dividend
General Reserve
TOTAL ASSETS
155.02
17.10
1.16
10.19
33.74
2.62
1.23
11.36
53.24
3.34
1.30
11.18
-
16.00
Current Ratio
Break-up Value
16.00
42.80
2.45
1.38
12.74
30.00
10.00
3.61
21.64
14.08
24.58
Cash Dividend
Stock Dividend
25.21
(11.24)
53.46
6.89
(0.10)
16.00
39.56
41.37
66.46
(12.38)
0.47
-
30.31
119.91
76.07
(1.76)
1.63
30.00
23.98
106.31
79.92
(7.34)
1.77
10.00
Equity Growth
-
Claim Incurred
250
250
8
50
200
200
150
6
40
150
100
100
50
50
2
0
0
0
2006
2007
2008
2009
Investments
180
160
140
120
100
80
60
40
20
0
2006
2007
2008
2006
2007
2008
2009
2009
2006
2007
2008
20
10
2006
2007
2008
2009
25
20
15
10
5
0
-5
2009
73
0
2006
2007
2008
2009
120
100
80
60
40
20
0
30
4
30
25
20
15
10
2006
2007
2008
2009
0
2006
2007
2008
2009
HABIB INSURANCE COMPANY LTD.
Mr. Ali Raza D. Habib
Vision
towards the business it underwrites and as new
products and markets are being explored, the
company is investing its resources in people and
ideas to meet these challenges.
In Insurance, as also in Banking, Habib is committed
to its time honoured tradition of serving the Nation
by extending a wide range of insurance products
offering maximum protection, backed up by
matchless service with prompt claim settlement as
its utmost priority. With high quality service to all
its customers, the Company will also strive to
continue to give its shareholders a consistent return
on their investment.
(Rs in million)
2009
Premium Written
Net Premium Revenue
Net Claims Expense
Mission
Habib will continue to pursue its policy of progressive
yet cautious underwriting carving its rightful share
in the Insurance market without compromising its
principles on underwriting and claim settlement. It
will continue to maintain its selective approach
2008
703.00 737.00
359.00 398.00
176.00 202.00
7.00
17.00
205.00 (396.00)
COMPANY INFORMATION
1. Chairman
2. Managing
Director &
CEO
3. Directors
4. Company
Secretary
6. Legal Advisor
Lari & Co
7. Tax Advisor
Abbas Karjatwala & Co.
8. Auditors
Mr. Abbas D. Habib
Mr. Mazher Ali Jumani
Mr. Mansoor G. Habib
Mr. Mohamedali R. Habib
Mr. Sajjad Hussain Habib
Mr. Aun Mohammad A. Habib
9. Registered
Office
Mr. Rafiq M. Habib
10. Number of
Employees
Mr. Shabbir Gulamali
5. Chief Financial
Officer
Mr. Shabbir Gulamali
74
1st Floor, State Life Bldb.
No. 6, Habib Square, M.A.
Jinnah- Road, Karachi-75350
217
HABIB INSURANCE COMPANY LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
(including IBNR)
Total
Other Liabilities
Investment
500
500
500
250
400
423
823
356
307
663
297
941
1,238
220
740
960
141
288
31
460
18
171
306
40
517
15
282
303
27
612
12
74
239
27
340
8
295
246
240
215
20
19
-
-
1,616
1,460
2,101
1,524
27
57
130
126
2
3
1
1
932
720
1,314
691
7
6
19
3
Outstanding Claims
87
96
162
26
36
41
40
39
Other Assets
484
492
390
600
Fixed Assets
41
46
46
37
1,616
1,460
2,101
1,524
141
1
2
21
210
1
2
19
160
1
2
42
464
3
2
44
TOTAL ASSETS
Current Ratio
Break-up Value
2000
1500
1000
500
0
2006
2007
2008
2009
1400
1200
1000
800
600
400
200
0
Investments
1400
1200
1000
800
600
400
200
0
2006
2007
2008
336
-
268
-
Less: Net Claims
176
202
217
122
Less: Expenses
102
117
91
81
7
74
17
62
21
7
12
53
185
(391)
443
604
-
-
-
-
Other Income
6
3
9
4
(53)
(54)
(51)
(55)
-
-
-
-
138
(442)
401
553
Profit before tax
212
(379)
408
606
Exchange gain
7
17
(13)
5
205
(396)
420
601
(347)
437
611
160
Dividend
General Reserve
(44)
(44)
450
(178)
(59)
(150)
(143)
(77)
(375)
(59)
(51)
(40)
361
(387)
(595)
(150)
219
(347)
437
611
Cash Dividend
Stock Dividend
49
57
29
2
3
(44)
(44)
51
(100)
29
4
(5)
(178)
(59)
65
125
27
6
7
(143)
(77)
46
224
30
4
10
(59)
(51)
Profit after tax
APPROPRIATIONS
Equity Growth
2500
2006
2007
2008
Claim Incurred
500
200
400
150
300
100
200
50
100
2009
2006
2007
2008
2006
2007
2008
2009
140
120
100
80
60
40
20
0
250
0
2009
800
600
400
200
0
-200
-400
-600
2009
75
2006
398
-
Rental Income
2007
359
-
Investment Income
2008
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
Underwriting result
Deferred Tax
2009
0
2006
2007
2008
2009
500
400
300
200
100
0
-100
-200
-300
2006
2007
2008
2009
2006
2007
2008
2009
IGI INSURANCE LIMITED
Insurance
Mr. Jalees Ahmed Siddiqi
Vision:
(Rs in million)
IGI Insurance is committed to being one of the leading
providers of solutions to risk exposures in selected market
segments in Pakistan.
2009
Mission:
Premium Written
Net Premium Revenue
Net Claims Expense
Our vision will be realized through.
Customers: Being the preferred insurer in providing
solutions to risk exposure
Shareholders: Consistently delivering above market
average return on capital
Employees: Providing the environment necessary to
be the employer of choice
Community: Compliance with the highest ethical and
moral standards
2008
1,151.79 1,035.21
614.58
542.51
257.05
240.93
(65.19)
(51.09)
263.96 (377.04)
COMPANY INFORMATION
1. Chairman
Syed Babar Ali
2. Managing
Director &
CEO
3. Directors
4. Company
Secretary
Lari & Company
J.H. Rahimtoola and
Company Advocates
7. Auditors
Syed Babar Ali
Shamim Ahmad Khan
Syed Kamal Ali
Syed Yawar Ali
Syed Shahid Ali
Syed Hyder Ali
Mr. Waqar Ahmed Malik
8. Registered
Office
Mr. Haider Raza
9. Number of
Employees
5. Chief Financial
Officer
Muhammad Kashif Nisar
6.
Legal Advisor
Ramday Law Associate
Hassan & Hassan
76
7th Floor, The Forum, Suite
Nos. 701- 713, G-20, Block9, Khayaban-e-Jami, Clifton,
Karachi-75600 , Pakistan.
Web: www.igiinsurance.com.pk
UAN: 111-308-308
Toll Free No: 0800-2-3434
Fax: (92-21) 35301772
131
IGI INSURANCE LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in thousand
Equity
1,000,000
(including IBNR)
Total
1,000,000
1,000,000
1,000,000
598,689
598,689
10,362,124 10,247,830
10,960,813 10,846,519
319,301
10,952,150
11,271,451
199,563
8,310,158
8,509,721
476,716
400,660
46,975
924,351
197,282
352,438
72,697
622,417
286,739
374,644
38,139
699,522
Borrowings
Other Liabilities
65,197
253,103
51,096
193,166
72,381
160,102
75,757
226,929
(414,649)
(157,476)
3,021,533
7,315,629
Underwriting result
Investment Income
9,971
15,318
(89,307)
(106,660)
(113,931)
(61,800)
-
-
-
(51,320)
(129,709)
(609,614)
(215,367)
(443,298)
(133,493)
2,803,457
(107,240)
7,110,587
40,000
320,000
400,000
620,000
490,276
1,049,491
1,183,100
461,364
Amortization of Goodwill
14,099,552 10,399,049
205,911
-
-
13,489
172,357
196,584
240,481
31,862
-
-
-
-
Other Assets
668,597
716,448
939,150
675,322
Fixed Assets
280,545
302,531
309,283
292,084
2,000
-
-
-
-
-
-
-
TOTAL ASSETS
12,366,066 13,200,639
14,099,552 10,399,049
10,523,928 10,455,120
18,499,930 10,959,980
(53,775)
0.94
1.13
183
302,018
0.73
1.22
181
Finance charges
139,557
-
218,376
0.71
1.25
353
Share of Profit/(Loss) from Associate
721,277
(153,971)
19,957
19,594
Profit before tax
364,766
(404,103)
2,983,516
7,357,110
(100,800)
(27,061)
53,938
14,740
263,966
(377,042)
2,929,578
7,342,370
(376,347)
2,848,415
7,486,425
401,505
-
-
(8,194)
-
Dividend
(149,672)
(47,895)
(79,825)
General Reserve
89,803 (2,720,000)
(159,650)
(119,744)
(7,280,000)
(61,400)
(46,050)
(150,000)
(59,869) (2,847,720)
Profit after tax
APPROPRIATIONS
Adjustment resulting from change in
Accounting Policy
(7,559,394)
(257,450)
(172,250)
(376,347)
2,848,415
7,486,425
(41.83)
42.95
(27.60)
10.61
4.41
Cash Dividend
(149,672)
Stock Dividend
-
(44.41)
(69.50)
(29.40)
9.42
(6.30)
(47,895)
(79,825)
(57.34)
482.95
(28.20)
11.93
91.75
(159,650)
(119,744)
(42.20)
1,657.16
(23.68)
17.10
367.92
(61,400)
(46,050)
(156,088)
1.00
1.22
426
Equity Growth
2009
12000000
10000000
8000000
6000000
4000000
2000000
0
Investments
2008
(104,915)
19,377
-
2007
(186,982)
(171,077)
20,989
16,868
2006
(347,805)
(159,514)
15,216
-
14000000
12000000
10000000
8000000
6000000
4000000
2000000
0
(240,931)
(169,628)
6,485
-
2008
(257,052)
Less: Expenses
17,566
Deferred Tax
2007
Less: Net Claims
Other Income
2006
Claim Incurred
300000
250000
200000
150000
100000
50000
0
400000
300000
200000
100000
2006
2007
2008
0
2009
2009
443,069
Rental Income
-
5000000
606,603
-
9,246,735
10000000
542,515
185,547
-
15000000
614,586
30,190
12,404,727
Current Ratio
Break-up Value
REVENUE ACCOUNT
Net Premium Revenue
290,450
-
2006
-
-
Intangible
2007
182,654
11,235,758 11,709,948
2008
Rs. in thousand
50,932
258,260
Outstanding Claims
2009
124,523
6,809
Investment
366,620
378,622
56,733
801,975
12,366,066 13,200,639
0
2006
2006
2007
2008
2006
2007
2008
2009
8000000
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
-1000000
2009
77
700000
600000
500000
400000
300000
200000
100000
0
2006
2007
2008
2009
8000000
6000000
4000000
2000000
2006
2007
2008
2009
0
2006
2007
2008
2009
NEW HAMPSHIRE INSURANCE COMPANY
Mr. Mujib Khan
Vision
(Rs in million)
To be the world's first choice provider of insurance
and financial services. We will create unmatched
value for our customer, colleagues, business partners
and shareholders; as we contribute to the growth of
sustainable, prosperous communities.
2009
2008
Premium Written
849.95
Net Premium Revenue
382.17
Net Claims Expense
169.22
17.14
766.01
479.93
205.59
5.02
52.50
COMPANY INFORMATION
1. Country
Manager
5. Registered
Office
Mr. Mujib Khan
2. Chief Financial
Officer
Mr. Hasan Dossani
3. Advisor
Lari & Co, Sattar & Sattar
6. Number of
Employees
4. Auditors & Tax
Advisor
Ernst & Young (auditors)
A. F. Ferguson (tax advisor)
78
7th Floor, Dawood Centre,
M. T. Khan Road, Karachi,
Paksitan
UAN # (021) 111-111-244
Fax # (021) 35634022 & 3
Website: chartisinsurance.pk
77
NEW HAMPSHIRE INSURANCE COMPANY
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
-
(including IBNR)
Total
-
-
-
874.97
-
813.64
-
Less: Net Claims
169.22
205.59
676.48
387.38
Less: Expenses
117.20
116.65
92.93
41.80
(3.17)
98.92
5.02
152.67
15.94
89.62
77.24
307.22
131.76
92.19
90.54
76.56
315.16
350.02
258.92
349.27
494.73
452.13
238.41
430.51
Underwriting result
74.81
739.99
-
64.83
673.02
-
39.77
986.63
-
43.66
712.58
-
Investment Income
Rental Income
-
-
-
-
216.71
141.80
150.81
129.20
Other Income
0.18
2.31
2.48
0.19
(198.66)
(164.57)
(116.59)
(70.03)
2,197.99
1,887.87
2,113.75
1,754.64
319.85
546.92
950.26
819.82
-
-
435.62
163.31
-
19.17
-
17.14
0.06
230.91
149.49
205.88
95.60
66.63
45.17
44.23
42.65
Other Assets
619.42
592.67
646.73
541.17
Fixed Assets
78.92
87.72
86.20
40.40
TOTAL ASSETS
2,197.99
1,887.87
2,113.75
1,754.64
2,242.19
1,895.87
2,208.88
1,792.32
638.31
2.20
1.77
-
888.36
3.22
1.76
-
1,157.33
2.79
2.17
-
1,088.98
3.96
1.92
-
2,000
1,500
1,000
500
2007
2008
2009
1,400
1,200
1,000
800
600
400
200
0
Investments
2006
2007
2008
6.72
Profit before tax
32.20
82.60
66.05
313.94
15.06
30.10
20.76
108.41
Profit after tax
17.14
52.50
45.29
205.53
854.32
801.82
777.12
571.59
-
-
20.59
-
-
-
20.59
-
871.47
854.32
801.82
777.12
Cash Dividend
Stock Dividend
44.28
4.49
30.67
(0.83)
-
42.84
10.94
24.31
1.05
-
77.31
5.18
10.62
1.82
-
47.61
25.26
5.14
9.49
-
Claim Incurred
800
700
600
500
400
300
200
100
0
1000
800
600
400
200
2006
2007
2008
2009
0
1000
250
1
800
800
200
1
600
600
150
1
400
400
100
0
200
200
50
0
0
0
0
2007
2008
2009
2006
2007
2008
2009
79
2006
2007
2008
2006
2007
2008
2009
1000
2006
-
(23.57)
Dividend
General Reserve
2009
-
(70.07)
Equity Growth
2,500
-
(66.72)
APPROPRIATIONS
Current Ratio
Break-up Value
-
214.94
-
30.28
Exchange gain
-
Outstanding Claims
2006
479.93
-
912.86
912.86
-
Deferred Tax
0
382.17
-
976.31
976.31
863.09
2006
1,073.05
1,073.05
-
Investment
2007
REVENUE ACCOUNT
Net Premium Revenue
2008
Rs. in million
1,241.29
1,241.29
Other Liabilities
2009
2009
0
2006
2007
2008
2009
NEW JUBILEE INSURANCE
COMPANY LIMITED
Mr. Tahir Ahmed
Vision:
shareholders on the company's capital and to strive
for the growth and prosperity of the company.
To be acknowledged as the strongest and best
insurance company of Pakistan and to enjoy the
highest level of trust and confidence.
To be a good corporate citizen and contribute to the
uplift and welfare of the community we live in.
Mission:
Key Financial Data for the last two (2) Years.
To provide our policyholders the highest degree of
financial security, prompt and fair settlement of their
insured losses, and professional and friendly service
at all times.
(Rs in million)
Premium Written
Net Premium Revenue
Net Claims Expense
Net Commission
To provide our employees a fair reward for their
services, good working conditions, stable
employment; and the opportunity for training, self
development, long term professional growth and
prosperity with the company.
2009
2008
4,030.64
2,297.72
1,420.97
227.64
656.46
3,526.40
2,186.44
1,332.46
239.54
(267.25)
To earn a steady and satisfactory return for the
COMPANY INFORMATION
1. Chairman
2. President &
Managing
Director
3. Directors
Mr. Towfiq H. Chinoy
6. Legal Adviser
Mr. Tahir Ahmed
(Chief Executive)
7. Share Registrar THK Associates (Pvt) Ltd.
Ground Floor, State Life
Building # 3, Dr. Ziauddin
Ahmed Road, Karachi.
Tel: 35689021, 35686658
Mr. Akbarali Hashwani
Mr. Sadruddin Hashwani
Mr. Masood Noorani
Mr. Akbarali Pesnani
Mr. John Joseph Metcalf
Mr. R. Zakir Mahmood
Mr. Aly Noormahomed Rattansey
8.
Head Office /
Registered
Office
4. Chief Financial
Officer & Company
Secretary
Mr. Atiq Anwar Mahmudi
5. Auditors
Sidat Hyder.
9. No. of
Employees
80
Surridge & Beecheno
2nd Floor, Jubilee Insurance
House I.I. Chundrigar Road,
Karachi.
UAN (92-021) 111-654-111
Tel: (92-021) 32416022-26
Fax: (92-021) 32416728,
32438738
E-mail:[email protected]
Web: www.nji.com.pk
640
NEW JUBILEE INSURANCE COMPANY LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
Equity
1,000.00
1,000.00
1,000.00
500.00
659.15
1,961.85
2,621.00
659.15
1,402.17
2,061.32
549.29
1,862.37
2,411.66
439.43
1,640.14
2,079.57
1,315.99
1,459.92
1,190.06
1,345.36
1,428.81
1,190.12
815.30
919.10
54.49
2,830.40
1.93
48.44
2,583.86
2.50
53.26
2,672.19
3.07
26.38
1,760.78
3.63
680.87
526.78
567.74
529.05
Other Liabilities
285.66
250.70
278.04
73.48
6,419.86
5,425.16
5,932.70
4,446.51
2,028.13
1,670.16
1,680.63
1,686.56
(including IBNR)
Total
Investment
Deferred Tax
Outstanding Claims
1,486.43
Less: Net Claims
1,420.97
1,332.46
1,413.73
887.59
Less: Expenses
534.98
506.32
405.43
330.34
Underwriting result
227.64
114.13
239.54
108.12
206.64
(207.02)
168.82
99.68
Investment Income
452.25
181.71
599.21
690.18
Rental Income
76.99
83.20
70.86
45.77
Other Income
150.52
111.90
113.05
104.78
(20.60)
(19.55)
(7.87)
(9.11)
Impairment in value of available of
sale securities
-
(651.15)
-
-
Share of Profit & Loss
(1.38)
657.78
6.62
(287.27)
6.82
782.07
2.66
834.28
149.65
123.82
76.20
72.94
Profit / Loss before tax
771.90
(179.15)
575.04
933.96
31.98
35.97
62.57
36.39
Taxation - net
115.43
88.10
(13.42)
94.06
462.92
365.73
501.68
257.32
Profit / Loss after tax
656.47
(267.25)
588.46
839.90
(151.06)
658.43
938.00
651.21
98.87
82.39
258.16
109.86
(300.00)
109.86
350.00
109.86
500.00
73.23
370.00
106.71
Fixed Assets
106.55
97.96
181.23
126.27
TOTAL ASSETS
6,419.86
5,425.16
5,932.70
4,446.51
8,149.14
6,712.44
7,835.51
5,523.51
3,709
2.62
2.45
39.76
3,063
2.56
2.63
31.27
3,216
2.41
2.46
43.91
2,686
2.89
2.14
47.32
APPROPRIATIONS
Dividend
Shares issued
General Reserve
(201.13)
542.25
868.02
553.09
706.54
(151.07)
658.44
938.02
Earning /(Loss) per share (Rs.)
Cash Dividend
Stock Dividend
61.84
28.57
23.28
9.91
9.96
98.87
-
60.94
(12.22)
23.16
10.96
(4.05)
82.39
109.86
77.73
32.35
22.29
11.36
10.71
258.16
109.86
59.71
56.50
22.22
11.36
19.11
109.86
73.23
Equity Growth
8000
8000
6000
6000
4000
4000
2000
2000
0
0
Investments
2000
1500
1000
500
2009
2500
2000
1500
1000
500
0
Claim Incurred
2500
1500
2000
1000
1500
1000
500
2006
2007
2008
0
2009
2500
2008
1,818.78
0.31
898.16
2007
2,186.44
1,261.85
121.98
2006
2,297.72
0.43
1,352.09
0
REVENUE ACCOUNT
Net Premium Revenue
1,955.89
136.98
2009
2006
0.36
1,563.97
2008
2007
1,430.22
140.21
2007
2008
Rs. in million
0.29
1,747.00
Current Ratio
Break-up Value
2009
1,753.16
Other Assets
2006
2006
2006
2007
2008
500
2006
2007
2008
2009
2009
81
2006
2007
2008
2006
2007
2008
2009
1000
800
600
400
200
0
-200
-400
0
2009
400
200
0
-200
-400
-600
-800
-1000
2006
2007
2008
2009
THE PAKISTAN GENERAL
INSURANCE CO. LTD.
PGI
Ch. Zahoor Ahmed
Vision
We strive to maintain a customer focused approach
by ensuring that our services are delivered to the
customer in time, according to the required
specifications and within our stipulated cost.
The Pakistan General Insurance Company Limited
is committed to provide quality insurance services
and improved coverage by virtue of sound
professionalism and risk management expertise, to
provide better coverage and satisfaction of their
customers.
(Rupees in millions)
Mission
Our aim is to provide cost effective insurance covered
to our customers which is achieved by increasing
the productivity of our employees.
We follow good governance and sound
professionalism to become a well reputed and
respected corporate entity in the eyes of government
and society.
Premium written
Net premium revenue
Net claim expenses
Net commission (income)
Profit after tax
2009
2008
206.00
110.00
29.00
5.00
85.00
196.00
92.00
21.00
7.00
22.00
COMPANY INFORMATION
1
Chairman
Ch. Manzoor Ahmed
2
Managing
Director & CEO Ch. Zahoor Ahmed
3
Directors
4
5
Ch. Manzoor Ahmed
Ch. Zahoor Ahmed
Ch. Ghulam Mustafa
Mr. Mehmod ul Haq
Ch. Ather Zahoor
Mr. Usman Ali
Ch. Mazhar Zahoor
Mr. Rehan Beg
Ch. Muhammad Saleem
Company
Secreatry
Ch. Muhammad Saleem
Chief Financial
Officer
Mr. Azhar Hafeez Ch.
6
Auditors
M. Yousuf Adil Saleem &
Co.; and
Kamran & Co. Chartered
Accountants
7
Tax Advisor
Kamran & Co. Chartered
Accountants
8
Registered
Office
9
82
Number of
Employees
Cooperative Bank House, 5
Bank Sqaure The Mall, Lahore
115
THE PAKISTAN GENERAL INSURANCE CO. LTD.
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
Equity
300.00
300.00
300.00
120.00
200.00
162.00
362.00
200.00
75.00
275.00
200.00
44.00
244.00
120.00
20.00
140.00
10.00
96.00
17.00
123.00
9.00
110.00
16.00
135.00
12.00
101.00
11.00
124.00
2.00
38.00
14.00
54.00
32.00
11.00
9.00
8.00
20.00
37.00
27.00
8.00
(including IBNR)
Total
Other Liabilities
7.70
51.00
34.00
27.00
544.70
509.00
438.00
237.00
138.00
48.00
106.00
58.00
Investment
Deferred Tax
Outstanding Claims
0.10
0.10
0.10
0.10
21.00
19.00
16.00
7.00
149.00
155.00
47.00
-
-
-
8.00
5.00
10.00
12.00
12.00
8.00
6.00
121.60
174.90
99.90
5.90
Fixed Assets
92.00
90.00
144.00
151.00
3.00
5.00
7.00
8.00
TOTAL ASSETS
544.70
509.00
438.00
237.00
544.70
509.00
438.00
237.00
Current Ratio
Break-up Value
229.90
7.10
1.50
18.10
130.90
2.35
1.85
13.75
142.90
2.96
1.80
12.20
27.90
1.75
1.69
11.67
2006
2007
2008
2009
Investments
20
15
10
5
0
2007
2008
2007
2008
41.00
-
Less: Net Claims
29.00
21.00
17.00
9.00
Less: Expenses
31.00
27.00
19.00
20.00
Underwriting result
(5.00)
55.00
(7.00)
51.00
(10.00)
50.00
(4.00)
16.00
Investment Income
8.00
(1.00)
3.00
0.80
Rental Income
5.00
3.00
2.00
-
Other Income
72.70
-
1.00
1.00
(28.00)
(8.00)
2009
160
140
120
100
80
60
40
20
0
2006
2007
2008
(35.00)
Exchange gain
(27.00)
-
-
(2.00)
(24.00)
(6.20)
104.70
25.00
26.00
9.80
20.00
3.00
1.00
0.30
Profit after tax
84.70
22.00
25.00
9.50
10.00
90.00
(2.30)
87.70
19.00
(2.00)
40.00
(1.00)
39.00
14.00
19.00
(1.00)
18.00
8.50
5.00
(1.00)
4.00
7.00
10.00
19.00
14.00
26.36
77.00
28.18
(4.55)
4.24
-
22.83
23.91
29.35
(7.61)
1.10
-
22.37
32.89
25.00
(13.16)
1.25
-
21.95
23.17
48.78
(9.76)
0.79
-
Cash Dividend
Stock Dividend
2006
2007
2008
2009
90
80
70
60
50
40
30
20
10
0
83
-
Claim Incurred
35
30
25
20
15
10
5
0
-
(1.00)
(26.00)
APPROPRIATIONS
Restatement of previous figures
Dividend
General Reserve
Surplus realized on incremental depreciation
2009
-
(1.00)
49.70
Profit before tax
2009
2006
76.00
-
25
2006
2006
2007
92.00
-
Equity Growth
400
350
300
250
200
150
100
50
0
2008
110.00
-
1.00
2009
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
-
Other Assets
600
500
400
300
200
100
0
2006
120
100
80
60
40
20
0
2006
2007
2008
2009
Net dividend & other appropriations
100
80
60
40
20
0
2006
2007
2008
2009
2006
2007
2008
2009
PICIC INSURANCE LIMITED
Mr. Ahmed Salahuddin
Vision
We shall strive to continually provode above average
returns to our shareholders.
We shall support the development of the communities
in which we live and work.
PICIC Insurance shall emerge as the leading
Insurance and risk management services organization
in Pakistan. We are in the business of providing
solution to mitigate insurable risk exposure of our
clients. We shall do this on the basis of through risk
ev
(Rs in million)
Mission
PICIC Insurance shall fully satisfy the needs and
expectation of all its stakeholders:
We shall putt the interest of our client first and ensure
that they make informed decisions with respect to
the products and services that we offer them.
We shall give our employees a congencial work
environment and shall give them opportunities for
personal growth and development strictly on the
basis of merit.
2009
2008
Premium Written
493.96
Net Premium Revenue
199.65
Net Claims Expense
106.29
16.85
443.11
227.85
154.26
(0.44)
(53.25)
COMPANY INFORMATION
1
Chairman
2
Managing
Director &
CEO
3
4
Directors
Company
Secretary
Mr. Mohammed BasheerJanmohammed
Mr. Mohammed BasheerJanmohammed
Mr. Muhammad Rafiq Tumbi
Mr. Yameen Kerai
Syed Naseer ul Hassan
Mr. Rizwan Abbas
Mr. Muhammad Riaz
Mr. Muhammad Haneed
84
5
Chief Financial
Officer
Mr. Muhammad Haneed
6
Advisor
7
Auditors & Tax
Advisor
Sidat Hyder Chartered
Accountants
8
Registered
Office
9
Number of
Employees
Syed Ali Hyder
8th Floor Shaheen Complex
M.R.Kiyani Road, Karachi
103
PICIC INSURANCE LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
REVENUE ACCOUNT
Net Premium Revenue
(268.258)
(134.592)
(92.769)
(123.541)
(67.980)
2.699
10.942
0.440
(18.738)
(9.122)
(97.520)
(5.318)
29.103
7.901
(3.296)
19.235
10.076
27.882
11.243
14.191
13.930
(29.807)
(39.351)
(29.511)
(15.369)
(0.064)
5.912
(0.344)
(31.679)
(0.590)
3.325
(0.823)
7.814
Profit before tax
16.854
(50.417)
(94.195)
36.917
-
(2.835)
0.302
(8.774)
16.854
(53.252)
(93.893)
28.143
(141.044)
(87.792)
26.101
(2.042)
350.000
(141.044)
208.956
200.000
(87.792)
112.208
200.000
26.101
226.101
121.053
176.216
155.531
162.378
211.892
187.384
68.321
202.532
Underwriting result
15.773
313.042
-
14.669
332.578
4.425
11.871
411.147
7.665
13.086
283.939
10.656
Investment Income
192.042
158.082
112.626
85.663
0.195
0.195
0.195
731.089
704.236
643.841
161.010
187.410
60.747
228.304
Amount Due but unpaid
198.407
167.964
141.566
128.574
Investment
45.118
37.107
132.298
Amount Due from
91.844
78.086
77.074
Less: Net Claims
Less: Expenses
Rental Income
Other Income
-
606.359
Exchange gain
75.201
Deferred Tax
Profit after tax
47.456
61.962
65.403
15.997
14.410
16.005
15.693
18.710
Other Assets
169.761
141.986
126.614
114.968
Fixed Assets
3.083
13.716
21.611
22.072
731.089
704.236
643.841
606.359
APPROPRIATIONS
Dividend
Reserve for Bonus Share/Bonus Shares
issued
General Reserve
TOTAL ASSETS
Balance Unappropriated profit at
end of year
Current Ratio
Break-up Value
64.94
1.21
3.24
6.45
77.55
1.25
3.37
5.97
(71.95)
0.78
5.74
5.61
Cash Dividend
Stock Dividend
205.29
2.33
2.68
11.31
Equity Growth
250000
250000
600
200000
200000
150000
150000
100000
100000
50000
50000
200
0
2006
2007
2008
2009
0
Investments
140000
120000
100000
80000
60000
40000
20000
0
2006
2007
2008
0
2009
40000
20000
0
-20000
-40000
-60000
-80000
-100000
200000
150000
100000
50000
2007
2008
2009
0
2006
2007
2008
-
-
-
-
-
2006
2007
2008
2009
85
2006
2007
2008
(20.000)
-
-
-
-
(20.000)
-
(124.190)
(141.044)
(87.792)
26.101
(53.24)
8.44
(42.63)
1.35
0.48
-
(67.70)
(23.37)
(40.71)
0.19
(1.52)
-
(88.42)
(30.95)
(40.72)
(3.01)
(4.69)
(20.00)
-
(56.79)
11.88
(28.68)
(2.24)
1.41
-
2009
250000
2006
-
Claim Incurred
800
400
236.993
(154.262)
350.000
(124.190)
225.810
Outstanding Claims
303.401
(85.118)
500.000
Other Liabilities
2006
(106.295)
500.000
2007
227.853
500.000
(including IBNR)
Total
2008
Rs. in million
199.656
500.000
2009
350000
300000
250000
200000
150000
100000
50000
0
2006
2007
2008
2009
2009
0
-2500
-2000
-1000
-1000
-500
2006
2007
2008
2009
PREMIER INSURANCE LIMITED
Mr. Fakhir Rahman
To provide an excellent working environment to our
employees affording them every opportunity to
growth and career developments.
Vision
Our vision is to provide the highest level of service
in general insurance and strive to become a market
leader with a prestigious profile.
Our Values
We take pride in adhering to ethical business practices
and in being a good corporate citizen.
Mission
We respect our people and endeavor to provide them
opportunities to realize their full potential.
Our Business
We are a company underwriting general insurance
business including underwriting fire, property,
marine, motor and other risks of our clients.
We recognize our responsibility to our stakeholders
and to society.
We are committed to become the leading organization
in the insurance sector building an excellent
reputation among our clients with the objective of
maximizing returns for all the stakeholders.
(Rs in million)
Our Strengths
Financial viability and security we provide our clients
and reinsurers in order to safeguard their interests.
2009
Premium Written
Net Premium Revenue
Net Claims Expense
(Loss) / Profit after tax
Our Strategy
To enhance our corporate image by providing high
quality products and services to our policy holders.
670.40
335.50
149.40
28.30
53.30
2008
577.10
295.80
138.80
22.30
(37.40)
COMPANY INFORMATION
1. Chairman
Mr Zahid Bashir
2. Chief Executive Mr Fakhir Rahman
3. Directors
4. Company
Secretary
Syed Arshad Ali
Mr Khalid Bashir
Mr Imran Maqbool
Mr Nadeem Maqbool
Mr Khurram Mazhar
Mr Shams Rafi
Arfin & Company
8. Tax Advisor
Mushtaq & Company
9. Registered Office 5th Floor, State Life Building
No. 2A Wallace Road,
Karachi-74000, Pakistan
Phones: (92-21) 32416331-4
Fax: (92-21) 32416572
Website: www.pil.com.pk
Mr Afroz Quraishi
10. Number of
Employees
5. Chief Financial
Officer
Mr Afroz Quraishi
6. Auditors
7. Legal Advisor
Advocates
Anjum Asim Shahid Rahman
86
168
PREMIER INSURANCE LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
(including IBNR)
Total
Other Liabilities
Investment
Deferred Tax
500.00
500.00
500.00
200.00
263.32
1,511.02
1,774.34
239.39
1,529.49
1,768.87
199.49
1,646.72
1,846.21
166.24
1,234.28
1,400.52
251.11
314.52
37.21
602.84
21.07
326.56
264.82
28.17
619.54
17.09
436.47
277.93
32.37
746.76
11.41
34.23
650.89
9.34
383.97
290.63
333.70
360.01
6.50
5.23
5.12
3.98
2,788.72
2,701.37
2,943.20
2,424.73
220.58
885.31
234.93
262.48
2.41
3.12
3.83
0.05
1,245.69
607.16
1,560.82
1,080.52
56.39
25.58
-
Outstanding Claims
-
138.77
218.63
38.67
47.44
587.43
672.46
Fixed Assets
226.68
245.07
228.12
208.14
1.79
2.91
4.37
2,788.72
2,701.37
2,943.20
2,424.73
194.37
216.29
Less: Expenses
136.83
126.31
103.52
97.39
28.27
20.95
22.33
8.39
26.21
22.73
26.30
49.25
222.18
185.63
542.58
798.12
2.10
1.61
Rental Income
Other Income
Exchange gain
333.57
1.43
1.59
92.55
0.96
0.85
0.53
(28.29)
(70.48)
(128.17)
(213.22)
-
-
670.47
495.69
719.72
(26.31)
7.48
(16.75)
(4.29)
53.34
(37.44)
478.94
715.43
109.46
626.69
749.25
189.24
Dividend
47.88
Reserve for Bonus Share/Bonus Shares issued 23.94
General Reserve
(150.00)
39.90
39.90
400.00
33.25
33.25
535.00
27.71
27.71
100.00
(78.19)
479.79
601.50
155.41
240.99
109.46
626.69
749.25
Cash Dividend
Stock Dividend
44.54
15.90
40.79
8.43
2.03
47.88
23.94
46.92
(12.65)
42.69
7.55
(1.56)
39.90
39.90
56.04
138.09
29.85
7.56
24.01
33.25
33.25
55.57
183.80
25.02
6.76
43.04
27.71
27.71
Claim Incurred
250
500
2,900
1,500
200
400
150
300
100
200
50
100
500
2,500
0
2006
2007
2008
2009
Investments
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2006
2007
2008
0
2009
800
700
600
500
400
300
200
100
0
-100
800
600
400
200
2006
2007
2008
2009
0
2006
2007
2008
0
2006
2007
2008
2009
2009
87
2006
2007
2008
2009
1,000
-
472.95
Equity Growth
2,600
-
-
(44.91)
2,000
2,700
-
(53.30)
APPROPRIATIONS
1,000
-
79.65
3,000
2,800
-
58.70
Profit after tax
431.67
1.66
1.73
84.25
-
4.16
(126.16)
-
(43.59)
-
Impairment in Investments
1,159.47
2.86
1.53
73.89
138.81
36.76
572.01
1.89
1.57
67.38
149.40
-
677.94
Current Ratio
Break-up Value
Less: Net Claims
-
43.94
TOTAL ASSETS
389.23
Profit before tax
854.24
346.83
-
Other Assets
2006
295.83
Investment Income
149.27
2007
335.46
-
286.50
2008
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
Underwriting result
288.56
328.11
2009
800
600
400
200
0
2006
2007
2008
2009
-200
2006
2007
2008
2009
RELIANCE INSURANCE CO. LTD.
Mr. A Razak Ahmed
Vision
(Rs in million)
To be recognized as a professional and dependable
business entity committed to play a meaningful role
in the development of insurance industry in Pakistan
and to safeguard the legitimate interests of all
stakeholders, namely policy-holders, share-holders,
reinsurers, employees and all other business
associates/partners.
Premium Written
Net Premium Revenue
Net Claims Expense
(Loss)/Profit after tax
Mission
2009
2008
506.33
326.55
227.45
44.482
(32.64)
603.19
445.54
208.36
50.90
40.51
To provide quality service and protection to its clients
aiming at achieving a respectable volume of business
and become a prominent player through good
governance and sound professionalism focusing to
become a wall-known and respected Corporate entity
in the eyes of Society and Government.
COMPANY INFORMATION
1. Chairman
Mr. Ismail H. Zakaria
6. Advisor
2. Managing
Director & CEO Mr. A. Razak Ahmed
3. Directors
Mr. Abdul Sattar Pingar
7. Auditors & Tax
Advisor
Hyder Bhimji & Company
Mr. M. Amin Ahmed Bawany
Mr. A. Aziz Ayoob
Mr. Irfan Zakaria Bawany
Mr. Omer Bawany
Mr. Zohair Zakaria
Mr. Ahmed Ali Bawany
Mr. Noor M. Zakaria
Mr. Ashfaq Patel.
Mr. Yasin Siddik
8. Registered Office 96-A, SMCHS Karachi
9. Number of
Employees
4. Company Secretary Mr. Haroon A. Shakoor
5. Chief Financial
Officer
Mr. Haroon A. Shakoor
88
242
RELIANCE INSURANCE CO. LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
(including IBNR)
Total
Other Liabilities
Investment
395.81
315.02
Less: Net Claims
227.45
208.36
156.97
100.21
Less: Expenses
106.60
138.10
134.12
113.92
Underwriting result
44.48
(51.98)
50.91
48.17
46.20
58.52
38.43
62.46
53.86
18.26
43.23
30.41
200.00
252.00
70.58
322.58
229.09
126.13
355.22
176.23
138.49
314.72
132.50
111.47
243.97
227.47
232.76
252.84
243.90
125.49
291.40
85.22
161.55
33.12
493.35
30.34
527.08
31.38
448.27
26.46
273.23
Investment Income
88.29
50.52
39.50
45.58
0.11
5.90
4.44
12.60
904.34
938.72
806.93
575.38
63.04
85.03
94.95
105.24
1.06
0.96
0.94
1.14
282.69
285.86
270.42
206.24
Rental Income
Other Income
1.58
1.38
0.90
1.89
(34.45)
(15.55)
(14.31)
(14.13)
20.99
4.09
29.82
18.17
(30.99)
52.26
88.35
80.64
1.65
11.75
17.60
22.30
(32.64)
40.51
70.75
58.34
APPROPRIATIONS
41.02
70.88
58.37
0.04
Dividend
General Reserve
22.90
7.50
52.87
17.50
43.73
14.50
43.73
14.50
30.40
70.37
58.23
58.23
(22.02)
41.02
70.89
0.15
Cash Dividend
Stock Dividend
69.65
(10.00)
32.64
13.62
(1.30)
22.90
46.77
9.09
31.00
11.43
1.77
52.87
39.66
17.87
33.88
11.67
4.01
43.73
31.81
18.52
36.16
12.20
4.40
43.73
Exchange gain
Profit before tax
Profit after tax
Outstanding Claims
144.01
214.07
88.71
45.28
53.56
47.03
53.83
48.28
Other Assets
293.67
232.98
227.56
103.96
Fixed Assets
66.30
72.79
70.51
65.24
904.34
938.72
806.93
575.38
1,051.43
1,008.34
880.05
682.82
184.85
1.59
2.80
12.80
222.82
1.72
2.64
15.51
241.79
2.43
2.56
17.86
111.08
1.77
2.36
18.41
Claim Incurred
Equity Growth
1000
400
250
500
8000
300
200
400
150
300
100
200
50
100
600
200
400
200
100
0
0
2006
2007
2008
2009
Investments
350
300
250
200
150
100
50
0
2006
2007
2008
120
100
80
60
40
20
0
0
0
2006
2007
2008
2006
2009
2009
2006
445.54
500.00
Deferred Tax
Current Ratio
Break-up Value
2007
326.55
500.00
2008
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
500.00
TOTAL ASSETS
2009
2006
2007
2008
2007
2008
2009
2009
89
2007
2008
2009
80
60
40
20
0
-20
-40
2006
80
60
40
20
2006
2007
2008
2009
0
2006
2007
2008
2009
SAUDI PAK INSURANCE COMPANY LTD.
Capt. Azhar Ehtesham Ahmed
orientation for the benefit of the insurance industry.
We shall endeavor our utmost to render the best
possible service to our clients.
Vision
Our vision is to be the quality insurance service
provider, recognized and appraised by performance
and product development to cater the changing needs
of customers and continuous growth of human
resource.
(Rs in million)
2009
2008
Premium Written
230.45
Net Premium Revenue
124.85
Net Claims Expense
69.93
0.84
282.47
145.28
103.30
0.06
(59.88)
Mission
We wish to become a dynamic insurance service
provider, maintaining credibility and reputation
while growing revenues over the coming years and
improving insurance products by utilizing latest
technologies. Saudi Pak Insurance Company Limited
focusing to build up a team of professionals by
imparting exhaustive training, education and career
COMPANY INFORMATION
1. Chairman
Mr. Muhammad Rashid Zahir
7. Auditors & Tax
M. Yousuf Adil Saleem & Company
Advisor
2. Managing
Director & CEO Capt. Azhar Ehtesham Ahmed
3. Directors
4. Company
Secretary
8. Registered Office 19th Floor, Saudi Pak Tower
61-A, Jinnah Avenue,
Islamabad
Phone # (051) 111-222-003
Fax # (051) 111-222-004
Mr. Muhammad Rashid Zahir
Mr. Javed Masud
Mr. Farrukh S. Ansari
Mr. Goharulayn Afzal
Mr. Javed Aslam Callea
Mr. Fasihuddin Ahmed
Syed Liaquat Ali
9. Number of
Employees
Mr. Mohammad Imtiaz A. Aziz
5. Chief Financial
Officer
Mr. Mohammad Imtiaz A. Aziz
6. Advisor
Mandviwalla & Zafar
90
64
SAUDI PAK INSURANCE COMPANY LTD.
Balance Sheet
as at 31st December
2008
2009
2007
Rs. in million
Equity
(including IBNR)
Total
Other Liabilities
500.00
500.00
500.00
500.00
325.00
(124.13)
200.87
325.00
(124.27)
200.73
250.00
(64.39)
185.62
250.00
(34.56)
215.44
190.23
95.64
2.00
11.94
299.81
248.00
132.91
3.53
16.82
401.26
297.96
64.29
3.53
16.53
382.31
43.07
67.37
12.73
123.17
22.01
32.71
28.27
7.84
2.54
3.52
-
Investment
-
522.69
634.70
598.74
349.96
32.39
89.82
118.28
129.15
0.67
0.77
1.46
0.80
100.49
88.61
77.09
59.46
-
-
-
-
Deferred Tax
-
-
-
-
Outstanding Claims
158.45
199.16
237.77
22.05
10.23
15.98
15.17
13.77
Other Assets
189.18
202.08
111.56
84.83
Fixed Assets
31.28
38.28
37.42
39.91
-
TOTAL ASSETS
-
522.69
634.70
-
Current Ratio
Break-up Value
598.74
-
167.78
1.79
2.60
6.18
210.35
1.75
3.16
6.18
138.84
1.42
3.23
7.42
REVENUE ACCOUNT
Net Premium Revenue
800
220
600
210
2009
170
120
100
80
60
40
20
0
2007
2008
(114.08)
(50.60)
(86.68)
(68.98)
(56.85)
Underwriting result
1.12
(8.22)
0.07
(44.63)
(1.37)
(38.72)
(0.68)
(17.08)
Investment Income
10.79
(12.60)
9.51
(77.66)
2009
140
120
100
80
60
40
20
0
-
7.67
11.62
88.50
(11.39)
(9.99)
Exchange gain
0.31
2.09
9.69
(15.25)
9.74
0.85
Profit before tax
1.47
(59.88)
(28.98)
(16.23)
(0.84)
(0.53)
(59.88)
(29.82)
(16.75)
(124.27)
0.14
(64.39)
-
(34.57)
-
(17.80)
-
(124.13)
(124.27)
(64.38)
(34.56)
(0.62)
349.96
0
2007
2008
2006
2007
2008
2009
10
0
-10
-20
-30
-40
-50
-60
-70
2009
91
-
(0.71)
0.14
-
(71.10)
(41.22)
(59.66)
0.05
(1.84)
-
(76.44)
(19.98)
(46.22)
(0.92)
(1.19)
-
(55.57)
(18.40)
(62.43)
(0.75)
(0.67)
-
100
2006
0.85
Claim Incurred
2009
-
-
(56.02)
0.68
(52.69)
0.90
0.03
Cash Dividend
Stock Dividend
-
200
2008
-
(12.42)
300
2007
-
9.12
400
2006
-
(10.53)
Investments
2006
(103.30)
(65.78)
APPROPRIATIONS
Comprehensive income
Dividend
Shares issued
General Reserve
180
2008
(69.94)
Less: Expenses
Profit after tax
Comprehensive income
(Loss onRevaluation on available AFS investments)
190
200
2007
Less: Net Claims
200
400
2006
91.05
-
181.59
4.34
1.62
8.62
2006
149.24
(3.53)
Other Income
-
2007
Rs. in million
145.29
-
Rental Income
-
2008
2009
124.85
1.53
Equity Growth
0
2006
300
250
200
150
100
50
0
2006
2007
2008
2009
1
1
1
0
0
2006
2007
2008
2009
0
2006
2007
2008
2009
SECURITY GENERAL INSURANCE COMPANY LIMITED
Ms. Nabiha Shahnawaz
Mission
SGI to become a leader in insurance through
innovation, competitive advantage, customer
satisfaction and stakeholder confidence.
(Rs in million)
Premium Written
Net Premium revenue
Net Claims Expense
Net Commission/Income
Profit/Loss after Taxation
2009
2008
328.30
120.20
31.28
17.50
314.43
237.29
69.3
16.74
1.04
153.94
COMPANY INFORMATION
1. Chairman
Mian Hassan Mansha
6. Legal Advisor
Hamid Law Associates
2. Chief Executive
Officer
7. Auditors & Tax
Advisor
A.F. Ferguson & Co
3. Board of
Directors
8. Registered
Office
4. Company
Secretary
Mian Hassan Mansha
Mr. Aamir Fayyaz Sheikh
Mr. Waleed Tariq Saigol
Mr. Jehanzeb Amin
Mr. Inayat Ullah Niazi
Mr. Manzar Mushtaq
Mr. Shahzad Ahmad Malik
Mr. Badar ul Hassan
9. Number of
Employees
Mr. Khalid Mahmood Chohan
5. Chief Financial
Officer
Mr. Farrukh aleem
92
SGI House, 18 C / E1,
Gulberg III, Lahore.
Tel: 92-42-35775024-29
Fax: 92-42-35775030
Web: www.sgicl.com
74
SECURITY GENERAL INSURANCE LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
1,000.00
1,000.00
300.00
200.00
680.63
6,030.41
6,711.04
680.63
5,852.10
6,532.72
226.88
6,299.37
6,526.24
181.50
263.88
445.38
98.17
133.06
127.14
111.55
101.01
19.20
75.38
15.61
19.68
250.92
9.59
13.26
251.94
10.39
15.10
135.31
-
9.64
100.63
-
131.23
65.33
50.68
50.33
Other Liabilities
600.35
918.06
613.19
430.05
7,703.13
7,778.43
7,325.43
1,026.40
45.07
119.78
71.16
3.49
(including IBNR)
Total
7,116.57
7,225.33
6,969.09
786.69
75.34
107.67
73.58
42.26
27.20
22.77
11.75
7.82
Other Assets
353.20
222.61
120.57
169.42
Fixed Assets
85.75
80.27
79.28
16.72
-
TOTAL ASSETS
7,703.13
Current Ratio
Break-up Value
-
-
7,778.43
(356.15)
0.57
1.15
98.60
7,325.43
(660.46)
0.41
1.19
95.98
Less: Net Claims
(31.28)
(16.75)
(17.14)
(52.94)
Less: Expenses
(24.26)
(10.32)
(4.95)
(4.58)
Underwriting result
(17.50)
47.15
(1.04)
41.22
5.71
26.91
7.58
17.54
Investment Income
446.25
297.56
6,329.30
251.83
Rental Income
-
-
-
-
Other Income
6.76
2.75
3.82
0.27
(45.94)
(31.82)
(25.79)
(17.99)
(0.04)
0.40
0.28
0.09
(124.71)
282.32
(109.70)
159.19
(49.45)
6,258.16
(52.22)
181.97
329.47
200.41
6,285.08
199.51
15.03
46.46
22.72
13.13
314.44
153.95
6,262.36
186.37
APPROPRIATIONS
5,850.10
6,297.37
261.88
160.21
Dividend (Interim & Final)
General Reserve
(136.13)
-
(147.47)
(453.75)
-
(181.50)
(45.38)
-
(24.20)
(60.50)
-
-
136.13
601.22
226.88
84.70
6,028.41
5,850.10
6,297.37
261.88
Cash Dividend
Stock Dividend
(26)
262
(20)
(15)
5
(136)
-
(24)
222
(15)
(2)
2
(147)
(454)
(40)
14,465
(11)
13
276
(182)
(45)
(79)
280
(7)
11
10
(24)
(61)
1,026.40
6000
4000
2000
2007
2008
2009
8000
7000
6000
5000
4000
3000
2000
1000
0
Investments
2008
(340.59)
0.39
2.30
24.54
2006
2007
2008
2009
120
100
80
60
40
20
0
2006
2007
2008
Claim Incurred
60
50
40
30
20
10
0
2009
2006
2007
2008
2009
8000
7000
6000
5000
4000
3000
2000
1000
0
2007
(499.58)
0.35
1.12
287.66
Equity Growth
8000
2006
66.61
Profit after tax
2006
43.29
Outstanding Claims
0
69.33
0.86
Profit before tax
Deferred Tax
6000
5000
4000
3000
2000
1000
0
2009
93
2006
120.20
-
Exchange gain/Loss (Sale of Assets)
2007
REVENUE ACCOUNT
Net Premium Revenue
Investment
2008
Rs. in million
2009
2006
2007
2008
120
100
80
60
40
20
0
2006
2007
2008
2009
2009
700
600
500
400
300
200
100
0
2006
2007
2008
2009
Shaheen Insurance
SHAHEEN INSURANCE COMPANY LIMITED
Mr. Asif Suleman
Mission
Our mission is to continuously improve ourselves
to become a leading ,profitable Company, meeting
the needs of our customers and enhancing the value
of our shareholders investment.
(Rs in million)
2009
2008
Premium Written
596.33
701.25
Net Premium Revenue
481.63
575.73
Net Claims Expense
267.99 333.83
Net Commission / (Income) 104.71 115.71
17.46 ( 71.75 )
We will accomplish this by using the strengths of
our people and the application of innovative science
for the development of new insurance products and
services that are high in quality and competitive
in price.
COMPANY INFORMATION
1. Chairman
Air Vice Marshal ( R )
M.Ikramullah Bhatti
5. Auditors
Anjum Asim Shahid Rehman
2. Managing
Director & CEO Mr.Asif Suleman
6. Legal Advisor
Shaukat Law Associates
3. Directors
7. Registered
Office
Air Commodore ( R )
Mustansar Suhail Toor
Mr.Takudzwa Brooks
Takundanyika Mparutsa
Mr.Naveed Tariq
Mr.Ian Howell Ross
Mr.Shahid Hameed
Mr.Ahmed Bilal
4. CFO & Company
Secretary
Mr.Huzaif Hanif Tola
8. Number of
Employees
94
10th Floor,Shaheen Complex
M.R.Kayani Road,
Karachi-74200.
Tel: (92-21)32630370-75
(92-21)32213950-51
Fax:(92-21)32626674
Email:[email protected]
Web: www.shaheeninsurance.com
214
SHAHEEN INSURANCE COMPANY LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
Equity
200.00
200.00
200.00
200.00
200.00
25.25
225.25
175.00
32.79
207.79
175.00
104.54
279.54
100.00
119.33
219.33
165.70
234.72
14.05
414.47
-
169.72
284.14
14.96
468.82
172.10
2.31
320.54
12.63
507.58
112.56
1.41
271.85
8.57
394.39
87.41
75.20
84.19
41.48
2.54
3.43
0.40
19.77
729.67
755.24
871.71
674.97
132.73
166.84
235.86
197.36
1.39
1.41
0.69
0.92
177.52
175.91
227.94
211.11
5.09
5.63
6.16
6.70
-
-
-
-
Outstanding Claims
72.69
56.61
45.44
13.91
50.24
63.37
69.00
50.92
238.79
232.53
247.19
169.97
51.22
-
52.94
-
39.43
-
22.74
1.34
729.67
755.24
871.71
674.97
-
-
-
-
188.56
1.74
3.24
11.26
207.63
1.84
3.63
11.87
271.80
2.06
3.12
15.97
207.43
2.19
3.08
21.93
(including IBNR)
Premium Deficiency Reserve
Total
Other Liabilities
Investment
Deferred Tax
Other Assets
Fixed Assets (Tangible)
( Intangible )
TOTAL ASSETS
Current Ratio
Break-up Value
800
600
400
200
2006
2007
2008
2009
250
250
200
200
150
150
100
100
50
50
2006
2007
2008
2007
2008
2009
0
2006
2007
2008
565.33
-
Less: Net Claims
267.99
333.83
370.00
352.57
59.77
62.11
59.30
56.49
Underwriting result
104.71
49.16
115.71
66.39
105.86
34.74
87.89
68.38
Investment Income
100.64
(64.65)
83.77
28.82
Rental Income
1.83
1.74
1.68
1.78
Other Income
2.29
1.73
1.32
9.06
(64.78)
(69.06)
(58.45)
(48.69)
Impairment of non trading invesment
(68.14)
-
-
(28.16)
(130.24)
28.32
(9.03)
21.00
(63.85)
63.06
59.35
3.54
7.90
2.85
8.37
17.46
(71.75)
60.21
50.98
12.79
Dividend
Reserve for Bonus Share/Bonus Shares issued 25.00
General Reserve
-
84.54
99.33
68.35
-
75.00
-
20.00
25.00
-
75.00
20.00
5.25
12.79
84.54
99.33
Cash Dividend
Stock Dividend
55.64
3.62
12.41
21.74
0.87
25.00
57.98
(12.46)
10.79
20.10
(4.10)
-
64.82
10.55
10.39
18.55
3.44
75.00
62.37
9.02
9.99
15.55
5.10
-
Profit before tax
Profit after tax
APPROPRIATIONS
Claim Incurred
400
600
300
550
200
500
100
450
0
2006
2007
2008
2009
80
60
40
20
0
-20
-40
-60
-80
95
2006
2007
2008
400
2006
2007
2008
2009
2009
2006
570.80
(0.90)
2009
2007
575.73
2.31
Investments
0
2006
2008
Rs. in million
481.63
-
Equity Growth
300
250
200
150
100
50
0
2009
REVENUE ACCOUNT
Net Premium Revenue
Less: Expenses
1000
0
2006
2009
80
70
60
50
40
20
0
2006
2007
2008
2009
A NCE
C
PA N Y LTD.
V E R S TA R
SIL
SUR
OM
IN
SILVER STAR INSURANCE COMPANY LTD.
Mr. Zahir Muhammad Sadiq
ethical and professional standards, vis-à-vis profitable
returns to all our shareholders.
Vision
To ensure efficient and prompt service of insurance
solutions to the industry, through an integrated and
well organized system, governed by motivated and
prudently managed human resources.
(Rs in million)
Mission
Our mission is to strengthen our position in the
insurance industry, initially by concentrating upon
our vigilant expansion in the province of Punjab,
while channeling out into other provinces, by way
of continuing to provide reliable and quality insurance
security, with the persistent support of "A" rated
International Reinsurers; thus maintaining high
Premium Written
Net Premium Revenue
Net Claims Expense
2009
2008
220.00
148.00
28.00
12.00
34.00
213.00
140.00
16.00
5.00
75.00
COMPANY INFORMATION
1. Chairman
Ch. Muhammad Sadiq
7. Auditors &
Tax Advisor
2. Managing
Director & CEO Mr. Zahir Muhammad Sadiq
3. Directors
4. Company
Secretary
Mr. Faisal Zaka Bajwa
Mr. Mudassar Imran
Mr. Muhammad Kashif
Mr. Munir Ahmed
Mr. Waheed Ahmed
8. Registered
Office
Mr. Nazir Ahmed Khan
5. Chief Financial
Officer
Mr. Munir Ahmed
6. Advisor
9. Number of
Employees
Mr. Maqsood Hassan &
Ahmed & PansotaAdvocates & Legal
Consultants
96
Avais Hyder Liaquat
Nauman-Chartered
Accountants & SarwarsChartered Accountants
Silver StarHouse, 5-Bank
Square, P.O. Box 2533,
Lahore 54000
Tel.: (92-42) 3732 4488, 3725 5614,
3723 7518, 3723 1449
Telefax: (92-42) 3722 9966
48
SILVER STAR INSURANCE COMPANY LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
(including IBNR)
Total
300.00
300.00
300.00
150.00
210.94
181.17
392.11
168.75
189.28
358.03
125.00
158.26
283.26
100.00
112.97
212.97
2009
2008
2007
2006
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
147.87
139.66
120.03
86.27
Less: Net Claims
28.46
16.04
25.48
20.25
Less: Expenses
48.84
33.90
20.19
18.49
14.34
100.20
8.27
101.38
11.55
93.46
6.52
77.43
Underwriting result
11.60
58.97
5.45
84.27
(1.02)
75.38
(1.81)
49.34
9.91
124.45
7.82
10.37
120.02
7.02
9.46
114.47
5.48
8.64
92.59
3.36
Investment Income
(5.37)
12.15
13.24
13.19
Rental Income
0.43
0.63
0.49
0.49
43.87
35.75
20.75
13.94
Other Income
1.70
0.82
0.23
0.32
Other Liabilities
15.80
15.41
15.65
9.43
584.05
536.23
439.61
332.29
(17.03)
(15.58)
(11.54)
(9.36)
315.87
279.28
211.52
126.28
8.17
5.44
4.42
4.93
Investment
31.35
40.55
33.51
26.94
11.34
11.39
11.43
11.48
Deferred Tax
-
-
-
2.67
2.24
2.20
3.09
15.82
15.06
9.73
7.15
Other Assets
101.81
90.41
87.04
81.16
Fixed Assets
74.73
73.14
60.47
56.12
TOTAL ASSETS
22.29
18.72
19.29
15.14
584.05
536.23
439.61
332.29
-
Current Ratio
Break-up Value
-
346.34
5.68
1.49
18.59
312.50
6.26
1.50
21.22
Profit before tax
180.64
7.04
1.56
21.30
400
200
2006
2007
2008
2006
2009
Investments
2006
2007
2008
2007
2008
2009
2006
2007
2008
(20.27)
29.18
25.50
23.36
38.70
82.29
77.80
54.00
7.52
7.62
4.38
70.18
49.62
110.03
89.72
50.42
25.41
Dividend
General Reserve
Others(Reversal of Surplus on Revaluation
42.18
10.54
(0.22)
52.50
43.75
10.94
(0.23)
54.46
25.00
6.25
(0.38)
30.87
20.00
5.00
(0.39)
24.61
91.60
110.03
89.73
50.42
Cash Dividend
Stock Dividend
19.25
23.04
33.03
7.84
1.62
42.18
11.49
53.54
24.27
3.90
4.43
43.75
21.23
58.47
16.82
(0.85)
5.61
25.00
23.47
57.52
21.43
(2.10)
4.96
20.00
Claim Incurred
350
300
250
200
150
100
50
0
2006
2007
2008
2009
80
70
60
50
40
30
20
10
0
97
2006
2007
2008
160
140
120
100
80
60
40
20
0
2006
2007
2008
2009
2009
-
74.77
30
25
20
15
10
5
0
2009
-
4.63
APPROPRIATIONS
-
-
34.07
Profit after tax
400
350
300
250
200
150
100
50
0
600
45
40
35
30
25
20
15
10
5
0
252.81
6.27
1.55
22.66
-
Equity Growth
800
0
-
Exchange gain
-
Outstanding Claims
2009
60
50
40
30
20
10
0
2006
2007
2008
2009
TPL DIRECT INSURANCE LTD.
TPL Direct Insurance
A TPL Holdings Company
Mr. Saad Nissar
Setting claims with promptitude and equity.
Optimum use of IT and offer web based underwriting
and claims facility.
Display of professionalism and motivation by staff
in all areas.
Effective Training for career progression of the staff.
Value addition by providing free Ambulance service
& Roadside assistance.
Vision
To establish leadership in the personal lines business
as a Direct Insurer and inspire improvement in the
insurance penetration in Pakistan by offering
innovative products compatible to the international
standards.
Mission
We aim to be the best service and product provider,
offering unprecedented 24 hours underwriting and
claims services and adding value for the stakeholders,
with a team of highly trained and skilled staff.
(Rs in millions)
Premium Written
Net Premium Revenue
Net Claims Expense
We will strive to achieve this by:
Well managed 24 * 7 call center
In house capability of pre and post risk claim
inspection.
Prudent underwriting with low cost base.
Effective treasury management.
2009
2008
287.27
223.57
64.63
17.47
1.86
188.36
166.69
48.56
13.16
1.85
COMPANY INFORMATION
1. Chairman
Mr. Jameel Yusuf
2. Managing
Director & C.E.O Mr. Saad Nisar
3. Directors
4. Company
Secretary
6. Advisor
M/s. Lari Associates
7. Auditors
8. Registered
Office
Mr. Jameel Yusuf,
Mr. Ali Jameel,
Mr. Saad Nisar,
Mr. Adil Matcheswalla
Mr. Rizwan Abbas,
Mr. Syed Kazim Hasan,
Mr. Mustafa Ali,
9. Number of
Employees
Mr. Syed Kazim Hasan
5. Chief Financial
Officer
Mr. Syed Kazim Hasan
98
39-K, Block-6, P.E.C.H.S,
Karachi
63
TPL DIRECT INSURANCE LTD.
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
Equity
Share Application money
350.00
350.00
250.00
310.00
310.00
(96.48)
213.52
(98.34)
211.66
160.41
(100.19)
60.22
150.41
10.00
(134.27)
26.14
14.53
86.65
0.61
101.79
4.49
16.82
79.29
0.99
97.10
-
14.06
59.11
0.20
73.37
0.38
34.18
34.30
Other Income
36.46
15.85
Other Liabilities
29.24
24.10
461.02
357.89
191.50
134.20
1.81
1.63
4.99
15.01
Investment
-
-
34.60
25.06
18.53
-
Outstanding Claims
2.36
2.74
5.82
3.28
15.27
7.51
7.77
7.33
Other Assets
97.19
123.57
27.88
22.84
Fixed Assets
258.45
154.37
100.29
69.21
12.51
8.70
0.52
0.74
TOTAL ASSETS
461.02
-
357.89
-
191.50
-
134.20
-
0.90
1.01
2.16
6.89
73.47
2.35
1.69
6.83
(12.32)
0.76
3.18
3.75
(7.24)
0.85
5.13
1.74
Current Ratio
Break-up Value
250
400
200
300
150
200
100
100
50
0
0
2007
2008
2009
Investments
32.98
17.50
112.04
96.36
71.99
44.58
Underwriting result
17.47
29.43
13.16
8.61
14.49
19.24
8.93
(2.24)
Investment Income
(2.56)
2.48
3.04
0.44
-
-
-
-
14.81
5.62
0.71
0.22
(25.93)
(20.16)
(23.93)
(22.24)
Exchange gain
2006
2007
2008
2009
2006
2007
2008
(21.58)
10.14
8.28
(4.67)
(6.52)
(1.15)
(35.23)
(23.82)
-
1.86
1.85
34.08
(23.82)
(98.34)
(100.19)
(134.27)
(110.45)
-
-
-
-
-
(100.19)
(134.27)
Cash Dividend
Stock Dividend
28.91
0.83
50.11
7.81
0.06
-
29.13
1.11
57.81
7.90
0.06
-
23.78
24.57
51.90
10.45
2.12
-
25.44
(34.64)
64.82
12.99
(1.58)
-
40
30
20
10
0
-10
-20
-30
99
-
(98.34)
250
200
150
100
50
2006
2007
2008
2009
0
2006
2007
2008
2009
-
(96.48)
Claim Incurred
2009
-
70
60
50
40
30
20
10
0
5
-
(0.22)
(20.40)
Dividend
General Reserve
2009
-
(1.22)
(13.29)
Profit after tax
APPROPRIATIONS
-
(5.61)
(19.29)
Profit / (Loss) before tax
10
0
-
Finance charges
15
2008
48.56
20
2007
64.63
45
40
35
30
25
20
15
10
5
0
2006
68.78
Equity Growth
500
2006
138.70
Rental Income
-
2007
166.69
15.80
-
2008
Rs. in million
223.57
Less: Expenses
-
25.70
2009
Less: Net Claims
-
-
34.32
-
Deferred Tax
-
-
38.84
REVENUE ACCOUNT
Net Premium Revenue
350.00
(including IBNR)
34.76
Provision for unearned premium - net 141.47
0.18
Total
176.41
5.39
2006
2006
1
1
1
0
0
2006
2007
2008
2009
0
2006
2007
2008
2009
UBL INSURERS LIMITED
Mr. Shariq Abdullah
Vision
(Rs in million)
Our vision is to establish a position as the premier
choice for corporate and consumer sector.
Mission
Premium Written
Net Premium Revenue
Net Claims Expense
Our mission is to become a reputable general insurer
of the country by providing dedicated service to our
customers. This will be accomplished by recognizing
the customer needs and providing suitable products
at affordable prices and servicing the claims within
optimum time frame.
2009
2008
512.00
265.00
234.00
(23.00)
(128.00)
656.00
274.00
146.00
(12.00)
(0.07)
COMPANY INFORMATION
1. Chairman
Mr. Aameer Karachiwalla
2. Managing
Director & CEO Mr. Shariq Abdullah
3. Directors
4. Company
Secretary
Mr. Omar Z. Al-Askari
Mr. Zameer Mohammad Choudery
Mr. Amin Uddin
Mr. Hasan Raza
Mr. Rizwan Pervez
Mr. Rayomond Kotwal
6. Legal Advisor
M/s. Mohsin Tayebaly & Co.
7. Auditors
M/s.Ford Rhodes-Sidat
Hyder & Co. Chartered
Accountants
8. Registered
Office
Mr. Abdul Sattar Vaid
5. Chief Financial
Mr. Muhammad Ehteshamullah
Officer
100
2nd Floor, State life Building
# 2, Wallace Road, Off. I.I.
Chundrigar Road, Karachi.
UAN: 111-845-111
Fax: (92-21) 32463117
9. Website:
www.ublinsurers.com
10. Number of
Employees
127
UBL INSURERS LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
Equity
(including IBNR)
Total
Other Liabilities
Investment
Security Deposits
500.00
500.00
500.00
500.00
500.00
(273.15)
226.85
300.00
(145.58)
154.43
300.00
(145.50)
154.50
300.00
(15.52)
284.48
276.45
249.39
2.78
22.60
551.21
-
197.96
316.47
21.73
536.16
-
204.42
183.46
46.07
16.43
450.38
1.05
29.68
12.31
50.63
34.82
99.56
46.64
0.09
842.56
802.46
703.20
307.19
18.99
24.74
23.38
6.90
1.47
1.42
0.55
0.31
205.00
114.72
281.81
292.30
1.84
1.62
-
-
-
-
-
Deferred Tax
-
-
-
-
Outstanding Claims
188.37
121.35
144.71
-
23.08
21.26
19.10
-
Other Assets
338.56
434.96
173.06
5.72
Fixed Assets
58.05
70.19
46.23
1.96
7.43
11.99
12.73
TOTAL ASSETS
842.56
-
802.46
-
703.20
-
307.19
-
Current Ratio
Break-up Value
204.97
1.60
3.71
4.54
271.21
1.88
5.20
5.15
39.47
1.13
4.55
5.15
(10.09)
0.56
1.08
9.48
800
600
400
200
2006
2007
2008
2009
Investments
2006
2007
2008
Less: Net Claims
234.21
145.59
80.03
-
95.13
89.55
63.48
-
(22.90)
(44.41)
(12.28)
96.82
(19.75)
(81.26)
-
1.92
6.13
25.61
0.31
Rental Income
-
-
-
-
Other Income
8.01
1.38
-
-
(90.77)
(102.96)
Profit before tax
2006
2007
2008
-
-
-
(0.34)
(48.15)
(15.52)
(126.28)
(0.00)
(129.41)
(15.52)
1.30
0.08
0.57
Profit after tax
(127.58)
(0.08)
(129.98)
APPROPRIATIONS
(145.58)
(145.50)
(15.52)
-
-
(15.83)
(1.36)
(96.82)
Dividend
General Reserve
(15.52)
-
-
-
-
-
-
(273.16)
(145.58)
(145.50)
(15.52)
88.44
(48.18)
35.92
(8.65)
(2.55)
Cash Dividend
Stock Dividend
53.21
(0.03)
32.73
(4.49)
(0.00)
-
90.36
(146.76)
71.68
(22.30)
(4.33)
-
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(0.52)
-
Claim Incurred
600
500
400
300
200
100
0
2009
2006
2007
2008
2009
0
-20
-40
-60
-80
-100
-120
-140
5
2009
(73.42)
(1.03)
(81.87)
10
0
-
15
2008
-
Exchange gain
20
2007
88.56
(46.07)
25
2006
273.62
46.07
350
300
250
200
150
100
50
0
2006
264.81
(2.78)
Equity Growth
300
250
200
150
100
50
0
2007
Rs. in million
Investment Income
-
2008
REVENUE ACCOUNT
Net Premium Revenue
Underwriting result
22.62
1.61
1000
2009
Less: Expenses
-
0
2006
2009
101
300
200
250
150
100
50
0
2006
2007
2008
2009
1
1
1
0
0
2006
2007
2008
2009
0
2006
2007
2008
2009
PAKISTAN
THE UNITED INSURANCE
COMPANY OF PAKISTAN LTD.
Mian M. A. Shahid
Vision Statement
For the Society
To ensure good governance by maintaining high
ethical standards and risk coverage.
A first class Insurance Company to provide cost
effective risk management solution to its policyholder
through highest level of quality.
For the Government
Prompt and timely liquidation of liabilities and
adherence to the policies established
Mission Statement
For our Customers
To provide superior services through high quality
business solutions and health protection, based on
expert advice and financial management and adding
value to the all corporate and non corporate
customers.
(Rs in million)
Premium Written
Net Premium Revenue
Net Claims Expense
For our Shareholders
To maximize the shareholder's value by optimum
utilization of resources.
For our Employees
To provide opportunities for self development in a
high challenging performance oriented work
environment.
2009
2008
715.03
423.73
121.56
36.76
64.42
571.28
356.52
102.97
26.54
55.91
COMPANY INFORMATION
1. Chairman
Mian M.A. Shahid
2. CEO
Mr. Khawas Khan Niazi
3. Directors
Ms. Huma Waheed
Chaudhary Najeeb-ur-Rehman
Chaudhary Aziz-ur-Rehman
Chaudhary Maqsood Ahmed
4. Company
Secretary
7. Auditors & Tax
M/s. Avais Hyder Liaqat Nauman
Advisor
M/s. Sarwars Chartered Accountants
8. Registered
Office
Suit # 204, 2nd Floor, Madina
City Mall, Abdullah Haroon
Road Karachi.
Tel: (021) 5621460-61
Fax: (021) 5621459
Telegram: UNITINSURE
[email protected]
Mr. Zia Hussain Zuberi
5. Chief Financial
Officer
Raja Naeem Tariq
6. Advisor
9. Number of
Employees
Mr. Naseer Ahmed
102
Approx. 1400
THE UNITED INSURANCE COMPANY OF PAKISTAN LTD.
Balance Sheet
as at 31st December
2009
2008
2007
2006
Rs. in million
Equity
750.000
500.000
500.000
350.000
345.000
204.823
549.823
302.407
182.996
485.403
252.006
177.484
429.490
229.096
100.047
329.143
13.452
174.798
32.638
18.928
153.836
38.525
29.654
119.904
23.308
220.888
18.030
211.289
13.223
172.866
8.662
(including IBNR)
17.538
251.563
32.161
Total
301.262
28.355
312.658
-
258.296
-
Less: Net Claims
121.560
102.975
83.271
50.669
59.936
58.412
28.667
24.075
36.763
205.472
26.549
168.587
22.188
178.532
26.701
156.851
Less: Expenses
Underwriting result
Investment Income
10.824
1.662
4.137
2.581
Rental Income
0.726
0.480
0.480
0.420
0.169
0.113
20.727
22.166
135.817
105.080
89.646
71.586
-
-
-
-
49.818
57.851
25.294
Other Income
69.386
70.516
70.410
48.147
1,018.322
844.655
782.263
584.112
218.843
205.902
191.199
149.028
1.664
1.631
1.254
4.833
Exchange gain
8.582
(132.680)
7.539
(110.364)
6.150
(70.452)
4.794
(51.213)
72.792
58.223
108.080
105.638
8.370
2.310
7.733
10.556
64.421
55.913
100.346
95.081
APPROPRIATIONS
Incremental Depreciation
Dividend
General Reserve
106.323
0.078
42.593
-
100.729
0.082
55.913
-
0.296
0.086
-
16.695
62.481
49.000
42.515
44.898
0.382
94.786
128.228
106.323
100.729
0.296
Cash Dividend
Stock Dividend
55.558
15.203
14.145
8.676
1.870
42.593
28.883
15.683
16.384
7.447
1.850
55.913
26.633
32.094
90.169
7.097
3.982
50.401
19.617
36.811
9.321
10.337
3.770
62.481
Investment
52.491
41.248
13.263
13.352
Profit before tax
43.046
44.095
45.198
46.359
-
-
-
-
9.446
6.520
9.705
17.225
Deferred Tax
Profit after tax
Outstanding Claims
53.657
48.629
47.080
33.808
Other Assets
330.732
273.121
259.013
171.897
Fixed Assets
227.767
152.425
148.327
95.814
80.675
71.083
67.223
51.795
1,018.321
844.655
782.263
584.112
1024.397
842.465
770.073
585.073
121.116
1.638
46.152
-
113.808
1.586
42.533
-
97.115
1.481
45.096
-
98.468
1.915
43.946
-
TOTAL ASSETS
Current Ratio
Break-up Value
Equity Growth
1500000
1000000
500000
0
2006
2007
2008
2009
600000
500000
400000
300000
200000
100000
0
Investments
60000
50000
40000
30000
20000
10000
0
2006
2007
2008
Claim Incurred
150000
100000
50000
2007
2008
2009
0
2006
2007
2008
500000
400000
300000
200000
100000
2006
2007
2008
2009
200000
2006
140000
120000
100000
80000
60000
40000
20000
0
2009
250000
2009
2006
356.523
-
69.496
2007
423.731
-
Other Liabilities
2008
Rs. in million
REVENUE ACCOUNT
Net Premium Revenue
2009
120000
100000
80000
60000
40000
20000
0
103
0
2006
2007
2008
2009
100
80
60
40
20
2006
2007
2008
2009
10
2006
2007
2008
2009
RITY
L I M IT E D
ANY
VICE-P
PE
U R A N C E CO
ER
S
T
L
IN S
-S
MP
T HE U NI V E R SA
I
SECUR
Y
UNIVERSAL INSURANCE CO. LTD.
R
O
UIC
Capt. M. Jamil Akhtar khan
Vision
We try to improve our services by continually
assessing our systems and procedures based on
customer and team feedback. We strive to maintain
a customer focused approach by ensuring that our
service is delivered to the customer on time,
according to customer required specifications and
with-in our stipulated cost.
We, at Universal Insurance Company Limited
recognize the importance of satisfying our customers
by consistently providing quality insurance services
in accordance with their needs and expectations. We
strive to be competent partner of our customers
against insured perils.
Mission
(Rs. In Million)
We strive to provide our customers cost effective
insurance cover by continually increasing the
productivity of our employees. To increase
productivity, we conduct regular training programs
during which employees are assessed and allocated
a career path in accordance with their performance.
We diligently follow the applicable laws and ensure
strict compliance by conducting regular internal
audits and educating our employees about the law.
Premium Written
Net Premium Revenue
Net Claims Expense
Profit/(Loss) after Tax
2009
2008
538.7
360.80
181.59
21.28
8.85
611.23
407.07
196.97
14.39
21.06
COMPANY INFORMATION
1
Chairman
Mr. Raza Kuli Khan Khattak
2
Chief Executive Begum Zeb Gohar Ayub Khan
3
Directors
Lt. Gen. ( R ) Ali Kuli Khan Khattak
Mr. Ahmed Kuli Khan Khattak
Mrs. Shahnaz Sajjad Ahmed
Dr. Shaheen Kuli Khan Khattak
Mr. Mushtaq Ahmed Khan (F.C.A)
Ch. Sher Mohammad
Mr. Mohammad Kuli Khan Khattak
4 Managing Director Capt. M. Jamil Akhtar khan
5
Chief Financial
Officer
Mr. Amir Raza
6
Company
Secretary
7
Auditors
M/s. Muniff Ziauddin
& Company
8
Legal Adviser
Mr. Maqsood Hassan
Advocate
9
Registered
Office
Universal Insurance House,
63-Shahrah-e-Quid-e-Azam,
Lahore. 54000
Ph: (92-42) 37353453, 37353458
Fax: (92-42) 37230326
Website: www.uic.com.pk
10 No. of Employees 370
Mr. Ijaz Ahmed
104
UNIVERSAL INSURANCE CO. LTD.
Balance Sheet
as at 31st December
2009
2008
2007
Rs. in million
Equity
500.00
500.00
250.00
250.00
210.00
175.42
385.42
210.00
46.91
256.91
120.00
115.61
235.61
100.00
73.84
173.84
212.98
164.60
14.37
391.95
207.84
182.63
15.61
406.08
200.19
177.26
13.56
391.01
250.66
169.95
11.48
432.09
29.13
16.87
7.33
5.90
191.52
161.60
130.42
112.85
5.98
14.26
23.36
28.70
1,004.00
855.73
787.73
753.38
158.90
151.97
143.23
211.98
0.77
0.55
0.64
0.67
54.76
84.17
88.62
46.05
-
-
-
-
Deferred Tax
-
-
-
-
Outstanding Cliams
109.67
92.56
97.60
130.70
23.22
23.02
21.18
20.32
420.14
389.72
334.06
234.65
(including IBNR)
Total
Deferred Taxation
Other Liablities
Loans to Employees
Investment
Other Assets
Fixed Assets
TOTAL ASSETS
Net Working Capital(Rs.)
Current Ratio
Break-up Value
236.54
113.73
102.40
109.01
1,004.00
855.73
787.73
753.38
278.25
0.49
2.61
18.35
250.55
0.52
3.33
12.23
220.92
0.51
3.34
19.63
185.12
0.52
4.33
17.38
2008
2009
Investments
80
60
40
20
2006
2007
2008
Less: Net Claims
181.59
196.97
187.05
202.80
Less: Expenses
100.09
99.85
139.95
131.03
Less: Net Commission/(income)
21.28
14.39
16.36
20.37
Underwriting result
57.84
95.87
28.18
36.62
Investment Income
16.32
(4.07)
15.07
6.64
1.17
0.74
0.12
0.21
4.28
(67.68)
(45.91)
4.76
(65.60)
(79.06)
32.07
(10.52)
41.93
2.55
(9.22)
3.89
11.93
16.81
70.11
40.51
3.08
13.18
12.77
10.63
Profit after tax
Share of profit of associate net of taxation
8.85
3.08
3.63
(14.89)
57.34
5.19
29.88
3.71
32.55
93.71
60.19
50.31
64.80
64.80
20.00
20.00
20.00
20.00
60.19
2006
2007
2008
2009
250
200
150
100
50
0
2006
2007
2008
-
44.48
32.55
97.53
Earning per share
Cash Dividend
Stock Dividend
50.33
2.45
27.74
5.90
0.42
-
48.39
0.89
24.53
3.53
0.18
64.80
50.34
15.43
37.67
4.40
4.78
20.00
Claim Incurred
205
200
195
190
185
180
175
170
2009
70
60
50
40
30
20
10
0
2009
105
51.89
7.64
33.53
5.21
2.99
20.00
420
400
380
360
340
2006
2007
2008
2009
100
0
390.82
Dividend
General Reserve
100
2007
371.54
APPROPRIATIONS
200
2006
2006
407.08
Profit before tax
300
0
2007
360.80
Other Income
400
500
2008
Rs. in million
Rental Income
500
1000
2009
REVENUE ACCOUNT
Net Premium Revenue
Equity Growth
1500
0
2006
2006
2007
2008
320
2006
2007
2008
2009
2009
70
60
50
40
30
20
10
0
2006
2007
2008
2009
PAKISTAN REINSURANCE COMPANY LIMITED
Balance Sheet
as at 31st December
2009
2008
2007
Rs.
Equity
25,000,000 25,000,000
(including IBNR)
Total
146,333
553,242
481,499
477,655
206,137
399,882
205,999
367,422
125,040
1,099,397
846,394
3,689,377
771,733
54,665
48,336
30,543
26,065
Other Income
48,178
Reversal/(Provision) for workers welfare fund
23,245
(35,208)
Impairment on investments - written off
(1,402,427)
Exchange gain
48,932
14,432
(23,245)
(38,467)
65,804
11,702
(115,448)
(145,094)
85,413
(15,922)
(6,403)
(163,218)
932,863
3,654,354
658,003
318,281
1,139,000
3,860,353
783,043
69,371
3,002,650
123,817
Investment Income
31,493
24,331
28,311
25,148
12,372,615 12,528,459
10,446,599
6,464,289
Rental Income
582,300
1,833,647
2,836,632
1,021,124
209,984
53,668
53,006
48,441
32,045
5,481,883
5,458,935
6,412,290
3,588,323
44,947
47,753
50,824
54,087
150,890
151,661
151,661
87,347
Profit before tax
Profit after tax
526,388
238,218
Other Assets
2,402,696
2,092,074
1,719,395
1,699,283
Fixed Assets
48,665
40,669
30,704
28,614
12,372,615 12,528,459
10,446,599
6,464,289
APPROPRIATIONS
Dividend
General Reserve
-
-
4,206,732
3
2
22.62
-
4,093,461
3
2
24.22
1,898,779
2
2
117.91
1,158,285
2
2
60.67
10000000
5000000
2009
8000000
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
Investments
2006
2007
2008
2009
3000000
2500000
2000000
1500000
1000000
500000
0
2006
2007
2008
252,775
133,393
111,200
886,225
3,726,960
671,843
2,207,325
3,781,009
721,954
630,111
2,459,999
90,000
90,000
500,000
180,000
750,000
400,000
750,000
2,459,999
680,000
580,000
1,727,236
2,207,235
3,768,914
721,954
Cash Dividend
Stock Dividend
42
12
11
25
0.90
30%
-
51
47
13
25
2.95
25%
-
55
220
9
24
69.02
455.55%
-
55
47
10
26
14.93
20%
20%
Claim Incurred
1200000
1000000
800000
600000
400000
200000
0
2009
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
48,370
269,911
-
Equity Growth
15000000
2008
157,619
44,721
3,042,264
111,509
252,874
2007
250,091
28,968
3,634,953
94,652
759,286
2006
231,410
34,608
3,968,425
120,868
262,892
2008
Less: Expenses
Underwriting result
1,584,837
2007
776,710
669,922
2,263,357
301,609
2006
931,289
675,534
2,322,009
2,054,610
0
961,692
886,972
2,719,013
Current Ratio
Break-up Value
904,799
586,554
3,347,263
Deferred Tax
TOTAL ASSETS
Less: Net Claims
450,001
2,280,373
2,730,374
Outstanding Claims
1,415,505
1,000,000
Investment
1,694,789
540,001
5,827,333
6,367,334
Other Liabilities
1,895,575
4,000,000
897,181
2007
2,170,950
3,000,000
4,265,744
7,265,744
1,508,779
2008
Rs.
REVENUE ACCOUNT
Net Premium Revenue
3,000,000
3,785,655
6,785,655
1,466,174
2009
2500000
2000000
1500000
1000000
500000
2006
2007
2008
2009
4000000
3500000
3000000
2500000
2000000
1500000
1000000
500000
0
2009
107
2006
2007
2008
0
2006
2007
2008
2009
2009
3000000
2500000
2000000
1500000
1000000
500000
0
2006
2007
2008
2009
ADAMJEE LIFE ASSURANCE COMPANY LIMITED
Mr. Fredrik Coenrard de Beer
Vision
To create a superior global insurance company as
the single largest player in the market through
innovation in products, pricing, packaging and
distribution thereby revolutionizes the industry.
(Rs in million)
2009
Premium Written
Net Premium Revenue
Net Claims Expense
Profit after tax
Mission
To deliver outstanding profitability for the benefits
of the customers, our employees and shareholders
while providing premium services.
51.97
24.10
3.66
3.73
2010
-
COMPANY INFORMATION
1. Chairman
2. Managing
Director &
Chief Executive
3. Directors
Mian Umer Mansha.
7. Auditors
Mr. Fredrik Coenrard de Beer
8. Registered Office 2nd Floor, MCB Building
Jinnah Avenue, Blue Area
Islamabad
Mian Umer Mansha
Mian Raza Mansha
Mr. S.M Jawed
Muhammad Ali Zeb
Francois Potgieter
Takudzwa BrooksTakundanyika Mparutsa.
4. Corporate
Secretary
Mr. Jalaluddin Meghani
5. Legal Advisor
Mr. Jamil Khan
6. Appointed
Actuary
Alchamey Associates.
A.F Ferguson & Co.
9. Rating
"A"
10. Main Offices
Adamjee Life Assurance Co,
The Forum 3rd Floor Suit
# 301
11. No of Employees 33
108
Balance Sheet
Rupees
Statutory Fund
as at 31st December
Shareholders
Fund
Conventional
Business
Accident
& Health
Business
Aggregate
Aggregate
Aggregate
Aggregate
2009
2008
2007
2006
600,000,000
600,000,000.00
-
-
-
Issued, subscribed and paid up Share Capital 534,663,480.00
(54,152,703.00)
480,510,777.00
534,663,480.00
(54,152,703.00)
480,510,777.00
-
-
-
11,498,828.00
-
-
-
717,206.00
-
-
-
Deferred Liability - Staff Retirement
11,497,569.00
1,259.00
717,206.00
53,370,176.00
29,900,852.00
7,847.00
83,278,875.00
-
-
-
TOTAL LIABILITIES
54,087,382.00
41,398,421.00
9,106.00
95,494,909.00
-
-
-
534,598,159.00
41,398,421.00
9,106.00 576,005,686.00
-
-
-
8,582,350.00
7,471,214.00
16,054,053.00
-
-
-
-
0.00
-
-
-
-
451,477,795.00
-
-
-
-
-
-
13,563,601.00
-
-
-
45,732,911.00
-
-
-
Loans
Investments (Net)
442,458,104.00
-
9,019,691.00
489.00
-
-
-
-
-
Deferred Taxation
13,563,601.00
Other Assets
20,816,778.00
Tangible assets
26,602,326.00
-
-
26,602,326.00
-
-
-
Intangible assets
22,575,000.00
-
-
22,575,000.00
-
-
-
TOTAL ASSETS
534,598,159.00
9,106.00 576,005,686.00
-
-
-
24,907,516.00
41,398,421.00
8,617.00
BALANCE SHEET RATIOS %
Net Working Capital
Current Ratio
Total Assets / Net Equity
Break -up Value
(21,491,911.00)
0.74
1.20
9,610,215.54
109
0.00
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
#DIV/0!
0.00
0.00
#DIV/0!
#DIV/0!
0.00
Revenue Account
Rupees
Statutory Fund
Conventional
Business
Accident
& Health
Business
Aggregate
Aggregate
Aggregate
Aggregate
2009
2008
2007
2006
Net Premium Income
Net Rental Income
Total Net Income
24,099,450.00
115,720.00
1,833.00
19.00
24,101,283.00
115,739.00
-
-
-
24,215,170.00
1,852.00
24,217,022.00
0.00
0.00
0.00
Net Claims
3,667,149.00
66,035,509.00
69,702,658.00
906,490.00
906,490.00
3,667,149.00
66,941,999.00
70,609,148.00
0.00
0.00
0.00
(45,487,488.00)
(904,638.00)
(46,392,126.00)
0.00
0.00
0.00
11,497,569.00
1,259.00
11,498,828.00
-
-
-
Surplus/(Deficit)
(56,985,057.00)
(905,897.00)
(57,890,954.00)
0.00
0.00
0.00
11,497,569.00
1,259.00
11,498,828.00
0.00
0.00
0.00
Capital contribution from share holders' Fund
56,985,057.00
905,897.00
57,890,954.00
-
-
-
11,497,569.00
1,259.00
11,498,828.00
0.00
0.00
0.00
Represented by:
56,985,057.00
11,497,569.00
(56,985,057.00)
11,497,569.00
905,897.00
1,259.00
(905,897.00)
1,259.00
57,890,954.00
11,498,828.00
(57,890,954.00)
11,498,828.00
0.00
0.00
0.00
15.22
(240.20)
277.75
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
REVENUE ACCOUNT RATIOS %
Surplus / Deficit to net premium
Net Management expenses to net premium
-
-
110
Rupees
2009
Changes in fair value of derivative financial instrument/impairment
2008
2007
2006
49,940,644.00
-
-
-
9,532,185.00
-
-
-
0.00
0.00
0.00
-
-
-
59,472,829.00
Other revenue
0.00
59,472,829.00
0.00
0.00
0.00
58,921,897.00
-
-
-
550,932.00
-
-
-
0.00
-
-
-
0.00
0.00
0.00
13,563,601.00
-
-
-
(10,376,282.00)
0.00
-
-
-
0.00
0.00
0.00
550,932.00
Extra Ordinary Items - Deferred Tax Asset
Taxation
3,738,251.00
APPROPRIATIONS
-
-
-
-
Transfer to General Reserve ((attributable to previous year)
Transfer to Bonus shares (attributable to previous year)
Proposed Dividend (attributable to previous year)
Capital (Contributed) / withdrawn
-
-
-
-
Sheet Growth
PROFIT Balance
AND LOSS
ACCOUNT RATIOS
700000
600000 per share
Earning
500000
Cash
400000Dividend
300000 Shares
Bonus
200000
100000
0
2006
2007
2008
2009
600000
500000
400000
300000
200000
100000
0
Investments
Equity Growth
2006
2007
2008
Claim Incurred
4000
3500
0.10
3000
2500 2000
1500 1000
500
0
2006
2009
2006
2007
2008
2009
-
25000
20000
15000
10000
2007
2008
2009
2008
2009
111
2006
2007
2008
2009
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2006
-
0
2007
4000
3500
3000
2500
2000
1500
1000
500
0
2006
-
5000
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
30000
2007
2008
2009
2006
2007
2008
2009
AMERICAN LIFE INSURANCE CO. (PAK) LTD.
Mr. Arif Sultan Mufti
Vision
To be the most innovative, finest, socially responsible
insurance Insurance company providing best value
to customers, partners Employees & shareholder.
(Rs in million)
2009
Mission
Premium Written
Net Premium Revenue
Net Claims Expense
Profit after tax
To build value for our policy holders, field force,
employees shareholders by providing quality
products & services through multiple distribution
channels for the Pakistani market & through investing
in Pakistani financial institutions thereby serving
the Pakistani people
2008
1,349.48 1,155.38
1,267.953 1,048.49
363.070 332.23
62.49
50.22
COMPANY INFORMATION
1. Chairman&
Chief Executive
2. Directors
6. Auditors
Mr. Ehsan Ahmed Nomani
Mr. Khalid Anis-ur-Rehaman
Mr. Shahid Siddiqui
Mr. Michel Khalaf
Mr. Nurul Islam
Mr. Arif Abdul Aziz
Mr. Qasim Rabbani
3. Corporate
Secretary
Mr. Asim Iftikhar
4. Legal Advisor
Surridge & Beecheno
5. Appointed
Actuary
Mr. Shoaib Soofi
KPMG Taseer Hadi & CO.
7. Registered Office P.O. BOx No. 10528, Floor
13 (LEVEL 16) Dolmen City
Mall, Block 4, Clifton,
Karachi
Phone: +92(21) 111-111-711
Fax: +92(21) 3529-0042
8. No of Employees
112
110
Balance Sheet
Rs. in million
as at 31st December
Share
holders
Fund
Investment
Linked
Business
Statutory Fund
Pension
Conventional
Business
Business
(Unit Linked)
Accident
& Health
Business
Aggregate
2009
Aggregate
2008
Aggregate
2007
Aggregate
2006
500.00
500.00
500.00
500.00
500.00
500.00
81.07
581.07
500.00
81.07
581.07
500.00
(120.24)
379.76
500.00
(170.46)
329.54
325.00
(191.75)
133.25
2,318.14
1,961.53
1,595.02
1,279.67
0.00
101.29
2,064.96
24.60
127.29
Deferred Taxation
13.01
25.38
6.14
354.52
0.95
66.46
453.45
408.20
331.13
241.12
TOTAL LIABILITIES
25.38
107.43
2,419.48
25.55
193.75
2,771.59
2,369.73
1,926.15
1,533.80
606.45
107.43
2,419.48
25.55
193.75
3,352.66
2,749.50
2,255.69
1,667.05
23.86
10.63
70.62
0.03
1.39
106.53
164.76
209.20
375.74
1.82
-
66.48
-
-
68.30
53.62
116.11
73.59
373.31
94.83
2,196.96
26.40
164.58
2,856.07
1,801.34
1,761.96
1,096.47
207.46
(1.17)
27.54
(1.68)
23.76
255.92
657.50
168.42
121.25
0.00
3.14
57.87
0.80
4.02
65.83
72.28
0.00
0.00
Loans
Investments (Net)
Other Assets
Tangible assets
Intangible assets
TOTAL ASSETS
0.00
606.45
107.43
2,419.48
25.55
193.75
3,352.66
2,749.50
2,255.69
1,667.05
-
-
-
-
-
-
0.00
2,232.93
1,671.30
484.28
2.24
5.50
16.67
104.65
1.33
4.51
16.67
295.20
2.27
5.13
15.48
Net Working Capital
Current Ratio
Break -up Value
224.36
26.56
1.04
11.62
3.33
1.54
#DIV/0!
0.00
(189.87)
0.46
#DIV/0!
0.00
113
(2.60)
(1.73)
#DIV/0!
0.00
(41.31)
0.38
#DIV/0!
0.00
(6.09)
0.99
5.77
11.62
Revenue Account
Rs. in million
Statutory Fund
Pension
Investment Conventional
Business
Linked
Business
(Unit Linked)
Business
Net Premium Income
Net Rental Income
Total Net Income
Accident
& Health
Business
Aggregate
2009
Aggregate
2008
Aggregate
2007
Aggregate
2006
152.45
8.71
3.75
164.90
854.81
220.76
18.83
1,094.40
9.59
2.24
0.00
11.83
251.11
16.68
9.22
277.00
1,267.95
248.39
31.80
1,548.14
1,048.50
1,048.50
802.05
802.05
655.04
655.04
Net Claims
0.03
86.83
86.85
219.50
476.68
696.19
2.02
1.43
3.45
141.52
65.33
206.85
363.07
630.27
993.34
332.23
528.44
860.67
261.60
365.70
627.30
230.16
312.60
542.76
78.05
398.03
8.39
70.15
554.62
187.83
174.75
112.28
22.33
(100.05)
1,516.34
(1,845.79)
15.83
(25.60)
95.12
(128.19)
1,649.62
(2,099.63)
1,401.79
(1,649.62)
1,140.08
(1,401.70)
918.49
(1,140.08)
0.33
68.77
(1.39)
37.08
104.79
3,239.24
2,716.53
2,170.85
77.72
329.45
9.77
33.07
450.01
(3,051.41)
(2,541.78)
(2,058.57)
Surplus/(Deficit)
5.00
(164.01)
-
(39.00)
(198.01)
(49.00)
(39.17)
9.79
18.24
1,830.94
16.21
96.14
1,961.53
1,595.02
1,279.66
1,013.92
101.29
2,064.96
24.60
127.29
2,318.14
1,961.53
1,595.02
1,279.67
5.00
100.05
25.60
128.19
(3.76)
101.29
252.37
1,845.79
62.52
(95.72)
2,064.96
(1.00)
24.60
(0.90)
127.29
257.37
2,099.63
62.52
(101.37)
2,318.14
396.18
1,649.62
28.24
(112.52)
1,961.53
396.18
1,401.79
2.93
(205.88)
1,595.02
401.64
1,140.08
11.96
(274.01)
1,279.67
0.02
0.22
56.95
25.68
8.04
55.77
21.06
(14.44)
14.89
56.36
14.77
26.02
28.63
8.26
49.71
31.69
308.94
50.40
32.62
338.70
45.60
35.14
331.41
47.72
Represented by:
Ledger Account A and B
114
2009
2008
Rs. in million
2007
2006
13.01
13.42
37.85
32.14
0.69
(0.28)
0.97
(0.93)
38.54
31.86
13.98
12.49
1.81
2.00
1.99
2.00
40.35
33.86
15.97
14.49
(3.41)
-2.52
0.84
(0.66)
36.94
29.06
13.19
13.83
59.20
49.00
33.71
27.00
96.14
78.06
46.90
40.83
(33.65)
-
(27.84)
14.82
14.82
(0.39)
62.49
50.22
76.54
81.27
379.76
329.54
210.87
129.60
62.49
50.22
76.54
81.27
138.81
581.06
379.76
42.13
329.54
210.87
1.25
0.05
-
1.00
-
0.72
-
1.24
-
Other revenue
Taxation
APPROPRIATIONS
Earning per share
Cash Dividend
Bonus Shares
Equity Growth
Claim Incurred
4000
800
400
3000
600
300
2000
400
200
1000
200
100
0
0
2006
2007
2008
2009
2006
2007
2008
0
2009
Investments
2500
80
70
60
50
40
30
20
10
0
300
2000
200
1500
1000
100
500
0
2006
2007
2008
2009
0
2006
2007
2008
2007
2008
2009
400
3000
2006
2009
115
1400
1200
1000
800
600
400
200
0
2006
2007
2008
2009
20
15
10
5
2006
2007
2008
2009
0
2006
2007
2008
2009
ASIACARE
ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED
Wellness Ensured
Dr. Mahmood Mehdi Kazmi
Vision
expertise based on the latest managed health care
concepts and technology, while building value for
our shareholders and providing an excellent work
environment for our employees.
To gain prominence as the industry leader in health
maintenance; to ensure wider, easier, and more
affordable coverage of healthcare services; and to
impact the practice of medicine in ways that enable
better health management systems.
(Rs in million)
Mission
To be the first choice for affordable quality health
care; excelling in every aspect of our business and
in delivering our obligation as a good corporate
citizen. We intend to inform, inspire and empower
our clients by offering health related services and
Premium Written
Net Premium Revenue
Net Claims Expense
Profit after tax
2009
2008
133.7
133.7
57.1
65.4
0.942
COMPANY INFORMATION
1. Chairman
2. Managing
Director &
Chief Executive
3. Directors
Mirza Qamar Beg
Mr. Rehan Mobin
5. Legal Advisor
Mr. Waqar Ahmed Chaudhry
M/s Akhtar & Hasan (Pvt.) Ltd.
7. Auditors
BDO Ebrahim & Co.Chartered Accountants
8. Registered Office 15-17C 2nd Floor, Commercial
Lane # 5, Zamzama Phase 5,
DHA Karachi
Mirza Qamar Beg
Mr. Atif Aslam Bajwa
Mr. Tariq Kirmani
Ms. Ayesha Tammy Haq
Mr. Nasim Beg
Dr. Galina Bass
Mr. Muhammad Mahmud Rizvi
4. Corporate
Secretary
6. Appointed
Actuary
9. Rating
Not rated
10. Main Offices
15-17C 2nd Floor, Commercial
Lane # 5, Zamzama Phase 5,
DHA Karachi
11. No of employees 33
116
Balance Sheet
Rs. in thousand
Statutory Fund
as at 31st December
Shareholders
Fund
Investment
Linked
Business
Conventional
Business
Pension
Business
(Unit Linked)
Accident
& Health
Business
2009
2008
2007
2006
800,000.00
500,000.00
1,535.00
501,535.00
-
800,000.00
-
-
500,000.00
500,000.00
-
-
1,535.00
942.00
-
-
501,535.00
500,942.00
0.00
0.00
-
-
-
-
77,749.00
77,749.00
0.00
-
-
0.00
-
-
-
0.00
0.00
743.00
-
-
8,019.00
-
-
-
34,245.00
42,264.00
6,200.00
-
-
TOTAL LIABILITIES
8,019.00
0.00
0.00
0.00
111,994.00
120,013.00
6,943.00
-
-
509,554.00
0.00
0.00
0.00
111,994.00
621,548.00
507,885.00
-
-
23,359.00
-
-
-
25,718.00
49,077.00
395,022.00
-
-
0.00
-
-
-
0.00
0.00
0.00
-
-
458,624.00
-
-
-
31,804.00
490,428.00
96,040.00
-
-
0.00
-
-
-
0.00
0.00
-
-
14,306.00
-
-
-
54,472.00
68,778.00
4,678.00
-
-
Tangible assets
9,081.00
-
-
-
0.00
9,081.00
8,020.00
-
-
Intangible assets
4,184.00
-
-
-
0.00
4,184.00
4,125.00
-
-
TOTAL ASSETS
509,554.00
0.00
0.00
0.00
111,994.00
621,548.00
507,885.00
-
-
75,591.00
393,500.00
Deferred Taxation
Loans
Investments (Net)
Other Assets
-
Net Working Capital
0.00
0.00
Current Ratio
2.79
64.47 #DIV/0!
#DIV/0!
1.24
1.01 #DIV/0!
#DIV/0!
Break -up Value
10,030.70
117
16,698.07
0.00
0.00
Revenue Account
Rs. in thousand
Statutory Fund
Investment
Linked
Business
Conventional
Business
Pension
Business
(Unit Linked)
Accident
& Health
Business
Aggregate
Aggregate
Aggregate
Aggregate
2009
2008
2007
2006
Net Premium Income
Net Rental Income
Total Net Income
-
-
- 133,659.00 133,659.00
1,576.00 1,576.00
-
-
-
0.00
0.00
0.00 135,235.00 135,235.00
0.00
0.00
0.00
Net Claims
0.00
0.00
- 57,140.00 57,140.00
- 65,197.00 65,197.00
0.00 122,337.00 122,337.00
0.00
0.00
0.00
0.00
0.00
0.00 12,898.00 12,898.00
0.00
0.00
0.00
-
-
-
-
-
Surplus/(Deficit)
0.00
0.00
0.00 (63,555.00) (63,555.00)
0.00
0.00
0.00
0.00
0.00
0.00 76,453.00 76,453.00
0.00
0.00
0.00
-
-
-
-
-
0.00
0.00
0.00 77,749.00 77,749.00
0.00
0.00
0.00
Represented by:
0.00
0.00
0.00
64,851.00
76,453.00
(63,555.00)
77,749.00
-
0.00
0.00
42.75
(47.55)
48.78
-
-
-
118
-
-
0.00
0.00
76,453.00 76,453.00
64,851.00 64,851.00
64,851.00
76,453.00
(63,555.00)
77,749.00
Rs. in thousand
2009
2008
2007
2006
72,813
27,026
-
-
-
-
6,168
-
78,981
27,026
0.00
0.00
78,981
27,026
0.00
0.00
13,181
23,445
-
-
65,800
3,581
-
-
65,800
3,581
0.00
0.00
743
(743)
-
-
Taxation
(1,099)
0.00
(1,896)
-
-
65,444
942
0.00
0.00
-
-
-
(64,851)
1,535
942
-
-
1.31
-
0.04
-
-
-
Other revenue
APPROPRIATIONS
942
Earning per share
Cash Dividend
Bonus Shares
700000
600000
500000
400000
300000
200000
100000
0
2006
2007
2008
Equity Growth
2009
600000
500000
400000
300000
200000
100000
0
Investments
600000
500000
400000
300000
200000
100000
0
2006
2007
2008
Claim Incurred
600000
500000
400000
300000
200000
100000
0
2009
2007
2008
2009
2006
2007
2008
2009
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
2006
16000
14000
12000
10000
8000
6000
4000
2000
0
2007
2008
2009
119
2008
2009
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2006
2007
70000
60000
50000
40000
30000
20000
10000
0
2006
2006
2007
2008
2009
2006
2007
2008
2009
EAST WEST LIFE ASSURANCE
COMPANY LIMITED
Mr. Maheen Yunus, CPCU
Vision
while facing up to the emerging challenges in the industry.
Our Vision is to be the number one provider of wide-ranging insurance
solutions to all Pakistan, a goal we will attain while observing the
principal values that have served us well since inception.
To help individuals and families financially realize their hopes and
dreams and be there when they need us most.
To provide high quality, competitive insurance products and services
through qualified, professional and committed salespersons.
To develop awareness of insurance need, build confidence in the
insurance industry and also to develop the concept pf saving.
To innovate and develop ideas to design new products for our valued
corporate and individual clients to effectively meet their ever-changing
needs.
To maintain financial strength for the benefit of our corporate and
individual insurers, shareholders, agents/salespersons and employees.
Mission
To earn and protect public trust of the communities where we live and
work by supporting good works and contributing to charities.
(Rs. in million)
To create a challenging environment and develop a sense of
accomplishment for our employees through tools and training to achieve
personal growth and contribute to our organization.
Premium Written
Net Premium Revenue
Net Claims Expense
Profit after tax
To serve the nation by increasing the rate of literacy through our East
West Life Educational Security Schemes for children and their Parents.
2009
2008
235.77
154.49
94.90
(223.83)
194.53
107.75
78.07
44.71
To proved the right solutions that are in tune with our customer's needs,
COMPANY INFORMATION
1.
Chairman
2.
Managing
Director &
Chief Executive
3.
Directors
Chief Justice (R) Mian
Mahboob Ahmed
Mr. Maheem Yunus, CPCU
Mr. A. K. M. Sayeed
Mr. Javed Yunus
Mr. Pervez Yunus
Mr. Naved Yunus
Mr. Omar Pervez Yunus
4.
Corporate
Secretary
Mr. Sohail Nazeer
5.
Legal Advisor
Mr. Mirza Hafeez-ur-Rehman
6.
Appointed
Actuary
Mr. Shujat Siddiqui, MA, FIA, FPSA
7.
Auditors
Anjum Asim Shahid Rehman
Chartered Accountant
8.
Registered Office
28 Regal Plaza, M. A. Jinnah
Road, Quetta.
Phone: (081) 2822913, 2821397
Fax: (92-81) 2821460
9.
Rating
BB
10. Main Offices
11. No of
Employees
120
310 EFU House, 3rd Floor, M.A.
Jinnah Road, Karachi, Pakistan.
Phone: (021) 32311662/5,
32310726, 32310904,
32310375, 32315723
Fax: (92-21) 32311667
135
EAST WEST LIFE ASSURANCE COMPANY LIMITED
Balance Sheet
Rupees
Statutory Fund
as at 31st December
Shareholders
Fund
Investment
Linked
Business
Conventional
Business
Pension
Business
(Unit Linked)
Accident
& Health
Business
2009
2008
2007
2006
500,000,000.00
500,000,000.00 500,000,000.00 500,000,000.00 250,000,000.00
Advance Against Equity
454,960,000.00
(305,591,480.00)
149,368,520.00
-
454,960,000.00 413,600,000.00 352,000,000.00 200,000,000.00
(305,591,480.00) 1,741,055.00 20,333,028.00 (60,529,376.00)
149,368,520.00 415,341,055.00 372,333,028.00 139,470,624.00
- 16,000,000.00
Other Liabilities
- 33,364,426.00 110,119,424.00
-
-
1,762,902.00 14,175,333.00 18,361,212.00
-
TOTAL LIABILITIES
1,762,902.00 47,621,254.00 128,480,636.00
Loans
Investments (Net)
122,480.00
81,495.00
- 18,772,260.00 162,256,110.00 119,822,086.00 111,940,284.00 119,725,150.00
-
203,975.00
226,115.00
128,500
189,100
2,187,772.00 36,487,219.00 27,775,133.00 16,893,866.00 14,435,044.00
0.00 20,960,032.00 198,947,304.00 147,823,334.00 128,962,650.00 134,349,294.00
151,253,902
47,621,254 128,480,636.00
0.00 20,960,032.00 348,315,824.00 563,164,389.00 501,295,678.00 273,819,918.00
4,743,562.00
1,491,558.00 39,354,054.00
- 14,180,845.00 59,770,019.00 95,896,075.00 240,150,539.00 72,884,827.00
7,010,432.00
2,141,542.00
-
92,317,634.00 20,151,140.00 83,039,441.00
-
2,051,603.00 197,559,818.00 376,890,401.00 198,874,547.00 159,430,672.00
3,945,599.00
-
4,624,104.00 31,257,007.00 32,834,060.00 17,917,800.00 14,895,870.00
208,160.00
103,480.00
9,463,614.00 10,933,208.00 17,966,000.00 18,587,815.00
Other Assets
Tangible assets
Intangible assets
TOTAL ASSETS
3,719,180.00 18,968,124.00
50,265,366.00
-
-
-
- 50,265,366.00 46,570,420.00 26,336,792.00
-
-
-
-
-
151,253,902.00 47,621,254.00 128,480,636.00
0.00
40,225.00
50,000.00
8,000,734.00
20,000.00
0.00 20,960,032.00 348,315,824.00 563,164,389.00 501,295,678.00 273,819,918.00
Net Working Capital
Current Ratio
Break -up Value
64,003,421.00 111,888,210.00 259,140,473.00 91,933,468.00
2.75
5.03
16.34
7.37
2.33
1.36
1.35
1.96
2,987,370.40 13,844,701.83 12,411,100.93 6,641,458.29
121
Revenue Account
Rupees
Statutory Fund
Investment
Linked
Business
Conventional
Business
Pension
Business
(Unit Linked)
Accident
& Health
Business
Aggregate
Aggregate
Aggregate
Aggregate
2009
2008
2007
2006
Net Premium Income
Net Rental Income
Total Net Income
27,469,489.00
1,049,996.00
56,183,694.00
5,705,084.00
-
28,519,485.00
61,888,778.00
0.00 71,399,110.00 161,807,373.00 130,051,017.00 106,747,418.00 84,484,021.00
Net Claims
28,415,052.00
16,932,990.00
45,348,042.00
6,111,738.00
74,813,432.00
80,925,170.00
- 60,368,533.00 94,895,323.00 78,077,944.00 67,192,925.00 35,863,541.00
- 16,231,604.00 107,978,026.00 72,191,271.00 33,839,359.00 30,855,923.00
0.00 76,600,137.00 202,873,349.00 150,269,215.00 101,032,284.00 66,719,464.00
(16,828,557.00)
(19,036,392.00)
0.00 (5,201,027.00) (41,065,976.00) (20,218,198.00)
33,544,570.00
30,648,143.00
78,736,511.00
110,085,106.00
-
Surplus/(Deficit)
(13,932,130.00)
(50,384,987.00)
0.00 (14,491,123.00) (78,808,240.00) (30,745,986.00) (3,722,680.00) (1,507,348.00)
(2,896,427.00)
31,348,595.00
0.00
9,290,096.00 37,742,264.00 10,527,788.00
9,437,814.00 19,271,905.00
Balance of Statutory Fund Transfer due to Conversion
20,000,000.00
46,500,000.00
-
17,000,000.00 83,500,000.00 28,100,000.00
2,500,000.00
34,005,289.00
(3,812,306)
33,364,426
78,843,510.00
3,812,306
110,119,424
-
6,973,287.00 119,822,086.00 111,940,284.00 103,725,150.00 85,960,593.00
0.00 18,772,260.00 162,256,110.00 119,822,086.00 111,940,284.00 103,725,150.00
2,716,283.00
30,648,143.00
34,318.00
110,085,106.00
-
33,364,426.00
110,119,424.00
Represented by:
70,835,485.00 154,488,668.00 107,753,058.00
563,625.00 7,318,705.00 22,297,959.00
5,715,134.00 17,764,557.00
6,918,967.00 119,200,048.00 108,672,260.00 99,234,446.00 79,962,541.00
16,209,063.00 156,942,312.00 119,200,048.00 108,672,260.00 99,234,446.00
-
2,563,197.00 5,313,798.00
622,038.00 3,268,024.00 4,490,704.00
16,209,063.00 156,942,312.00 119,200,048.00 108,672,260.00 99,234,446.00
0.00
0.00 18,772,260.00 162,256,110.00 119,822,086.00 111,940,284.00 103,725,150.00
61.43
(51.01)
69.89
122
90,298,899.00 69,249,291.00
16,448,519.00 15,234,730.00
72.46
(28.53)
67.00
74.41
(4.12)
37.47
51.79
(2.18)
44.56
Rupees
2009
2008
2007
7,767,025.00
7,686,646.00
(125,580,434.00)
(79,222,070.00)
(197,035,479.00)
53,245,594.00
0.00
60,932,240.00
14,232.00
(5,195.00)
(197,021,247.00)
60,927,045.00
93,638,793.00 22,861,126.00
(25,575,056.00)
(15,406,321.00)
(9,372,945.00) (6,010,080.00)
(222,596,303.00)
45,520,724.00
84,265,848.00 16,851,046.00
0.00
(222,596,303.00)
45,520,724.00
84,265,848.00 16,851,046.00
(1,236,232.00)
(812,697.00)
(223,832,535.00)
44,708,027.00
Other revenue
7,911,868.00
2006
9,063,030.00
85,726,925.00 12,743,785.00
0.00
93,638,793.00 21,806,815.00
0.00
1,054,311.00
Taxation
(903,444.00)
(881,995.00)
83,362,404.00 15,969,051.00
APPROPRIATIONS
-
-
-
-
-
-
-
-
(5.40)
-
-
Earning per share
Cash Dividend
Bonus Shares
Equity Growth
550
500
450
400
350
300
250
200
2007
2008
Investments
40000000
35000000
30000000
25000000
20000000
15000000
10000000
50000000
0
2006
2007
2008
70
60
50
2007
2008
0
2009
2009
30000000
25000000
20000000
15000000
10000000
50000000
0
2006
2007
2008
2006
2007
2008
2009
2009
10000000
50000000
0
-50000000
-1E+08
-1.5E+08
-2E+08
-2.5E+08
-3E+08
-3.5E+08
123
2.45
-
0.80
80
2006
2009
-
Claim Incurred
90
45000000
40000000
35000000
30000000
25000000
20000000
15000000
10000000
50000000
0
2006
1.27
18000000
16000000
14000000
12000000
10000000
80000000
60000000
40000000
20000000
0
2006
2007
2008
2009
1
0.9
0.8
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2006
2007
2008
2009
2006
2007
2008
2009
EFU LIFE ASSURANCE LIMITED
Mr. Taher G. Sachak
Vision
Our Vision is to make EFU Life one of the most respected
and successful financial services organization in the world.
Our strategy to achieve our vision is build our core
capabilities, serve our clients beyond their expectations,
adhere to our core values and be a good corporate citizen.
(Rs in million)
Premium Written
Net Premium Revenue
Net Claims Expense
Profit/ (Loss) after tax
2009
2008
7,226.876
6,769.079
1,299.861
711.659
7,250.509
6,807.131
1,297.659
(473.159)
COMPANY INFORMATION
1. Chairman:
Saifuddin N. Zoomkawala
7. Auditors
2. Managing
Director &
Mr. Taher G. Sachak
Chief Executive:
3. Directors
4. Corporate
Secretary
5. Legal Advisor
6. Appointed
Actuary
Mr. Hasanali Abdullah
Mr. Jahangir Siddiqui
Mr. Muneer R. Bhimjee
Mr. Rafique R. Bhimjee
Mr. Sultan Ahmad
8. Registered
Office
Sidat Hyder, Chartered
Accountants, Karachi Hyder
Bhimji & Co. Chartered
Accountants, Karachi
Al-Malik Centre 70 W, F7/G-7 Jinnah Avenue
(Blue Area), Islamabad
9. Rating
Mohammad Ali Sayeed,
M.A.B.L.
Rating Agency: JCR-VIS
Insurer Financial Strength
Rating AA
Outlook: Stable
10. Main Offices
37-K, Block 6, P.E.C.H.S.,
Karachi
Omer Morshed, F.C.A.,
F.P.S.A., F.I.A.
11. No of
Employees
Syed Shahid Abbas
124
843
Balance Sheet
Rs. in thousand
Statutory Fund
as at 31st December
Shareholders
Fund
Investment
Linked
Business
Conventional
Business
Pension
Business
(Unit Linked)
Accident
& Health
Business
2009
2008
2007
2006
1,000,000
1,000,000
1,000,000
1,000,000
500,000
750,000
878,540
1,628,540
750,000
878,540
1,628,540
750,000
504,381
1,254,381
500,000
777,925
1,277,925
300,000
430,248
730,248
9,567,235 11,130,268
6,314,689
Deferred Taxation
14,522,926
227,277
13,147
4,116 14,767,466
9,000
-
-
-
-
9,000
6,500
4,600
2,147
25,322
918,349
490,650
1,671
6,483
1,442,475
1,129,632
902,457
653,144
TOTAL LIABILITIES
34,322 15,441,275
717,927
14,818
10,599 16,218,941 10,703,367 12,037,325
6,969,980
1,662,862 15,441,275
717,927
14,818
10,599 17,847,481 11,957,748 13,315,250
7,700,228
140,734
527
974
-
-
-
752,467 13,834,133
443,524
13,927
Other Assets
482,789
401,957
133,669
364
287
Tangible assets
345,252
-
-
-
4,956
-
-
-
18,383
Loans
59,015
Investments (Net)
1,205,185
-
1,365,803
1,425,424
949,466
683,275
59,015
45,098
13,151
15,847
9,684,973 11,757,140
6,573,206
9,338 15,053,389
Intangible assets
1,019,066
493,908
325,904
189,008
-
345,252
299,499
262,175
238,892
-
4,956
8,846
7,414
0
TOTAL ASSETS
1,662,862 15,441,275
717,927
14,818
10,599 17,847,481 11,957,748 13,315,250
7,700,228
1,662,076 15,606,316
708,601
14,817
10,598 18,002,408 12,112,046 14,225,597
8,112,846
Net Working Capital
Current Ratio
Break -up Value
1,001,409.00 834,798.00 386,064.00 234,986.00
1.69
1.74
1.43
1.36
10.96
9.53
10.42
10.54
21.71
16.73
25.56
24.34
125
Revenue Account
Rs. in million
Statutory Fund
Investment
Linked
Business
Conventional
Business
Pension
Business
(Unit Linked)
Accident
& Health
Business
Aggregate
Aggregate
Aggregate
Aggregate
2009
2008
2007
2006
Net Premium Income
Net Rental Income
Total Net Income
5,456.93
3,030.05
1,307.08
60.95
2.15
3.46
2.92
3.86
6,769.08
3,098.32
6,807.13
(3,367.27)
4,431.55
3,027.91
3,042.32
465.57
8,486.98
1,368.03
5.61
6.78
9,867.40
3,439.86
7,459.46
3,507.88
Net Claims
929.99
1,892.97
2,822.96
369.67
741.31
1,110.98
0.23
0.08
0.31
(0.03)
1.31
1.27
1,299.86
2,635.66
3,935.52
1,297.66
2,695.19
3,992.85
887.39
1,787.80
2,675.19
758.98
1,082.96
1,841.94
5,664.02
257.05
5.30
5.51
5,931.89
(552.99)
4,784.26
1,665.94
9,102.01
14,255.33
175.96
219.12
11.50
13.15
4.47
4.12
9,293.94
14,491.71
10,259.94
9,293.94
6,079.69
10,259.94
4,804.55
6,079.67
510.71
213.89
3.65
5.86
734.11
413.02
604.01
390.82
5,153.32
43.16
1.65
(0.35)
5,197.77
(966.01)
4,180.26
1,275.12
(510.71)
(599.62)
9,369.61
(211.43)
599.62
181.66
(3.65)
11.50
(5.86)
4.47
(731.65) (410.43)
(599.62)
9,567.24 11,130.27
(568.30)
599.62
6,314.69
(267.47)
4,916.21
13,923.31
826.90
13.15
4.12
14,767.47
9,567.24
11,130.27
6,314.69
Represented by:
(599.62)
14,255.33
267.60
13,923.31
599.62
219.12
8.16
826.90
13.15
13.15
4.12
4.12
14,491.71
275.76
14,767.47
9,293.94
273.30
9,567.24
599.62
10,259.94
270.71
11,130.27
6,079.67
235.02
6,314.69
-
-
-
19
11
39
19
6
40
20.02
13.63
40.34
24.95
12.85
35.60
Surplus/(Deficit)
Surplus / (Deficit) to net premium
-
126
Rs. in million
2009
2008
2007
2006
58.85
56.68
41.52
35.49
35.49
94.35
4.07
(3.18)
57.56
777.71
(0.45)
818.78
32.89
(176.21)
(781.44)
13.34
11.80
58.39
4.37
(68.52)
(712.07)
877.17
72.76
(15.41)
(13.31)
(10.72)
(2.459)
(83.93)
(725.39)
866.44
70.30
731.65
410.43
568.30
267.46
647.72
(314.95)
1,434.74
337.76
63.93
-
(158.20)
(227.45)
(101.80)
711.65
(473.15)
1,207.29
235.96
504.38
777.92
430.24
326.27
711.65
(473.15)
1,207.29
235.96
(337.50)
878.54
(250.00)
(150.00)
599.61
504.38
(200.00)
(60.00)
(599.61)
777.92
(90.00)
(42.00)
430.24
9.49
5.50
13.33
(6.31)
4.50
0.00
24.00
3.00
50.00
4.72
2.00
66.66
Impairment on shares
Other revenue
68.38
-
-
Taxation
Profit/ (Loss) after tax
APPROPRIATIONS
Earning per share
Cash Dividend Per Share
Bonus Shares as %
Equity Growth
Claim Incurred
20000000
2000000
2000000
15000000
1500000
1500000
10000000
1000000
1000000
5000000
500000
500000
0
0
2006
2007
2008
2009
Investments
16000000
14000000
12000000
10000000
8000000
6000000
4000000
2000000
0
2006
2007
2008
0
2009
1400000
1200000
1000000
800000
600000
400000
200000
0
-200000
-400000
-600000
1000000
500000
2007
2008
2009
0
2006
2007
2008
2006
2007
2008
2009
1500000
2006
8000000
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
2009
127
2006
2007
2008
2006
2007
2008
2009
2009
600000
500000
400000
300000
200000
100000
0
2006
2007
2008
2009
NEW JUBILEE LIFE INSURANCE
COMPANY LIMITED
Mr. Javed Ahmed
Vision
and mission. We will endeavor to provide them a fair
reward based on their performance and achievements, a
good working environment, adequate training and
opportunities for self development to empower them to
grow and prosper with the company.
To be Pakistan's leading and most highly reputed life
insurance company, enjoying the confidence and trust of
its Shareholders, Policyholders, Business Partners and the
communities in which it operates.
The community in which we exist along with our
Shareholders, Policyholders, Employees, etc also deserves
our consideration. We will participate and contribute to
the uplift and welfare of the community, and the
improvement of the environment.
Mission
Shareholders are the backbone of our business. They
provide the initial capital which enables the company to
commence the business and to grow the business through
retention of profits and by investing additional capital
when required. We will strive to achieve above average
earnings on their invested capital.
(Rs in million)
2009
Our Policyholders are our most valuable assets. We will
strive to provide them with a full range of life insurance
and other products, security of their investment, a
satisfactory return on their investments and efficient
personal service.
Premium Written
Net Premium Revenue
Net Claims Expense
Profit after tax
Employees are our Partners enabling us to fulfill our vision
4,363.155
4,054.739
1,388.756
129.943
2008
3,435.119
3,127.200
1,549.898
(54.972)
COMPANY INFORMATION
1. Chairman
Mr. Masood Noorani
7. Auditors
2. Managing
Director &
Chief Executive Mr. Javed Ahmed
3. Directors
Mr. Towfiq H. Chinoy
Mr. Sultan Allana
Mr. Shahid Mahmood Loan
Mr. John Joseph Metcalf
Mr. Aly Noor Mahmood Rattansey
4. CFO &
Corporate
Secretary
Mr. Manzoor Ahmed
5. Legal Advisor
Kabraji & Talibuddin
6. Appointed
Actuary
8. Registered
Office
9. Head Office
Mr. Nauman A. Cheema
Nauman Associates, Lahore
128
A. F. Ferguson & Co.
Chartered Accountant
26-D, 3rd Floor, Kashmir
Plaza Jinnah Avenue, Blue
Area Islamabad
Tel: 0092 51 2206930-6
Fax:0092 51 2825372
74/1-A, Lalazar, M.T. Khan
Road, Karachi 74000
Tel: 0092 21 35611071-75
Fax:0092 21 35610959
Web: www.njilife.com
NEW JUBILEE LIFE INSURANCE COMPANY LIMITED
Balance Sheet
Rs. in thousand
Statutory Fund
as at 31st December
Shareholders
Fund
Investment
Linked
Business
Conventional
Business
Pension
Business
(Unit Linked)
Accident
& Health
Business
2009
2008
2007
2006
1,000,000.00
1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00
627,120.00
(80,615.00)
546,505.00
627,120.00 627,120.00 627,120.00 627,120.00
(80,615.00) (210,558.00) (145,892.00) (270,348.00)
546,505.00 416,562.00 481,228.00 356,772.00
-
Deferred Taxation
-
6,379,630.00
-
257,390.00
-
-
-
151,291.00 6,788,311.00 4,629,457.00 4,967,990.00 3,318,280.00
-
0.00
0.00
0.00
989,164.00
596,858.00
402,597.00
366,668.00
109,747.00
455,540.00
364,634.00
-
TOTAL LIABILITIES
109,747.00 6,835,170.00
622,024.00
-
210,534.00 7,777,475.00 5,226,315.00 5,370,587.00 3,684,948.00
656,252.00 6,835,170.00
622,024.00
-
210,534.00 8,323,980.00 5,642,877.00 5,851,815.00 4,041,720.00
135,891.00 1,862,134.00
96,382.00
-
28,620.00 2,123,027.00 3,257,997.00 2,109,065.00 1,506,956.00
Loans
Investments (Net)
3,876.00
-
-
-
288,933.00 4,745,391.00
422,031.00
-
Other Assets
109,437.00
103,611.00
-
Tangible assets
109,055.00
-
-
-
9,060.00
-
-
-
59,243.00
0.00
-
3,876.00
4,266.00
3,718.00
3,285.00
123,209.00 5,579,564.00 2,031,512.00 3,481,067.00 2,317,733.00
Intangible assets
TOTAL ASSETS
227,645.00
656,252.00 6,835,170.00
622,024.00
-
58,705.00
499,398.00
254,523.00
175,936.00
139,966.00
-
109,055.00
82,745.00
76,717.00
71,778.00
-
9,060.00
11,834.00
5,312.00
2,002.00
210,534.00 8,323,980.00 5,642,877.00 5,851,815.00 4,041,720.00
Net Working Capital
Current Ratio
Break -up Value
1,637,137.00 2,919,928.00 1,886,122.00 1,283,539.00
2.66
5.89
5.68
4.50
15.23
13.55
12.16
11.33
10,930.10
13,885.40
16,040.93
16,989.14
129
Revenue Account
Rs. in thousand
Statutory Fund
Investment
Linked
Business
Conventional
Business
Pension
Business
(Unit Linked)
Net Premium Income
Net Rental Income
Total Net Income
3,206,028.00
1,219,643.00
566,946.00
63,197.00
-
4,425,671.00
Net Claims
Accident
& Health
Business
Aggregate
Aggregate
Aggregate
Aggregate
2009
2008
2007
2006
-
281,765.00
20,043.00
4,054,739.00
1,302,883.00
3,127,200.00
(700,714.00)
2,777,076.00
697,987.00
2,077,593.00
282,182.00
630,143.00
0.00
301,808.00
5,357,622.00
2,426,486.00
3,475,063.00
2,359,775.00
759,948.00
1,535,449.00
2,295,397.00
427,691.00
118,758.00
546,449.00
-
0.00
201,117.00
55,805.00
256,922.00
1,388,756.00
1,710,012.00
3,098,768.00
1,549,898.00
1,126,826.00
2,676,724.00
1,001,012.00
719,341.00
1,720,353.00
627,801.00
472,712.00
1,100,513.00
2,130,274.00
83,694.00
0.00
44,886.00
2,258,854.00
(250,238.00)
1,754,710.00
1,259,262.00
4,189,511.00
6,149,989.00
197,104.00
156,119.00
-
88,786.00
110,627.00
4,475,401.00
6,416,735.00
4,884,339.00
4,475,401.00
3,256,229.00
4,884,339.00
2,058,432.00
3,256,229.00
169,796.00
124,679.00
0.00
23,045.00
317,520.00
158,700.00
126,600.00
61,465.00
1,960,478.00
(40,985.00)
0.00
21,841.00
1,941,334.00
(408,938.00)
1,628,110.00
1,197,797.00
-
(20,000.00)
(100,000.00)
(106,000.00)
1,000.00
3,318,280.00
(40,000.00)
30,000.00
(34,760.00)
2,103,778.00
Surplus/(Deficit)
Capital return to share holders' Fund
4,249,356.00
253,696.00
6,379,630.00
257,390.00
Represented by:
519,328.00
6,149,989.00
(289,687.00)
6,379,630.00
156,119.00
101,271.00
257,390.00
-
(80,000.00)
-
-
-
-
-
-
-
130
0.00
-
0.00
0.00
126,405.00
4,629,457.00
(66,633.00)
11,000.00
(32,662.00)
4,967,990.00
151,291.00
6,788,311.00
4,629,457.00
4,967,990.00
3,318,280.00
519,328.00
6,416,735.00
(147,752.00)
6,788,311.00
519,328.00
4,475,401.00
(365,272.00)
4,629,457.00
540,990.00
4,884,339.00
(457,339.00)
4,967,990.00
539,990.00
3,256,229.00
(477,939.00)
3,318,280.00
34.25
7.83
42.17
49.56
5.07
36.03
36.05
4.56
25.90
30.22
2.96
22.75
-
-
110,627.00
40,664.00
151,291.00
-
-
Rs. in thousand
2009
2008
2007
2006
30,203.00
21,904.00
18,130.00
16,305.00
(26733.00)
Changes in fair value of derivative financial instrument/impairment 74,458.00
77,928.00
7,656.00
(139,924.00)
(110,364.00)
31,285.00
10,24.00
50,439.00
40,745.00
1,425.00
58,475.00
2,185.00
4,698.00
737.00
1,300.00
80,113.00
(105,666.00)
51176.00
59,775.00
(19,369.00)
(10,939.00)
(7148.00)
(4,977.00)
60,744.00
(116,605.00)
44028.00
54798.00
Add: Surplus appropiated to Shareholders fund from ledger A/C D 100,000.00
66,633.00
106000.00
40,000.00
160,744.00
(49,972.00)
150028.00
94,798.00
Taxation
(30,801.00)
(5,000.00)
(24,572.00)
(12,143.00)
129,943.00
(54,972.00)
125,456.00
82,655.00
(210,558.00)
(145,892.00)
129,943.00
(54,972.00)
(80,615.00)
(31,356.00)
(11,000)
32,662
(210,558.00)
2.07
(0.88)
Other revenue
APPROPRIATIONS
Capital (Contributed)
Capital withdrawn
(270,348.00) (326,407.00)
125,456.00
82,655.00
(1,000)
(30,000)
3,404
(145,892.00) (270,348.00)
Earning per share
Cash Dividend
Bonus Shares
Equity Growth
10000
8000
6000
4000
2000
0
2006
2007
2008
2009
600
500
400
300
200
100
0
2006
2007
2008
2007
2008
2009
2006
Investments
6000
5000
4000
3000
2000
1000
0
Claim Incurred
2009
3500
3000
2500
2000
1500
1000
500
0
2006
2007
2008
2007
2008
2009
2009
131
4500
4000
3500
3000
2500
2000
1500
1000
500
0
2006
2007
2008
2009
150
100
50
0
-50
-100
1.32
1800
1600
1400
1200
1000
800
600
400
200
0
2006
2.00
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2006
2007
2008
2009
2006
2007
2008
2009
MEMBERS DIRECTORY
133
MEMBERS DIRECTORY
AS ON 30TH SEPTEMBER 2010
NON LIFE MEMBERS
S.No
NAME OF MEMBERS
YEAR OF
Estb.
PRINCIPAL
REPRESENTATIVES
1
ACE Insurance Ltd.
6th Floor, NIC Building
Abbasi Shaheed Road
off : Shahrah - e -Faisal
P. O. Box No 4780
Karachi
2001
Ms. Zehra Naqvi
Chief Executive
Tel : +92-21-111-789-789
Fax : +92-21-3568 3935
email : [email protected]
web : www.acelimited.com
2
Adamjee Insurance Co. Ltd.
6th Floor, Adamjee House
P. O. Box No 4850
I. I. Chundrigar Road
Karachi. 74000
1960
Managing Director & Chief Executive Officer
Tel : +92-21-3241 2623-7
Fax : +92-21-3241 2627
web : www.adamjeeinsurance.com
3
Agro Gen. Ins. Co. Ltd.
Room # 416 - 418, Fourth Floor
Continental Trade Centre, Block 8
Main Clifton Road
Karachi.
1985
Mr. M. Jalilullah
Chief Executive & Managing Director
Tel : +92-21- 3206 4952
Fax : +92-21-3530 2913
4
Alfalah Insurance Company Ltd.
5, Saint Marry, Main Boulevard
Gulberg
Lahore.
2008
Tel : +92-42-111-786-234, 3577 4313 - 6
Fax : +92-42-3584 4372
E.mail : [email protected]
Web : www.alfalahinsurance.com
5
Alpha Insurance Co. Ltd.
State Life Building No. 1B
2nd Floor State Life Square
Off: I.I. Chundrigar Rd. P.O Box No 4359
Karachi.
1951
Mr. Nasir Javed Khan
Tel : +92-21-3241 6041 5
Fax : +92-21- 3241 9968, 3242 2478, 3242 2479
web : www.alphainsurance.com.pk
6
Asia Insurance Co. Ltd.
456-K, Model Town
Lahore.
1980
Mr. Ihtsham-ul-Haq Qureshi
Chairman & Chief Executive
Tel : +92-42- 35916801, 35176802, 35916803,
35832312
Fax: +92-42- 3586 5579
7
Askari Gen. Insc. Co. Ltd.
4th Floor, AWT Plaza
The Mall, P.O Box No. 843
Rawalpindi.
1995
Mr. Abdul Waheed
President & Chief Executive
Tel : +92-51-927 2425-27
Fax : +92-51-927 2424
web : www.agico.com.pk
134
S.No
NAME OF MEMBERS
YEAR OF
Estb.
PRINCIPAL
REPRESENTATIVES
8
Atlas Insurance Limited
3 - Bank Square
Shahrah-e-Quaid-e-Azam
P. O Box 1219
Lahore.
1935
Mr. Arshad P. Rana
Chief Executive
Tel : +92-42-3732 0542-43, 3732 2271-73
Fax : +92-42-3723 4742
email: [email protected]
web : www.atlasinsurance.com.pk
9
Capital Insurance Co. Ltd.
Office # 222, 5th Floor, MEGA Tower
63-B Main Macdonald, Gulberg-II
Lahore.
1998
Chief Executive Officer
Tel : +92-42-3577 7527 & 28, 3577 7549
Fax : +92-42- 3577 7548
web : www.capital-insurance.net
10
Central Insurance Co. Ltd.
5th Floor, Dawood Centre
Moulvi Tamizuddin Khan Road
P. O. Box No 3988
Karachi. 75530.
1960
Mr. Viquar Siddiqui
Chief Executive
Tel : +92-21-3568 4019, 3568 9339
Fax : +92-21- 3568 0218, 3568 4108
web : www.ceninsure.com
11
Century Insurance Co. Ltd
11th Floor
Lakson Square Building No. 3
Sarwar Shaheed Road, P.O Box 4895
Karachi. 74200
1985
Chief Executive Officer & Managing Director
Tel : +92-21-3569 8525 , 111-111-717
Fax: +92-21- 3567 1665
web : www.cicl.com.pk
12
Co-operative Insc. Society of Pak. Ltd.
Co-operative Insc. Building
23 - Shahrah-e-Quaid-e-Azam
Lahore.
1949
Ch. Akhtar Mahmood
Senior Vice-Chairman
Tel : +92-42-3735 2306, 3735 6537, 3724 2798
Fax : +92-42-3735 2794
e-mail: [email protected]
13
Crescent Star Ins. Co. Ltd.
2nd Floor, Nadir House
P.O.Box No 4616
I.I.Chundrigar Road
Karachi.
1957
Managing Director
Tel: +92-21-3241 5471-3
Fax : +92-21-3241 5474 - 5
Web : www.cstar.com.pk
14
East West Insurance Co. Ltd.
410 - EFU House
M. A. Jinnah Road, P.O Box 6693
Karachi. 74000
1983
Mr. Naved Yunus
Managing Director & Chief Executive
Tel : +92-21-3231 3304 - 11
Fax : +92-21-3231 0821, 3220 0128
web : www.eastwestinsurance.com.pk
15
EFU General Ins. Ltd.
EFU House, M.A. Jinnah Road
P.O. Box No. 5005
Karachi. 74000
1932
Tel : +92-21-3231 3471 - 90
Fax : +92-21-3231 0450
web : www.efuinsurance.com
135
S.No
NAME OF MEMBERS
YEAR OF
Estb.
PRINCIPAL
REPRESENTATIVES
16
Excel Insurance Co. Ltd.
38 - C - 1, Block - 6
P. E. C. H. S
Shahrah - e -Faisal
Karachi. 75400
1991
Mr. Ghulam Mohammad
Chief Executive
Tel : +92-21-111 - 777- 666
Fax: +92-21-3454 8076
web : www.globemanagements.com
17
Habib Insurance Co. Ltd
1st Floor, State Life Building # 6
Habib Square
M.A. Jinnah Road
P.O Box No 5217
Karachi
1942
Tel : +92-21-111-03-03-03
Fax : +92-21-3569 3676
web : www.habibinsurance.net
18
IGI Insurance Limited
7th Floor, The Forum, Suite 701-713, G-20
Block 9, Khayaban-e-Jami, Clifton
Karachi-75600.
1953
Tel : +92-21-3530 1726 - 8, 111-234-234
Fax : +92-21-3530 1729 & 3530 1772
web : www.igiinsurance.com.pk
19
New Hampshire Insc. Co.
7th Floor, Dawood Centre
M.T. Khan Road
Karachi. 75530.
1869
Mr. Mujib Khan
Country Manager
Tel : +92-21-111-111-244,
Fax : +92-21- 3563 4022 / 3563 4023
web : www.chartisinsurance.pk
20
New Jubilee Insc. Co. Ltd.
2nd Floor
Jubilee Insurance House
P.O.Box No 4795
I.I.Chundrigar Road
Karachi. 74000
1953
Mr. Tahir Ahmed,
President & Managing Director (Chief Executive)
Tel : +92-21-3241 2628, 3241 6022-26
Fax : +92-21-3241 6728, 3243 8738
web : www.nji.com.pk
21
Pakistan Gen. Insc. Co. Ltd.
5 - Bank Square
Shahrah-e-Quaid-e-Azam
P. O. Box 1364
Lahore.
1947
Ch. Zahoor Ahmad
President & Chief Executive
Tel : +92-42-3732 3569, 3732 5382, 3732 4404
Fax : +92-42- 3723 0634, 3723 0895
web: www.pgi.com.pk
22
PICIC Insurance Limited
8th Floor, Shaheen Complex
M.R. Kiyani Road
Karachi.
2004
Tel: +92-21-3221 9555-60
Fax: +92-21-3221 9561
web : www.picicinsurance.com
23
Premier Insurance Limited
5th Floor, State Life Building No 2-A
Wallace Road, P.O Box No 4140
Karachi.
1952
Mr. Fakhir Rahman
Tel : +92-21-3241 6331-4
Fax : +92-21- 3241 6572
web: www.pil.com.pk
136
S.No
NAME OF MEMBERS
YEAR OF
Estb.
PRINCIPAL
REPRESENTATIVES
24
Reliance Insurance Co. Ltd.
Reliance Insurance House
181 - A Sindhi Muslim cooperative Housing Society, P.O Box No 13356
Karachi.
1982
Mr. A. Razak Ahmed
Tel : +92-21-3453 9415 - 17
Fax : +92-21- 3453 9412
web : www.relianceinsins.com
25
Saudi Pak Insurance Company Ltd.
2nd Floor, State Life Building No. 2A
Wallace Road
Karachi.
2005
Capt. Azhar Ehtesham Ahmed
Tel: +92-21-3241 8430
Fax: +92-21- 3241 7885
web : www.saudipakinsurance.com.pk
26
Security Gen. Insc. Co. Ltd.
SGI-House, 18-C/E-1
Gulberg-III
Lahore.
1996
Tel :+92-42-3577 5024-29
Fax : +92-42-3577 5030
Web : Under Construction
27
Shaheen Ins. Co. Ltd.
10th Floor, Shaheen Complex
M. R. Kayani Road
Karachi-74200.
1996
Mr. Asif Suleman
Tel : +92-21-3263 0370 - 75
Fax : +92-21-3262 6674
web :www.shaheeninsurance.com
28
Silver Star Ins. Co. Ltd.
Silver Star House, 2nd Floor
5 - Bank Square
P. O Box No 2533
Lahore-54000.
1984
Mr. Zahir Muhammad Sadiq
Tel : +92-42- 3732 4488 , 3735 5614, 3723 7518
Fax : +92-42- 3722 9966
web: www.silverstarinsurance.com
29
TPL Direct Insurance Limited
172-B, 2nd Floor, Najeeb Centre
Block - 2, P.E.C.H.S.
Karachi.
1992
Mr. Saad Nissar
Tel : +92-21- 3432 2555
Fax : +92-21- 3432 2515
Web : www.tpldirect.com
30
UBL Insurers Limited
2nd Floor, State Life Building No. 2
Wallace Road
Off: I.I. Chundrigar Road
Karachi.
2007
Mr. Shariq Abdullah
Tel : +92-21-111-845-111
Fax No. +92-21- 3246 3117, 3432 2507-12
Web : www.ublinsurers.com
31
United Ins. Co. of Pak Ltd.
Nizam Chambers, 5th Floor
Shahrah-e-Fatima Jinnah
P. O. Box No 532
Lahore.
1959
Mr. Khawas Khan Niazi
Tel : +92-42- 3636 1471, 3631 5091, 3637 1420
Fax : +92-42-3637 5036
Web : www.theunitedinsurance.com
137
NON LIFE MEMBERS
S.No
32
NAME OF MEMBERS
Universal Ins. Co. Ltd.
Universal Insurance House
63 - Shahrah-e-Quaid-e-Azam
P.O Box No 539
Lahore-54000.
YEAR OF
Estb.
PRINCIPAL
REPRESENTATIVES
1958
Capt. M. Jamil Akhtar Khan
Managing Director
Tel : +92-42-3735 3453, 3735 3458, 3735 5426
Fax : +92-42-3723 0326
Web : www.uic.com.pk
LIFE MEMBERS
1
Adamjee Life Assurance Company Ltd.
Karachi Office
The Forum, Suite # 301, 3rd Floor
Plot G-20, Block-9, Clifton
Karachi.
2008
Mr. Fredrik Conenrard De Beer
Tel: +92-21-3536 2620 - 23
Fax: +92-21-3536 2621
Web: www.adamjeelife.com
2
American Life Insurance Co.(Pak.) Ltd.
Dolmen City, 13th Floor (level 16)
Block 4, Scheme 5, Clifton
Karachi-75600.
1995
Chairman & Chief Executive
Tel: +92-21-111-111-711
Fax: +92-21- 3529 0042
Web : www.alico.com.pk
3
Asia Care Health & Life Insurance Co. Ltd. 2008
Registered Office
15-C, 17-C, 2nd Floor, Commercial Lane # 5
Zamzama Phase-V, DHA
Karachi.
Tel: +92-21-35302072-5, 353 02066-8
Fax: +92-21-35302076
Web: www.asiacare.net
4
East West Life Assurance Company Ltd.
Head Office/Main Office:
3rd Floor, 310-EFU House
M.A. Jinnah Road
Karachi.
1992
Mr. Maheen Yunus
Tel: +92-21-3231 1662-5
Fax: +92-21-3231 1667
Web : www.eastwestlifeco.com
5
EFU Life Assurance Limited
37-K, Block-6
P.E.C.H. Society
Karachi.
1992
Mr. Taher G. Sachak
Tel: +92-21-111-338-111
Fax: +92-21-3453-5079
Web : www.efulife.com
6
New Jubilee Life Insurance Company Ltd.
74/1-A, Lalazar
M.T. Khan Road
Karachi.
1995
Mr. Javed Ahmed
Chief Executive Officer & Managing Director
Tel: +92-21-3561 1802 - 08
Fax: +92-21-3561 0959
Web: www.njilife.com
138
REINSURER
S.No
NAME OF MEMBERS
1
Pakistan Reinsurance Company Limited
PRC Towers, 32-A,
Lalazar Drive
M.T. Khan Road
Karachi
YEAR OF
Estb.
1952
PRINCIPAL
REPRESENTATIVES
Mrs. Rukhsana Saleem
Chairperson
Tel: +92-21-99202908-15
Fax: +92-21-99202920-22
Web : www.pakre.org.pk
THE INSURANCE ASSOCIATION OF PAKISTAN
HEAD OFFICE
Mr. N. A. Usmani
Secretary General
Tel : Direct : +92-21-3227 7169
1713-1715, 17th Floor
Saima Trade Tower-A
I.I. Chundrigar Road
P.O. Box 4932
Karachi-74000
PABX : +92-21-3227 7165 - 68
Fax
: +92-21- 3227 7170
Web
: www.iap.net.pk
LAHORE REGIONAL OFFICE
Mr. S. Daood Ali Shah
Secretary & Surveyor
+92-42- 3757 3193
+92-42-3504 0608
General Office
+92-42-3757 3194
7 - B, Shadman - II
Behind Umer Hospital, Jail Road
Lahore.
Fax No. +92-42-3757 1308
139
PICTORIAL
PRESENTATION
OF IAP
EVENTS
141
48th ANNUAL GENERAL MEETING HELD ON SATURDAY 26TH SEPTEMBER
2009 AT 12:30 P.M. IN THE ASSOCIATION'S OFFICE, KARACHI
142
ANNUAL DINNER OF IAP HELD ON 26TH SEPTEMBER 2009
AT HOTEL BEACH LUXERY KARACHI
143
144
145
EXTRA ORDINARY GENERAL MEETING REGARDING AMENDMENTS IN MEMORANDUM & ARTICLES
OF ASSOCIATION OF IAP HELD ON 25TH MAY 2010 AT ASSOCIATIONS OFFICE, KARACHI
146
147
EMERGENT MEETING OF MEMBER COMPANIES' CEOs REGARDING FIT & PROPER
CRITERIA HELD ON 10TH JAN 2010 IN THE ASSOCIATION'S OFFICE KARACHI
148
149
EMERGENT MEETING OF MEMBER COMPANIES' CEOs REGARDING INCREASE
IN SECP'S ANNUAL SUPERVISION FEE HELD ON 14TH DECEMBER 2009 AT
THE ASSOCIATION'S OFFICE
KARACHI
150
N otes ...
TM
With Compliments
(One of the ACE Group of Insurance & Reinsurance Companies)
ACE Insurance Limited
6th Floor, N.I.C. Building,
Abbasi Shaheed Road,
Off. Sharea Faisal,
Karachi - Pakistan.
111-789-789 tel
(92-21) 5683935 fax
www.ace-ina.com
EFU Life
Awarded
Best Life Insurance Company 2009
Awarded the 4 th Corporate Social Responsibility National Excellence Award
Awarded the Consumer Choice Award for the Best Life Insurance Company by Consumer Association
of Pakistan in 2008 and 2009
Awarded the 25th Corporate Excellence Award in Financial Sector in 2008 and 26th Corporate
Excellence Certificate in Insurance Sector in 2009 by Management Association of Pakistan
Awarded the First National Achiever Award for the Best Life Insurance Company in Private Sector
Awarded the Corporate Social Responsibility Award, 2009 by Helpline Trust
Among Top 25 Companies, 2007 by Karachi Stock Exchange
Strong Insurer Financial Strength rating of AA- (Stable) assigned by JCR-VIS Credit rating agency
Through the years we have taken our company to great heights on the basis of our ambition to
set a precedent by being the best. In this ever changing environment we have taken the responsibility
to pave the way to success by working with the utmost fortitude and earning various accolades
along the way. Our company strives to come up with the vision to look into the future with
determination and to convert every challenge into an opportunity.
EFU LIFE ASSURANCE LTD
37-K, Block-6, PECHS, Karachi-75400
UAN: (021) 111-EFU-111 (111-338-111)
Client Services: (021) 111-EFU-CSD (111-338-273)
Fax: (021) 34535079
Website: www.efulife.com
ISO 9001 2008 Certified | Rated AA- by JCR-VIS (Outlook: Stable)
EFU Life is registered and supervised by Securities & Exchange Commission of Pakistan

Year Book 2009-10

Transcription

Similar documents

Gotemba Premium Outlets

Providing a “Warm Embrace” in a Time of Need for Women

If you have signed up for automatic premium payments using your

beverage packages - Royal Caribbean International

MAXIMIZE YOUR AUTOTRADER IMPACT

Pick-2 - The Kitchen Company

premium brochure

Client Brochure G1614 BEHLMANN

STAW Weapon Zero Premium Figure

Premium T-Bone Steak 799 Premium 93% Lean Ground Beef Fresh