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Insurance Year Book

2014-15

INSURANCE YEAR BOOK 2014-2015


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: (92-91) 32277170
Email: info@iap.net.pk
Website: www.iap.net.pk

Vision Statement
To be a forum of active exchange
on matters relating to insurance. To
promote, support and protect
common interest of member
companies carrying on the business
of insurance in Pakistan and to
endeavor to increase insurance
awarness 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. Mahmood Lotia

06

3.

Size of Insurance Market of Pakistan for 2014 - Including Public Sector.

07

4.

Executive, Technical & Regional Committees Activities

09

Executive Committee
Regional Committee North
Accident Committee
Life Committee
Marine Committee
Property Committee

10
12
13
14
15
16

5.

Market Overview of Non Life Insurance Industry in Pakistan

18

6.

Market Overview of Life Insurance Industry in Pakistan

20

7.

Company Profiles

25

Non Life & ReInsurance Companies


1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.

ACE Insurance Limited.


Adamjee Insurance Company Limited
Allianz EFU Health Insurance Ltd
Alfalah Insurance Company Limited
Alpha Insurance Company Limited
Asia Insurance Company Limited
Askari General Insurance Company Limited
Atlas Insurance Limited
Century Insurance Company Limited
Cooperative Insurance Society of Pakistan Limited
Crescent Star Insurance Company Limited
East West Insurance Company Limited
EFU General Insurance Limited
Excel Insurance Company Limited
Habib Insurance Company Limited
IGI Insurance Limited
Jubilee General Insurance Company Limited
New Hampshire Insurance Company

26
28
30
32
34
36
40
42
44
46
48
52
54
56
58
60
62
66

03

19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.

The Pakistan General Insurance Company Limited


PICIC Insurance Limited
Premier Insurance Limited
Reliance Insurance Company Limited
SPI Insurance Company Limited
Security General Insurance Company Limited
Shaheen Insurance Company Limited
Sindh Insurance Limited
Takaful Pakistan Limited
TPL Direct Insurance Limited
UBL Insurers Limited
United Insurance Company of Pakistan Limited

68
70
72
74
78
80
82
84
88
90
92
94

Life Insurance Companies


1.
2.
3.
4.
5.

Adamjee Life Assurance Company Limited


East West Life Assurance Company Limited
EFU Life Assurance Limited.
IGI Life Insurance Limited
Jubilee Life Insurance Company Limited

98
102
106
110
114

8.

Members' Directory

119

9.

Pictorial Presentation of IAP events

127

Annual General Meeting (AGM)


Annual Dinner
Insurance Day
Cricket Tournament
Meeting with SECP officials
Meeting with PRCL representatives
Meeting with World Bank representatives

128
129
131
132
133
134
135

Notes

136

10.

04

MESSAGE

Mahmood Lotia
CHAIRMAN

THE INSURANCE ASSOCIATION OF PAKISTAN

associated with cargo movement through Wahgah Border


Terminal

It gives me immense pleasure presenting IAP's Year Book 201415 which contains key financial figures, analysis of Pakistan
insurance industry and Association's activities during this period.
n

The year 2014 registered premium growth on the non-life


insurance side by 12.18% to Rs. 53.96 billion compared to Rs.
48.10 billion in 2013. The growth in the life insurance business
was 14.44% to Rs. 122.01 billion compared to Rs. 106.61 billion
in 2013.
Given hereunder are some important developments that took
place during the year.
n
n

Celebrated 3rd Insurance Day in Pakistan on 6th May 2015


IAP Managed to run Insurance Awareness Campaign on FM
Radio Channels.
Proposals for Federal and Provincial budgets 2015-16 on
various tax related and other important matters were submitted
to concerned authorities. Various other proposals were also
made with respect to following:

Training of Insurance Agents.

Facultative reinsurance arrangements

Related Party Assets

Valuation of Assets for the purpose of Solvency

Small Disputes Resolution Committees

Construction of IAP House commenced.

IAP license renewed for further 5 years upto 6th May 2019
by the Directorate Trade Organization, Ministry of Commerce
Islamabad.
The SECP considering IAP's proposal has recommended
amendments in Motor Vehicle Act, 1939 to introduce No
Fault Model Scheme.
IAP website for Online Claims Management System has
been upgraded.
Warranties/guidelines have been developed to mitigate risks

06

Fire Policy and Malicious Damage Endorsement have been


slightly amended

In the end, I would like to take this opportunity to acknowledge


the support and assistance of IAP Members, the Executive
Committee Technical and other Committees of IAP. Finally
would like to appreciate efforts of the Secretary General, Officers
all concerned with the publication of this important document.

Size of Insurance Market of Pakistan for 2014


(Including public sector)

Conventional Business
Life Insurance
Number of companies
Gross Premium Written
Premium to GDP ratio

07
Rs. 122 billion
0.52%

Non Life Insurance


Number of companies
Gross Premium Written
Premium to GDP ratio

38
Rs. 62 billion
0.26%

Takaful Business
Family Takaful Operators
Number of companies
Gross written Contribution
Contribution to GDP ratio

02
Rs. 6 billion
0.03%

General Takaful Operators


Number of companies
Gross written Contribution
Contribution to GDP ratio

03
Rs. 2 billion
0.01%

Total Premium written by Conventional (Life & Non Life) Insurance Companies
Total contribution written by Takaful (Family & General) Operators

Rs. 184 billion


Rs. 8 billion

Total
GDP ratio of total business

Rs 192 billion
0.82 %

Pakistan Reinsurance Company Limited


Premium (Non-Life conventional only) Written
Premium to GDP ratio

Rs. 9 billion
0.04%

07

EXECUTIVE, REGIONAL
& TECHNICAL
COMMITTEES
ACTIVITIES

SUMMARY OF THE ACTIVITIES OF EXECUTIVE COMMITTEE

EXECUTIVE COMMITTEE
In March 2014, the then EC
Insurance Rules 2002 pertaining
decided to re-take up the matter
to Training of Insurance Agent.
of Bank Limits with the Pakistan
The IAP informed SECP that in
Banks Association (PBA) and a
view of the very vast differences
detailed letter was addressed to
in practice and the scale of
the Chairman PBA highlighting
operations it is essential to treat
the issue. The PBA was impressed
life and non-life sectors separately.
upon that a criteria for enlistment
Also that insurance is a very
of insurance companies and limits
specialized line of business IAP
allocation must be evolved, which
do not believe there are that many
should be transparent and
institutions which can meet the
consistent and acceptable to both
requirement of the industry all
the sectors insurance and banks.
over the country hence approval
In September 2014, IAP's
of in house training be permitted
Sitting from Left to Right:
delegation met Mr. Tawfiq A.
and certification of the
Ms. Zehra Naqvi, Capt. Azhar Ehtesham Ahmed (Senior Vice Chairman),
Husain, Secretary General PBA
course/program should be by the
Mr. Mahmood Lotia (Chairman), Mr. Javed Ahmed (Vice Chairman)
and Mr. Masood H. Raja,
institute(s) authorized for this
& Mr. Atiq Anwar Mahmudi
Secretary PBA and gave a brief
purpose without any certification
Standing from Left to Right:
on this long standing issue of the
of the agent except confirmation
Mr. N.A. Usmani (Secretary General), Mr. Afzal-ur-Rahman,
industry. The meeting concluded
by the insurer as to the completion
Mirza Khadim Baig, Mr. Naim Anwar & Mr. Zeeshan Raza
with agreement from both sides
of the course by the agent e.g. PII.
that an objective criteria for
The curriculum would be as
insurance companies enlistment and assignment of limits will be
approved by SECP.
drafted. To take the matter forward a write-up was submitted to
PBA. Despite various follow-ups PBA did not respond to IAP's
Thereafter Circular No. 25 of 2015 dated 2nd July 2015 was
suggestions. In the meantime some members approached the EC
issued by the SECP advising another amendment in Rule 26(b)
with a request that the matter should be taken up at other forums viz
through SRO 649(I)2015 dated 2nd July 2015. Reference to this
CCP, SECP etc. Matter was therefore discussed and opinion was
circular SECP was informed that a number of issues require
also taken from IAP's legal advisors and various options are under
clarification/discussion and request was made that the matter be
consideration.
discussed before finalizing so as to ensure smooth effective
implementation.
n
A meeting of IAP representatives with Mr. Nayyar Hussain,
Director, Policy, Regulation and Development, Insurance Division,
n
The SECP vide Circular No. 23 of 2015 advised that the current
SECP was held on 5th November 2014 in SECP's office regarding
regulatory framework does not recognize any requirements for an
IBNR Guidelines. IAP's reservation on the IBNR Guidelines were
insurer registered under the Ordinance to maintain the credit or
expressed to SECP. Mr. Nayyar Hussain seemed very receptive and
financial strength rating issued by any local or foreign rating agency.
understood IAP's view point, the argument he put forward that SECP
Hence, the practice of imposing any such requirement by an insurer
had collected information regarding provisioning of IBNR reserves
on the reinsurer accepting the local placement of facultative
being made by the companies and on the basis of the information
reinsurance shall be construed as ultra vires. Also that an insurer
collected they have found that provisioning by some companies was
shall circulate the entire risk (100%), which is in excess to its net
either not proper or in adequate. He advised that they are compiling
retention and cession to the treaty, in the local market first for
the results and will share with IAP for review and further discussions.
utilizing the available reinsurance capacity and thereafter approach
the Commission to seek the permission for foreign facultative
reinsurance placement after completing the procedural requirements
n
In March 2015 SECP proposed amendments in Rule 26 of SECP
n

10

as prescribed under Rule 7. Unless the permission is granted by the


Commission in writing, no placement of risk shall be made with
the foreign reinsurer(s). The IAP in this regard submitted that
selection of reinsurer for adequate reinsurance protection is the right
of each insurer and primarily has to ensure that the reinsurer is
financially stronger and of a higher standing than the cedant itself.
The IAP strongly recommended that SECP should make sure that
such acceptance of facultative reinsurance is on an absolute net
retention basis and that there is no reinsurance protection for such
risk involving any treaty/facultative/facility/special acceptance that
it may have in place.
n
Reference SECP Circular No. 21 of 2014 on Related Party
Assets, the IAP representatives met the Commissioner Insurance
on 23rd April 2015 at SECP office in Karachi. Syed Nayyar Hussain,
Director SECP and Mr. Tariq Hussain, Director, were also present
at the meeting and it was agreed that requirements of Circular 21
of 2014 would be effective from 1st January 2016 for which insurance
companies will be required to make application on or before 31st
December 2015 for obtaining declaration of the Commission in
respect of any asset as admissible assets, the declaration shall be
valid for a period of one year and the companies would be required
to make application every year. It was also agreed that for the
purpose of Solvency the assets be valued at Market Value and the
SECP will take necessary action to make changes in the Solvency
Rules.

In February 2015, SECP felt need to restructure the Small


Dispute Resolution Committee (SDRC) and made rules in
consultation with IAP namely "Small Dispute Resolution Committees
(Constitution and Procedure) Rules, 2015. As per these rules the
Committees shall be constituted at Islamabad, Karachi, Lahore and
such other places as may be specified by the Commission. The
SDRC shall comprise of a lawyer, a Chartered Accountant and an
individual from the insurance industry to be appointed in consultation
with the Insurance Association of Pakistan (IAP)

The SDRC shall have the authority to arbitrate disputes having


pecuniary limits prescribed in the rules.
The Taxation and Life Committees finalized the proposals on
various matters concerning the insurance industry which were
forwarded to the Federal Board of Revenue / Punjab Revenue
Authority, Sindh Revenue Board, Khyber Pakhtunkhwa Revenue
Authority, Securities and Exchange Commission of Pakistan and
Federation of Pakistan Chambers of Commerce and Industry.

An Insurance Awareness Campaign was developed by IAP in


consultation with a renowned advertizing agency namely M/s Lowe
and Rauf under supervision of chairmen technical committees of
IAP. It went on air on FM Radio Channels from 27th May to 19th
June 2015 on FM-100, FM-101 and 107.

The Foundation stone of IAP House was laid by Mr. Mahmood


Lotia, Chairman IAP and the members of the Executive Committee
of IAP in September 2015.

The SECP vide SRO 823(I)/2014 dated 16th September 2014


proposed considerable increase in Annual Supervision Fee and
elicited objections and suggestions thereon if any. A request was
therefore made that the proposed increase in supervision fee should
not be made and the current scale of fee be maintained. The SECP
acceding to IAP request did not increase the fee.
n

n
SECP's attention was drawn to sub-paragraph 'a' of the subject
circular SECP Circular No. 14 of 2013 which requires that for the
purposes of establishing the identity of a potential policyholder,
procurement of the CNIC of policyholder is the bare minimum
mandatory requirement. Practically it is very difficult to obtain
copies of the CNIC for personal line insurances like Travel Policy
and the like where policies are issued on line. Also that CNIC
verification through 'Verysis' is a cumbersome and an impractical
process. In case of Bancassurance and other personal lines products,
due process as required by regulators, in respect of Customer Due
Diligence/Know your customer, is carried out by the banks and
insurers access customers who have been duly verified. The SECP
has been requested to amend the requirement of obtaining copy of
CNIC at the time of policy issuance for policies issued on-line and
for personal lines/Bancassurance policies.

The IAP announced to celebrate third "Insurance Day" on the


6th May 2015. Like previous years the Day started with the
publication of special supplements on insurance and insurance
industry in the leading newspapers of the country. Messages, articles
and interviews from the Commissioner Insurance, Director Insurance
Division, SECP, IAP Executive Committee and IAP members, were
the main feature of the supplements. In addition to this the following
activities were organized by the IAP and member companies on the
insurance day:

Press Briefing at Karachi Press Club


Talk Shows on TV/Radio Channels
Road Shows at Universities
Super Final Cricket Match
Beach Cleaning Activity
Banners display
Essay Competition

11

SUMMARY OF THE ACTIVITIES OF


REGIONAL COMMITTEE NORTH
REGIONAL COMMITTEE NORTH
The Regional Office North (RON)
having office at 188-A, Opp.
Rehmania Park, Shadman-I,
Lahore, completed its 43rd year
of establishment on 31st
December, 2014.

event at Wapda Sports Complex


on 7th December, 2014 -thickly
participated by executives and
staff of most of the insurance
companies operating in Lahore
along with their families.
Surveying companies also
participated in this mega event
with good attendance.

During the year, various matters


including inspections of risks
received the attention of Regional
Committee North (RCN).
The
following
educational/study programs were
organized by the RON.

n
Cricket tournament was
arranged by RON at Wapda
Sports Complex, Lahore on 22nd
March 2015.

- A visit to Pak Electron Limited


Ferozepur Road, Lahore was
arranged on 21st November 2014.

Standing from Left to Right:


Mr. Muhammad Khurshid (Assistant Secretary), Syed Daood Ali Shah (Secretary)
n
Agent Foundation Courses
Syed Imran Rabbani (Vice Chairman), Mr. Naeemuddin,
Mr. Abdul Haye (Chairman)
were successfully completed to
Mr. Tehseen Ahmed Khan, Mr. Muhammad Ikram,
meet the requirement of SECP in
Mr. M.K. Baig (EC's Observer)
2014 and 2015.
Mr. Zain-ul-Haq Qureshi & Mr. Muhammad Hisham

- A visit to Nishat Processing Unit, Kahna, Lahore was arranged


on 27th January, 2015.
- A visit to Mughal Iron and Steel Industries Ltd., Sheikhupura
Road, Lahore was arranged on 11th June, 2015.
In connection with Insurance Day, RON planned different
programs to enhance the insurance awareness amongst general
public and to uplift the image of the industry as a whole. The major
activities included display of Banners at prominent places of Lahore
city, radio programs on different stations and a Panel Discussion on
"Career Opportunities & Future Challenges in Insurance Sector" at
Hailey College of Banking & Finance, Lahore.

Lahore Insurance Institute in collaboration with RON organized


a short duration seminar on "handling objections to life insurance
sales" on 9th September, 2014 at hotel Crown Plaza Lahore. It was
attended by 72 sales people from EFU Life and State Life Insurance
Corporation of Pakistan and conducted by the veteran MDRT Life
Member, Mr. M. Ishaque Khan who was Pakistan (State Life's) top
salesman during 1970s.

Sports and Social Activities committee of Lahore Insurance


Institute in collaboration with RON organized another spectacular

12

A short course on Property Insurance was arranged by RON


which was conducted by Mr. Zulfiqar Ali Khan of EFU General
from 12th to 14th November, 2014.

The Surveyors Exams were successfully conducted in May,


2014 under the supervision of RCN - IAP and LII.

RON in collaboration with Lahore Insurance Institute organized


a seminar on 14th May 2015 to create much needed awareness of
Engineering Insurances.

A Workshop on Importance & Scope of Liability Insurance in


Pakistan was conducted on 4th June, 2015 by Lahore Insurance
Institute in which 40 executives of various insurance companies
participated.

SUMMARY OF THE ACTIVITIES OF ACCIDENT COMMITTEE

ACCIDENT COMMITTEE
n
Month wise data of four and
two wheelers obtained from CPLC
Karachi for the period June 2014
to May 2015 was shared with
member companies.

n
To update the member
companies on the important
periodical reports generated by
the IAP online claims management
system, graphical presentations of
the (top-5) reports for the period
January 2014 to June 2015 were
circulated to member companies.

Model" and the Ministry of


Finance has written to all the
provincial governments to consider
amending the Motor Third Party
Liability Insurance Scheme in
accordance with the
recommendations made by the
SECP.

n
Representatives of M/s Fakhar
International Karachi made a
presentation at the Accident
Committee meeting on a device
they intended to introduce in the
Sitting from Left to Right:
Mr. Naim Anwar (EC's Observer) Mr. Altaf Ahmed Siddiqi (Chairman),
market. During presentation they
Mr. Mahmood Ahmed (Vice-Chairman) & Syed Matin Ahmed
informed that the said device may
n
Summary of data of
Standing from Left to Right:
help tracing the robbers and
snatched/stolen vehicles fitted with
Mr. M. Numan Shaikh (Suptt. Accident & Life), Mr. Jawwad Bin Yousuf,
recover the robbed cash within 30
tracking devices for the last five
Mr. N.A. Usmani (Secretary General), Syed Anwer Hasnain &
minutes. According to them they
years (2010 to 2014) was reviewed
Mr. Hasan Mustafa
had demonstrated working of the
and circulated to member
device to few banks as well who found it useful and are ready to
companies.
invest on the system. The banks have suggested them to approach
insurance companies as well being equal beneficiary. The
n
The statistics of Health/Medical insurance business for the
representatives of Fakhar International were informed that at this
year 2014 on the basis of returns from member companies was
stage the proposed device might not be feasible for the insurance
reviewed and finalized. The figures were posted on IAP website.
companies.
n
Summary of Motor Insurance business extracted/compiled
from members' annual reports was reviewed and circulated to member
companies.

n
In March 2015, the SECP referring to IAP's proposal to introduce
No Fault Model by amending the Motor Vehicles Act 1939 informed
that they have suggested the amendment as recommended by IAP.
SECP also informed that few other amendments have also been
suggested to bring the compensation at par under the existing model
and the No Fault Model. On EC's advice SECP's proposal was
reviewed by the Committee. On 8th April 2015 a press release was
issued by the SECP informing that the Commission has recommended
amendments in Motor Vehicles Act, 1939 to introduce "No Fault

13

SUMMARY OF THE ACTIVITIES OF LIFE COMMITTEE

LIFE COMMITTEE
Consequent to various
efforts by the life companies the
Sindh Revenue Board allowed
exemption to Life and Health
Insurance services for the period
from 1st July, 2014 to the 30th
June, 2015. The Committee felt
that this exemption is only for this
financial year therefore efforts be
made for the permanent
exemption. In this connection an
emergent meeting of LC and
CEOs of Life Insurance
Companies was held on 9th
January 2015 wherein it was
agreed to hire M/s. M. Yousuf Adil
Saleem & Co, Chartered
Accountants (Deloitte).

n
In response to amendment in
the Rule 26(b) of the SEC
(Insurance) Rules, 2002 proposed
by SECP the Committee finalized
suggestions for submission to
SECP.

Sitting from Left to Right:


Mr. Javed Ahmed (EC's Observer) Syed Shahid Abbas (Chairman),
Mr. Muhammad Danial Khan (Vice-Chairman) & Mr. Muhammad Rashid
Standing from Left to Right:
Mr. M. Numan Shaikh (Suptt. Accident & Life), Mr. Jalal Meghani,

Mr. Manzoor Ahmed & Mr. N.A. Usmani (Secretary General)


The SRB vide notification No.
SRB-304/11/2015 dated 4th
August 2015 has exempted the Life and Health Insurance services
from 1st July 2015 to 30th June 2016.

Reference FBR's announcement to elicit suggestions from the


general public on tax reforms, the Committee made suggestions for
the Taxation Committee's consideration.

In November 2014, subsequent to notices to life insurance


companies regarding provision of information under Section 57(3)
Punjab Sales Tax on Services, Act 2012 Sales Tax on Commission
from the Punjab Revenue Authority (PRA) seeking information in
respect of life insurance agents to indirectly imposing sales tax on
insurance agents. M/s Deloitte on behalf of IAP addressed a detailed
letter to the Chairman SECP requesting them to approach PRA and
persuade them to help this sector exempted from sales tax is in line
with tax policies followed in most countries of the world and other
provinces of Pakistan.

14

SUMMARY OF THE ACTIVITIES OF MARINE COMMITTEE

MARINE COMMITTEE
n
Statistics for the inland
transit losses for the year 2014
was reviewed and finalized.

n
A portal on IAP website could
be efficiently used for online
acceptance /rejection of
reinsurance business rather than
circulating market slips within
industry. The proposed portal will
save lot of time consumed in
circulation of the market slips and
will overcome the unnecessary
delay in finalizing the business
proposals. It has been suggested
to discuss the idea/take formal
approval from the Regulator.

n
Marine statistics were
compiled from members' Annual
Reports for the year 2014 and
uploaded on IAP's Website.
n
Reviewed statistics of losses
resulted due to terrorists attack on
Karachi Airport on June 08, 2014
to analyze the huge losses borne
by the industry.

The Committee finalized


warranties/guidelines regarding
trade through Wahgah Border in
order to protect the risks with
respect to cargo placed at Wahgah
Border Terminal. The guidelines
were circulated to members in
advisory capacity.
n

Sitting from Left to Right:


Ms. Zehra Naqvi (EC's Oberver), Mr. Mohammed Safdar, Mr. Mohammad
Sohail Nazir (Chairman) Ms. Amna Sarfaraz Khan (Vice-Chairperson)
& Mr. Ghulam Mustafa Khan
Standing from Left to Right:
Mr. Mumtaz Ali (Risk Surveyor), Mr. Kamran Safi Rizvi,
Mr. N.A. Usmani (Secretary General), Mr. Muhammad Murtuza Kazi
& Mr. Asad A. Siddiqi

n
To find out root cause of the delay in discharge of the cargo
at airports and seaports, the representatives of the Clearing &
Forwarding companies namely M/s. Anwar ul Islam & Co. and
Double T Traders were invited at the Committee meetings. The
Committee intends to develop a questionnaire in the light of
information gathered so that matter could be discussed with concerned
authorities/stakeholders.
n
The Committee discussed probable effect on the insurance
industry regarding Insurance Bill (HL2014-15), introduced in the
House of Lords, the UK parliament's upper chamber which may go
into effect soon. It noted that the bill will prompt underwriters to
review their business practices and elimination of claim denials
under unintended buyer errors. Since buyer's disclosure will play
a vital role in view of suggested changes, it has been agreed that a
meaningful 'Proposal Form' for the purpose of insured's declaration
may be prepared by the IAP subsequent to enforcement of bill in
London market. The proposal form would include easy but real and
specific questions to be replied by the insured.

15

SUMMARY OF THE ACTIVITIES OF PROPERTY COMMITTEE

PROPERTY COMMITTEE
The Committee reviewed
quarterly Fire statistics
highlighting premium and loss
figures of different risk segments.
The data for the year 2014 was
compiled and circulated amongst
members for information and
uploaded on IAP website for
exclusive use of members.

Comparison of Fire portfolio


for last 5 years on year and quarter
wise comparison was prepared for
analysis at a glance by the
members. It took into account
Gross Premiums vs Gross claims
and Net premiums vs Net claims
and loss ratios. The data with
graphical presentations was
circulated to members.

Sitting from Left to Right:


Mrs. Shaheen Hafeez Sumar, Capt. Zubair Hussain Qureshi (Vice-Chairman)
Mr. Azfar Arshad (Chairman) & Mr. Kamran Mazhar
Standing from Left to Right:
Mr. N.A. Usmani (Secretary General), Mr. Faisal Khan, Mr. Ali Asghar
Mr. Khalid Rafiq & Mr. Mumtaz Ali (Risk Surveyor),

Electrical clause A was reviewed, since it was part of the


General Exclusions of the Fire policy the Committee advised
discontinuation of the Clause.

Conventional insurance companies have been allowed to operate


Window Takaful and few companies have started such operations,
therefore it would be necessary for takaful companies to use
contracts/clauses containing Takaful terminology. It has been suggested
to appoint professionals from member Takaful/Windo Takaful
operators on the Property Committee to commence this work.

The Committee has decided to review fire safety standards


developed years back by the IAP. Previously the standards were
developed for three categories of risks. It could be done in two ways:
either list down the categories afresh due to new developments over
the years or advise guidelines for most common risks. The matter
is under consideration by the Committee.

16

MARKET OVERVIEW
OF
NON LIFE
INSURANCE INDUSTRY
IN
PAKISTAN

NON LIFE INSURANCE PRIVATE SECTOR


Profit and Loss Account

Balance Sheet
as at 31st December

2014

2013

2012

2011

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) 21,712
Provision for Unearned Premium - Net
Commission Income Unearned
Additional Provision for Unexpired Risk
Total

18,699
50,977
69,676
1,818
-

16,910
46,323
63,233
1,820
-

14,011
44,417
58,429
157
-

24,038
24,323
1,511
21
47,568

23,007
21,259
930
1,338
47,564

18,822
19,738
28
1,385
44,158

17,603
1,362
292
38,078

Deferred Liabilities
Liability against Finance Lease
Creditors and Accruals
Surplus of Fix Assets/Short Term Finance
Other Liabilties

454
15,570
3,073

338
13,905
2,294

271
11,732
4,049

275
6
10,966
2,152

138,159

129,155

118,796

108,289

11,490

10,777

10,535

9,392

361

326

62

420

69,228

62,681

56,786

53,933

1,720

953

766

1,036

294

382

525

484

Reinsurance Recoveries Against


Outstanding Claims

13,598

16,271

15,638

11,853

Deferred Commission Expense

2,258

2,064

1,960

1,798

32,515

29,065

6,620
74

6,555
81

26,089
6,195
241
-

23,831
5,298
245
-

138,159

129,155

118,796

108,289

Total Equity and Liabilities


Cash and Bank Deposits
Loans - Secured Considered Good
Investment
Investment Properties
Deferred Tax

Other Assets
Capital Work
Fixed Assets
Leased Assets
Negative Goodwill

Total Assets
BALANCE SHEET RATIO
Net Working Capital (Rs.)
Current Ratio
Total Assets/Net Worth
Break up Value

17,247.65 15,876.21 13,473.27 13,135.83


1.43
1.39
1.35
1.41
1.98
2.04
2.03
1.93
37.26
37.39
41.70
40.11

100000

2011

2012

2013

2009
2011

2010
2012

2011
2013

(6,947.20)

(6,397.19)

(5,492.81)

Less: Net Commission

(2,006.25)

(1,666.66)

(1,311.14)

(1,515.24)

Underwriting Balance

4,656.28

3,024.84

2,351.75

3,074.35

Investment Income

7,431.52

7,097.80

5,298.49

3,742.06

263.59

265.57

249.81

225.33

1,341.00

347.32

399.84

(2,695.03)

(3,792.25)

Rental Income
Other Income
General and administration expenses

(3,239.96)

1,079.23
(2,699.22)

Profit Before Tax

10,452.42

8,768.22

5,552.35

3,649.32

Taxation

1,309.13

1,268.05

647.97

449.56

Profit After Tax

9,143.29

7,500.17

4,904.38

3,199.76

22,308.22
9,143.29
1,806.68
392.37
1,107.13
10.36
3,316.54

20,836.55
8,119.97
2,860.90
2,602.30
1,200.64
(15.54)
6,648.30

18,627.78
4,904.38
2,289.06
451.40
23.30
(68.16)
2,695.60

16,953.32
3,199.76
1,534.23
732.25
(739.20)
(1.98)
1,525.30

Balance Unappropriated profit at end of year 28,134.97

22,308.22

20,836.56

18,627.78

(54.71)
29.17
(27.02)
(6.48)
4.44
2,860.90
2,602.30

(57.08)
20.91
(27.28)
(5.59)
3.50
2,289.06
451.40

(58.14)
13.36
(22.93)
(6.33)
2.29
1,534.23
732.25

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

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

Net Premium Underwritten

40000
30000

14000

20000

13500

10000

13000

12500
2011

2012

2013

2014

2011

14000
12000
10000
80000
60000
40000
20000
0

2011

2012

2013

2012

2013

2014

2011

Net Profit after tax

Cash and Bank Balances

2012
2014

(50.81)
31.97
(25.88)
(7.01)
4.89
1,806.68
392.37

14500

Investments

80000
70000
60000
50000
40000
30000
20000
10000
0

(7,403.15)

60000

2014

2014

2011

Less: Expenses

Claim Incurred

2012

28,601.22 25,707.61
23,451.50 23,952.72
(2.74)
(3.10)
(6.10)
56.16
(14,532.81) (14,065.81) (13,385.33) (13,926.49)

15000

20000

2013
Rs. in million

80000

40000

50000

2014

Revenue Account
Net Premium Revenue
Premium Deficiency reversal/(expense)
Less: Net Claims

Equity Growth

Balance Sheet Growth

150000

13,972
42,065
56,037
774
-

for the year ended 31st December

10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0

2011

2012

2013

2012

2013

2014

Dividend and other appropriations

2014

7000
6000
5000
4000
3000
2000
1000
0

2011

2012

2013

2014

Note: The amount on y-axis represent Rs. in million

19

MARKET OVERVIEW
OF
LIFE INSURANCE
INDUSTRY
IN
PAKISTAN

LIFE INSURANCE PRIVATE SECTOR


Balance Sheet

Rs. in million

as at 31st December

Statutory Fund
Share
holders
Fund

Individual Individual
Life
Unit
Linked Fund Conventional

Group
Life

Group
Pension

Accident
& Health

Aggregate
2014

Aggregate
2013

Aggregate
2012

Aggregate
2011

Share Capital and Reserves


Authorised Share Capital

5,600.00

0.00

0.00

0.00

0.00

5,600.00

4,900.00

4,900.00

4,500.00

Issued, subscribed and paid up


Share Capital
Reserves & Retained Earnings
Net Shareholders' Equity

3,750.97
3,663.06
7,414.03

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

3,750.97
3,663.06
7,414.03

4,156.90
2,415.66
6,572.57

3,712.74
1,646.43
5,359.17

3,512.24
1,110.05
4,622.30

0.00
13.73
431.61
0.00
445.34

115,731.29
0.08
4,325.63
0.00
120,056.92

7,183.09
0.00
1,708.44
0.00
8,891.53

0.00
0.00
0.00
0.00
0.00

916.74
0.00
257.54
0.00
1,174.28

371.69
0.00
117.95
0.00
489.64

124,202.81
13.81
6,841.16
0.00
131,057.70

89,506.30
16.30
6,316.30
0.00
95,838.90

64,067.09 43,414.60
8.71
5.46
4,893.43 4,348.07
24.00
0.00
68,993.22 47,767.16

TOTAL EQUITY & LIABILITIES 7,859.37

120,056.92

8,891.61

0.00

1,174.28

489.64

138,471.81

102,411.46

74,352.39 52,389.44

Cash and Bank Deposits


Loans
Investments (Net)
Investment in properties
Deferred Taxtation
Other Assets
Tangible assets
Intangible assets

825.68
77.88
4,994.34
0.00
0.00
969.94
911.09
80.44

12,318.77
3.52
103,083.72
0.00
0.00
3,953.85
697.06
0.00

902.87
134.51
6,932.27
0.00
0.00
910.84
11.12
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

19.58
0.00
930.46
0.00
0.00
224.07
0.17
0.00

46.98
0.02
195.36
0.00
0.00
246.69
0.59
0.00

14,113.88
215.93
116,136.14
0.00
0.00
6,305.40
1,620.03
80.44

13,357.66
192.03
84,961.19
0.00
0.00
2,574.51
1,278.50
47.57

7,040.44 3,891.94
167.42
162.98
64,089.71 45,158.72
0.00
0.00
0.00
2.41
1,982.31 2,357.84
1,023.48
768.85
49.04
45.64

TOTAL ASSETS

7,859.37

120,056.92

8,891.61

0.00

1,174.28

489.64

138,471.81

102,411.46

74,352.39 52,389.44

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

13,794
3.02
19
-

9,808
2.55
16
-

4,297
1.88
14
-

2,065
1.47
11
-

Balance of statutory fund


Deferred Liabilities
Creditors and Accruals
Other Liability
TOTAL LIABILITIES

ASSETS AT MARKET VALUE

BALANCE SHEET RATIOS


Net Working Capital
Current Ratio
Total Assets / Net Worth
Break -up Value

21

LIFE INSURANCE PRIVATE SECTOR


Revenue Account

Rs. in million

for the year ended 31st December

Statutory Fund
Individual Individual
Unit
Life
Linked Conventional
Fund

Group
Life

Group
Pension

Accident
& Health

Aggregate
2014

Aggregate
2013

Aggregate
2012

Aggregate
2011

Net Premium Income

40,332.25

3,635.71

0.00

1,719.89

549.42

46,237.27

39,262.06

29,924.19

21,441.08

Net Investment Income

17,998.54

897.55

0.00

112.00

43.36

19,051.44

10,479.31

9,006.28

4,357.74

0.00

0.00

0.00

0.00

0.00

0.00

16.07

0.00

0.00

Total Net Income

58,330.79

4,533.26

0.00

1,831.88

592.78

65,288.71

49,757.44

38,930.47

25,798.82

Net Claims

10,890.21

1,976.73

0.00

1,275.77

417.48

14,560.20

10,697.70

7,028.08

5,093.68

Net Management Expenses

11,424.86

1,352.65

0.00

196.30

128.07

13,101.87

11,420.62

9,427.39

7,735.48

Total claims and expenditures

22,315.07

3,329.38

0.00

1,472.06

545.55

27,662.07

22,118.32

16,455.47

12,829.16

Excess of Income over Claims and Expenditure

36,015.71

1,203.87

0.00

359.82

47.23

37,626.64

27,639.12

22,475.00

12,969.69

Other Income

Add : Policyholder Liabilities at Beginning of Year 81,341.74

5,042.52

0.00

316.88

191.51

86,892.64

62,519.24

42,247.25

30,926.11

Less : Policyholder Liabilities at End of the Period 113,744.00

5,950.46

0.00

553.25

192.52

120,440.23

87,099.96

62,519.24

42,147.49

3,613.46

295.93

0.00

123.45

46.21

4,079.04

3,058.40

2,203.01

1,650.33

Movement in policy holder liabilities

32,402.27

907.95

0.00

236.37

1.02

33,547.60

24,580.72

20,271.99

11,320.39

Transfers to or from Shareholders' Fund

(2,674.56)

(58.55)

0.00

(0.18)

28.47

(2,704.82)

(2,646.56)

(1,875.17) (1,510.75)

0.00

22.99

0.00

(5.00)

71.91

89.90

191.94

348.80

234.96

Balance of Statutory Fund at Beginning of Year

82,390.12

6,037.75

0.00

562.11

245.99

89,235.97

57,335.88

43,414.84

31,561.56

Balance of Statutory Fund at End of the Period

115,731.29

7,206.07

0.00

916.75

393.59

124,247.80

82,520.38

64,363.47

43,414.62

712.38

581.63

0.00

56.00

142.31

1,492.32

1,731.58

1,563.74

1,186.78

113,408.97

5,786.93

0.00

553.25

173.51

119,922.66

87,099.96

62,519.24

42,247.49

Retained earnings on other than participating business1,609.94

814.51

0.00

307.50

55.87

2,787.82

674.75

280.49

(18.62)

115,731.29

7,183.07

0.00

916.75

371.69

124,202.80

89,506.30

64,363.47

43,414.62

0.00

0.00

0.00

0.00

0.00

0.31

0.27

0.23

0.24

Surplus/(Deficit)

Capital contributed from share holders fund

Represented by:
Capital contributed by Shareholders' fund
Policyholders' liabilities

Balance of Statutory Fund

REVENUE ACCOUNT RATIOS


Claims incurred to net premium

22

Net profit to net premium

0.00

0.00

0.00

0.00

0.00

0.09

0.08

0.07

0.08

Management expenses to net premium

0.00

0.00

0.00

0.00

0.00

0.28

0.29

0.32

0.36

LIFE INSURANCE PRIVATE SECTOR


Profit and Loss Account
Aggregate
2014

for the year ended 31st December

Aggregate
2013

Aggregate
2012

Aggregate
2011

Net Investment income not attributable to statutory funds

474.26

386.48

326.87

267.19

Gain / (Loss) on sale of investments


Impairment of Shares
Total Investment Income

349.22
1
824.37

46.57
50
483.51

68.06
249
643.61

27.63
294.82

35.94

30.18

34.01

25.11

Total Investment Income and other revenues

860.31

513.69

677.62

319.93

Less Expenses not attributable to statutory funds

(185.74)

(158.71)

(120.03)

(46.47)

Other revenue

Profit / (Loss) before appropiation of surplus to shareholders fund

674.57

354.98

557.60

366.40

Add: Surplus appropiated to Shareholders fund from ledger A/C D

2,879.96

2,622.47

1,903.33

1,525.00

Profit/(Loss) before tax

3,554.52

2,977.44

2,460.92

1,685.66

(7.57)

0.00

0.00

(1.87)

3,562.10

2,977.44

2,460.92

580.48

(1,150.26)

(960.51)

(806.34)

(449.21)

2,411.84

2,016.94

1,654.59

1,098.95

3,391.49

2,879.84

1,994.05

1,477.92

2,411.84
(250.00)
0.00
(1,049.79)
0.00
(55.03)
0.00
4,448.51

2,016.94
(268.00)
(150.00)
(996.38)
0.00
0.00
(30.91)
3,391.49

1,654.59
0.00
0.00
(740.64)
0.00
(28.16)
0.00
2,879.84

1,078.73
0.00
0.00
(569.57)
0.00
(14.25)
0.00
1,994.05

30.15
170.00
0.00

27.14
66.50
15.00

23.28
51.50
0.00

15.67
5.64
0.00

Extra Ordinary Items - Deferred Tax


Profit/(Loss) before tax and after extraordinay items
Taxation
Profit/(Loss) after tax
APPROPRIATIONS
Balance at commencement of the year
Profit after tax for the year
Transfer to General Reserve
Transfer to Bonus Share
Proposed Dividend
Right Share issued
Capital (contributed)/during the year
Capital withdran during the year
Balance upappropriated profit at the end of the year
PROFIT AND LOSS ACCOUNT RATIOS
Earning per share
Cash Dividend
Bonus Share

8000
7000
6000
5000
4000
3000
2000
1000
0

100000
50000
0

2011

2012

2013

2014

100000
80000
60000
40000
20000
0

2012

2012

2013

2014

2011

2013

2014

16000
14000
12000
10000
8000
6000
4000
2000
0

2011

2012

2013

2012

2013

2014

2011

Net Profit after tax

Cash and Bank Balances

120000

2011

50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0

16000
14000
12000
10000
8000
6000
4000
2000
0

2011

Investments

140000

Net Premium Underwritten

Claim Incurred

Equity Growth

Balance Sheet Growth

150000

2014

1200

2500

1000

2000

800

1500

600

1000

400

500

200

2011

2012

2013

2013

2014

Dividend and other appropriations

3000

2012

2014

2011

2012

2013

2014

Note: The amount on y-axis represent Rs. in million

23

COMPANY PROFILES

ACE INSURANCE LIMITED

Ms. Zehra Naqvi


Values:

ACE Pakistan is committed to the ACE Group


Values which are:

Integrity:

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.
Respect:

Excellence:

Teamwork:

We value our employees, partners and


communities. We are dedicated to fair treatment,
diversity, trust and mutual respect.
We recognize and reward excellence in the
workplace. Performing at the highest level
requires us to think and act like owners.
We believe an environment of open
communication and collaboration produces
results. We encourage full participation, different
perspectives, constructive criticism and a sense
of pride in who we are and what we do.

Mission:

1)
2)
3)

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:
Superior Client Value
Superior Shareholder Value
Superior Employee Value

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

2014

2013

778
245
104
10
14
97
183

580
153
551
29
(15)
77
81

COMPANY INFORMATION
1. Chairman

Ms. Zehra Naqvi

6. Auditors

A. F. Ferguson & Co

2. Chief Executive Officer

Ms Zehra Naqvi

3. Directors

Mr. Giles Ward


Mr. Serge Osouf
Mr. Stephen Brian Dixon
Mr. Kenneth Underhill
Ms. Zehra Naqvi
Mr. Syed Umer Ali Shah
Mr. Kamal Ahmed

7. Registered Office /
Main Office

6th floor, NIC Building,


Abbasi Shaheed Road Off:
Shahrah-e-Faisal, Karachi

8. Number of Employees

15

4. Company Secretary
& CFO

Mr. Kamal Ahmed

5. Legal Advisor

Ebrahim Hosain

26

ACE INSURANCE LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Profit and Loss Account


for the year ended 31st December

2014

2013

2012
Restated

2011

244.94

152.06

116.28
-

228.52
-

Less: Net claims

10.21

29.13

4.15

86.57

Less: Expenses

96.51

77.32

74.17

63.19

14.41
123.81

(14.92)
60.53

(29.39)
67.35

1.14
77.62

Restated Restated

Equity
Authorized share capital

300.00

300.00

300.00

300.00

300.00
213.98
513.98

300.00
97.66
397.66

300.00
101.17
401.17

300.00
87.72
387.72

Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities

351.14
339.24
20.21
710.59
-

592.37
276.99
7.35
876.71
-

323.85
307.71
11.43
642.99
-

482.55
271.64
14.13
768.32
-

Creditors and accruals

142.70

341.01

311.57

372.78

Issued subscribed and paid-up capital


Reserves and retained earnings

Other liabilities
1,367.27

1,615.38

1,355.73

1,528.82

626.00

741.10

762.32

837.97

Loans - secured considered good

Investments

Investment properties

3.98

3.47

1.43

0.29

295.21

518.25

235.95

361.98

Cash and bank deposits

Deferred tax
Reinsurance recoveries against
outstanding claims
Deferred commission expense

29.21

15.26

5.32

8.16

Other assets

394.04

324.17

334.57

303.97

Fixed assets

18.83

13.13

16.14

16.45

TOTAL ASSETS

1,367.27

1,615.38

1,355.73

1,528.82

Assets at market value

1,367.27

1,615.38

1,355.73

1,528.82

Leased motor vehicle

BALANCE SHEET RATIOS


Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

821.41
2.66
2.66
17.13

650.14
1.70
4.06
13.26

697.42
2.10
3.38
13.37

648.59
1.76
3.94
12.92

1,500
1,400
1,300
2012

2013

Rental income

General and administration expenses

Investments

2012

2014

Note: The amount on y-axis represent Rs. in million

2013

(7.22)

(5.88)

(5.65)

(6.61)

56.54

Profit before tax

277.50

125.73

142.91

131.42

Provision for taxation

94.92

45.22

53.47

48.78

182.58

80.51

89.44

82.64

74.48
74.48
1.07
75.55

85.99
89.10
2.92
92.02

83.45
(3.28)
82.50
1.12
83.62

17.87
-

Balance unappropriated profit at end of year

181.51

74.48

85.99

83.45

PROFIT AND LOSS ACCOUNT RATIOS


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

4.17
74.54
39.40
5.88
6.09
74.48
-

19.16
52.95
50.85
(9.81)
2.68
89.10
-

3.57
76.92
63.79
(25.28)
2.98
82.50
-

37.88
36.16
27.65
0.50
2.75
17.06

Profit after tax


APPROPRIATIONS
Balance at commencement of year
Effect of change in accounting policy
Dividend
Reserve for bonus share/bonus shares issued
General reserve
Other comprehensive income

2014

17.06
17.06

Net Premium Revenue

300
250
200
150
100
50
2011

2012

2013

2011

2014

Net Profit after tax

2014

78.47

2012

2013

2014

Dividend and other appropriations

200
180
160
140
120
100
80
60
40
20
2012

63.15

68.12

20

2011

84.12

159.64

Cash and Bank Balances

2013

74.00

Net Claims

900
800
700
600
500
400
300
200
100

Finance charges on lease rentals

40

2013

166.86

60

2012

Other income

80

2011

2014

1
1
1
1
1
1
0
0
0
0
2011

100

600
500
400
300
200
100

1,600

Investment income

Equity Growth

Balance Sheet Growth

1,700

2011

Less: Net commission


Underwriting result

Exchange gain

TOTAL EQUITY AND LIABILITIES

1,200

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

100
80
60
40
20
-

2011

2012

2013

2014

2011

2012

2013

2014

27

ADAMJEE INSURANCE
COMPANY LTD
Mr. Muhammad Ali Zeb
Vision:

Mission:

Our will is to Explore, Innovate and Differentiate.


Our passion is to provide leadership to the
insurance industry
Integrity
Humility
Fun at workplace
Corporate Social Responsibility

Key Financial Data for the last two (2) Years


2014
12,145
6, 303
6,121
4,088
362
1,483
1,879

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission expense
Management expense
Profit after tax

(Rs in million)

2013
10,077
5,507
7,605
3,487
348
1,535
1,966

COMPANY INFORMATION
1. Chairman

Mr. Umer Mansha

5. Chief Financial Officer

Mr. Muhammad Asim Nagi

2. Chief Executive Officer

Muhammad Ali Zeb

6. Legal Advisors

Jameel Khan

3. Directors

Mr. Ahmed EbrahimHasham


Mr. Ali Muhammad
Mahoon
Mr. Fredrik Coenrard deBeer
Mr. Kamran Rasool
Mr. Ibrahim Shamsi
Mr. Imran Maqbool
Mr. Muhammad Umar Virk
Mr. S.M. Jawed
Mr. Shahid Malik

7. Auditors

M/s KPMG Taseer Hadi &


Company

8. Registered Office

4th Floor, 27-C-III, Tanveer


Building, M.M. Alam Road,
Gulberg- III, Lahore

9. Main Office

2nd Floor, 27-C-III, Tanveer


Building, M.M. Alam Road,
Gulberg- III, Lahore

10. Number of Employees

840

4. Company Secretary

28

Mr. Tameez-ul-Haque

ADAMJEE INSURANCE COMPANY LTD


Balance Sheet
as at 31st December

Profit and Loss Account


2014

Equity
Authorized share capital

3,750.00

Issued subscribed and paid-up capital


Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities

2013
Rs. in million
3,750.00

5,706.37
5,269.85

7,322.67
4,044.83

3,318.76

2,455.60

95.42

45.22

Loans - secured considered good


Investments

1,500.00 1,500.00

6,361.65 5,548.02
3,961.29 4,328.35

2,393.60 2,870.29
35.56

6.68

24.99

2,546.28

14.23

16.15

13,482.06 11,359.72

Reinsurance recoveries against


outstanding claims
Deferred commission expense

97.69

105.40

3,669.23

5,574.43

12.79

17.18

9,948.29 9,451.73

241.17

195.07

4,330.23 3,799.37

390.65
6,012.69

6,027.42 6,690.19

Fixed assets

1,113.80

1,163.05

1,065.22

975.13

33.63

52.43

87.74

422.20

472.40

28,832.01 27,201.99 24,607.17 24,067.67

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

4,526.38
1.50
2.04
40.30

4,309.90
1.44
2.08
37.28

26,000
24,000
22,000
2011

2012

2013

2014

Investments

347.67
136.56

358.67
(412.27)

476.26
165.54

2,060.86

2,357.26

1,331.79

852.32

5.67

4.95

0.55

0.66

122.54

148.11

164.49

156.62

(527.08)

(445.35)

(4.70)

10.65

Investment income
Rental income
Other income

0.39

Finance charges on lease rentals

(2.70)
(1.78)
(5.58)
1,654.60 2,073.84 1,082.69

(15.18)
(207.50)

Profit before tax

2,030.47

2,210.40

670.42

(41.97)

(151.37)

(244.24)

(42.37)

174.15

1,879.10

1,966.16

628.05

132.18

Provision for taxation


Profit after tax

APPROPRIATIONS
Balance at commencement of year
8,106.14 8,806.82 8,356.57 8,599.33
Effect of change in accounting policy
(65.67)
Dividend
(787.50) (432.97) (185.56) (309.26)
Reserve for bonus share/bonus shares issued
- (2,262.96)
General reserve
Other comprehensive income
11.358
29.078
7.751
(776.14) (2,666.84) (177.81) (309.26)
Balance unappropriated profit at end of year 9,209.09

66.25
1.89
24.56
6.82
1.07
(309.26)
-

Net Premium Revenue

2011

2012

2013

2011

2014

Net Profit after tax

2,000
1,500

2012

2013

2014

Dividend and other appropriations

2,000

500

1,500

1,000
1,500

1,000

1,000

2,000

500

500

Note: The amount on y-axis represent Rs. in million

73.04
11.07
27.91
6.32
5.08
(185.56)
-

2,500

2,500

2014

8,806.82 8,356.57

8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000

1,000

2014

3,000

2013

8,106.14

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
64.87
63.32
Net profit after tax to net premium %
29.81
35.71
Management expenses to net premium %
23.54
27.88
Commission to net premium %
5.74
6.31
Earning per share (Rs.)
5.37
5.62
Cash dividend
(787.50) (432.97)
Stock dividend
- (2,262.96)

2,000

2013

(411.34) (1,202.30)
2.79

3,000

3,500

2012

361.77
369.21

Less: Net commission


Underwriting result

Cash and Bank Balances

16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
2011

4,142.67 4,626.30

4,000

2012

5,671.98 6,983.34

1,582.92 1,715.25

5,000

2011

5,506.56
3,486.86

Net Claims

16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000

28,000

20,000

4,074.24 4,416.61
1.46
1.52
2.14
2.22
92.85
87.59

6,302.55

1,535.47

Equity Growth

Balance Sheet Growth

30,000

2011

4,088.22

2,507.41 2,378.97

477.30

TOTAL ASSETS

2012

1,483.35

58.57

7,101.07

2013

Less: Expenses

Exchange gain

Other assets

Leased motor vehicle

2014

Less: Net claims

General and administration expenses

Investment properties
Deferred tax

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

33.50

28,832.01 27,201.99 24,607.17 24,067.67


2,876.63

for the year ended 31st December

Rs. in million

231.12
182.18
313.28
371.69
11,207.34 11,549.69 10,636.23 10,248.05
106.25
98.25
31.04
22.01

Cash and bank deposits

2011

3,500.00 3,500.00 1,237.05 1,237.05


10,604.24 9,546.55 10,248.70 9,598.20
14,104.24 13,046.55 11,485.75 10,835.25

Borrowings
TOTAL EQUITY AND LIABILITIES

2012

2,500
3,000

2011

2012

2013

2014

2011

2012

2013

2014

2011

2012

2013

2014

29

ALLIANZ EFU
HEALTH INSURANCE LTD
Mr. Kamran Ansari

Vision:

Mission:

At Allianz EFU
Our vision is to be the Company of Choice
in the Healthcare Industry of Pakistan.

Key Financial Data for the last two (2) Years

We will achieve this by meeting the needs of


Comprehensive Healthcare Services, far better
than others.

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

We believe
That all segments of the society should have
access to high standards of Healthcare.

2014

(Rs in million)

1,493
995
1,047
732
(49)
206
172

2013

1,294
798
862
582
(34)
179
132

COMPANY INFORMATION
1. Chairman

Mr. Saifuddin N. Zoomkawala

2. Chief Executive Officer Mr. Kamran Ansari


3. Directors

Mr. Taher G. Sachak (Vice Chaiman)


Mr. Hasanali Abdullah
Mr. Rafique R. Bhimjee
Mr. Shahabuddin C. Subjally
Mr. Heinz Walter Dollberg

4. Company Secretary
& CFO

Mr. Amjed Bahadur Ali

5. Lega1 Advisor

Lari & Co.


Haidermota & Co

6. Auditors

Ernst & Young Ford Rhodes


Sidat Hyder Chartered Accountants.

30

7. Registered Office

D-136, Block-4, KDA Scheme-5,


Clifton, Karachi-75600

8. Main Office

As Registered Office

9. Number of Employees 163

ALLIANZ EFU HEALTH INSURANCE LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Rs. in million
Equity
Authorized share capital

Profit and Loss Account


for the year ended 31st December

798
-

753
-

645
-

Less: Net claims

732

582

568

524

Less: Expenses

154

134

125

117

Less: Net commission


Underwriting result

(49)
158

(34)
116

(35)
95

(53)
58

Investment income

101

87

91

37

500

500

300
278
578

300
226
526

300
154
454

300
27
327

236
398
33
667

222
404
26
652

219
315
21
555

216
379
27
622

Creditors and accruals

87

73

53

64

General and administration expenses

Other liabilities

18

15

16

13

Exchange gain

1,349

1,266

1,078

1,027

42

34

26

36

TOTAL EQUITY AND LIABILITIES


Cash and bank deposits
Loans - secured considered good
Investments

759

757

640

519

Investment properties

Deferred tax

Reinsurance recoveries against


outstanding claims

81

80

77

76

Deferred commission expense

19

18

11

11

Other assets

404

339

291

355

Fixed assets

40

34

28

25

1,349

1,266

1,078

1,027

Leased motor vehicle


TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

1.55
1.55
2.33
19.26

1.46
1.46
2.41
17.52

500

2011

2012

2013

2014

2012

24

22

39

(52)

(45)

(39)

(37)

77

67

74

39

234

183

169

97

62

51

42

40

Profit after tax

172

132

127

57

APPROPRIATIONS
Balance at commencement of year

226

154

27

20

Dividend
Reserve for bonus share/bonus shares issued
General reserve

120
-

60
-

50
-

Finance charges on lease rentals


Profit before tax
Provision for taxation

120

60

50

Balance unappropriated profit at end of year 278

226

154

27

72.91
16.49
16.77
(4.24)
4.39
60
-

75.50
16.88
16.55
(4.68)
4.24
-

81.17
8.81
18.14
(8.25)
1.90
50

PROFIT AND LOSS ACCOUNT RATIOS


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 (Rs in million)
Stock dividend (Rs in million)

2012

2013

2014

2011

2013

2014

Note: The amount on y-axis represent Rs. in million

2011

2012

2013

2013

2014

2014

200
180
160
140
120
100
80
60
40
20
-

2011

2012

2013

Net Premium Revenue

2011

Net Profit after tax

Cash and Bank Balances

45
40
35
30
25
20
15
10
5
-

2012

73.58
17.32
15.49
(4.94)
5.74
120
-

1200
1000
800
600
400
200
-

800
700
600
500
400
300
200
100
2011

Investments

2011

28

Other income

Net Claims

700
600
500
400
300
200
100
-

1000

800
700
600
500
400
300
200
100
-

1.59
1.59
3.14
10.90

Rental income

Equity Growth

Balance Sheet Growth

1500

1.37
1.37
2.37
15.13

2011

995
-

500

Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities

2013
2012
Rs. in million

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

500

Issued subscribed and paid-up capital


Reserves and retained earnings

2014

2012

2013

2014

Dividend and other appropriations

2014

140
120
100
80
60
40
20
-

2011

2012

2013

2014

31

ALFALAH INSURANCE
COMPANY LIMITED
Mr. Nasar us Samad Qureshi

Vision:

Mission:

To be a leading insurer by providing the most


comprehensive yet flexible and cost effective risk
management solutions to our clients backed with
friendly and efficient claims service and to enhance
the Alfalah brand value for the benefit of all
stakeholders.
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.

Key Financial Data for the last two (2) Years


2014
Premium written
Net premium revenue
Claims expense
Net claims expense
Net commissions / (income)
Management expense
Profit / (Loss) after tax

(Rs in million)

1,331
705
623
411
(96)
240
123

2013

1,231
564
452
317
(94)
214
103

We will introduce new and 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.

COMPANY INFORMATION
1. Chairman

H.H. Sheikh Hamdan BinMubarak Bin MohammedAl Nahayan

5. Advisors

Cornelius Lane & Mufti


Salahuddin, Saif & Aslam
(Attorneys at Law)

2. Chief Executive Officer

Mr. Nasar us SamadQureshi

6. Auditors

M/s Ernst & Young Ford


Rhodes Sidat Hyder,

3. Directors

H.H. Sheikh Hamdan BinMubarak Bin MohammedAl Nahayan


H.E. Sheikh Saif BinMohammed Bin Butti
Mr. Khalid Mana SaeedAl Otaiba
Mr. Atif Aslam Bajwa
Mr. Mohammad Yousuf
Mr. Adeel Khalid Bajwa
Mr. Nasar us SamadQureshi

4. Company Secretary
& CFO

32

Mr. Adnan Waheed

Chartered Accountants

7. Head Office

5-Saint Mary Park, Gulberg


III, Lahore.
UAN: 111-786-234
Fax: (042) 35774329
Email: afi@alfalahinsurance.com
Web: www.alfalahinsurance.com

8. Number of Employees

199

ALFALAH INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Rs. in million
Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals

500

500

500

300

300
410
710

300
287
587

300
187
487

300
89
389

456
505
53
1,015
5

394
526
46
966
5

650
460
50
1,160
7

364
420
52
836
6

442

275

338

243

37

2,179

1,838

1,996

1,511

208

102

162

79

Other liabilities
T OTAL EQUITY AND LIABILITIES
Cash and bank deposits
Loans - secured considered good
Investments

860

786

701

637

Investment properties
Taxation - payments less provision

Reinsurance recoveries against


outstanding claims

265

219

503

238

Deferred commission expense

26

20

22

16

Other assets

736

619

519

463

Fixed assets

74

89

87

76

2,179

1,838

1,996

1,511

Leased motor vehicle


TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

304
1
3
24

266
1
3
20

192
1
4
16

136
1
4
13

2,000
1,500
1,000
500
2013

2014

Investments

411

317

262

243

Less: Expenses

240

214

196

131

Less: Net commission


Underwriting result

(96)
150

(94)
127

(96)
92

(71)
81

Investment income

101

78

93

72

Rental income
Other income
General and administration expenses

2013

(80)

(78)

Finance charges on lease rentals

(4)

16

(6)

151

123

108

76

28

20

10

123

103

98

70

(3)

136

171

73

43

135

50
(10)

135

40

Balance unappropriated profit at end of year 260

136

171

73

PROFIT AND LOSS ACCOUNT RATIOS


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

56
18
38
(17)
3
-

58
22
43
(21)
3
-

63
18
34
(18)
2
50

Profit before tax


Provision for taxation
Profit after tax
Other comprehensive loss
APPROPRIATIONS
Balance at commencement of year
Dividend
Reserve for bonus share/bonus shares issued
General reserve

2011

2012

2013

2014

80
60
40
20

2014

2011

2012

2013

2012

2013

2014

Dividend and other appropriations

100

2013

2011

Net Profit after tax

100

Note: The amount on y-axis represent Rs. in million

Net Premium Revenue

120

2012

58
17
34
(14)
4
-

800
700
600
500
400
300
200
100

140

2011

(89)

150

2014

100

50

(105)

2014

200

Exchange gain

Net Claims

250

2012

Less: Net claims

Cash and Bank Balances

1000
900
800
700
600
500
400
300
200
100

2011

384
-

200

2013

2011

454
-

300

2012

2013
2012
Rs. in million
564
-

400

2011

2014

705

500

800
700
600
500
400
300
200
100

2012

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

Equity Growth

Balance Sheet Growth

2,500

2011

Profit and Loss Account


for the year ended 31st December

2014

160
140
120
100
80
60
40
20
-

2011

2012

2013

2014

33

ALPHA INSURANCE
COMPANY LIMITED
Mr. Jamil Anwar

Vision:

Mission:

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.
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.

Key Financial Data for the last two (2) Years


2014
Premium Written
Net Premium Revenue
Claim Expense
Net Claims Expense
Net Commission / (Income)
Management expense
Profit / (Loss) after tax

(Rs in million)

220
91
117
54
11
71
20

2013
265
115
62
56
14
76
98

COMPANY INFORMATION
1. Chief Executive Officer

Mr. Jamil Anwar

7. Auditors

M/s. A. F. Ferguson & Co

2. Chairperson

Ms. Nargis Ghaloo

3. Directors

Mr. Maudood Ahmad Lodhi


Mr. Muhammad Javed Khan
Mr. Muhammad Rashid
Mr. Sultan A. Allana
Mr. Atif Saeed Rana

8. Registered Office /
Main Office

Building # 1 - B State Life Square,


I.I. Chundrigar Road, Karachi

4. Company Secretary

Mr. Latif Ahmad Choudhri

5. Chief Financial Officer

Mr. Saleem Abdul Sattar

6. Advisors

M/s. Mansoor Ahmed Khan


& Co

34

9. Number of Employees 58

ALPHA INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits

2013
Rs. in million

2012

2011

500.00

500.00

500.00

500.00

403.60
199.70
603.30

403.60
180.12
583.72

403.60
80.00
483.60

303.60
44.59
348.19

132.19
89.74
2.38
14.03
238.34

134.20
99.45
4.24
17.70
255.59

171.26
101.98
5.32
16.08
294.64

168.16
68.45
4.97
10.47
252.05

185.06

185.89

158.19

115.22

Profit and Loss Account


for the year ended 31st December

2014

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

90.91
1.85

115.15
1.09

67.43
(0.36)

74.28
(0.60)

Less: Net claims

53.86

55.81

37.44

51.84

Less: Expenses

71.27

76.17

67.23

54.99

10.61
(42.98)

14.79
(30.53)

5.62
(43.22)

5.43
(38.58)

87.97

158.33

96.87

62.43

Less: Net commission


Underwriting result
Investment income

3.01

3.10

3.10

3.10

1,028.29

939.53

718.56

64.32

75.85

33.65

19.57

General and administration expenses

Investments

614.69

587.32

522.52

373.61

Investment properties

6.33

4.13

2.26

1.67

(28.26)

(28.73)

(23.82)

(20.64)

Exchange gain
Finance charges on lease rentals
Profit before tax

Loans - secured considered good

2011

Rental income
Other income

1,029.71

2013
2012
Rs. in million

Provision for taxation


Profit after tax

66.04

133.73

75.31

43.46

23.06

103.20

32.09

4.88

3.55

5.52

(3.32)

(12.97)

19.51

97.68

35.41

17.85

167.50

69.82

34.41

16.56

Deferred tax

23.21

18.97

20.28

14.51

Reinsurance recoveries against


outstanding claims

APPROPRIATIONS
Balance at commencement of year

48.85

47.26

82.35

81.39

Deferred commission expense

18.63

22.62

20.85

13.54

Other assets

246.17

260.91

242.68

199.34

Dividend
Reserve for bonus share/bonus shares issued
General reserve

Fixed assets

13.84

15.36

17.20

16.59

1,029.71

1,028.29

939.53

718.56

Balance unappropriated profit at end of year

187.0

167.50

69.82

34.41

17.37
1.05
2.06
11.47

PROFIT AND LOSS ACCOUNT RATIOS


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

59.25
21.46
78.40
11.67
0.48
-

48.47
84.83
66.15
12.84
2.42
-

55.52
52.20
99.99
8.33
0.87
-

69.79
28.81
69.25
7.31
0.70
-

Leased motor vehicle


TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

39.08
1.12
1.71
14.95

60.87
1.19
1.76
14.46

29.09
1.08
1.94
11.98

700
600
500
400
300
200
100

2011

2012

2013

2014

Investments

2012

2013

2014

600
500
400
300
200
100

2012

2013

2014

Note: The amount on y-axis represent Rs. in million

2012

2013

2014

2011

Net Profit after tax

60

40

20

2013

2014

2014

80

2012

2013

100

2011

2012

Dividend and other appropriations

120

80
70
60
50
40
30
20
10

2011

2011

Cash and Bank Balances

700

140
120
100
80
60
40
20

60
50
40
30
20
10

2011

Net Premium Revenue

Net Claims

Equity Growth

Balance Sheet Growth

1,200
1,000
800
600
400
200

2011

2012

2013

2014

2011

2012

2013

2014

35

ASIA INSURANCE
COMPANY LIMITED
Mr. Ihtsham Ul Haq Qureshi

Vision:

Mission:

Asia Insurance Company Ltd. aims to be an ideal


Insurance Company with a large equity base; To
provide more opportunities and options for
utilization of funds and to increase profitability
through economies of scale, better resource
mobilization and reduction in operational cost;
To achieve this while providing better service to
our clients and stakeholders.
Provide excellent by way of best risk management
and hassle-free settlement of claims through a
nation-wide network of branches manned by a
sound, dynamic team, ensuring good governance.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

2014

2013

305
191
(49)
(42)
(37)
(52)
48

154
70
(60)
(25)
(11)
(26)
20

COMPANY INFORMATION
1. Chairman

Mr. Khalid Rashid

2. Chief Executive Officer

Mr. Ihtsham Ul Haq Qureshi

3. Directors

Mr. Ihtsham ul Haq Qureshi


Mr. Aisam ul Haq Qureshi
Mr. Zain ul Haq Qureshi
Mrs. Nosheen Ihtsham Qureshi
Mr. Khawaja Suhail Iftikhar
Mr. Khalid Rashid
Mr. Shahid Pervez Noor

4. Company Secretary
& CFO

36

Mr. Muhammad Ali Raza

5. Legal Advisor
6. Auditors

Barister Munawar-us-Salam
Cornelius Lane & Mufti
Ilyas Saeed & Company

Chartered Accountant

7. Registered Office /
Main Office

456-K Block, Model Town


Lahore

8. Number of Employees

61

ASIA INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Revaluation Surplus on Fixed Assets
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits

2013
Rs. in million

2011

500.00

300.00

300.00

300.00

300.00
119.82
136.06
555.88

300.00
72.31
136.06
508.37

300.00
52.76
136.06
488.82

300.00
42.58
136.06
478.64

32.37
147.39
5.18
184.93
1.15

41.10
83.40
4.48
128.99
-

18.49
28.00
1.92
48.40

13.88
18.41
1.50
33.78
1.27

67.15

29.28

23.14

25.52

3.84

0.06

0.06

812.95

666.69

560.42

539.27

53.81

49.16

62.90

159.88

Loans - secured considered good

Investments

2012

228.17

0.06

217.25

179.78

113.38

2.50

1.96

Reinsurance recoveries against


outstanding claims

6.08

20.62

3.96

1.87

Deferred commission expense

28.52

14.92

4.53

3.39

Investment properties
Deferred tax

Other assets

219.90

117.76

77.72

60.67

Fixed assets

276.46

244.49

229.57

200.08

Leased motor vehicle

TOTAL ASSETS

812.95

666.69

560.42

176.43
2.71
1.46
18.53

117.10
2.66
1.31
16.95

102.90
3.47
1.15
16.29

600
400
200
2012

2013

2014

Investments

33.70

Less: Net claims

41.95

24.62

10.14

10.92

Less: Expenses

51.98

25.76

18.09

15.80

Less: Net commission


Underwriting result

36.78
60.26

10.87
9.08

4.66
(3.58)

6.66
0.33

Investment income

33.35

37.79

28.90

24.32

Rental income

Other income

0.74

0.32

0.75

1.25

34.77

26.37

18.77

14.36

General and administration expenses


Exchange gain

200
150
100
50

2013

2014

Note: The amount on y-axis represent Rs. in million

Finance charges on lease rentals

68.87

64.49

Profit before tax

59.58

Provision for taxation

12.07

Profit after tax


APPROPRIATIONS
Balance at commencement of year

2012

2013

39.93

20.83

7.30

11.54

1.29

(2.88)

1.88

47.51

19.54

10.18

9.66

69.80

50.26

40.08

30.42

69.80

50.26

40.08

182.97
5.64
1.13
15.95

PROFIT AND LOSS ACCOUNT RATIOS


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

21.97
24.88
27.22
19.26
1.58
-

35.01
27.78
36.63
15.45
0.65
-

34.59
34.74
61.74
15.90
0.34
-

32.39
28.67
46.87
19.75
0.32
-

Net Claims

Net Premium Revenue

250
200
150

20

100

10

50

2014

2011

2012

2013

2014

2011

Net Profit after tax

2014

2012

2013

2014

Dividend and other appropriations

50
45
40
35
30
25
20
15
10
5

2011

117.32

30

2013

48.43

Dividend
Reserve for bonus share/bonus shares issued
General reserve

40

2012

Balance unappropriated profit at end of year

180
160
140
120
100
80
60
40
20

2012

29.30

Cash and Bank Balances

250

2011

70.33

50

2011

2011

539.27

580
560
540
520
500
480
460
440

800

2013
2012
Rs. in million

190.98

Equity Growth

Balance Sheet Growth

1000

2011

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

2014

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

Profit and Loss Account


for the year ended 31st December

1
1
1
0
0

2011

2012

2013

2014

2011

2012

2013

2014

37

ASKARI GENERAL INSURANCE


COMPANY LIMITED
Mr. Abdul Waheed

Vision:

Mission:

The vision of askari general insurance company


limited 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.
To become a leading insurance company by
providing client friendly services through highly
motivated team of dedicated professionals and
ensuring progressive return to the shareholders.

Key Financial Data for the last two (2) Years


2014
Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

(Rs in million)

1,719
971
931
561
(60)
260
163

2013

1,605
842
749
465
(51)
221
119

COMPANY INFORMATION
1. Chairman

Lt Gen Khalid Rabbani (Retd)

2. Chief Executive Officer Mr. Abdul Waheed


3. Directors

4. Company Secretary

Maj Gen Syed Taqi Naseer


Rizvi (Retd)
Brig Irfan Azam (Retd)
Brig M. Ibrahim Khan (Retd)
Mr. Farrukh Iqbal Khan
Mr. Abdul Hai Mahmood Bhaimia
Mr. M. A. Ghazali Marghoob
Mr. Shahid Hussain Syed
Mr. Faizan Zafar

5. Chief Financial Officer Mr. Suleman Khalid

40

6. Legar Advisor
7. Auditors

Hassan Kaunain Nafees


KPMG Taseer Hadi & Co.

Chartered Accountants

8. Registered Office /
Main Office

3rd Floor, AWT Plaza, the Mall


Rawalpindi

9. Number of Employees

392

ASKARI GENERAL INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities

2013
Rs. in million

Cash and bank deposits

500

500

500

388
392
780

388
230
618

324
184
508

308
124
432

357
895
92
1,344
15

281
926
100
1,308
11

264
767
53
1,084
10

303
465
42
810
9

344

282

615

281

Investment properties

19

13

2,498

2,238

2,226

1,545

134

120

483

131

1,014

864

605

503

47

48

50

51

Loans - secured considered good


Investments

2011

1,000

15

TOTAL EQUITY AND LIABILITIES

2012

Deferred tax

Reinsurance recoveries against


outstanding claims

147

135

124

157

Deferred commission expense

59

57

36

32

Other assets

1,042

939

846

617

Fixed assets

49

67

77

49

2,498

2,238

2,226

1,545

Leased motor vehicle


TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

607
1.85
3
20

612
2.05
4
16

565
1.64
4
16

308
1.52
4
14

1000

2,000

800

1,500

600

1,000

400

2012

2013

2014

2011

Investments

2012

2013

600

1000

500

800

400

600

300

400

200

200

2012

700
-

633
-

Less: Net claims

561

465

373

328

Less: Expenses

260

221

195

182

Less: Net commission


Underwriting result

60
210

51
207

34
166

19
142

Investment income

52

126

65

55

Rental income

Other income

22

23

22

14

General and administration expenses

(158)

(147)

(157)

(130)

Exchange gain

Finance charges on lease rentals

(8)

(57)

(79)

(63)

202

150

88

79

39

31

13

14

Profit after tax

164

119

75

65

APPROPRIATIONS
Balance at commencement of year

160

109

49

37

65

15

54

2
2

3
68

15

54

Balance unappropriated profit at end of year 322

160

109

49

55
14
26
6
3
65

53
11
28
5
2
15

52
10
29
3
2
54

Profit before tax


Provision for taxation

Dividend
Reserve for bonus share/bonus shares issued
General reserve
Other comprehensive income

PROFIT AND LOSS ACCOUNT RATIOS


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
Net Claims

2014

2011

2013

2014

Note: The amount on y-axis represent Rs. in million

2012

2011

2012

2013

58
17
27
6
4
1200
1000
800
600
400
200

2013

Net Profit after tax

2014

2011

2012

2013

Net Premium Revenue

2011

2014

2012

2013

2014

Dividend and other appropriations

180
160
140
120
100
80
60
40
20

100

2011

2011

842
-

Cash and Bank Balances

1200

2013
2012
Rs. in million

971
-

600
500
400
300
200
100

200

500

2014

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

Equity Growth

Balance Sheet Growth

2,500

2011

Profit and Loss Account


for the year ended 31st December

2014

80
70
60
50
40
30
20
10
-

2011

2012

2013

2014

41

ATLAS INSURANCE LIMITED

Mr. Arshad P. Rana

Vision:
Mission:

A first class insurance company that provides the


highest level of quality service to its policyholders.
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.

Key Financial Data for the last two (2) Years


2014
Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

1,651
878
302
211
(50)
311
545

(Rs in million)

2013

1,400
756
413
163
(55)
305
456

COMPANY INFORMATION
1. Chairman

Mr. Yusuf H. Shirazi

2. Chief Executive Officer

Mr. Arshad P. Rana

3. Directors

Mr. Yusuf H. Shirazi


Mr. Feroz Rizvi
Mr. Isphanyar M. Bhandara
Mr. Ali H. Shirazi
Mr Frahim Ali Khan
Mr. Jawaid Iqbal Ahmed

4. Company Secretary

Mr. Muhammad Afzal

5. Chief Financial Officer

Mr. Rashid Amin

6. Legal Advisors

Mohsin Tayebaly & Co.


Agha Faisal Barrister at Law

7. Auditors

Ernst & Young Ford Rhodes


Sidat Hyder
Chartered Accountants.

42

8. Registered /
Head Office

3-Bank Square, Shahrah-eQuaid-e-Azam,


Lahore.
Tel: (92-42) 37320542-43,
37322271 & 73, 37310658
Fax: (92-42) 37234742
Email: info@atlasinsurance.com.pk
Web: www.atlasinsurance.com.pk

9. No of Employees

162

ATLAS INSURANCE LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Rs. in million

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits
Loans - secured considered good
Investments

800.00

800.00

701.61
965.89
1,667.50

637.83
800.20
1,438.03

500.00

531.53
442.94
666.89
566.98
1,198.42 1,009.92

276.99
718.80
61.43
1,057.23
-

309.53
732.85
62.93
1,105.30
-

200.91
775.41
68.20
1,044.52
-

259.51
443.26
46.26
749.03
-

564.72

430.10

432.25

296.49

54.57

41.30

27.48

22.65

3,344.02

3,014.74

433.17

162.16

282.01

54.59

0.19

0.16

0.17

0.12

1,868.60

1,550.37

Investment properties

Deferred tax

800.00

2,702.67 2,078.09

1,255.88 1,089.26

17.41

20.26

8.94

10.24

Reinsurance recoveries against


outstanding claims

179.69

236.46

121.25

153.48

Deferred commission expense

50.61

63.67

67.32

22.90

Other assets

742.50

925.52

900.67

700.59

Fixed assets

51.85

56.14

66.43

46.91

Leased motor vehicle

TOTAL ASSETS

3,344.02

459.07
1.51
2.01
23.77

3,014.74

2,702.67 2,078.09

543.20
1.70
2.10
22.55

755.68

603.62

591.29

Less: Net claims

210.53

163.42

133.24

153.29

Less: Expenses

311.04

304.55

229.95

227.49

Less: Net commission


Underwriting result

(49.90)
406.71

(55.17)
342.89

(54.89)
295.32

(43.08)
253.59

Investment income

294.68

246.40

180.69

133.57

6.75

6.52

5.45

5.32

Rental income
Other income
General and administration expenses

643.29
1.97
2.26
22.55

330.01
1.57
2.06
22.80

2012

2013

467.76

400.08

101.41

98.92

Profit after tax

544.97

455.97

366.35

301.16

APPROPRIATIONS
Balance at commencement of year

456.14

365.84

297.29

243.22

Dividend
Reserve for bonus share/bonus shares issued
General reserve
Other comprehensive income

318.92
63.78
77.00
(3.42)
456.28

212.61
106.31
43.00
3.76
365.68

177.18
88.59
36.00
(3.95)
297.82

147.65
73.82
21.00
242.47

Balance unappropriated profit at end of year

544.83

456.14

365.82

301.91

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
23.97
Net profit after tax to net premium %
62.04
Management expenses to net premium %
35.41
Commission to net premium %
(5.68)
Earning per share (Rs.)
7.77
Cash dividend
318.92
Stock dividend
63.78

21.63
60.34
40.30
(7.30)
7.15
212.61
106.31

22.07
60.69
38.10
(9.09)
6.89
177.18
88.59

25.93
50.93
38.47
(7.29)
6.80
147.65
73.82

800
600

100

400

50

200

2011

100

2012

2013

2014

2013

2014

Dividend and other appropriations

400

400

200

2012

500

300

300

2011

2011

2014

500

300

Note: The amount on y-axis represent Rs. in million

2013

600

400

2014

2012

Net Profit after tax

Cash and Bank Balances

2013

Net Premium Revenue

1,000

150

2014

500

2012

146.50

587.57

Net Claims

500

2011

172.45

131.60

200

Investments

244.68

690.82

1,000

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200

284.10

145.85

1,500

2011

32.99
(25.38)

Provision for taxation

2,000

2014

12.11
(25.80)

Profit before tax

3,000

2013

25.26
(33.50)

Finance charges on lease rentals

250

2012

17.87
(35.20)

Exchange gain

2,000

2011

2011

878.38

4,000

1,000

2013
2012
Rs. in million

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

Equity Growth

Balance Sheet Growth

2014

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

Profit and Loss Account


for the year ended 31st December

200

200

100

100

2011

2012

2013

2014

2011

2012

2013

2014

43

CENTURY INSURANCE
COMPANY LIMITED
Mr. Mohammad Hussain Hirji

Vision:

To be an organization known for integrity and


ethical behavior and fully dedicated to our Clients,
Business Partners, Shareholders and Employees,
providing exceptional quality service and
committed to achieving excellence in all areas of
our operations.
Our motto:

Mission:

"Customer satisfaction is
management's top
priority"

Key Financial Data for the last two (2) Years

(Rs in million)

2014
Premium Written
Net Premium Revenue
Net Claims Expense
Net Commission Expense/ (Income)
Profit after tax

755
389
202
(18)
142

2013
667
322
159
(9)
147

To become a company of choice for our


valued Clients, Stockholders and Employees.
To maximize growth and profitability of the
Company and provide excellent financial
returns to its valued Shareholders.
The Company culture to be known for
Integrity and Ethical behavior.
The Company to be known as one of the best
insurance companies of the country.

COMPANY INFORMATION
1. Chairman

Mr. Iqbal Ali Lakhani

6. Company Secretary

Mr. Mansoor Ahmed

2. Cheif Executive

Mr. Mohammad Hussain Hirji

7. Auditors

M/s. Ernst & Young Ford Rhodes


Sidat Hyder

3. Advisor

Mr. Sultan Ali Lakhani

4. Directors

Mr. Iqbal Ali Lakhani


Mr. Zulfiqar Ali Lakhani
Mr. Amin Mohammed Lakhani
Mr. Tasleemuddin A. Batlay
Mr. A. Aziz H. Ebrahim
Mr. Mohammad Hussain Hirji
Mr. Sadrudin Ismail Mohamed
(effective from January 23, 2015)

5. Chief Financial Officer Mr. Sabza Ali Pirani

44

Chartered Accountants

8. Registered Office

Lakson Square, Building No. 2,


Sarwar Shaheed Road,
Karachi- 74200

9. Head Office

11th Floor, Lakson Square,


Building No. 3, Sarwar Shaheed
Road, Karachi- 74200

10. Number of Employees

146

CENTURY INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
T OTAL EQUITY AND LIABILITIES
Cash and bank deposits

2013
Rs. in million

2012

2011

500.00

500.00

500.00

500.00

457.24
728.07
1,185.31

457.24
654.36
1,111.60

457.24
565.71
1,022.95

457.24
495.04
952.28

123.62
246.26

137.31
221.97

145.79
181.54

159.96
173.17

35.32
405.20

30.58
389.86

28.40
355.73

23.08
356.21

284.44

236.09

232.45

163.95

0.98

0.78

1.77

1.37

1,876.72

1,738.92

245.20

105.28

90.51

97.52

1,095.86

1,112.66

998.10

859.88

4.12

3.52

2.64

2.21

1,612.11 1,473.22

Loans - secured considered good


Investments
Investment properties
Deferred tax
Reinsurance recoveries against
outstanding claims

60.86

63.27

87.13

103.57

Deferred commission expense

23.78

21.30

18.91

16.42

Other assets

398.52

385.80

370.86

344.90

Fixed assets

48.38

47.09

43.96

48.72

1,876.72

1,738.92

Profit and Loss Account


for the year ended 31st December

2014

1,612.11 1,473.22

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

294.75
1.72
1.58
25.92

179.58
1.48
1.56
24.31

169.28
1.45
1.58
22.37

221.30
1.68
1.55
20.83

388.50

321.67

268.22

225.19

Less: Net claims

201.95

159.31

112.04

80.50

Less: Expenses

96.99

88.21

81.21

70.46

Less: Net commission


Underwriting result

(18.27)
107.83

(8.84)
82.99

(8.61)
83.58

(13.10)
87.33

Investment income

141.02

149.39

116.07

23.24

Rental income
Other income

5.88

5.26

8.22

10.25

(96.28)

(86.89)

(78.47)

(67.46)

50.62

67.76

45.82

(33.97)

158.45

150.75

129.40

53.36

16.08

3.42

13.15

17.01

Profit after tax

142.37

147.33

116.25

36.35

APPROPRIATIONS
Balance at commencement of year

281.33

192.68

122.64

131.36

68.59

57.16

45.72

45.72

General and administration expenses


Exchange gain
Finance charges on lease rentals
Profit before tax
Provision for taxation

Dividend
Reserve for bonus share/bonus shares issued
General reserve

1,500
1,000
500
2012

2013

2014

Net Claims

250

800

200

600

150

400

100

200

50

2012

2013

2014

2011

Note: The amount on y-axis represent Rs. in million

2012

2013

2012

2013

281.33

192.68

122.64

51.98
36.65
24.97
(4.70)
3.11
68.59
-

49.53
45.80
27.42
(2.75)
3.22
57.16
-

41.77
43.34
30.28
(3.21)
2.54
45.72
-

35.75
16.14
31.29
(5.82)
0.79
45.72
-

2014

2014

Net Premium Revenue

2011

Net Profit after tax

2012

2013

2014

Dividend and other appropriations

160
140
120
100
80
60
40
20

2011

355.04

100

Cash and Bank Balances


300

1,000

(0.65)
45.07

200

50

2014

0.49
46.21

300

100

2013

1.52
58.68

400

200

2012

0.07
68.66

500

150

2011

Investments

1,200

2011

PROFIT AND LOSS ACCOUNT RATIOS


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

250

1,400
1,200
1,000
800
600
400
200

2011

Balance unappropriated profit at end of year

Equity Growth

Balance Sheet Growth

2,000

2011

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

Leased motor vehicle


TOTAL ASSETS

2013
2012
Rs. in million

80
60
40
20

2011

2012

2013

2014

2011

2012

2013

2014

45

THE COOPERATIVE INSURANCE


SOCIETY OF PAKISTAN LIMITED
Sh. Anwar-ul-Haq Piracha

Vision:

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.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium Written
Net Premium Revenue
Claims expense
Net Claims Expense
Net Commission (Income)
Management expense
(Loss)/Profit after tax

2014

2013

3
2
0
0
0
7
1

3
2
0
0
0
7
1

COMPANY INFORMATION
1. Chairman

Sh. Anwar-ul-Haq Piracha

2. Senior Vice Chairman

Ch. Akhter Mehmood

3. Directors

Col. (R) Muhammad Jamil


Rai Ijaz Ahmed Khan
Mr. Farooq Azam
Mr. Hassan Zaheer
Mr. Nadeem Akram Khan
Mr. Muhammad Asif Inayat
Shahani

4. Auditors

Hameed Khan & Co

5. Legal Advisor

Mr. Mohammad Hanif Khan Niazi


Advocate

46

Chartered Accountants.

6. Registered Office

23- Shahrah-e-Quaid-e-Azam,
Lahore

7. Head Office

Co-operative Insurance Building,


23- Shahrah-e-Quaid-e-Azam,
P.O. Box No. 147, Lahore.
Ph: 37356537, 37352306,
37242798
Fax: 042-37352794
Email: Coinsopl@live.com.

8. Number of Employees

26

THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities

2013
Rs. in million

2012

2011

300.00

300.00

300.00

300.00

300.00
17.57
317.57

300.00
16.22
316.22

300.00
15.43
315.43

300.00
15.11
315.11

0.35
1.47
1.82
14.59

0.26
1.49
1.75
15.65

0.24
1.30
1.54
16.69

0.81
1.86
2.67
4.44

2.71

2.82

2.41

2.41

0.28

0.28

1.00

Surplus on revaluation of fixed assets

1,672.02

1,673.67

1,675.37

611.97

TOTAL EQUITY AND LIABILITIES

2,008.99

2,010.39

2,012.44

936.60

10.53

10.49

10.93

12.15

Cash and bank deposits


Loans - secured considered good
Investments

7.50

7.69

7.66

5.51

Investment properties
Deferred tax

Reinsurance recoveries against


outstanding claims

Deferred commission expense

0.26

0.16

0.24

0.36

Other assets

2.60

1.20

0.96

2.04

Fixed assets

1,988.10

1,990.85

1,992.65

916.54

Leased motor vehicle

TOTAL ASSETS

2,008.99

2,010.39

2,012.44

936.60

Assets at market value

2,123.62

2,057.85

2,044.12

960.97

9.79
3.93
6.33
10.59

8.33
3.48
6.36
10.54

8.24
3.26
6.38
10.51

10.97
4.41
2.97
10.50

BALANCE SHEET RATIOS


Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

2,000
1,500
1,000
500
2013

2014

1.60
-

3.35
-

5.25
-

Less: Net claims

0.32

0.28

0.69

(0.04)

Less: Expenses

6.83

6.76

6.75

7.80

0.25
(5.19)

0.18
(5.62)

0.19
(4.28)

0.74
(3.25)

Investment income

3.77

3.15

3.33

2.91

Rental income

5.15

5.23

3.90

3.13

Less: Net commission


Underwriting result

Other income

0.01

0.03

0.12

(1.76)

(1.80)

(0.74)

Finance charges on lease rentals

6.90

6.63

5.46

5.42

Profit before tax

1.71

1.01

1.18

2.17

Provision for taxation

0.36

0.22

(0.14)

0.27

Profit after tax

1.35

0.79

1.32

1.90

7.65
0.20

7.66
1.00
0.33

5.16
(1.07)
0.47

0.34

0.20

1.33

0.47

9.25

8.24

7.65

6.59

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
14.48
Net profit after tax to net premium %
61.09
Management expenses to net premium %
309.05
Commission to net premium %
11.31
Earning per share (Rs.)
0.05
Cash dividend
Stock dividend
-

17.50
49.38
422.50
11.25
0.03
-

20.60
39.40
201.49
5.67
0.04
1.00
-

(0.76)
36.19
148.57
14.10
0.06
-

Exchange gain

APPROPRIATIONS
Balance at commencement of year
8.24
Cumulative effect of change in accounting policy Dividend
Reserve for bonus share/bonus shares issued
General reserve
0.34

Balance unappropriated profit at end of year

0.4
-0.4

Net Premium Revenue

(0)

2012

2013

2014

2011

2012

2013

2014

11
11
10
10

2011

2012

2013

2011

Net Profit after tax

2014

2012

2013

2014

Dividend and other appropriations

2
2
2
1
1
1
1
1
0
0

12

Note: The amount on y-axis represent Rs. in million

6
5
4
3
2
1

1.0

12

2014

2011

0.02

Cash and Bank Balances

2013

2013
2012
Rs. in million

(2.04)

General and administration expenses

Net Claims

13

2012

2.21
-

0.6

2011

Investments

9
8
7
6
5
4
3
2
1

2011

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

2.0

318
318
317
317
316
316
315
315
314
314

2012

2014

Equity Growth

Balance Sheet Growth

2,500

2011

Profit and Loss Account


for the year ended 31st December

1.6
1.2
0.8
0.4

2011

2012

2013

2014

2011

2012

2013

2014

47

CRESCENT STAR
INSURANCE LIMITED
Mr. Naim Anwar

Vision:

n
n

Mission:

To serve with excellence.


Excellence achieved through our corporate
mission.
The brand name of CSI with a vision to
expand with prudent approach and provide
the Insurance Service to Pakistan Industry
on sound footing.
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 world-class reinsurers.
To ensure profitability to our reinsurers who
afford us underwriting capacity.
To recognize human resources as the key
element in progress and to provide our
officers and field force due recompense for
their efforts in building up the company.
To generate operational profits and dividend
return for our shareholders of the Company.

Key Financial Data for the last two (2) Years

(Rs in million)

2014
Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

2013

237
136
28
25
23
69
(36)

COMPANY INFORMATION
1. Chairman &
Mr. Naim Anwar
Chief Executive Officer
2. Directors

Mr. Naim Anwar


Mr. Sakib Berjees
Mr. Mudassar Zubair Mirza
Syed Adnan Ali Zaidi
Syed Abid Raza
Mr. Jehangir Bashir Nawaz
Mr. Hanif Daud *subject to SECP

approval

3. Company Secretary

Mr. Khuzaima Hakimi

4. Chief Financial Officer Mr. Malik Mehdi Muhammad


5. Advisors

48

Mr. Jameel Khan

6. Auditors

M/s. Rahman Sarfaraz Rahim


Iqbal Rafiq

Chartered Accountants

7. Registered /
Main Office

2nd Floor, Nadir House


I.I.Chundrigar Road
P.O.Box No. 4616, Karachi

8. Number of Employees

89

85
56
27
14
4
31
1

CRESCENT STAR INSURANCE LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Rs. in million

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits
Loans - secured considered good
Investments
Investment properties

650.00

650.00

350.00

350.00

420.48
(68.08)
352.40

121.00
(32.25)
88.75

121.00
(54.83)
66.17

121.00
(36.66)
84.34

43.64
115.87

32.37
27.97
0.96
61.30
-

31.09
25.52
3.12
59.73
-

36.83
30.28
4.01
71.12

0.03
159.54
62.48

14.35

28.59

25.39

0.42

0.42

0.42

0.42

4.39
6.11

2.68
6.56

5.90
15.56

6.64

8.15

6.09

0.40

Investment income
Rental income
Other income
General and administration expenses

5.37

4.04

4.36

5.32

Other assets

241.52

100.56

45.17

69.51

Fixed assets

17.27

11.10

39.08

41.80

Leased motor vehicle

574.84

Assets at market value

162.13
2.52
1.63
8.38

154.91

181.27

151.31

189.52

191.05

72.73
2.54
1.86
7.33

31.97
1.53
2.66
5.47

54.98
1.88
2.40
6.97

Investments

2012

(13.34)

(34.47)

2.07

(17.84)

2.22

0.60

0.32

0.79

1.47

(18.16)

1.43

APPROPRIATIONS
Balance at commencement of year

(79.62)

(81.09)

(62.93)

(64.36)

Dividend
Reserve for bonus share/bonus shares issued
General reserve
-

(62.93)

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
18.47
Net profit after tax to net premium %
(26.30)
Management expenses to net premium %
50.73
Commission to net premium %
16.80
Earning per share (Rs.)
(0.85)
Cash dividend
Stock dividend
-

25.25
2.63
55.92
7.87
0.12
-

28.69
(44.30)
48.77
6.54
(1.50)
-

30.50
2.37
33.87
9.80
0.12
-

160
140
120
100
80
60
40
20

2014

2011

2012

2013

2014

Net Profit after tax

150

-10

100

-20

(20)

50

-30

(30)

-40

(40)

Note: The amount on y-axis represent Rs. in million

2012

2013

2014

2013

2014

(10)

2011

2012

Dividend and other appropriations

10

2014

Net Premium Revenue

2011

2013

(81.09)

250

2012

(79.62)

200

2011

Balance unappropriated profit at end of year (115.45)

Cash and Bank Balances

300

(53.55)

1.36

Net Claims

2013

(24.40)

(35.83)

30
25
20
15
10
5

2011

(4.05)

Profit after tax

Equity Growth
400
350
300
250
200
150
100
50

2014

5.38
(19.12)

164.82

Balance Sheet Growth

600
500
400
300
200
100
0

0.81
(31.30)

Provision for taxation

16.54

19.72
(31.93)

Finance charges on lease rentals

24.10

17.13

3.31
(63.50)

Exchange gain

26.97

13.94

2013

22.89
19.07

16.27

23.01

2012

Less: Net commission


Underwriting result

86.06

13.54

2011

18.37
20.40

Profit before tax

13.54

BALANCE SHEET RATIOS


Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

11.76
19.99

10.46
-

13.54

TOTAL ASSETS

14.08

8.66
-

13.54

60.23
-

31.18

5.37
-

Reinsurance recoveries against


outstanding claims

40.99
-

69.11

4.14

Deferred tax

55.76

25.17

181.27

136.24

2011

Less: Expenses

154.91

2013
2012
Rs. in million

Less: Net claims

164.82

2014

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

574.84

183.93

Deferred commission expense

Profit and Loss Account


for the year ended 31st December

2011

2012

2013

2014

2011

2012

2013

2014

49

EAST WEST INSURANCE


COMPANY LTD.
Mr. Naved Yunus
Vision:

Mission:

To be amongst most trusted insurance security of


the country by providing protection to our insured
in most effective basis ensuring prosperity for its
stakeholders and growth with human force.
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 & innovation.
To maintain continuous pursuit for cost
effectiveness, enhanced productivity for ensuring

financial health of 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.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium Written
Net Premium Revenue
Claims Expense
Net Claims Expense
Net Commission / (Income)
Management Expense
Profit / (Loss) after tax

2014

2013

1,420
760
504
305
167
148
142

1,124
623
456
254
136
116
126

COMPANY INFORMATION
1. Chairman

Chief Justice ( R )
Mian Mahboob Ahmad

2. Chief Executive Officer

Mr. Naved Yunus

3. Directors

Mr. Javed Yunus


Mr. Pervez Yunus
Mr. Maheen Yunus
Mr. Umeed Ansari
Mr. Ahsan Mahmood Alvi
Mr. Tulu Javed Yunus

4. Company Secretary

Mr. Shabbir Ali Kanchwala

5. Legal Advisors

M/s Khalid Law Associate

52

6. Auditors

M/s Grant Thornton


Anjum Rahman

(Chartered Accountants)

7. Registered Office

27, Regal Plaza, Jinnah


Road, Quetta.

8. Main Office

B-401-404, 4th Floor


Lakson Square Building -3
Sarwar Shaheed Road Karachi
Ph: 0213-5630400-11

9. Number of Employees

134

EAST WEST INSURANCE COMPANY LTD.


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits

2013
2012
Rs. in million

2011

500.00

500.00

500.00

500.00

401.50
263.41
664.91

365.00
194.28
559.29

331.82
134.28
466.10

301.66
96.39
398.04

208.38
285.23

200.94
211.06

118.93
186.97

54.82
199.55

64.05
557.66
13.07

31.97
443.96
11.26

11.16
317.06
2.88

15.65
270.01
4.25

158.79

58.26

47.34

38.53

4.53

3.22

1.97

3.12

1,398.95

1,075.99

835.35

713.96

82.48

35.82

62.20

52.57

679.40

503.06

309.80

243.54

50.15

48.36

44.62

Loans - secured considered good


Investments
Investment properties
Deferred tax
Reinsurance recoveries against
outstanding claims

136.23

149.43

94.83

46.57

Deferred commission expense

40.39

21.80

34.11

22.37

Other assets

357.11

261.22

231.59

238.16

Fixed assets

53.20

56.31

56.05

108.06

1,398.95

1,075.99

Leased motor vehicle

TOTAL ASSETS

2.15

2.69

835.35

713.96

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

204.1270 184.0550 349.3220 240.8370


1.55
1.70
3.08
3.50
2.10
1.92
2.07
1.79
16.56
15.32
14.05
13.20

1,000
500

2011

2012

2013

2014

Investments

800
700
600
500
400
300
200
100
-

2011

2012

2012

2013

467.72

387.69

Less: Net claims

305.39

253.99

179.31

153.90

Less: Expenses

148.29

115.96

92.20

78.17

Less: Net commission


Underwriting result

167.09
139.47

135.72
116.90

83.25
112.96

73.81
81.80

97.17

100.91

36.78

31.36

6.06

2.56

0.42

0.40

Investment income
Rental income
Other income
General and administration expenses

2013

2014

Note: The amount on y-axis represent Rs. in million

2011

2012

2013

5.53

1.92

3.75

3.97

(76.47)

(73.72)

(69.29)

(68.46)

32.30

31.68

(28.34)

(32.74)

171.77

148.58

84.62

49.07

Exchange gain
Finance charges on lease rentals
Profit before tax
Provision for taxation
Profit after tax
APPROPRIATIONS
Balance at commencement of year
Transferred (to) /from General Reserve
Dividend
Reserve for bonus share/bonus shares issued
General reserve

Balance unappropriated profit at end of year


PROFIT AND LOSS ACCOUNT RATIOS
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

2014

2011

2012

29.64

22.21

16.19

13.12

142.13

126.37

68.43

35.95

94.28

20.40
(25.00)

8.59
2.20

36.50
36.50

34.29
33.18
33.18

30.17

25.14

73.00

66.36

30.17

25.14

163.41

94.29

33.66

21.60

40.17
18.69
19.51
21.98
3.54
36.50
36.50
800
700
600
500
400
300
200
100
-

2013

2014

160
140
120
100
80
60
40
20
-

2011

2012

2013

40.80
20.30
18.63
21.80
3.46
33.18
33.18

38.34
14.63
19.71
17.80
2.06
30.17

39.70
9.27
20.16
19.04
1.19
25.14

Net Premium Revenue

2011

2014

Net Profit after tax

Cash and Bank Balances

90
80
70
60
50
40
30
20
10
-

2011

622.57

350
300
250
200
150
100
5
2011

2013
2012
Rs. in million

760.24

Net Claims

700
600
500
400
300
200
100
-

2014

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

Equity Growth

Balance Sheet Growth

1,500

Profit and Loss Account


for the year ended 31st December

2012

2013

2014

Dividend and other appropriations

2014

80
70
60
50
40
30
20
10
-

2011

2012

2013

2014

53

EFU GENERAL
INSURANCE LIMITED
Mr.Hasanali Abdullah

Vision:

To continue our journey to be better than the best.

Mission:

To provide services beyond expectation with a


will to go an extra mile. In the process, continue
to upgrade technology, human resource and
reinsurance protection.

Key Financial Data for the last two (2) Years


2014
Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

(Rs in million)

14,514
6,532
5,835
2,973
761
1,482
1,829

2013

13,882
6,342
3,559
3,406
789
1,375
1,392

COMPANY INFORMATION
1. Chairman

Mr. Saifuddin N. Zoomkawala

2. Managing Director &


Chief Executive

Mr. Hasanali Abdullah

3. Directors

Mr. Rafique R.Bhimjee


Mr. Abdul Rehman Haji Habib
Mr. Jahangir Siddiqui
Mr. Muneer R. Bhimjee
Mr. Taher G. Sachak
Mr. Ali Raza Siddiqui
Mr. Mohammed Iqbal Mankani

4. Company Secretary &


CFO
Mr. Altaf Qamruddin Gokal
5. Legal Advisor

54

Mr. Mohammad Ali Sayeed

6. Auditors

Ernst & Young Ford Rhodes


Sidat Hyder

Chareterd Accountants

7. Registered Office

Dodhy Building, 2nd Floor


52 -E, Jinnah Avenue
(Blue Area) Islamabad

8. Main Office

EFU House
M.A Jinnah Road Karachi

9. Number of Employees

1,165

EFU GENERAL INSURANCE LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital

2,000.00

Issued subscribed and paid-up capital


Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits
Loans - secured considered good
Investments

2013
Rs. in million
1,500.00

2012

2011

1,500.00 1,500.00

1,600.00 1,250.00 1,250.00 1,250.00


11,511.00 10,658.00 9,881.00 8,746.00
13,111.00 11,908.00 11,131.00 9,996.00

5,652.00
6,365.00

6,622.00
6,118.00

8,866.00 6,303.00
5,507.00 5,147.00

296.00
288.00
226.00
234.00
12,313.00 13,028.00 14,599.00 11,684.00
117.00
86.00
88.00
103.00
3,078.00

3,349.00

608.00

568.00

2,708.00 2,161.00
531.00

434.00

29,227.00 28,939.00 29,057.00 24,378.00


1,521.00

2,083.00

3.00

3.00

3.00

3.00

213.00

230.00

207.00

220.00

Deferred tax
Reinsurance recoveries against
outstanding claims

3,390.00

4,138.00

Deferred commission expense

562.00

568.00

Other assets

6,971.00

6,286.00

Fixed assets

920.00

860.00

6,560.00 4,043.00
567.00

489.00

5,775.00 4,772.00

2014

2013
2012
Rs. in million

2011

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

6,532.00

6,341.00

6,009.00 6,224.00
57.00

Less: Net claims

2,973.00

3,406.00

3,297.00 3,707.00

Less: Expenses

1,482.00

1,375.00

1,285.00 1,193.00

Less: Net commission


Underwriting result

761.00
1,316.00

789.00
771.00

748.00
679.00

687.00
694.00

Investment income

915.00

772.00

851.00

185.00

Rental income

119.00

101.00

98.00

87.00

Other income
General and administration expenses

550.00

523.00

525.00

134.00

(638.00)

(556.00)

(545.00)

(506.00)

11.00

6.00

4.00

946.00

851.00

935.00

244.00
148.00

2,262.00

1,623.00

1,614.00

842.00

433.00

231.00

49.00

281.00

1,829.00

1,392.00

1,565.00

561.00

1,518.00
10.00
625.00

583.00
40.00
469.00

(322.00)

Exchange gain
Finance charges on lease rentals

1,670.00 1,758.00

15,647.00 14,771.00 13,404.00 12,333.00

Investment properties

Profit and Loss Account


for the year ended 31st December

Profit before tax


Provision for taxation
Profit after tax

APPROPRIATIONS
Balance at commencement of year
1,645.00
Other comperhensive income
34.00
Dividend
1,010.00
Reserve for bonus share/bonus shares issued
General reserve
500.00

156.00

650.00

200.00

(500.00)

760.00

1,510.00

1,275.00

669.00

(344.00)

29,227.00 28,939.00 29,057.00 24,378.00

Balance unappropriated profit at end of year 1,998.00

1,645.00

1,519.00

583.00

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
45.51
Net profit after tax to net premium %
28.00
Management expenses to net premium %
22.69
Commission to net premium %
11.65
Earning per share (Rs.)
11.43
Cash dividend
1,010.00
Stock dividend
-

53.71
21.95
21.68
12.44
11.14
625.00
-

54.87
26.04
21.38
12.45
12.52
469.00
-

59.56
9.01
19.17
11.04
4.49
156.00
-

871.00

Leased motor vehicle


TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

2,544.00
1.27
2.23
81.94

1,968.00
1.19
2.43
95.26

Net Claims

Equity Growth

Balance Sheet Growth

30,000
26,000
24,000
22,000
2011

2012

2013

2014

2011

Investments

2012

2013

2014

1,500

5,800
5,600

2011

500

2014

Note: The amount on y-axis represent Rs. in million

2012

2013

2014

2011

2012

2013

2011

2014

2012

2013

2014

Dividend and other appropriations


2,000
1,500
1,000

800
600
400
200

1,000

2013

6,000

Net Profit after tax

2,000

2012

6,200

2,000
1,800
1,600
1,400
1,200
1,000

2,500

2011

6,400

Cash and Bank Balances

18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000

Net Premium Revenue


6,600

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500

14,000
12,000
10,000
8,000
6,000
4,000
2,000

28,000

20,000

1,900.00 1,675.00
1.16
1.19
2.61
2.44
89.05
79.97

500

(500)

2011

2012

2013

2014

2011

2012

2013

2014

55

EXCEL

EXCEL INSURANCE
COMPANY LIMITED
Mr. Muhammad Azhar Khan

Values:

Mission:

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.
The mission of Excel Insurance Company Limited
is:
n To become the most preferred insurer of clients
by providing outstanding risk coverage.
n To provide a congenial environment to
employees to attract the best human Resource
in the industry.
n To consistently offer high return on capital to
company's shareholders.

Key Financial Data for the last two (2) Years

(Rs in million)

2014
Premium written
Net premium revenue
Net claims expenses
Net commission / (income)
Profit / (loss) after tax

4
2
1
1
5

2013
7
5
5
1
5

COMPANY INFORMATION
1. Chairman

Mr.Younus Haji Latif

5. Legal Advisor

Mr. Faysal Shahzad

2. Chief Executive Officer

Mr. Muhammad Azhar Khan

6. Auditors

M/s. Riaz Ahmed & Company

3. Directors

Mr. Ubaid Amanullah


Mrs. Shagufta Ghulam
Mr. Muhammad Irfan Khalique
Mr. Sohail Ahmed
Mr. Syed Sajjad Ali

7. Registered Office

38/C-1, Block -6, P.E.C.H.S


Karachi -754000, Pakistan
UAN (992-21) 111-777-666
Fax: (92-21) 454-8076
E-mail: eicl@cyber.net.pk

4. Company Secretary &


CFO

Mr. Hanif Siddique

56

EXCEL INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Rs. in million

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals

300.00

300.00

300.00

300.00

300.00
15.62
315.62

300.00
8.87
308.87

300.00
5.09
305.09

300.00
(26.35)
273.65

10.17
1.77
0.19
12.12
-

10.09
3.11
0.25
13.45
0.43

4.63
7.47
0.25
12.35
0.68

2.50
7.79
0.66
10.95
0.68

3.58

5.29

3.17

4.52

331.32

328.04

321.29

289.80

5.03

6.09

79.52

24.34

Other liabilities
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits
Loans - secured considered good

Investments

312.25

Investment properties

305.75

197.00

202.22

Deferred tax

0.94

1.41

0.79

0.20

Reinsurance recoveries against


outstanding claims

1.25

1.38

2.33

1.55

Deferred commission expense

1.56

Other assets

9.58

10.60

37.41

54.68

Fixed assets

2.26

2.81

4.24

5.25

331.32

328.04

321.29

289.80

2.12
1.15
1.05
10.52

2.69
1.17
1.06
10.30

111.46
15.29
1.05
10.17

73.55
11.48
1.06
9.12

Leased motor vehicle


TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

320
300
280
2012

2013

2014

2011

Investments

300
250
200
150
100
50
2012

2013

2011

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

2.39
-

4.64
(0.80)

6.72

6.02

Less: Net claims

0.43

4.87

4.76

1.76

Less: Expenses

6.72

5.73

5.53

5.50

(0.39)
(4.36)

(0.88)
(5.88)

0.51
(4.08)

1.85
(3.09)

38.57

28.85

52.94

4.36

(25,145)

1,810

(8,332)

(7,435)

Less: Net commission


Underwriting result
Investment income
Share loss/profit from associate
Rental income
Other income
General and administration expenses

2012

2013

2014

Note: The amount on y-axis represent Rs. in million

2012

2013

0.05

1.19

0.20

(2.90)

(18.19)

(16.77)

(9.21)

Exchange gain
Finance charges on lease rentals
37.89

10.71

37.36

(4.65)

Profit before tax

8.38

6.63

33.28

(7.74)

Provision for taxation

3.54

1.99

1.85

1.56

Profit after tax

4.84

4.63

31.43

(9.30)

APPROPRIATIONS
Balance at commencement of year

8.87

4.98

(26.46)

32.84

Dividend
Reserve for bonus share/bonus shares issued
General reserve

1.92

0.74

Balance unappropriated profit at end of year

1.92
15.62

0.74
8.87

4.97

50.00
(26.46)

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
17.98
Net profit after tax to net premium %
202.51
Management expenses to net premium %
280.84
Commission to net premium %
(16.31)
Earning per share (Rs.)
0.16
Cash dividend
Stock dividend
-

104.96
99.78
123.49
(18.97)
0.15
-

70.83
467.71
82.29
7.59
1.05
-

29.24
(154.49)
91.36
30.73
(0.31)
50.00

2014

2011

Net Premium Revenue

2012

2013

2014

2011

Net Profit after tax

2014

(5)
(10)
(15)

50.00

8
7
6
5
4
3
2
1
-

2012

2013

2014

Dividend and other appropriations

35
30
25
20
15
10
5

2011

2.22

Net Claims

90
80
70
60
50
40
30
20
10

2011

2012

Cash and Bank Balances

350

2013
Rs. in million

6
5
4
3
2
1

320
310
300
290
280
270
260
250

2011

2014

Equity Growth

Balance Sheet Growth

340

260

Profit and Loss Account


for the year ended 31st December

60
50
40
30
20
10

2011

2012

2013

2014

2011

2012

2013

2014

57

HABIB INSURANCE
COMPANY LIMITED
Mr. Ali Raza D. Habib
Vision:

Mission:

In Insurance, as also in Banking, Habib is


committed to its time honoured tradition of servin
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.
Habib will continue to pursue its policy of
progressive yet cautious underwritting 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 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
challanges.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

2014

2013

1009
459
1273
222
(24)
175
260

963
438
538
215
(2)
151
244

COMPANY INFORMATION
1. Chairman

Mr. Rafiq M. Habib

2. Chief Executive Officer

Mr. Ali Raza D. Habib

3. Directors

Mr. Abbas D. Habib


Mr. Mansoor G. Habib
Mr. Mohamedali R. Habib
Mr. Sajjad Hussain Habib
Mr. Aun Mohammad A.
Habib
Mr. Ali Fadoo

4. Company Secretary

Mr. Shabbir Gulamali

5. Chief Financial Officer

Mr. Abdul Aziz Siwani

58

6. Advisors

Legal: M/s. Lari & Co.


Tax: M/s. Abbas Karjatwala
& Co.

7. Auditors

M/s. Ernst & Young Ford


Rhodes Sidat Hyder & Co.

8. Registered Office /
Main Office

9. Number of Employees

1st Floor, State Life


Building No. 6,
M. A. Jinnah Road,
Karachi - 74000
192

HABIB INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
TOTAL EQUITY AND LIABILITIES

2013
2012
Rs. in million

2011

650.00

500.00

500.00

500.00

619.37
540.67
1,160.05

495.50
529.53
1,025.03

495.50
464.96
960.46

450.45
427.63
878.08

868.75
432.29
0.26
49.48
1,350.78
46.85

336.52
400.13
1.52
46.32
784.49
38.71

184.48
380.69
42.22
607.39
25.28

209.93
363.60
37.14
610.67
24.04

255.09

353.72

381.57

339.38

38.23

35.72

29.27

25.91

2,851.00

2,237.67

Cash and bank deposits

74.56

60.62

78.60

50.43

Loans - secured considered good

27.45

29.15

29.22

31.24

1,043.88

1,117.37

1,056.21

916.43

Investments
Investment properties

Deferred tax

2,003.97 1,878.08

21.20

27.45

26.46

19.45

Reinsurance recoveries against


outstanding claims

824.67

273.69

124.59

125.00

Deferred commission expense

45.36

37.34

50.12

38.17

Other assets

800.19

681.03

626.94

683.23

Fixed assets

13.69

11.02

11.83

14.13

Leased motor vehicle


TOTAL ASSETS

2,851.00

2,237.67

2,003.97 1,878.08

Assets at market value

3,643.19

2,589.16

2,182.72 1,877.08

537.35
1.46
2.46
18.73

289.38
1.40
2.18
20.69

BALANCE SHEET RATIOS


Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

234.81
1.39
2.09
19.38

283.44
1.49
2.14
19.49

2012

2013

2011

2014

Investments

2012

2013

1,000
800
600
400
200
2011

2012

435.97
-

420.31
-

Less: Net claims

221.54

215.02

229.91

231.18

Less: Expenses

175.20

150.79

137.59

127.31

Less: Net commission


Underwriting result

(23.59)
86.84

(2.17)
73.17

5.45
63.02

1.63
60.19

Investment income

256.87

240.30

204.35

117.39

Rental income

Other income

8.26

11.06

9.28

28.96

(59.15)

(54.17)

(66.90)

(57.49)

General and administration expenses


Exchange gain

2013

2014

Note: The amount on y-axis represent Rs. in million

205.97
292.81

270.36

209.75

149.04

32.80

26.38

14.76

22.75

Profit after tax

260.01

243.98

194.99

126.29

Other comprehensive income - net


Total Comprehensive income for the year

(1.12)
258.89

(3.25)
240.73

(1.51)
193.48

126.29

APPROPRIATIONS
Balance at commencement of year

275.41

208.11

172.29

197.36

Dividend
Reserve for bonus share/bonus shares issued
General reserve

123.88
123.88
-

173.43
-

112.61
45.05
-

100.10
50.05

Balance unappropriated profit at end of year

247.75
286.55

173.43
275.41

157.66
208.11

150.15
173.50

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
48.29
Net profit after tax to net premium %
56.68
Management expenses to net premium %
38.19
Commission to net premium %
(5.14)
Earning per share (Rs.)
4.20
Cash dividend
123.88
Stock dividend
123.88

49.05
55.66
34.40
(0.50)
4.92
173.43
-

52.74
44.73
31.56
1.25
3.94
112.61
45.05

55.00
30.05
30.29
0.39
2.80
100.10
50.05

Profit before tax


Provision for taxation

2014

470
460
450
440
430
420
410
400

2011

2012

2013

2014

Net Premium Revenue

2011

Net Profit after tax

2014

88.86

2012

2013

2014

Dividend and other appropriations


300
250

200

200

150

150

100

100

50

2013

146.73

250

2012

197.19

300

2011

Finance charges on lease rentals

Net Claims

90
80
70
60
50
40
30
20
10

2011

438.33
(1.52)

Cash and Bank Balances

1,200

2013
2012
Rs. in million

458.73
1.25

235
230
225
220
215
210
205

1,400
1,200
1,000
800
600
400
200

2014

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

Equity Growth

Balance Sheet Growth

3,000
2,500
2,000
1,500
1,000
500
2011

Profit and Loss Account


for the year ended 31st December

50

2011

2012

2013

2014

2011

2012

2013

2014

59

IGI INSURANCE LIMITED

Mr. Tahir Masaud

Vision:

Mission:

IGI Insurance is committed to being one of the


leading providers of solutions to risk exposure in
selected market segments in Pakistan.

Key Financial Data for the last two (2) Years

Our vision will be realized through:

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

Customers
Being the preferred insurer in providing
solutions to risk exposure.
Shareholders
Consistently delivering above market average
return on capital.

2014

(Rs in million)

2,140
1,045
1,051
594
(94)
336
823

2013

2,035
1,067
1,041
767
(92)
287
481

Employees
Providing the environment necessary to be the
employer of choice.
Community
Compliance with the highest ethical moral
standards.

COMPANY INFORMATION
1. Chairman

Syed Babar Ali

2. Directors/CEO

Mr. Tahir Masaud

3. Directors

Mr. Shamim Ahmad Khan


Syed Kamal Ali
Syed Yawar Ali
Syed Shahid Ali
Syed Hyder Ali
Mr. Waqar Ahmad Malik

4. Company Secretary

Mr. Haider Raza

5. Chief Financial Officer

Mr. Usman Saifi

6. Advisors

Ramday Law Associates


Hassan & Hassan
Lari & Company
Habib Ur Rehman & Co

60

7. Auditors

A.F. Ferguson & Co.

Chartered Accountants.

8. Registered Office
Main Office

7th Floor, The Forum,


Suit Nos. 701-713, G-20,
Block 9,
Khayban-e-Jami, Clifton,
Karachi-75600, Pakistan
www.igiinsurance.com

9. Number of Employees

122

IGI INSURANCE LIMITED


Balance Sheet
as at 31st December

Profit and Loss Account


2014

Equity
Authorized share capital

2,000.00

Issued subscribed and paid-up capital


Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities

Cash and bank deposits

2,000.00

640.51
648.17
72.75
1,361.43
1.23

579.19
630.26
68.87
1,278.32
-

784.78

680.63

2011

2,000.00 2,000.00

541.69
727.34
600.14
570.17
65.21
66.36
1,207.03 1,363.87
17.84
413.73

340.25

647.83

Loans - secured considered good

255.89

2.36

127.36

Deferred tax

Reinsurance recoveries against


outstanding claims

336.40

Deferred commission expense

17.40

84.94

13.12

12.32

342.34

370.05

Other assets

1,274.41

1,124.15

Fixed assets

240.18

222.09

Leased motor vehicle

163.80
-

122.32
1.08
1.21
97.98

12,600
12,400
12,200
12,000
11,800
11,600
11,400
11,200
11,000
10,800
10,600

2012

2013

2014

Investments

531.00
181.00

Less: Net commission


Underwriting result

(93.64)
208.20

(91.70)
104.62

(146.99)
232.40

(67.00)
207.00

Investment income

940.88

691.35

397.53

492.00

Rental income

4.09

13.18

21.39

19.75

Other income

51.51

25.10

12.28

5.78

(188.29)

(238.13)

(152.37)

(130.37)

General and administration expenses

550.79

(40.95)
346.20

Profit before tax

942.10

555.23

452.16

554.58

(119.30)

(74.17)

(794.66)
(11.33)

(497.88)
(7.00)

822.80
(4.58)

481.07
(3.48)

(353.83)
(17.99)

49.71
-

77.52
-

90.93
528.86
-

Impairment on asset classified for sale


Share of profit / (loss) of associates
Provision for taxation
Profit after tax
Other comprehansive income
APPROPRIATIONS
Balance at commencement of year

63.27
1.04
1.20
101.21

533.64

592.46

223.07
(223.07)
3.48

557.68
(557.68)
17.99

337.66
(337.66)
-

4.58

3.48

17.99

Balance unappropriated profit at end of year 1,881.47

1,063.25

161.82

642.17

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
56.90
Net profit after tax to net premium %
78.74
Management expenses to net premium %
32.14
Commission to net premium %
(8.96)
Earning per share (Rs.)
6.71
Cash dividend
167.30
Stock dividend
(167.30)

71.87
45.10
26.92
(8.60)
4.31
223.07
(223.07)

62.08
(37.65)
28.83
(15.64)
(3.17)
557.68
(557.68)

62.32
5.83
21.24
(7.86)
0.45
337.66
(337.66)

2014

2011

2012

2013

2014

2011

Net Profit after tax

200
150
100
50

Note: The amount on y-axis represent Rs. in million

Net Premium Revenue

2014

(200)
(400)
(600)

2012

2013

2014

Dividend and other appropriations

1,000
800
600
400
200

2013

1,200
1,000
800
600
400
200

200

2012

585.67

400

2011

1,063.25

Net Claims

250

2014

Dividend
167.30
Reserve for bonus share/bonus shares issued (167.30)
General reserve
4.58

Cash and Bank Balances

2013

165.12

300

2012

583.48
270.96

(59.06)
219.76

350

2011

766.54
287.06

600

2013

852.00
-

335.88

800

2012

939.85
-

594.54

1,000

2011

1,066.55
(0.04)

(40.89)
450.62

11,800
11,600
11,400
11,200
11,000
10,800
10,600
10,400
10,200
2011

1,044.93
0.04

Less: Expenses

Equity Growth

Balance Sheet Growth

15,000
14,500
14,000
13,500
13,000
12,500
12,000

(168.44)
0.89
1.21
95.70

2011

(74.29)
733.91

Assets at market value

(262.42)
0.88
1.25
94.38

2012

Finance charges on lease rentals

14,490.09 13,227.42 12,942.31 13,581.37

BALANCE SHEET RATIOS


Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

2013
Rs. in million

Less: Net claims


\

1,062.30 1,095.99

TOTAL ASSETS

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

2014

Exchange gain

12,196.54 11,252.45 11,246.54 11,622.96

Investment properties

for the year ended 31st December

360.62

14,490.09 13,227.42 12,942.31 13,581.37


315.20

Investments

2012

1226.895 1,115.36 1,115.36 1,115.36


10352.251 9,812.87 9,558.36 10,172.88
11,579.15 10,928.23 10,673.72 11,288.24

763.51

TOTAL EQUITY AND LIABILITIES

2013
Rs. in million

20
15
10
5

2011

2012

2013

2014

2011

2012

2013

2014

61

JUBILEE GENERAL INSURANCE


COMPANY LIMITED
Mr. Tahir Ahmed

Vision:

To enable people overcome uncertainty.

Mission:

Provide solutions to protect the future of our


customers.

Key Financial Data for the last two (2) Years


2014
Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission
Management expense
Profit after tax

(Rs in million)

6,961
3,645
3,750
2,083
330
957
1,079

2013

6,569
3,526
4,095
2,155
311
837
1,045

COMPANY INFORMATION
1. Chairman

Mr. Towfiq H. Chinoy

2. President & Managing Director Mr. Tahir Ahmed


(Chief Executive Officer)
3. Directors

Mr. Sadruddin Hashwani


Mr. Akbarali Pesnani
Mr. John Joseph Metcalf
Mr. R. Zakir Mahmood
Mr. Aly Noormahomed

6. Auditors

KPMG Taseer Hadi &


Company Chartered Accountants

7. Legal Adviser

M/s Surridge & Beecheno

8. Head Office /
Registered Office

2nd Floor, Jubilee Insurance


House I.I. Chundrigar
Road, Karachi.
UAN (92-021) 111-654-111
Toll Free: 0800-03786
Tel: (92-021) 32416022-26
Fax: (92-021) 32416728,
32438738
Email:info@jubileegeneral.com.pk
Web:www.jubileegeneral.com.pk

9. No. of Employees

633

Rattansey

Mr. Amin A. Hashwani


Mr. Aamir Hasan Irshad

4. Chief Financial Officer

Mr. Nawaid Jamal

5. Company Secretary

Mr. Fahad Alam

62

JUBILEE GENERAL INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings

2013
Rs. in million

2012

2011

2,000.00

1,500.00

1,500.00 1,000.00

1,569.10
3,853.78
5,422.88

1,364.44
3,395.36
4,759.80

1,186.47
988.72
2,888.37 2,564.12
4,074.84 3,552.84

Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities

2,805.86
2,340.94
90.58
5,237.39
0.05

3,142.96
2,334.67
101.39
5,579.01
0.34

2,275.74 1,832.12
2,246.08 1,832.59
82.05
67.92
4,603.87 3,732.63
0.62
0.90

Creditors and accruals

1,592.29

1,370.91

1,196.16 1,092.72

Other liabilities

1,286.17

T OTAL EQUITY AND LIABILITIES


Cash and bank deposits
Loans - secured considered good
Investments
Investment properties
Deferred tax

1,101.90

883.90

595.76

13,538.78 12,811.95 10,759.38 8,974.84


1,021.05

1,010.39

1,259.54

967.36

0.58

0.52

0.76

0.85

7,777.59

7,302.56

678.04

156.43

5,927.29 4,937.31
149.02

144.77

22.50

31.55

31.21

Reinsurance recoveries against


outstanding claims

36.23

1,356.40

1,630.60

1,008.21

746.17

Deferred commission expense

203.33

200.81

175.37

155.74

Other assets

2,341.02

2,339.70

Fixed assets

138.28

139.41

2,069.36 1,886.48

Profit and Loss Account


for the year ended 31st December

2014

3,644.63
-

3,525.78 3,084.74 2,764.20


-

Less: Net claims

2,082.70

2,154.73 1,910.33 1,699.09

Less: Expenses

957.12

837.00

733.63

652.48

Less: Net commission


Underwriting result

329.66
275.15

310.78
223.28

286.44
154.35

258.87
153.76

Investment income

803.09

803.46

631.28

611.97

99.12

116.23

104.69

94.28

Rental income
Other income
General and administration expenses

61.30

71.60

56.76

44.75

(51.09)

(44.53)

(34.36)

(30.75)

Exchange gain

Share in profit of an associate

33.28
791.65

18.92
739.16

1,269.82

1,220.20

946.00

892.91

190.70

174.89

119.50

95.72

Profit after tax


1,079.12
Actuarial (loss)/gain on defined benefit plan
2.96
Total comprehensive income
1,082.07
APPROPRIATIONS
Balance at commencement of year
1,055.98

1,045.32
(4.42)
1,040.90

826.50
(7.88)
818.62

797.19
9.98
807.17

Profit before tax


Provision for taxation

13,538.78 12,811.95 10,759.38 8,974.84


18,989.00 16,185.00 13,010.00 10,902.38

Balance unappropriated profit at end of year 1,104.05

BALANCE SHEET RATIOS


Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

-965.87
0.83
2.50
34.56

99.92

-635.08
0.89
2.69
34.88

-18.69
1.00
2.64
34.34

79.41
1.02
2.53
35.93

10,000
5,000

2013

2014

1,500
1,000
500

Investments

2012

2013

2014

7,000
6,000
5,000
4,000
3,000
2,000
1,000

1,200

1,000

1,000

800

600
400

2013

2014

Note: The amount on y-axis represent Rs. in million

2013

2014

2011

2012

2013

2014

158.20
197.74
100.00
455.94

1,055.98

878.99

884.74

61.11
29.64
23.74
8.81
7.66
355.94
177.97

61.93
26.78
23.78
9.29
6.97
296.62
197.74

61.47
28.83
23.60
9.37
8.06
158.20
197.74

2011

2012

2013

2014

Dividend and other appropriations

1,200
1,000
800

600

600

400

400

200

200

533.51

296.62
197.74
230.00
100.00
824.36

57.14
29.60
26.26
9.05
6.88
409.33
204.67

Net Profit after tax

800

2012

2012

1,200

1,400

2011

2011

Cash and Bank Balances

9,000
8,000

884.73

355.94
177.97
230.00
100.00
863.91

Net Premium Revenue

2,000

2011

878.99

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500

2,500

3,000
2,000
1,000

2012

PROFIT AND LOSS ACCOUNT RATIOS


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
Net Claims

6,000
5,000
4,000

2011

Dividend
Reserve for bonus share/bonus shares issued
General reserve
Special reserve

Equity Growth

Balance Sheet Growth

15,000

50.16
996.93

Assets at market value

138.63

82.25
994.68

TOTAL ASSETS

2011

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

409.33
204.67
320.00
100.00
1,034.00

Leased motor vehicle

2013
2012
Rs. in million

200

2011

2012

2013

2014

2011

2012

2013

2014

63

NEW HAMPSHIRE
INSURANCE COMPANY
Mr. Mujib Khan

We're one of the world's largest insurance organizations. We're


leaders in property casualty insurance, life insurance, retirement
services, and mortgage insurance. But we're more than the sum
of our parts.
We're a network of 65,000 people in more than 100 countries
and jurisdictions who come together every day to take on the
world's new challenges. We're people who believe that with the
right values and hard work, anything is possible. We know that
when we're at our best, it allows each and every one of our
customers to be at their best, to realize their dreams, and find
success every day.
And we know that thanks to our investment in the latest data
technology, combined with our spirit of inventiveness, tomorrow
is going to be amazing.
Together, we're working to help see, build, and secure a better
future for everyone.
AIG at a Glance:
n
US$ 64.4B AIG's revenue in 2014
n
99.6% Fortune 500 companies AIG serves
n
95+ years in operation
n
100+ Countries and jurisdictions where AIG serves
customers
n
65,000 approx. AIG employees
Commercial Insurance is a leading provider of insurance products

and services for commercial and institutional customers. It


includes one of the world's most far-reaching property casualty
networks, a leading mortgage guaranty insurer, and an institutional
retirement and savings business. Commercial Insurance offers
a broad range of products to customers through a diversified,
multichannel distribution network. Clients value Commercial
Insurance's strong capital position, extensive risk management
and claims experience, and its ability to be a market leader in
critical lines of insurance business.
n
Ranked among the top 10 most preferred commercial
insurance carriers
n
#1 commercial insurer in the U.S., with an established
and growing position in Latin America
n
Largest non-life insurer in the world by market
capitalization.

Key Financial Data for the last two (2) Years


2014
Premium Written
Net Premium Revenue
Net Claims Expense
Net Commission Income
Profit / (Loss) after Tax

1,796
607
419
99
212

(Rs in million)

2013

1,643
510
272
83
169

COMPANY INFORMATION
1. Country Manager

Mr. Mujib Khan

2. Finance Manager

Mr. Adnan Khandwala

3. Advisors

Sattar & Sattar

4. Auditors

A. F. Ferguson & Co.

66

Chartered Accountants

5. Registered Office

1st Floor, Dadex House 34A/1, Block 6, PECHS,


Shahrah-e-Faisal, Karachi 75400, Pakistan

6. Number of Employees

55

NEW HAMPSHIRE INSURANCE COMPANY


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital

2013
Rs. in million

Issued subscribed and paid-up capital


Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals

1,033.81
1,033.81

451.26
672.01
124.79
1,248.06

874.76
585.63
118.51
1,578.90

1,110.89

Cash and bank deposits

395.94
466.10
93.70
955.74
813.77

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

606.61
-

509.87
-

436.99
-

443.40
-

Less: Net claims

418.82

272.28

270.19

268.24

Less: Expenses

101.69

121.76

106.89

147.34

318.48
479.98
97.82
896.28

Less: Net commission


Underwriting result

(99.14)
185.25

(83.76)
199.58

(82.06)
141.96

(39.02)
66.83

Investment income

262.15

166.63

181.89

177.55

Rental income

855.20

Other income

(4.01)

13.49

118.19

0.08

(141.70)

(127.43)

(147.23)

(136.31)

General and administration expenses

Finance charges on lease rentals

116.45

52.69

152.86

41.32

Profit before tax

301.69

252.27

294.82

108.15

89.67

82.74

102.11

33.93

212.02

169.53

192.71

74.22

1,033.81

1,194.99

1,002.28

928.06

721.29

525.34

8.79

6.54

7.32

529.83
10.08

301.31

786.65

286.28

219.14

85.67

81.75

65.47

73.79

Other assets

1,146.47

888.11

711.59

753.93

Fixed assets

33.67

47.78

62.28

60.34

Leased motor vehicle

Profit after tax


APPROPRIATIONS
Balance at commencement of year
Dividend
Reserve for bonus share/bonus shares issued
General reserve

TOTAL ASSETS

3,604.78

3,690.86

2,964.50 2,753.76

Assets at market value

3,699.19

3,815.91

3,045.49 2,793.99

829.38
1.53
2.89
-

880.58
1.45
3.57
-

1,094.39
1.90
2.48
-

Provision for taxation

906.06
1.77
2.75
-

1,000
2012

2013

2014

Investments

200
100

2014

1000

1000

600

800

2012

2013

2014

Note: The amount on y-axis represent Rs. in million

2012

2013

2014

1,194.99 1,002.28
61.83
44.10
24.46
(18.78)
-

60.50
16.74
33.23
(8.80)
-

2011

2012

2013

2014

100

50

2011

Dividend and other appropriations

100

200

350
300
250
250
200

150

400

200

2014

200

600

400

2013

Net Profit after tax

1200

800

2012

250

1400

2011

2011

Cash and Bank Balances

1200

330.70

Net Premium Revenue

300

2013

700
600
500
400
300
200
100
-

400

2012

53.40
33.25
23.88
(16.43)
-

500

2011

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
69.04
Net profit after tax to net premium %
34.95
Management expenses to net premium %
16.76
Commission to net premium %
(16.34)
Earning per share (Rs.)
Cash dividend
Stock dividend
-

2011

330.70
-

1,033.81

Net Claims

1,400
1,200
1,000
800
600
400
200

Balance unappropriated profit at end of year 1,245.83

Equity Growth

Balance Sheet Growth

1,306.23 1,106.67

1,158.73

Deferred commission expense

2,000

943.75

Reinsurance recoveries against


outstanding claims

3,000

2011

2,964.50 2,753.76

1,085.12

4,000

2013
2012
Rs. in million

3,690.86

Investment properties

BALANCE SHEET RATIOS


Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

2014

3,604.78

Deferred tax

Profit and Loss Account


for the year ended 31st December

Exchange gain

Loans - secured considered good


Investments

1,194.99 1,002.28
1,194.99 1,002.28

1,078.14

T OTAL EQUITY AND LIABILITIES

2011

1,245.83
1,245.83

Other liabilities

2012

2011

2012

2013

2014

50
-

2011

2012

2013

2014

67

THE PAKISTAN GENERAL


INSURANCE COMPANY LIMITED
Ch. Zahoor Ahmed
Vision:

Mission:

The Pakistan General Insurance Company Limited


is committed to provide quality insurance services
by virtue of sound professionalism and risk
management expertise, to provide better coverage
and satisfaction to their customers.
"Our aim is to provide cost effective insurance
cover to our customers.
We follow good governance and sound
professionalism to become a well reputed and
respected corporate entity in the eyes of all stake
holders.
We strive to maintain a customer focused approach
by ensuring that our services are delivered to the
customers in time, according to the required
specifications and within our stipulated cost."

Key Financial Data for the last two (2) Years


2014
Premium Written
Net Premium Revenue
Claims Expense
Net Claims Expense
Net Commission / (Income)
Management Expense
Profit / (Loss) after tax

(Rs in million)

2013

413
224
227
122
19
34
45

330
177
221
65
13
72
27

COMPANY INFORMATION
1 Chairman

Ch. Manzoor Ahmed

2 Chief Executive Officer

Ch. Zahoor Ahmed

3 Directors

Ch. Manzoor Ahmed


Ch. Zahoor Ahmed
Mr. Ghulam Mustafa
Mr. Athar Zahoor
Mr. Nasir Ali
Mr. Rais - ud - Din
Dr. Mehmood - ul -Haq
Mr. Muazzam Baig
Mr. Mazhar Zahoor

4 Company Secretary

Ch. Muhammad Saleem

5 Chief Financial Officer

Mr. Azhar Hafeez Ch.

68

6 Legal Advisors

Kamran & Co.

Chartered Accountants

7 Auditors

Rehman Sarfaraz Rahim Iqbal Rafiq

8 Registered Office

Cooperative House Building,


5 Bank Quare, The Mall,
Lahore

9 Main Office

PGI House, Bank Square, The


Mall, Lahore

Chartered Accountants

10 Number of Employees 121

THE PAKISTAN GENERAL INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized Share Capital
Issued subscribe and paid-up Capital
Reserves and retained earnings
Underwriting Provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income Unearned
Total
Deferred Liabilities
Creditors and Accruals

2013
Rs. in million

2012

2011

400.00

400.00

400.00

400.00

375.00
196.86
571.86

375.00
151.74
526.74

300.00
199.15
499.15

300.00
104.37
404.37

50.16
202.50
18.17
270.82
2.97

49.67
165.33
10.06
15.58
240.64
6.71

5.55
164.37
18.86
188.78
4.20

7.01
224.56
32.74
264.31
1.71

37.78

23.05

32.02

24.51

Other Liabilities

0.23

0.23

0.33

0.34

Surplus on revaluation of assets

9.86

10.14

10.43

10.74

Total Equity And Liabilities

893.52

807.51

734.91

705.98

Cash and Bank Deposits

329.26

109.62

197.18

118.60

0.22

0.20

0.22

0.19

49.11

82.55

72.65

45.02

Loans - Secured Considered Good


Investment
Investment Properties

105.09

Deferred Tax

202.62

116.45

136.79

Reinsurance Recoveries Against


Outstanding Claims

5.38

3.72

3.81

5.38

Deferred Commission Expense

24.83

22.94

22.04

13.61

Other Assets

282.24

312.09

245.02

304.14

Fixed Assets

97.39

73.15

76.81

81.40

0.62

0.73

0.85

Leased Motor Vehicle

TOTAL ASSETS

893.52

807.51

734.91

705.98

Assets at Market Value

925.86

839.85

767.25

721.28

BALANCE SHEET RATIOS


Net Working Capital (Rs.)
Current Ratio
Total Assets / Net Worth
Break-up Value

528.71
7.00
1.56
15.25

352.48
5.83
1.53
14.05

408.11
11.77
1.47
16.64

396.26
13.44
1.75
13.48

600
400
200
2012

2013

2014

Investments

2012

2013

228.96
-

142.68
-

Less: Net Claims

122.48

65.00

74.90

65.95

Less: Expenses

34.30

71.91

34.36

31.54

Less: Net Commission


Underwriting result

18.64
58.65

12.94
16.65

(15.32)
135.02

(3.21)
48.40

Investment Income

22.16

33.05

12.43

8.32

6.30

5.73

7.41

6.73

Rental Income
Other Income
General and administration expenses

Finance charges on lease rentals

(0.47)
(8.91)

(0.43)
2.38

(0.49)
(4.04)

(0.39)
(15.28)

Profit before tax

49.73

19.03

130.98

33.12

Provision for taxation

4.90

(8.26)

21.50

(19.27)

44.84

27.29

109.48

52.39

APPROPRIATIONS
Balance at commencement of year

36.74

9.15

4.36

(3.36)

Dividend
Reserve for Bonus Share/Bonus Shares issued
General Reserve
25.00
Incremental depreciation
-0.282
24.72

15.00

-0.3
(0.30)

90.00
-0.31
104.69

50.00
(5.00)
-0.33
44.67

Balance Unappropriated profit at end of year

56.86

36.74

9.15

4.36

PROFIT AND LOSS ACCOUNT RATIOS


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

54.68
20.02
15.31
8.32
1.20
-

36.81
15.46
40.73
7.33
0.73
-

32.71
47.82
15.01
(6.69)
3.65
15.00
-

46.22
36.72
22.11
(2.25)
1.75
50.00

150
100
50

80

200

60

2014

2011

2012

2013

2011

2014

2012

2013

2014

Dividend and other appropriations

120
100
80
60
40
20

20

50

Note: The amount on y-axis represent Rs. in million

2013

40

100

2014

2012

Net Profit after tax

100

2013

200

2011

300

2012

Net Premium Revenue

250

120

150

Profit after tax

250

2011

5.32
(35.26)

200

50

11.84
(35.23)

250

100

1.85
(37.82)

2014

350

150

2.04
(38.95)

Exchange gain

Cash and Bank Balances

300

2011

176.56
(10.06)

140
120
100
80
60
40
20

2011

2013
2012
Rs. in million

224.00
10.06

Net Claims

700
600
500
400
300
200
100

800

2014

REVENUE ACCOUNT
Net Premium Revenue
Premium deficiency reversal/(expense)

Equity Growth

Balance Sheet Growth

1,000

2011

Profit and Loss Account


for the year ended 31st December

2011

2012

2013

2014

(20)

2011

2012

2013

2014

69

PICIC INSURANCE LIMITED

Mr. Afroz Quraishi


Vision:

To emerge as a progressive and reliable Insurance


company, with expertise in providing Insurance
Solutions essential to Risk Management; and
pioneering a culture of Insurance awareness to
customer.

Mission: PICIC Insurance shall fully satisfy the needs and


expectation of all its stakeholders by:

Key Financial Data for the last two (2) Years

(Rs in million)

Premium Written
Net Premium Revenue
Net Claims Expense
Net Commission earned
(Loss) / profit after tax

2014

2013

508
293
(213)
(14)
(130)

657
323
(178)
8
10

Delivering value to customers by creating optimized


Risk solutions.
Providing our employees an environment essential
to their career progression.
Continually provide above average returns to our
shareholders.
Support and develop the Communities in which we
live and work

COMPANY INFORMATION
1 Chairman

Mr. Irshad Ali Shaban Ali Kassim

2 Managing Director
& CEO

Mr. Afroz Quraishi

6. Legal Advisor

Abdul Majeed & Co.

7. Auditors &

A.F.Ferguson & Co.


1204, 12th Floor, Emerald Towers
Clifton, Block-5, Karachi - 75600,
Pakistan
UAN: 11 12 PICIC (111-274-242)
Landline: +92 21 35147651-5
Fax +92-21-35147656
www.picicinsurance.com

3 Directors

Mr. Shahid Ahmad


Mr. Abu Ahmed
Mr. Munawar Ali Kassim
Mr. Muzaffar Ali Shah Bukhari
Ms. Ayesha Mohammad
Mr. Ghulam Muhammad
Mr. Khalid Nawaz Awan

8. Registered /
Head Office

4. Company Secretary

Ms. Faiza Khalid

9. Number of employees

5. Acting CFO

Syed Zaigham Raza

70

Chartered Accountants

78

PICIC INSURANCE LIMITED


Profit and Loss Account

Balance Sheet
as at 31st December

2014

Equity
Authorized share capital

2013
2012
Rs. in million

2011

500.00

500.00

500.00

500.00

350.00
(250.00)
100.00

350.00
(121.00)
229.00

350.00
(126.00)
224.00

350.00
(99.00)
251.00

Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities

186.00
286.00
8.00
20.00
500.00
-

124.00
387.00
15.00
526.00
-

159.00
338.00
2.00
23.00
522.00

115.00
349.00
1.00
29.00
494.00

Creditors and accruals

353.00

169.00

224.00

321.00

Issued subscribed and paid-up capital


Reserves and retained earnings

Other liabilities

TOTAL EQUITY AND LIABILITIES


Cash and bank deposits
Loans - secured considered good
Investments
Investment properties
Deferred tax
Reinsurance recoveries against
outstanding claims
Deferred commission expense

2.00

2.00

6.00

953.00

926.00

972.00 1,072.00

41.00

102.00

246.00

236.00

292.00

256.00

187.00

347.00

76.00

74.00

66.00

54.00

200.00

121.00

112.00

112.00

3.00

3.00

3.00

4.00

72.00

55.00

55.00

44.00

18.00

26.00

30.00

31.00

Other assets

237.00

285.00

268.00

235.00

Fixed assets

13.00

3.00

3.00

3.00

1.00

1.00

2.00

6.00

953.00

926.00

Leased motor vehicle


TOTAL ASSETS

972.00 1,072.00

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

189
0.65
9.53
2.86

147
1.50
4.04
6.54

73
1.17
4.27
7.17

1,050
1,000
950
900
2012

2013

2014

293
(8.00)

323
2.00

323
(1.00)

225
-

Less: Net claims

213.00

178.00

212.00

144.00

Less: Expenses

111.00

118.00

124.00

84.00

Less: Net commission


Underwriting result

14.00
(53.00)

(8.00)
37.00

(2.00)
(12.00)

(23.00)
20.00

7.00

12.00

14.00

3.00

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

Investment income
Rental income

Other income

7.00

17.00

28.00

33.00

(92.00)

(56.00)

(55.00)

(47.00)

General and administration expenses


Exchange gain
Finance charges on lease rentals
(Loss) / profit before tax

150

100

100

50

50

2013

2014

Note: The amount on y-axis represent Rs. in million

2012

2013

10.00

(26.00)

8.00

1.00

(4.00)

10.00

(27.00)

12.00

(126.00)

(99.00)

(119.00)

(5.00)
-

8.00
-

(121.00)

(126.00)

(99.00)

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
72.70
Net profit after tax to net premium %
(44.71)
Management expenses to net premium %
37.88
Commission to net premium %
4.78
Earning per share (Rs.)
(3.74)
Cash dividend
Stock dividend
-

55.11
3.10
36.53
(2.48)
0.29
-

65.63
(8.36)
38.39
(0.62)
(0.77)
-

64.00
5.33
37.33
(10.22)
0.34
-

Net Premium Revenue

350
300
250
200
150
100
50

2011

2012

2013

2014

2011

Net Profit after tax

2014

(1.00)
(12.00)

Balance unappropriated profit at end of year (250.00)

(20)
(40)
(60)
(80)
(100)
(120)
(140)

2012

2013

2014

Dividend and other appropriations

20

2011

(131.00)

(131.00)

50

200

150

(1.00)
(14.00)

2014

250

200

(27.00)

APPROPRIATIONS
Balance at commencement of year
(121.00)
Remeasurement of post retirement
benefits obligations
2.00
Dividend
Reserve for bonus share/bonus shares issued
General reserve
-

Cash and Bank Balances

250

(Loss) / profit after tax

(78.00)

Provision for taxation

100

2013

150

2012

2014
Rs. in million

Net Claims

300

2012

2011

200

2011

Investments

300

2011

2012

250

300
250
200
150
100
50

2011

2013

Equity Growth

Balance Sheet Growth

1,100

850

184
1.48
4.34
6.40

for the year ended 31st December

1
1
1
0
0

2011

2012

2013

2014

2011

2012

2013

2014

71

PREMIER INSURANCE LIMITED

Mr. Muhammad Asif Arif

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.

Mission:

Our Business: We are a company underwriting


general insurance business including underwriting
fire, property, marine, motor and other risks of
our clients.
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
To provide an excellent working environment to
our employees affording them every opportunity
to growth and career developments.
Our Strength: Financial viability and security we
provide our clients and reinsurers in order to
safeguard their interests.
Our Strategy: To enhance our corporate image
by providing high quality products and services
to our policy holders.

Our Values: We take pride in adhering to ethical


business practices and in being a good corporate
citizen.
We respect our people and endeavor to provide them opportunities
to realize their full potential.
We recognize our responsibility to our stakeholders and to society.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium Written
Net Premium Revenue
Claims Expense
Net Claims Expense
Net Commission / (Income)
Management Expense
Profit after tax

2014

2013

1,356
695
544
347
144
213
35

1,239
653
1,088
573
102
202
(167)

COMPANY INFORMATION
1. Chairman

Mr. Zahid Bashir

2. Chief Executive

Mr Muhammad Asif Arif

3. Board of Directors

Mr. Khalid Bashir


Mr. Imran Maqbool
Mr. Nadeem Maqbool
Mr Khurram Mazhar
Mr. Shams Rafi
Mr. Attaullah A Rasheed

4. Company Secretary
& CFO

Mr. Iftikhar Gadar

5. Legal Advisor

Arfin & Company


Advocates

72

6. Auditors

Ernst & Young Ford


Rhodes Sidat Hyder

Chartered Accountants

7. Tax Advisor

Mushtaq & Company

Chartered Accountants

8. Registered Office

5th Floor, State Life


Building No. 2A
Wallace Road, Karachi
74000, Pakistan
Phones: (92-21) 32416331-4
Fax:
(92-21) 32416572
Email: info@pil.com.pk
Website: www.pil.com.pk

9. Number of Employees

149

PREMIER INSURANCE LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals

500.00

500.00

302.82
1,225.42
1,528.24

302.82
1,251.09
1,553.91

466.6
731.77
595.85
567.15
33.10
26.22
1,095.55 1,325.14
32.35
32.21
747.08

Other liabilities
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits
Loans - secured considered good
Investments
Investment properties

26.76

21.34
3,554.30

150.99

108.94

1.47

0.25

1,121.13

1,169.54

321.57

Deferred commission expense

90.48
1,524.38

Fixed assets

244.65

243.46

TOTAL ASSETS

3,429.98

478.95

481.41

15.73

10.03

3,305.86 3,301.64
146.84
-

54.77

55.28
-

277.90

278.31

82.77

74.72

255.57
-

255.45

675.09
1.54
2.24
50.47

3,305.86 3,301.64

621.47
1.45
2.29
51.31

2000

3,500

1500

3,400

1000

3,300

2011

2012

2013

2014

2011

Investments

2012

2013

1,350
1,300

Less: Net claims

347.12

573.23

327.41

218.83

Less: Expenses

212.68

202.33

201.94

187.33

Less: Net commission


Underwriting result

143.77
(9.07)

102.32
(224.96)

64.09
(60.96)

51.31
4.95

Investment income

145.73

173.46

89.85

156.22

4.69

4.043

3.33

2.93

Rental income
Other income
General and administration expenses

1,150

2013

2014

Finance charges on lease rentals


49.58

73.44

Profit before tax

40.51

Provision for taxation

(5.87)

Profit after tax


APPROPRIATIONS
Balance at commencement of year
Other comprehensive income
Dividend
Reserve for bonus share/bonus shares issued
General reserve

97.83

(151.98)

1.56

102.78

(14.82)

19.66

(18.95)

34.64

(166.80)

21.22

83.83

(93.93)
0.26
60.56
(60.56)

134.09
(0.66)
60.56
-

190.33
0.39
60.56
-

269.81
75.71
75.00

60.56

60.56

150.71

Balance unappropriated profit at end of year

(59.03)

(93.93)

151.38

202.93

PROFIT AND LOSS ACCOUNT RATIOS


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

49.98
4.99
30.62
20.70
1.14
60.56
-

87.79
(25.55)
30.99
15.67
(5.51)
60.56
-

61.49
3.99
37.92
12.04
0.70
60.56
-

47.32
18.13
40.51
11.10
2.77
75.71
-

Net Premium Revenue

800
700
600
500
400
300
200
100
-

2011

2012

2013

2014

2011

(150)
(200)

2013

2014

Dividend and other appropriations

(50)

2014

2012

160
140
120
100
80
60
40
20

(100)

2013

62.52

50

2012

2.52
(63.84)

2011

5.27
(35.93)

Net Profit after tax

50

1,100

0.42
(104.49)

Impairment in Investment

100

100

1,200

0.54
(101.38)

Exchange gain

2014

150

1,250

2012

462.42
-

Net Claims

200

2011

532.48
-

Cash and Bank Balances

1,400

2011

652.92
-

700
600
500
400
300
200
100

500

3,200

1,050

702.26
1.76
1.80
60.70

2013
2012
Rs. in million

694.5

Equity Growth

Balance Sheet Growth

3,600

3,100

715.90
1.76
1.86
58.84

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

2014

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

Profit and Loss Account


for the year ended 31st December

1.00

1,237.14 1,159.33

3,554.30

186.63

1,250.87 1,290.92

362.96

93.38

Leased motor vehicle

430.57
460.86
54.29
945.72
26.47

1,442.97

500.00

451.30
490.05
59.50
1,000.85
28.39

Other assets

2011

302.82
302.82
1,479.12 1,535.19
1,781.94 1,838.01

54.29

Reinsurance recoveries against


outstanding claims

500.00

621.70

3,429.98

53.82

Deferred tax

2013
2012
Rs. in million

2011

2012

2013

2014

2011

2012

2013

2014

73

RELIANCE INSURANCE CO LTD

Mr. A. Razak Ahmed


Vision:

Mission:

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, shareholders,
reinsurers, employees and all other business
associates / partners.
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 well
known and respected Corporate entity in the
eyes of Society and Government

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expenses
Profit / (loss) after tax

2014

2013

1028
296
249
94
39
123
90

837
261
596
88
37
117
75

COMPANY INFORMATION
1. Chairman

Mr. Ismail H. Zakaria

2. Chief Executive Officer Mr. A. Razak Ahmed


& Managing Director
3. Directors

74

Mr. Mohammad Amin AhmedBawany


Mr. A.Aziz Ayoob
Mr. Irfan Zakaria Bawany
Mr. Mohammad Omer Bawany
Mr. Zohair Zakaria
Mr. Ahmed Ali Bawany
Mr. Noor M. Zakaria
Mr. Yasin Siddik
Mr. Abdul Jabbar

4. Company Secretary
& CFO

Mr. Haroon A. Shakoor

5. Legal Advisor

Mr. Abdul Sattar Pingar

6. Auditors

BDO Ebrahim & Co

Chartered Accountants

7. Registered Office

96-A, S.M.C.H.S., Karachi

8. Main Office

Reliance Insurance House


181-A, S.M.C.H.S., Karachi

9. Number Of Employees

200

RELIANCE INSURANCE CO LTD


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits
Loans - secured considered good
Investments

2013
2012
Rs. in million

Profit and Loss Account


for the year ended 31st December

2011

500

500

500

500

403.46
321.76
725.22

366.78
286.64
653.42

318.94
259.77
578.71

318.94
196.49
515.43

273.40
461.01

230.06
417.93

628.61
288.38

188.02
248.46

30.42
764.83

31.63
679.62

30.91
947.90

28.85
465.33

104.98

122.99

105.84

128.06

0.91

0.55

0.57

0.11

1,595.94

1,456.58

104.50

103.08

68.76

79.82

1.53

1.52

1.57

0.92

1,633.02 1,108.93

Less: Expenses

122.76

116.70

106.78

99.15

Less: Net commission


Underwriting result

39.24
39.45

36.57
19.59

33.78
17.04

37.99
15.25

Investment income

96.21

97.43

110.24

94.85

Rental income

General and administration expenses

Finance charges on lease rentals


Profit before tax
Provision for taxation

APPROPRIATIONS
Balance at commencement of year

198.19

586.68

136.53

53.50

46.56

44.78

Other assets

538.74

528.69

428.77

377.11

Fixed assets

81.65

71.28

63.81

63.23

1,595.94

1,456.58

Leased motor vehicle


1,633.02 1,108.93

Assets at market value

494.52
2.30
2.20
17.98

476.36
2.35
2.23
17.82

349.19
1.48
2.82
18.14

277.27
1.88
2.15
16.16

Dividend
Reserve for bonus share/bonus shares issued
General reserve

1000
500

Investments

300

60

200

40

100
2013

2014

2012

2013

93.90

83.31

6.50

6.70

6.50

90.14

74.70

87.20

76.81

126.63

169.77

106.49

99.11

18.34
36.67
20.00

47.84
70.00

23.92
-

66.93
2.50

34.52
36.23
44.36
14.03
2.73
23.92
-

36.16
32.18
41.54
15.91
2.41
66.93

31.89
30.48
41.51
13.27
2.23
18.34
36.67

Net Premium Revenue

350
300
250
200
150
100
50
2011

2012

2013

2014

2011

Net Profit after tax

2014

2011

2012

2013

2012

2013

2014

Dividend and other appropriations

100
90
80
70
60
50
40
30
20
10
2011

81.20

6.40

33.71
28.65
44.76
14.02
2.04
47.84

PROFIT AND LOSS ACCOUNT RATIOS


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

75

20

96.54

69.43

2014

80

400

68.06

106.49

80

100

500

23.92

85

120

600

(0.62)
76.86

169.77

Cash and Bank Balances

700

(0.08)
61.61

117.84

90

2013

(0.05)
57.09

126.63

95

2012

3.00
(29.79)

75.01

100

2011

2014

2.59
(35.35)

Net Claims

800
700
600
500
400
300
200
100
-

1500

2.90
(38.64)

Balance unappropriated profit at end of year 141.76

Equity Growth

Balance Sheet Growth

2,000

2.81
(41.88)

Exchange gain

Profit after tax

54.08

2012

86.32

230.57

2011

83.10

Deferred commission expense

2013

87.89

2012

94.30

2011

Less: Net claims

406.54

238.71

436.87

BALANCE SHEET RATIOS


Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

240.70

500.32

Reinsurance recoveries against


outstanding claims

2011

260.75

584.87

Deferred tax

2013
2012
Rs. in million

295.75

Other income

Investment properties

TOTAL ASSETS

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

2014

2014

140
120
100
80
60
40
20
-

2011

2012

2013

2014

75

SPI INSURANCE
COMPANY LIMITED

Mian M.A. Shahid


Vision:

Mission:

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 resources.
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. SPI
Insurance Company Limited focusing to build
up a team of professionals by imparting
exhaustive training, education and career
orientation for the benefit of the insurance
industry. We shall endeavor our utmost to
render the best possible services to our clients.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium Written
Net Premium Revenue
Claims Expense
Net Claims Expense
Net Commission / (Income)
Management Expense
Profit / (Loss) after tax

2014

2013

510
404
186
122
56
118
40

390
286
142
104
33
76
32

COMPANY INFORMATION
1. Chairman

Mr. Aziz Ullah Memon

8. Registered Office

Suite No. 204-A, Second Floor,


Madina City Mall, Abdullah Haroon
Road, Karachi.
Phone: (021) 37010190, 35221805-6
Fax: (021) 37010191

9. Main Office

UIG House,
6 - D Upper Mall,
Lahore.
Phone: (042) 35776561-62, 35756563
Fax: (042) 35776560
E-mail: info@spiinsurance.com.pk
Website: www.spiinsurance.com.pk

2. Chief Executive Officer Mian M.A. Shahid


3. Directors

Mr. Jameel Ahmed Khan


Mr. Uzman Naveed Chaudhary
Mr. Abdul Majeed
Mr. Muhammaed Saleem Sheikh
Mr. Muhammad Moazzam Khan

4. Company Secretary

Mr. Noshad Ahmed

5. Chief Financial Officer

Mr. Naeem Tariq

6. Legal Advisors

M/s Mandviwalla & Zafar


M/s Zeeshan Abdullah

7. Auditors

78

M/s Ilyas Saeed & Co.

Chartered Accountants

10. Number of Employees 264

SPI INSURANCE CO. LTD.


Balance Sheet
as at 31st December

2014

Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings

Creditors and accruals

2011

1,000.00

500.00

500.00

500.00

325.00
4.06
329.06

325.00
(35.63)
289.37

325.00
(67.91)
257.09

325.00
(142.46)
182.54

Waqf / Participants' Takaful Fund - (PTF)


Ceded money
Accumulated surplus
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities

2013
2012
Rs. in million

78.38
211.73
0.71
290.82
8.05

97.83
170.44
3.59
0.22
272.08
4.78

80.91
145.87
6.74
12.25
245.77
2.69

112.66
105.14
2.00
8.92
228.72
0.94

30.16

21.39

24.27

16.67

TOTAL EQUITY AND LIABILITIES

658.09

587.62

529.82

428.87

Cash and bank deposits

114.20

70.15

70.41

62.99

1.86

1.71

0.50

0.35

67.13

80.50

93.66

82.34

Investments
Investment properties

Deferred tax

19.27

47.22

52.00

Reinsurance recoveries against


outstanding claims

54.94

69.20

71.29

Deferred commission expense

93.47
-

Less: Net claims

122.80

104.91

36.88

16.43

Less: Expenses

118.14

76.52

77.94

54.16

Less: Net commission

56.52

33.25

14.73

1.86

Underwriting result

110.24

75.29

49.31

21.02

12.37

11.11

10.21

7.45

268.18
3.25
2.03
8.90

Balance Sheet Growth

201.11
2.91
2.06
7.91

7.39

(52.76)

(46.33)

(37.30)

(10.53)

General and administration expenses


Exchange gain
Finance charges on lease rentals

600
400
200
2014

Investments

2012

2013

(25.43)

4.31

Profit before tax from conventional operations 73.04

40.28

23.88

25.33

Profit/(loss) from window takaful operations

(0.71)

Profit before tax

72.33

40.28

23.88

25.33

(35.63)

(67.91)

(142.45)

30.39
9.98
29.23
13.99
1.24
-

36.58
11.38
26.68
11.59
1.00
-

20.09
40.83
42.45
8.02
2.31
-

17.58
26.10
57.94
1.99
0.75
-

2014

400
300
200
100

2011

2012

2013

2014

40
20

2011

2012

2013

2011

Net Profit after tax

60

2014

Net Premium Revenue

500

2014

2012

2013

2014

Dividend and other appropriations

80
70
60
50
40
30
20
10

80

3.53

Net Claims

100

PROFIT AND LOSS ACCOUNT RATIOS


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

171.04
2.32
2.35
5.62

120

Balance unappropriated profit at end of year

Cash and Bank Balances

100
90
80
70
60
50
40
30
20
10

(35.01)

140
120
100
80
60
40
20

2011

(166.85)
(166.85)

428.87

350
300
250
200
150
100
50

(37.20)

Equity Growth

800

(143.05)
0.18
(142.87)

Assets at market value


386.89
4.56
2.00
10.12

1.66

(67.91)
(0.35)
(68.26)

32.79

529.82

0.21

(35.63)
(1.18)
(36.81)

56.61

587.62

3.18

24.40

51.12

658.09

Other income

74.96

80.48

32.63

47.50

40.34

Fixed assets

APPROPRIATIONS
Balance at commencement of year
Acturial (loss) / gain on defined benefit plan
Dividend
Reserve for bonus share/bonus shares issued
General reserve

13.02

Leased motor vehicle

Rental income

Profit after tax

156.90

2013

183.60
(4.74)

20.76

2012

286.82
3.15

0.93

164.59

2011

404.13
3.58

(51.08)

19.07

2013

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

7.65

248.65

2012

2011

32.00

26.91

2011

2012

Provision for taxation

326.29

BALANCE SHEET RATIOS


Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

2013
Rs. in million

Other assets

TOTAL ASSETS

2014

Investment income

Other liabilities

Loans - secured considered good

Profit and Loss Account


for the year ended 31st December

0
(50)
(100)
(150)

2011

2012

2013

2014

(200)

2011

2012

2013

2014

79

SECURITY GENERAL INSURANCE


COMPANY LIMITED
Ms. Nabiha Shahnawaz
Mission

Key Financial Data for the last two (2) Years

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

2014

2013

1,816
524
232
29
897

1,872
368
97
16
760

COMPANY INFORMATION
1. Chairman

Mian Hassan Mansha

2. Chief Executive Officer

Ms. Nabiha Shahnawaz

3. Board of Directors

Mian Hassan Mansha


Mr. Jehanzeb Amin
Mr. Mahmood Akhtar
Mr. Inayat Ullah Niazi
Mr. Badar ul Hassan

4. Company Secretary

Mr. Khalid Mahmood Chohan

5. Chief Financial Officer

Mr. Farrukh Aleem

6. Legal Advisor

Hamid Law Associates

80

7. Auditors & Tax Advisor

A.F. Ferguson & Co


Chartered Accountants

8. Registered / Main Office SGI House, 18 C / E1,


Gulberg III, Lahore.
Tel: 92-42-35775024-29
Fax: 92-42-35775030
E-mail: sgi@sgicl.com
Web: www.sgicl.com
9. Number of Employees

147

SECURITY GENERAL INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

Equity
Authorized Share Capital
Issued subscribe and paid-up Capital
Reserves and retained earnings

2013
2012
Rs. in million

2011

1,000.00

1,000.00

1,000.00 1,000.00

680.63
7,814.06
8,494.69

680.63
7,226.91
7,907.54

680.63
680.63
6,740.62 6,453.31
7,421.25 7,133.94

Underwriting Provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income Unearned
Total
Deferred Liabilities (Defered Taxation)

507.15
888.32

344.88
905.37

212.78
650.22

156.67
190.10

82.53
1,478.00
4.71

66.01
1,316.25
6.30

54.81
917.80
-

27.33
374.09
-

Creditors and Accruals

1,055.70

1,084.09

391.45

194.97

Other Liabilities

Total Equity And Liabilities

11,033.10 10,314.18

Cash and Bank Deposits

836.80

711.77

7,535.30

7,261.14

218.06

8,730.50 7,921.06
164.62

56.74

Loans - Secured Considered Good


Investment
Investment Properties

Deferred Tax

7,272.99 7,211.21

26.42

27.49

21.93

18.83

Reinsurance Recoveries Against


Outstanding Claims

423.56

266.39

165.60

110.46

Deferred Commission Expense

110.44

101.90

59.37

42.32

Other Assets

1,980.43

1,835.37

938.84

394.16

Fixed Assets

120.14

110.11

107.15

87.34

Leased Motor Vehicle

TOTAL ASSETS

11,033.10 10,314.18

8,730.50 7,921.06

Assets at Market Value


BALANCE SHEET RATIOS
Net Working Capital (Rs.)
Current Ratio
Total Assets / Net Worth
Break-up Value

1,677.95
2.07
1.30
124.81

1,384.57
1.97
1.30
116.18

Balance Sheet Growth

664.84
2.10
1.18
109.04

(8.34)
0.99
1.11
104.81

2013

2014

Investments

231.65

96.69

70.02

52.71

Less: Expenses

89.07

77.84

61.19

45.89

Less: Net Commission


Underwriting result

29.19
174.16

16.41
176.94

10.26
56.11

9.20
47.58

Investment Income

850.00

751.36

644.88

516.80

Rental Income

Other Income

46.00

7,500
7,400
7,300
7,200
7,100
7,000
2013

2014

0.08

0.51

8.45

General and administration expenses

96.99

96.67

84.80

44.74

Exchange gain

2013

30.96
529.63

70.94
409.57

Profit before tax

971.39

826.45

585.74

457.16

Provision for taxation

74.36

66.04

58.69

67.83

897.03

760.40

527.05

389.33

7,224.91

6,738.62

185.37

Dividend
306.28
Reserve for Bonus Share/Bonus Shares issued
General Reserve
Other comprehensive income: remeasurement of
3.60
defined benefit obligation
309.88

272.25
-

238.22
-

204.19
-

1.87

1.52

(0.23)

Profit after tax


APPROPRIATIONS
Balance at commencement of year

274.12

239.74

203.96

Balance Unappropriated profit at end of year 7,812.06 7,224.91

472.68

185.37

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
44.20
Net Profit after tax to net premium %
171.17
Management expenses to net premium %
17.00
Commission to net premium %
5.57
Earning per share (Rs.)
13.18
Cash Dividend
306.28
Stock Dividend
-

35.44
266.75
30.97
5.19
7.74
238.22
-

33.92
250.57
29.53
5.92
5.72
204.19
-

2014

26.28
206.69
21.16
4.46
11.17
272.25
-

Net Premium Revenue

600
500
400
300
200
100

2011

2012

2013

2014

2011

Net Profit after tax

2014

5.26
649.50

2012

2013

2014

Dividend and other appropriations

1,000
900
800
700
600
500
400
300
200
100

2012

1.77
797.24

50

2011

Finance charges on lease rentals

100

900
800
700
600
500
400
300
200
100
2012

Less: Net Claims

Cash and Bank Balances

7,600

2011

155.38

150

2013

2011

197.58

200

2012

2012

367.89

250

2011

2013
Rs. in million

524.07

Net Claims

9,000
8,500
8,000
7,500
7,000
6,500
6,000
2012

2014

REVENUE ACCOUNT
Net Premium Revenue
Premium deficiency reversal/(expense)

Equity Growth

12,000
10,000
8,000
6,000
4,000
2,000
2011

Profit and Loss Account


for the year ended 31st December

500
400
300
200
100
2011

2012

2013

2014

2011

2012

2013

2014

81

SHAHEEN INSURANCE
COMPANY LIMITED
Mr. Sohel Najam Kidwai
Values:

Mission:

To deliver general insurance at its best and to


contribute positively and proactively for the
welfare of our society at large as well as for the
preservation of our environment, culture and
ethics
Our mission is to continuously improve our selves
to become a leading, profitable Company meeting
the needs of our customers and enhancing the
value of our shareholders Investment.

Key Financial Data for the last two (2) Years

(Rs in million)

2014
284
230
147
73
40
49
13

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

2013
344
331
378
235
57
84
(106)

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 Marshal
Muhammad. Arif Pervaiz (Retd.)

2. Chief Executive Officer Mr. Sohel Najam Kidwai


3. Directors

82

Air Commodore
Zafar Yasin (Retd.)
Air Commodore
Mahmood Ahmad (Retd.)
Air Commodore
Mr. Shahid Jamil Hashmi
(Retd.)
Air Commodore
Muhammad Masud Akhtar
(Retd.)
Group Captain
Mr. Ehsan-ur-Rauf Sheikh
(Retd.)
Mr. Aamir Shahzad Mughal

4. Chief Financial Officer Mr. Nisar Ahmed Almani


5. Legal Advisor
6. Auditors

Surridge & Beecheno


Riaz Ahmed & Company

Chartered Accountants

7. Registered Office /
Main Office

10th Floor, Shaheen Complex,


M.R. Kayani Road, Karachi

8. Number of Employees

108

SHAHEEN INSURANCE COMPANY LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Profit and Loss Account


for the year ended 31st December

Equity
Authorized share capital

600.000

Issued subscribed and paid-up capital


Reserves and retained earnings

300.000

450.000 300.000
(109.916) (122.879)
340.084 177.121

Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities

30.000

30.000

300.000 250.000
(16.627) 15.465
283.373 265.465

228.704
125.729
3.764
0.744
358.941

347.858
143.405
3.764
4.135
499.162

236.223
214.836
3.278
7.806
462.143

146.408
282.507
12.260
441.175

87.333

187.202

130.165

121.765

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

482.963

Less: Net claims

73.395

235.003

303.949

247.643

Less: Expenses

48.815

83.820

90.351

87.336

Less: Net commission


Underwriting result

39.784
67.626

56.515
(44.700)

70.163
40.378

64.419
83.566

Investment income

15.897

9.310

7.335

11.654

2.301

2.175

2.125

2.095

Rental income
Other income
General and administration expenses

0.908

3.394

4.116

864.393

879.075

832.521

Cash and bank deposits

230.399

71.532

48.490

26.324

0.054

0.771

3.556

2.774

238.654

229.971

240.948

51.782

Provision for taxation

58.955

60.373

27.463

29.303

Profit after tax

Investment properties
Deferred tax

30.089

94.607

48.434

22.720

Other assets

217.398

381.843

437.383

515.308

Fixed assets

10.446

23.250

69.988

180.698

Deferred commission expense

Leased motor vehicle


TOTAL ASSETS

0.761

2.046

2.812

3.613

786.756

864.393

879.075

832.521

161.45
1.51
2.31
7.56

12.01
1.02
4.88
5.90

164.53
1.44
3.10
9.45

292.06
2.07
3.14
10.62

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

800
750
2012

2013

2014

Investments

2012

2013

300
250

200

200

150

150

100

100

2012

2013

2014

Note: The amount on y-axis represent Rs. in million

(58.087)

(69.624)

(58.367)

11.817 (102.787)

(29.245)

25.199

(3.466)

(2.846)

(5.954)

12.962 (106.253)

(32.092)

19.245

(4.535)

(23.780)

(36.627)

(4.535)

59.818
(6.316)
17.781
13.808
(1.070)
-

51.276
3.985
18.083
13.338
0.770
-

(142.879)

(36.627)

Balance unappropriated profit at end of year (129.917) (142.879)


PROFIT AND LOSS ACCOUNT RATIOS
Claims incurred to net premium %
31.964
Net profit after tax to net premium %
5.645
Management expenses to net premium %
21.259
Commission to net premium %
17.326
Earning per share (Rs.)
0.288
Cash dividend
Stock dividend
-

70.971
(32.088)
25.314
17.068
(3.542)
-

Net Premium Revenue

600
500
400
300
200
100
2011

2012

2013

2014

2011

Net Profit after tax

2012

2013

2014

Dividend and other appropriations

40
20

1
0

50

50

6.004
(78.120)

1.145

Dividend
Reserve for bonus share/bonus shares issued
General reserve

2014

250

2011

Profit before tax

Cash and Bank Balances

350

3.715
(82.799)

(55.809)

350
300
250
200
150
100
50

2011

5.474
(75.046)

Net Claims

400
350
300
250
200
150
100
50

850

37.882
(111.889)
-

Finance charges on lease rentals

Equity Growth

Balance Sheet Growth

900

2011

Exchange gain

APPROPRIATIONS
Balance at commencement of year

Reinsurance recoveries against


outstanding claims

2011

508.120
(3.279)

0.398

Investments

2012

331.125
(0.485)

786.756

Loans - secured considered good

2013
Rs. in million

229.621
-

TOTAL EQUITY AND LIABILITIES

700

2014

Rs. in million

2011

2012

2013

2014

(20)
(40)
(60)
(80)
(100)
(120)

0
0
0

2011

2012

2013

2014

2011

2012

2013

2014

83

SINDH INSURANCE LIMITED

Mr. Muhammad Faisal Siddiqui


Values:
Mission:

Reaching everyone for insurance and to meet


expectations of our customers and shareholders.
To provide best returns to our shareholders, job
opportunities to the people and premium service
at competitive price to our customers.

Key Financial Data for the last two (2) Years

(Rs in million)

2014
2.31
(0)
0
32

Premium Written
Net Premium Revenue
Net Claims Expense
Profit After Tax

2013
-

COMPANY INFORMATION
1. Chairman

Muhammad Bilal Sheikh

2. Chief Executive Officer Muhammad Faisal Siddiqui

6. Auditors

3. Directors

Mohammad Sohail Khan Rajput


Syed Shahnawaz Nadir
Muhammad Naimuddin Farooqui
Shamsuddin Khan
Mr. Ahmed Salahuddin
Mr. Akhtar Ali Khan

7. Registered Office /
Head Office

4. Company Secretary
& CFO

Mr. Nadeem Akhter

8. No. of Employees

5. Legal Advisor

Muhammad Nadeem Khan

84

Riaz Ahmad & Company

Chartered Accountants

1st Floor, Imperial Court,


Dr. Ziauddin Ahmed Road,
Karachi.
Phone: (92-21) 35640715-17
Fax: (92-21) 35640714
23

SINDH INSURANCE LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Profit and Loss Account


for the year ended 31st December

2014

Rs. in million

Equity
Authorized share capital

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

500.00

500.00
32.03
532.03

Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities

0.11
2.09
0.41
2.61
1.46

Creditors and accruals

3.38

General and administration expenses


Exchange gain

Issued subscribed and paid-up capital


Reserves and retained earnings

Other liabilities

4.31

TOTAL EQUITY AND LIABILITIES

543.79

Cash and bank deposits

135.34

Loans - secured considered good

Investments

355.23

2013
Rs. in million

2012

2011

(0.46)

Less: Net claims

0.11

Less: Expenses

1.72

Less: Net commission


Underwriting result

(0.00)
(2.29)

Investment income

61.32

Rental income

Other income

0.22

11.45

Finance charges on lease rentals

72.99

Profit before tax

47.80

Provision for taxation

15.77

Investment properties

Profit after tax

32.03

Deferred tax

Reinsurance recoveries against


outstanding claims

APPROPRIATIONS
Balance at commencement of year

Deferred commission expense

0.44

Other assets

27.40

Dividend
Reserve for bonus share/bonus shares issued
General reserve

Fixed assets

25.38

Leased motor vehicle


TOTAL ASSETS

543.79

154.94
20.86
1.02
10.64

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

2012

2013

2014

2012

2013

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
(25.30)
Net profit after tax to net premium %
(6,984.77)
Management expenses to net premium %
(374.89)
Commission to net premium %
0.95
Earning per share (Rs.)
0.64
Cash dividend
Stock dividend
-

(0)
(0)
(0)
(1)

2014

Note: The amount on y-axis represent Rs. in million

2012

2013

2014

2011

Net Profit after tax

Cash and Bank Balances

2013

Net Premium Revenue

(0)

2011

2014

20

15

10

2012

2013

2014

2014

25

2011

2013

30

2012

Dividend and other appropriations

35

160
140
120
100
80
60
40
20
2012

0
0
0
0
0
0
0
2011

Investments

400
350
300
250
200
150
100
50
2011

Net Claims

600
500
400
300
200
100
2011

Equity Growth

Balance Sheet Growth

600
500
400
300
200
100
-

32.03

Balance unappropriated profit at end of year

2011

2012

2013

2014

2011

2012

2013

2014

85

TAKAFUL PAKISTAN LIMITED

Dr. Syed Arif Hussain


Vision:
Mission:

To spread Takaful benefits beyond borders,


beyond Time!
n

To deliver Takaful as a viable alternative


to conventional insurance.
To become the 'top-of-the-mind' Takaful
brand for our Participants in terms of
competitiveness, service standards and
business ethics
To give value for money to our
shareholders and make Takaful Pakistan
their prized asset.
To become an ideal organization for our
employees that encourages them to achieve
self-actualization and growth.
To contribute positively and proactively
for the welfare of our society at large as
well as for the preservation of our
environment.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

2014

2013

274
169
152
94
3
75
9

221
161
146
102
2
70
16

COMPANY INFORMATION
1. Chairman

Mr. Tahir Naz Siddique

2. Chief Executive Officer

Dr. Syed Arif Hussain

3. Directors

Syed Tariq Husain


Syed Abdul Razzaq
Mr. Ahmad Shuja Kidwai
Mr. Haseeb Ahmed
Dr. Mumtaz A. Hashmi
Mr. Nadeem Rafi

4. Company Secretary
& CFO
5. Legal Advisors

6. Auditor

88

Mr. Jamil Ahmed


Surridge & Beecheno
Advocates, Consultants,
Attorneys
M.Yousuf Adil Saleem & Co.

Chartered Accountants

7. Registered Office /
Main Office

8. Number of Employees 68

6th floor, Business Centre,


Plot No 19-1-A, Block -6,
P.E.C.H.S., Shahrah-e-Faisal,
Karachi-75400, Pakistan.
UAN:(021) 111-875-111
Tel:(+92-21) 34373171-80
(10 Lines)
Fax:(+92-21) 34373195-6
E-mail:info@takaful.com.pk
Website:www.takaful.com.pk

TAKAFUL PAKISTAN LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Profit and Loss Account


for the year ended 31st December

2014

Rs. in million
Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities

500

300

300

300

300
(148)
152

300
(143)
157

300
(159)
141

300
(166)
134

99
137
3
6
245
-

92
97
1
6
196
-

78
99
2
5
185
-

84
80
3
5
172
-

28

19

20

14

Other liabilities

152

147

158

152

TOTAL EQUITY AND LIABILITIES

577

519

504

471

Cash and bank deposits

287

282

251

239

36

39

40

58

Investment properties

Deferred tax

Reinsurance recoveries against


outstanding claims

27

22

21

31

Deferred commission expense

Other assets

206

157

168

117

Fixed assets

14

13

16

21

577

519

504

471

Creditors and accruals

Loans - secured considered good


Investments

Leased motor vehicle


TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

241
1.86
3.80
5.06

202
1.78
3.31
5.23

184
1.72
3.57
4.71

137
1.55
3.52
4.46

600
400
200
2012

2013

Investments

60
50
40
30
20
10
2012

132
(3)

Less: Net claims

94

102

78

74

Less: Expenses

22

24

19

Less: Net commission


Underwriting result

3
48

2
34

3
39

3
46

Investment income

20

23

24

27

Rental income
Other income
General and administration expenses

2012

2013

2013

2014

350
300
250
200
150
100
50
-

Note: The amount on y-axis represent Rs. in million

38
(66)

(45)

(39)

(2)

(5)

(11)

44

Profit after tax

(8)

(13)

(1)

42

Comprehensive income / (loss) for the year


APPROPRIATIONS
Balance at commencement of year

(3)

(1)

162

175

177

135

152

162

175

177

55.48
(4.48)
12.78
1.97
(0.25)
-

63.33
(8.23)
14.88
1.21
(0.44)
-

56.71
(0.63)
13.64
1.93
(0.03)
-

55.78
32.00
4.99
2.49
1.41
-

Profit before tax


Provision for taxation

Dividend
Reserve for bonus share/bonus shares issued
General reserve

Balance unappropriated profit at end of year


PROFIT AND LOSS ACCOUNT RATIOS
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

Net Premium Revenue

200
150
100
50
2011

2014

2012

2013

2014

2011

2013

2014

1
1

20

10

(10)
(20)
2014

2012

Dividend and other appropriations

Net Profit after tax

30

2013

3
(66)

40

2012

2
(70)

(54)

Finance charges on lease rentals

50

2011

1
(75)

Exchange gain

Cash and Bank Balances

70

2011

138
1

120
100
80
60
40
20
2011

2014

2011

161
1

Net Claims

160
155
150
145
140
135
130
125
120

2012

169
(2)

Equity Growth

Balance Sheet Growth

800

2011

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

2013
Rs. in million

2011

2012

2013

2014

2011

2012

2013

2014

89

TPL DIRECT INSURANCE


LIMITED
Mr. Saad Nissar
Mission:

Vision:

To combine aggressive strategic marketing


with efficient operational execution; providing
incomparable service and product innovations
to create sustainable value for our stakeholders.
To evolve as a dominant insurance player in
Pakistan by exploiting profitable niches through
deployment of cutting-edge technology and
proficient human capital.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

2014

2013

1,221
1,056
707
532
146
273
24

870
733
460
314
78
227
52

COMPANY INFORMATION
1. Chairman

Mr. Jameel Yusuf

2. Chief Executive Officer

Mr. Saad Nissar

3. Directors

Mr. Jameel Yusuf


Mr. Ali Jameel
Mr. Saad Nissar
Mr. Andrew Borda
Mr. Romain Dequesne
Mr. Adil Matcheswalla
Syed Nadir Shah

4. Company Secretary

Syed Ali Hassan Zaidi

5. Chief Financial Officer

Syed Kazim Hasan

90

6. Advisors
7. Auditors

Lari & Co. Maritime &


Insurance Advocates
KPMG Taseer Hadi & Co.

Chartered Accountants

8. Registered Office /
Main Office

11th & 12th Floor,


Centrepoint,
Off Shaheed-e-Millat
Expressway, Near KPT
Interchange Flyover,
Karachi, Postal
Code: 74900

9. Number of Employees

165

TPL DIRECT INSURANCE LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Rs. in million
Equity
Authorized share capital
Issued subscribed and paid-up capital
Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals

1,500.00

500.00

500.00

500.00

452.31
10.56
462.88

452.31
(13.49)
438.83

452.31
(65.01)
387.30

452.31
(84.72)
367.60

157.40
593.35
5.31
756.07
15.14

126.09
441.91
568.00
7.28

76.69
328.15
404.84
3.40

52.33
247.67
0.02
300.02
-

64.97

61.43

47.53

106.75

Other liabilities

TOTAL EQUITY AND LIABILITIES


Cash and bank deposits
Loans - secured considered good
Investments

1.56

1,299.07

1,075.54

843.07

775.92

89.84

108.35

17.77

22.06

0.63

0.35

1.02

0.51

49.94

153.24

149.27

163.06

Investment properties

Deferred tax

24.22

Reinsurance recoveries against


outstanding claims

23.64

5.14

11.22

2.78

Deferred commission expense

87.24

57.43

32.56

24.23

Other assets

734.23

562.90

463.19

284.77

Fixed assets

313.54

188.14

168.05

244.32

Leased motor vehicle

TOTAL ASSETS

1,299.07

1,075.54

843.07

9.97
775.92

Assets at market value


BALANCE SHEET RATIOS
Net working capital (Rs.)
Current ratio
Total assets / net worth
Break-up value

625.34
3.81
2.81
10.23

488.86
3.61
2.45
9.70

367.96
3.96
2.18
8.56

148.99
1.93
2.11
8.13

300
200

500

100
2012

2013

2011

2014

Investments

2012

2013

253.89

171.29

227.45

213.54

163.01

Less: Net commission


Underwriting result

146.18
99.83

78.26
113.58

64.96
87.46

46.38
72.96

13.77

6.99

6.19

8.52

Investment income
Rental income
Other income
General and administration expenses

Profit before tax


Provision for taxation
Profit after tax
APPROPRIATIONS
Balance at commencement of year

Note: The amount on y-axis represent Rs. in million

2013

76.44

33.16

(106.66)

(66.61)

2014

(0.57)
(62.75)

(0.77)
(35.22)

(1.24)
(25.27)

(5.21)
(30.14)

37.07

78.36

62.19

42.81

(13.02)

(26.84)

(19.49)

(13.04)

24.05

51.52

42.71

29.78

(13.49)

(65.01)

(84.72)

(114.49)

Dividend
Reserve for bonus share/bonus shares issued
General reserve

23.00
-

23.00

Balance unappropriated profit at end of year

10.56

(13.49)

(65.01)

(84.72)

PROFIT AND LOSS ACCOUNT RATIOS


Claims incurred to net premium %
Net profit after tax to net premium %
Management expenses to net premium %
Commission to net premium % 1
Earning per share (Rs.)
Cash dividend
Stock dividend

50.33
2.28
25.88
3.84
0.53
-

42.83
7.02
31.01
10.67
1.14
-

40.96
6.89
34.45
10.48
0.94
23.00
-

37.76
6.56
35.93
10.22
0.66
-

Net Premium Revenue

1200
1000
800
600
400
200
2011

2012

2013

2011

2014

2012

2013

2014

Dividend and other appropriations

25
20
15
10
5
-

2012

67.35
(108.79)

Finance charges on lease rentals

10
2011

79.10
(155.06)

Exchange gain

20

20

2014

30

40

2013

314.17

273.38

40

60

2012

531.71

Less: Expenses

50

80

2011

Less: Net claims

Net Profit after tax

100

2011

453.63
-

60

120

2012

619.85
-

2014

Cash and Bank Balances

180
160
140
120
80
60
40
20

2013
Rs. in million
733.46
-

Net Claims

400
1,000

2014

1,056.41
(5.31)

600
500
400
300
200
100
-

500

2011

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

Equity Growth

Balance Sheet Growth

1,500

Profit and Loss Account


for the year ended 31st December

2011

2012

2013

2014

2011

2012

2013

2014

91

UBL INSURERS LIMITED

Mr. Babar Mahmood Mirza


Vision:

Mission:

Our vision is to establish a position as the


premier choice for corporate and consumer
sector.
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.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium Written
Net Premium Revenue
Net Claims Expense
Net Commission Income
Profit after tax

2014

2013

1,115
385
177
24
60

886
342
208
31
37

COMPANY INFORMATION
1. Chairman

Mr. Aameer Karachiwalla

2. Acting Chief Executive


Officer

Mr. Babar Mahmood Mirza

3. Directors

Mr. Zameer MohammedChoudrey


Mr. Rizwan Pervez
Mr. Ali Sameer Farooqui
Mr. Sharjeel Shahid
Mr. Abdul Sattar Vaid

4. Company Secretary

Mr. Abdul Sattar Vaid

5. Chief Financial Officer

Mr. Nadeem Raza

6. Legal Advisor

M/s. Warsi Associates

92

7. Auditors

M/s. KPMG Taseer Hadi & Co.

8. Registered Office /
Main Office

126-C, Jami Commercial,


Street No. 14, Phase VII,
DHA, Karachi.

9. Number of Employees

173

Chartered Accountants

UBL INSURERS LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

Profit and Loss Account


for the year ended 31st December

2014

Rs. in million
Equity
Authorized Share Capital

1,500.00

Issued subscribe and paid-up Capital


Discount on issue of Right shares
Reserves and retained earnings
Underwriting Provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income Unearned
Total
Deferred Liabilities
Creditors and Accruals
Other Liabilities

1,500.00

1,500.00 1,500.00

1,152.17 1,152.17 1,152.17 1,152.17


(352.17) (352.17) (352.17) (352.17)
(46.95) (106.27) (142.38) (171.16)
753.05
693.73
657.62
628.84

Cash and Bank Deposits


Loans - Secured Considered Good
Investment

(207.70)

(190.52)

(165.57)

(128.14)

(100.20)

(83.54)

(82.16)

24.40
104.71

31.45
65.17

35.49
39.45

28.33
33.35

74.61

70.95

72.50

70.92

Less: Net Commission


Underwriting result

32.88
720.74

91.32

91.60

70.29

55.90

General and administration expenses

157.23

69.89

55.27

44.01

Exchange gain / (loss)


Finance charges on lease rentals

1,748.47

183.32

231.03

27.60

14.77

1.01

0.96

1.00

0.96

509.28

395.12

593.44

513.79

Investment Income
Rental Income

Other Income

3.75

(0.77)

4.09

4.50

(81.18)

(81.98)

(74.40)

(74.79)

(0.11)

1.88

(0.05)

(0.64)

(2.93)

(9.92)

2.14

0.00
(0.01)

Profit / (loss) before tax

101.78

55.25

41.59

33.35

Provision for taxation

(41.95)

(18.72)

(12.77)

94.58

59.83

36.53

28.82

127.93

1,503.90 1,353.49

80.33

98.03

Reinsurance Recoveries Against


Outstanding Claims

461.89

422.44

310.12

266.18

Deferred Commission Expense

48.16

33.09

27.42

21.73

Other Assets

799.83

546.52

419.62

403.24

Fixed Assets

57.51

56.64

44.36

34.80

Leased Motor Vehicle

Profit / (loss) after tax


Other comprehensive income / loss

(0.50)

(0.42)

(0.04)

0.79

Total comprehensive income for the year

59.32

36.11

28.78

128.72

(106.27)

(142.38)

(171.16)

(299.87)

APPROPRIATIONS
Balance at commencement of year
Dividend
Share Issue Cost
General Reserve

TOTAL ASSETS

2,082.78

1,748.47

1,503.90 1,353.49

Assets at Market Value


BALANCE SHEET RATIOS
Net Working Capital (Rs.)
Current Ratio
Total Assets / Net Worth
Break-up Value

618.33
1.75
2.77
6.54

529.30
1.79
2.52
6.02

247.75
1.49
2.29
5.71

255.75
1.60
2.15
5.46

800

2,000

750

1,500

700

1,000
500
2013

(106.27)

(142.38)

(171.16)

45.88
15.53
33.27
(6.33)
0.52
-

60.80
10.69
29.33
(9.21)
0.32
-

68.53
10.37
30.05
(12.76)
0.25
-

65.51
50.61
32.51
(11.21)
1.11
-

Net Claims

400
300

150
100

550

50

Investments

2012

2013

200
100
2011

2014

500

200

400

150

300

2011

2012

2013

2014

Dividend and other appropriations


1
1

100
80

60

40

50

100

2014

120

100

200

2013

140

250

600

2012

Net Profit after tax

Cash and Bank Balances

700

Net Premium Revenue

500

200

2011

(46.95)

600
2014

PROFIT AND LOSS ACCOUNT RATIOS


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
250

650

Balance Unappropriated profit at end of year

Equity Growth

Balance Sheet Growth

2,500

2012

(176.74)

Less: Expenses

37.37
893.26

62.68

2011

Less: Net Claims

45.95
1,081.18

21.79

252.75
-

328.54
271.03
25.18
624.74

Investment Properties
Deferred Tax

278.02
-

384.04
303.81

2,082.78

2011

341.61
-

509.2
346.69

2012

385.19
-

578.17
457.06

Borrowings
Total Equity And Liabilities

REVENUE ACCOUNT
Net Premium Revenue
Premium deficiency reversal/(expense)

2013
Rs. in million

20
-

2011

2012

2013

2014

Note: The amount on y-axis represent Rs. in million

2011

2012

2013

2014

2011

2012

2013

2014

2011

2012

2013

2014

93

THE UNITED INSURANCE


COMPANY OF PAKISTAN LIMITED
Mr. Mohammed Rahat Sadiq

Vision:

Mission:

A first class Insurance Company / Window Takaful


Operator to provide cost effective risk management
solutions to its policyholder / participants through
highest level of quality.
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 all the corporate and non Corporate
customers.
For our Members
n
To maximize the members' value by
optimum utilization of resources.
For our Employees
n
To provide opportunities for self
development in a highly challenging
performance oriented work environment.

For the Society


To ensure good governance by maintaining
high ethical standards and risk coverage.
For the Government
n
Prompt and timely liquidation of liabilities
and adherence to the policies established.
n

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium revenue
Claims expense
Net claims expense
Net commission / (income)
Management expense
Profit / (loss) after tax

2014

2013

2,475
1,537
1,285
419
111
378
461

1,724
1,109
837
323
62
287
257

COMPANY INFORMATION
1. Chairman

Chaudhary Habib-ur-Rehman

2. Chief Executive Officer

Mr. Mohammed Rahat Sadiq

3. Director/President

Mr. Khawas Khan Niazi


Miss Huma Waheed
Ch .Maqsood Ahmad
Ch. Najeebur Rahman
Ch Aziz-ur Rahman

4. Deputy Managing Director


/Company Secretary
Mr. Zia Hassan Zuberi
5. Chief Financial Officer

Mr. Maqbool Ahmad

6. Legal Advisor

Mohammed Farooq Sheikh


(Advocate)
Mian Asghar Ali (Advocate)

7. Auditors

M/S Avais Hyder Liaquat


Nauman

Chartered Accountants

94

8. Registered Office

204,2nd Floor Madina City


Mall Abdullah Haroon
Road, Saddar Karachi.
Tel: 021-35621460-2
021-35221803-4
Fax: 021-36521459
Email:
info@theunitedinsurance.com

9. Head Office

UIG House, 6-D Upper Mall,


Lahore.
Tel:042-35776475,35776486
UAN (92-42)-111-000-014
Fax (92-42) 35776486-87
Email:
uicp@theunitedinsurance.com

10. Number of Employees

842

THE UNITED INSURANCE COMPANY OF PAKISTAN LIMITED


Balance Sheet
as at 31st December

2014

2013

2012

2011

2000

Issued subscribed and paid-up capital


Reserves and retained earnings
Underwriting provisions
Provision for outstanding
claims (including IBNR)
Provision for unearned premium - net
Additional provision for unexpired risk
Commission Income unearned
Total
Deferred liabilities
Creditors and accruals
Other liabilities
Waqf/Participants's takaful fund
TOTAL EQUITY AND LIABILITIES
Cash and bank deposits
Loans - secured considered good
Investments
Investment properties

920.00
765.12
1685.12

Reinsurance recoveries against


outstanding claims

701.94
519.51
1221.45

618.21
877.88

68.91
2565.32
68.98

570.69
419.96
990.64

496.25
269.90
766.15

20.39
1516.49
58.44

151.45
670.99
64.07
886.51
66.59

71.27
397.51
34.12
502.90
44.09

530.62

189.12

130.65

81.03

65.64

22.70

31.63

50.22

1.44

4917.12

3008.20 2,106.01 1,444.39

655.28

249.66

385.22

271.52

10.41

9.96

5.91

5.98

642.63

412.49

187.75

115.40

3.01

3.16

21.13

22.24

933.88

Deferred commission expense

1000 1,000.00 1,000.00

1069.72
1426.68

Deferred tax

543.32

113.42

31.03

139.47

72.93

78.66

59.76

Other assets

1904.03

1139.55

733.01

516.37

Fixed assets

555.73

551.62

547.39

362.76

72.70

25.51

33.52

59.33

4917.12

3008.20

2106.01

1444.39

Leased motor vehicle


TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS
Net working capital
Current ratio
Total assets / net worth
Break-up value

1827.21
2.10
2.92
18.32

1102.49
2.33
2.46
17.40

917.94
3.93
2.13
17.36

616.40
4.04
1.89
15.44

Revenue account
Net premium revenue
Premium deficiency reversal/(expense)

5,000
4,000

643.74
-

Less: Net claims

419.43

323.08

245.41

262.78

Less: Expenses

377.60

286.87

201.90

116.92

Less: Net commission


Underwriting result

110.60
629.07

61.71
437

33.17
302.86

32.41
231.63

63.40

34.69

41.16

18.09

1.39

1.16

0.61

0.52

Investment income
Rental income
Other income
General and administration expenses

-8
-149

-3
-146

(4.42)
(115.39)

(7.23)
(117.15)

507.94

290.55

187.47

114.48

47.05

33.17

26.36

16.54

460.89

257.38

161.12

97.93

APPROPRIATIONS
Balance at commencement of year
403.40
Incremental Depreciation net of deffered tax
0.89
Acturial {loss)/gain on defined benefit plan
2.78
Realization of surplus due to sale of fixed asset 0.00
Reserve for bonus share/bonus shares issued 218.06
General reserve
0.00

272.60
1.12
-2.52
6.08
131.26

186.67
0.36
(1.12)
74.44
-

191.49
0.07
96.05
-

218.06
Balance unappropriated profit at end of year 650

131.26
403

74.44
272.59

96.05
193.44

PROFIT AND LOSS ACCOUNT RATIOS


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

29.14
23.22
25.88
5.57
3.67
131

31.33
20.57
25.77
4.23
2.82
74.44

40.82
15.21
18.16
5.03
1.97
96.05

Finance charges on lease rentals


Profit before tax
Provision for taxation
Profit after tax

Net Claims

2013

2014

2011

600
500
400

300

300

200

200

100

100

2013

2014

2011

2012

2013

2012

2013

2014

2011

2014

500
450
400
350
300
250
200
150
100
50
-

2012

2013

2014

Dividend and other appropriations

Net Profit after tax

Cash and Bank Balances

400

2012

700

2011

500

100

2012

Net Premium Revenue

200

2011

2,000

1,000

Investments

500

27.29
29.99
24.57
7.20
5.01
218

1,500

2014

600

5.32
(133.85)

Exchange gain

700

6.70
(159.44)

300

1,000

2013

20.27
-199.67

400

500

2012

31.45
-237.88

1,500

2,000

2011

783.34
-

500

1,000

2012

1108.54
-

2,000

3,000

2013
Rs. in million

1536.70
-

Equity Growth

Balance Sheet Growth

6,000

2011

2014

Rs. in million

Equity
Authorized share capital

Profit and Loss Account


for the year ended 31st December

250
200
150
100
50

2011

2012

2013

2014

2011

2012

2013

2014

Note: The amount on y-axis represent Rs. in million

95

ADAMJEE LIFE ASSURANCE


COMPANY LIMITED
Mr. Fredrik Coenrard De Beer

Vision:

Mission:

To create a superior Global Insurance


Company as the single largest player in the
market through innovation in products,
pricing, packaging and distribution thereby
revolutionizing the industry.
To deliver outstanding profitability for the
benefit of our customers, employees and
our shareholders while providing premium
services.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium Written
Net Premium Revenue
Net Claims Expense
Profit after tax

2014

2013

5,215
4,976
1,243
15

4,475
4,313
608
12

COMPANY INFORMATION
1. Chairman

Mr. Umer Mansha

2. Managing Director &


Chief Executive:
3. Directors

Mr. Fredrik Coenrard De Beer


Mr. Umer Mansha
Mr. Raza Mansha
Mr. Muhammad Ali Zeb
Mr. S.M. Jawed
Mr. Frans Georg Prinsloo

4. Corporate Secretary

Mr. Jalaluddin Meghani

5. Legal Advisor

Mr. Junaid Ghaffar

6. Appointed Actuary

M/s. Alchemy Associates

98

7. Auditors

M/s. KPMG Taseer Hadi & Co

Chartered Accountants

8. Registered Office

First Floor Stock Exchange


Towers, 55-B, Jinnah
Avenue Blue Area, Islamabad.

9. Main Offices

Suite No. 301, 3rd Floor the


Forum, Plot G-20, Block 9
Clifton, Karachi.

10. No of Employees

183

ADAMJEE LIFE ASSURANCE COMPANY LIMITED


Balance Sheet

Rs. in million

as at 31st December

Statutory Fund
Share
holders
Fund

Investment Conventional
Pension
Linked
Business
Business
Business
(Unit Linked)

Accident
& Health
Business

Aggregate
2014

Aggregate
2013

1,000.00

1,000.00

Aggregate
2012

Aggregate
2011

Share Capital and Reserves


Authorised share capital

Issued, subscribed and paid up Share capital

1,000.00

0.00

0.00

0.00

1,000.00

600.00

935.49

0.00

0.00

0.00

935.49

935.49

735.16

534.66

(571.59)

0.00

0.00

0.00

(571.59)

(516.47)

(494.62)

(361.89)

363.90

0.00

0.00

0.00

0.00

363.90

419.02

240.54

172.77

0.00

8,092.57

163.67

0.00

0.10

8,256.34

4,966.30

2,017.69

509.59

Deferred taxation

(1.18)

0.00

0.00

0.00

0.00

(1.18)

(1.94)

(5.89)

(6.54)

Creditors and accruals

41.03

403.76

124.15

0.00

0.05

568.99

422.35

240.91

201.23

Total Liabilites

39.85

8,496.33

287.82

0.00

0.15

8,824.15

5,386.71

2,252.70

704.28

403.75

8,496.33

287.82

0.00

0.15

9,188.05

5,805.73

2,493.24

877.05

10.29

498.47

63.83

0.00

0.06

572.65

335.65

225.55

127.41

0.00

3.52

0.00

0.00

0.00

3.52

0.00

0.00

0.00

264.27

7,638.19

197.16

0.00

0.09

8,099.71

5,289.12

2,129.48

609.67

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Other assets

70.50

356.15

26.83

0.00

0.00

453.48

126.55

98.10

85.26

Tangible assets

50.19

0.00

0.00

0.00

0.00

50.19

39.30

24.27

32.88

Intangible assets

8.50

0.00

0.00

0.00

0.00

8.50

15.12

15.86

21.83

TOTAL ASSETS

403.75

8,496.33

287.82

0.00

0.15

9,188.05

5,805.74

2,493.26

877.05

Assets at market value

662.41

8,492.59

290.54

0.00

0.15

9,445.69

5,647.63

2,501.99

886.79

Reserves & retained earnings


Net shareholders' equity
Balance of statutory fund

TOTAL EQUITY AND LIABILITIES


Cash and bank deposits
Loans
Investments (net)
Investment in properties

BALANCE SHEET RATIOS %


Net working capital

460.66

65.62

82.74

11.45

Current ratio

1.81

1.18

1.34

1.06

Total assets / net equity

25.25

13.44

10.36

5.08

Break -up value

3.89

4.48

3.27

3.23*

* The company is in initial years of operations and thus there is significant contribution flowing from shareholders' fund towards statutory fund due to cost of new business development and acquisition.

99

ADAMJEE LIFE ASSURANCE COMPANY LIMITED


Revenue Account

Rs. in million

for the year ended 31st December

Statutory Fund
Investment Conventional
Pension
Linked
Business
Business
Business
(Unit Linked)

Accident
& Health
Business

Aggregate
2014

Aggregate
2013

Aggregate
2012

Aggregate
2011

Net premium income

4,837.67

138.76

0.00

0.00

4,976.43

4,312.69

2,190.44

791.95

Net investment income

1,027.87

21.07

0.00

0.01

1,048.95

316.86

154.51

22.80

Net rental income

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Total net income

5,865.54

159.83

0.00

0.01

6,025.38

4,629.55

2,344.95

814.75

Net claims

1,181.26

62.14

0.00

0.00

1,243.40

608.12

154.99

29.72

Net management expenses

1,390.83

65.29

0.00

0.00

1,456.12

1,212.72

822.88

559.39

Total claims and expenditures

2,572.09

127.43

0.00

0.00

2,699.52

1,820.84

977.87

589.11

225.65

Excess of Income over claims and expenditure

3,293.45

32.40

0.00

0.01

3,325.86

2,808.71

1,367.07

Add : Policyholder liabilities at beginning of year

4,667.45

64.70

0.00

0.01

4,732.16

1,954.68

479.56

99.48

Less : Policyholder liabilities at end of the period

7,885.24

101.21

0.00

0.00

7,986.45

4,824.67

1,954.68

479.56

75.66

(4.11)

0.00

0.02

71.51

(61.28)

(108.04)

(154.44)

380.08

Surplus/(Deficit)

Movement in policy holder liabilities

3,217.80

36.51

0.00

(0.01)

3,254.30

2,870.00

1,475.11

44.71

25.41

0.00

0.09

70.21

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

33.94

141.03

184.46

Balance of statutory fund at beginning of year

4,754.40

105.85

0.00

0.00

4,860.25

2,017.69

509.59

99.48

Balance of statutory fund at end of the period

8,092.57

163.66

0.00

0.10

8,256.33

4,860.35

2,017.69

509.59

Transfers to or from shareholders' fund


Capital contribution from share holders' fund

Represented by:
Capital contributed by shareholders' fund
Policyholders' liabilities
Retianed earnings on other than participating business
Balance of statuory fund

462.18

178.12

0.00

1.51

641.81

571.69

537.75

396.72

7,885.24

101.21

0.00

0.00

7,986.45

4,824.67

1,954.68

479.56

(254.85)

(115.67)

0.00

(1.41)

(371.93)

(536.01)

(474.73)

(366.69)

8,092.57

163.66

0.00

0.10

8,256.33

4,860.35

2,017.69

509.59

REVENUE ACCOUNT RATIOS %


Claims incurred to net premium

24.99

14.10

7.08

3.75

7.51

Surplus / Deficit to net premium

1.44

(1.42)

(4.93)

(19.50)

(71.64)

Net Management expenses to net premium

29.26

28.12

37.57

70.63

126.16

* The company is in initial years of operations and thus there is significant contribution flowing from shareholders' fund towards statutory fund due to cost of new business development and acquisition.

100

ADAMJEE LIFE ASSURANCE COMPANY LIMITED


Profit and Loss Account
2014

for the year ended 31st December


Net Investment income not attributable to statutory funds

2013

2012

2011

30.74

26.53

16.04

18.84

3.12

1.39

6.89

13.22

33.86

27.92

22.93

32.06

3.17

1.65

37.03

29.57

22.93

32.06

(18.34)

(13.01)

(13.91)

(10.28)

18.69

16.56

9.02

21.78

18.69

16.56

9.02

21.78

Taxation

(3.68)

(4.47)

(0.72)

(3.31)

Profit/(Loss) after tax

15.01

12.09

8.30

18.47

Balance at commencement of the year

55.22

43.13

34.83

16.36

Profit after tax for the year


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

15.01
0.00
0.00
0.00

12.09
0.00
0.00
0.00

8.30
0.00
0.00
0.00

18.47
0.00
0.00
0.00

Balance upappropriated profit at the end of the year

70.23

55.22

43.13

34.83

0.16
0.00
0.00

0.15
0.00
0.00

0.13
0.00
0.00

0.35
0.00
0.00

Gain / (Loss) on sale of investments


Changes in fair value of derivative financial instrument/impairment
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

APPROPRIATIONS

PROFIT AND LOSS ACCOUNT RATIOS


Earning per share
Cash Dividend
Bonus Shares

450
400
350
300
250
200
150
100
50
0

8000
6000
4000
2000
0

2011

2012

2013

2014

8000
6000
4000
2000
0
2012

2013

2012

2013

2014

2011

2014

600
350
300
250
200
150
100
50
0

Note: The amount on y-axis represent Rs. in million

2011

2012

2013

2012

2013

2011

2014

Net Profit after tax

Cash and Bank Balances

10,000

2011

6000
5000
4000
3000
2000
1000
0

1600
1400
1200
1000
800
600
400
200
0
2011

Investments

12,000

Net Premium Revenue

Net Claims

Equity Growth

Balance Sheet Growth

10000

2014

20
18
16
14
12
10
8
6
4
2
0

2012

2013

2014

Dividend and other appropriations

1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2011

2012

2013

2014

2011

2012

2013

2014

101

EAST WEST LIFE ASSURANCE


COMPANY LIMITED
Mr. Maheen Yunus

Vision:

Mission:

Our vision is to be the number one provider of


wide-ranging insurance solutions to all of
Pakistan, a goal we will attain while observing
the principle values that have served us well
since inception.

To provide the right solutions that are in tune with our customer's
needs, while facing up to the emerging challenges in the industry.

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 of saving.

To maintain financial strength for the benefit of


our corporate and individual insurers,
shareholders, agents/salespersons and employees.
To earn and protect public trust of the
communities where we live and works and
contributing to charities.
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.

To help individuals and families financially realize their hopes


and dreams and be there when they need us most.

To innovate and develop ideas to design new products for our


valued corporate and individual clients to effectively meet their
ever-changing needs.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium Written
Net Premium Revenue
Net Claims Expense
Profit After Tax

2014

2013

225
143
121
13

261
220
118
34

To serve the nation by increasing the rate of


literacy through our East West Life Educational
Security Schemes for children and their parents.

COMPANY INFORMATION
1. Chairman

Chief Justice (R)


Mian Mahboob Ahmad

2. Chief Executive Officer: Mr. Maheen Yunus,


3. Directors

Mr. A. K. M. Sayeed
Mr. Umeed Ansari
Mr. Javed Yunus
Mr. Pervez Yunus
Mr. Naved Yunus
Mr. Omar P. Yunus

4. Company Secretary

Mr. Sohail Nazeer

5. Legal Advisor

Saiyed Younus Saeed

6. Appointed Actuary

Mr. Shujat Siddiqui


M/s Akhtar and Hasan (Pvt) Ltd.

102

7. Auditors

BDO Ebrahim & Company

Chartered Accountants

8. Registered Office

28, Regal Plaza, M.A. Jinnah


Road, Quetta.
Phone: (081) 2822913, 2821397
Fax: (92-81) 2821460

9. Head Office

310 EFU House, 3rd Floor


M.A. Jinnah Road
Karachi, Pakistan
Phone: (021) 32311662/5
32310726, 32310904
32310375, 32315723
Fax: (92-21) 32311667

10.No. of Employees

44

EAST WEST LIFE ASSURANCE COMPANY LIMITED


Balance Sheet

Rs. in million

as at 31st December

Statutory Fund
Share
holders
Fund

Investment Conventional
Pension
Linked
Business
Business
Business
(Unit Linked)

Accident
& Health
Business

Aggregate
2014

Aggregate
2013

600.00

600.00

Aggregate
2012

Aggregate
2011

Share Capital and Reserves


Authorised share capital
Issued, subscribed and paid up Share capital

600.00

0.00

0.00

0.00

0.00

600.00

600.00

594.29

0.00

0.00

0.00

0.00

594.29

594.29

500.46

500.46

(363.80)

0.00

0.00

0.00

0.00

(363.80)

(382.82)

(411.90)

(376.33)

230.49

0.00

0.00

0.00

0.00

230.49

211.47

88.56

124.13

Advance Against Equity

0.00

0.00

0.00

0.00

0.00

0.00

0.00

24.00

0.00

Balance of statutory fund

0.00

202.41

22.99

0.00

21.91

247.31

269.04

238.39

238.38

Deferred taxation

0.01

0.00

0.08

0.00

0.00

0.09

0.00

0.00

0.00

Creditors and accruals

2.18

59.65

36.74

0.00

2.87

101.43

72.49

62.91

55.80

Total Liabilites

2.19

262.05

59.81

0.00

24.78

348.84

341.53

325.31

294.18

232.68

262.05

59.81

0.00

24.78

579.33

553.00

413.86

418.30

55.02

147.65

3.42

0.00

1.22

207.32

188.81

136.06

154.86

0.02

0.00

0.16

0.00

0.02

0.20

0.70

0.64

7.91

149.87

106.87

18.16

0.00

10.00

284.90

277.69

202.03

186.59

Investment in properties

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Other assets

2.79

7.53

38.07

0.00

13.54

61.94

57.49

42.32

31.72

24.97

0.00

0.00

0.00

0.00

24.97

28.14

32.50

36.94

0.00

0.00

0.00

0.00

0.00

0.00

0.17

0.30

0.27

232.68

262.05

59.81

0.00

24.78

579.33

553.00

413.86

418.30

Net working capital

168.03

174.51

116.11

138.70

Current ratio

2.66

3.41

2.85

3.49

Total assets / net equity

2.51

2.62

4.67

3.37

Break -up value

3.91

3.58

1.50

2.10

Reserves & retained earnings


Net shareholders' equity

TOTAL EQUITY AND LIABILITIES


Cash and bank deposits

Loans
Investments (net)

Tangible assets
Intangible assets
TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS %

103

EAST WEST LIFE ASSURANCE COMPANY LIMITED


Revenue Account
for the year ended 31st December

Rs. in million
Statutory Fund
Investment Conventional
Linked
Business
Business

Accident
& Health
Business

Aggregate
2014

Aggregate
2013

Aggregate
2012

Aggregate
2011

Net premium income

22.56

26.89

93.13

142.58

219.57

181.27

178.69

Net investment income

17.21

2.62

1.09

20.92

13.49

16.31

21.86

Net rental income

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Total net income

39.78

29.51

94.21

163.50

233.06

197.58

200.55

Net claims

24.20

31.80

64.97

120.97

118.44

162.13

124.52

Net management expenses

16.48

5.17

25.76

47.41

55.78

63.59

65.88

Total claims and expenditures

40.68

36.96

90.74

168.38

174.22

225.72

190.40

Excess of Income over claims and expenditure

(0.91)

(7.45)

3.48

(4.88)

58.84

(28.14)

10.15

Add : Policyholder liabilities at beginning of year

195.39

24.09

39.11

258.59

232.55

228.46

211.58

Less : Policyholder liabilities at end of the period

202.17

20.29

20.46

242.92

258.58

232.56

228.46

(7.69)

(3.64)

22.13

10.79

32.81

(32.25)

(6.73)

Movement in policy holder liabilities

6.78

(3.81)

(18.65)

(15.67)

26.03

4.10

16.88

Transfers to or from shareholders' fund

7.40

2.63

(26.88)

10.03

(28.19)

28.16

14.25

Balance of statutory fund at beginning of year

195.91

27.82

45.31

269.04

238.39

238.38

213.99

Balance of statutory fund at end of the period

202.41

22.99

21.91

247.31

269.04

238.39

238.38

264.97

Surplus/(Deficit)

Capital contribution from share holders' fund

Represented by:
Capital contributed by shareholders' fund

133.10

145.96

0.00

279.06

269.03

293.13

(132.86)

(143.25)

1.45

(274.66)

258.58

232.56

228.46

Retianed earnings on other than participating business

202.17

20.29

20.46

242.92

(258.57)

(287.29)

(255.04)

Balance of statuory fund

202.41

22.99

21.91

247.31

269.04

238.39

238.38

84.84

53.94

89.44

69.69

Policyholders' liabilities

REVENUE ACCOUNT RATIOS %


Claims incurred to net premium
Surplus / Deficit to net premium

7.57

14.94

(17.79)

(3.77)

Net Management expenses to net premium

33.25

25.40

35.08

36.87

104

EAST WEST LIFE ASSURANCE COMPANY LIMITED


Profit and Loss Account
2014

for the year ended 31st December


Net Investment income not attributable to statutory funds

2013

2011

2012

13.25

10.37

8.35

11.36

5.47

6.01

3.36

18.72

16.38

11.71

3.31
(2.84)
11.84

0.03

1.16

0.46

0.15

Total Investment Income and other revenues

18.75

17.54

12.16

11.99

Less Expenses not attributable to statutory funds

17.24

-17.42

-16.78

(18.35)

Profit / (Loss) before appropiation of surplus to shareholders fund

1.51

0.11

(4.61)

(6.36)

Add: Surplus appropiated to shareholders fund from ledger A/C D

26.88

4.10

Profit/(Loss) before tax

28.39

4.21

(4.61)

(6.36)

0.66

0.77

(2.80)

(2.22)

29.05

4.98

(7.41)

3.20

(382.82)
29.05

(411.90)
4.98

(376.33)
(7.41)

(305.59)
3.20

(10.03)
(363.80)

24.10
(382.82)

(28.16)
(411.90)

(51.10)
(353.50)

0.49
0.00
0.00

0.10
0.00
0.00

(0.15)
0.00
0.00

0.07
0.00
0.00

Gain / (Loss) on sale of investments


Changes in fair value of derivative financial instrument/impairment
Total investment income
Other revenue

Extra ordinary Items deferred tax


Taxation
Profit/(Loss) after tax

APPROPRIATIONS
Balance at commencement of the year
Profit after tax for the year
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
Balance upappropriated profit at the end of the year
PROFIT AND LOSS ACCOUNT RATIOS
Earning per share
Cash Dividend
Bonus Shares

Equity Growth

Balance Sheet Growth

800

150

400

100
50

200

0
2011

2012

2013

2014

2011

Investments

2012

2013

2014

250

50
0
2011

150

2014

50

50

-8

2011

2012

2013

2011

2014

2011

2012

2013

2012

2013

2014

Dividend and other appropriations

16

100

Note: The amount on y-axis represent Rs. in million

2013

24

100

2014

2012

32

150

2013

100

Net Profit after tax

200

200

2012

150

40

250

2011

200

Cash and Bank Balances

300

Net Premium Revenue

250

180
160
140
120
100
80
60
40
20
0

200

600

Net Claims

250

2014

1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0

2011

2012

2013

2014

105

EFU LIFE ASSURANCE LTD

Mr. Taher G. Sachak


Vision:

Mission:

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.
We shall together build EFU Life into a dynamic
and financially sound institution by:
Working together as a team
Continually improving our client services
Creating an empowered and self fulfilling
culture
Developing innovative products
Adopting leading technology
n
n
n

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium revenue
Gross claims
Net claims expense
Commission expense
Management expense
Profit / (loss) after tax

2014

2013

18,220
17,596
5,184
4,714
2,775
967
951

14,059
13,366
3,992
3,484
2,458
864
929

n
n

COMPANY INFORMATION
1. Chairman:

Mr. Rafique R. Bhimjee

2. Managing Director &


Chief Executive

Mr. Taher G. Sachak

3. Directors

Mr. Saifuddin N. Zoomkawala


Mr. Jahangir Siddiqui
Mr. Muneer R. Bhimjee
Mr. Hasanali Abdullah
Mr. Heinz Walter Dollberg
Mr. Syed Salman Rashid
Mr. Kamal Afsar

4. Corporate Secretary

Syed Shahid Abbas

5. Legal Advisor

Mr. Mohammad Ali Sayeed

106

6. Appointed Actuary
7. Auditor

Mr. Omer Morshed


KPMG Taseer Hadi & Co.

Chartered Accountants,

8. Registered Office

Al-Malik Centre,
70 W, F-7/G-7 Jinnah Avenue
(Blue Area), Islamabad

9. Main Office

37-K, Block 6, P.E.C.H.S.,


Karachi

10. No of Employees

1,272

EFU LIFE ASSURANCE LTD


Balance Sheet

Rs. in million

as at 31st December

Statutory Fund
Share
holders
Fund

Investment Conventional
Pension
Linked
Business
Business
Business
(Unit Linked)

Accident
& Health
Business

Aggregate
2014

Aggregate
2013

Aggregate
2012

Aggregate
2011

Share Capital and Reserves


Authorised share capital

1,500.00

0.00

0.00

0.00

0.00

1,500.00

1,000.00

Issued, subscribed and paid up Share capital

1,000.00

0.00

0.00

0.00

0.00

1,000.00

Reserves & retained earnings

1,834.27

0.00

0.00

0.00

0.00

1,834.27

Net shareholders' equity

2,834.27

0.00

0.00

0.00

0.00

0.00

60,533.35

663.54

22.36

Deferred taxation

14.90

0.00

0.00

Creditors and accruals

52.50

2,337.02

Total Liabilites

67.40

Balance of statutory fund

TOTAL EQUITY AND LIABILITIES


Cash and bank deposits
Loans
Investments (net)

1,000.00

1,000.00

1,000.00

850.00

850.00

1,533.37

1,244.26

882.64

2,834.27

2,533.37

2,094.26

1,732.64

3.12

61,222.37

43,582.65

0.00

0.00

14.90

16.30

14.60

11.75

734.20

1.83

31.40

3,156.95

2,971.93

2,041.52

1,871.47

62,870.37

1,397.74

24.19

34.52

64,394.22

46,570.89

35,800.05 26,297.42

2,901.67

62,870.37

1,397.74

24.19

34.52

67,228.49

49,104.26

37,894.31 28,030.06

143.21

7,035.64

451.49

7.06

28.97

7,666.37

7,614.05

1,723.57

1,141.46

71.30

75.32

60.59

56.49

71.30

33,743.93 24,414.21

1,687.91

53,098.13

726.66

16.65

5.23

55,534.58

39,585.72

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Other assets

611.74

2,040.51

219.58

0.48

0.32

2,872.64

1,018.94

774.70

1,248.17

Tangible assets

381.31

696.09

0.00

0.00

0.00

1,077.40

797.15

590.24

441.01

6.20

0.00

0.00

0.00

0.00

6.20

13.08

16.86

9.40

2,901.67

62,870.37

1,397.74

24.19

34.52

67,228.49

49,104.26

Net working capital

7,453.36

5,736.37

517.34

Current ratio

3.36

2.93

1.25

1.31

Total assets / net equity

23.72

19.38

18.09

16.18

Break -up value

28.34

25.33

24.64

20.38

Investment in properties

Intangible assets
TOTAL ASSETS

34,728.35 25,133.54

37,894.31 28,030.06

Assets at market value

BALANCE SHEET RATIOS %


574.65

107

EFU LIFE ASSURANCE LTD


Revenue Account

Rs. in million

for the year ended 31st December

Statutory Fund
Investment Conventional
Pension
Linked
Business
Business
Business
(Unit Linked)

Accident
& Health
Business

Aggregate
2014

Aggregate
2013

Aggregate
2012

Aggregate
2011

Net premium income

16,231.45

1,361.78

1.32

1.39

17,595.94

13,365.48

11,301.62

9,597.26

Net investment income

10,304.88

107.39

2.75

0.47

10,415.49

5,503.04

5,186.87

2,456.79

0.00

0.00

0.00

0.00

0.00

0.00

26,536.33

1,469.17

4.07

1.86

28,011.43

18,868.51

Net rental income


Total net income

16,488.49 12,054.05

Net claims

3,882.83

830.99

0.53

0.02

4,714.37

3,483.94

2,625.30

2,360.78

Net management expenses

4,237.21

446.14

0.14

0.77

4,684.26

4,235.49

3,405.13

3,284.77

Total claims and expenditures

8,120.04

1,277.13

0.67

0.79

9,398.63

7,719.43

6,030.44

5,645.54

18,416.29

192.04

3.40

1.07

18,612.80

11,149.09

10,458.05

6,408.51

Add : Policyholder liabilities at beginning of year

42,509.82

310.27

18.91

3.02

42,842.02

33,009.37

23,920.77 18,573.83

Less : Policyholder liabilities at end of the period

59,490.51

408.15

22.00

2.60

59,923.26

42,842.02

33,009.37 23,920.77

1,435.60

94.16

0.31

1.49

1,531.56

1,316.44

1,369.45

1,061.57

16,980.69

97.88

3.09

(0.42)

17,081.24

9,832.65

9,088.60

5,346.94

(951.67)

(19.68)

(0.18)

(1.55)

(973.08)

(1,310.37)

(1,128.33)

(859.78)

Balance of statutory fund at beginning of year

43,068.72

491.18

19.15

3.60

43,582.65

33,743.93

24,414.21 18,865.48

Balance of statutory fund at end of the period

60,533.35

663.53

22.37

3.12

61,222.37

43,582.65

33,743.93 24,414.21

Excess of Income over claims and expenditure

Surplus/(Deficit)

Movement in policy holder liabilities


Transfers to or from shareholders' fund
Capital contribution from share holders' fund

Represented by:
Capital contributed by shareholders' fund
Policyholders' liabilities
Retianed earnings on other than participating business
Balance of statuory fund

0.00

0.00

0.00

0.00

0.00

0.00

59,490.51

408.15

22.00

2.60

59,923.26

42,842.02

1,042.84

255.38

0.37

0.52

1,299.11

740.63

60,533.35

663.53

22.37

3.12

61,222.37

43,582.65

0.00

0.00

33,009.37 23,920.77
734.56

493.44

33,743.93 24,414.21

REVENUE ACCOUNT RATIOS %


Claims incurred to net premium

26.79

26.07

23.23

Surplus / Deficit to net premium

8.70

9.85

12.12

11.06

Net Management expenses to net premium

26.62

31.69

30.13

34.23

108

24.60

EFU LIFE ASSURANCE LTD


Profit and Loss Account
for the year ended 31st December

2014

Net Investment income not attributable to statutory funds

139.48

99.28

90.46

65

Gain / (Loss) on sale of investments


Changes in fair value of derivative financial instrument/impairment
Total investment income

(2.15)
337
476.00

8.12
10
106.67

2
179
277.80

(37)
29.79

17.42

20.00

20.07

15.80

Total Investment Income and other revenues

493.42

126.67

297.86

45.60

Less Expenses not attributable to statutory funds

(43.13)

(38.73)

(33.72)

(24.56)

Profit / (Loss) before appropiation of surplus to shareholders fund

450.29

87.95

264.14

21.03

Add: Surplus appropiated to shareholders fund from ledger A/C D

973.08

1,310.37

1,128.33

859.78

1,423.37

1,398.31

1,392.47

880.82

(472.47)

(469.20)

(478.35)

(302.45)

950.90

929.11

914.12

578.37

1,032.87
950.90
(250.00)
0.00
(650.00)

1,011.76
929.11
(268.00)
(150.00)
(490.00)

650.14
914.12
0.00
0.00
(552.50)

496.78
578.37

(425.00)

1,083.77

1,032.87

1,011.76

650.14

9.51
75.00
-

9.29
6.50
-

9.14
5.50
17.64

6.80
5.00
-

Other revenue

Profit/(Loss) before tax

Taxation

Profit/(Loss) after tax

2013

2012

2011

APPROPRIATIONS
Balance at commencement of the year
Profit after tax for the year
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
Balance upappropriated profit at the end of the year
PROFIT AND LOSS ACCOUNT RATIOS
Earning per share
Cash DividendRupees
Bonus Shares

Equity Growth

Balance Sheet Growth

80000
60000
40000
20000
0
2011

2012

2013

2014

4000
3000
2000
1000
0
2012

2013

2014

40000
30000
20000
10000
2011

2012

2011

2013

2014

Note: The amount on y-axis represent Rs. in million

2012

2013

2014

2012

2013

2014

2011

2012

2013

2012

2013

2014

Dividend and other appropriations

1000
900
800
700
600
500
400
300
200
100
0
2011

Net Premium Revenue

2011

Net Profit after tax

Cash and Bank Balances

9000
8000
7000
6000
5000
4000
3000
2000
1000
0

50000

20000
18000
16000
14000
12000
10000
8000
6000
4000
2000
0

5000

2011

Investments

60000

Net Claims

3000
2500
2000
1500
1000
500
0

2014

1000
900
800
700
600
500
400
300
200
100
0

2011

2012

2013

2014

109

IGI LIFE INSURANCE LIMITED

Syed Hyder Ali

Vision:
Mission:

Assure financial future today for a better


tomorrow
IGI Life provides innovative life and health
insurance as well as investment solutions
through groundbreaking innovation and
exemplary customer service, leveraging
different distributing channels.

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium Revenue
Gross claims
Net claims expense
Commission expense
Management expense
Profit after tax

2014

2013

2,535
2,436
3,430
3,398
386
413
55

4,389
4,293
2,218
2,161
451
333
74

COMPANY INFORMATION
1. Chairman

Mr. Shamim Ahmad Khan

7. Auditors

2. Managing Director &


Chief Executive:

Syed Hyder Ali

8. Registered Office / P.O Box No. 10528, Floor 13


Main Office
(Level 16) Dolmen Executive
Tower, Block-4, Clifton, Karachi.
Phones: +92(21) 111-111-711
Fax: +92(21) 35290042
Email: service-pakistan@igi.com.pk,
Website: www.igilife.com.pk

3. Directors

Mr. Shamim Ahmad Khan


Syed Hyder Ali
Mr. Muhammad Aminuddin
Syed Yawar Ali
Mr. Khurram Raza Bakhtayari
Mr. Ehsan A. Malik
Mr. Muhammad Kamal Syed

4. Corporate Secretary

Mr. Muhammad Amin

5. Legal Advisor

Surridge and Beecheno

6. Appointed Actuary

Mr. Ali Nadim

110

9. No of Employees

M.Yousaf Adil Saleem & Co.

Chartered Accountants

142

IGI LIFE INSURANCE LIMITED


Balance Sheet

Rs. in million

as at 31st December

Statutory Fund
Share
holders
Fund

Investment Conventional
Pension
Linked
Business
Business
Business
(Unit Linked)

Accident
& Health
Business

Aggregate
2014

Aggregate
2013

Aggregate
2012

Aggregate
2011

Share Capital and Reserves

Authorised share capital


Issued, subscribed and paid up Share capital
Reserves & retained earnings
Net shareholders' equity

500.00
500.00
325.50
825.50

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

500.00
500.00
325.50
825.50

500.00
500.00
365.05
865.05

500.00
500.00
340.95
826.80

500.00
500.00
234.94
734.94

Balance of statutory fund

0.00

4,384.77

5,722.58

74.30

274.20

10,455.85

10,609.45

8,208.60

5,269.07

Deferred taxation

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Creditors and accruals

10.90

123.47

380.35

0.82

65.69

581.23

623.01

579.16

666.45

Total Liabilities

10.90

4,508.24

6,102.93

75.12

339.89

11,037.08

11,232.46

8,787.76

5,935.52

836.40

4,508.24

6,102.93

75.12

339.89

11,862.58

12,097.51

9,614.56

6,670.46

Cash and bank deposits

0.46

285.70

290.27

3.48

16.69

596.60

186.46

452.27

125.06

Loans

0.36

0.00

134.35

0.00

0.00

134.71

107.04

99.96

90.10

678.38

4,080.12

5,357.84

67.68

124.18

10,308.20

11,152.34

8,536.48

5,833.57

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

126.61

141.45

309.36

3.80

198.42

779.63

607.53

464.91

561.51

Tangible assets

28.96

0.97

11.12

0.17

0.59

41.81

43.70

59.77

58.78

Intangible assets

1.63

0.00

0.00

0.00

0.00

1.63

0.44

1.19

1.43

836.40

4,508.24

6,102.93

75.12

339.89

11,862.58

12,097.51

9,614.56

6,670.46

929.71
2.60
14.37
16.51

278.02
1.45
13.98
17.30

437.98
1.76
11.63
16.54

110.21
1.17
9.08
14.70

TOTAL EQUITY AND LIABILITIES

Investments (net)
Investment in properties
Other assets

TOTAL ASSETS
Assets at market value
BALANCE SHEET RATIOS %
Net working capital
Current ratio
Total assets / net equity
Break -up value

111

IGI LIFE INSURANCE LIMITED


Revenue Account

Rs. in million

for the year ended 31st December

Statutory Fund
Investment Conventional
Pension
Linked
Business
Business
Business
(Unit Linked)

Accident
& Health
Business

Aggregate
2014

Aggregate
2013

Aggregate
2012

Aggregate
2011

Net premium income

704.27

1,188.80

109.01

434.31

2,436.39

4,292.67

4,081.15

2,905.58

Net investment income

804.39

661.05

11.37

35.89

1,512.70

1,052.43

945.47

589.62

0.00

0.00

0.00

0.00

Net rental income


Total net income

1,508.66

1,849.85

120.39

470.19

3,949.10

5,345.10

5,026.62

3,495.21

Net claims

2,504.60

501.17

48.40

344.69

3,398.85

2,161.22

1,239.92

629.52

187.94

510.97

0.70

99.14

798.74

783.63

756.67

729.61

2,692.53

1,012.13

49.10

443.83

4,197.59

2,944.84

1,996.59

1,359.13

(1,183.87)

837.72

71.29

26.37

(248.49)

2,400.26

3,030.03

2,136.08

Add : Policyholder liabilities at beginning of year

5,554.83

4,343.30

0.04

149.37

10,047.53

7,831.93

4,927.63

2,978.46

Less : Policyholder liabilities at end of the period

4,253.67

5,101.16

70.26

169.46

9,594.54

10,047.53

7,831.93

4,927.63

117.29

79.86

1.08

6.27

204.50

184.66

125.73

186.91

(1,301.16)

757.86

70.22

20.10

(452.99)

2,215.60

2,904.30

1,949.17

Transfers to or from shareholders' fund

0.00

33.10

0.00

61.80

94.90

(35.00)

(125.00)

(135.00)

Capital contribution from share holders' fund

0.00

0.00

0.00

0.00

0.00

35.60

34.50

50.50

Balance of statutory fund at beginning of year

5,568.64

4,851.76

3.01

186.04

10,609.45

8,208.60

5,269.07

3,238.86

Balance of statutory fund at end of the period

4,384.77

5,722.58

74.30

274.20

10,455.85

10,609.45

8,208.60

5,290.44

Net management expenses


Total claims and expenditures
Excess of Income over claims and expenditure

Surplus/(Deficit)
Movement in policy holder liabilities

Represented by:
Capital contributed by shareholders' fund
Policyholders' liabilities
Retained earnings on other than participating business

117.10

257.55

6.00

90.80

471.45

376.55

340.95

306.45

4,253.67

5,101.16

70.26

169.46

9,594.54

10,047.53

7,831.93

4,927.63

14.00

363.87

(1.96)

13.94

389.86

185.36

35.71

56.36

4,384.77

5,722.58

74.30

274.20

10,455.85

10,609.45

8,208.60

5,290.44

Claims incurred to net premium

139.50

50.35

30.38

21.67

Surplus / Deficit to net premium

8.39

4.30

3.08

6.43

Net Management expenses to net premium

32.78

18.26

18.54

25.11

Balance of statutory fund

REVENUE ACCOUNT RATIOS %

112

IGI LIFE INSURANCE LIMITED


Profit and Loss Account
2014

2013

2012

2011

86.03

85.19

69.30

54.72

3.36

1.55

1.19

0.57

89.39

86.74

70.49

55.29

5.89

4.42

10.39

0.19

Total Investment Income and other revenues

95.28

91.16

80.88

55.48

Less Expenses not attributable to statutory funds

12.67

14.27

9.45

6.92

Profit / (Loss) before appropriation of surplus to shareholders fund

82.62

76.89

71.43

48.56

for the year ended 31st December


Net Investment income not attributable to statutory funds
Gain / (Loss) on sale of investments
Changes in fair value of derivative financial instrument/impairment
Total investment income
Other revenue

Add: Surplus appropriated to shareholders fund from ledger A/C D


Profit/(Loss) before tax

0.00

35.00

125.00

135.00

82.62

111.89

196.43

183.56

(27.26)

(38.04)

(70.07)

(67.31)

55.35

73.85

126.36

116.25

316.46

242.61

116.25

55.35

73.85

126.36

116.25

371.81

316.46

242.61

1.11

1.48

2.53

2.32

Extra ordinary Items deferred tax


Taxation
Profit/(Loss) after tax
APPROPRIATIONS
Balance at commencement of the year
Profit after tax for the year
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
Balance unappropriated profit at the end of the year
PROFIT AND LOSS ACCOUNT RATIOS
Earning per share
Cash Dividend
Bonus Shares

850
800
750
700
650
2012

2013

2014

2011

Investments

2012

2013

10,000
8,000
6,000
4,000
2,000
0
2013

2014

Note: The amount on y-axis represent Rs. in million

2012

2013

2014

100
80
60
40
20
0
2012

2013

2014

2011

2012

2013

2012

2013

2014

Dividend and other appropriations


1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0

120

2011

2011

Net Profit after tax

140

700
600
500
400
300
200
100
0
2012

2011

2014

Cash and Bank Balances

12,000

2011

5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0

4000
3500
3000
2500
2000
1500
1000
500
0

900

2011

Net Premium Revenue

Net Claims

Equity Growth

Balance Sheet Growth

14,000
12,000
10,000
8,000
6,000
4,000
2,000
0

2014

2010

2011

2012

2013

113

JUBILEE LIFE INSURANCE


COMPANY LIMITED
Mr. Javed Ahmed
Vision:

Enabling people to overcome uncertainty

Mission:

To provide solutions that protect the financial


future of our customers

Core Values: Teamwork, Integrity, Excellence and Passion

Key Financial Data for the last two (2) Years

(Rs in million)

Premium written
Net premium revenue
Gross claims
Net claims expense
Commission expense
Management expense

2014

2013

21,823
21,086
5,612
5,083
3,601
6,115

17,077
16,350
4,196
3,647
3,061
4,974

COMPANY INFORMATION
1. Chairman

Mr. Kamal A. Chinoy

6. Appointed Actuary

Nauman Associates

2. Managing Director &


Chief Executive Officer

Mr. Javed Ahmed

7. Auditors

KPMG Taseer Hadi & Co.

Mr.Aly Noor Mahomed


Rattansey
Mr.Rafiuddin Zakir Mahmood
Mr.Ayaz Ahmed
Mr.Sultan Ali Akbar Allana
Mr.John Joseph Metcalf

8. Registered Office

26-D, 3rd Floor, Kashmir Plaza,


Jinnah Avenue, Blue Area,
Islamabad, Pakistan

9. Head Office

74/1-A,Lalazar, M.T . Khan


Road, Karachi-74000.

4. Company Secretary

Mr. Najam Ul Hassan Janjua

10. No of Employees

962

5. Legal Advisors

Kabraji & Talibuddin

3. Directors

114

Chartered Accountants

JUBILEE LIFE INSURANCE COMPANY LIMITED


Balance Sheet

Rs. in million

as at 31st December

Statutory Funds
Share/
holders
Fund

Individual
Life Unit
Linked

Conventional
Business

Accident
& Health

Overseas
Group Life
& Health
Business

Aggregate
2014

Aggregate
2013

Aggregate
2011

Aggregate
2012

Share Capital and Reserves


Authorised share capital

2,000

2,000

1,000

1,000

1,000

721

721

627

627

627

Reserves & retained earnings

2,439

2,439

1,616

1,169

803

Net shareholders' equity

3,160

3,160

2,243

1,796

1,430

Balance of statutory fund

42,518

610

820

72

44,021

29,915

19,854

12,844

Deferred taxation

Creditors and accruals

316

1,402

433

255

18

2,433

2,133

1,899

1,513

Total Liabilites

325

43,920

1,043

1,075

90

46,454

32,047

21,752

14,357

3,485

43,920

1,043

1,075

90

49,614

34,291

23,548

15,788

617

4,351

94

5,071

4,945

4,582

2,250

2,214

38,160

632

846

56

41,909

28,328

18,207

12,980

Other assets

158

1,408

317

220

34

2,138

632

431

341

Tangible assets

426

426

362

308

195

Issued, subscribed and paid up Share capital

TOTAL EQUITY AND LIABILITIES


Cash and bank deposits
Loans
Investments (net)
Investment in properties

Intangible assets
TOTAL ASSETS

64

64

15

13

12

3,485

43,920

1,043

1,075

90

49,614

34,291

23,548

15,788

1,087

Assets at market value


BALANCE SHEET RATIOS %
Net working capital

4,782

3,453

3,121

Current ratio

1.06

1.06

1.07

1.09

Total assets / net equity

15.70

15.29

13.11

11.04

Break -up value

43.81

35.77

28.63

22.81

115

JUBILEE LIFE INSURANCE COMPANY LIMITED


Revenue Account

Rs. in million

for the year ended 31st December

Statutory Funds
Individual
Life Unit
Linked

Net premium income


Net investment income

Accident
& Health

Overseas
Group Life
& Health
Business

Aggregate
2014

Aggregate
2013

Aggregate
2011

Aggregate
2012

18,536

919

1,610

21

21,086

16,350

11,501

7,757

5,844

105

98

6,053

3,550

2,668

1,258

24,380

1,025

1,707

27

27,139

19,900

14,169

9,015

Net rental income


Total net income

Conventional
Business

Net claims

3,297

551

1,227

5,083

3,647

2,252

1,770

Net management expenses

5,592

325

195

6,115

4,974

4,257

3,014

Total claims and expenditures

8,890

876

1,422

10

11,198

8,621

6,510

4,785

Excess of Income over claims and expenditure

15,491

149

285

16

15,941

11,279

7,659

4,230

Add : Policyholder liabilities at beginning of year

28,414

300

298

29,012

19,337

12,579

8,976

Less : Policyholder liabilities at end of the period

41,912

320

461

42,693

29,012

19,337

12,579

1,993

130

122

16

2,261

1,604

901

627

Movement in policy holder liabilities

13,498

20

163

13,681

9,675

6,758

3,602

Transfers to or from shareholders' fund

(1,775)

(100)

(5)

(1,880)

(1,273)

(650)

(530)

(5)

50

45

55

Balance of statutory fund at beginning of year

28,802

561

540

11

29,915

19,854

12,844

9,144

Balance of statutory fund at end of the period

42,518

610

820

72

44,021

29,915

19,854

12,844

Surplus/(Deficit)

Capital contribution from share holders' fund

Represented by:
Capital contributed by shareholders' fund
Policyholders' liabilities
Retianed earnings on other than participating business
Balance of statuory fund

50

50

100

55

41,912

320

461

42,693

29,012

19,337

12,579

606

291

309

22

1,228

847

516

265

42,518

610

820

72

44,021

29,915

19,854

12,844

22.82

REVENUE ACCOUNT RATIOS %


Claims incurred to net premium

17.79

59.89

76.22

37.85

24.10

22.30

19.58

Surplus / Deficit to net premium

10.75

14.10

7.58

79.16

10.72

9.81

7.84

8.09

Net Management expenses to net premium

30.17

35.36

12.14

11.64

29.00

30.42

37.02

38.86

116

JUBILEE LIFE INSURANCE COMPANY LIMITED


Profit and Loss Account
2014

for the year ended 31st December


Net Investment income not attributable to statutory funds
Gain / (Loss) on sale of investments
Changes in fair value of derivative financial instrument/impairment
Total investment income

2012

2013

2011

205
1
1
207

139
2
32
172

115
24
46
185

88
1
(14)
75

Total Investment Income and other revenues

216

177

188

84

Less Expenses not attributable to statutory funds

(94)

(60)

(30)

(31)

Profit / (Loss) before appropiation of surplus to shareholders fund

121

117

158

52

Add: Surplus appropiated to shareholders fund from ledger A/C D

1,880

1,273

650

530

Profit/(Loss) before tax

2,001

1,390

808

582

(1)

Taxation

(648)

(455)

(254)

(208)

Profit/(Loss) after tax

1,362

941

553

374

Balance at commencement of the year

2,243

1,796

1,430

1,150

Profit after tax for the year


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
Balance upappropriated profit at the end of the year

1,362

941
-

553
-

374
-

(400)
(45)
3,160

(439)
(55)
2,243

(188)

(94)

1,796

1,430

PROFIT AND LOSS ACCOUNT RATIOS


Earning per share
Cash Dividend
Bonus Shares

18.88
95%
0.00

13.05
60%
15.00

8.82
45%
0.00

5.97
30%
0.00

Other revenue

Extra ordinary Items deferred tax


Profit/(Loss) before tax and after extraordinay items

APPROPRIATIONS

2012

2013

2011

2014

Investments

45000
40000
35000
30000
25000
20000
15000
10000
5000
0

2012

2013

4000
3000
2000
1000
2012

2013

2014

Note: The amount on y-axis represent Rs. in million

2011

2012

2013

15000
10000
5000
0
2012

2013

2014

2011

Net Profit after tax

Cash and Bank Balances

5000

2011

20000

2011

2014

6000

25000

6000
5000
4000
3000
2000
1000
0

3500
3000
2500
2000
1500
1000
500
0
2011

Net Premium Revenue

Net Claims

Equity Growth

Balance Sheet Growth

60000
50000
40000
30000
20000
10000
0

2014

1600
1400
1200
1000
800
600
400
200
0

2012

2013

2014

Dividend and other appropriations

600
500
400
300
200
100
0
2011

2012

2013

2014

2011

2012

2013

2014

117

MEMBERS
DIRECTORY

THE INSURANCE ASSOCIATION OF PAKISTAN


LIST OF MEMBERS WITH THE NAMES & ADDRESSES
OF THE PRINCIPAL REPRESENTATIVES
AS ON SEPTEMBER, 2015

NON LIFE
S.No

NAME OF MEMBERS

YEAR OF
Estb.

PRINCIPAL
REPRESENTATIVES

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 : acepak@acegroup.com
web : www.acelimited.com

Adamjee Insurance Co. Ltd.


Tanveer Building, 2nd Floor
27, C-3, Gulberg 3,
M.M. Alam Road
Lahore

1960

Mr. Muhammad Ali Zeb


Managing Director & Chief Executive Officer
Tel : +92-42-35772960-79
Fax : +92-42-35772947
email : ali.zeb@adamjeeinsurance.com
web : www.adamjeeinsurance.com

Alfalah Insurance Company Ltd.


5, Saint Marry, Main Boulevard
Gulberg
Lahore.

2008

Mr. Nasar us Samad Qureshi


Chief Executive & Managing Director
Tel : +92-42-111-786-234, 3577 4313 - 6
Fax : +92-42-35774329
email : afi@alfalahinsurance.com
web : www.alfalahinsurance.com

Allianz EFU Health Insurance Limited


D-136, Block-4, KDA Scheme-5, Clifton
Karachi-75600

2015

Mr. Kamran Ansari


Chief Executive Officer
Tel: +92-21-111-432-584
Fax : +92-21- 35864020, 35860403
email: kamran.ansari@allianz-efu.com
web.www.allianzefu.com

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

Capt. Muhammad Jamil Akhtar Khan


Managing Director & Chief Executive Officer
Tel : +92-21-3241 6041 5
Fax : +92-21- 3241 9968, 3242 2478, 3242 2479
email : info@alphainsurance.com.pk
web : www.alphainsurance.com.pk

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
email : info@asiainsurance.com.pk

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
email : president@agico.com.pk
web : www.agico.com.pk

120

S.No

YEAR OF
Estb.

NAME OF MEMBERS

PRINCIPAL
REPRESENTATIVES

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: info@atlasinsurance.com.pk
web : www.atlasinsurance.com.pk

Century Insurance Co. Ltd


11th Floor
Lakson Square Building No. 3
Sarwar Shaheed Road, P.O Box 4895
Karachi. 74200

1985

Mr. Mohammad Hussain Hirji


Chief Executive Officer & Managing Director
Tel : +92-21-3569 8525 , 111-111-717
Fax: +92-21- 3567 1665
email: info@cicl.com.pk
web : www.cicl.com.pk

10

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
email : finance@coinsopl.com

11

Crescent Star Ins. Co. Ltd.


2nd Floor, Nadir House
P.O.Box No 4616
I.I.Chundrigar Road
Karachi.

1957

Mr. Naim Anwar


Managing Director & Chief Executive Officer
Tel: +92-21-3241 5471-2, 32415521
Fax : +92-21-3241 5474 - 5
email : info@cstarinsurance.com
web : www.cstar.com.pk

12

East West Insurance Co. Ltd.


Office No. 401-404, Block B, 4th Floor
Lakson Square Building No. 03
Sarwar Shaheed Road
Karachi.

1983

Mr. Naved Yunus


Managing Director & Chief Executive
Tel : +92-21-35630400 - 11
Fax : +92-21-35630413 & 35630415
email: info@eastwestinsurance.com.pk
web : www.eastwestinsurance.com.pk

13

EFU General Ins. Ltd.


EFU House, M.A. Jinnah Road
P.O. Box No. 5005
Karachi. 74000

1932

Mr. Hasanali Abdullah


Managing Director & Chief Executive
Tel : +92-21-3231 3471 - 90
Fax : +92-21-3231 4288
email : info@efuinsurance.com
web : www.efuinsurance.com

14

Excel Insurance Co. Ltd.


38 - C - 1, Block - 6
P. E. C. H. S
Shahrah - e -Faisal
Karachi. 75400

1991

Mr. Mohammad Azhar Khan


Chief Executive Officer
Tel : +92-21-111 - 777- 666
Fax: +92-21-3454 8076
email : eicl@cyber.net.pk
web : www.globemanagements.com

15

Habib Insurance Co. Ltd


1st Floor, State Life Building # 6
Habib Square
M.A. Jinnah Road
P.O Box No 5217
Karachi

1942

Mr. Ali Raza D. Habib


Managing Director & Chief Executive
Tel : +92-21-111-03-03-03
Fax : +92-21-3569 3676
email : info@habibinsurance.net
web : www.habibinsurance.net

121

S.No

YEAR OF
Estb.

NAME OF MEMBERS

PRINCIPAL
REPRESENTATIVES

16

IGI Insurance Limited


7th Floor, The Forum, Suite 701-713, G-20
Block 9, Khayaban-e-Jami, Clifton
Karachi-75600.

1953

Mr. Tahir Masaud


Chief Executive Officer
Tel : +92-21-3530 1726 - 8, 111-234-234
Fax : +92-21-3530 1729 & 3530 1772
email : tahir.masaud@igi.com.pk
web : www.igiinsurance.com.pk

17

Jubilee General Insurance Co. Ltd.


2nd Floor
Jubilee Insurance House
P.O.Box No 4795
I.I.Chundrigar Road
Karachi. 74000

1953

Mr. Tahir Ahmed,


Managing Director & Chief Executive
Tel : +92-21-3241 6022-26, 111-654-111
Fax : +92-21-3241 6728, 3243 8738
email : info@jubileegeneral.com.pk
web : www.jubileegeneral.com.pk

18

New Hampshire Insc. Co.


1st Floor, Dadex House
34-A/1, Block 6, PECHS
Shahrah-e-Faisal
Karachi-75400.

1869

Mr. Mujib Khan


Country Manager
Tel : +92-21-35205443-4, 111-111-244
Fax : +92-21- 34169013
email : info-pakistan@aig.com
web : www.aig.com.pk

19

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
email : info@pgi.com.pk
web: www.pgi.com.pk

20

PICIC Insurance Limited


1204,12th Floor, Emerald Tower
Clifton Block 5
Karachi.

2004

Mr. Jalees Ahmed Siddiqi


Chief Executive Officer & Managing Director
UAN: +92-21-111-274-242, 3514765155
Fax: +92-21-35147656
email : info@picicinsurance.com
web : www.picicinsurance.com

21

Premier Insurance Limited


5th Floor, State Life Building No 2-A
Wallace Road, P.O Box No 4140
Karachi.

1952

Mr. Mohammed Asif Arif


Chief Executive Officer
Tel : +92-21-3241 6331-4
Fax : +92-21- 3241 6572
email : faiza.faisal@pil.com.pk
web: www.pil.com.pk

22

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


Chief Executive & Managing Director
Tel : +92-21-3453 9415 - 17
Fax : +92-21- 3453 9412
email : reli-ins@cyber.net.pk
web : www.relianceinsins.com

23

SPI Insurance Company Ltd.


UIG House, 6-D, Upper Mall
Lahore

2005

Mr. Muhammad Akram Shahid


Chief Executive & Managing Director
Tel: +92-42-35776561-62
Fax: +92-42-35756563
email: info@spiinsurance.com.pk
web : www.spiinsurance.com.pk

122

S.No

YEAR OF
Estb.

NAME OF MEMBERS

PRINCIPAL
REPRESENTATIVES

24

Security Gen. Insc. Co. Ltd.


SGI-House, 18-C/E-1
Gulberg-III
Lahore.

1996

Ms. Nabiha Shahnawaz


Chief Executive Officer
Tel :+92-42-3577 5024-29
Fax : +92-42-3577 5030
email : sgi@sgicl.com

25

Shaheen Ins. Co. Ltd.


10th Floor, Shaheen Complex
M. R. Kayani Road
Karachi-74200.

1996

Mr. Sohel Najam Kidwai


Chief Executive Officer
Tel : +92-21-3263 0370 - 75
Fax : +92-21-3262 6674
email: sihifc@cyber.net.pk
web : www.shaheeninsurance.com

26

Sindh Insurance Limited


1st Floor, Imperial Court
Dr. Ziauddin Ahmed Road
Karachi

2014

Mr. Muhammad Faisal Siddiqui


Chief Executive Officer
Tel : +92-21-35640715-17
Fax: +92-21- 35640714
email: nadeemakhter@sindhinsuranceltd.com
web: www.sindhinsuranceltd.com

27

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


Managing Director & Chief Executive
Tel : +92-42- 3732 4488 , 3735 5614, 3723 7518
Fax : +92-42- 3722 9966
email : zahir@ssic.com.pk
web: www.silverstarinsurance.com

28

TPL Direct Insurance Limited


11th & 12th Floor, Centrepoint
Off Shaheed-e-Millat Expressway
Near KPT Interchange Flyover
Karachi-74900.

1992

Mr. Saad Nissar


Chief Executive Officer
Tel : +92-21- 37130223, 111-000-301
Fax : +92-21- 35316031-2
email: info@tplinsurance.com
Web: www.tplinsurance.com

29

UBL Insurers Limited


126-C, First Floor, Jami Commercial
Street No. 14, Phase-VII, DHA
Karachi

2007

Mr. Babar Mahmood Mirza


Acting Chief Executive Officer
Tel : +92-21-111-845-111
Fax No. +92-21- 35314504
email : babar.mirza@ublinsurers.com
Web : www.ublinsurers.com

30

United Ins. Co. of Pak Ltd.


UIG House, 6-D, Upper Mall
P. O. Box No 532
Lahore.

1959

Mr. Muhammad Rahat Sadiq


Chief Executive Officer
Tel : +92-42- 35776475-83, 35776485
UAN: 042-111-000-014
Fax : +92-42-35776486 & 35776487
email : uicp@theunitedinsurance.com
web : www.theunitedinsurance.com

123

LIFE
S.No

NAME OF MEMBERS

YEAR OF
Estb.

PRINCIPAL
REPRESENTATIVES

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


Chief Executive Officer
Tel: +92-21-3536 2620 23
Fax: +92-21-3536 2621
email: jalal.meghani@adamjeelife.com
web: www.adamjeelife.com

East West Life Assurance Company Ltd.


3rd Floor, 310-EFU House
M.A. Jinnah Road
Karachi.

1992

Mr. Maheen Yunus


Managing Director & Chief Executive
Tel: +92-21-3231 1662-5
Fax: +92-21-3231 1667
email: info@eastwestlifeco.com
web : www.eastwestlifeco.com

EFU Life Assurance Limited


Head Office/Main Office:
37-K, Block-6
P.E.C.H. Society
Karachi.

1992

Mr. Taher G. Sachak


Managing Director & Chief Executive
Tel: +92-21-111-338-111
Fax: +92-21-3453-5079
email: info@efulife.com
web : www.efulife.com

IGI Life Insurance Limited


Dolmen City, 13th Floor (level 16)
Block 4, Scheme 5, Clifton
Karachi-75600.

1995

Syed Hyder Ali


Chief Executive Officer
Tel: +92-21-111-111-711
Fax: +92-21- 3529 0042
email: uzzma.rahman@igi.com.pk
web : www.igilife.com.pk

Jubilee Life Insurance Company Ltd.


Head Office/Main Office:
74/1-A, Lalazar
M.T. Khan Road
Karachi-74000

1995

Mr. Javed Ahmed


Chief Executive Officer & Managing Director
Tel: +92-21-35610960, 35205094-95
Fax: +92-21-3561 0959, 3561 0805
email: info@jubileelife.com
web : www.jubileelife.com

State Life Insurance Corporation of Pakistan 1972


State Life Building No. 9
Dr. Ziauddin Ahmed Road
Karachi-75530

124

Ms. Nargis Ghaloo


Chairperson
Tel : +92-21-99202800 9
UAN 111-111-888
Fax: +92-21- 99202820
email: mrashid@statelife.com.pk
web: www.statelife.com.pk

REINSURER
S.No
1

NAME OF MEMBERS
Pakistan Reinsurance Company Limited
PRC Towers, 32-A,
Lalazar Drive
M.T. Khan Road
Karachi

PRINCIPAL
REPRESENTATIVES

YEAR OF
Estb.
1952

Chairman
Tel: +92-21-99202908-15
Fax: +92-21- 99202920-22
email: sfklodhi@pakre.org.pk
web : www.pakre.org.pk

2006

Dr. Syed Arif Hussain


Chief Executive Officer
Tel : +92-21-111-875-111
Fax : +92-21- 34373195-6
email: jamil.ahmed@takaful.com.pk
web : www.takaful.com.pk

TAKAFUL
1

Takaful Pakistan Limited


Plot No. 19-1-A, 6th Floor
Business Centre, Block-6, P.E.C.H.S.
Shahrah-e-Faisal
Karachi-75400.

THE INSURANCE ASSOCIATION OF PAKISTAN


HEAD OFFICE
Mr. N. A. Usmani
Secretary General
1713-1715, 17th Floor
Saima Trade Tower-A
I.I. Chundrigar Road
P.O. Box 4932
Karachi-74000

Tel : Direct : +92-21-3227 7169


PABX
Fax
email
web

:
:
:
:

+92-21-3227 7165 - 68
+92-21- 3227 7170
info@iap.net.pk
www.iap.net.pk

REGIONAL OFFICE NORTH


Mr. S. Daood Ali Shah
Secretary & Surveyor

+92-042-37423760, 35960095

Assistant Secretary

+92-042-37423783

General Office

+92-042-35040608
Fax No. +92-42-37422775
email : info.lro@iap.net.pk

The Insurance Association of Pakistan


Regional Office Nnorth
188-A, Opp. Rehmania Park, Shadman-I
Lahore.

125

PICTORIAL
PRESENTATION
OF IAP EVENTS

53rd ANNUAL GENERAL MEETING HELD ON FRIDAY 27TH SEPTEMBER 2014


AT THE ASSOCIATION'S OFFICE KARACHI

128

IAP ANNUAL DINNER & AWARDS CEREMONY WAS HELD ON


27TH SEPTEMBER, 2014 AT MARRIOTT HOTEL KARACHI.

Mr. Atiq Anwar Mahmudi delivering welcome Address.

Mis. Amna Faiz EMCEE the ceremony

Mr. Masood Noorani receiving memento from Mr. Tahir Ahmed

Mr. Arif Sultan Mufti receiving memento from Mr. Atiq Anwar Mahmudi

Ms Sonia Subjally, daughter of Late S.C.Subjally receiving


memento from Mr. Moin Fudda

The daughter of Late Najib Nasir Syed receiving award from


Mr. Tahir Ahmed

Mr. Daood receiving Mr. Ishaq Khans award from Mr. Atiq A. Mahmudi

Mr.Waqar Malik receiving award from Mr. Raeesuddin Paracha of SLIC

Ms. Huma Mansoor receving award from Capt. Azhar Ehtesham Ahmed

Mr. Naveed Fayyaz receving award from Mr.Rahat Sadiq

129

MR. ANWAR MAQSOOD AND HIS TEAM ENTERTAINED THE ATTENDEES WITH
HIS RENOWNED LOOSE MUSHAIRA.

130

THE IAP CELEBRATED 3RD INSURANCE DAY ON MAY 6, 2015. A PRESS BRIEFING, SEMINAR,
PANEL DISCUSSIONS, TALK SHOWS, BEACH CLEANING ACTIVITY, CRICKET TOURNAMNET
AND ESSAY COMPETITION WERE ORGANIZED IN THIS RESPECT AT KARACHI AND LAHORE.

131

IAP CRICKET TOURNAMENT 2014 HELD AT THE CRICKET GROUND OF ASGHER ALI SHAH
STADIUM KARACHI AND WAPDA SPORTS COMPLEX LAHORE

132

THE DIRECTOR INSURANCE DIVISION, SECP, SYED NAYYAR HUSSAIN MET IAP
EXECUTIVE COMMITTEE MEMBERS ON 18TH MARCH 2015 AT IAP SECRETARIAT, KARACHI.
THE IAP REPRESENTATIVES HIGHLIGHTED THE DIFFICULTIES BEING FACED BY
THE INSURANCE INDUSTRY AND DISCUSSED VARIOUS IMPORTANT ISSUED.

133

PRCL REPRESENTATIVES MET IAP'S TAXATION, LEGISLATION AND BANKING COMMITTEE


ON 9TH MARCH 2015 AT IAP OFFICE TO DISCUSS MATTERS OF MUTUAL INTEREST.

134

WORLD BANK REPRESENTATIVES MET CHAIRMAN AND SENIOR VICE CHAIRMAN, IAP
AT IAP OFFICE KARACHI ON 25TH FEBRUARY 2015 TO UNDERSTRAND PRIVATE SECTOR
INSURANCE INDUSTRY IN PAKISTAN.

135

Notes ...

136

Notes ...

137

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or otherwise, resulting from business or trade or speculation conducted, or investment made on the basis of
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