Objectives of Financial Statement Analysis

Reason for Selection of Industry

STATUARY REQUIREMENTS
We analyzed the financial statements of five insurance companies and found that statuary
requirements are same for all insurance companies. We analyzed the reports of:
 Askari General Insurance limited
 Habib Insurance Company Limited

 United Insurance Company of Pakistan Ltd.

 Jubilee General Insurance Company Limited,
 EFU General Insurance Company Limited
Requirements are:
 These financial statements have been prepared in accordance with the Insurance
Ordinance, 2000And the formats prescribed under Insurance Rules vide SRO 938(1)
dated December 12, 2002.
 These statements of insurance companies are being presented to comply with the Code of
Corporate Governance.
 The Code Contained in the listing regulations of the Karachi, Lahore and Islamabad
Stock Exchange for the Purpose of establishing a framework of good governance by a
listed Company and additional Frameworks by a listed insurance company, whereby a
listed company is managed in compliance with the best practice of corporate governance.
 The Board has set-up an effective internal audit Function. This function has been
outsourced toA.F. Ferguson & Co., Chartered Accountants. The statutory auditors of the
Company haveConfirmed that they have been given a satisfactory Rating under the
Quality Control Review Program Of the Institute of Chartered Accountants of Pakistan,

RULES OF IFRS APPLICABLE

The same rules are applies on all insurance industry.
The SECP has allowed the insurance companies to defer the application of International
Accounting Standard – 39
(IAS-39) “Financial Instruments: Recognition and Measurement” in respect of valuation of
'available-for-sale investments'.
IFRS 7 – Financial Instruments: Disclosures – (Amendments)- Amendments enhancing
disclosures about offsettingof financial assets and financial liabilities January 01, 2013
IAS 1 – Presentation of Financial Statements –July 01, 2012
IAS 27 – Separate Financial Statements January- 01, 2013
IAS 28 – Investments in Associates and Joint Ventures - January 01, 2013
IAS 32 – Financial Instruments: Presentation (Amendment) January 01, 2014
IAS 19 – Employee Benefits – (Amendment) January 01, 2013
IFRS 9 – Financial Instruments: Classification and Measurement January 01, 2015
IFRS 10 – Consolidated Financial Statements January 01, 2013
IFRS 11 – Joint Arrangements January 01, 2013
IFRS 12 – Disclosure of Interests in Other Entities January 01, 2013
IFRS 13 – Fair Value Measurement January 01, 2013
IFRS 7 - Financial Instruments: Disclosures - (Amendment) 01 July 2011
IAS 12 - Income Taxes (Amendment) - Recovery of underlying Assets 01 January 2012

How are financials prepared in the given industry, their structure,

components?
Preparation:
These financial statements in insurance companies have been prepared in accordance
with the format of financial statements Prescribed under Securities and Exchange Commission
(Insurance) Rules, 2002, [SEC (Insurance) Rules, 2002] vide S.R.O. 938 dated December 12,
2002.
These financial statements have been prepared in accordance with approved accounting
standards asApplicable in Pakistan. Approved accounting standards comprise such International
Financial ReportingStandards (IFRS) issued by the International Accounting Standards Board
and Islamic Financial AccountingStandard (IFAS) issued by the Institute of Chartered
Accountants of Pakistan (ICAP) as are notified under theCompanies Ordinance, 1984, provisions
of and directives issued under the Companies Ordinance, 1984,Insurance Ordinance, 2000, and
SEC (Insurance) Rules, 2002 and Takaful Rules, 2012. In case requirements differ, the
provisions or directives of the Companies Ordinance, 1984, Insurance Ordinance, 2000,
SEC(Insurance) Rules, 2002 shall prevail.
Securities and Exchange Commission of Pakistan is in process of issuingaccounting
guidelines for window Takaful operations for better presentation of financial information in
financial
Statements of window Takaful operations.
Components:
Financials are structured in this way that first balance sheet is shown and then profit/loss and
cash flow statement. The sequence of insurance companies is given:
 Auditors’ Report to the Members
 Balance Sheet
 Profit and Loss Account
 Statement of Comprehensive Income
 Statement of Changes in Equity
 Statement of Cash Flows
 Statement of Premiums/Contributions
 Statement of Claims
 Statement of Expenses
 Statement of Investment Income
 Notes to the Financial Statements

Statement of compliance
These financial statements have been prepared in accordance with approved accounting
standards as applicable inPakistan. Approved accounting standards comprises of such
International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board as are notified under the Companies Ordinance, 1984, provisions ofand
directives issued under the Companies Ordinance, 1984, the Insurance Ordinance, 2000 and SEC
(Insurance) Rules,2002. In case requirements differ, the provisions or directives of the
Companies Ordinance, 1984, Insurance Ordinance,2000 and SEC (Insurance) Rules, 2002 shall
prevail.

Jubilee General Insurance Company

Company History
Jubilee General Insurance Company Limited has entered its sixty third year marking a legacy of
over half a decade of living by its core values, namely; Teamwork, Integrity, Excellence and
Passion.  

Since its’ establishment in 1953, Jubilee General has maintained its presence as the most
prominent company launching innovative products and new initiatives in the insurance industry.
It has established itself as one of the most reputed and brightest names of the sector. Sustained
growth and evolution has secured Jubilee General as one of the “Big Three” insurers of Pakistan
in terms of gross direct premium and financial base.

Jubilee General is listed on the Karachi and Lahore Stock Exchanges. Its major shares are held
by , Aga Khan Hospital and Medical College Foundation, Habib Bank Limited, Aga Khan Fund
for Economic Development and Hashoo Group. Jubilee General, with its Head Office in
Karachi, has an extensive and dynamic branch network in all major cities and towns of Pakistan
that promises prompt service at the customer’s doorstep.

Jubilee General is the highest rated general insurance company in Pakistan with an Insurer
Financial Strength Rating of “AA +” with “Stable Outlook” assigned by both the rating agencies
of Pakistan i-e JCR-VIS and PACRA. The “AA+” with “stable outlook” takes into account
financial strength of the Company as demonstrated by its strong capitalization and liquidity
indicators. It also denotes a very strong capacity of the Company to meet policyholder and
contract obligations.

Jubilee General is the only insurer in Pakistan to be accorded the Financial Strength Rating of
“B++” (Good) and issuer credit rating of “BBB” by A. M. Best, which is the highest rating to be
assigned by an International Rating Agency to any financial institution in Pakistan. According to
A.M. Best the rating reflects Jubilee General’s strong risk-adjusted capitalisation, solid business
profile within Pakistan and good track record of operating performance. Furthermore, the
Company has developed good procedures in assessing, measuring and mitigating the key risks
associated with its business. A. M. Best is the world’s oldest and most authoritative insurance
rating and information source.

Over the last decade Jubilee General has grown at double the industry average growth rate,
increasing its market share by more than 75% and prides itself in its long-standing reinsurance
relationships with internationally renowned reinsures such as Swiss Re, SCOR Re, Lloyds,
Hannover Re, Asia Capital Re and Korean Re. The company is also supported by internationally
acclaimed reinsurance brokers including AON Group, Willis, Marsh, Lockton, Howden, UIB
and Crescent Global.

With a broad spectrum of services available, Jubilee General’s client-base comprises prominent
national and multinational corporations operating in Pharmaceutical, Chemical, Textile, Cement,
Services (Hospitals & Hotels), Oil & Energy, Manufacturing, FMCG, Engineering, Banking and
Financial sectors.

At Jubilee General, diversity is maintained through underwriting all classes of general insurance
including Fire, Marine, Motor, Engineering, Health and General Accident. Jubilee General not
only offers wide risk coverage, but also provides related risk management services delivered by
highly qualified and experienced risk managers. Consumer finance is growing in Pakistan and
Jubilee General has developed innovative insurance solutions to meet the growing demand.
From auto financing to personal loans, mortgages to plastic cards, and trade finance to capital
investment finance, Jubilee General has the customized solution to secure entire operations,
product range and transactions of all financial institutions. With the stream of upcoming power,
engineering and infrastructure development projects on the national level, our Engineering &
Bonds Department, manned by the most experienced engineers in the industry, is geared to
provide technical and quality security to this vital sector.

As pioneers in Group Health Insurance, Jubilee General continues to develop new, flexible and
customized plans to suit the diverse needs of our many blue chip Pakistani companies and
multinational clients. Jubilee General has recently modified its health insurance products with
better coverage and scalable benefit limits.

The insurance industry world over is undergoing technological revolution. Jubilee General
prides itself as innovator and disruptor of traditional service and delivery of products.
Leveraging on its digital know-how, Jubilee General is making rapid progress in automation of
processes for faster and improved controls to deliver better customer experience. Thus the
Company became that first insurer in Pakistan to launch an online portal providing end-to-end
solution complete with payment options. Jubilee General has also pioneered the first ever
android application for motor insurance and intends to introduce more applications using android
mobile technology to increase the insurance penetration in the retail segment.

Above all, at Jubilee General, we remain focused on meeting and exceeding customer
expectations

Insurance Products
1.1 Property
 Fire & Allied Perils
  Burgulary
 BusinessInterruption following Fire & Allied Perils
 Property All Risk
 Industrial All Risk
 Ship Breaking
1.2 Marine
 Marine Cargo Import
 Marine Cargo Export
 Marine Cargo Inland Transit
 Marine Umbrella Liability
 Marine Advance Loss of Profit
 Seller’s Contingency
 Marine Hull
 Pleasure Craft Policy
 Sports Craft Policy
 Graveyard Voyage
1.3 Motor
 Private Car Comprehensive
 Commercial Vehicle Comprehensive
 Motor Comprehensive
 Motor Third Party Liability

1.4 Engineering
 Contractor’s All Risks
 Comprehensive Project
 Advance Loss of Profit following
 CAR/EAR
 Comprehensive Machinery
 Errection All Risks
 Machinery Breakdown (MBD
Organizational Structure
Habib Insurance Company Limited
Company History
Habib Insurance Company Limited is one of the pioneer projects of the Habib Group and was
established in Bombay in 1942 with a paid up share capital of Rs. 2.5 million. After Partition in
1947, the Company relocated its head office to Karachi. Through the years, Habib Insurance
Company Limited has consolidated itself, raising capital through the issuance of bonus shares
and has established itself as one of the leading insurance companies in Pakistan. Our focus is on
Fire, Marine, Motor, Engineering and Miscellaneous insurance. With over 6 decades of
experience in the insurance sector, a sound underwriting policy and the best reinsurance
arrangements with top companies including Hannover Re, Scor Re, Korean Re, Trust Re, Best
Re and Pakistan Reinsurance Co. Ltd, we have earned the reputation of being extremely
profitable and liquid. Continuing with our trajectory of driving innovation and progress in the
insurance sector, Habib Insurance Company Limited is now looking to the rapidly changing
industrial and financial environment in Pakistan. New products and new markets are being
explored and the Company is constantly investing in ideas and prospects to meet the ever
changing demands of the market. Our mission, as always, is to provide high quality service to all
our customers and to continue giving shareholders a consistent return on their investment. The
Karachi Stock Exchange in 1981 instituted an outstanding performance award for the top 25
listed companies. Habib Insurance has won this award nine times, for six consecutive years from
1981-1986 and for the years 1993, 1995 and 1997.

Insurance products
2.1 Services
As always, the Company is geared to play a dynamic role in the rapidly changing industrial and
financial environment in Pakistan. In addition to the Fire, Marine, Motor, Engineering and
Miscellaneous insurance products, the Company is actively exploring possibilities of new products
and markets.

2.1.1 Fire Insurance

Fire Insurance covers the loss or damage due to fire and allied perils such as:

 Riot & Strike

  Malicious Damage
 Explosion
 Impact Damage
 Aircraft Damage (Loss caused by Aircraft and other Arial devices)
 Earthquake Fire and Shock
 Burglary
2.1.2 Marine Insurance
Marine Insurance covers loss or damage during the transit of goods by:

 Sea / Air
 Truck / Trailer / Rail
2.1.3 Motor & Misc. Insurance
Risks covered under this head includes:

 Comprehensive Motor Insurance

 Machinery Breakdown Insurance
 Personal Accident
 Public Liability
 Banker’s Blanket
 Health Insurance

2.2 Associated Companies

 AL Habib Capital Markets (Private) Limited

 AL Habib Financial Services Limited
 Bank Al-Habib Limited
 Habib & Sons (Private) Limited
 Habib Asset Management Limited
 Habib Metropolitan Bank Limited
 Habib Motor Company (Private) Limited
 Habib Sugar Mills Limited
 House of Habib (Private) Limited
 Indus Motor Company Limited
 Karachi Mercantile Co. (Private) Limited
 Makro Habib (Private) Limited
 Noble Computers Services (Private) Limited
 Proline (Private) Limited
 ProlineWovens (Private) Limited
 Shabbir Tiles & Ceramics Limited
 Thal Limited
Askari General Insurance Company Limited

Company Profile
Askari general insurance company limited (agico) was incorporated in 1995 as a public
limited company and is quoted on all the three stock exchanges of Pakistan and is registered and
supervised by the SECP. It commenced its business in the same year and since then has by the
grace of Allah maintained a steady growth. agico is sponsored by the Army Welfare Trust
(AWT) which is engaged in the business of finance, banking and production of consumer goods
and services. The AWT has as many as 23 different companies working under its fold and most
of these are quoted on the country's stock exchanges. agico is one of the leading companies of
this Trust and is rapidly growing to become a market leader in insurance sector of the country.
Besides providing the traditional coverage like marine, motor and fire, Askari general insurance
also has the capacity to offer specialized coverage on various engineering risks. It is a pioneer
and a market leader in its own right in health insurance and constantly exploring avenues to offer
protection in areas yet unexplored by other companies. With the grace of Allah the consistent
progressive journey which started in the year 1995 is continuing. The Company is readily
accessible in all areas of the country due to the presence of a large network of branches.
The trust which our clients have in us is evident from the fact that the Company has
maintained its growth even in times when all the economic activities are at the lowest ebb. In
view of this stable performance the company as been adjudged by the some leading national and
international financial rating companies as "the company of future". Askari general insurance has
the commitment and the capacity to transform its promise into a reality.

3.1 Public Listed Companies

 Askari Bank Ltd
 Askari General Insurance Co Ltd
3.2 Public Unlisted Companies
 Askari Cement Ltd Wah
 MAL Pakistan Ltd
 Askari Securities Ltd
 Askari Investment Management Ltd
3.3 Private Limited Companies
 Askari Aviation Pvt Ltd
 Askari Guards Pvt Ltd
 Askari Enterprises Pv Ltd

3.4 Other Business Units
 Askari Cement Nizampur
 Askari Real Estate 
 Askari Projects (Woolen & Shoes)
 Askari CNG
 Askari Farms and Seeds
 Army Welfare Sugar Mills
 Blue Lagoon & Army Welfare Mess
 Askari Cement Marketing

3.2.1Insurance Products

3.2.2 Motor Insurance

  Fire
  Theft
  Snatching away by violent means
  Riot & Strike damage
  Loss or damage due to natural calamities
  Road Traffic Act and a Common Law
  Third party liability (bodily injury and property damage)
 3.2.3 Fire and Allied Perils Insurance
SCOPE OF COVER
The policy protects you from physical loss or damage as a result of Fire and
Lightening which is a basic cover and it can be extended to cover" named perils"
such as explosion, natural calamities (like storm, floods, landslide etc), impact
damage by vehicles /animals aircrafts, riots ,strikes ,malicious acts, bursting of
pipes/water tanks, sprinkler leakage and bush fires.

Main extensions
 Earthquake (fire and shock)
 Spontaneous combustion
 Impact damage
 Fees of architect, surveyor and consulting engineer
 Debris removal
 Burglary
 Riot and strike Damage
 Malicious Act
 Explosion
 Atmospheric disturbance
 Aircraft damage etc
 Electrical Clause B
 Allied Perils
 3.2.3 Marine Insurance
Scope of cover
 The Marine Cargo Insurance offers four types of covers:
 Institute Cargo Clause (C): Named Perils basis
 Institute Cargo Clause(B): Named Perils basis
 Institute Cargo Clause (A): The widest form of cover under Marine Cargo
Insurance in so far as it relates to the perils covered. ICC (A) is an unnamed
perils clause.
 Institute Cargo Clause (Air)

Main extensions
Various clauses can be added depending upon the nature of the goods being carried.
The Institute Cargo Clauses comprise a range of covers from the most comprehensive
ones such as (A) Clauses to the basic minimum protection available termed (C)
Clauses.

Additional cover can also be provided for the following:

 War, strikes, riot and civil commotion
 Loading and unloading
 Customs duty
 Removal of debris

3.2.4 Bond insurance

Scope of cover

A bond is not a policy of insurance but is in effect a form of financial guarantee. It is a

guarantee by one party (the surety or guarantor) to another party (the body requesting the
bond) that a third party (the company requiring the bond) will meet its contractual
obligations.
Types of bond offered

  Bid Bond

  Performance Guarantee Bond

  Mobilization Advance Bond

  Retention Money Bond

  Excise Bond

  Supply Bond

  Warranty Bond

3.2.4 Aviation Insurance

Scope of cover

 Aviation Hull All Risks

 Legal Liability to Passengers

 Legal Liability to Third Parties

 Legal Liability to Cargo

 Legal Liability to Mail

 Comprehensive General Liability

 Loss of License

 Personal Accident

 Ground Handling Liability

EFU General Insurance:

Company History
In the early 30s of the 20th century, under the inspiration of the Quaid-e-Azam Mohammad Ali
Jinnah, there began to appear signs of economic renaissance of the Muslims of India. Shipping,
Airline, Banking and Insurance companies made their debut.

In 1932, Mr. Ghulam Mohammad, a far sighted man, established Eastern Federal Union
Insurance Company (EFU) with financial assistance from the Aga Khan III and the Nawab of
Bhopal. Mr. AbdurRehman Siddiqui became the founder chairman. The company was originally
registered at Kolkata.

In 1947, EFU found a new home in a new country. In Pakistan, EFU rapidly established itself as
a progressive and innovative insurer. It gave the emerging insurance industry the leadership, the
manpower and the drive needed to grow in a situation where at one time, three-fourths of
insurance was held by foreign companies.

By 1961, EFU had become the flag bearer of Pakistan's insurance industry on the world stage,
and the largest life company in Afro-Asian countries (excluding Japan) under the leadership of
Mr. Roshen Ali Bhimjee. It remained so until 1972 when Life Assurance business in Pakistan
was nationalized. Thereafter EFU operated solely as a General Insurance Company, and was
subsequently renamed EFU General Insurance Limited. Now EFU General is the largest non-life
insurance company in the country and the mother company of other insurance organizations of
EFU Group.

Traditionally the EFU name has become synonymous with progressiveness and prompt claim
settlement and now the EFU being the largest insurance group provides a full range of general,
life and health insurance services.

4.1 Profile of Company

The Company was incorporated on September 2, 1932 and is engaged in non-life insurance
business comprising of Property, Marine/Aviation, Motor and other Miscellaneous products.

The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan.

The Principal place of business is located at EFU House, M.A. Jinnah Road, Karachi, Pakistan.

EFU is one of the few Pakistani organizations run totally by professional management and highly
motivated field force.

Policies accepted by all institutions in the country.

Rating: Insurer Financial Strength AA+, Outlook: Stable (Rating Agency: JCR-VIS).

Client-base comprises of many leading business houses and multinational companies.

EFU gave the emerging insurance industry the leadership, the manpower and the drive needed to
grow in a situation where at one time, three-fourths of insurance was held by foreign companies.

The company has also taken the initiative to transform its Enterprise Information System with an
end to end solution comprising Oracle's latest technological software and hardware as part of the
infrastructure solution to meet Company's projected Online Transaction Processing needs,
keeping in view both the present requirements and future needs such as Data Warehouse,
business intelligence and Customer Relationship Management System.
Organization Structure
Insurance products
EFU General provides a full range of insurance services to fulfill the needs of all
of its customers being commercial and individual clients. Our product portfolio
includes:
PROPERTY (FIRE & ENGINEERING)
Our portfolio comprises of a broad spread of quality business ranging from simple
residential property to very large sophisticated industrial risks. These would
include activities involving complex risks relating to Oil & Gas exploration /
development, petrochemicals and other major industrials. The fire portfolio in the
main comprises of operational risks other than power generating industry.
The engineering part of the portfolio would include in the main construction risks
be it simple civil work or major infrastructure projects like dams, highways etc.
Other engineering risks would include coverage for breakdown of plant /
machinery.
The insurance covers include both material damage as well as loss of revenue due
to business interruption following the material damage.
Marine aviation & transport
Marine Cargo
Marine Hull & Aviation

MOTOR
EFU provides a full range of products for all kinds of vehicles being either private
or commercial and the coverage includes physical damage including theft and
liabilities as required under law. Ancillary products are also offered for personal
accident to drivers, passengers, and the like.
MISCELLANEOUS
All other insurance products of various types to suit individual client requirements
are also available like banker's blanket, personal accident, travel, liability, money,
stock brokers, credit cards, asset value, event cancellation and other like
insurances.
Also, specialised insurance covers are offered to crops covering loss due to
natural calamities and viral / bacterial attacks.
VALUE ADDED SERVICES
EFU provide SMS “HELP” service to our customer in respect of Motor Insurance
which helps our customers receive important emergency contact numbers via
SMS, in case of any accident. EFU also provide SMS confirmation of Claim,
SMS claim guidance and electronic survey reporting services to our customers in
respect of Motor Insurance.
EFU have also introduced On-Line e-Cover note facility in respect of Marine
Cargo Insurance which will facilitate our designated customers, who are
authorized to use this facility, to capture and prepare Marine Cargo Cover notes
instantly.
In addition, our qualified engineers provide recommendations and guidance to our
Property Insurance clients on various aspects of industrial safety including
protection measures as well as sharing of information on latest techniques as per
international standards.
United Insurance Company
Company History
UIC is one of professional Insurers of repute underwriting of all classes of Insurance
business. The United Insurance Company of Pakistan Limited a member company of United
International Group was established in the year-1959 and enlisted on Stock Exchange in 1960.

Mr. FakhruddinValika, one of the then Leading Industrialists of Pakistan founded the United
Insurance Company of Pakistan limited in the year 1959 with 20% equity from Pakistan
Insurance Corporation (now Pakistan Reinsurance Company).To provide adequate protection to
its clients, The United Insurance Company of Pakistan Limited, underwrite all sorts of risks e.g.
FIRE, MARINE, MOTOR/VEHCILES, PERSONAL ACCIDENT, HEALTH, WORKMEN’S
COMPENSATION, ERECTION ALL RISK, FIDELITTY GUARANTEE, MACHINERY AND
EQUIPMENTS, BREAK DOWN POLICY, EMPLOYER’S LIABILITY,LIVE STOCKS,
CROPS etc. The extensive experience and academic background of their underwriters in
insurance and risk managements enable them to offer a full range of Insurance Coverage &
Personalized Services to the specific need or their valued clients.As a member Company of
United International Group, it has established itself in a pre-eminent position as a reliable leading
national insurer with strong financial strength their clients include some of the largest names in
commerce and industry, several smaller companies and individuals equally trust them along with
a host of retail customers. They continuously add to their strength by introducing new branded
customers friendly products.UIC has hired highly professional team of underwriters/Loss
adjusters from a US based multinational for this very purpose. The company has all the
credential, performance and track record, to provide best competitive services.

The Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating of The United
Insurance Company of Pakistan Limited at “A+” (Single A Plus) vide their letter dated
December 2, 2014.
5.1 Insurance Products

Fire Insurance

Riot and Strike Damage

This policy provides coverage against loss or damage caused due to riot & strike or civil
commotion or malicious damage due to any persons who are members of an organization whose
aim is to over-throw any legal or defacto Government by terrorism or violence.

Allied Perils

This is the most important and basic form of insurance and is essential for all types of business
concerns. Fire and Allied Perils Insurance provides comprehensive cover in respect of loss of or
damage to your property against fire and lightning. To further safeguard the interest of our
valued clients the policy can be extended to cover riot and strike damage, malicious damage,
atmospheric disturbance, earthquake (fire and shock), explosion, impact damage, aircraft damage
etc.

Home Insurance Plan

To live in one’s own home is cherished by every one of us. In these tough times, it is very hard
to retain a house, which is exposed to several risks such as riot and strike damage, malicious
damage, atmospheric disturbance, earthquake (fire and shock), explosion, impact damage and
aircraft damage. The United Insurance provides a policy to cover the interest of homeowners.
The plan provides coverage on building as well as contents against the risks the property may be
exposed to. The coverage for buildings includes the risks of fire and all dry/wet perils. Contents
(including jewellery and cash) are similarly covered including the risks of burglary and dacoity.

Besides material damage, UIC’s Home Insurance also provides for loss or rent, legal liability to
public and domestic servants.

Hotel Owner All Risk

As the name of policy signifies, it is specially designed to cater to all the insurance needs of a
hotel owner. This policy has been adapted from the wording prevalent in international markets,
as such coverage provided by it meets the requirements of management agreements, which
owners usually enter with international chains of hotels. This policy is divided into 8 sections
covering fire and supplemental Perils Insurance. Business interruption following Fire and
Supplemental Perils, Comprehensive Plate Glass Insurance, Boiler and Machinery Breakdown
Insurance, Business Interruption following Machinery Breakdown, Comprehensive General
Liability, Comprehensive 3D Bond Insurance and Workmen’s Compensation Insurance.

Terrorism Cover

We live in an altogether different world after September 11, 2001. Post 9/11 scenario resulted in
removal of terrorism cover globally, leaving the insured and the insurer at a difficult juncture.
We, at The United Insurance Company of Pakistan Ltd. created niche for our valued clients by
designing a policy exclusively for the risk of Terrorism. This policy is issued in conjunction with
Fire and Allied Perils Policy protecting the interest of insured up to a specified limit.

Marine

Marine Cargo

Marine Cargo insurance protects all goods while in transit depending upon the needs of client.
Three broad types of cover are available i.e. Institute Cargo Clauses “A”, “B” & “C”. The cover
takes care of risks associated with different modes of transportation.

Marine Hull Insurance

This cover is available for ocean going vessels, barges, tugs, dredgers, fishing trawlers, yachts,
wooden dhows, pleasure/speed boats etc., under Institute Time Clauses Hulls. Cover is also
provided for last breakup voyages from Karachi anchorage to Gadani.

Motor – Auto Sure Plan

Auto Sure Plan – Auto Insurance with free Tracker

Risks Covered:

Accidental External means.

Riots, Strikes & Malicious Damages

Theft.

Fire, External explosion, self-ignition or lightning or frost.

Third Party Liability.

Value Added Features:

Free towing to the nearest workshop.

Get your car repaired from the workshop of your own choice.

UIC claims experts will help in getting the final police Investigation Report.

Free PA/PTD covers of Rs.30,000/- to the deceased paid driver. (In case of insured car accident
only).

Free death repatriation of the driver within Pakistan.

Funeral expenses & arrangements for the said person will be borne by UIC.

No hidden taxes & charges.

We commit to settle all theft and total loss Claims within 30 days after reporting/submission of
requisite documents.

Livestock

Financial protection against mortality, theft & disability of the insured animals including the risk
of calving.

Crop Insurance

Financial protection against natural disasters, fire & lightening and insect / pets attack on
standing crops.

Engineering

Bonds

Bid bond is issued on behalf of contractors in connection with the submission of tenders for
contracts with public authorities and private owners.
Contractor’s All Risk Insurance

The basic concept is to offer comprehensive and adequate protection against loss or damage in
respect of the contract works, construction plant and equipment and/or construction machinery,
as well as against third party claims in respect of property damage and/or bodily injury arising in
connection with the execution of a construction project.

Contractor’s Plant and Machinery Insurance

This is an insurance of contractors’ plant and machinery on an annual basis. It covers any loss or
damage occurring at work, at rest of during maintenance operations and is limited to a specific
construction site.

Electronic Equipment Insurance

This insurance provides cover for all electrical systems which generally have only a moderate
power requirement while such equipments are at work, at rest or during maintenance operations.

Erection All Risk Insurance

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This branch of Engineering Insurance offers comprehensive and adequate protection against all
the risks involved in the erection of machinery, plant and steel structures of any kind as well as
third party claims in respect of property damage or bodily injury arising in connection with the
execution of an erection project.

Guarantees

This bond is issued on behalf of a contractor and in favour of the project owner to guarantee the
full and due performance of the contract.

fatima

deepa

Machinery breakdown

It was developed to grant industry effective insurance cover for plant, machinery and mechanical
equipment at work, at rest
Financial Analysis
Jubliee General Insurance Horizontal Analysis

2011 2012 2013 2014

Share capital and reserves
Authorised share capital [100,000,000 Ordinary
shares of Rs.10 each (December 31, 2009:
100,000,000 Ordinary shares of Rs.10 each)] 0.00% 50.00% 50.00% 100.00%
Paid-up share capital 25.00% 50.00% 72.50% 98.37%
Retained earnings 72.50% 72.94% 108.24% 117.72%
Reserves 6.61% 27.55% 48.50% 74.55%
TOTAL EQUITY 23.30% 41.74% 65.65% 88.73%
Underwriting provisions
Provision for outstanding claims (including
IBNR) -2.52% 21.08% 67.22% 49.28%
Provision for unearned premium 20.44% 47.62% 53.44% 53.85%
Commission income unearned 24.28% 50.14% 85.53% 65.76%
Total underwriting provisions 8.01% 33.22% 61.44% 51.56%
Dvv
Deferred liabilities
Staff retirement benefits -34.35% -54.85% -75.49% -96.13%
Creditors and accruals
Premiums received in advance -17.65% -45.38% -8.89% 8.62%
Amounts due to other insurers / reinsurers 45.41% 63.24% 75.77% 130.07%
Accrued expenses 41.61% 39.90% 76.00% 68.53%
Taxation-provision less payments 0.96% 18.38% 55.27% 43.07%
Other creditors and accruals 6.44% 15.13% 29.93% 39.69%
19.65% 30.02% 48.76% 72.78%
Other liabilities
114.76
Deposits and other payables 43.64% % 167.96% 212.30%
Unclaimed dividend 12.71% 37.42% 67.17% 103.66%
42.02% 110.70 162.67% 206.60%
 %

TOTAL LIABILITIES 13.21% 39.36% 67.82% 69.15%

TOTAL EQUITY AND LIABILITIES 16.99% 40.25% 67.01% 76.48%
CONTINGENCIES
ASSETS
Cash and bank deposits
Cash and other equivalents 8.89% -11.97% -40.32% -4.41%
Current and other accounts -2.26% 27.77% 2.01% 0.27%
Deposits maturing within 12 months 11.68% 43.23% 19.43% 43.44%
-0.76% 29.21% 3.65% 4.75%
Loans to employees 7.33% -4.30% -34.39% -27.05%
Investments 33.11% 59.80% 96.88% 109.69%
Investment properties -1.15% 1.76% 6.82% 363.00%
Deferred taxation -0.41% -14.23% -13.30% -38.16%
Current assets - others
Premiums due but unpaid 0.82% 4.89% 10.22% 3.62%
Amounts due from other insurers / reinsurers -46.61% -46.67% -45.90% -15.03%
Reinsurance recoveries due but unpaid -26.27% -76.35% 141.70% 137.92%
Salvage recoveries accrued 28.97% 92.41% 79.63% 101.76%
Accrued investment income -2.13% 45.74% 93.71% 118.92%
Reinsurance recoveries against outstanding claims -11.28% 19.88% 93.88% 61.28%
Deferred commission expense 14.38% 28.79% 47.19% 49.33%
Prepayments 34.21% 54.30% 69.53% 69.28%
Sundry receivables -41.99% 20.90% -23.23% -11.34%
1.88% 18.85% 52.40% 42.52%
Fixed assets
Tangible and intangible -3.55% -4.47% -8.83% -13.12%
Buildings 3.86% 19.60% 17.02% 21.73%
Furniture, fixtures and Office Equipment -13.15% 2.44% -2.83% -5.21%
940.81 1071.33
Vehicles 2.75% % % 896.46%
Computer software 2.47% 42.17% 42.96% 41.81%
TOTAL ASSETS
16.53% 39.69% 66.34% 75.78%
Income statement- Horizontal Analysis
2011 2012 2013 2014
Revenue account
Net premium revenue 12.77% 25.84% 43.84% 48.69%
Less:
Net claims 1.28% 13.87% 28.44% 24.15%
Expenses 3.08% 15.89% 32.24% 51.21%
Net commission 26.44% 39.90% 51.79% 61.01%
-
- 340.97 -
Underwriting result 339.93% % -448.40% 529.35%
Investment income 50.14% 54.88% 97.12% 97.03%
Rental income 11.72% 24.06% 37.74% 17.46%
Return on bank deposits -55.58% -50.34% -36.29% -32.46%
-
Other income -92.20% -71.56% -67.08% 100.00%
2212.41
General and administration expenses 60.67% 79.53% % -85.97%
269.60 -
Share in profit / (loss) of an associate 110.11% % 457.18% 667.42%
Profit before tax 63.33% 73.06% 123.20% 132.28%
Taxation - net -0.84% 23.80% 81.17% 97.56%
Profit after tax 77.09% 83.62% 132.21% 139.72%
Profit and loss appropriation account:
Balance at commencement of the year -24.49% 23.81% 24.41% 49.46%
-
Profit after tax for the year 77.09% 83.62% 131.23% 100.00%
Transfer (to) / from general reserve -68.75% -28.13% -28.13% 0.00%
Transfer to special reserve 0.00% 0.00% 0.00%
Issuance of bonus shares at Rs.2 (20%) per share of
Rs.10 each for the year 2009 [2009: Nil for the year
2008] 50.00% 50.00% 35.00% 55.25%
Final cash dividend at Rs.3 (30%) per share of Rs. 10
each for the year 2009 [2009: Rs.1.50 (15%) for the
year 2008] -20.00% 50.00% 80.00% 107.00%
-
- 101.11 -
271.12% % -188.75% 124.11%
Balance of unappropriated profit at end of the year 72.50% 72.94% 108.24% 117.72%
Earnings per share of Rs.10 each - basic and diluted 41.65% 22.50% 34.62% 20.91%

Cash Flow Statement- Horizontal Analysis

2011 2012 2013 2014
Operating cash flows
(a) Underwriting activities
Premiums received 21.97% 40.74% 54.76% 66.02%
Reinsurance premiums paid 32.47% 57.03% 84.33% 90.89%
Claims paid 23.67% 39.13% 86.77% 136.52%
Reinsurance and other recoveries received 122.32% 173.68% 358.15% 644.90%
Commissions paid 26.19% 34.30% 60.53% 68.38%
Commissions received 37.50% 56.19% 93.60% 103.52%
Other underwriting payments (management expenses) 15.94% 33.98% 46.13% 71.45%
Net cash inflow from underwriting activities 46.28% 87.71% 5.30% 28.26%
(b) Other operating activities
Income tax paid 103.31% 100.67% 171.42% 251.25%
General expenses paid 211.23% 88.15% 145.28% 212.43%
Other operating payments 12.55% 29.93% 37.69% 54.56%
Other operating receipts 13.05% 36.93% 39.88% 41.77%
Loans advanced -16.70% -30.67% -41.69% -47.20%
Loan repayments received -0.87% -1.40% 1.34% -22.70%
Net cash inflow from other operating activities -53.77% 44.93% -30.74% -186.59%
Total cash inflow from all operating activities 26.37% 79.20% -1.87% -14.50%
Investment activities
Profit / return received -26.54% -19.54% -19.39% -10.95%
Dividends received 9.94% 12.08% 120.77% 153.24%
Rentals received - net of expenses 33.09% 23.32% 95.22% 38.89%
Payments for purchase of investments / investment property 34.89% 43.61% 51.70% 84.39%
capital expenditure on investment property 0.00% 25.29% 5062.33%
Proceeds from disposal of investments 81.63% 96.87% 136.79% 89.62%
Fixed capital expenditure 60.22% 250.47% 84.26% 74.31%
Proceeds from sale of fixed assets 54.13% -53.26% -66.57% -72.56%
Total cash (outflow) / inflow from investing activities -65.52% -74.62% -71.76% -100.33%
Financing activities
Dividends paid -19.96% 49.97% 79.95% -100.00%
Total cash outflow from financing activities -19.96% 49.97% 79.95% 106.69%
Net cash (outflow) / inflow from all activities -99.28% -122.00% -75.34% -100.81%
Cash at beginning of the year -51.34% -51.72% -40.42% -53.08%
Cash at end of the year -0.76% 22.46% -3.57% -2.71%

Jubilee General Insurance

Vertical Analysis

Note
s 2010 2011 2012 2013 2014
Share capital and reserves
Authorised share capital
[100,000,000 Ordinary shares of
Rs.10 each (December 31, 2009:
100,000,000 Ordinary shares of Rs.10
each)]

Paid-up share capital 6 10.31% 11.02% 11.03% 10.65% 11.59%

Retained earnings 6.61% 9.75% 8.15% 8.24% 8.15%

Reserves 7 20.53% 18.71% 18.68% 18.26% 20.31%

TOTAL EQUITY 37.46% 39.48% 37.85% 37.15% 40.05%
Underwriting provisions 0.00% 0.00% 0.00% 0.00% 0.00%
Provision for outstanding claims
(including IBNR) 24.50% 20.41% 21.15% 24.53% 20.72%
Provision for unearned premium 19.83% 20.42% 20.88% 18.22% 17.29%
Commission income unearned 0.71% 0.76% 0.76% 0.79% 0.67%
Total underwriting provisions 45.05% 41.59% 42.79% 43.55% 38.68%

Deferred liabilities
0.0179 0.0100 0.0058 0.0026 0.0004
Staff retirement benefits % % % % %
0.0000 0.0000 0.0000 0.0000 0.0000
Creditors and accruals % % % % %
Premiums received in advance 0.86% 0.60% 0.33% 0.47% 0.53%
Amounts due to other insurers /
reinsurers 4.54% 5.65% 5.29% 4.78% 5.92%
Accrued expenses 0.30% 0.36% 0.30% 0.31% 0.28%

Taxation-provision less payments 8 1.48% 1.28% 1.25% 1.38% 1.20%

Other creditors and accruals 9 4.83% 4.40% 3.97% 3.76% 3.82%

12.01% 12.29% 11.14% 10.70% 11.76%
Other liabilities

Deposits and other payables 10 5.18% 6.36% 7.93% 8.31% 9.17%

Unclaimed dividend 0.29% 0.28% 0.28% 0.29% 0.33%
5.47% 6.64% 8.22% 8.60% 9.50%
0.00% 0.00% 0.00% 0.00% 0.00%
TOTAL LIABILITIES 62.54% 60.52% 62.15% 62.85% 59.95%
100.00 100.00 100.00 100.00 100.00
TOTAL EQUITY AND LIABILITIES % % % % %

CONTINGENCIES 11
ASSETS

Cash and bank deposits 12

Cash and other equivalents 0.05% 0.05% 0.03% 0.02% 0.03%
Current and other accounts 11.29% 9.47% 10.32% 6.92% 6.44%
Deposits maturing within 12 months 1.32% 1.26% 1.35% 0.95% 1.07%
12.66% 10.78% 11.71% 7.89% 7.54%

Loans to employees 13 0.01% 0.01% 0.01% 0.00% 0.00%

Investments 14 48.16% 55.01% 55.09% 57.00% 57.45%

Investment properties 15 1.90% 1.61% 1.38% 1.22% 5.01%

Deferred taxation 16 0.47% 0.40% 0.29% 0.25% 0.17%

 Current assets - others

Premiums due but unpaid 17 10.57% 9.15% 7.94% 7.01% 6.23%

Amounts due from other insurers /
reinsurers 18 1.87% 0.86% 0.71% 0.61% 0.91%
Reinsurance recoveries due but unpaid 0.89% 0.56% 0.15% 1.29% 1.20%
Salvage recoveries accrued 0.34% 0.38% 0.47% 0.37% 0.39%
Accrued investment income 0.14% 0.12% 0.14% 0.16% 0.17%
Reinsurance recoveries against
outstanding claims 19 10.92% 8.31% 9.37% 12.73% 10.02%
Deferred commission expense 1.77% 1.74% 1.63% 1.56% 1.50%

Prepayments 20 8.35% 9.62% 9.22% 8.51% 8.04%

Sundry receivables 21 0.68% 0.34% 0.59% 0.32% 0.35%

35.54% 31.07% 30.23% 32.56% 28.81%

Fixed assets 22
Tangible and intangible 0.09% 0.07% 0.06% 0.05% 0.04%
Buildings 1.08% 0.96% 0.93% 0.76% 0.75%
Furniture, fixtures and Office Equipment 0.06% 0.05% 0.05% 0.04% 0.03%
Vehicles 0.03% 0.03% 0.26% 0.24% 0.20%
Computer software 1.27% 1.11% 1.29% 1.09% 1.02%
100.00 100.00 100.00 100.00 100.00
TOTAL ASSETS % % % % %

EFU General Insurance

Efu General Insurance
Horizontal Analysis
AS OF DECEMBER 31
 2,0
10 2011 2012 2013 2014
Share capital and reserves
Authorised capital 100% 0% 0% 0% 33%
150 000 000 (2009: 150 000 000) ordinary shares
of Rs. 10 each
Issued, subscribed and paid-up share capital 100% 0% 0% 0% 28%
Reserves and retained earnings 100% 5% 18% 28% 38%
Total equity 100% 4% 16% 24% 37%
Underwriting provisions
Provision for outstanding claims (including IBNR) 100% -21% 12% -17% -29%
Provision for unearned premium 100% 13% 21% 35% 40%
Premium deficiency reserve 100% -100% -100% -100% -100%
Commission income unearned 100% 44% 39% 77% 82%
Total underwriting provisions 100% -8% 15% 3% -3%
Deferred liabilities
Staff retirement benefits 100% 10% -100% -100% -100%
Deferred taxation

Creditors and accruals

Premiums received in advance 100% -47% 20% -13% -50%
Amounts due to other insurers / reinsurers 100% 20% 54% 108% 83%
Accrued expenses 100% 4% 12% 17% 18%
Agent balances 100% 10% 36% 45% 42%
Unearned rentals 100% 15% 13% 23% 27%
Taxation - provision less payments
Other creditors and accruals 100% 60% 94% 90% 63%
18% 48% 83% 68%
Other liabilities
Other deposits 100% 18% 45% 52% 59%
Unclaimed dividends 100% 8% 30% 54% 88%
100% 17% 42% 52% 63%
Total liabilities 100% -4% 20% 14% 8%
Total equity and liabilities 100% -1% 18% 18% 19%
Contingencies

ASSETS
Cash and bank deposits
Cash and other equivalents 100% 66% 158% 21% 140%
Current and other accounts 100% -7% 16% 47% 5%
Deposits maturing within 12 months 100% 14% -22% -4% -28%
100% 3% -2% 22% -11%
Loans - secured considered good
To employees 100% 1% -21% -30% -22%
Investments 100% 6% 15% 27% 34%
Investment properties 100% -7% -12% -2% -9%
Deferred taxation 100% -100% -100% -100% -100%
Other assets
Premiums due but unpaid – net 100% 8% 42% 47% 63%
Amounts due from other insurers / reinsurers 100% -63% -54% -69% -82%
Salvage recoveries accrued 100% -43% -35% -30% 33%
Accrued investment income 100% 17% 4% -42% 339%
Reinsurance recoveries against outstanding 100% -28% 17% -26% -40%
Taxation - payments less provision 100% -28% -16% -91% -100%
Deferred commission expense 100% 13% 31% 31% 30%
Prepayments 100% 40% 55% 88% 100%
Security deposits 100% -21% 1446% 12% 24%
Other receivables 100% -28% 63% 23% 135%
100% -8% 27% 9% 8%
Fixed assets - tangible and intangible
Land and buildings 100% 16% 31% 47% 53%
Furniture, fixtures and office equipments 100% 65% 78% 75% 73%
Motor vehicles 100% -8% 27% 20% 65%
Computer softwares 100% -48% -96% -99% -100%
Capital work-in-progress 100% -89% -66% -92% -100%
100% 7% 23% 21% 30%
Total assets 100% -1% 18% 18% 19%

Horizontal Analysis Income Statement

DESCRIPTION
Revenue account
Net premium revenue 100% 6% 3% 8% 12%
Net claims 100% -6% -16% -14% -25%
-
Change in premium deficiency reserve 100% 2779% -100% -100% -100%
Management expenses 100% 5% 13% 21% 31%
Net commission 100% 5% 14% 20% 16%
Underwriting result 100% 520% 507% 590% 1077%
Investment income 100% -152% -338% -316% -356%
Rental income 100% 4% 18% 21% 42%
Profit on deposits 100% 27% 33% 30% 31%
Other income 100% -41% 64% -41% -20%
Share of profit of an associate 100% 61% 158% 164% 168%
Exchange gain 100% -10% 30% -100% -100%
General and administration expenses 100% 6% 10% 10% 24%
Workers welfare fund 0%
100% -131% -311% -280% -301%
Profit before tax 100% -334% -566% -551% -729%
Provision for taxation 100% 424% 32% 331% 709%
Profit after tax 100% -236% -488% -437% -543%
Profit and loss appropriation account
Balance at commencement of the year 100% -140% -27% 89% 105%
Profit after tax for the year 100% -236% -488% -437% -543%
other comprehensive income 100% -38% 463% -98% -91%

Dividend for the year 2011 @ Rs. 2.75 per share (2010:
Rs. 1.25 per share) 100% -66% -25% 9% 9%

Interim Dividend for the year 2012 at the rate of Re.

1.00 per share 100% -100% 25% 25% 250%
Transfer (to) / from general reserve 100% -433% 33% 333% 7%
100% -148% -6% -100% -30%
Balance unappropriated profit at end of the year 100% -281% -572% -611% -721%
Earnings per share - basic and diluted 100% -236% -488% -437% -445%

Horizontal Analysis- Statement of Cash flows

Operating activities
a) Underwriting activities
Premiums received 100 18% 16% 37% 41%
 %
100
Reinsurance premiums paid % 43% 47% 74% 107%
100
Claims paid % 13% -1% 1% 19%
Reinsurance and other recoveries 100
received % 52% 31% 42% 98%
100
Commissions paid % 16% 25% 39% 46%
100
Commissions received % 49% 45% 98% 99%
100
Management expenses paid % 6% 15% 23% 35%
Net cash flow from underwriting 100
activities % 46% 26% 221% 15%
b) Other operating activities
100
Income tax paid % 91% 85% 239% 745%
General and administration expenses
100 -
Other operating payments % -5% 5% 110% -96%
-
100 317 130 -
Other operating receipts % % % -43% 102%
100 - -
Loans advanced % 48% 21% -73% -7%
100 -
Loan repayments received % 21% 9% -23% 18%
Net cash flow used in other operating 100 -
activities % 12% -4% 23% 112%
Total cash flow from all operating 100 210 109 -
activities % % % 770% 253%
Investment activities
100
Profit / return received % 13% 42% 10% -17%
100
Dividends received % 15% 43% 48% 57%
100 -
Rentals received % 19% 52% -38% -40%
100 299 411 1404 1997
Payments for investments % % % % %
100 167 1128
Proceeds from disposal of investments % 71% % 724% %
100 - -
Fixed capital expenditure % 32% 10% -40% -28%
100 -
Proceeds from disposal of fixed assets % 14% 16% -24% 72%
 -
100 135 - -
Total cash flow from investing activities % % 88% 129% -56%
Financing activities
100 -
Dividends paid % 66% 2% 37% 43%
-
100 - 125 -
Net cash inflow from all activities % 86% % 16% 258%
100
Cash at the beginning of the year % 26% 30% 24% 54%
100
Cash at the end of the year   % 3% -2% 22% -11%
Reconciliation to profit and loss
account
100 210 109 -
Operating cash flows % % % 770% 253%
100
Depreciation expense % 9% 17% 12% 15%
- -
100 199 424 - -
Rental and investment (loss) / income % % % 397% 450%
100
Profit on deposits % 27% 33% 30% 31%
100 -
Other Income % 41% 64% -70% -28%
100 158
Share of profit of an associate % 61% % 164% 168%
-
Increase / (decrease) in assets other 100 132 - -
than cash % % 17% 162% 109%
-
(Increase) in liabilities other than 100 118 - -
running finance % % 2% 126% 128%
- -
100 236 488 - -
(Loss) / profit after taxation % % % 437% 543%
Definition of cash
Cash for the purposes of the statement of cash flows consists of:
100 158
Cash and other equivalent % 66% % 21% 140%
100
Current and other accounts % -7% 16% 47% 5%
100 -
Deposits maturing within 12 months % 14% 22% -4% -28%
100
% 3% -2% 22% -11%
 EFU GENERAL INSURANCE
BALANCE SHEET- Vertical Analysis

Not
es 2010 2011 2012 2013 2014
Share capital and reserves
Authorised capital
150 000 000 (2009: 150 000
000) ordinary shares of Rs. 10
each
Issued, subscribed and paid-up
share capital 5.09% 5.13% 4.30% 4.32% 5.47%
Reserves and retained earnings 33.99% 35.88% 34.03% 36.83% 39.38%
39.08% 41.00% 38.34% 41.15% 44.86%
Underwriting provisions 0.00% 0.00% 0.00% 0.00% 0.00%
Provision for outstanding claims
(including IBNR) 32.39% 25.86% 30.53% 22.88% 19.34%
Provision for unearned premium 18.49% 21.11% 18.96% 21.14% 21.77%
Premium deficiency reserve 0.23% 0.00% 0.00% 0.00% 0.00%
Commission income unearned 0.66% 0.96% 0.78% 0.99% 1.01%
Total underwriting provisions 51.78% 47.93% 50.28% 45.02% 42.13%
Deferred liabilities 0.00% 0.00% 0.00% 0.00% 0.00%
Staff retirement benefits 0.17% 0.18% 0.00% 0.00% 0.00%
Deferred taxation 0.00% 0.24% 0.23% 0.00% 0.40%
0.00% 0.42% 0.00% 0.30% 0.00%
Creditors and accruals 0.00% 0.00% 0.00% 0.00% 0.00%
Premiums received in advance 0.04% 0.02% 0.04% 0.03% 0.02%
Amounts due to other insurers /
reinsurers 4.61% 5.56% 6.02% 8.13% 7.08%
Accrued expenses 0.64% 0.67% 0.60% 0.63% 0.63%
Agent balances 1.58% 1.74% 1.82% 1.94% 1.89%
Unearned rentals 0.17% 0.20% 0.17% 0.18% 0.19%
Taxation - provision less
payments 0.00% 0.00% 0.00% 0.00% 0.17%
Other creditors and accruals 0.41% 0.66% 0.68% 0.66% 0.56%
7.46% 8.86% 9.33% 11.57% 10.53%
Other liabilities 0.00% 0.00% 0.00% 0.00% 0.00%
Other deposits   1.30% 1.55% 1.59% 1.68% 1.74%
Unclaimed dividends   0.21% 0.23% 0.23% 0.28% 0.34%
1.52% 1.78% 1.83% 1.96% 2.08%
Total liabilities 60.92% 59.00% 61.66% 58.85% 55.14%
Total equity and liabilities 100.00% 100.00% 100.00% 100.00% 100.00%
Contingencies

ASSETS
Cash and bank deposits
Cash and other equivalents 0.010% 0.016% 0.021% 0.010% 0.020%
Current and other accounts 3.549% 3.310% 3.477% 4.422% 3.134%
Deposits maturing within 12
months 3.395% 3.886% 2.252% 2.767% 2.049%
6.954% 7.212% 5.751% 7.199% 5.203%
Loans - secured considered
good 0.000% 0.000% 0.000% 0.000% 0.000%
To employees 0.013% 0.014% 0.009% 0.008% 0.009%
Investments 47.526% 50.589% 46.166% 51.043% 53.536%
Investment properties 0.960% 0.900% 0.712% 0.796% 0.730%
Deferred taxation 0.469% 0.000% 0.000% 0.000% 0.000%
Other assets 0.000% 0.000% 0.000% 0.000% 0.000%
Premiums due but unpaid - net 7.895% 8.610% 9.489% 9.825% 10.809%
Amounts due from other
insurers / reinsurers 0.612% 0.229% 0.238% 0.159% 0.093%
Salvage recoveries accrued 0.080% 0.046% 0.044% 0.048% 0.090%
Accrued investment income 0.128% 0.151% 0.112% 0.063% 0.470%
Reinsurance recoveries against
outstanding 22.925% 16.585% 22.596% 14.298% 11.599%
Taxation - payments less
provision 0.428% 0.312% 0.305% 0.034% 0.000%
Deferred commission expense 1.761% 2.006% 1.954% 1.961% 1.922%
Prepayments 7.150% 10.077% 9.338% 11.376% 11.998%
Security deposits 0.021% 0.017% 0.279% 0.020% 0.022%
Other receivables 0.188% 0.136% 0.259% 0.196% 0.373%
41.188% 38.169% 44.364% 37.981% 37.376%
Fixed assets - tangible and
intangible 0.000% 0.000% 0.000% 0.000% 0.000%
Land and buildings 0.874% 1.022% 0.970% 1.089% 1.122%
Furniture, fixtures and office
equipment’s 0.880% 1.460% 1.322% 1.308% 1.281%
Motor vehicles 0.537% 0.497% 0.578% 0.545% 0.743%
Computer software’s 0.175% 0.091% 0.006% 0.001% 0.000%
Capital work-in-progress 0.423% 0.046% 0.123% 0.029% 0.000%
2.889% 3.116% 2.998% 2.973% 3.146%
100.000 100.000 100.000 100.000 100.000
Total assets % % % % %
Habib General Insurance
Habib General Insurance As of december 31
Horizontal Analysis Amount in thousands
Note
s 2010 2011 2012 2013 2014
Share Capital and Reserves
Authorised share capital
[100,000,000 (December 31, 2009:
100,000,000) 0% 0% 0% 0% 30%
ordinary shares of Rs. 5 each]
Paid-up share capital 0% 13% 24% 24% 55%
Retained earnings 0% -12% 7% 40% 45%
Reserves 0% 0% 0% 0% 0%
TOTAL EQUITY   0% 3% 13% 20% 36%
Underwriting Provisions
Provision for outstanding claims (including IBNR) 0% 56% 37% 150% 545%
Provision for premium deficiency
Provision for unearned premium 0% 17% 22% 29% 39%
Commission income unearned 0% 13% 28% 41% 50%
Total underwriting provisions 0% 28% 27% 64% 182%
Deferred Liability
Staff retirement benefits 0% 18% 25% 91% 131%
Creditors and Accruals
Premiums received in advance 0% 254% 116% -100% -100%
Amounts due to other insurers/ reinsurers 0% 47% 56% 100% -37%
Accrued expenses 0% 15% 4% -8% -10%
Taxation - provision less payments 0% 4% -17% -18% -7%
Other creditors & accruals 0% -6% 30% -10% 3%
0% 16% 31% 21% -13%
Other liabilities
Unclaimed dividends 0% 10% 24% 51% 62%
TOTAL LIABILITIES 0% 23% 28% 49% 107%
TOTAL EQUITY AND LIABILITIES   0% 13% 20% 34% 71%
Contingencies

ASSETS
Cash and Bank Deposits
Cash and other equivalents 0% 121% 107% 165% -9%
Current and other accounts 0% -14% 35% 3% 29%
0% -13% 36% 5% 29%
Loans - secured, considered good to
employees 0% 894% 830% 827% 773%
Investments 0% -1% 14% 21% 13%
Deferred Taxation 0% 25% 70% 76% 36%
Current Assets - others
Premiums due but unpaid 0% 13% 24% 60% 57%
Amounts due from other insurers/
reinsurers 0% 6% 32% 33% 142%
Accrued investment income 0% 1878% 2828% 2922% 2153%
Reinsurance recoveries against outstanding claims 0% 55% 55% 212% 886%
Salvage recoveries outstanding
Deferred commission expense 0% 6% 39% 4% 26%
Advances, deposits and prepayments 0% 15% 40% 49% 48%
Sundry receivables 0% 195% -42% -89% -88%
Total current Assets 0% 35% 28% 59% 167%
Fixed Assets
Tangible and intangible
Furniture and fixtures and office
equipments 0% -19% -38% -51% -30%
Computer and related equipments 0% -22% -24% 1% 8%
Motor vehicles 0% -96% -97% -97% -90%
Capital work in progress - office premises 0% 25% -100% -100% -100%
Computer software 0% -24% 497% 523% 347%
Total fixed assets 0% -64% -70% -72% -65%
TOTAL ASSETS   0% 13% 20% 34% 71%

Income Statement
Horizontal Analysis
Note
Description s 0% 0% 0% 0% 0%
Revenue Account
Net premium revenue 0% 7% 10% 11% 16%
Net claims 0% 26% 25% 17% 21%
Premium deficiency claim
Expenses 0% 11% 20% 32% 53%
Net commission 0% -82% -40% -124% -358%
Underwriting result 0% -31% -28% -16% -1%
Net investment income 0% -21% 37% 61% 72%
Other income - net 0% 448% 76% 109% 56%
General and administration expenses 0% 15% 34% 9% 18%
Profit before tax 0% -22% 9% 41% 52%
Taxation - net 0% -4% -38% 11% 38%
Profit after tax 0% -25% 16% 45% 54%
Other comprehensive income
Re-measurements: actuarial loss on
obligation
Related tax impact
Total comprehensive income for the year 0% -25% 16% 43% -100%
Profit and loss appropriation account
Balance at commencement of the year 0% -10% -21% -5% 26%
Profit after tax for the year 0% -25% 16% 43% 54%
Transfer (to) / from general reserve 0% -100% -100% -100% -100%
Issuance of bonus shares for the year 2009: Nil (2008:
12.5%)
Cash dividend for the year ended December 31, 2009 0% -29% -20% 24% -12%
at Rs. 1.75 per share (2008: Rs. 0.625 per
share)
0% 10% -272% -411% -151%
Balance of unappropriated profit at end of the year 0% -12% 7% 40% 45%
Basic earnings per share of Rs. 5 each 0% -33% -6% 17% 0%

Statement of Cash Flows

Horizontal Analysis 2010 2011 2012 2013 2014

Operating Cash Flows

a) Underwriting activities
Premiums received 0% 13% 15% 15% 25%
Reinsurance premiums paid 0% 3% 36% 23% 79%
Claims paid 0% 9% 30% 16% 123%
Reinsurance and other recoveries received 0% 8% 20% 16% 235%
Commissions paid 0% 40% 3% 132% 48%
Commissions received 0% 14% 27% 49% 49%
Other underwriting receipts 0% 740% -100% -100% -100%
Net cash inflow from underwriting activities 0% 25% -38% -30% -84%
b) Other operating activities
Income tax paid 0% 281% 388% 286% 215%
General management expenses paid 0% 27% 41% 48% 78%
Other operating payments 0% 83% -326% -154% -121%
Loans advanced 0% 1317% 319% 425% 399%
Loans repayment received 0% 52% 777% 800% 888%
Net cash outflow from other operating activities 0% 67% -70% -11% 16%
- -
Total cash inflow from all operating activities 0% 1960% 1446% -930% 4833%
Investment activities
Profit / return received 0% -20% 37% 52% 38%
Dividends received 0% 13% 76% 102% 72%
Payments for investments 0% 4% 19% 56% 12%
Proceeds from disposal of investments 0% -1% 1% 45% 26%
Fixed capital expenditure 0% -57% -86% -66% -27%
Proceeds from disposal of fixed assets 0% 680% -94% -98% -98%
Total cash inflow / (outflow) from investing
activities 0% 3% -55% 12% 103%
Financing activities
Dividends paid 0% -28% -20% 23% -11%
Total cash outflow from financing activities 0% -28% -20% 23% -11%
Net cash inflow / (outflow) from all activities 0% -124% -11% -157% -56%
Cash at beginning of the year 0% 119% 90% 196% 129%
Cash at end of the year 0% -13% 36% 5% 29%

Reconciliation to Profit and Loss Account

- -
Operating cash flows 0% 1960% 1446% -930% 4833%
Depreciation/ amortisation expense 0% -11% -64% -65% -60%
Profit on disposal of fixed assets 0% 1722% -79% -97% -96%
Decrease/ (Increase) in assets other than cash 0% 501% -162% 337% 1454%
- -
Decrease in liabilities other than running finance 0% 1045% -360% -899% 2580%
0% -62% -125% -95% -77%
Other adjustments
Income tax paid 0% 281% 388% 286% 215%
Federal excise duty receivable - written off
Provision for premiums due but unpaid 0% -43% -24% -83% -100%
Provision for amount due from other insurers/
reinsurers 0% -100% -58% -100% -100%
Provision for impairment 0% -423% 386% 152% 27%
Provision for gratuity 0% 19% 17% 18% 88%
Gratuity paid 0% -30% 100% -62% -20%
Profit/ Return received 0% -20% 82% 62% 38%
Dividends received 0% 13% 79% 102% 72%
Capital gain 0% -6% -35% 19% 69%
Provision for taxation 0% -4% -38% 11% 38%
0% -6% 90% 118% 123%
0% -25% 16% 45% 54%
Cash for the purposes of the Statement of Cash Flows consists of:
Cash and bank deposits
Cash and other equivalents
Cash in hand 0% 44% 35% -4% -9%
Policy stamps 0% 304% 282% 573% -10%
0% 121% 107% 165% -9%
Current and other accounts
Current accounts 0% 5% 62% 88% 85%
Profit and loss sharing accounts 0% -19% 28% -17% 15%
0% -14% 35% 3% 29%
Cash and bank deposits as per balance sheet 0% -13% 36% 5% 29%

HABIB INSURANCE COMPANY LIMITED

VERTICAL ANALYSIS OF BALANCE SHEET

Share Capital and Reserves

Authorised share capital
[100,000,000 (December 31, 2009: 2,0 2011 2012 2013 2014
100,000,000) 10
ordinary shares of Rs. 5 each]
Paid-up share capital 24.02% 24% 25% 22% 22%
Retained earnings 11.84% 9% 11% 12% 10%
Reserves 15.24% 14% 13% 11% 9%
TOTAL EQUITY 51.10% 47% 48% 46% 41%
Underwriting Provisions
Provision for outstanding claims
(including IBNR) 8.08% 11% 9% 15% 30%
Provision for premium deficiency 0.00% 0% 0% 0% 0%
Provision for unearned premium 18.67% 19% 19% 18% 15%
Commission income unearned 1.97% 2% 2% 2% 2%
Total underwriting provisions 28.72% 33% 30% 35% 47%
Deferred Liability 0.00% 0% 0% 0% 0%
Staff retirement benefits 1.22% 1% 1% 2% 2%
Creditors and Accruals 0.00% 0% 0% 0% 0%
Premiums received in advance 0.23% 1% 0% 0% 0%
Amounts due to other insurers/
reinsurers 5.30% 7% 7% 8% 2%
Accrued expenses 0.57% 1% 0% 0% 0%
Taxation - provision less payments 2.88% 3% 2% 2% 2%
Other creditors & accruals 8.56% 7% 9% 6% 5%
17.54% 18% 19% 16% 9%
Other liabilities 0.00% 0% 0% 0% 0%
Unclaimed dividends 1.42% 1% 1% 2% 1%
TOTAL LIABILITIES 48.90% 53% 52% 54% 59%
TOTAL EQUITY AND LIABILITIES 100.00% 100% 100% 100% 100%
Contingencies
ASSETS
Cash and Bank Deposits
Cash and other equivalents 0.02% 0.05% 0.04% 0.05% 0.01%
Current and other accounts 3.45% 2.64% 3.88% 2.66% 2.60%
Sub total bank deposits and cash 3.48% 2.69% 3.92% 2.71% 2.62%
Loans - secured, considered good to
employees 0.19% 1.66% 1.46% 1.30% 0.96%
Investments 55.52% 48.80% 52.71% 49.93% 36.61%
Deferred Taxation 0.94% 1.04% 1.32% 1.23% 0.74%
Current Assets - others
Premiums due but unpaid 10.89% 10.88% 11.21% 12.99% 9.99%
Amounts due from other insurers/
reinsurers 6.99% 6.58% 7.65% 6.95% 9.90%
Accrued investment income 0.01% 0.16% 0.22% 0.21% 0.12%
Reinsurance recoveries against
outstanding claims 4.83% 6.66% 6.22% 11.25% 27.87%
 Salvage recoveries outstanding 0.00% 0.00% 0.00% 0.98% 1.05%
Deferred commission expense 2.16% 2.03% 2.50% 1.67% 1.59%
Advances, deposits and prepayments 8.99% 9.15% 10.45% 9.99% 7.79%
Sundry receivables 3.66% 9.61% 1.75% 0.31% 0.26%
TOTAL CURRENT ASSETS 37.54% 45.07% 40.00% 44.33% 58.58%
Fixed Assets
Tangible and intangible
Furniture and fixtures and office
equipment’s 0.58% 0.42% 0.30% 0.21% 0.24%
Computer and related equipment’s 0.09% 0.06% 0.06% 0.07% 0.06%
Motor vehicles 1.45% 0.05% 0.04% 0.03% 0.08%
Capital work in progress - office premises 0.18% 0.20% 0.00% 0.00% 0.00%
Computer software 0.04% 0.03% 0.19% 0.18% 0.10%
Total Fixed Assets 2.34% 0.75% 0.59% 0.49% 0.48%
United Insurance Company

UIC GENERAL INSURANCE

HORIZONTAL ANALYSIS
AS OF DECEMBER 31

Notes 2010 2011 2012 2013 2014

Authorized share capital 0% 0% 0% 0% 100%

Paid-up share capital 0% 24% 43% 75% 130%
Retained earnings 0% 1% 47% 111% 239%
Reserves 0% 0% 0% 0% 0%
0% 15% 39% 77% 147%

Surplus on revaluation of fixed assets 0% -5% 4454% 2817% 2754%

Waqf/Participants' takaful fund - (PTF)
Total Equity
Underwriting provisions
Provision for outstanding claims
(including 0% 35% 186% 1069% 1923%
Provision for unearned premium 0% 37% 131% 202% 391%
Commission income unearned 0% -15% 59% -49% 71%
Total underwriting provisions 0% 31% 131% 295% 568%
Deferred liabilities
Staff retirement benefits 0% 26% 6% 60% 100%
Deferred tax liabilities 0% 2% 585% 77% 40%
0% 22% 85% 62% 91%
Creditors and accruals
Amounts due to other insurers/reinsurers 0% 163% 457% 492% 2373%
Accrued expenses 0% 9% 64% 193% 343%
Provision for taxation - net 0% -30% -28% 165% 258%
Other creditors and accruals 0% -44% -45% 7% 67%
0% 3% 66% 140% 574%
Borrowings
Short-term finance
Other liabilities
Liabilities against assets subject to
finance 0% -29% -60% -68% -8%
Total liabilities 0% 19% 96% 214% 467%
TOTAL EQUITY AND
LIABILITIES 0% 17% 70% 143% 297%
Contingencies & Commitments

ASSET
Cash & bank deposits
Cash and other equivalents 0% 650% 634% 1729% 2343%
Current and other accounts 0% 56% 102% 96% 430%
Deposits maturing within 12 months 0% -5% 70% -34% 95%
Deposits maturing after 12 months 0% -30% -61% -60% -76%
0% 8% 53% -1% 160%
Loans
To employees & agents 0% 65% 63% 175% 187%
Investments 0% 25% 104% 347% 597%
Investment property 0% -47% -50% -92% -93%

Other assets
Premiums due but unpaid 0% 46% 80% 122% 152%
Amounts due from other
insurers/reinsurers 0% 82% 562% 2834% 14181%
Prepaid reinsurance premium ceded 0% -18% 72% 14% 289%
Reinsurance recoveries against
outstanding 0% -2% 258% 1613% 2844%
Deferred commission expense 0% 11% 46% 36% 159%
Accrued investment income 0% -12% 68% 120% 157%
Advance for purchase of shares
Sundry receivables 0% 101% 37% 241% 67%
0% 23% 87% 254% 501%

Fixed assets - Tangible

Owned
Land freehold 0% 41% 84% 152% 152%
Buildings 0% -10% 155% 95% 85%
Furniture, fixtures, office & computer
equipments 0% 34% 71% 61% 61%
Motor vehicles 0% 36% 79% 73% 53%
Motor Tracking Devices
Motor tracking devices - PTF
Capital work in progress 0% 1047% 37% 65% 993%
0% 32% 100% 101% 103%

Leased
Motor vehicles 0% -25% -58% -68% -8%
TOTAL ASSETS 0% 17% 70% 143% 297%

UIC income statement

Horizontal Analysis
Note
s 0% 0% 0% 0% 0%
Revenue account
Net premium revenue 0% 17% 42% 101% 179%
Net claims 0% 50% 40% 84% 139%
Management expenses 0% 18% 159% 278% 398%
Net commission 0% 48% 51% 181% 404%
Underwriting results 0% -6% 11% 58% 127%
Investment income 0% -14% 102% 65% 202%
Rental income 0% 23% 46% 177% 231%
1590
Other income 0% 186% 260% 990% %
Share of loss from associate
General & admin expenses 0% 3% 5% 27% 51%
Finance charge on lease rentals 0% -25% -54% -71% -21%
0% 1% -16% 2% 4%
Profit / (loss) before tax from conventional operations 0% -14% 40% 118% 259%
Profit for the period from -
- window takaful operations
profit before tax
Provision for taxation 0% 9% 73% 119% 211%
Profit / (loss) after tax 0% -17% 36% 117% 289%

Profit & loss appropriation account

Balance at commencement of year 0% 49% 51% 113% 215%
Incremental depreciation net of deferred tax 0% -5% 665% -100% -100%
Profit / (loss) after tax for the year/comprehensive
income 0% -17% 36% 121% 292%
Profit available for appropriation 0% 17% 44% 117% 252%

Issuance of bonus shares for the year ended

2009 : 16% (2008 : 14% per share of Rs 10/-
each) 0% 74% 35% 138% 295%
Balance un-appropriated profit at end of year 0% 1% 47% 111% 239%
Earnings per share of Rs 10/- each - basic and
diluted (Note 32) 0% -33% -4% 24% 69%

UIC Statement of Cash Flows

Horizontal Analysis
Operating cash flows:
a) Underwriting activities:
Premium received 0% 13% 63% 99% 198%
Contribution received
Reinsurance premium paid 0% -25% 51% 4% 89%
Retakaful contribution paid
Claims paid 0% 26% 52% 167% 309%
Claims paid - Takaful
Reinsurance and other recoveries received 0% -5% 33% 184% 151%
Retakaful and other recoveries received / (Paid)
Commission paid 0% 23% 62% 49% 140%
Commission paid - Takaful
Retakaful rebate received
Commission received 0% -12% 62% -52% 25%
Net cash flow from underwriting activities 0% 18% 70% 137% 153%
b) Other operating activities:
Income tax paid 0% 51% 47% 96% 198%
General management expenses paid 0% 12% 84% 116% 171%
General management expenses paid - Takaful
Other operating receipts/(payments) 0% 86% -214% 254% -427%
Other operating receipts/(payments) - Takaful
Loan to employees and agents 0% 20% -103% 107% -77%
Net cash flow from other operating activities 0% 21% 51% 128% 113%
Total cash flow from all operating activities 0% 15% 95% 148% 205%
Investment activities:
Investment income received 0% 34% 124% 142% 300%
Rental income received 0% 23% 46% 177% 231%
Sale/(Purchase) of investment 0% -78% 57% 49% 351%
Sale/(Purchase) of investment - Takaful
Advance for purchase of shares
Fixed capital expenditure 0% 79% 110% 95% 52%
Fixed capital expenditure - Takaful
Proceeds from disposal of fixed assets 0% 62% 624% 255% 1787%
Net cash flow from investing activities 0% -32% 62% 156% 70%
Financing activities:
Bank borrowings
Lease liability paid 0% -12% -7% -52% -35%
Short term finance
Satutory reserve
Ceded money
Net cash flow from financing activities 0% -12% -15% -45% -152%
Net cash inflow/(outflow) from all activities 0% -236% -212% -87% -915%
Cash and cash equivalents at the beginning of the
year 0% -29% 10% 43% 39%
Cash and cash equivalents at the end of the year 0% 56% 102% 96% 431%

UNITED INSURANCE
COMPANY
VERTICAL ANALYSIS
BALANCE SHEET
AS OF DECEMBER 31

2010 2011 2012 2013 2014

Authorized share capital

Paid-up share capital 32.32% 34.35% 27.10% 23.33% 18.71%
Retained earnings 15.47% 13.39% 13.34% 13.41% 13.22%
Reserves 6.07% 5.20% 3.57% 2.50% 1.53%
53.86% 52.94% 44.00% 39.24% 33.46%
0.00% 0.00% 0.00% 0.00% 0.00%
Surplus on revaluation of fixed assets 0.11% 0.09% 3.04% 1.36% 0.82%
Waqf/Participants' takaful fund - (PTF) 0.00% 0.00% 0.00% 0.00% 0.03%
TOTAL OWNER EQUITY 53.97% 53.03% 47.04% 40.60% 34.30%
LIABILITIES
Underwriting provisions
Provision for outstanding claims (including
IBNR) 4.27% 4.93% 7.19% 20.55% 21.76%
Provision for unearned premium 23.49% 27.51% 31.86% 29.18% 29.01%
Commission income unearned 3.25% 2.36% 3.04% 0.68% 1.40%
Total underwriting provisions 31.01% 34.81% 42.09% 50.41% 52.17%

Deferred liabilities
Staff retirement benefits 2.51% 2.71% 1.56% 1.65% 1.26%
Deferred tax liabilities 0.40% 0.35% 1.60% 0.29% 0.14%
2.91% 3.05% 3.16% 1.94% 1.40%
Creditors and accruals
Amounts due to other insurers/reinsurers 1.26% 2.85% 4.14% 3.08% 7.88%
Accrued expenses 0.51% 0.47% 0.49% 0.61% 0.56%
Provision for taxation - net 0.87% 0.52% 0.37% 0.95% 0.79%
Other creditors and accruals 3.72% 1.79% 1.20% 1.64% 1.56%
6.36% 5.63% 6.20% 6.29% 10.79%
Borrowings
Short-term finance 0.00% 0.00% 0.15% 0.00% 0.00%
Other liabilities
Liabilities against assets subject to finance 5.74% 3.48% 1.35% 0.75% 1.33%
Total liabilities 46.03% 46.97% 52.96% 59.40% 65.73%
TOTAL EQUITY AND LIABILITIES 100.00% 100.00% 100.00% 100.00% 100.00%
Contingencies & Commitments

ASSET
Cash & bank deposits
Cash and other equivalents 0.00084% 0.01% 0.0036% 0.006% 0.0052%
Current and other accounts 6.02% 8.03% 7.13% 4.86% 8.04%
Deposits maturing within 12 months 10.23% 8.32% 10.22% 2.77% 5.04%
Deposits maturing after 12 months 4.08% 2.44% 0.94% 0.67% 0.25%
SUB-TOTAL 20.33% 18.79% 18.29% 8.30% 13.33%
Loans
To employees & agents 0.29% 0.41% 0.28% 0.33% 0.21%
Investments 7.45% 7.99% 8.92% 13.71% 13.07%
Investment property 3.40% 1.54% 1.00% 0.11% 0.06%
SUB-TOTAL 11.14% 9.94% 10.20% 14.15% 13.34%
Other assets
Premiums due but unpaid 16.64% 20.86% 17.58% 15.24% 10.55%
Amounts due from other insurers/reinsurers 0.40% 0.62% 1.55% 4.82% 14.36%
Prepaid reinsurance premium ceded 12.22% 8.57% 12.39% 5.72% 11.97%
Reinsurance recoveries against outstanding 2.56% 2.15% 5.39% 18.06% 18.99%
Deferred commission expense 4.35% 4.14% 3.73% 2.42% 2.84%
Accrued investment income 0.96% 0.72% 0.95% 0.87% 0.62%
Advance for purchase of shares 0.00% 0.00% 0.00% 7.16% 0.00%
Sundry receivables 2.90% 5.00% 2.34% 4.08% 1.22%
TOTAL OTHER ASSETS 40.03% 42.05% 43.93% 58.37% 60.55%
TOTAL CURRENT ASSETS 71.50% 70.78% 72.42% 80.81% 87.22%
Fixed assets - Tangible
 Owned
Land freehold 4.51% 5.47% 4.87% 4.68% 2.86%
Buildings 5.12% 3.97% 7.66% 4.11% 2.39%
Furniture, fixtures, office & computer
equipments 5.51% 6.31% 5.54% 3.64% 2.24%
Motor vehicles 6.85% 7.98% 7.20% 4.88% 2.63%
Motor Tracking Devices 0.00% 0.00% 0.61% 0.93% 0.79%
Motor tracking devices - PTF 0.00% 0.00% 0.00% 0.00% 0.00%
Capital work in progress 0.14% 1.39% 0.11% 0.10% 0.39%
22.13% 25.11% 25.99% 18.34% 11.30%
Leased
Motor vehicles 6.37% 4.11% 1.59% 0.85% 1.48%
TOTAL FIXED ASSETS 28.50% 29.22% 27.58% 19.19% 12.78%
TOTAL ASSETS 100.00% 100.00% 100.00% 100.00% 100.00%

Askari General Insurance

Askari General Insurance
Horizontal Analysis
2011 2012 2013 2014
Authorized share capital 50,000,000
0.00% 0.00% 0.00% 100.00%
(2009:50,000,000) ordinary shares of Rs. 10 each
Paid up share capital 51.25% 58.81% 90.57% 90.57%
Retained earnings 31.94% 191.14% 315.74% 746.42%
Reserves 0.00% 0.00% 0.00% 0.00%
subtotal 36.85% 60.58% 95.83% 146.82%
-
Deposit against issue of shares -100.00% -100.00% -100.00%
100.00%
total equity 36.85% 60.58% 95.82% 146.82%
Underwriting Provisions
Provision for outstanding claims (including IBNR) 4.38% -9.01% -3.15% 23.19%
Provision for unearned premium -5.37% 56.00% 88.38% 82.08%
Commission income unearned -17.42% 4.07% 96.21% 79.75%
Total underwriting provisions -2.72% 30.18% 56.99% 61.43%
Deferred Liability-Staff Compensated Absences 32.04% 42.66% -100.00% 117.69%
Creditors and Accruals
Premium received in advance 37.15% 1012.61% 120.88% 105.62%
Amounts due to other insurers/reinsures -26.09% 100.66% -34.37% -9.56%
Accrued expenses -52.34% -62.71% -63.54% 252.44%
Taxation - provision less payments 79.07% -100.00% -100.00% -100.00%
Other creditors and accruals/sundry creditors 39.18% 72.33% 53.79% 269.89%
 -3.24% 111.91% -2.90% -50.33%
Borrowing
Liabilities against assets subject to finance lease
Other Liabilities
Unclaimed dividend 0.00% 0.00% 0.00% 0.00%
Others 62.10% 12.24% 151.15% 92.46%
55.71% 10.98% 135.61% 82.95%
TOTAL LIABILITIES -2.23% 50.95% 42.30% 50.99%
TOTAL EQUITY AND LIABILITIES 6.26% 53.04% -83.63% 71.81%
Contigencies and commitments
ASSETS
Cash and Bank Deposits
Cash and other equivalents 49.86% 11.08% 134.46% 138.19%
Current and other accounts 43.84% 434.57% 31.28% 47.17%
-
Deposits maturing within 12 months -100.00% -100.00% -100.00%
100.00%
43.08% 429.57% 31.07% 46.81%
Advances to Employees -44.88% -19.56% -48.53% -26.52%
Investments 9.97% 32.17% 88.76% 121.57%
Investment Property -2.51% -5.01% -7.52% -10.02%
Deferred Taxation 274.28% 203.14% 719.79% 349.38%
Current Assets - Others
Premium due but unpaid - 24.71% 12.39% 38.35% 92.70%
unsecured,Considered good
Amounts due from other insurers/ reinsurers, 9.15% 26.84% -19.73% 77.23%
considered good
Salvage recoveries accrued 130.86% 34.08% 65.03% 4.20%
Accrued investment income -12.70% -34.01% -54.88% -29.37%
Reinsurance recoveries against outstanding 8.10% -14.63% -7.14% 1.26%
claims - unsecured, considered good
Taxation - Payments less provision 0.00% 174.07% 269.54%
Deferred commission expense -25.43% -17.29% 30.43% 36.52%
Prepayments
prepaid reinsurance premium ceded -24.41% 73.64% 96.22% 62.42%
others - -100.00% -100.00% -100.00%
100.00%
Sundry receivables 8.45% -15.13% 24.44% -7.28%
0.70% 25.45% 40.97% 55.60%
Fixed Assets
Tangible and Intangible
Furniture and fixtures -5.25% 9.22% -13.54% -8.44%
Computer and office equipment -19.07% -71.67% -52.13% -56.77%
Motor vehicles -35.87% 320.01% -39.88% -48.81%
tracking devices 0.00% 1193.52% 935.07% 517.04%
Leasehold improvements 3.05% -26.95% -51.06% -64.02%
Software license 170.65% 100.42% 35.93% -19.22%
Capital work in progress -23.01% 95.60% 125.90% 67.78%
0.72% 60.97% 40.87% 3.51%
TOTAL ASSETS 6.26% 53.04% 53.93% 71.81%

INCOME STATEMENT
HORIZONTAL ANALYSIS
2011 2012 2013 2014
Revenue Account
Net premium revenue -1.03% 9.38% 31.57% 51.81%
Net claims -15.04% -3.36% 20.46% 45.49%
Expenses 18.48% 26.62% 43.52% 69.09%
Net commission 113.08% 271.81% 458.20% 562.50%
Underwriting Results 30.43% 51.93% 89.45% 92.24%
Other Income and Expenses
Investment income/(loss) 1.95% 7.82% 27.26% 146.52%
Rental Income 0.00% 100.00% 237.77% 338.10%
Other income -15.49% 47.55% 34.20% -49.20%
Profit on bank deposits -28.41% 61.83% 58.04% 53.33%
Share of profit in associated company 746.09% 608.78% 955.87% 1713.05%
Finance cost - 439708.73 413284.50 444237.65
100.00% % % %
General and administration expenses 10.47% -33.40% -51.47% -93.56%
experincee adjustment in staff retirement
benefit 0.00% -35.94%
gratuity 0% -100%
compensated absences 0.00% -100.00%
tax effect on experince adjustment 0.00% -133.27%
Profit/(loss) before workers' welfare fund -
-100.00% -100.00% -100.00%
100.00%
Workers' welfare fund -
-100.00% -100.00% -100.00%
100.00%
Profit/(loss) before tax 47.94% 63.85% 180.50% 279.06%
Provision for taxation 127.49% 110.20% 415.65% 554.49%
Profit/(loss) after tax 37.99% 58.05% 151.10% 244.63%
Other comprehensive income/(loss) for the
year
Total comprehensive income/(loss) for the
year 37.99% 58.05% 143.74% 239.66%

Profit and loss appropriation account

Balance at commencement of the year -
-592.35% -1143.97% -1651.43%
473.17%
Profit/(loss) after tax for the year 37.99% 58.05% 143.74% 239.66%
Bonus share issued 0.00% -71.19% 1110.01% -100.00%
Balance of unappropriated profit/(loss) at end
31.94% 191.14% 315.74% 746.42%
of the year

Statement of Cash Flows

Horizontal Anaysis
Operating Cash Flows
a) Underwriting activities: 2011 2012 2013 2014
Premium received -15.19% 19.45% 17.40% 22.09%
Reinsurance premium paid -63.32% -56.95% 54.45% -45.79%
Claims paid -9.10% 2.07% 24.46% 45.28%
Reinsurance and other recoveries received -73.31% -45.80% 126.79% -17.96%
Commission paid -11.80% -13.16% 10.05% 16.95%
Commission received -56.53% -37.14% 101.09% -18.89%
Other underwriting payments (management expenses) 20.44% 29.70% 43.43% 60.04%
Net cash flow from underwriting activities 259.80% 1479.03% -62.47% 532.56%
b) Other operating activities:
Income tax paid 562.99% 693.45% 1381.91% 1570.25%
General management expenses paid 7.20% 13.15% 18.11% 34.77%
Other operating receipts -106.54% 332.07% -220.09% -34.20%
Advances to employees -52.48% -126.81% -69.34% -123.30%
Other receipts on operating assets -100.00% -100.00% -100.00% -100.00%
Net cash used in other operating activities 53.01% -29.91% 112.84% 99.54%
Total cash flow (used in) / from all operating activities -68.09% -913.55% 215.50% -154.04%
Investment activities:
Profit/return received -13.58% -9.42% -30.31% -38.26%
Dividends received 10.28% 1.80% 86.24% 38.31%
Payments for investments -84.04% -83.86% -51.50% -52.44%
Proceeds from disposal of investments -85.80% -90.24% -67.61% -53.79%
Redemption of term finance certificates 112.27% 253.39% 264.96% -41.94%
Fixed capital expenditure 6.32% 230.26% -201.28% -30.63%
Proceeds from disposal of fixed assets -80.27% -96.14% -99.44% -90.85%
Total cash flow used in investing activities -82.53% -365.87% -721.31% -146.58%
Financing activities:
Dividend paid -100.00% -100.00% -100.00% -100.00%
Deposit against issue of shares -100.00% -100.00% -100.00% -100.00%
Financial charges paid -100.00% -100.00% -100.00% -100.00%
Payment of lease rentals -100.00% -100.00% -100.00% -100.00%
proceeds against issue of share 0.00% -100.00% -100.00% -100.00%
-
6814.60 -100.00% -100.00% -100.00%
Total cash used in financing activities %
Net cash (used in)/from all activities -270.74% -1631.65% 1479.27% -162.39%
Cash at beginning of the year -20.15% 14.25% 322.87% 4.66%
Cash at end of the year 43.08% 429.57% 31.07% 46.81%

Askari Vertical Analysis

2010 2011 2012 2013 2014
Authorized share capital 50,000,000
(2009:50,000,000) ordinary shares of Rs. 10
each
163.17
Paid up share capital 14.02% 19.95% 14.54% 15.55%
%
Retained earnings 2.57% 3.19% 4.89% 65.33% 12.67%
Reserves 5.13% 4.83% 3.36% 31.37% 2.99%
259.87
subtotal 21.72% 27.97% 22.79% 31.21%
%
Deposit against issue of shares 0.00% 0.00% 0.00% 0.00% 0.00%
259.87
total equity 21.72% 27.97% 22.79% 31.21%
%
Underwriting Provisions 0.00% 0.00% 0.00% 0.00% 0.00%
Provision for outstanding claims (including 118.03
19.95% 19.60% 11.86% 14.30%
IBNR) %
389.26
Provision for unearned premium 33.82% 30.12% 34.48% 35.85%
%
Commission income unearned 3.52% 2.74% 2.39% 42.21% 3.68%
549.50
Total underwriting provisions 57.29% 52.45% 48.73% 53.83%
%
Deferred Liability-Staff Compensated Absences 0.48% 0.59% 0.45% 0.00% 0.61%
Creditors and Accruals 0.00% 0.00% 0.00% 0.00% 0.00%
Premium received in advance 0.54% 0.70% 3.93% 7.29% 0.65%
Amounts due to other insurers/reinsures 12.51% 8.70% 16.41% 50.17% 6.59%
Accrued expenses 0.37% 0.17% 0.09% 0.83% 0.76%
Taxation - provision less payments 0.13% 0.23% 0.00% 0.00% 0.00%
Other creditors and accruals 6.39% 8.37% 7.20% 60.05% 13.76%
118.34
subtotal 19.95% 18.17% 27.62% 5.77%
%
Borrowing 0.00% 0.00% 0.00% 0.00% 0.00%
Liabilities against assets subject to finance lease 0.00% 0.00% 0.00% 0.00% 0.00%
Other Liabilities 0.00% 0.00% 0.00% 0.00% 0.00%
Unclaimed dividend 0.06% 0.05% 0.04% 0.35% 0.03%
Others 0.50% 0.76% 0.37% 7.64% 0.56%
0.56% 0.81% 0.40% 7.99% 0.59%
680.49
TOTAL LIABILITIES 78.28% 72.03% 77.21% 68.79%
%
100.00 100.00 100.00 100.00 100.00
TOTAL EQUITY AND LIABILITIES
% % % % %
ASSETS
Cash and Bank Deposits
Cash and other equivalents 0.03% 0.04% 0.02% 0.05% 0.04%
Current and other accounts 6.21% 8.41% 21.70% 5.30% 5.32%
Deposits maturing within 12 months 0.03% 0.00% 0.00% 0.00% 0.00%
subtotal 6.28% 8.45% 21.72% 5.34% 5.36%
Advances to Employees 0.15% 0.08% 0.08% 0.05% 0.06%
Investments 31.49% 32.58% 27.19% 38.61% 40.61%
Investment Property 3.60% 3.30% 2.23% 2.16% 1.88%
Deferred Taxation 0.06% 0.21% 0.12% 0.32% 0.16%
Current Assets - Others 0.00% 0.00% 0.00% 0.00% 0.00%
Premium due but unpaid - 15.19% 17.83% 11.16% 13.65% 17.04%
unsecured,Considered good 0.00% 0.00% 0.00% 0.00% 0.00%
Amounts due from other insurers/ reinsurers, 5.81% 5.97% 4.81% 3.03% 5.99%
considered good 0.00% 0.00% 0.00% 0.00% 0.00%
Salvage recoveries accrued 0.64% 1.38% 0.56% 0.68% 0.39%
Accrued investment income 0.25% 0.21% 0.11% 0.07% 0.10%
Reinsurance recoveries against outstanding 9.97% 10.14% 5.56% 6.02% 5.88%
claims - unsecured, considered good 0.00% 0.00% 0.00% 0.00% 0.00%
Taxation - Payments less provision 0.00% 0.00% 0.08% 0.23% 0.27%
Deferred commission expense 2.99% 2.10% 1.62% 2.53% 2.38%
Prepayments 0.00% 0.00% 0.00% 0.00% 0.00%
prepaid reinsurance premium ceded 17.86% 12.70% 20.26% 22.76% 16.88%
others 0.55% 0.00% 0.00% 0.00% 0.00%
Sundry receivables 1.90% 1.94% 1.06% 1.54% 1.03%
55.16% 52.27% 45.21% 50.51% 49.95%
Fixed Assets 0.00% 0.00% 0.00% 0.00% 0.00%
Tangible and Intangible 0.00% 0.00% 0.00% 0.00% 0.00%
Furniture and fixtures 0.57% 0.51% 0.41% 0.32% 0.30%
Computer and office equipment 1.05% 0.80% 0.20% 0.33% 0.27%
Motor vehicles 0.54% 0.32% 1.47% 0.21% 0.16%
tracking devices 0.00% 0.16% 1.47% 1.17% 0.63%
Leasehold improvements 0.48% 0.46% 0.23% 0.15% 0.10%
Software license 0.21% 0.53% 0.27% 0.18% 0.10%
Capital work in progress 0.43% 0.31% 0.55% 0.63% 0.42%
3.28% 3.11% 3.45% 3.00% 1.97%
100.00 100.00 100.00 100.00 100.00
TOTAL ASSETS
% % % % %