UNIVERSITY OF EDUCATION LAHORE

MULTAN CAMPUS
(Multan Campus)
Project Report On
Adamjee Life Insu.

Submitted By:
Adnan Akhlaq (BSF1903983)
Muhammad Shahzaib ( BSF1904104)
Muhammad Imran ( BSF1904136)
Submitted To:
Sir Ammar Haider Shah

Financial Risk & Insurance Management

Introduction
We see sustainability as part of the value we bring to our customers, communities, employees, agents,
distributors, and shareholders. We are dedicated to creating a better world for all our stakeholders. We
are proud to reveal our ‘Sustainability & Corporate Social Responsibility 2022 Strategy’, where you will
find our disclosures in the insurance industry frameworks. Our focus on sustainability enables us to fulfill
our purpose with a roadmap and clear priorities guiding us in our journey.

The world is transforming at an unprecedented pace. At Adamjee Insurance, we believe we can have a
positive impact in our role as insurer, investor and employer in society. We have the knowledge, skills
and capabilities and spirit to make a difference. Being a responsible and sustainable organization is the
foundation of our business. We’re swiftly reducing our carbon footprint, helping our customers adopt
more sustainable behaviors, supporting employee wellbeing, and helping communities become more
resilient to natural hazards and extreme weather. The company has always been an active patron of
women, youth empowerment & development. We have always been very proactive organization
towards fulfilling our responsibilities in the society.

At Adamjee Insurance, we earnestly believe that it’s the responsibility of the privileged to help the
society to get a better life. As reflection to that belief, we actively take part in social causes that involve
culture, heritage, women empowerment, and youth development etc.

Sustainability at Adamjee Insurance

Our policy revolves around taking an array of initiatives, including contributing to the society and an
environment in all our practices, conduct business activities in line with our organizational values,
promoting a culture of inclusion and diversity, extensive training, and employee engagement activities.

The Company CSR is primarily focused on achieving compliance, upholding ethical standards, actively
participating in corporate citizenship, and maintaining overall sustainability. The Company has
undertaken an array of initiatives, including improved communication and extensive training, to
cultivate these aspects of its operations.

The Company recognizes its responsibility in reducing the impact of Covid-19 on its employees,
customers, and society at large. All the directed SOPs were implemented efficiently and effectively, and
all social distancing measures were taken very seriously when the offices started operations after
lockdown. We ensure that employees and customers can operate in a safe environment. The Company
was well equipped with the digital infrastructure which enabled it to serve its customers efficiently
during difficult hard time.

Some of the notable and regular CSR activities of Adamjee Insurance Company Limited are as follows:

Strengthening Our Workforce At Adamjee Insurance, we work hard to ensure our employees are
thriving, and feel like they belong to the organization. Our purpose guides our commitment. We have
built a purpose driven and inclusive culture that energizes employees to make a difference. We
navigated the pandemic with fluidity and adaptability as things shifted throughout the year, yet stood
firm on our commitment to do what’s right for our people. We reaffirm our pledge to continue building
inclusive workplaces and communities and began several new diversity, equity, and inclusion programs.
The Company has focused on supporting community for years through employee volunteerism and
donations and long-term grassroots partnerships. In 2020, despite the pandemic, the company
contributed towards improving local communities through supporting health sector of the country.

Company Information (Hierarchy)

BOARD OF DIRECTORS

Umer Mansha Chairman

Fredrik Coenrard de Beer Director

Ibrahim Shamsi Director

Imran Maqbool Director

Muhammad Anees Director

Muhammad Umar Virk Director

Shaikh Muhammad Jawed Director

Muhammad Ali Zeb Managing Director & CEO ADVISOR

Mian Muhammad Mansha

AUDIT COMMITTEE

Shaikh Muhammad Jawed Chairman

Ibrahim Shamsi Member

Muhammad Umar Virk Member

Umer Mansha Member

ETHICS, HUMAN RESOURCE AND REMUNERATION COMMITTEE

Umer Mansha Chairman

Ibrahim Shamsi Member

Muhammad Anees Member

Muhammad Ali Zeb Member

INVESTMENT COMMITTEE

Umer Mansha Chairman

Imran Maqbool Member

Muhammad Ali Zeb Member

Muhammad Asim Nagi Member

COMPANY SECRETARY

Tameez ul Haque F.C.A

CHIEF FINANCIAL OFFICER

Muhammad Asim Nagi A.C.A

EXECUTIVE MANAGEMENT TEAM

Muhammad Ali Zeb

Muhammad Asim Nagi

Adnan Ahmad Chaudhry

Asif Jabbar

Muhammad Salim Iqbal

AUDITORS

M/s. KPMG Taseer Hadi & Co.

Chartered Accountants

2nd Floor, Servis House,

2-Main Gulberg, Jail Road,

Lahore - 54000, Pakistan

SHARES REGISTRAR

Technology Trade (Pvt.) Limited

Dagia House, 241-C, Block-2, P.E.C.H.S.,

Phone: (92 21) 34391316-7, 34387960-1

Fax: (92 21) 34391318

BANKERS

Askari Bank Limited

Bank Alfalah Limited

Bank Al-Habib Limited

Dubai Islamic Bank

Habib Bank Limited

MCB Bank Limited

MCB Islamic Bank Limited

Selection Of Premium
Combating Inflation

In order to combat inflation, you have an option to select indexation in your policy. Selection of this
option will increase your premium automatically each year by a limit specified by the company.
However, you retain the right to cancel the indexation if you wish. Ad hoc Premium Payments. This plan
allows you to invest all extra funds available with you at any time during the term of the policy and top
up your regular investments.

Encashment Before Maturity

You can withdraw your funds (either fully or partially) after completion of two policy years, provided you
have paid premiums for two years.

• Partial Withdrawal: If you need to withdraw cash for meeting some emergency needs, but do not want
to surrender the policy, you can withdraw any amount, provided that the remaining cash value (as may
be reviewed by Adamjee Life) of your policy after withdrawal is greater than or equal to Rs. 18,000.

• Full Policy Surrender: At time of surrender, you will be paid in full the cash value of your fund.
However, surrender in early policy years may result in lower cash values.

Maturity of the Plan

At maturity of the plan, you will be entitled to the cash value of your policy.

Other Information

our premium will be allocated towards investment as follows:

Eligibility and Term

he plan is available to all customers of Askari Bank from 18 to 65 years of age. The minimum term of the
plan is 10 years whereas the maximum term is 57 years, subject to the maximum age at maturity of 75
years.

Premium Contribution

he minimum basic plan premium is Rs. 18,000 per annum. You can pay your

premium annually, semi-annually, quarterly or monthly.

Free Look Period

Adamjee Life offers a free look period of 14 days during which you can review your policy’s terms and
conditions and cancel the policy, if you choose to. Your premium will be refunded on receipt of written
request within 14 days from the update of receipt of policy document. Adamjee Life reserves the right
to deduct the expenses incurred on medical examination(s) of the customer in connection with the
issuance of this policy.

Charges:

*All charges are reviewable by Jubilee Life and are subject to change.

Health Condition

1. Nature of coverage: This policy is not a general health insurance policy. Coverage is intended for use
by the Insured in the event of a sudden and unexpected sickness or accident arising when the Insured is
outside of his Home Country. Section wise schedule of benefits is attached as annexure “A”.

2. Pre-existing Exclusion: This policy does not cover claims for any medical services arising from a Pre
Existing Medical Condition as defined in this document. 3. General Health Exclusion: No claims under
this policy will be paid where the Insured:

a) is travelling against the advice of a Physician; or

b) is receiving treatment, including but not limited to prescription medication, or is on a waiting list for
treatment, or awaiting the results of medical tests; or investigations for medical treatment declared by a
Physician; or

c) is travelling for the purpose of a obtaining treatment; or

d) has received a terminal prognosis for a medical condition.

Repatriation

The Insurers reserve this right to repatriate, by medically appropriate means, when in the opinion of the
doctor in attendance and the Insurers Medical Advisors, the Insured is fit to travel. If the Insurers
Medical Advisors, advise a date when it is feasible and practical to repatriate the Insured, but the
Insured refuses to be repatriated and chooses instead to remain abroad, the Insurers liability to pay any
further costs under Section B, after that date, will be limited to what be Insurers would have paid if the
Insured’s repatriation had taken place. Thereafter cover will be discontinued.

Policy Limits and Excesses

This policy has specific limits on the amount the Insurer will pay in the event of a claim (as per annexure
“A”). A claim may be subject to an excess and if so this will be stated in the Schedule of Benefits. This
means that the Insurers may not be liable for the first part of the claim and the excess amount has to be
paid by the Insured.

Policy Definitions

Wherever the following words or phrases appear within this policy they will always have the same
meaning. Accident means a sudden, unexpected, unusual, specific, violent, external event which occurs
at a single identifiable time and place and independently of all other causes results directly, immediately
and solely in physical bodily injury which results in a Loss. In no event shall the contracting of any
disease and/or illness (including, but not limited to hear attack, stroke or cancer), nor the injection or
ingestion of any substance, be considered an Accident. An event which directly or indirectly exacerbates
a previously existing physical bodily injury shall not be considered an Accident. Common Carrier means
any commercial airline or ship or vessel operating under a license from a relevant authority for the
transportation of passengers and cargo for hire. Emergency Medical Expenses are those expenses which
in the opinion of the treating Physician and Afro Asian Assistance are medically necessary in order to
maintain life and/or relieve immediate pain or distress for illness, disease or accident first manifested or
occurring during an insured trip that commences during the Period of Insurance. Excess means the
amount of expenses to be incurred by the Insured before the compensation under the cover shall
become payable and shall not be reimbursed by the Company. Home Country means Pakistan

Loss of Limb(s) means loss by physical severance of a hand at or above the wrist, or a foot at or above
the ankle. Loss of Sight means the complete and irrecoverable loss or sight of one or both eyes.

Cancellation of Policy Due to Non Utilization:

Policy can be cancelled, upon written request of the insured due to non-utilization of cover only if:

a) Request letter form the Insured. b) The insured returns the original policy with the required coupons.

c) The person cancels the policy before the effective date or

d) The person submits his passport XEROX copy (photo state) as a proof that he/she has not traveled
before the effective date written on the policy

e) Original letter from the consulate requesting for the cancellation of the policy.

f) Original Policy. g) If the visa issued to insured, policy document neither refund nor cancel or it’s

status become null and void.

Measurement of Frequency and Severity

Businesses today face an unprecedented number of exposures with the potential to interrupt business
activities. The frequency and severity of these exposures also seem to be increasing. Business continuity
is a “holistic management process” that identifies potential threats to an organization and the impacts
to business operations, those threats, if realized, might cause. It is the provision of a framework for
building organizational resilience with the capability of an effective response that safeguards the
interests of its key stakeholders, reputation, brand and value-creating activities.

The Company has developed a comprehensive ‘Business Continuity & Disaster Recovery Plan’. Salient
characteristics of the plan includes:

:- Identification of key business services essential for the Company’s operations.

1:- Identification and prioritization of the key activities and resources and policies and measures
adopted for safeguarding of these activities and resources including but not limited to backing up of
data
 2:- Identification and evaluation of all sorts of possible threats that can interrupt business activities and
can last over different time spans ranging from hour(s) to day(s) or even months

3:- Impact analysis that these threats could have on the business of the Company

4:- Recovery strategies to be followed, if any of such threats is materialized, to recover from disastrous
situation with clear identification of roles of each member of disaster recovery team

5:- The primary objective the Company’s BCP is to continue and manage business operations under
certain circumstances by the introduction of appropriate resilience strategies, recovery objectives,
business continuity, operational risk management considerations and crisis management to resume
operations before unacceptable levels of impact arise.

The most recent example BCP in action was during Covid-19 lockdowns in 2020, when the Company’s
BCP was triggered and executed successfully.

Risk Estimation
Impact of the risk is estimated qualitatively, and its direct impact on the Company. Impact and
probability of the risks are rated at this step, which assists in making a judgment about the risk rating,
which can either be Critical, High, Moderate or Low.

A credible worst-case scenario is built and its impact on financial statements is checked based on its
likelihood of occurrence. This helps in quantifying the risk to some extent.

Risk Evaluation

Risk appetite of AICL, as per Board’s guidance Tolerance level of the risk, as per Board’s guidance Risk
treatment stance, which is either to avoid the risk completely, or merely reduce it.

Risk Treatment

Clear risk strategies are documented regarding each risk. Existing controls are also reviewed and a

potential action for improvement is noted. Residual risks are also established at this stage.

Risk Monitoring

A Key Risk Indicator (KRI) is built for each risk, which rates the risk as Low, Medium, High, and Critical.
Based on these ratings, it is assessed what kind of actions need to be taken regarding risk mitigation.