Transcription

1 The Insurance Association of Pakistan Insurance Year Book lpha Insurance Company Limited A subsidiary of state life Insurance Corporation of Pakistan asiainsurance Atlas Insurance Capital Insurance Company Limited Century Insurance PGI Insurance INSURANCE SOCIETY OF PAKISTAN THE COOPERATIVE LAH ORE LTD. Shaheen Insurance S E C U R I T Y THE UNIVERSAL S E R V INSURANCE I C E LIMITED CO MPANY P R O I T Y S P E R L I M I T E D

2

3 Insurance Year Book Published By The Insurance Association of Pakistan , 17th Floor Saima Trade TowerA I.I.Chundrigar Road P.O. Box No Karachi Tel: (9221) Fax : (9221) [email protected] Web Site :

4 VISION STATEMENT OF IAP To be a forum of active exchange on matters relating to insurance. To promote, support and protect common interest of member companies carrying on the business of insurance in Pakistan and to endeavor to increase insurance awareness and penetration in the country.

5 C O N T E N T S 1. The Insurance Association of Pakistan 2. Chairman's Message 05 Message from Chairman, The Insurance Association of Pakistan, Mr. Hassanali Abdullah Size of Insurance Market (Pvt. Sector) in Pakistan for Executive, Technical & Regional Committees Activities 09 Executive Committee 10 Regional Committee North 14 Accident Committee 16 Property Committee17 Marine Committee 18 Life Committee Market Overview of Non Life Insurance Industry in Pakistan 21 Private Sector Market Overview of Life Insurance Industry in Pakistan 23 Private Sector Article 27 A concept paper Riskbased capital regime for Non Life Insurance Companies (PartI)

6 8. Company Profiles 33 Non Life Insurance & Reinsurance Companies 1. ACE Insurance Limited Adamjee Insurance Company Limited36 3. Agro General Insurance Company Limited Alfalah Insurance Company Limited40 5. Alpha Insurance Company Limited Asia Insurance Company Limited Askari General Insurance Company Limited Atlas Insurance Limited48 9. Capital Insurance Company Limited Central Insurance Company Limited Century Insurance Company Limited Cooperative Insurance Society of Pakistan Limited Crescent Star Insurance Company Limited East West Insurance Company Limited EFU General Insurance Limited Excel Insurance Company Limited Habib Insurance Company Limited IGI Insurance Limited Jubilee General Insurance Company Limited (Formerly New Jubilee Insurance Co. Ltd.) New Hampshire Insurance Company The Pakistan General Insurance Company Limited PICIC Insurance Limited Premier Insurance Limited Reliance Insurance Company Limited Saudi Pak Insurance Company Limited Security General Insurance Company Limited Shaheen Insurance Company Limited Silver Star Insurance Company Limited TPL Direct Insurance Limited UBL Insurers Limited United Insurance Company of Pakistan Limited Universal Insurance Company Limited Pakistan Reinsurance Company Limited 98 Life Insurance Companies 1. Adamjee Life Assurance Company Limited 2. American Life Insurance Company Pakistan Limited Asia Care Health & Life Insurance Co. Ltd East West Life Assurance Company Limited EFU Life Assurance Limited Jubilee Life Insurance Company Limited (Formerly New Jubilee Life Insurance Co. Ltd.) Members' Directory Pictorial Presentation of IAP event 133 Annual General Meeting (AGM) 134 Annual Dinner 135 IAP Cricket Tournament 138 ICMAP Seminar on Insurance 141 Presentation on Microinsurance made by SECP Notes 04

7 CHAIRMAN S MESSAGE

8 HASSANALI ABDULLAH CHAIRMAN THE INSURANCE ASSOCIATION OF PAKISTAN First of all, I would like to extend my sincere appreciation to all members for their interest and support to the Insurance Association of Pakistan (IAP). Rule 35 of SECP (Insurance) Rules 2 has been discussed with SECP and IAP has proposed its deletion. It is indeed pleasure to present version of the IAP's Year Book which contains important data and analysis of the insurance industry in Pakistan and has been placed on IAP's website. The year 2010 registered premium growth on the nonlife insurance side by 9.53% to Rs billion compared to Rs billion in 9. The growth in the life insurance business was 26.09% to Rs billion compared to Rs billion in 9. The total assets of Private Sector Nonlife companies were Rs billion compared to Rs billion as on December 9 and of Life companies were Rs billion compared to Rs billion as on December 9. Given hereunder are some important developments that took place during the year: Approval of amendments in Memorandum and Articles of Association of IAP by the DGTO to bring these in line with new Trade Organizations Ordinance / Rules 7. Matter of Bank Enlistment / Limits is being pursued. IAP acquired memberships of National Fire Protection Association (NFPA) & SAARC Chambers of Commerce & Industry. Proposals for Federal Budget on various tax related matters were forwarded to the concerned authorities. Comments on the draft of Code of Corporate Governance were forwarded to SECP. Fire Policy Wordings and Inland Transit Clauses were revised. Meeting with Pakistan Engineering Council was held and favorable outcome is expected. Guidelines / Rules were updated by Technical Committees. It has been a great honor to serve as Chairman IAP, and I acknowledge the support and assistance of the Executive Committee, Technical Committees and other Committees of IAP, the Secretary General, officers and staff of the Association at Karachi and Lahore for their hard work and commitment. 06

9 Size of Insurance Makret (Private Sector) in Pakistan for 2010 Member Companies Life Insurance Number of companies 06 Premium Written 17 billion Premium to GDP ratio 0.09 Member Companies Non Life Insurance Number of companies 32 Premium Written 38 billion Premium to GDP ratio 0.21 Total Number of Companies 38 Total Premium written by Life & Non Life Companies 55 billion Total Premium to GDP ratio by Life & Non Life Companies

10

11 EXECUTIVE, TECHNICAL & REGIONAL COMMITTEES ACTIVITIES

12 SUMMARY OF THE ACTIVITIES OF EXECUTIVE COMMITTEE DURING THE YEAR The Director General Trade Organizations, Ministry of Commerce, Government of Pakistan and the Securities and Exchange Commission of Pakistan have approved / endorsed the amendments suggested by IAP to bring Clauses/Articles of the Memorandum and Articles of Association of IAP in line with the new Trade Organizations Ordinance/Rules 7. Insurance companies, especially medium and smaller sized ones, have been facing difficulties in insuring risks involving bank interests, due to certain conditions imposed by banks, DFIs and Financial Institutions in including these companies in their approved panel of insurers. The matter was first brought to the notice of IAP in year 1997 when Banks started delisting companies from their panel of insurers. IAP addressed the issue at various forums, but to no avail. During the recent past, IAP has, actively, takenup the matter with Pakistan Banks Association, Securities and Exchange Commission of Pakistan and finally with the State Bank of Pakistan. A meeting with Deputy Governor and Senior officials of State Bank of Pakistan was held in October The State Bank informed the IAP that it cannot prescribe criteria for all banks in this regard. The matter is under review of the Executive Committee. The Technical Committees have reviewed IAP MEMBERS OF THE EXECUTIVE COMMITTEE Sitting from Left to Right: Ms. Zehra Naqvi, Mr. Nasar us Samad Qureshi (ViceChairman IAP), Mr. Hasanali Abdullah (Chairman IAP) Capt. Azhar Ehtesham Ahmed & Mr. Fakhir Rahman. Standing from Left to Right: Mr. A. Razak Ahmed, Mr. Atiq Anwar Mahmudi, Mr. Ahmed Salahuddin, Mr. Jalees Ahmed Siddiqi & Mr. N.A. Usmani (Secretary General IAP). Guidelines / Rules afresh which have been reviewed and approved by the Executive Committee. The Guidelines/Rules have been circulated to the members and placed on Website of IAP. The Securities & Exchange Commission of Pakistan expressed its concern over substantial amounts of insurance companies being blocked in Outstanding Premiums and invited suggestions from IAP. The matter was discussed with SECP and proposals were developed by IAP and SECP. IAP finally has come to the conclusion that it would be appropriate if Rule 35 is removed from the SECP (Insurance) Rules 2 as it is in conflict with Section 3 of the Insurance Ordinance 0. IAP has been awarded NFPA membership which would enhance technical capacity of Association through access to information available with this international forum. IAP has also become a Patron of SAARC Chambers of Commerce and Industry. The objective of the Patron of SAARC CCI is to create a sense of participation amongst the individuals and corporate houses who are keen to promote Regional Economic Corporation in South Asia. The SECP had formulated a regulatory frame work Task Force comprising relevant stakeholders from the insurance and micro finance industries. SECP 10

13 being the apex regulator of the insurance industry is looking after the development and implementation of the regulatory frame work for microinsurance segment. In this regard a detailed presentation was made by Mr. Faraz Uddin Amjad and Syed Irfan Habib of SECP at IAP's Office in November Subsequently SECP drafted Microinsurance Rules on which comments from all stakeholders have been invited by the Commission. IAP is in the process of formulating its comments. SECP had convened meetings of various stakeholders i.e. insurance companies, microfinance banks, NGOs and telecom companies to develop broad outlines of product development and administrative mechanism. The Securities and Exchange Commission of Pakistan (SECP) keeps IAP informed of developments on matters pertaining to insurance industry. The following are matters currently under consideration: Issue Status Notified Solvency Rules: Takaful Window Rules: Terrorism Pool: likely to be notified shortly. In final stages. A discussion paper has been received by IAP on which comments of the Executive Committee have been sought. The IAP has also submitted its suggestions to SECP in regard to the following important matters detailed here under : (ii) (iii) the head of 'National Health'. Removal of exemption of direct foreign placement of insurance by IPPS, ship hull and other such interests and thus the Premium Income of Local companies would increase and consequently contribute to increase in Government levies. The Government of Pakistan, in its Budget , levied a Federal Insurance Fee (FIF) of 1% of the premium received on insurance policies. At present all NonLife Insurance Companies collect 1% on the premium as FIF which is deposited in Government treasury. The Insurance Association of Pakistan (IAP) understands that the Government has, thus far, collected approximately over Rs. 2 billion on account of FIF and has proposed that this amount and the ongoing collection of FIF be spent for: Setting up of Colleges of Insurance in all major cities of the country. IAP can provide teaching faculty. The colleges could also conduct some short courses and seminars on various subjects on insurance and matters related to insurance industry. Such seminars would not only improve knowledge of insurance personnel engaged with insurance but also of the insured public. (i) Health policies should be exempt from FIF and Group Health Insurance should be made compulsory for all organizations which employ a reasonable number of employees say, 25 or more. This would encourage spread of Health Insurance and also save tens of millions of rupees for the Government under Educating and creating awareness amongst the public on various hazards such as fire and means of coping with loss incidents, for example first aid in case of accidents etc., and upgrading fire fighting facilities all over the country. 11

14 Creating awareness and educating the public on traffic discipline, thereby contributing to safe roads and preventing loss of lives due to road accidents. (iv) The entire amount of FIF should be spent and monitored by Insurance Division of SECP. Statutory Deposits with SBP (under Section 29(2) (a) of Insurance Ordinance 0): The requirement for Statutory deposit (as a percentage of paid up capital), needs to be rationalized and a maximum amount needs to be prescribed. Subsequently to the passing of order of the High Court of Sindh in favour of the petitioners (11 Insurance Companies) the Income Tax Department had filed appeal before the Honorable Supreme Court of Pakistan which was dismissed by the apex Court. Federal Insurance Ombudsman, Mr. Azhar Ali Farooqi, had invited the Executive Committee on 8 th February 2011 for an informal meeting in his office. Mr. Farooqi apprised the manner in which his office was dealing with resolving the policyholders complaints. The Taxation Committee finalized the proposal for Federal Budget on various matters concerning the insurance industry and this was sent to FBR. SECP and FPCCI were also requested to support the proposals. The Committee also suggested to FBR some changes in Form A1 in the draft Income Tax Return Form for Company issued vide SRO (10)/2011 dated April 13, GST on Services : The provincial governments have imposed a levy of Sales Tax on Services on insurance premium with effect from July 1, 16 %. Government of Pakistan has not yet issued any clarification about withdrawal of Federal Excise Duty. The matter regarding deposit of the amount charged by insurance companies to clients has not yet been resolved between Federal Board of Revenue and provincial governments (more particularly Sindh). A detailed presentation was made by USAID PTP team at the Executive Committee meeting in March, PTP representatives explained the project objectives, developments and future plan. Moreover that PTP is designed to address Pakistan's major trade challenges, like limited implementation of transit agreements, high transit costs and customs, and border procedures, etc. One of the key areas identified by the PTP officials was the requirement of Financial Guarantees. In this regard they mentioned that they are in liaison with insurance companies, customs and clearing agents for technical instructions and to promote USAIDPTP sponsored Pilot Programme to be put in place. Regarding mechanism of Project PTP officials informed EC that information on cargo in transit between Pakistan and Afghanistan would be made available through a unique on line software Electronic Data Interchange (EDI) system to all important stakeholders involved in risk assessment (by insurance companies) and valuation (by customs) of cargo and issuance of financial guarantees. On completion of all due procedures, complete 12

15 information would be input into electronic database and a copy of the same would be forwarded by the system to all concerned with clearance to move the transit. This process would be repeated at entry into Afghan border. The guarantee would be released after completion of transit. The Director, International Affairs, Communication and Coordination Department had invited comments from general public on the draft Code of Corporate Governance. The Taxation Committee of IAP sought Members' comments and finalized its recommendations which after approval of the EC were forwarded to SECP vide letter dated 5 th November, IAP organized its first ever cricket tournament during March 2011 under supervision of the Cricket Coordination Committee led by Mr. Ahmed Salahuddin. The tournament was played at lush green ground of DHA Sports Club (Moin Khan Academy) DHA Phase 8, Karachi. The final match was played between TPL Direct Insurance and EFU General, and EFU General was the winner. The final was watched by the CEOs and representatives of member Companies. Chairman IAP while addressing the participating teams and audience appreciated the efforts of Cricket Coordination Committee for organizing such the event which was most entertaining and the participating teams for their enthusiasm in making the event a success. The Chairman awarded the trophy to the winning team. A number of Awards were given to various players for their performances and also to members of Cricket Coordination Committee. The awards were distributed by Mr. Saifuddin N. Zoomkawala, Mr. Tahir Ahmed, Mr. Jalees Ahmed Siddiqui, Captain Azhar Ehtisham Ahmed and Mr. Ahmed Salahuddin. 13

16 SUMMARY OF THE ACTIVITIES OF REGIONAL COMMITTEE NORTH DURING THE YEAR The Regional Office North of The Insurance Association of Pakistan, situated at 7B, Shadman II, Behind Omar Hospital, Jail Road, Lahore, completed 39 th year of establishment on 31 st December, MEMBERS OF THE REGIONAL COMMITTEE NORTH A seminar on Effective Sales Techniques for General Insurance was held at Hailey College of Banking & Finance on Sep 28, The Sales Officers of local Insurance companies participated.. During the year, various matters including inspection of risks received the attention of Regional Committee North (RCN). The RCN inspected 36 risks of textile mills in Punjab and Khyber Pakhtoonkhawa. The Chartered Insurance Institute Examinations were held in October, 2010 and April, 2011 under the supervision of RCN. The following educational/leisure programs were successfully conducted by the Lahore Insurance Institute (LII) in collaboration with RCN. A sports event comprising TABLE TENNIS and BADMINTON was held on July 25, 2010 at Wapda Sports Complex, Lahore. Prize Distribution for the Indoor Sports Festival was held on 25 th September 2010 at Lahore Gymkhana. The Super Six players (Table Tennis & Badminton) were acknowledged and the Winners & Runnerups were awarded trophies. Sitting from Left to Right: Mr. Abdul Hayee, Mr. Liaquat Ali Khan, Mian Faisal Usman (Chairman RCN), Mr. Tehseen Khan (ViceChairmanRCN), Mr. M.K. Baig & Standing from Left to Right: Syed Daood Ali Shah (Secretary RCNIAP), Chaudhary Waqar Ahmed, Mr. Satwat Mahmood Butt, Mr. Muhammad Khurshid (Assistant Secretary RCNIAP) l l l Dr. Khawaja Amjad Saeed, Principal, Hailey College inaugurated the seminar. Following were the speakers: l Mr. M. Ishaque Khan, presided at the seminar and also addressed the participants. Mr. Satwat Mahmood Butt, GM & Head Lahore Division, Adamjee Insurance Co. Ltd Mr. NasrusSamad Qureshi, CEO, AlFalah Insurance Co. Ltd. Mr. Qamber Hamid, DMD, EFU General Insurance Ltd. To educate the public at large and the Insurance fraternity in particular, a Debate Competition on Insurance: is a Highly Rewarding Profession for Highly Educated Persons, was held at Hailey College of Banking & Finance Auditorium on 3 rd November Executives of industry and students of Hailey College attended the Competition. The Debate Competition was presided by Mr. M. Ishaque Khan (Chairman: LII) and Mr. Arshad P. Rana (CEO Atlas Insurance) was the Chief Guest. It was inaugurated by Prof. Dr. Khawaja Amjad 14

17 Saeed, Principal Hailey College of Banking & Finance. Mr. Satwat M Butt (Adamjee Insurance) was the stage secretary and panel of judges comprised of Mr. Mubarak Ahmed Malik, Mr. Muhammad Rafiq Choudhry., Mr. NasarusSamad Qureshi and Mr. Muhammad Aslam Sabir. Dr. Azfar Malik of Alfalah Insurance was declared the winner while Mr. Hassan Ismail Chaudri of Adamjee Insurance) was the runner up and were awarded prizes at the Annual Dinner. A visit to Atlas Honda Motorcycle at Lahore was made by 21 members on 23 rd November, The group was thoroughly briefed on assembling and manufacturing of motorcycles. An Essay Competition was organized in November 2010 which had good response with 20 entries. First prize of Rs. 10,000 was won by Mr. Asif Noor (Universal Insurance) second prize of Rs. 7,500 was won by Mr. Waqar Rashid (Alfalah Insurance) and third prize of Rs. 5,000 was won by Mr. Haroon Iqbal (New Jubilee). Consolation prizes were awarded to Dr. Azfar Malik & Mr. Muhammad Ansaar of Alfalah Insurance and Rana Safrraz Muhammad Khan of State Life Insurance. The prizes were awarded at the IAP Annual Dinner on 31 st December Annual Dinner of The Insurance Association of Pakistan (RCN) was held at Punjabi Complex, Qaddafi Stadium on December 31,2010 Large number of Insurance Executives along with their spouses were present. The Dinner was followed by light entertainment program which was well received by the audience. A Cricket Tournament was organized and final was held on 10 th April, 2011 which was keenly contested by teams from 16 insurance companies operating in Lahore region. It was a 2 nd ever cricket Bonanza. A lecture on Strategic Thinking was delivered by Mr. Shahbaz Haider Agha of IGI Insurance on 6 th May, 2011 in the Regional Office North of IAP, Lahore. 21 participants were present and the lecture was informative and appreciated by the participants. 15

18 SUMMARY OF THE ACTIVITIES OF ACCIDENT COMMITTEE DURING THE YEAR Summary of snatched/stolen vehicles fitted with tracking devices for the year 9 and 2010 was provided to member companies for information. A meeting was held with SSP and DSP, ACLC on 24th February, 2011 at IAP office, Karachi. The ACLC officials highlighted the measures being taken by them to prevent / reduce vehicles theft. On ACLC's request IAP provided login ID and password to ACLC to view on line information of snatched / stolen vehicles from IAP database. The ACLC had also requested for cooperation of insurance companies in order to verify the insured's FIR. In this regard a new field of FIR was added in IAP's on line claims management system so that the desired information may be collected. As no statistics were available for the Rain/Flood losses in motor class, the Committee drafted and introduced a format for collection of the data from the member companies. The statements of Workmen's Compensation Statistics for the years 8 and 9 and combined from 5 to 9 were reviewed and finalized by the Committee and were placed on IAP's website for information of member companies. The Accident Committee noted that the 'Depreciation Clause' is being attached to motor policies but MEMBERS OF THE ACCIDENT COMMITTEE Sitting from Left to Right: Mr. Altaf Ahmed Siddqi, Mr. Faisal Mustafa Siddiqui, Mr. Imran Ahmed (Chairman) Mr. Azfar Arshad (ViceChairman) & Syed Akbar Raza Naqvi Standing from Left to Right: Mr. Haider Ali, Mr. N.A.Usmani (Secretary GeneralIAP), Mr. M. Numan Shaikh (Superintendent Accident & Life) & Mr. Mahmood Ahmed similar wording is not available in IAP Motor Guidelines. It was therefore advised that the said clause, either be included in policy wording or be attached as endorsement prescribing the percentage of depreciation with regard to make/years. The specimen clause presently being used by member companies was examined and approved by the Committee for inclusion in the "Motor Guidelines". The statements of Motor Claims experience statistics for the year 9 and combined from 7 to 9 were reviewed and finalized by the Committee and were placed on IAP's website for the information of member companies. The Executive Committee advised that clauses issued by the Association,be numbered so as to bring them upto international standards. The Committee suggested the following pattern for renumbering Motor and Workmen Compensation Clauses : IAP / Motor / Endt. No. 001 IAP / WC / Endt. No. 001 Vehicles specially oil tankers, trucks (goods carrying vehicles) are set ablaze / gutted or looted in the territory of Pakistan and sometimes near Afghanistan border. Several losses in this regard have been reported to insurance companies. To quantify these losses a format was designed for collection of statistics (for the years 9 and 2010). 16

19 SUMMARY OF THE ACTIVITIES OF PROPERTY COMMITTEE DURING THE YEAR Fire Policy wordings previously in use were reviewed, in depth, by the Committee, with the aim of making the document simple and understandable for the insured. It was agreed that, for clarity of the insured, conditions and exclusions be incorporated under separate heads. and a uniform/standard wording be developed for adoption by all member companies. The Committee s proposal was approved by Executive Committee. The proposed policy wordings were forwarded to member companies for their views / suggestions. Suggestions received from member companies were considered by the Property Committee as well as by the Executive Committee. The revised Fire Policy wording became effective from April 01, Printed copies of Fire Policy have been made available at Association's Offices. The statistics submitted by member companies for the year 9 were finalized and placed on IAP's website and a copy of finalized statement of statistics was sent to member companies for their information and record. The Committee recognized the need to have sound and upto date technical information on risks, available at the IAP for the benefit of its members. The matter MEMBERS OF THE PROPERTY COMMITTEE Sitting from Left to Right: Ms. Shaheen H. Sumar, Mr. Kamran Arshad Inam (ViceChairman), Mr. Najib Nasir Syed (Chairman), Mr. Mohammad Safdar, Standing from Left to Right: Mr. N.A. Usmani (Secretary General IAP), Mr. Faisal Khan, Mr. S. Murtaza Ali Shah, Mr. Mumtaz Ali (Risk Surveyor) & Mr. Muhammad Ashraf (Superintendent Property & Marine) was discussed and it was proposed that IAP seek affiliation with the NFPA. Accordingly the IAP applied for NFPA membership which has been granted by the NFPA. The IAP is now a member of NFPA and is entitled to the many privileges, benefits and services of NFPA including the following: * Subscription to the NFPA Journal * Technical Assistance * Section Membership * Voting Rights * Discounts on NFPA publication As advised earlier by the Executive Committee, all clauses will be numbered, per an agreed format. During the period (July 2010 June 2011) IAP's Risk Surveyor carried out following risk inspection and issued comprehensive reports in this regard: Textile Spinning 03 Textile Weaving 04 Textile Garments 03 Ginning 37 Sugar Mills 02 Warehouse / Storage facility 07 Miscellaneous 07 Total : 63 17

20 SUMMARY OF THE ACTIVITIES OF MARINE COMMITTEE DURING THE YEAR Statistical statement for the year 2010 was circulated to all member companies and placed on IAP's website in members area. Subsequent to revision of Institute Cargo Clauses by the Joint Cargo Committee, London, the Marine Committee strongly felt the necessity to update the following existing Inland Transit Clauses to bring them in line with the revised versions of Institute Cargo Clauses: 1. Road/Rail Cargo Clauses (A) 2. Road/Rail Cargo Clauses (B) 3. Road/Rail Strikes Clauses (Cargo) MEMBERS OF THE MARINE COMMITTEE Sitting from Left to Right: Ms. Amna Sarfaraz Khan, Mr. Muhammad Sohail Nazir (ViceChairman) Mr. Brendan Thomas D'Lima (Chairman) & Syed Matin Ahmed Standing from Left to Right: Mr. Muhammad Ashraf (Superintendent Property & Marine), Mr. Muhammad Fayyaz Vakani, Mr. N.A. Usmani (Secretary GeneralIAP) & Mr. Muhammad Saleem reinsurers had requested the member companies to use the wording suggested by them in the shape of endorsement. The Committee examined the overall global impact of the sanctions imposed by United Nations (UN), European Union (EU) and United States of America (USA) and advised that SECP had already forwarded copy of Gazette Notification dated August 03, 2010 to all member companies issued by Ministry of Foreign Affairs, Government of Pakistan for compliance of the United Nations Security Council's Resolution regarding fresh sanctions against Iran, which member companies should follow. The Committee finalized the draft of above Clauses which were subsequently reviewed by EC.Suggestions were sought from member companies and were incorporated with the Clauses. The amended wording has been made effective from July 01, 2011 vide IAP's Circular No. MPR1 dated May 30, A notification from reinsurer was received by some of the member companies stating that they would not insure crude oil shipment coming from Iran due to sanctions imposed by United Nations (UN). The The Executive Committee had requested all the Technical Committees to number the Clauses issued by the Association to bring them in line with the international standards. It was noted by the Marine Committee that Pakistan's market follow the practices and clauses used in London insurance market for Marine Business.Very few clauses have been modified by IAP and it was agreed that these be numbered as per the suggestions of EC. The Committee's attention was drawn towards the heavy transit losses where most common incidents involved hijacking of entire cargo trucks and 18

21 negligence of drivers. The main cause of such losses was identified as a lack of organized transport system and misappropriation by carriers. To address this issue the Committee introduced a new exclusion in the inland transit clause, which would warn / compel the insured to take due care while hiring transporters for dispatch of cargo. 19

22 SUMMARY OF THE ACTIVITIES OF LIFE COMMITTEE DURING THE YEAR SECP had arranged a roundtable on Microinsurance which was attended by Chairman, IAP, CEOs of Life Insurance Companies, members of Pakistan Society of Actuaries & others. The aim of meeting was to share comments from all stakeholders on the draft regulating framework for the Microinsurance in Pakistan and working structure for the Pilot Project. The working paper prepared by SECP was discussed in the said meeting, wherein it was decided that Pakistan Society of Actuaries (PSOA) & SECP will work jointly to prepare formats for regulatory returns and submission of information to SECP. Initial work on Microinsurance has been completed and SECP has issued draft of Microinsurance Rules for comments from all stakeholders. Draft of solvency guidelines has been prepared by MEMBERS OF THE LIFE COMMITTEE From Left to Right: Mr. Muhammad Numan Shaikh (Superintendent Accident & Life) Mr. Hashim Sadiq Ali, Mr. Mohammad Ali (ViceChairman), Mr. Manzoor Ahmed (Chairman), Mr. Jalal Meghani & Mr. N.A. Usmani (Secretary GeneralIAP) the SECP and is under review of their legal department.. Life Committee recommends a longer phasein period for implementation of full solvency margins as regard to life insurance companies, whereas in the solvency draft, SECP has proposed 3 years. Pakistan Society of Actuaries has been requested to take up the matter with SECP. Implementation of new accounting formats with regards to life insurance companies may take 2 3 years, being entirely new system, all pros and cons of the exposure draft are being examined. As todate only disclosures and notes are made applicable, amendments in tax laws relating to relevant parts would need to be addressed at government level. IFRS implementation would be possible only after these matters have been resolved. 20

23 MARKET OVERVIEW OF NON LIFE INSURANCE INDUSTRY IN PAKISTAN

24 NON LIFE INSURANCE PRIVATE SECTOR Balance Sheet as at 31st December Equity Issued, Subscribed & Paid up Capital 12, , , , Reserves and Retained Earnings 45, , , , , , , , Surplus on revaluation of fixed assets Adv.Agst issue of right shares Underwriting Provisions Provisions for Outstanding Claims (including IBNR) 22, , , , Provision for Unearned Premium Net 16, , , , Commission Income Unearned 1, , , Additional Provision for Unexpired Risk Total 40, , , , Deferred Liabilities Liability against Finance Lease Creditors and Accruals 9, , , , Surplus of Fix Assets/Short Term Finance Other Liabilties 1, , , , Total Equity and Liabilities 111, , ,764.08, Cash and Bank Deposits 9, , , , Loans Secured Considered Good Investment 55, , , , Investment Properties 1, Deferred Tax Reinsurance Recoveries Against Outstanding Claims 15, , , , Deferred Commission Expense 1, , , , Other Assets 22, , , , Capital Work Fixed Assets 5, , , , Leased Assets Negative Goodwill Total Assets 111, , ,764.08, Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 22, , , , Premium Deficiency reversal/(expense) (5.05) (47.57) (19.81) (50.50) Less: Net Claims (13,863.26) (13,236.65) (14,276.55) (14,347.79) Less: Expenses (5,149.62) (4,846.66) (4,679.61) (4,105.05) Less: Net Commission (1,524.87) (1,443.37) (1,639.66) (1,185.93) Underwriting Balance 1, , , Investment Income 3, , (4,020.07) 34, Rental Income Other Income General and administration expenses (2,353.03) (2,461.60) (3,813.02) (1,909.50) Profit Before Tax 3, , (4,669.30) 33, Taxation Profit After Tax 3, , (5,155.82) 33, APPROPRIATIONS Balance unappropriated profit at end of previous year 19, , , , Profit after tax for the year 3, , (5,155.82) 33, Dividend 1, , , Reserve for Bonus share , , General Reserve (6,058.24) 17, , Other Sub Total 2, , , , Balance Unappropriated profit at end of year 20, , , , BALANCE SHEET RATIOS Net Working Capital (Rs.) 13, , , , Current Ratio Total Assets/Net Worth Break up Value UNDERWRITING RATIOS Claims incurred to net premium (62.60) (61.05) (62.35) (70.69) Net Profit to net premium (22.52) Management expenses to net premium (23.25) (22.23) (20.44) (20.23) Commission to net premium (6.89) (6.63) (7.16) (5.84) Earning per share of Rs.10/= each (4.63) Cash Dividend 1, , , Stock Dividend , , Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 22

25 Market Overview of Life Insurance Industry in Pakistan

26 LIFE INSURANCE PRIVATE SECTOR Balance Sheet as at 31st December Share Capital and Reserves Share holders Fund Statutory Fund Individual Individual Unit Life Linked Conventional Group Life Fund Group Pension Accident Aggregate Aggregate Aggregate & Health Aggregate 7 Authorised Share Capital 4, , , , , Issued, subscribed and paid up Share Capital 3, , , , , Reserves & Retained Earnings Net Shareholders' Equity 4, , , , , Balance of statutory fund , , , , , , Deferred Liabilities Creditors and Accruals , , , , , , Other Liability TOTAL LIABILITIES , , , , , , TOTAL EQUITY & LIABILITIES 4, , , , , , , Cash and Bank Deposits , , , , , Loans Investments (Net) 2, , , , , , , Investment in properties Deferred Taxtation Other Assets (4.11) , , , Tangible assets Intangible assets TOTAL ASSETS 4, , , , , , , ASSETS AT MARKET VALUE BALANCE SHEET RATIOS Net Working Capital Current Ratio Total Assets / Net Worth Break up Value 24

27 LIFE INSURANCE PRIVATE SECTOR Revenue Account for the year ended 31st December Statutory Fund Individual Individual Unit Life Linked Conventional Group Life Fund Group Pension Accident Aggregate Aggregate Aggregate Aggregate & Health Net Premium Income 12, , , , , ,.97 Net Investment Income 2, , , (3,785.79) 3, Other Income Total Net Income 15, , , , , , Net Claims 2, , , , , , Net Management Expenses 4, , , , , , Total claims and expenditures 7, , , , , , Excess of Income over Claims and Expenditure 7, , , (407.92) 6, Add : Policyholder Liabilities at Beginning of Year 20, , , , , , Less : Policyholder Liabilities at End of the Period 27, , , , , (16,654.73) Surplus/(Deficit) (0.15) (33.32) 1, Movement in policy holder liabilities 7, , , (1,116.59) 6, Transfers to or from Shareholders' Fund (559.98) (414.85) 0.00 (0.72) (42.18) (1,017.73) (946.16) (519.55) (709.96) Capital contributed from share holders fund (346.95) (194.77) 0.00 (599.62) Balance of Statutory Fund at Beginning of Year 21, , , , , Balance of Statutory Fund at End of the Period 27, , , , , , Represented by: Capital contributed by Shareholders' fund , , Policyholders' liabilities 27, , , , , , Retained earnings on other than participating business (67.81) 0.00 (1.87) (116.14) (144.24) (32.11) (474.33) Balance of Statutory Fund 27, , , , , , REVENUE ACCOUNT RATIOS Claims incurred to net premium Net profit to net premium Management expenses to net premium

28 Profit and Loss Account for the year ended 31st December LIFE INSURANCE PRIVATE SECTOR Aggregate 2010 Aggregate 9 Aggregate 8 Aggregate 7 Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments (281.40) Total Investment Income (23.98) Other revenue Total Investment Income and other revenues (6.63) , Less Expenses not attributable to statutory funds (135.86) (28.09) Profit / (Loss) before appropiation of surplus to shareholders fund (142.49) Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax (242.54) 1, Extra Ordinary Items Deferred Tax Profit/(Loss) before tax and after extraordinay items , Taxation (303.98) (13.22) (267.74) Profit/(Loss) after tax (433.19) 1, APPROPRIATIONS Balance at commencement of the year 1, , Profit after tax for the year (433.19) 1, Transfer to General Reserve Transfer to Bonus Share (.00) (.00) Proposed Dividend (475.21) (337.50) (216.56) (76.25) Right Share issued Capital (contributed)/during the year (603.10) Capital withdran during the year (64.85) Balance upappropriated profit at the end of the year 2, , , , PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend and other appropriations Note: The amounts on yaxis represent s. 26

29 A CONCEPT PAPER RISKBASED CAPITAL REGIME FOR NON. LIFE INSURANCE COMPANIES (PARTI). By Dr. Mumtaz A. Hashmi

30 A CONCEPT PAPER "RISKBASED CAPITAL REGIME" FOR NONLIFE INSURANCE COMPANIES (PartI) Historical Background and Current Scenario Dr. Mumtaz A. Hashmi In developed and some other countries, who have not yet considered adopting to risk based capital regime, the solvency margin for a nonlife insurance company, in terms of minimum capital requirement, is generally defined as a percentage of net written premiums or net outstanding claims reserves or a combination of both. In so far as the charge to mitigate asset concentration risk is concerned, the same is commonly addressed through imposition of asset admissibility rules. In line with the foregoing, solvency requirements, in Pakistan, have been laid down in Part V of Insurance Ordinance 0 (the Ordinance). Section 36 of the Ordinance prescribes the criteria for minimum solvency requirements, and its subsection (3) is reproduced below for ease reference: "For the purposes of this section, the minimum solvency requirement is the greatest of: (a) such required minimum amount as may be prescribed by the Commission; (b) such percentage as may be prescribed by the Commission of its earned premium revenue in the preceding twelve months, net of reinsurance expense subject to a maximum deduction for reinsurance of fifty per cent of the gross figure; and (c) such percentage as may be prescribed by the Commission of the sum of its liability for unexpired risk and its liability for outstanding claims, net of reinsurance subject to a maximum deduction for reinsurance in each case of fifty per cent of the gross figure:" However, the proviso to this subsection distinguishes the solvency requirements for a branch operation of a nonlife insurance company incorporated outside Pakistan. The percentages, as required above, have been notified in subrule (2) of Rule 13 of Securities & Exchange Commission (Insurance) Rules 2 (SEC Rules). To alleviate the impact of asset concentration risk, Rule 10 of SEC Rules for the purposes of Section 32(2) of the Ordinance, prescribes the percentages for an insurance company, which along with the minimum solvency requirements for nonlife insurance companies, have been reviewed by a committee formed by Securities and Exchange Commission of Pakistan (the Commission), and while this paper was being written, issuance of notification after completion of the due process, as per the market news, was in the pipeline. Incidentally, this exercise also includes the long awaited minimum solvency criteria for life insurance companies. The above framework with regard to solvency requirement, while having advantage of simplicity in calculation, is sufficiently geared to manifest the relative volatility of the varied nature of nonlife insurance business, but it does not take into consideration market and credit risks of the assets. 28

31 The other critical element in determination of solvency margin is the basis used for asset valuation (i.e. lower of cost or market value). Adoption of this approach over time protects the insurance company from the exposure of wide fluctuation in market value of the asset. However, this method could lead to accumulation of hidden margins, which could misrepresent the "fair" value of the asset; hence distorting the true solvency status, which inter alia results in lack of clarity in understanding the financial health of the insurance company. In the past few decades, particularly since the beginning of this century, the nonlife insurance industry has been experiencing exceptional onslaught from manmade and natural calamities. For nonlife insurers, the challenges involved are from variety of their core business, in particular insurance liability risks, and in the background of recent financial crises worldwide, the phenomenal volatility of asset risks. It may be inferred that in determining the solvency margin the aforereferred basis does not comprehensively cater for the highlighted exposures. Moreover, the last thirty years or so have witnessed major corporate failures worldwide, most of which were found to be attributable to fraud, management incompetence or involving both. For economic stability, growth and confidence, it is desirable to ensure a stable healthy, and competitive markets for goods and services. Consequently the focus on corporate governance has globally increased significantly since the inception of this century. In this regard, government and regulators aimed and, in most countries, have established formal standards and legal frameworks for compliance by companies (including insurance companies). A typical corporate governance regime expects of a company to conduct regular review of all risks it faces, and establishes an effective framework of controls to manage such risks, and at least annually assesses the effectiveness of its risk management and internal controls. "Insurance" is an intangible product. In simple words, it is a promise to provide indemnity or a payment at a future date (e.g. life insurance). It is therefore of paramount importance that those who offer and deal in such promises must be professionally competent and financially sound entities, who have the ability to fulfill their pledges when the need arises. Therefore, to safeguard the interest of the consumers, regulations are a must for the management of insurance business. In the given scenario, when it is apparently evident that prevailing solvency requirements did not sufficiently capture the existed risks, the need to ensure that nonlife insurers hold an adequate level of capital to absorb unexpected losses was recognised, and the concept of riskbased capital framework emerged to adequately address insurance liability risks (and asset risks). RiskBased Capital Framework In formulating riskbased capital framework for nonlife insurers, with emphases on each insurance class/fundwise solvency requirement (CFSR); and capital adequacy requirement at company level, the industry experts (including regulators) around the globe have generally based the internal models of a general insurer, which evolve on the following principles: the framework should be reflective of the relevant risks faced by nonlife insurance company, the capital adequacy requirements should be consistent with insurance and asset liability valuation basis, so that the available capital provides an effective cushion to absorb fluctuations in the insurance liability (particularly unanticipated claims) and asset (investments) values; 29

32 the framework should desirably be comparable with that for life insurers (and possibly other financial institutions, for instance banks), thereby creating a level playing field, and ensuring an optimum capital requirement in an ever increasing integrated financial markets; and the framework should be transparent i.e. simple to understand and apply at company's level, and should enable comparability across companies at regulatory level. Pooling and bearing of risks are essence of insurance business, and towards developing risk based capital regime, in the first instant, therefore it is of relevance to enlist hereunder the key risks to which a nonlife insurance company is exposed to: a) insurance liability risks encompass claims frequency, severity of claims; delays in settlement of claims; claims handling expense; discount rate; and inflation; PS: Each of these has underlying risk factor of deviation from the mean and risk of occurrence of catastrophic event resulting in adverse variation from the mean. b) asset risks include credit risks cover counter party risk (risk of non recovery of outstanding premium from policy holders / intermediaries and reinsurer's failure to meet its contractual obligations); invested asset credit risk (e.g. default of issuer of debt securities); political risk (affect of changing political environment on the credit worthiness of invested assets); and sovereign risk (default or failure on the part of government to meet payment obligations of securities it has issued); market risks refer to equity and property risk (risk of movement in values of investment in equity and property); foreign exchange risk (variation in currency exchange rate affecting the value of foreign assets and insurance related obligations in foreign currency); interest rate risk (i.e. affect of fluctuation in interest rate on the values of assets and liabilities); and 30

33 asset concentration risk (i.e. increased risk due to concentration of investment in a single instrument, bank, company, group of companies, industry, geographical area, etc.); c) mismatching risks comprise durational mismatch (i.e. risk of liability cash flow falling short or exceeding asset cash flow in the given time period); mismatching of guaranteed liability (i.e. covering guaranteed insurance policy liabilities with assets of nonguaranteed returns); and currency mismatch a situation when liabilities and assets are exposed to different currency risks; and, d) operational risks embody management risk (risk due to nonprofessional/incompetent management and management with malintent); and IT/processing and business risk (e.g. affects of obsolete hardware/outdated software, systems failure, outsourcing, non compliance/breach of legal and statutory requirements, business continuity planning, reputational, fraud, etc.) From the foregoing it may be inferred that the nonlife insurers are confronted with the following key risks in managing of their business: under provisioning of the insurance liabilities; adverse claims experience; decrease in market values due to defaults and market fluctuations; and deficient operation. Solvency Requirement i.e. for each insurance class or fund, the available asset (total assets LESS total liabilities) must be greater than the required solvency margin (RSM). To arrive at the required fund solvency, the approach followed in the developed countries, has taken into account the main sources of risk by grouping them, as under insurance liability risks market and credit risks concentration risks Summation of these three factors in respect of each nonlife insurance class or fund would give the total risk charges i.e. the RSM. As market and credit, and concentration risks involving assets are of highly specialized nature in what follows, would confine to insurance liability risks by briefly describing as to how the relevant factors may be translated into numbers. 31

34 Insurance Liability Risks factors (LRF) takes into account the possible underestimation of the policy liability {Claims Liability (CL) and Premium Liability (PL)}, and unanticipated losses, i.e. adverse claims experience in the unexpired risk period (so as to provide a cushion on top of the policy liability). Total risk charge for LRF may therefore be described as x%*cl + y%*pl The charge (co efficient) on CL, i.e. x%, is worked out by carrying out both qualitative and quantitative analysis of respective insurance class or fund. As a matter of interest, qualitative approach facilitates to club various classes of insurance into their respective volatility categories (by identifying as low, medium or high) with similar characteristics (based on claims experience, which may differ from territory to territory). Understandably, from a risk based perspective, a class of insurance business with a high volatility would call for a high risk charge, as compared to a risk with low or medium volatility. The quantitative techniques are employed in determination of the risk charges by analysing the claims data of the respective volatility categories. In view of the extensive use of statistical tools in analysing of the claims data and nonavailability of authentic data for Pakistan nonlife market, the quantitative analysis has been avoided in respect of calculation of the coefficient of the CL for respective insurance class or fund. With regard to PL, the determination of the coefficient is more challenging, as it deals with the happenings in the future (i.e. during the unexpired period of the policy), whereas outstanding claims correspond to occurrences which have already taken place. Therefore, the risk charge on PL, understandably should be higher than the calculated coefficient for CL of the relevant class of insurance business. However, for the purpose of PL, it is recommended to use Unexpired Risk Reserve (URR) instead of Unearned Premium Reserve, as it is meant to cover future cash flow. To quantify the risk charge on URR (PL), a close analysis of claims frequency and historical profitability of the concerned class of insurance business, is needed. Technically, the coefficient of PL (i.e. URR) has to be higher than the corresponding coefficient of CL for each class. Epilogue Of the three highlighted sources of risk under riskbased capital regime which are essential, in determination of solvency margin, this Part I has only dilated on insurance liability risk (that too without an exercise as to how to analyse the claims data for determination of the respective charges). The unattended topics stated in the foregoing will be taken up in the second part of the concept paper, which Insha Allah will be presented in this Association's next yearbook edition. 32

35 COMPANY PROFILES

36 ACE INSURANCE LIMITED Values: Ace Pakistan is committed to the ACE Group Values which are: Ms. Zehra Naqvi and a sense of pride in who we are and what we do. Integrity: We comply with all applicable laws regulations and company policies in our words and in our deeds. Honesty, Character and ethical behavior guide us to do the right thing. Client Focus: We are committed to our clients. We strive to understand their risks, we make promises and we keep them. Respect: Excellence: Teamwork: We value our employees, partners and communities. We are dedicated to fair treatment, diversity, trust and mutual respect. We recognize and reward excellence in the workplace. Performing at the highest level requires us to think and act like owners. We believe in an environment of open communication and collaboration produces results. We encourage full participation, different perspectives, constructive criticism Mission ACE is committed to being a leader in the global insurance and reinsurance market by always conducting business in a consistent, disciplined and focused manner. The ACE way is to provide: 1) Superior Client Value 2) Superior Shareholder Value 3) Superior Employee Value Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) 21 9 Profit / (Loss) after tax COMPANY INFORMATION 1. Managing Director & CEO Ms. Zehra Naqvi 2. Directors Mr. John Keogh Mr. Serge Osuof Mr. Stephen Brian Dixon Mr. Kenneth Underhill Ms. Zehra Naqvi Mr. Syed Umer Ali Shah Mr. Kamal Ahmed. 3. Chief Financial Officer Mr. Kamal Ahmed 4. Auditors A.F.Ferguson & Company 5. Tax Advisors Ernst & Young Ford Rhodes Sidat Hyder & Co. 6. Legal consultants 7. Registered Office 8. Number of Employees 14 Ebrahim Hosain 6th floor, NIC Building, Abbasi Shaheed Road Off: ShahraheFaisal Karachi. 34

37 ACE INSURANCE LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total 1, Deferred Liabilities Creditors and Accruals Other Liabilities 2.63 Total Equity And Liabilities 1, Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 1, Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result (1.14) Investment Income Rental Income Other Income General and administration expenses (7.84) (6.63) (4.03) (5.11) Exchange gain Finance charges on lease rentals (1.44) (1.00) Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 2,000 1,500 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 35

38 ADAMJEE INSURANCE COMPANY LIMITED Mr. Manzar Mushtaq Vision Our will is to Explore, Innovate and Differentiate. Our passion is to provide leadership to the Insurance Industry.. Core Values Integrity, Humility, Fun at Workplace and Corporate Social Responsibility Key Financial Data for the last two (2) Years (Rs in million) Premium Written 11,564 10,321 Net Premium Revenue 6,883 6,807 Net Claims Expense 4,834 4,453 Net Commission Profit after tax 519 2,434 COMPANY INFORMATION 1. Chairman Mr. Umer Mansha 2. Chief Executive Officer Mr. Manzar Mushtaq (w.e.f ) 3. Directors Mr. Ahmed Ebrahim Hasham Mr. Ali Munir Mr. Alman Aslam Mr. Hassan Mansha Mr. Ibrahim Shamsi Mr. Khalid Qadeer Qureshi Mr. Muhammad Usman Ali Usmani Mr. Nabiha Shahnawaz Cheema Mr. S.M. Jawed 4. Company Secretary Mr. TameezulHaque 5. Chief Financial Officer Mr. Mudassar Zubair Ahmed Mirza 6. Advisors Mr. Mian Mohammad Mansha 7. Auditors M/s Riaz Ahmad & Co. Chartered Accountants, Karachi 8. Registered Office 9. Number of Employees 978 Adamjee House PO Box # 4850 I.I. Chundrigar Road, Karachi74000, Pakistan Phone PABX (9221) UAN: (9221)

39 ADAMJEE INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity 11, , , , Authorized Share Capital 1, , , , Issued subscribe and paidup Capital 1, , , , Reserves and retained earnings 9, , , , , , , , Underwriting Provisions Provision for outstanding claims (including IBNR) 7, , , , Provision for unearned premium net 5, , , , Additional provision for unexpired risk Commission Income Unearned Total 13, , , , Deferred Liabilities Creditors and Accruals 3, , , , Other Liabilities Borrowings Total Equity And Liabilities 27, , , , Cash and Bank Deposits 2, , , Loans Secured Considered Good Investment 9, , , , Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 6, , , , Deferred Commission Expense Other Assets 7, , , , Fixed Assets Leased Motor Vehicle TOTAL ASSETS 27, , , , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 5, , , , Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 6, , , , Premium deficiency reversal/(expense) Less: Net Claims 4, , , , Less: Expenses 1, , , , Less: Net Commission Underwriting result Investment Income , , , Rental Income Other Income General and administration expenses (634.92) (710.80) (511.72) (398.37) Exchange gain (1.40) Finance charges on lease rentals (18.97) (11.64) (0.56) , , Profit before tax , , , Provision for taxation Profit after tax , , , APPROPRIATIONS Balance at commencement of year 8, , , , Dividend (292.39) (270.92) (306.71) (337.37) Reserve for Bonus Share/Bonus Shares issued (112.46) (102.24) General Reserve (404.85) (373.16) (306.71) (337.37) Balance Unappropriated profit at end of year 8, , , , PROFIT AND LOSS ACCOUNT RATIOS Net Claims to net premium % Net Profit after tax to net premium % Management expenses to net premium % Net Commission to net premium % Earning per share (Rs.) Cash Dividend (292.39) (270.92) (306.71) (337.37) Stock Dividend (112.46) (102.24) Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 30,000 25,000 20,000 15,000 10,000 5,000 12,000 10,000 8,000 6,000 4,000 2, ,000 5,000 4,000 3,000 2,000 1,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 12,000 10,000 8,000 6,000 4,000 2,000 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Note: The amounts on yaxis represent s. 37

40 AGRO GENERAL INSURANCE CO. LTD. Mr. M. Jalilullah Agro General Insurance Company Limited was incorporated in the year 1985; the company was initially formed with the aim to transit specialized field of Crop Insurance and other agricultural forms of insurance. Consequently the management decided to transact other forms of non life insurance in order to generate premium. The company maintained the selective underwriting Policy. The company looks forward for better performance in the coming years. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 9 2 COMPANY INFORMATION 1. Chairman Mr. Taufiqe Habib 2. Chief Executive Officer Mr. M. Jalilullah 3. Directors Mr. Hashim M. Shamim Mr. Muhammad Arfeen Dhedhi Mr. Riaz Kapadia Mr. Muhammad Ateeq Siddique Mr. Ali Arshad Hakeem 6. Auditors M. Yousuf Adil Saleem & Company 7. Registered & Main Office Room No , Continental Trade Centre Block 8, Main Clifton Road Karachi Tel: (9221) Fax (9221) Company Secretary 5. Chief Financial Officer Mr. Asghar Ali Anjum Mr. Touseef Farooqui 8. Number of Employees 06 38

41 AGRO GENERAL INSURANCE CO. LTD. Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings (32.20) (41.35) (41.83) Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net 1.59 Additional provision for unexpired risk Commission Income Unearned 1.45 Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax 0.63 Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 0.82 Premium deficiency reversal/(expense) Less: Net Claims (0.02) Less: Expenses 0.57 (0.50) (0.91) 1.65 Less: Net Commission (0.81) Underwriting result (0.57) Investment Income (69.18) Rental Income Other Income General and administration expenses (3.17) (7.91) (2.41) (6.04) Exchange gain Finance charges on lease rentals (63.42) Profit before tax (62.52) Provision for taxation (0.16) (0.32) (0.58) Profit after tax (63.10) APPROPRIATIONS Balance at commencement of year (43.00) (44.52) Dividend Reserve for Bonus Share/Bonus Shares issued (20.40) General Reserve (20.40) Balance Unappropriated profit at end of year (33.85) (43.00) (41.65) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % (2.44) Net Profit after tax to net premium % 4, Management expenses to net premium % Commission to net premium % (98.78) Earning per share (Rs.) 3.10 Cash Dividend Stock Dividend (20.40) Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (20) (40) (60) (80) Note: The amounts on yaxis represent s. 39

42 ALFALAH INSURANCE COMPANY ALFALAH INSURANCE COMPANY LTD. Mr. Nasar us Samad Qureshi VISION To be a leading insurer by providing most comprehensive yet flexible cost effective risk management solutions to our clients backed with friendly and efficient claims service and enhance the Alfalah brand value for the benefit of all stakeholders. MISSION We undertake to provide world class service with unmatched security to our clients and help in increasing awareness about insurance in the country as well as enhancing public confidence in the insurance industry in Pakistan. We will introduce new modern insurance products comparable with international standards and will emerge as an innovative insurer providing complete risk management solutions to the insuring public in Pakistan Key Financial Data for the Last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) (75) (68) Profit / (Loss) after tax Chairman H.H Sheikh Hamdan Bin Mubarak Bin Mohammed Al Nahayan COMPANY INFORMATION 5. Advisors Salahuddin, Saif & Aslam (Attorneys at Law) 2. Chief Executive Officer Mr. Nasar us Samad Qureshi 6. Auditors M/s A.F. Ferguson & Co. Chartered Accountants 3. Directors H.H. Sheikh Hamdan Bin Mubarak Bin Mohammed Al Nahayan H.E. Sheikh Saif Bin Mohammed Bin Butti Mr. Khalid Mana Saeed Al Otaiba Mr. Atif Aslam Bajwa Mr. Mohammad Yousuf Mr. Adeel Khalid Bajwa Mr. Nasar us Samad Qureshi 7. Head Office 5Saint Mary Park, Gulberg III, Lahore. UAN: Fax: (042) [email protected] Web: 8. Number of Employees CFO & Company Mr. Adnan Waheed Secretary 40

43 ALFALAH INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities 1, , Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 1, , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission (75.00) (68.00) (60.00) (26.00) Underwriting result Investment Income (2.00) Rental Income Other Income General and administration expenses (57.00) (47.00) (44.00) (13.00) Exchange gain Finance charges on lease rentals (10.80) (26.00) (40.00) Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year (1.00) Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % (20.83) (20.48) (22.81) (35.14) Earning per share (Rs.) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,500 1, ,400 1, 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 41

44 lpha Insurance Company Limited A subsidiary of state life Insurance Corporation of Pakistan ALPHA INSURANCE COMPANY LIMITED Vision Mission With help and involvement of all its Stakeholders to make Alpha one of the leading General Insurance Company of the Country with a vibrant marketing force and efficient and responsive office staff, so as to provide best quality services to its policyholders. To work zealously towards attaining these objectives and be able to compete in the open market by developing a vibrant field force and efficient and responsive office staff. Mr. Nasir Javed Khan Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) (3) 0 Profit / (Loss) after tax 2 (9) COMPANY INFORMATION 1. Chairman Mr. Shahid Aziz Siddiqui 2. Chief Executive Officer Mr. Nasir Javed Khan 3. Directors Mr. Mahmood Hashmi Syed Yawar Ali Mr. Rasheed Y. Chinoy Mr. Shoaib Mir Mr. Ansar Hussain 4. CFO & Company Secretary Mr. Attaullah A. Rasheed 5. Advisors ACTUARY Mr. Faisal Mumtaz, (Fellow of Society of Actuaries) LEGAL CONSULTANTS M/s Orr Dignam & Co M/s Mansoor Ahmed Khan & Co TAX CONSULTANTS M/s Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants 6. Auditors M/s Anjum Asim Shahid Rahman (A member company of Grant Thornton) 7. Registered 2nd Floor, Building # 1B, Office State Life Square, Off: I.I.Chundrigar Road Karachi Pakistan 8. Main Office 2nd Floor, Building # 1B, State Life Square, Off: I.I.Chundrigar Road Karachi Pakistan 9. Number of Employees 111 Mian Mushtaq Ahmed Mr. Mohammad Shafiq Mughal 42

45 ALPHA INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission 3.20 (0.03) Underwriting result (27.09) (26.27) (9.72) 4.45 Investment Income Rental Income Other Income General and administration expenses (17.84) (16.51) (17.66) (13.09) Exchange gain Finance charges on lease rentals Profit before tax 3.20 (7.74) Provision for taxation Profit after tax 2.42 (8.56) (17.49) APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued (40.48) General Reserve Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % 4.09 (13.92) (22.70) Management expenses to net premium % Commission to net premium % 5.41 (0.05) Earning per share (Rs.) 0.08 (0.28) (1.08) 6.92 Cash Dividend Stock Dividend (40.48) Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (20) (40) Note: The amounts on yaxis represent s. 43

46 ASIA INSURANCE COMPANY LTD. asiainsurance Vision To transform the Company into an ideal Insurance Company with larger equity base which could provide more opportunities and options for utilization of funds and help to increase profitably through economy of scale, better resource mobilization and reduction in operational cost alongside to provide better services to our clients and stakeholders which could gather the confidence of both shareholders and policyholders. Mission To provide excellent service, best risk management, prompt settlement of claims, expand branches Mr. Ihtsham ul Haq Qureshi network of the company, induct and build sound and dynamic team, ensure good governance for sustainable and equitable growth and prosperity of the Company. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense 7 11 Net Commission / (Income) 2 1 Profit / (Loss) after tax 4 5 COMPANY INFORMATION 1. Chairman / C E O Mr.Ihtsham ul Haq Qureshi 2. Directors Mrs. Nosheen Ihtsham Qureshi Mr. Hassan Ahmad Khan Mr. Aisam ul Haq Qureshi Mrs. Shiza Hassan Mr. Zain ul Haq Qureshi Khawaja Suhail Iftikhar 3. President Mr.Ali Munem Shamsi 4. CFO & Company Secretary Mr. Karamat Ullah 5. Legal Advisors: Cornelius Lane & Mufti 6. Tax Advisor Amin, Mudassar & Co. Chartered Accountants 7. Auditors Rehman Sarfraz Rahim Iqbal Rafique, Chartered Accountants 8. Registered Office 456K, Model Town, Lahore 9. Number of Employees 56 44

47 ASIA INSURANCE COMPANY LTD. Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Surplus on revaluation of fixed assets Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Surplus realised on disposal of fixed assets 0.46 Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend 8,000, Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 45

48 ASKARI GENERAL INSURANCE CO. LTD. Vision The Vision of askari general insurance company is to be amongst the leading insurance companies of the country with the clear perception of upholding the principles of corporate governance and making agico a profitable and growth oriented insurance company while creating insurance awareness and culture Mission The Mission of agico is to become a leading company by providing client friendly services through highly motivated team of dedicated professionals and ensuring progressive return to the stakeholders. Mr. Abdul Waheed Key Financial Data for the last two (2) Years (Rs in million) Premium Written 1,350 1,108 Net Premium Revenue Net Claims Expense Net Commission / (Income) 9 49 Profit / (Loss) after tax 47 (28) COMPANY INFORMATION 1. Chairman Lt. General (Retd.) Imtiaz Hussain 2. President & CEO Mr. Abdul Waheed 3. Directors Maj. Gen. (Retd.) Saeed Ahmed Khan Brig. (Retd.) Javed Qayum Brig. (Retd.) Tariq Sher Syed Suhail Ahmad Rizvi Mr. Abdul Hai Mahmood Bhaimia Khawaja Muhammad Iqbal 6. Advisor Mr. Hassan Kaunain Nafees 7. Auditors M. Yousaf Adil Saleem & Company 8. Registered Office 9. Number of Employees 443 4th Floor, AWT Plaza, The Mall, Rawalpindi. 4. Company Secretary 5. Chief Financial Officer Mr. Waseemullah Mr. Jamil Ahmed 46

49 ASKARI GENERAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities 1, , , , Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 1, , , , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission (9.08) Underwriting result Investment Income (28.17) Rental Income Other Income General and administration expenses (117.75) (90.72) (79.76) (69.47) Exchange gain Finance charges on lease rentals (1.10) (55.79) (93.12) (55.26) (9.80) Profit before tax (14.36) Provision for taxation Profit after tax (13.18) (25.44) (0.53) APPROPRIATIONS Balance at commencement of year (10.02) Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve Balance Unappropriated profit at end of year (14.57) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % 7.41 (1.64) (3.91) (0.09) Management expenses to net premium % Commission to net premium % (1.42) Earning per share (Rs.) 2.33 (0.65) (1.25) (0.03) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 2,000 1,500 1, , Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (10) (20) (30) (40) Note: The amounts on yaxis represent s. 47

50 ATLAS INSURANCE LIMITED Atlas Insurance Vision responsibility. Mr. Arshad P. Rana A first class insurance company that provides the highest level of quality service to its policyholders. Mission To stay in the forefront of innovation and technological developments, continue to achieve corporate success, provide its policyholders quality products and service to their satisfaction, promote interest of all the stakeholders employees, shareholders, reinsurers and business associates equitably fulfilling demand of overall social Key Financial Data for the last two (2) Years (Rs in million) Premium Written 1, Net Premium Revenue Net Claims Expense Net Commission/(Income) (44) (34) Profit / (Loss) after tax COMPANY INFORMATION 1. Chairman Mr. Yusuf H. Shirazi 2. Chief Executive Officer Mr. Arshad P. Rana 3. Directors Mr. Aitzaz Shahbaz Mr. Azam Faruque Mr. Ali H. Shirazi Mr Frahim Ali Khan Mr. Jawaid Iqbal Ahmed 4. Company Secretary 5. Chief Financial Officer Mr. Muhammad Afzal Mr. Aamer Waqar Chaudhry 6. Auditors A.F. Ferguson & Co. Chartered Accountants. 7. Tax Advisor Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants 8. Legal Advisors Mohsin Tayebaly & Co. Ch. Maqsood Hassan Advocate Agha Faisal Barrister at Law 9. Registered & Head Office 3Bank Square, ShahraheQuaideAzam, Lahore. Tel: (9242) , & 73, Fax: (9242) Web: 10. No of Employees 163 [email protected] 48

51 ATLAS INSURANCE LIMITED Balance Sheet as at 31st December Equity Authorised Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium Additional provision for unexpired risk Commission Income Unearned Total Deferred Liablities Creditors And Accruals Other Liablities Total Equity And Liablities 2, , , , Cash And Bank Deposits Loans Secured Considered Good Investment , Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Cliams Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicles Capital Work In Progress 9.42 Intangible 1.15 TOTAL ASSETS 2, , , , Asset At Market Value 2, , , , BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency resersal/(expense) Less: Net Claims Less: Expenses Less: Net Commission/(Income) (44.00) (34.47) (35.81) (34.06) Underwriting result Investment Income (305.17) Rental Income Other Income General and administration expenses (22.95) (19.36) (14.62) (18.22) (299.38) Profit before tax (140.99) Provision for taxation Profit after tax (199.59) APPROPRIATIONS Balance at commencement of year (199.49) Dividend Reserve for Bonus share/ Bonus Shares issued General Reserve (335.00) (.78) Balance Unappropriated profit at end of year (199.49) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium Net Profit to net premium (39.29) Management expenses to net premium Commission to net premium (8.30) (7.77) (7.05) (7.62) Earning per share (7.43) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 49

52 CAPITAL INSURNCE COMPANY LTD. Capital Insurnce Company Limited Vision Vision:To become the largest and most highly respected Insurance Company in Pakistan. Mission We shall deliver excellent service and superior products to our customers, remaining focused on their needs and striving for continuous improvement through communication and technology. We will unite and operate our business through the shared value of Trust, Tolerance and Openness. Our employees shall be known and respected within the industry for their expertise, commitment and professional integrity. Mr. Zafar Iqbal Sheikh Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense 3 2 Net Commission / (Income) 3 3 Profit / (Loss) after tax Chairman Khawaja ZakaudDin 2. Chief Executive Officer Mr. Zafar Iqbal Sheikh COMPANY INFORMATION 5. Advisors Kazmi & Kazmi Legal Advisors 6. Auditors Avais Hyder Liaquat Nauman 3. Directors Mr. Navid Iqbal Sheikh Mr. Muhammad Hanif Khan Mr. Mohammad Ishaq Butt Dr. Iftikhar Ahmad Engr. EhteshamulHaq Malik 4. CFO & Company Secretary Sheikh Arfan Ikram 7. Registered Office Muradia Road, Model Town, Sialkot 8. Main Office Office 222, 5th Floor, Mega Tower, Main Boulevard, Adj. Mcdonalds, Gulberg II, Lahore. 9. Number of Employees 13 50

53 CAPITAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission (2.52) (2.51) Underwriting result (9.06) 3.21 Investment Income Rental Income Other Income General and administration expenses (4.91) (6.25) (6.21) (1.20) Exchange gain Finance charges on lease rentals (0.05) (0.11) (2.23) Profit before tax (11.28) Provision for taxation (8.81) Profit after tax (11.48) APPROPRIATIONS Balance at commencement of year (3.76) (10.01) Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve (0.05) (0.46) (0.02) (0.05) (0.46) Balance Unappropriated profit at end of year 1.45 (3.76) (10.01) 6.26 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (161.49) Management expenses to net premium % Commission to net premium % (19.94) (23.50) Earning per share (Rs.) (0.72) 1.99 Cash Dividend Stock Dividend 5 23 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (5.00) (10.00) (15.00) Note: The amounts on yaxis represent s. 51

54 CENTRAL INSURANCE CO. LTD. Mr. A. Samad Dawood Vision To be recongnized as a highly ethical innovative and technically competent insurance company, dedicated to provide top quality services to its clients in the field of risk assessment and insurance coverage, while generating above average returns in the industry for the investors. Mission To achieve the status of a quality service provider in the insurance industry and seize opportunities for profitable growth through introduction of new products, market share expansion and effective utilization of resources, and ensure timely and equitable settlement of claims, while providing adequate return to all stakeholders. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense 5 8 Net Commission / (Income) (14) (15) Profit / (Loss) after tax 491 (855) COMPANY INFORMATION 1. Chairman Mr. Shabbir Hussain Hashmi 2. Chief Executive Mr. A. Samad Dawood 3. Directors Mr. Isar Ahmad Mr. Shafiq Ahmed Mr. Jawaid Iqbal Mr. Ruhail Yousuf Muhammad Mr. Shahid Hamid Pracha 4. Chief Operating Mr. Sulaiman S. Mehdi Officer & Company Secretary 6. Auditors KPMG Taseer Hadi & Co. Chartered Accountants 7. Legal Advisors Zahid & Tariq Advocates 8. Registered & Head Office Dawood Centre, M. T. Khan Road, Karachi. Phone: (9221) , , Fax # (9221) [email protected] Website: 5. Chief Financial Mr. Ghulam Haider Officer 52

55 CENTRAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings 3, , , , , , , , Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Short Term Runing Finance Other Liabilities Total Equity And Liabilities 3, , , , Cash and Bank Deposits Loans Secured Considered Good 6.93 Investment 3, , , , Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 3, , , , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Add: Net Commission Underwriting result Investment Income (849.06) , Rental Income Other Income General and administration expenses (27.19) (12.74) (13.12) (12.62) Exchange gain Finance charges (855.67) , Profit before tax (844.90) , Provision for taxation (5.96) Profit after tax (855.12) , APPROPRIATIONS Balance at commencement of year 2, , , , Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve Balance Unappropriated profit at end of year 3, , , , PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % 4, (6,381.49) , Management expenses to net premium % Commission to net premium % Earning per share (Rs.) (42.12) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 5,000 4,500 4,000 3,500 3,000 2,500 2,000 5,000 4,500 4,000 3,500 3,000 2,500 2, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 5,000 4,500 4,000 3,500 3,000 2,500 2, ,000 2,500 2,000 1,500 1, (500) (1,000) (1,500) Note: The amounts on yaxis represent s. 53

56 CENTURY INSURANCE CO. LTD. Century Insurance Vision To be an organisation known for integrity and ethical behaviour and fully dedicated to our clients, business partners, shareholders and employees, providing exceptional quality service and committed to achieve excellence in all areas of its operations. Mission " To become a Company of choice to our valued clients, stakeholders and employees. " To maximize growth and profitability of the Company and provide excellent financial returns to its valued shareholders. " The Company's culture should be known for its Mr. Mohammad Hussain Hirji integrity and ethical behaviour. " The Company to be known as one of the best insurance companies of the Country Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) (14) (13) Profit / (loss) after tax 110 (70) COMPANY INFORMATION 1. Chairman: Mr. Iqbal Ali Lakhani 2. Managing Director & CEO: Mr. Mohammad Hussain Hirji 3. Advisor: Mr. Sultan Ali Lakhani 4. Directors: Mr. Iqbal Ali Lakhani (Chairman) Mr. Zulfiqar Ali Lakhani Mr. Amin Mohammed Lakhani Mr. Tasleemuddin A. Batlay Mr. A. Aziz H. Ebrahim Mr. Muhammad Abdul Qadir Mr. Mohammad Hussain Hirji Chief Executive 5. Chief Financial Officer: Mr. Sabza Ali Pirani 6. Company Secretary: Mr. Mansoor Ahmed 7. Auditors: M/s. KPMG Taseer Hadi & Co. Chartered Accountants 8. Registered Office: 9. Number of Employees: 97 Lakson Square, Building No.2, Sarwar Shaheed Road, Karachi 74 54

57 CENTURY INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities 1, , , , Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 1, , , , Assets at Market Value 1, , , , BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission (13.81) (12.63) (8.03) (9.64) Underwriting result Investment Income (101.69) (42.10) Rental Income Other Income General and administration expenses (58.95) (53.51) (48.77) (45.59) Exchange gain Finance charges on lease rentals (134.96) (68.51) Profit before tax (39.93) Provision for taxation Profit after tax (69.94) APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (33.85) Management expenses to net premium % Commission to net premium % (6.30) (6.11) (3.33) (4.41) Earning per share (Rs.) 2.40 (1.53) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 2,000 1,500 1, , 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (50) () Note: The amounts on yaxis represent s. 55

58 THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LA H O RE LTD. THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LIMITED Vision The Cooperative Insurance Society of Pakistan Ltd., is an apex Cooperative Society registered under the Cooperative Societies Act, 1925, on August 06, 1949, and is engaged in general insurance business. The area of operation of the Society is whole of Pakistan. Sh. AzizulHaq Piracha Key Financial Data for the last two (2) Years (Rs in million) Premium Written 9 12 Net Premium Revenue 9 16 Net Claims Expense 2 4 Net Commission / (Income) 1 1 Profit / (Loss) after tax 1 6 COMPANY INFORMATION 1. Chairman Sh. AzizulHaq Piracha 2. Senior Vice Chairman Ch. Ahsun Mehmood 3. Directors Mr. Nisar Ahmed Mr. Siddique Akbar Haji Muhammad Khan Mr. Nasrullah Khan Mr. Ghulam Abbas Khan Mr. Maqbool Elahi Piracha Mr. Muhammad Aamir Inayat Shahani Col. (Rtd) Muhammad Jamil Mr. Rai Azeem Saeed 4. Auditors Latif & Company Chartered Accountants. 5. Tax Consultants Mr. Zia Ullah Kayani. (Advocate) 6. Legal Advisor Mr. Mohammad Hanif Khan Niazi (Advocate) 7. Registered Office 23 ShahraheQuaide Azam, Lahore 8. Head Office Cooperative Insurance Building, 23 Shahrahe QuaideAzam, P.O. Box No. 147, Lahore. Ph: (92042) , , Fax: (92042) [email protected]. 56

59 THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LIMITED. Balance Sheet as at 31st December Equity Authorised Share Capital Issued Subscribed And Paidup Capital Reserves And Ratained Earnings Surplus On Revalution Underwriting Provisions Provision For Oustanding Claims (Including Ibnr) Provision For Unearned Premium Net Commission Income Unearned Total Deferred Liablities Creditors And Accruals Other Liabilities 0.26 Total Equity And Liabilities Cash And Bank Deposits Loanssecured Considered Good Investment Current Assets Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Total Assets Asset At Market Value BALANCE SHEET RATIOS Net Working Capital (Rs) (4.75) Current Ratio (0.84) Total Assets /Net Worth Break Up Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Less Net Claims Less Expenses Less: Net Commission/(Income) Underwriting Result (3.45) (2.00) Investment Income Rental Income Other Income General and administration expneses (0.77) (0.86) (1.10) (1.33) Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year (4.53) (5.15) Divindend 0.26 Reserve for Bonus share 1.44 General Reserve Balance Unappropriated profit at end of year (0.24) (4.53) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium Net Profit to net premium Management expenses to net premium Commission to net premium Earning per share Cash Dividend 0.26 Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 57

60 THE CRESCENT STAR FIRE MARINE ACCIDENT INSURANCE CO. LTD. AVIATION THE CRESCENT STAR INSURANCE CO. LTD. Vision To serve and to serve with excellence. Excellence to be achieved through our corporate mission Mission First and foremost to secure the interest of our policy holders by adopting proper risk management techniques, prudent financial planning and maintaining reinsurance arrangements with World Class reinsurers. To ensure profitability to our reinsureres who afford us underwriting capacity. To recognize human resources as the key element Mr. Munir I. Millwala in progress and to provide our officers and field force due recompence for their efforts in building up the company. To generate operational profits and dividend return in due measusre to the shareholders of the Company. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) 6 9 Profit / (Loss) after tax 4 (30) COMPANY INFORMATION 1. Chairman Mr. Munir I. Millwala 2. Chief Executive Officer: Mr. Munir I. Millwala 3. Directors: Mr. Ardeshir Cowasjee Mr. Fayyaz F. Millwala Mr. Abdul Razzak E. Jaffer Mr. Fida Hussain Samoo Mr. Qutubuddin A. Millwala Mr. Hussaini I. Millwala Mr. M.H. Millwala 4. General Manager : Mr. Moiz Ali 6. Advisors Mr. Syed Ahmed Ali 7. Auditors M/s Moochhala Gangat & Co, Chartered Accountants 2, Mustafa Avenue, F/4. Block9 Behind " The Forum", Clifton, Karachi 8. Registered / 2nd Floor, Nadir House Main Office I.I. Chundrigar Road, Karachi Tel : Fax : [email protected] Web: 5. Company Secretary Mr. Khuzaima Hakimi 58

61 THE CRESCENT STAR INSURANCE CO. LTD. Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings (38.10) (42.00) (11.00) Surplus on revaluation of Land Advance against issue of right shares 9.88 Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk 0.73 Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income 1.91 (25.01) (9.01) Rental Income Other Income 4.94 (0.17) General and administration expenses (44.34) (40.40) (24.29) Exchange gain Finance charges on lease rentals (21.22) (69.52) (48.01) (4.67) Profit before tax 4.61 (43.38) (37.39) Provision for taxation 0.86 (12.89) Profit after tax 3.74 (30.49) (37.72) APPROPRIATIONS Balance at commencement of year (68.10) (37.62) Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year (64.36) (68.11) (37.61) 0.12 BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % 5.05 (28.94) (26.79) Management expenses to net premium % Commission to net premium % Earning per share (Rs.) 0.31 (2.52) (3.12) 2.48 Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (10) (20) (30) (40) (50) Note: The amounts on yaxis represent s. 59

62 EAST WEST INSURANCE COMPANY LIMITED Mr. Naved Yunus Vision To be amongst most trusted insurance security of the country by providing protection to our insured in most effective basis ensuring prosperity for its stakeholders and growth with human force. Mission * To ensure most effective management for sustained growth of the company. * To provide reliable secure protection for the policyholders. * To retain sound position of the company in industry while working with dedication & innovation. * To maintain continuous pursuit for cost effectiveness enhanced productivity for ensuring financial health of the organization, to take care of shareholder's aspiration continuously. * To inculcate value added system all cross the organization for ensuring trustworthy relationship with its clients as well as shareholders. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 8 (537) COMPANY INFORMATION 1. Chairman Chief Justice ( R ) Mian Mahboob Ahmad 2. Chief Executive Officer Mr. Naved Yunus 3. Directors Mr. Javed Yunus Mr. Pervez Yunus Mr. Maheen Yunus Mr. A.K.M Sayeed Mr. Tulu Javed Yunus 4. CFO & Company Secretary Mr. Shabbir Ali Kanchwala 5. Advisors Mr. M. Jamaluddin 6. Auditors BDO Ebrahim & Company Chartered Accountants 7. Registered Office 27, Regal Plaza, Jinnah Road, Quetta 8. Main Office 410, EFU House, M. A. Jinnah Road, Karachi. 9. Number of Employees

63 EAST WEST INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities , Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income (561.66) Rental Income Other Income General and administration expenses (64.01) (60.47) (60.79) (48.43) Exchange gain Workers welfare fund (0.32) (0.37) Finance charges on lease rentals (1.27) (1.66) (1.37) (0.40) (29.90) (617.27) Profit before tax (528.00) Provision for taxation (7.11) (9.13) (11.19) (9.71) Profit after tax 8.44 (537.12) APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued Transfer from General Reserve (23.00) Transfer from Exceptional loss reserve (10.00) (0.15) (10.00) Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % 2.54 (122.92) Management expenses to net premium % Commission to net premium % Earning per share (Rs.) 0.34 (23.50) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,500 1, , Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations () () (300) (400) (500) (600) (20) Note: The amounts on yaxis represent s. 61

64 EFU GENERAL INSURANCE LTD GENERAL Vision Our vision is to be the first choice company for our customers, shareholders and employees. To achieve this we will be driven by an obsession to be better than the best in a continuous journey, not a destination. At EFU first choice means a sustained commitment to meet and exceed stakeholder expectations. A will to go the "Extra Mile" to delight our customers with products and services that exceed their expections. Mission We will manage our affairs through modern technology, collective wisdom and institutionalized leadership. We will be a respected, cultured and an educated company with a strong market position. Together with our customers, reinsurers and employees we will achieve world class quality 1. Chairman Mr. Rafique R. Bhimjee 2. Managing Director & Chief Executive Mr. Saifuddin N. Zoomkawala 3 Directors Mr. Sultan Ahmad Mr. Abdul Rehman Haji Habib Mr. Jahangir Siddiqui Mr. Wolfram W. Karnowski Mr. Muneer R. Bhimjee Mr. Hasanali Abdullah Mr. Taher G. Sachak 4. CFO & Company Mr. Altaf Qamruddin Gokal, Secretary F.C.A. 5. Legal Advisor Mr. Mohammad Ali Sayeed 6. Senior Advisor Mr. S. C. (Hamid) Subjally, A.C.I.I. 7. Advisors Mr. Akhtar K. Alavi, A.C.I.I. Mr. Naqi Zamin Ali Mr. Salim Rafik Sidiki, B.A. (Hons), M.A. Mr. Syed Mehdi Imam 8. Audit Committee Mr. Muneer R. Bhimjee. COMPANY INFORMATION Mr. Saifuddin N. Zoomkawala standards through continuous quality improvement. Achieve zero defects in everything we do. We will do good business, with good clients and of the highest integrity. We will not compromise our principles and we will like to be known as a responsible corporate citizen aware of our obligation to the Government and the society we serve. Key Financial Data for the last two (2) Years (Rs in million) Premium Written 10,232 9,614 Net Premium Revenue 5,847 5,570 Net Claims Expense ,911 Net Commission / (Income) Profit / (Loss) after tax (413) Rating Agency: JCRvis Mr. Taher G. Sachak Mr. Abdul Rehman Haji Habib Insurer Financial Strength Rating: AA Outlook : Stable 10. Auditors Hyder Bhimjee & Co. Chartered Accountants, Karachi. KPMG Taseer Hadi & Co. Chartered Accountants, Karachi. 11. Registrar Technology Trade (Pvt.) Ltd. Dagia House 241C, Block2, P.E.C.H.S., Off: SharaheQuaideen, Karachi. 12. Website Registered Office 11/4, ShahrahePehlavi, Peshawar. 14. Main Office EFU House, M.A. Jinnah Road, Karachi. Cooperative Insurance Building, 23, Shahrahe QuaideAzam, Lahore. 15. No of Employees

65 EFU GENERAL INSURANCE LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 1,500 1,500 1,500 1,500 Issued subscribe and paidup Capital 1,250 1,150 1,150 1,000 Reserves and retained earnings 8,341 9,314 8,956 15,177 9,591 10,464 10,106 16,177 Underwriting Provisions Provision for outstanding claims (including IBNR) 7,950 5,509 5,193 5,336 Provision for unearned premium net 4,537 4,005 4,086 3,985 Premium deficiency reserve Commission Income Unearned Total 12,707 9,710 9,541 9,630 Deferred Liabilities Creditors and Accruals 1,830 1,439 1,302 1,430 Other Liabilities Total Equity And Liabilities 24,542 21,939 21,230 27,390 Cash and Bank Deposits 1,707 1,350 1,304 1,163 Loans Secured Considered Good Investment 11,664 12,644 11,832 18,595 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 5,626 3,275 3,030 2,981 Deferred Commission Expense Other Assets 4,050 3,463 3,824 3,446 Fixed Assets Leased Motor Vehicle TOTAL ASSETS 24,542 21,939 21,230 27,390 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 1, , Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 5,847 5,570 6,137 6,111 Premium deficiency reversal/(expense) (2) (55) 32 (32) Less: Net Claims (3,942) (3,911) (4,370) (5,092) Less: Expenses (1,135) (1,076) (1,001) (840) Less: Net Commission (656) (461) (427) (323) Underwriting result (177) Investment Income (358) 674 (5,300) 14,812 Rental Income Other Income General and administration expenses (479) (428) (503) (378) Exchange gain (0) Share of Profit/(loss) of an associate (189) (472) 735 (5,814) 14,634 Profit before tax (360) 801 (5,443) 14,457 Provision for taxation (54) (69) (28) (79) Profit after tax (413) 732 (5,471) 14,536 APPROPRIATIONS Balance at commencement of year 801 (5,457) 14, (Loss)/profit after tax for the year (413) 732 (5,471) 14, (4,725) 9,093 15,314 Dividend (460) (374) (600) (150) Reserve for Bonus Share/Bonus Shares issued () (150) (500) General Reserve (150) 5,900 (13,800) () (710) 5,526 (14,550) (750) Balance Unappropriated profit at end of year (322) 801 (5,457) 14,564 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) (3.31) 6.37 (47.58) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 30,000 25,000 20,000 15,000 10,000 5,000 20,000 15,000 10,000 5,000 6,000 5,000 4,000 3,000 1,000 6, 6,000 5,800 5,600 5,400 5, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 1,800 1,600 1,400 1, 1, ,000 15,000 10,000 5,000 (5,000) (10,000) 20,000 15,000 10,000 5,000 (5,000) (10,000) Note: The amounts on yaxis represent s. 63

66 EXCEL INSURANCE COMPANY LTD. Vision The vision of Excel Insurance Company Limited is to become one of the preferred insurance companies of the country by providing insurance services par excellence to its customers resulting in peace of mind to its clients. Mission The mission of Excel Insurance Company Limited is o To become the most preferred insurer of clients by providing outstanding risk coverage. o To provide a congenial environment to employees to attract the best human resource in the industry. o Mr. Ghulam Mohammad To consistently offer high return on capital to company's shareholders. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense 4 5 Net Commission / (Income) 3 1 Profit / (Income) after tax 29 (2) COMPANY INFORMATION 1 Chairman. Mr. Younus Haji Latif 2 Chief Executive. Mr. Ghulam Mohammad 3 Directors. Mr. Younus Haji Latif Mr. Ghulam Muhammad Mrs. Shagufta Ghulam Mr. Muhammad Irfan Khaliq Mr. Ubaid Amanullah Mr. Muhammad Zubair Ghulam Muhammad Mr. Muhammad Zubair Muhammad Usman 4 CFO & Mr. Muhammad Saleem Akhtar Company Secretary 5 Auditors. Hyder Bhimji & Co. 6 Registered Office. 38/C1, Block6, P.E.C.H.S., Karachi Pakistan. UAN: , Fax: [email protected] Web: 64

67 EXCEL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission (2.27) (0.28) Underwriting result (0.75) Investment Income Rental Income Other Income General and administration expenses (6.50) (6.63) (9.30) (8.13) Exchange gain Finance charges on lease rentals (3.53) Profit before tax (0.93) Provision for taxation Profit after tax (2.03) APPROPRIATIONS Balance at commencement of year Profit after Tax (2.03) Dividend Reserve for Bonus Share/ Bonus Shares issued (16.00) (30.00) General Reserve (16.00) (30.00) Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (11.25) Management expenses to net premium % Commission to net premium % (12.41) (1.72) Earning per share (Rs.) 1.17 (0.10) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (5) Note: The amounts on yaxis represent s. 65

68 HABIB INSURANCE COMPANY LTD. Vision In Insurance, as also in Banking, Habib is committed to its time honoured tradition of serving the Nation by extending a wide range of insurance products offering maximum protection, backed up by matchless service with prompt claim settlement as its utmost priority. With high quality service to all its customers, the Company will also strive to continue to give its shareholders a consistent return on their investment. Mission Habib will continue to pursue its policy of progressive yet cautious underwriting carving its rightful share in the Insurance market without compromising its principles on underwriting and claim settlement. It Mr. Ali Raza D. Habib will continue to maintain its selective approach towards the business it underwrites and as new products and markets are being explored, the company is investing its resources in people and ideas to meet these challenges. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) 9 7 Profit / (Loss) after tax COMPANY INFORMATION 1. Chairman Mr. Rafiq M. Habib 2. Managing Director Chief Executive Officer Mr. Ali Raza D. Habib 3. Directors Mr. Abbas D. Habib Mr. Mazher Ali Jumani Mr. Mansoor G. Habib Mr. Mohamedali R. Habib Mr. Sajjad Hussain Habib Mr. Aun Mohammad A. Habib 4. CFO & Company Secretary Mr. Shabbir Gulamali 5. Legal Advisor M/s. Lari & Co. 6. Tax Advisor M/s. Abbas Karjatwala & Co. 7. Auditors M/s. KPMG Taseer Hadi & Co. 8. Registered / Main Office 9. Number of Employees 210 1st Floor, State Life Building No. 6, M. A. Jinnah Road, Karachi

69 HABIB INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings , Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities 1, , , , Cash and Bank Deposits Loans Secured Considered Good Investment , Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 1, , , , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income (390.53) Rental Income Other Income General and administration expenses (49.92) (52.86) (59.13) (51.14) Exchange gain Finance charges on lease rentals (447.13) Profit before tax (379.45) Provision for taxation (12.86) Profit after tax (396.43) APPROPRIATIONS Balance at commencement of year (346.75) Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve (450.00) (361.02) Balance Unappropriated profit at end of year (346.75) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (99.62) Management expenses to net premium % Commission to net premium % Earning per share (Rs.) (11.14) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 2,500 2,000 1,500 1, ,400 1, 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 1,400 1, 1, () () (300) (400) (500) () (400) (600) Note: The amounts on yaxis represent s. 67

70 IGI INSURANCE LIMITED Insurance Vision IGI Insurance is committed to being one of the leading providers of solutions to risk exposures in selected market segments in Pakistan. Mission Our vision will be realized through. Customers: Being the preferred insurer in providing solution to risk exposure Shareholders: Consistently delivering above market average return on capital Employees: Providing the environment necessary to be the employer of choice Community: Mr. Jalees Ahmed Siddiqi Compliance with the highest ethical and moral standards Key Financial Data for the last two (2) Years (Rs in million) Premium Written 1,297 1,152 Net Premium Revenue Net Claims Expense Net Commission / (Income) (35) (65) Profit / (Loss) after tax COMPANY INFORMATION 1. Chairman Syed Babar Ali 2. Chief Executive Officer Mr. Jalees Ahmed Siddiqi 3. Directors Mr. Syed Babar Ali Mr. Syed Shahid Ali Mr. Shamim Ahmad Khan Mr. Syed Hyder Ali Mr. Syed Kamal Ali Mr. Waqar Ahmed Malik Mr. Syed Yawar Ali Mr. Jalees Ahmed Siddiqi 4. Company Secretary 5. Chief Financial Officer Mr. Haider Raza Mr. Muhammad Ali 6. Legal Advisor Hassan & Hassan Lari & Company Ramday Law Associates J.H. Rahimtoola and Company 7. Auditors External: KPMG Taseer Hadi & Co. Chartered Accountants 8. Registered & Main Office 9. Number of Employees 124 Internal: A.F. Ferguson & Co. Chartered Accountants 7th Floor, The Forum, Suit No , G20, Block9, KhayabaneJami, Clifton, Karachi

71 IGI INSURANCE LIMITED Balance Sheet as at 31st December EQUITY Authorised Share capital 1, , , , Issued subscribed and paidup capital Reserves and retained earning 10, , , , , , , , UNDERWRITING PROVISIONS Provision for outstanding claims (Including IBNR) Provision for unearned premium net Commssion income unearned Total Deferred Liabilities Creditors and accuuals Long term finance secured Other Liabilities , , Total Equity and Liability 12, , ,.64 14, Cash and Bank Deposit LoansSecured Considered Good Investments 11, , , , Investment Properties Deffered Tax Reinsurance Recovries against outstanding Claims Deffered Commission Expenses Other Assets Fixed Assets Goodwill TOTAL ASSETS 12, , ,.64 14, Assets at market value 15, , , , BALANCE SHEET RATIOS Net working Capital (53.03) (51.78) (427.47) (564.72) Current Ratio Net worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premiun Revenue Less: Net Claim Less: Expense Less: Net commission/(income) (34.95) (65.20) (56.47) (72.38) Underwriting Result Investment Income (414.65) (157.48) 3, Rental Income Other Income General and Administration Expense (109.05) (89.31) (106.66) (113.93) Amortization of Goodwill Financial Charges (66.56) (129.71) (215.37) (133.49) Share of (Loss)/Profit of associates (66.28) (153.97) (597.27) 2, (Loss)/Profit Before Tax (404.10) 2, Provision for taxation (84.22) (.80) (27.06) (Loss)/Profit after tax (377.04) 2, Balance at commencement of year (172.25) (376.35) 2, , Adjusment Resulting from Change in Accounting Policy (8.20) (172.25) (376.35) 2, , APPROPRIATIONS Dividend Reserve for Bonus Share General Reserve 2, , , , Balance unappropriated (Loss)/ profit at the end of year (172.25) (376.34) 2, PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium (Loss)/ profit to net premium (69.50) Management Expense to net premium Commission to net premium (4.85) (10.61) (10.41) (11.93) Earning per share (6.30) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 15,000 12, ,500 10, ,000 9,000 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 13,000 12,000 11,000 10, ,500 3,000 2,500 2,000 1,500 1, (500) (1,000) Note: The amounts on yaxis represent s. 69

72 JUBILEE GENERAL INSURANCE CO. LTD. (Formerly New Jubilee Insurance Company Ltd.) Vision: Enabling people to overcome uncertainty Mission: To provide solutions that protect the future of our customers Values: Mr. Tahir Ahmed Key Financial Data for the last two (2) Years (Rs in million) Premium Written 4,285 4,031 Net Premium Revenue 2,451 2,298 Net Claims Expense 1,678 1,421 Net Commission / (Income) Profit after tax Teamwork Integrity Excellence Passion Brand Essence: Live Free COMPANY INFORMATION 1. Chairman Mr. Towfiq H. Chinoy 2. President & Managing Director Mr. Tahir Ahmed (Chief Executive) Directors Mr. Akbarali Hashwani Mr. Sadruddin Hashwani Mr. Masood Noorani Mr. Akbarali Pesnani Mr. John Joseph Metcalf Mr. R. Zakir Mahmood Mr. Aly Noormahomed Rattansey 3. Chief Financial Officer & Company Secretary Mr. Atiq Anwar Mahmudi 4. Auditors Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants 5. Legal Adviser Surridge & Beecheno 6. Share Registrar THK Associates (Pvt) Ltd. Ground Floor, State Life Building # 3, Dr. Ziauddin Ahmed Road, Karachi Tel , Head Office / 2nd Floor, Jubilee Insurance Registered House, I.I. Chundrigar Road, Office Karachi UAN (92021) , Tel: Fax: (92021) , [email protected] Web: 8. No. of Employees

73 JUBILEE GENERAL INSURANCE CO. LTD. Balance Sheet as at 31st December Equity Authorized Share Capital 1, , , , Issued subscribe and paidup Capital Reserves and retained earnings 2, , , , , , , , Underwriting Provisions Provision for outstanding claims (including IBNR) 1, , , , Provision for unearned premium net 1, , , , Additional provision for unexpired risk Commission Income Unearned Total 3, , , , Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities 7, , , , Cash and Bank Deposits , , , Loans Secured Considered Good Investment 3, , , , Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets 1, , , , Fixed Assets Leased Motor Vehicle TOTAL ASSETS 7, , , , Assets at Market Value 9, , , , BALANCE SHEET RATIOS Net Working Capital (Rs.) 4,031 3,709 3,063 3,216 Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 2, , , , Premium deficiency reversal/(expense) Less: Net Claims 1, , , , Less: Expenses Less: Net Commission Underwriting result (64.08) (207.02) Investment Income Rental Income Other Income General and administration expenses (19.13) (20.60) (19.55) (7.87) Impairment in value of available of sale securities (651.15) Share of Profit & Loss in Associate 9.00 (1.38) (287.27) Profit before tax (179.15) Provision for taxation (13.42) Profit after tax (267.25) APPROPRIATIONS Balance at commencement of year (151.06) Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve (300.00) (201.13) Balance Unappropriated profit at end of year (151.07) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (12.22) Management expenses to net premium % Commission to net premium % Earning per share (Rs.) (4.05) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 10,000 8,000 6,000 4,000 2,000 3,500 3,000 2,500 2,000 1,500 1, ,000 1,500 1, ,000 2,500 2,000 1,500 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ,500 2,00 1,500 1, () (400) Note: The amounts on yaxis represent s. 71

74 NEW HAMPSHIRE INSURANCE COMPANY Mr. Mujib Khan Vision To be the world's first choice provider of insurance and financial services. We will create unmatched value for our customers, colleagues, business partners and shareholders: as we contribute to the growth of sustainable and prosperous communities. Key Financial Data for the last two (2) Years (Rs in million) Premium Written 1, 850 Net Premium Revenue Net Claims Expense Net Commission / (Income) (10) (3) Profit / (Loss) after tax COMPANY INFORMATION 1. Country Manager 2. Chief Financial Officer Mr. Mujib Khan Mr. Hasan Dossani 3. Advisors Lari & Co, Sattar & Sattar 4. Auditors & Tax Advisor: Ernst & Young (auditors) A. F. Ferguson (tax advisor) 5. Registered Office 6. Number of Employees 73 7th Floor, Dawood Centre, M. T. Khan Road, Karachi, Paksitan UAN # (021) Fax # (021) & 3 [email protected] Website: chartisinsurance.pk 72

75 NEW HAMPSHIRE INSURANCE COMPANY Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings 1, , , , , , Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities 2, , , , Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 2, , , , Assets at Market Value 2, , , , BALANCE SHEET RATIOS Net Working Capital (Rs.) 1, , Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission (9.98) (3.17) Underwriting result Investment Income Rental Income Other Income General and administration expenses (171.59) (198.66) (164.57) (116.59) Exchange gain Finance charges on lease rentals (10.72) (66.72) (70.07) (23.57) Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % (2.46) (0.83) Earning per share (Rs.) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 3,000 2,500 2,000 1,500 1, ,600 1,400 1, 1, , Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 1, , Note: The amounts on yaxis represent s. 73

76 THE PAKISTAN GENERAL INSURANCE CO. LTD. PGI Vision The Pakistan General Insurance Company Limited is Committed to provide quality insurance services and improved coverage by virtue of sound professionalism and risk management expertise, to provide better coverage and satisfaction of their customers. Mission Our aim is to provide cost effective insurance cover to our customers which is achieved by increasing the productivity of our employees. We follow good governance and sound professionalism to become a well reputed and respected corporate entity in the eyes of Government and society. Ch. Zahoor Ahmed We strive to maintain a customer focused approach by ensuring that our services are delivered to the customer in time, according to the required specifications and within our stipulated cost. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expens Net Commission / (Income) 15 5 Profit / (Loss) after tax 5 85 COMPANY INFORMATION 1. Chairman Ch. Manzoor Ahmed (P.S.P) I.G. Police Punjab (Retd) D.G.I.B.(Retd) 2. Chief Executive Officer 3 Executive Directors Ch. Zahoor Ahmed Ch.Ghulam Mustafa 4. Directors Ch. Manzoor Ahmed Ch. Zahoor Ahmed Ch. Ghulam Mustafa Ch. Muhammad Saleem Ch. Mazhar Zahoor Mr. MehmoodulHaq Mr. Usman Ali Ch. Athar Zahoor Mr. Rehan Beg 5. Company Secretary Ch. Muhammad Saleem 7. Chief Risk Officer Aftab Ahmed Phambra 8. Advisors Tax Consulants Kamran & Company Share Registry Corplink (Private) Ltd 9. Auditors M. Yousuf Adil Saleem & Co. (Chartered Accountants Member of Deloitte Touche) Kamran & Co. (Member of Impact Asia Pacific) 10. Registered & Head Office Cooperative Bank House, 5Bank Square ShahraheQuaideAzam, Lahore 11. Principal Office P.G.I. House, 5A, Bank Square ShahraheQuaideAzam, Lahore 6. Chief Financial Officer Azhar Hafeez Ch. 74

77 THE PAKISTAN GENERAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission (14.64) (5.41) (7.00) (10.00) Underwriting result Investment Income (1.00) 3.00 Rental Income Other Income General and administration expenses (38.05) (33.78) (27.00) (28.00) Exchange gain Finance charges on lease rentals (0.36) (1.24) (1.00) (2.00) (22.90) (26.00) (24.00) (Loss) / Profit before tax (1.66) Provision for taxation (6.48) Profit after tax APPROPRIATIONS Balance at commencement of year Restatement of errors 8.00 Dividend (10.00) Reserve for Bonus Share/ Bonus Shares issued General Reserve (90.00) (40.00) (19.00) Incremental depreciation (3.60) (77.64) (12.00) (6.00) Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % (13.25) (4.92) (7.61) (13.16) Earning per share (Rs.) Cash Dividend (10.00) Stock Dividend (50.00) Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 75

78 PICIC INSURANCE LIMITED Mr. Ahmed Salahuddin Vision PICIC Insurance shall emerge as the leading Insurance and risk management services organization in Pakistan. We are in the business of providing solution to mitigate insurable risk exposure of our clients. We shall do this on the basis of through risk evaluation and product knowledge. Mission PICIC Insurance shall fully satisfy the needs and expectation of all its stakeholders: We shall putt the interest of our client first and ensure that they make informed decisions with respect to the products and services that we offer them. We shall give our employees a congenial work environment and shall give them opportunities for personal growth and development strictly on the basis of merit. We shall strive to continually provide above average returns to our shareholders. We shall support the development of the communities in which we live and work. Key Finanical Data for the last Two (2) Years (Rs in million) Premium Written Net Premium Revenue 167 Net Claims Expense Net Commission / (Income) 10 3 Profit / (Loss) after tax 5 17 COMPANY INFORMATION 1 Chairman Mr. Mohammed Basheer Janmohammed 2 Managing Director & CEO Mr. Ahmed Salahuddin 3 Directors Mr. Mohammed Basheer Janmohammed Mr. Muhammad Rafiq Tumbi Mr. Yameen Kerai Mr. Shahid Sattar Mr. Rizwan Abbas Mr. Muhammad Riaz Mr. Ahmed Salahuddin 4 CFO & Company Secretary Mr. Muhammad Haneed 5 Advisor Syed Ali Hyder 6 Auditors & Tax Advisor 7 Registered Office 8 Number of Employees 111 Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants 8th Floor Shaheen Complex M.R.Kayani Road, Karachi 76

79 PICIC INSURANCE LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings (119.00) (124.00) (141.00) (88.00) Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk 1.00 Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Amount Due but unpaid Investment Amount Due from Deferred Tax 3.00 Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) (72.00) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) (1.00) Less: Net Claims Less: Expenses Less: Net Commission (10.00) (3.00) (0.00) 9.00 Underwriting result (19.00) (98.00) Investment Income (3.00) Rental Income Other Income General and administration expenses (29.00) (31.00) (39.00) (30.00) Exchange gain Finance charges on lease rentals (0.00) (1.00) 6.00 (32.00) 3.00 Profit / (loss) before tax (50.00) (94.00) Provision for taxation 3.00 Profit / (loss) after tax (53.00) (94.00) APPROPRIATIONS Balance at commencement of year (124.00) (141.00) (88.00) Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve Balance Unappropriated profit at end of year (119.00) (124.00) (141.00) (88.00) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (23.00) (31.00) Management expenses to net premium % Commission to net premium % (6.00) (1.00) 3.00 Earning per share (Rs.) 0.00 (2.00) (5.00) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (20) (40) (60) (80) () (5) (10) (15) (20) (25) Note: The amounts on yaxis represent s. 77

80 PREMIER INSURANCE LIMITED Vision Our vision is to provide the highest level of service in general insurance and strive to become a market leader with a prestigious profile. Mission Our Business: We are a company underwriting general insurance business including underwriting fire, property, marine, motor and other risks of our clients. We are committed to become the leading organization in the insurance sector building an excellent reputation among our clients with the objective of maximizing returns for all the stakeholders. Our Strengths: Financial viability and security we provide our clients and reinsurers in order to safeguard their interests. Our Strategy : To enhance our corporate image by providing high quality products and services to our policy holders. Mr. Fakhir Rahman To provide an excellent working environment to our employees affording them every opportunity to growth and career developments. Our Values: We take pride in adhering to ethical business practices and in being a good corporate citizen. We respect our people and endeavor to provide them opportunities to realize their full potential. We recognize our responsibility to our stakeholders and to society. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax COMPANY INFORMATION 1. Chairman Mr Zahid Bashir 2. Chief Executive Mr Fakhir Rahman 3. Directors Syed Arshad Ali Mr Khalid Bashir Mr Imran Maqbool Mr Nadeem Maqbool Mr Khurram Mazhar Mr Shams Rafi 4. CFO & Company Secretary Mr Afroz Quraishi 5. Auditors Anjum Asim Shahid Rahman Chartered Accountants 6. Legal Advisor Arfin & Company Advocates 7. Tax Advisor Mushtaq & Company Chartered Accountants 8. Registered 5th Floor, State Life Office Building No. 2A Wallace Road, Karachi 74000, Pakistan Phones:(9221) Fax: (9221) [email protected] Website: 9. Number of Employees

81 PREMIER INSURANCE LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings 1, , , , , , , , Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities 3, , , , Cash and Bank Deposits Loans Secured Considered Good Investment 1, , , Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets 1, Fixed Assets Leased Motor Vehicle TOTAL ASSETS 3, , , , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) , Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses (37.25) (43.59) (28.29) (70.48) Exchange gain Impairment in Investments (3.72) (126.16) (213.22) Finance charges on lease rentals (53.30) Profit before tax (44.91) Provision for taxation (20.76) (26.31) 7.48 (16.75) Profit after tax (37.44) APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve (150.00) (78.19) Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (12.65) Management expenses to net premium % Commission to net premium % Earning per share (Rs.) (1.56) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 3, 3,000 2,800 2,600 2,400 1,860 1,840 1,820 1,800 1,780 1,760 1,740 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 1,800 1,600 1,400 1, 1, , () Note: The amounts on yaxis represent s. 79

82 RELIANCE INSURANCE CO. LTD. Mr. A Razak Ahmed Vision To be recognized as a professional and dependable business entity committed to play a meaningful role in the development of insurance industry in Pakistan and to safeguard the legitimate interests of all stakeholders, namely policyholders, shareholders, reinsurers, employees and all other business associates/partner. Mission To provide quality service and protection to its Clients aiming at achieving a respectable volume of business and become a prominent player through good governance and sound professionalism focusing to become a wellknown and respected Corporate entity in the eyes of Society and Government. Key Financial Data for the last two (2)Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 52 (33) COMPANY INFORMATION 1. Chairman Mr. Ismail H. Zakaria 2. Chief Executive & Managing Director Mr. A Razak Ahmed 3. Directors Mr. Mohammed Amin Ahmed Bawany Mr. A. Aziz Ayoob Mr. Irfan Zakaria Bawany Mr. Mohammad Omer Bawany Mr. Zohair Zakaria Mr. Ahmed Ali Bawany Mr. Noor M. Zakaria Mr. Ashfaq Patel Mr. Yasin Siddik 4. Chief Accountant & Company Secretary Mr. Haroon A. Shakoor 5. Auditors Hyder Bhimji & Company Chartered Accountants. 6. Legal Advisor Mr. Abdul Sattar Pingar 7. Registered Office 96A, Sindhi Muslim CoOperative Housing Society, Karachi 8. Head Office Reliance Insurance House, 181A, Sindhi Muslim Cooperative Housing Society, Karachi Tel: Fax: [email protected] [email protected] Web: 9. No of Employees

83 RELIANCE INSURANCE COMPANY LTD Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribed and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Commission Income Unearned Total Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Less: Net Claims Less: Expenses Less: Net Commission Underwriting Result (51.98) (48.17) Investment Income Other Income General and administration expenses (31.51) (34.45) (15.55) (14.31) Exchange gain Finance charges on lease rentals Profit before tax (30.99) Provision for taxation Profit after tax (32.64) APPROPRIATIONS Balance at commencement of year (22.02) Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve (5.10) (5.10) Balance Unappropriated profit at end of year (22.02) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (10.00) Management expenses to net premium % Commission to net premium % Earning per share (Rs.) 2.06 (1.30) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (20.00) (40.00) Note: The amounts on yaxis represent s. 81

84 SAUDI PAK INSURANCE COMPANY LTD. Vision Our vision is to be the quality insurance service provider, recognized and appraised by performance and product development to cater the changing needs of customers and continuous growth of human resource. Mission We wish to become a dynamic insurance service provider, maintaining credibility and reputation while growing revenues over the coming years and improving insurance products by utilizing latest technologies. Saudi Pak Insurance Company Limited focusing to build up a team of professionals by imparting exhaustive training, education and career Capt. Azhar Ehtesham Ahmed orientation for the benefit of the insurance industry. We shall endeavor our utmost to render the best possible service to our clients. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) 3 1 Profit / (Loss) after tax (43) 1 COMPANY INFORMATION 1. Chairman Mr. Mohamad Anwar 2. Chief Executive Officer Capt. Azhar Ehtesham Ahmed 3. Directors Mr. Farrukh S. Ansari Mr. Goharulayn Afzal Ms. Parveen A. Malik Mr. Fasihuddin Ahmed Syed Liaquat Ali Capt. Azhar Ehtesham Ahmed 4. CFO & Company Secretary Mr. Mohammad Imtiaz A. Aziz 5. Advisors Mandviwalla & Zafar 6. Auditors M. Yousuf Adil Saleem & Company Chartered Accountants 7. Registered Office 19th Floor, Saudi Pak Tower 61A, Jinnah Avenue Islamabad Phone # (051) Fax # (051) Main Office 2nd Floor, State Life Building No. 2A, Wallace Road, Karachi Phone # (021) Fax # (021) [email protected] Website: 9. Number of Employees 63 82

85 SAUDI PAK INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings (166.85) (124.13) (124.26) (64.38) Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities 0.21 Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) 1.53 (3.53) Less: Net Claims (69.76) (69.94) (103.30) (114.09) Less: Expenses (56.40) (65.01) (86.68) (68.98) Less: Net Commission (1.37) Underwriting result (41.54) (7.45) (44.64) (38.72) Investment Income (12.60) 9.51 Rental Income Other Income General and administration expenses (10.03) (11.30) (12.42) (11.39) Exchange gain Finance charges on lease rentals 8.92 (15.26) Profit before tax (41.54) 1.47 (59.88) (28.97) Provision for taxation Profit after tax (42.72) 0.85 (59.88) (29.81) APPROPRIATIONS Balance at commencement of year (124.13) (124.26) (64.38) (34.57) Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year (166.85) (123.41) (124.26) (64.38) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % (85.00) (56.02) (71.10) (76.44) Net Profit after tax to net premium % (52.05) 0.68 (41.22) (19.97) Management expenses to net premium % (68.72) (52.07) (59.66) (46.22) Commission to net premium % (0.92) Earning per share (Rs.) (1.31) 0.03 (1.84) (1.19) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (10.00) (20.00) (30.00) (40.00) (50.00) (60.00) (70.00) Note: The amounts on yaxis represent s. 83

86 SECURITY GENERAL INSURANCE COMPANY LIMITED Ms. Nabiha Shahnawaz Mission SGI to become a leader in insurance through innovation, competitive advantage, customer satisfaction and stakeholder confidence. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium revenue Net Claims Expense Net Commission/Income 3 18 Profit/ (Loss) after Tax COMPANY INFORMATION 1. Chairman Mian Hassan Mansha 2. Chief Executive Officer Ms. Nabiha Shahnawaz 5. Chief Financial Officer Mr. Farrukh Aleem 6. Legal Advisor Hamid Law Associates 3. Board of Directors 4. Company Secretary Mian Hassan Mansha Mr. Aamir Fayyaz Sheikh Mr. Waleed Tariq Saigol Mr. Jehanzeb Amin Mr. Inayat Ullah Niazi Mr. Manzar Mushtaq Mr. Shahzad Ahmad Malik Mr. Badar ul Hassan Mr. Khalid Mahmood Chohan 7. Auditors & A.F. Ferguson & Co Tax Advisor Chartered Accountants 8. Registered / SGI House, 18 C / E1, Main Office Gulberg III, Lahore. Tel: Fax: [email protected] Web: 9. Number of Employees 99 84

87 SECURITY GENERAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 1, , , , Issued subscribe and paidup Capital Reserves and retained earnings 6, , , , , , , , Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities (Defered Taxation) Creditors and Accruals Other Liabilities Total Equity And Liabilities 7, , , , Cash and Bank Deposits Loans Secured Considered Good Investment 7, , , , Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 7, , , , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) (260.80) (356.15) (660.46) (433.66) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income , Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals , Profit before tax , Provision for taxation Profit after tax , APPROPRIATIONS Balance at commencement of year 6, , , Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve Balance Unappropriated profit at end of year 6, , , , PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % , Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 8,000 7,800 7,600 7,400 7, 7,000 7,000 6,900 6,800 6,700 6,600 6,500 6,400 6, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 7,400 7,300 7, 7, 7,000 6,900 6, ,000 5,000 4,000 3,000 2,000 Note: The amounts on yaxis represent s. 85

88 Shaheen Insurance SHAHEEN INSURANCE COMPANY LIMITED Mission Mr. Asif Suleman Key Financial Data for the last two (2) Years Our mission is to continuously improve ourselves to become a leading, profitable Company, meeting the needs of our customers and enhancing the value of our shareholders Investment. We will accomplish this by using the strengths of our people and the application of innovative science for the development of new insurance products and services that are high in quality and competitive in price. (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax (29) 17 COMPANY INFORMATION 1. Chairman Air Vice Marshal ( R ) M.Ikramullah Bhatti 2. Chief Executive Officer Mr.Asif Suleman 3. Directors Air Commodore ( R ) Zafar Iqbal Mir Mr.Naveed Tariq Mr.Ahmed Bilal Mr.Shahid Hameed Mr.Ian Howell Ross Mr.Takudzwa Brooks Takundanyika Mparutsa 5. Legal Advisor Shaukat Law Associates 6. Auditors Anjum Asim Shahid Rehman Chartered Accountants 7. Registered / Main Office 8. Number of Employees th Floor, Shaheen Complex, M.R.Kayani Road, Karachi74 4. CFO & Company Secretary Mr.Huzaif Hanif Tola 86

89 SHAHEEN INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings (3.78) Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) 2.31 (0.90) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income (64.65) Rental Income Other Income General and administration expenses (68.08) (64.78) (69.06) (58.45) Impairment of non trading investment (0.55) (68.14) Finance charges on lease rentals (43.74) (28.16) (130.24) Profit before tax (23.47) (63.85) Provision for taxation Profit after tax (29.03) (71.75) APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year (23.78) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (6.96) 3.63 (12.46) Management expenses to net premium % Commission to net premium % Earning per share (Rs.) (1.45) 0.87 (4.10) 3.44 Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (20.00) (40.00) (60.00) (80.00) Note: The amounts on yaxis represent s. 87

90 STAR SILVER STAR INSURANCE COMPANY LTD. INSURANCE COMPANY SILVER LTD. Mr. Zahir Muhammad Sadiq Vision To ensure efficient and prompt service of insurance solutions to the industry, through an integrated and well organized system, governed by motivated and prudently managed human resources. Mission Our mission is to strengthen our position in the insurance industry, initially by concentrating upon our vigilant expansion in the province of Punjab, while channeling out into other provinces, by way of continuing to provide reliable and quality insurance security, with the persistent support of "A" rated International Reinsurers; thus maintaining high ethical and professional standards, visàvis profitable returns to all our shareholders. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax COMPANY INFORMATION 1. Chairman Ch. Muhammad Sadiq 2. Managing Director & CEO Mr. Zahir Muhammad Sadiq 3. Directors Mr. Faisal Zaka Bajwa Mr. Mudassar Imran Mr. Muhammad Kashif Ms. Naveeda Abid Mr. Waheed Ahmed 4. Company Secretary 5. Chief Financial Officer Mr. Nazir Ahmed Khan Mr. Muhammad Kashif 6. Advisor Mr. Maqsood Hassan & Ahmed & Pansota Advocates & Legal Consultants 7. Auditors & Tax Advisor Ilyas Saeed & Co. Chartered Accountants & Sarwars Chartered Accountants 8. Registered Office Silver Star House, 5Bank Square, P. O. Box 2533, Lahore Tel.: (9242) , , , Fax: (9242) Number of Employees 48 88

91 SILVER STAR INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital Issued, subscribed and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission (1.01) Underwriting result Investment Income 9.00 (5.37) Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve Amortization of surplus on revaluation (0.21) (0.22) (0.23) (0.38) Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % (0.84) Earning per share (Rs.) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 89

92 TPL Direct Insurance A TPL Holdings Company TPL DIRECT INSURANCE LTD. Vision To establish leadership in the personal lines business as a Direct Insurer and inspire improvement in the insurance penetration in Pakistan by offering innovative products compatible to the international standards. Mission We aim to be the best service and product provider, offering unprecedented 24 hours underwriting and claims services and adding value for the stakeholders, with a team of highly trained and skilled staff. We will strive to achieve this by: Well managed 24 * 7 call center In house capability of pre and post risk claim inspection. Prudent underwriting with low cost base. Effective treasury management. Settling claims with promptitude and equity. Mr. Saad Nissar Optimum use of IT and offer web based underwriting and claims facility. Display of professionalism and motivation by staff in all areas. Effective Training for career progression of the staff. Value addition by providing free Ambulance service & Roadside assistance. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission/(Income) Profit / (Loss) after tax (18) 2 COMPANY INFORMATION 1. Chairman Mr. Jameel Yusuf 2. Chief Executive Officer Mr. Saad Nissar 3. Directors Mr. Jameel Yusuf Mr. Ali Jameel Mr. Saad Nissar Mr. Adil Matcheswalla Mr. Rizwan Abbas Mr. Syed Kazim Hasan Mr. Mustafa Ali 5. Advisor M/s. Lari Associates 6. Auditors KPMG Taseer Hadi & Co. 7. Registered Office 8. Number of Employees 72 39K, Block6, P.E.C.H.S, Karachi 4. CFO & Company Secretary Syed Kazim Hasan 90

93 TPL DIRECT INSURANCE LTD Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings (114.49) (96.48) (98.34) (.19) Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans Secured Considered Good 0.44 Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) (12.31) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income 3.97 (2.56) Rental Income Other Income General and administration expenses (41.71) (25.93) (20.16) (23.93) Exchange gain Finance charges on lease rentals (7.94) (5.61) (1.22) (0.22) (30.19) (19.29) (13.28) (20.40) Profit before tax (12.37) (4.67) (1.15) Provision for taxation (6.52) (35.23) Profit after tax (18.00) APPROPRIATIONS Balance at commencement of year (96.48) (98.34) (.19) (134.27) Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year (114.48) (96.48) (98.34) (.19) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (5.43) Management expenses to net premium % Commission to net premium % Earning per share (Rs.) (0.58) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (10.00) (20.00) (30.00) (20.00) (40.00) (60.00) (80.00) (.00) (120.00) (140.00) (160.00) Note: The amounts on yaxis represent s. 91

94 UBL INSURERS LIMITED L I M I T E D Vision Our vision is to establish a position as the premier choice for corporate and consumer sector. Mission Our mission is to become a reputable general insurer of the country by providing dedicated service to our customers. This will be accomplished by recognizing the customer needs and providing suitable products at affordable prices and servicing the claims within optimum time frame. Mr. Shariq Abdullah Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax (21) (128) COMPANY INFORMATION 1. Chairman Mr. Aameer Karachiwalla 2. Chief Executive Officer Mr. Shariq Abdullah 3. Directors Mr. Omar Z. AlAskari Mr. Zameer Muhammad Choudery Mr. Amin Uddin Mr. Rizwan Pervez Mr. Rayomond Kotwal Mr. Hasan Raza 4. Company Secretary Mr. Abdul Sattar Vaid 6. Legal Advisor M/s. Mohsin Tayebaly & Co. 7. Auditors M/s. Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants 8. Registered & 2nd Floor State Life Main Office Building # 2, Wallace Road Off. I.I. Chundrigar Road, Karachi. 9. Number of Employees Acting Chief Financial Officer Mr. Nadeem Raza 92

95 UBL INSURERS LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 1, Issued subscribe and paidup Capital 1, Discount on issue of Right shares (352.17) Reserves and retained earnings (299.87) (273.16) (145.58) (145.50) Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities 1.05 Creditors and Accruals Other Liabilities Total Equity And Liabilities 1, Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 1, Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) 2.78 (2.78) (46.07) Less: Net Claims (165.54) (234.21) (145.59) (80.03) Less: Expenses (78.66) (95.13) (89.55) (63.48) Less: Net Commission Underwriting result (44.41) (81.26) Investment Income Rental Income Other Income General and administration expenses (76.13) (90.77) (102.96) (73.42) Exchange gain Finance charges on lease rentals (0.18) (1.03) (1.36) (0.34) (44.31) (81.87) (96.81) (48.15) Profit/ (Loss) before tax (17.64) (126.28) 0.00 (129.41) Provision for taxation (3.30) (1.30) (0.08) (0.57) Profit / (Loss) after tax (20.94) (127.58) (0.08) (129.98) APPROPRIATIONS Balance at commencement of year (273.16) (145.58) (145.50) (15.52) Dividend Share Issue Cost (5.77) (5.77) Balance Unappropriated profit at end of year (299.87) (273.16) (145.58) (145.50) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % (69.33) (88.44) (53.21) (90.36) Net Profit after tax to net premium % (8.77) (48.18) (0.03) (146.77) Management expenses to net premium % (32.94) (35.92) (32.73) (71.68) Commission to net premium % Earning per share (Rs.) (0.18) (2.55) (0.00) (4.33) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Revenue 1, 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations (20) (40) (60) (80) () (120) (140) Note: The amounts on yaxis represent s. 93

96 PAKISTAN Rated A by PACRA THE UNITED INSURANCE COMPANY OF PAKISTAN LTD. Vision A first class Insurance Company to provide cost effective Risk management solutions to its policyholders through highest level of quality. Mission For our Customers To provide superior services through high quality business solutions and health protection, based on expert advise and financial management and adding value to the all corporate and non corporate customers. For our Shareholder To maximum the share holders, value by optimization utilization of resources. Mr. Khawas Khan Niazi For our Employees To provide opportunities for self development Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax COMPANY INFORMATION 1. Chairman Mian M.A. Shahid 8. Auditors M/s. Ilyas Saeed & Co. M/s Sarwars Chartered Accountants 2. Chief Executive Mr. Khawas Khan Niazi 9. Registrar Office The United Insurance Company 3. Director/President Chaudhary Habibur Rehman of Pakistan Limited, 204, 2nd Floor, 4. Directors Chaudhary Najeebur Rehman Chaudhary Azizur Rehman Ms. Huma Waheed Chaudhary Maqsood Ahmed Madina City Mall, Abdullah Haroon Road, Karachi. [email protected] 5. Deputy Managing Mr. Zia Hassan Zuberi Director & Company Secretary 6. Chief Financial Officer Mr. Naeem Tariq 7. Advisors Mr. Farooq Sheikh (Advocate) Mr. M. A. Hamdani (Advocate) 10. Head Office The United Insurance Company of Pakistan Limited, 1st Floor, Nizam Chamber, 7ShahraheFatima Jinnah Lahore. Pakistan [email protected] 11. No of Employees

97 THE UNITED INSURANCE COMPANY OF PAKISTAN LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 1, Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities 1, , Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 1, , Assets at Market Value 1, , BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses ( ) ( ) ( ) (95.796) Exchange gain Finance charges on lease rentals (9.657) (8.582) (7.539) ( ) ( ) ( ) (70.452) Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Incremental Depriciation Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,500 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 95

98 S E C U R I T Y THE UNIVERSAL S E R V INSURANCE LIMITED I C E CO MPANY P R O I T Y S P E R UNIVERSAL INSURANCE COMPANY LTD. Vision We, at The Universal Insurance Company Limited recognize the importance of satisfying our customers by consistently providing quality insurance services in accordance with their needs expectations. We strive to be competent partner of our customers against insured perils. Mission We strive to provide our customers cost effective insurance cover by continually increasing the productivity of our employees. To increase productivity, we conduct regular training programs during which employees are assessed and allocated a career path in accordance with their performance. We diligently fallow the applicable laws and ensure strict compliance by conducting regular internal audits and educating our employees about the law. Capt. M. Jamil Akhtar Khan We try to improve our services by continually assessing our systems and procedures based on customers and team feedback. We strive to maintain a customer focused approach by ensuring that our service is delivered to the customer on time, according to the customer required specifications and with in our stipulated cost. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax (86) 12 COMPANY INFORMATION 1. Chairman Mr. Raza Kuli Khan Khattak 4. Company Secretary Mr. Ijaz Ahme 2. Chief Executive Begum Zeb Gohar Ayub Khan Officer 5. Chief Financial Officer Mr. Amir Raza 3. Directors Mr. Raza Kuli Khan Khattak Lt.Gen (Ret) Ali Kuli Khan Khattak Mr. Ahmed Kuli Khan Khattak Begum Zeb Gohar Ayub Khan Mrs. Shahnaz Sajjad Ahmed Dr. Shaheen Kuli Khan Khattak Mr. Mushtaq Ahmed Khan F.C.A. Ch. Sher Mohammad Mr. Mohammad Kuli Khan Khattak Capt. M. Jamil Akhtar Khan Managing Director 6. Legal Advisor Mr. Maqsood Hasan Advocate 7. Auditors M/S. Riaz Ahmed & Company 8. Registered / Main Office 9. Number of Employees 290 Universal Insurance House 63, ShahraheQuaideAzam, Lahore Pakistan. 96

99 UNIVERSAL INSURANCE COMPANY LTD. Balance Sheet as at 31st December Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities 1, , Cash and Bank Deposits Loans Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS 1, , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result (17.24) Investment Income (4.07) Rental Income Other Income (10.13) General and administration expenses (107.14) (67.21) (64.59) (7.17) Exchange gain Finance charges on lease rentals (0.61) (0.47) (1.01) (3.36) (86.19) (42.82) (79.06) Profit before tax (103.43) Provision for taxation Profit after tax (86.49) APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year (46.12) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % (26.31) Management expenses to net premium % Commission to net premium % Earning per share (Rs.) (3.29) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,500 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 97

100 PAKISTAN REINSURANCE COMPANY LIMITED Profile PRCL is a public sector company under the administrative control of Ministry of Commerce. The company headed by a Chairperson supported by a strong team of professionals who manage the business affairs of the company effectively. The company is supervised by the Board of Directors, out of which seven are nominated by the Federal Government whereas two directors elected by the shareholders who enjoy excellent repute within the business community. Vision To be a leading provider of reinsurance and risk management services in the region. Mission To provide secure reinsurance capacity and outstanding risk management advice in a profitable manner and to conduct our business in a dependable and professional manner with the highest standards of customer service. Mrs. Rukhsana Saleem Objectives To provide best services to the local insurance industry in order to check outflow of foreign exchange to the maximum possible event. To develop good business relations with other reinsurers. To train its staff according to fast changing business market requirements as well as to provide them with the ideal working environment to share risks and preserve resources by providing reinsurance facilities to the insurance companies. To enhance domestic retention capacity in the country in order to save valuable foreign exchange. Investment Activities: The investment income in the year 2010 was Rs. 653 million as compared to Rs million in the year 9. Investment Income mainly comprises of realized capital gain on available for sale and held for trading investments, profit on government securities, fixed income securities and dividend. Profit after tax The profit after is Rs. 526 million as compared Rs. 270 million in 9 showing 95% increase. COMPANY INFORMATION 1. Chairperson Mrs. Rukhsana Saleem 2. Directors Mr. Jamil Ahmed Dr. Masuma Hasan Mr. Javed Syed Syed Arshad Ali Mr. Mumtaz Ali Rajpur Mr. Saifuddin N. Zoomkawala Mr. Taufique Habib Mr. Sikander Mahmood 3. Chief Internal Mr. Asghar Imam Khalid Officer 4. Chief Financial Officer Mrs. Farzana Munaf 5. Executive Director (BD) Mr. Ayaz Hussain M. Gad & Director (ECO) 6. Legal Advisors Mr. Yasir A. Shah Mr. Ali Mumtaz Shaikh of M/s. Mumtaz and Associates 7. Company Secretary Mr. Shahzad F. Lodhi 8. Registered Office PRC Towers, 32A, Lalazar M.T.Khan Road Karachi Pakistan Tel:(9221) Fax:(9221) [email protected] Website: 98

101 PAKISTAN REINSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 25, , , , Issued subscribe and paidup Capital 3, , , Reserves and retained earnings 3, , , , , , , , Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium net 3, , , , Additional provision for unexpired risk Commission Income Unearned Total 4, , , , Deferred Liabilities Long Term Deposits Creditors and Accruals 1, , , Other Liabilities Total Equity And Liabilities 12, , , , Cash and Bank Deposits 2, , , , Loans Secured Considered Good Investment 4, , , , Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 2, , , Deferred Commission Expense Other Assets 2, , , , Fixed Assets Leased Motor Vehicle TOTAL ASSETS 12, , , , Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 4, , , , Current Ratio Total Assets / Net Worth #DIV/0! #DIV/0! #DIV/0! #DIV/0! Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue , , , Premium deficiency reversal/(expense) Less: Net Claims 1, Less: Expenses Less: Net Commission Underwriting result Investment Income , , Rental Income Other Income Reversal/(Provision) for workers welfare fund (23.25) General and administration expenses (34.67) (35.21) (38.47) (115.45) Impairment on investments written off (343.03) (1,402.43) Exchange gain Finance charges on lease rentals (263.22) , Profit before tax , , Provision for taxation Profit after tax , APPROPRIATIONS Balance at commencement of year 1, , , Dividend Reserve for Bonus Share/Bonus Shares issued 2, General Reserve , Balance Unappropriated profit at end of year 1, , , , PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % , Net Profit after tax to net premium % , Management expenses to net premium % , Commission to net premium % , Earning per share (Rs.) Cash Dividend Stock Dividend 2, Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 13,000 12,000 11,000 10,000 9,000 7,400 2,000 7, 7,000 1,500 6,800 6,600 1,000 6,400 6, 500 6,000 5, ,500 3,000 2,500 2,000 1,500 1, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 7,000 6,000 5,000 4,000 3,000 2,000 1,000 3,000 2,500 2,000 1,500 1, ,000 3,500 3,000 2,500 2,000 1,500 1, ,000 2,500 2,000 1,500 1, Note: The amounts on yaxis represent s. 99

102 ADAMJEE LIFE ASSURANCE COMPANY LIMITED Mr. Fredrik Coenrard De Beer Vision To create a superior Global Insurance Company as the single largest player in the market through innovation in products, pricing, packaging and distribution thereby revolutionizing the industry. Mission To deliver outstanding profitability for the benefit of our customers, employees and our shareholders while providing premium services. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense 16 4 Profit after tax 13 4 COMPANY INFORMATION 1. Chairman Mr. Umer Mansha 2. Managing Director & Mr. Fredrik Coenrard Chief Executive DeBeer 3. Directors Mr. Umer Mansha Mr. Raza Mansha Mr. Manzar Mushtaq Mr. S.M. Jawed Mr. Francois Potgieter Mr. T. Brooks Mparutsa 4. Corporate Secretary Mr. Jalal Meghani 5. Legal Advisor Mr. Junaid Ghaffar 6. Appointed M/s. Alchemy Actuary Associates 7. Auditors M/s. A.F. Ferguson & Co, Chartered Accountants 8. Registered First Floor, Stock Exchange Office Towers, 55B, Jinnah Avenue Blue Area, Islamabad. 9. Main Offices Suite # 301, 3rd Floor, The Forum, Plot G20, Block 9, Clifton, Karachi 10. No of Employees 55

103 ADAMJEE LIFE ASSURANCE COMPANY LIMITED Balance Sheet as at 31st December Share holders Fund Statutory Fund Non Unitized Investment Conventional Linked Business Business Accident Aggregate Aggregate Aggregate Aggregate & Health Business Share Capital and Reserves Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings (195.90) (195.90) (54.15) Net Shareholders' Equity Balance of statutory fund Deferred Taxation Deferred Liability Staff Retirement Benefits Creditors and Accruals TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Cash and Bank Deposits Loans Investments (Net) Investment in properties Deferred Taxation Other Assets Tangible assets Intangible assets TOTAL ASSETS ASSETS AT MARKET VALUE BALANCE SHEET RATIOS Net Working Capital (13.75) (21.49) N/A N/A Current Ratio N/A N/A Total Assets / Net Equity N/A N/A Break up Value N/A N/A 101

104 ADAMJEE LIFE ASSURANCE COMPANY LIMITED Revenue Account for the year ended 31st December Statutory Fund Non Unitized Investment Linked Business Conventional Business Accident & Health Business Aggregate 2010 Aggregate 9 Aggregate 8 Aggregate 7 Net Premium Income Net Investment Income Net Rental Income Total Net Income Net Claims Net Management Expenses Total claims and expenditures Excess of Income over Claims and Expenditure (30.69) (35.45) (0.25) (66.39) Add : Policyholder Liabilities at Beginning of Year Less : Policyholder Liabilities at End of the Period Surplus/(Deficit) (110.08) (43.99) (0.30) (154.37) Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business (110.08) (.97) (1.21) (212.26) (57.89) Balance of Statuory Fund REVENUE ACCOUNT RATIOS % Claims incurred to net premium 7.5% 0.0% N/A N/A Surplus / Deficit to net premium 71.6% 52.8% N/A N/A Net Management expenses to net premium 126.2% 0.0% N/A N/A 102

105 ADAMJEE LIFE ASSURANCE COMPANY LIMITED Profit and Loss Account for the year ended 31st December Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Changes in fair value of derivative financial instrument/impairment (2.33) Total Investment Income Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items Deferred Tax Taxation 5.31 (3.19) Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year 3.74 Profit after tax for the year Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Bonus Shares Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 103

106 SM AMERICAN LIFE INSURANCE COMPANY (PAKISTAN) LIMITED Mr. Arif Sultan Mufti Vision "To be the most innovative, finest and socially responsible insurance Company providing best value to customers, partners, employees and shareholders." Mission "To build value for our policyholders, field force, employees and shareholders, by providing quality products and services through multiple distribution channels for the Pakistani market and through investing in Pakistani financial institutions, thereby serving the Pakistani people." Key Financial Data for the last two (2) Years (Rs in million) Premium Written 1,893 1,349 Net Premium Revenue 1,806 1,267 Net Claims Expense Profit after tax COMPANY INFORMATION 1. Chairman & Chief Executive Mr. Arif Sultan Mufti 2. Directors Mr. Khalid Anis ur Rehman Mr. Shahid Siddiqui Mr. Michel Khalaf Mr. Nurul Islam Mr. Arif Abdul Aziz Mr. Qasim Rabbani 3. Corporate Secretary Mr. Asim Iftikhar 7. Auditors KPMG Tseer Hadi & Co. Chartered Accountants 8. Registered / Main Office Towers Block 4, P.O Box No , Floor 13, Dolmen Executive Clifton, Karachi. 9. No of Employees Legal Advisor M/s. Surridge and Beecheno 5. Appointed Actuary 6. Consulting Actuary Mr. Shoaib Soofi Mr. Shahid Siddiqui 104

107 AMERICAN LIFE INSURANCE COMPANY (PAKISTAN) LIMITED Balance Sheet as at 31st December Share Capital and Reserves Share holders Fund Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings (120.24) (170.46) Net Shareholders' Equity Balance of statutory fund , , , , , Deferred Taxation 0.00 Creditors and Accruals TOTAL LIABILITIES , , , , , TOTAL EQUITY AND LIABILITIES , , , , , Cash and Bank Deposits Loans Investments (Net) , , , , , Investment in properties Other Assets (9.41) (4.43) Tangible assets Intangible assets TOTAL ASSETS , , , , , ASSETS AT MARKET VALUE , , , , , BALANCE SHEET RATIOS % Net Working Capital (22.69) Current Ratio Total Assets / Net Equity Break up Value

108 AMERICAN LIFE INSURANCE COMPANY (PAKISTAN) LIMITED Revenue Account for the year ended 31st December Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business Net Premium Income , , , Net Investment Income Net Rental Income Total Net Income , , , , Net Claims Net Management Expenses Total claims and expenditures , Excess of Income over Claims and Expenditure , Add : Policyholder Liabilities at Beginning of Year.05 1, , , , , Less : Policyholder Liabilities at End of the Period , , , , , , , Surplus/(Deficit) (45.34) (37,128.70) (141,812.98) (178,829.05) Movement in policy holder liabilities , , , Transfers to or from Shareholders' Fund (108.92) (19.50) (128.42) (203.01) (49.00) (39.17) Capital contribution from share holders' Fund Balance of Statutory Fund at Beginning of Year , , , , , Balance of Statutory Fund at End of the Period , , , , , Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities , , , , , Retianed earnings on other than participating business (49.10) (1.87) (38.85) (84.27) (202.95) Balance of Statuory Fund , , , , , REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / Deficit to net premium (9,899.06) Net Management expenses to net premium

109 AMERICAN LIFE INSURANCE COMPANY (PAKISTAN) LIMITED Profit and Loss Account for the year ended 31st December Net Investment income not attributable to statutory funds ,03 Gain / (Loss) on sale of investments (0.28) Changes in fair value of derivative financial instrument/impairment (1.20) Total Investment Income Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items Deferred Tax Taxation (46.69) (33.65) (27.84) (14.82) Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) (16.25) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend 5% Bonus Shares Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank & Deposit Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 107

110 ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED Dr. Mahmood Mehdi Kazmi Vision To gain prominence as the industry leader in health maintenance; to ensure wider, easier, and more affordable coverage of healthcare services; and to impact the practice of medicine in ways that enable better health management systems. Mission To be the first choice for affordable quality health care; excelling in every aspect of our business and in delivering our obligation as a good corporate citizen. We intend to inform, inspire and empower our clients by offering health related services and expertise based on the latest managed health care concepts and technology, while building value for our shareholders and providing an excellent work environment for our employees. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Profit after tax COMPANY INFORMATION 1. Chairman: Mr. Tariq Kirmani 2. Managing Director & Chief Executive Dr. Mahmood Mehdi Kazmi 3. Directors Mr. Tariq Kirmani Mr. Atif Aslam Bajwa Ms. Ayesha Tammy Haq Mr. Zahid Bashir Mr. Muneer Kamal Mrs. Farhana Mowjee Dr. Galina Bass Dr. Mahmood Mehdi Kazmi 4. Corporate Secretary Mr. Rehan Mobin 5. Legal Advisor Mr. Waqar Ahmed Chaudhry 6. Appointed Actuary M/s Akhtar & Hasan (Pvt.) Ltd. 7. Auditors BDO Ebrahim & Co. Chartered Accountants 8. Registered / Main Office 9. No of Employees C 2nd Floor, Commercial Lane # 5, Zamzama Phase 5, DHA Karachi 108

111 ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Share Capital and Reserves Authorised Share Capital Share holders Fund Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business Issued, subscribed and paid up Share Capital Reserves & Retained Earnings (31.00) 2.00 Net Shareholders' Equity , Balance of statutory fund Deferred Taxation 1.00 Creditors and Accruals TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Cash and Bank Deposits Loans 0.00 Investments (Net) Investment in properties Other Assets Tangible assets Intangible assets TOTAL ASSETS ASSETS AT MARKET VALUE BALANCE SHEET RATIOS % Net Working Capital Current Ratio Total Assets / Net Equity Break up Value

112 ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED Revenue Account for the year ended 31st December Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business Net Premium Income Net Investment Income Net Rental Income Total Net Income Net Claims Net Management Expenses Total claims and expenditures Excess of Income over Claims and Expenditure (73.00) (73.00) Add : Policyholder Liabilities at Beginning of Year Less : Policyholder Liabilities at End of the Period Surplus/(Deficit) (84.00) (84.00) (62.00) Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business (148.00) (148.00) (64.00) Balance of Statuory Fund REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / Deficit to net premium (47.40) (46.27) Net Management expenses to net premium

113 ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED Profit and Loss Account for the year ended 31st December Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Changes in fair value of derivative financial instrument/impairment Total Investment Income Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items Deferred Tax (1.00) Taxation (2.00) (2.00) Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Bonus Shares Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 800, , ,000, Investments Cash and Bank & Deposit Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 111

114 EAST WEST LIFE ASSURANCE COMPANY LIMITED Vision Our vision is to be the number one provider of wideranging insurance solutions to all of Pakistan, a goal we will attain while observing the principle values that have served us well since inception. Mission To provide high quality, competitive insurance products and services through qualified, professional and committed salespersons. To maintain financial strength for the benefit of our corporate and individual insurers, shareholders, agents/salespersons and employees. To earn and protect public trust of the communities where we live and works and contributing to charities. To create a challenging environment and develop a sense of accomplishment for our employees through tools and training to achieve personal growth and contribute to our organization. To serve the nation by increasing the rate of literacy through our East West Life Educational Security Schemes for children and their parents. 1. Chairman Chief Justice (R ) Mian Mahboob Ahmad 2. Managing Director & Chief Executive: Mr. Maheen Yunus, CPCU 3. Directors Mr. A.K.M. Sayeed Mr. Javed Yunus Mr. Pervez Yunus Mr. Naved Yunus Mr. Omar P.Yunus 4. Corporate Secretary Mr. Sohail Nazeer 5. Legal Advisor Mr. Mirza HafeezurRehman 6. Appointed Actuary Mr. Shujat Siddiqui MA, FIA, FPSA COMPANY INFORMATION Mr. Maheen Yunus, CPCU To provide the right solutions that are in tune with our customer's needs, while facing up to the emerging challenges in the industry. To help individuals and families financially realize their hopes and dreams and be there when they need us most. To develop awareness of insurance need, build confidence in the insurance industry and also to develop the concept of saving. To innovate and develop ideas to design new products for our valued corporate and individual clients to effectively meet their everchanging needs. Key Financial Data for the last two (2) Years (Rs in million) Premium Written Net Premium Revenue Net Claims Expense Profit after tax 3 (224) 7. Auditors Anjum Asim Shahid Rahman Chartered Accountants 8. Registered Office 28, Regal Plaza, M.A. Jinnah Road, Quetta Phone: (081) , Fax: (9281) Main Offices 310 EFU House, 3rd Floor M.A. Jinnah Road Karachi, Pakistan Phone: (021) , , Fax: (9221) No of Employees

115 EAST WEST LIFE ASSURANCE COMPANY LIMITED Balance Sheet as at 31st December Share Capital and Reserves Share holders Fund Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings (353.50) (353.50) (305.59) Net Shareholders' Equity Balance of statutory fund Deferred Taxation Creditors and Accruals TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Cash and Bank Deposits Loans Investments (Net) Investment in properties Other Assets Tangible assets Intangible assets TOTAL ASSETS ASSETS AT MARKET VALUE BALANCE SHEET RATIOS % Net Working Capital Current Ratio Total Assets / Net Equity Break up Value

116 EAST WEST LIFE ASSURANCE COMPANY LIMITED Revenue Account for the year ended 31st December Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business Net Premium Income Net Investment Income Net Rental Income Total Net Income Net Claims Net Management Expenses Total claims and expenditures Excess of Income over Claims and Expenditure 5.62 (7.58) (41.07) (20.22) 5.72 Add : Policyholder Liabilities at Beginning of Year Less : Policyholder Liabilities at End of the Period Surplus/(Deficit) (35.24) (8.48) 0.00 (10.28) (54.01) (78.81) (30.75) (3.72) Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business (.11) (121.98) 0.00 (26.22) (248.31) (194.31) (115.50) (84.75) Balance of Statuory Fund REVENUE ACCOUNT RATIOS % Claims incurred to net premium 23.82% 80.59% 0.00% 79.99% 59.51% 61.43% 72.46% 74.41% Surplus / Deficit to net premium 52.38% 32.85% 0.00% 11.34% 29.39% 51.01% 28.53% 4.12% Net Management expenses to net premium 75.29% 54.72% 0.00% 17.55% 43.91% 69.89% 67.00% 37.47% 114

117 EAST WEST LIFE ASSURANCE COMPANY LIMITED Profit and Loss Account for the year ended 31st December Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments (125.58) Changes in fair value of derivative financial instrument/impairment (0.61) (79.22) Total Investment Income (197.04) Other revenue / (Loss) (0.01) Total Investment Income and other revenues (197.02) Less Expenses not attributable to statutory funds (21.96) (23.37) (16.60) (9.37) Less Share of (Loss) / Profit in Associate (2.20) 1.19 Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax 5.25 (222.60) Extra Ordinary Items Deferred Tax Taxation (2.05) (1.24) (0.81) (0.90) Profit/(Loss) after tax 3.19 (223.83) APPROPRIATIONS Balance at commencement of the year (305.59) (60.53) Profit after tax for the year 3.19 (223.83) Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) (35.20) Capital (Contributed) / withdrawn (51.10) (83.50) (28.10) (2.50) Balance upappropriated profit at the end of the year (353.50) (305.59) PROFIT AND LOSS ACCOUNT RATIOS Earning per share 0.07 (5.40) Cash Dividend 1.00 Bonus Shares Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank & Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 115

118 EFU LIFE ASSURANCE LTD. Zaroori Hai Vision Our Vision is to make EFU Life one of the most respected and successful financial services organization in the world. Our strategy to achieve our vision is: build our core capabilities, serve our clients beyond their expectations, adhere to our core values and be a good corporate citizen Mr. Taher G. Sachak Key Financial Data for the last two (2) Years (Rs in million) Premium Written 8, Net Premium Revenue 7,920 6,769 Net Claims Expense 1,837 1,300 Profit/ (Loss) after tax COMPANY INFORMATION 1. Chairman: Mr. Saifuddin N. Zoomkawala 2. Managing Director & Chief Executive Mr. Taher G. Sachak 3. Directors Mr. Hasanali Abdullah Mr. Jahangir Siddiqui Mr. Muneer R. Bhimjee Mr. Rafique R. Bhimjee Mr. Sultan Ahmad 4. Corporate Secretary Mr. Syed Shahid Abbas 5. Legal Advisor Mr. Mohammad Ali Sayeed M.A.B.L. 7. Auditors Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants, Karachi Hyder Bhimji & Co. Chartered Accountants, Karachi 8. Registered Office AlMalik Centre 70 W, F7/G7 Jinnah Avenue (Blue Area), Islamabad 9. Main Office 37K, Block 6, P.E.C.H.S., Karachi 10. No of Employees Appointed Mr. Omer Morshed, Actuary F.C.A., F.P.S.A., F.I.A. 116

119 EFU LIFE ASSURANCE LTD. Balance Sheet as at 31st December Statutory Fund Share holders Fund Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate 2010 Aggregate 9 Aggregate 8 Aggregate 7 Aggregate 6 Authorised Share Capital 1, , , , , Issued, subscribed and paid up Share Capital Reserves & Retained Earnings Net Shareholders' Equity 1,579 1,579 1,629 1,254 1, Balance of statutory fund 18, ,865 14,767 9,567 11,130 6,315 Deferred Taxation Creditors and Accruals 30 1, ,706 1,442 1, TOTAL LIABILITIES 41 19, ,583 16,219 10,703 12,037 6,970 TOTAL EQUITY AND LIABILITIES 1,621 19, ,163 17,847 11,958 13,315 7,700 Cash and Bank Deposits ,366 1, Loans Investments (Net) , ,712 15,053 9,685 11,757 6,573 Investment in properties Other Assets ,148 1, Tangible assets Intangible assets TOTAL ASSETS 1,621 19, ,163 17,847 11,958 13,315 7,700 ASSETS AT MARKET VALUE 1,639 19, ,206 18,002 12,112 14,226 8,113 BALANCE SHEET RATIOS % Net Working Capital 324 1, Current Ratio Total Assets / Net Equity Break up Value

120 EFU LIFE ASSURANCE LTD. Revenue Account for the year ended 31st December Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business Net Premium Income 6, ,920 6,769 6,807 4,432 Net Investment Income 1, ,657 3,098 (3,367) 3,028 Net Rental Income Total Net Income 8,545 1, ,577 9,867 3,440 7,459 Net Claims 1, (0) 0 1,837 1,300 1, Net Management Expenses 2, ,953 2,636 2,695 1,788 Total claims and expenditures 3, ,790 3,936 3,993 2,675 Excess of Income over Claims and Expenditure 4, ,787 5,932 (553) 4,784 Add : Policyholder Liabilities at Beginning of Year 14, ,492 9,294 10,260 6,080 Less : Policyholder Liabilities at End of the Period 18, ,574 14,492 9,294 10,260 Surplus/(Deficit) Movement in policy holder liabilities 4, (0) 4,082 5,198 (966) 4,180 Transfers to or from Shareholders' Fund (520) (166) (1) (3) (689) (732) (410) (568) Capital contribution from share holders' Fund (600) 600 Balance of Statutory Fund at Beginning of Year 14, ,767 9,567 11,130 6,315 Balance of Statutory Fund at End of the Period 18, ,865 14,767 9,567 11,130 Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities 18, ,574 14,492 9,294 10,260 Retianed earnings on other than participating business Balance of Statuory Fund 18, ,865 14,767 9,567 11,130 REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / (Deficit) to net premium Net Management expenses to net premium

121 EFU LIFE ASSURANCE LTD. Profit and Loss Account for the year ended 31st December Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Changes in fair value of derivative financial instrument/impairment (3) Total Investment Income Impairment on shares (204) (176) (781) Other revenue Total Investment Income and other revenues (129) (69) (712) 877 Less Expenses not attributable to statutory funds (9) (15) (13) (11) Profit / (Loss) before appropiation of surplus to shareholders fund (138) (84) (725) 866 Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax (315) 1,435 Extra Ordinary Items Deferred Tax Profit/(Loss) before tax and after extraordinay items Taxation (188) 64 (158) (227) Profit/ (Loss) after tax (473) 1,207 APPROPRIATIONS Balance at commencement of the year Profit after tax for the year (473) 1,207 Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) () (250) () Proposed Dividend (attributable to previous year) (413) (338) (150) (60) Capital (Contributed) / withdrawn 600 (600) Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share (6.31) Cash Dividend Per Share Bonus Shares as % Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank & Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 119

122 JUBILEE LIFE INSURANCE COMPANY LTD. (Formerly New Jubilee Life Insurance Company Ltd.) Mr. Javed Ahmed Vision 'Enabling people to overcome uncertainty' Mission 'To provide solutions that protect the future of our customers' Values Teamwork, Integrity, Excellence, Passion Key Financial Data for the last two (2) Years (Rs in million) Premium Written 5,802 4,363 Net Premium Revenue 5,452 4,055 Net Claims Expense 1,662 1,389 Profit after tax COMPANY INFORMATION 1. Chairman: Mr. Masood Noorani 2. Managing Director & Chief Executive Mr. Javed Ahmed 3. Directors Aly Noor Mahomed Rattansey John Joseph Metcalf Shahid Mahmood Loan Sultan Ali Akbar Allana Towfiq H. Chinoy 4. CFO & Corporate Secretary Mr. Manzoor Ahmed 5. Legal Advisor Kabraji & Talibuddin 6. Appointed Actuary Mr. Nauman A. Cheema Nauman Associates, Lahore 7. Auditors A. F. Ferguson & Co. Chartered Accountants 8. Registered Office 26D, 3rd Floor, Kashmir Plaza Jinnah Avenue, Blue Area Islamabad Tel: Fax: Rating "AA" (Double A minus) 10. Head Office 74/1A, Lalazar, M.T. Khan Road, Karachi Tel: Fax: [email protected] Web: No of Employees

123 JUBILEE LIFE INSURANCE COMPANY LTD. Balance Sheet as at 31st December Statutory Fund Share holders Fund Investment Linked Business Conventional Business Accident Aggregate Aggregate Aggregate Aggregate & Health Business Share Capital and Reserves Authorised Share Capital 1, , , , , Issued, subscribed and paid up Share Capital Reserves & Retained Earnings (80.62) (210.56) (145.89) Net Shareholders' Equity 1, , Balance of statutory fund 8, , , , , Other Liabilities Creditors and Accruals , TOTAL LIABILITIES , , , , , TOTAL EQUITY AND LIABILITIES 1, , , , , , Cash and Bank Deposits , , , , Loans Investments (Net) , , , , , Investment in properties Other Assets Tangible assets Intangible assets TOTAL ASSETS 1, , , , , , ASSETS AT MARKET VALUE BALANCE SHEET RATIOS % Net Working Capital , , , Current Ratio Total Assets / Net Equity Break up Value

124 JUBILEE LIFE INSURANCE COMPANY LTD. Revenue Account for the year ended 31st December Statutory Fund Investment Linked Business Conventional Business Accident & Health Business Aggregate 2010 Aggregate 9 Aggregate 8 Aggregate 7 Net Premium Income 4, , , , , Net Investment Income 1, , , (700.71) Net Rental Income Total Net Income 5, , , , , Net Claims 1, , , , , Net Management Expenses 1, , , , Total claims and expenditures 2, , , , , Excess of Income over Claims and Expenditure 2, , , (250.24) 1, Add : Policyholder Liabilities at Beginning of Year 6, , , , , Less : Policyholder Liabilities at End of the Period 8, , , , , Surplus/(Deficit) Movement in policy holder liabilities 2, , , (408.94) 1, Transfers to or from Shareholders' Fund (40.00) (140.00) (20.00) (.00) (.00) (88.30) (105.00) Capital contribution from share holders' Fund (519.33) (519.33) Balance of Statutory Fund at Beginning of Year 6, , , , , Balance of Statutory Fund at End of the Period 8, , , , , Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities 8, , , , , Retianed earnings on other than participating business (147.76) (365.27) (457.34) Balance of Statuory Fund 8, , , , , REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / Deficit to net premium Net Management expenses to net premium

125 JUBILEE LIFE INSURANCE COMPANY LTD. Profit and Loss Account for the year ended 31st December Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Changes in fair value of derivative financial instrument/impairment Total Investment Income (110.30) Other revenue (0.30) Total Investment Income and other revenues (105.65) Less Expenses not attributable to statutory funds (7.15) Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items Deferred Tax Profit/(Loss) before tax and after extraordinay items Taxation (70.52) (30.80) (5.00) (24.57) Profit/(Loss) after tax (54.98) APPROPRIATIONS Balance at commencement of the year Profit after tax for the year (54.97) Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) (62.71) (31.36) Capital (Contributed) / withdrawn (1.00) Balance upappropriated profit at the end of the year 1, PROFIT AND LOSS ACCOUNT RATIOS Earning per share (0.88) 2.00 Cash Dividend Bonus Shares Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten Investments Cash and Bank & Balances Net Profit after tax Dividend & other appropriations Note: The amounts on yaxis represent s. 123

126

127 MEMBERS DIRECTORY

128 MEMBERS DIRECTORY As on October 2011 NON LIFE MEMBERS S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 1 ACE Insurance Ltd. 1 Ms. Zehra Naqvi 6th Floor, NIC Building Chief Executive Abbasi Shaheed Road Tel : off : Shahrah e Faisal Fax : P. O. Box No [email protected] Karachi web : 2 Adamjee Insurance Co. Ltd Mr. Manzar Mushtaq 6th Floor, Adamjee House Managing Director & Chief Executive Officer P. O. Box No 4850 Tel : I. I. Chundrigar Road Fax : Karachi [email protected] web : 3 Agro Gen. Ins. Co. Ltd Mr. M. Jalilullah Room # , Fourth Floor Chief Executive & Managing Director Continental Trade Centre, Block 8 Tel : Main Clifton Road Fax : Karachi. [email protected] 4 Alfalah Insurance Company Ltd. 8 Mr. Nasar us Samad Qureshi 5, Saint Marry, Main Boulevard Chief Executive & Managing Director Gulberg Tel : , Lahore. Fax : [email protected] Web : 5 Alpha Insurance Co. Ltd Mr. Nasir Javed Khan State Life Building No. 1B Managing Director & Chief Executive Officer 2nd Floor State Life Square Tel : Off: I.I. Chundrigar Rd. P.O Box No 4359 Fax : , , Karachi. [email protected] web : 6 Jubilee Life Insurance Company Ltd Mr. Javed Ahmed Head Office/Main Office: Chief Executive Officer & Managing Director 74/1A, Lalazar Tel: , M.T. Khan Road Fax: , Karachi [email protected] 7 Askari Gen. Insc. Co. Ltd Mr. Abdul Waheed 4th Floor, AWT Plaza President & Chief Executive The Mall, P.O Box No. 843 Tel : Rawalpindi. Fax : [email protected] web : 126

129 S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 8 Atlas Insurance Limited 1935 Mr. Arshad P. Rana 3 Bank Square Chief Executive ShahraheQuaideAzam Tel : , P. O Box 1219Fax : Lahore. [email protected] web : 9 Capital Insurance Co. Ltd Mr. Zafar Iqbal Sheikh Office # 222, 5th Floor, MEGA Tower Chief Executive Officer 63B Main Macdonald, GulbergII Tel : & 28, Lahore. Fax : [email protected] web : 10 Central Insurance Co. Ltd Mr. Sulaiman Mehdi 5th Floor, Dawood Centre Chief Executive Moulvi Tamizuddin Khan Road Tel : , P. O. Box No 3988 Fax : , Karachi [email protected] web : 11 Century Insurance Co. Ltd 1985 Mr. Mohammad Hussain Hirji 11th Floor Chief Executive Officer & Managing Director Lakson Square Building No. 3 Tel : , Sarwar Shaheed Road, P.O Box 4895 Fax: Karachi [email protected] web : 12 Cooperative Insc. Society of Pak. Ltd Ch. Akhtar Mahmood Cooperative Insc. Building Senior ViceChairman 23 ShahraheQuaideAzam Tel : , , Lahore. Fax : [email protected] 13 Crescent Star Ins. Co. Ltd Mr. Munir I. Millwala 2nd Floor, Nadir House Managing Director P.O.Box No 4616 Tel: I.I.Chundrigar Road Fax : Karachi. [email protected] Web : 14 East West Insurance Co. Ltd Mr. Naved Yunus 410 EFU House Managing Director & Chief Executive M. A. Jinnah Road, P.O Box 6693 Tel : Karachi Fax : , [email protected] web : 15 EFU General Ins. Ltd Mr. Hassanali Abdullah EFU House, M.A. Jinnah Road Managing Director & Chief Executive P.O. Box No Tel : Karachi Fax : [email protected] web : 127

130 S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 16 Excel Insurance Co. Ltd Mr. Ghulam Mohammad 38 C 1, Block 6 Chief Executive P. E. C. H. S Tel : Shahrah e Faisal Fax: Karachi [email protected] web : 17 Habib Insurance Co. Ltd 1942 Mr. Ali Raza D. Habib 1st Floor, State Life Building # 6 Managing Director & Chief Executive Habib Square Tel : M.A. Jinnah Road Fax : P.O Box No [email protected] Karachi web : 18 IGI Insurance Limited 1953 Mr. Jalees Ahmed Siddiqi 7th Floor, The Forum, Suite , G20 Chief Executive Officer Block 9, KhayabaneJami, Clifton Tel : , Karachi Fax : & [email protected] web : 19 Jubilee General Insurance Co. Ltd Mr. Tahir Ahmed, 2nd Floor President & Managing Director (Chief Executive) Jubilee Insurance House Tel : , P.O.Box No 4795 Fax : , I.I.Chundrigar Road [email protected] Karachi web : 20 New Hampshire Insc. Co Mr. Mujib Khan 7th Floor, Dawood Centre Country Manager M.T. Khan Road Tel : , Karachi Fax : [email protected] web : 21 The Pakistan Gen. Ins. Co. Ltd Ch. Zahoor Ahmad 5 Bank Square President & Chief Executive ShahraheQuaideAzam Tel : , , P. O. Box 1364 Fax : , Lahore. [email protected] web: 22 PICIC Insurance Limited 4 Mr. Ahmed Salahuddin 8th Floor, Shaheen Complex Managing Director & Chief Executive M.R. Kiyani Road Tel: Karachi. Fax: [email protected] web : 23 Premier Insurance Limited 1952 Mr. Fakhir Rahman 5th Floor, State Life Building No 2A Chief Executive Officer Wallace Road, P.O Box No 4140 Tel : Karachi. Fax : [email protected] web: 128

131 S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 24 Reliance Insurance Co. Ltd Mr. A. Razak Ahmed Reliance Insurance House Chief Executive & Managing Director 181 A Sindhi Muslim cooperative Tel : Housing Society, P.O Box No Fax : Karachi. [email protected] web : 25 Saudi Pak Insurance Company Ltd. 5 Mr. Muhammad Akram Shahid 2nd Floor, Nizam Chambers Chief Executive & Managing Director 7ShahraeFatima Jinnah Tel: Lahore. Fax: [email protected] web : 26 Security Gen. Insc. Co. Ltd Ms. Nabiha Shahnawaz SGIHouse, 18C/E1 Chief Executive Officer GulbergIII Tel : Lahore. Fax : [email protected] 27 Shaheen Ins. Co. Ltd Mr. Asif Suleman 10th Floor, Shaheen Complex Chief Executive Officer M. R. Kayani Road Tel : Karachi74. Fax : [email protected] web : 28 Silver Star Ins. Co. Ltd Mr. Zahir Muhammad Sadiq Silver Star House, 2nd Floor Managing Director & Chief Executive 5 Bank Square Tel : , , P. O Box No 2533 Fax : Lahore [email protected] web: 29 TPL Direct Insurance Limited 1992 Mr. Saad Nissar 172B, 2nd Floor, Najeeb Centre Chief Executive Officer Block 2, P.E.C.H.S. Tel : Karachi. Fax : E.mail : [email protected] Web : 30 UBL Insurers Limited 7 Mr. Shariq Abdullah 2nd Floor, State Life Building No. 2 Chief Executive Officer Wallace Road Tel : Off: I.I. Chundrigar Road Fax No Karachi. E.mail : [email protected] Web : 31 United Ins. Co. of Pak Ltd Mr. Khawas Khan Niazi Nizam Chambers, 5th Floor Chief Executive Officer ShahraheFatima Jinnah Tel : , , P. O. Box No 532 Fax : Lahore. [email protected] Web : 129

132 NON LIFE MEMBERS S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 32 Universal Ins. Co. Ltd Capt. M. Jamil Akhtar Khan Universal Insurance House Managing Director 63 ShahraheQuaideAzam Tel : , , P.O Box No 539Fax : Lahore [email protected] Web : LIFE MEMBERS 1 Adamjee Life Assurance Company Ltd. 8 Mr. Fredrik Conenrard De Beer Karachi Office Chief Executive Officer The Forum, Suite # 301, 3rd Floor Tel: Plot G20, Block9, Clifton Fax: Karachi. [email protected] Web: 2 American Life Insurance Co.(Pak.) Ltd Mr. Arif Sultan Mufti Dolmen City, 13th Floor (level 16) Chairman & Chief Executive Block 4, Scheme 5, Clifton Tel: Karachi Fax: [email protected] Web : 3 Asia Care Health & Life Insurance Co. Ltd. 8 Dr. Mahmood Mehdi Kazmi Registered Office Chief Executive Officer 15C, 17C, 2nd Floor, Commercial Lane # 5 Tel: , Zamzama PhaseV, DHA Fax: Karachi. [email protected] Web: 4 EFU Life Assurance Limited 1992 Mr. Taher G. Sachak Head Office/Main Office: Managing Director & Chief Executive 37K, Block6 Tel: P.E.C.H. Society Fax: Karachi. [email protected] Web : 5 East West Life Assurance Company Ltd Mr. Maheen Yunus Head Office/Main Office: Managing Director & Chief Executive 3rd Floor, 310EFU House Tel: M.A. Jinnah Road Fax: Karachi. [email protected] Web : 6 Jubilee Life Insurance Company Limited 1995 Mr. Javed Ahmed Head Office/Main Office: Chief Executive Officer & Managing Director 74/1A, Lalazar Tel: M.T. Khan Road Fax: Karachi. [email protected] Web : 130

133 REINSURER S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 1 Pakistan Reinsurance Company Limited 1952 Mrs. Rukhsana Saleem PRC Towers, 32A, Chairperson Lalazar Drive Tel: M.T. Khan Road Fax: Karachi [email protected] Web : HEAD OFFICE THE INSURANCE ASSOCIATION OF PAKISTAN Mr. N. A. Usmani Tel : Direct : Secretary General PABX : , 17th Floor Fax : Saima Trade TowerA e.mail : [email protected] I.I. Chundrigar Road Web : P.O. Box 4932 Karachi74000 REGIONAL OFFICE NORTH Mr. S. Daood Ali Shah Secretary & Surveyor General Office 188A, Opp. Rehmania Park, Fax No Shadman1, Lahore. E.mail : [email protected] 131

134

135 PICTORIAL PRESENTATION OF IAP EVENTS

136 49th ANNUAL GENERAL MEETING HELD ON SATURDAY 26TH SEPTEMBER 2010 AT 12:30 P.M. AT THE ASSOCIATION'S OFFICE, KARACHI 134

137 ANNUAL DINNER OF IAP HELD ON 26TH SEPTEMBER 2010 AT HOTEL BEACH LUXERY KARACHI 135

138 136

139 137

140 IAP CRICKET TOURNAMENT HELD IN MARCH 2011 AT DHA SPORTS CLUB KARACHI (MOIN KHAN ACADMEY) 138

141 139

142 140

143 ICMAP seminar on Insurance : 'Tool to minimize business risk' held on Jan 19, Ms. Nasreen Rashid, the then Executive Director, Insurance Division, Securtities and Exchange Commission of Pakistan (SECP) was the keynote speaker. Mr. Hasanali Abdullah and other prominent personalities of insurance sector read papers on the subject. 141

144 Presentation on Microinsurnace made by SECP' representatives at IAP's Executive Committee Meeting on 11th November 2010 at IAP's office Karachi. 142

145 Notes...

146 Notes...

147

148

149

150 EFU Life Awarded Best Life Insurance Company 2010 Strong Insurer Financial Strength rating of AA (Stable) reaffirmed by JCRVIS Credit rating agency Awarded the 25 th Corporate Excellence Award in Financial Sector in 8, 26 th Corporate Excellence Certificate in Insurance Sector in 9 and 27 th Corporate Excellence Award in Life Insurance Category in 2010 by Management Association of Pakistan Awarded the 5 th Corporate Social Responsibility National Excellence Award 2010 by Helpline Trust Welfare Awarded the Consumer Choice Award for the Best Life Insurance Company by Consumer Association of Pakistan in 8, 9 and 2010 Among Top 25 Companies, 7 by Karachi Stock Exchange Through the years we have taken our Company to great heights on the basis of our ambition to set a precedent by being the best. In this ever changing environment we have taken the responsibility to pave the way to success by working with the utmost fortitude and earning various accolades along the way. Our Company strives to come up with the vision to look into the future with determination and to convert every challenge into an opportunity. EFU LIFE ASSURANCE LTD 37K, Block6, PECHS, Karachi75400 UAN: (021) 111EFU111 ( ) Client Services: (021) 111EFUCSD ( ) Fax: (021) [email protected] Website: ISO 9001:8 Certified Rated AA by JCRVIS (Outlook: Stable) EFU Life is registered and supervised by Securities & Exchange Commission of Pakistan

151

152

153

154

155

156

157 Head Office: 2nd Floor, Nizam Chambers 7ShahraeFatima Jinnah, Lahore. Tel: Fax: Website: Branches all over Pakistan.

158

159

160

161

162 CORPORATE