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FINAL PROJECT

Submitted To: Ms Ayesha Anwar Submitted By: Sibtain Abbas (101481)

Ali Musyab Naqvi (131811)

Institute of Management Sciences

Table of Contents

Background Mission Statement Vision Organizational Chart Efu Group System Related Information Financial Statements Condensed Interim Balance Sheet Condensed Interim Profit and Loss Account Condensed Interim Statement of Comprehensive Income Condensed Interim Statement of Changes in Equity Condensed Interim Statement of Cash Flows Condensed Interim Statement of Premiums EFU Branches

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EFU House, 6 D Jail Road Lahore Ph.: 35715616-8 Website: http://www.efuinsurance.com/


E-mail: info@efuinsurance.com

Background
In 1932, Mr. Ghulam Mohammad, a far sighted man, established Eastern Federal Union Insurance Company (EFU) with financial assistance from the Aga Khan III and the Nawab of Bhopal. Mr. Abdur Rehman Siddiqui became the founder chairman. The company was originally registered at Kolkata. In 1947, EFU found a new home in a new country. In Pakistan, EFU rapidly established itself as a progressive and innovative insurer. It gave the emerging insurance industry the leadership, the manpower and the drive needed to grow in a situation where at one time, three-fourths of insurance was held by foreign companies. By 1961, EFU had become the flag bearer of Pakistan's insurance industry on the world stage and the largest life company in Afro-Asian countries (excluding Japan) under the leadership of Mr. Roshen Ali Bhimjee. It remained so until 1972 when Life Assurance business in Pakistan was nationalized. Thereafter EFU operated solely as a General Insurance Company, and was subsequently renamed EFU General Insurance Limited. Now EFU General is the largest non-life insurance company in the country and the mother company of other insurance organizations of EFU Group. Traditionally the EFU name has become synonymous with progressiveness and prompts claim settlement and now the EFU being the largest insurance group provides a full range of general, life and health insurance services.

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. To continue our journey to be better than the best.

Mission
To provide services beyond expectation with a will to go an extra mile. In the process, continue to upgrade technology, human resource and reinsurance protection.

Values
Our philosophy is to be the leading company with service above par, with integrity, excellence and professionalism. Following are our core values: Integrity & Ethics Conduct business with ethics, dignity, fairness and transparency. Excellence We measure our performance by results but more by quality of service. Professionalism We believe professionalism is perfection. Business resources are utilized in a manner to achieve optimum returns on resources. Our people In EFU we work like a family. Everyone is treated with respect and without any discrimination. Corporate Social Responsibility We donate to various institutions in health and education sectors, for improving the lifestyle of common man.

EFU GROUP

EFU General Insurance Limited Rating AA Stable Outlook Shaping the future of insurance in Pakistan

EFU Life Assurance Limited ISO 9001 Certified Pakistans largest private sector life assurance company

Allianz EFU Health Insurance Limited Pioneer and Leader Pakistans only specialized health insurer

System Related Information


ORACLE

Database Developer Type

Oracle 11g Oracle Corporation Object Relational Database Management System (ORDBMS)

Front End Source Code Operating System Application Category DB/File Structure Hardware Platform Supporting Resources

Delphi Assembly language, C, C++ Windows 32 bit, 64bit Acquired System Oracle SODM Tuning Pack, Data Integrator Real Application Cluster

System Related Information (continued)


EFU General Insurance runs their Core Insurance Application on Oracle Exadata V2 which is World's First Online Transaction Processing (OLTP) Database. The Oracle Exadata Machine V2 made by Sun and Oracle replaced Efu Legacy system. This provides cost-effective storage management by automating processes, minimizing costly I/O operations, compressing data and maximizing the utilization of tiered storage resources for all your enterprise databases. Deals with transactions made under different accounts head and modernize its IT systems and serve as the underlying data and storage infrastructure for its new insurance application. EFU replaced its obsolete/legacy system to respond better and faster to business challenges. With Oracle, EFU will be able to open more sales channels via the Web and facilitate integration with other companies. As a result, more quality services can be offered to its customers via the Web because of the more agile and reliable IT infrastructure. With the deployment of this database as it provides better performance, reliable information and manageable IT infrastructure to EFU, enabling them to deliver the highest quality of service at low cost and it will also lower their operational cost due to centralized environment.

EFU previous Software


COBOL was the first and previous software used by EFU and it is one of the oldest programming languages. Though it is not much efficient and fast as compared to ORACLE. As the time passes and change in technology and to meet business challenges EFU replace their software. But there is one drawback of ORACLE, internet disconnection causes in ORACLE to stop their work.

FINANCIAL STATEMENTS

Condensed Interim Balance Sheet as at 31 March 2013

Condensed Interim Profit and Loss Account


For the three months period ended 31 March 2013

Condensed Interim Statement of Comprehensive Income


For the three months period ended 31 March 2013

Condensed Interim Statement of Changes in Equity


For the three months period ended 31 March 2013

Condensed Interim Statement of Cash Flows


For the three months period ended 31 March 2013

Condensed Interim Statement of Premiums


For the three months period ended 31 March 2013 (Unaudited)

EFU Offices in Pakistan


Karachi Head Office EFU House M.A Jinnah Road Ph: 32313471-90 Karachi City Branch 6th Floor, Efu House M.A Jinnah Road Ph: 32201567-68 Karachi Clifton Branch 311 & 312 Clifton Centre Ph: 35873151-3 Abbottabad 116 Iqbal Shopping Complex Mall Road Ph: 23333 Vehari 56-B, Grain Market Ph: 06733-62900 Chishtian 105-E Chishtian Ph: 0632-503989 Gujranwala 3rd Floor .Din Plaza G.T. Road Gujranwala Ph: 845883-84 Sahiwal 1st Floor, Sattar Complex Stadium Road Sahiwal Ph: 4220522 Sargodah 1st Floor, Improvement Trust Plaza 26, Fatima Jinnah Road Sargodah Ph: 3721381 Fax: 3721586 Lahore City Branch City Branch 32, C-1 Ghalib Road Ph: 37352934 Islamabad 2nd Floor, Dodhy Building 52-E Blue Area Jinnah Avenue Ph: 2604772-4

Lahore Division Co-operative Building 23 Shahrah-e-Quaid-e-Azam Ph: 37312166

Rawalpindi 2nd Floor, Ferozsons Building Rawalpindi Cantt Ph: 5514323 5563065

EFU House, Ground Floor 6-D Jail Road Lahore Ph: 35790757 D.G. Khan Street No.2 Block-Z Model Town Ph: 0642-469360 Bahawalpur Circular Road Ph: 2884624 Layyah Opposite Bank of Punjab Chowbara Road Layyah Hyderabad Al-Falah Chambers Jinnah Road Ph: 2611397

Multan Rajput Commercial Centre Ph: 4780372 45800901 Faisalabad Ahmed Plaza Bilal Road Faisalabad Ph: 2610363 Chichawatni 44 Railway Road Ph: 040-5486848 Rahim Yar Khan 7-Shaheen Market Shahi Road Ph: 5873794 Mardan Dr. Zawar Hussain Building 337-B The Mall Mardan Ph: 0937-862294

Quetta 42-Reagal Plaza Circular Road Quetta Ph: 2822926 Sialkot 1st Floor, Riaz Plaza Paris Road Sialkot Ph:4267001-3 Fax:052-4267583

Peshawar 7-10, Upper Ground Floor Azam Tower Jamrud Road Peshawar Ph: 5846120 Sukkur 9, Glammour Centre 1st Floor Mission Road Sukkur P.O. Box No. 179 Ph: 5823936 Fax:5626512

Some Questions about EFU?

1) What is the background of EFU? 2) What is the vision of your company? 3) What is the mission statement of EFU? 4) What is the Accounting system of EFU? 5) What software is used by EFU? 6) What is your previous software? 7) What is the Hardware platform and OS of ORACLE? 8) Any Drawback of ORACLE? 9) What are the financial statements of EFU? 10) Tell us about EFU groups and their ratings?