Introduction to Insurance:

What is Insurance:Insurance is a form of risk management in which the

insured transfers the cost of potential loss to another entity in exchange for
monetary compensation known as the premium.
Introduction to Insurance:
Insurance allows individuals, businesses and
other entities to protect themselves against significant potential losses and
financial hardship at a reasonably affordable rate. We say "significant" because if
the potential loss is small, then it doesn't make sense to pay a premium to
protect against the loss. After all, you would not pay a monthly premium to
protect against a $50 loss because this would not be considered a financial
hardship for most. Everyone that wants to protect themselves or someone else
against financial hardship should consider insurance. This may include:

Protecting family after one's death from loss of income

Ensuring debt repayment after death

Covering contingent liabilities.

Protecting against the death of a key employee or person in your business

Buying out a partner or co-shareholder after his or her death

Protecting your business from business interruption and loss of income

Protecting yourself against unforeseeable health expenses

Protecting your home against theft, fire, flood and other hazards

Protecting yourself against lawsuits

Protecting yourself in the event of disability

Protecting your car against theft or losses incurred because of accidents

And many more.

How does insurance work?

Insurance works by pooling risk. What does this mean? It simply means that a
large group of people who want to insure against a particular loss pay their

premiums into what we will call the insurance bucket, or pool. Because the
number of insured individuals is so large, insurance companies can use
statistical analysis to project what their actual losses will be within the given
class. They know that not all insured individuals will suffer losses at the same
time or at all. This allows the insurance companies to operate profitably and
at the same time pay for claims that may arise. For instance, most people
have auto insurance but only a few actually get into an accident. You pay for
the probability of the loss and for the protection that you will be paid for
losses in the event they occur.

The United Insurance Company of

Pakistan Limited (UIC).
Vision & Mission:
Our Vision Statement:
A first class Insurance Company to provide cost effective risk
management solutions to its policyholders through highest level of quality.

Our Mission Statement:

For our Customers:
to provide superior services thorough high quality
business solutions and health protection, based on expert advice and financial
management and adding value to the all corporate and non corporate customers.
For our Members:
To maximize the members value by optimum utilization of
resources.
For the Employer:
To provide opportunities for self development in a highly
challenging performance oriented work environment.
For the Society:
To ensure good governance by maintaining high ethical
standards and risk coverage.
For the Government:
Prompt and timely liquidation of liabilities and adherence to
the policies
established.

Core Values:
Client satisfaction.
Integrity
Professionalism
Service Excellence
Social Responsibility

History:
The United Insurance Company of Pakistan Limited was established in the
year 1959 on the Twentieth day of October. It was operational in Pakistan including
East Pakistan (now Bangladesh). UIC operating more than 100 branches all over
Pakistan. UIC doing General business including Group Health Insurance, Travel
Insurance (Health), Travel Bonds & Guarantees, Livestock and Crop Insurance.

Fakhruddin Valika

(1959 1982) Valikas Family:

Mr. Fakhruddin Valika, one

of the then Leading Industrialists of Pakistan founded the United Insurance
Company of Pakistan limited in the year 1959 with 20% equity from Pakistan
Insurance Corporation (now Pakistan Reinsurance Company).
Mr.
Fakhruddin Valika remained Chairman of the United Insurance Company right from
1959 till his death in December 1982.

Mian Azizul Haque Qureshi (1982 1985):

The new team appointed Mian Azizul
Haque Qureshi from Lahore as a Chairman of the Company. Mian Azizul Haque a
leading Landlord, enjoyed versatile interests including industry and trade. Mian Aziz
even established Trading Houses and a Financial Institution in United Kingdom but
his eternal love for Lahore forced him to suspend his foreign activities.

Zainul Abidin (1985 1988):

After couple of years one distinguished Mr.
Zainul Abidin who had Industrial Interest in Belfast (Ireland) succeeded as Chairman
of the Company. Mr. Zainul Abidin also acted as Chief Executive of the Company in

1989 and with his notable approach he took such initiatives which paved way for
Uniteds continued progress.

Ch. Habibur Rehman (1988 2007):

Mr. Ch. Habibur Rehman is a notable and leading
Industrialist/Mines Owner and Businessman of Lahore. He is chairman of Zahid
Steel, Indus Coal Mines, Jaykays and also Chief Executive of Habib Steel, Polecrete,
Shahab Coal Mines, Deedshuneed Publications, Aziz Coal Mines, General Steel Mills
and Trans Fab Ltd.

Mian M. A. Shahid (2007 2012):

In April 2007 the Companys Board of Directors
elected a professional to become Companys Chairman and therefore Mian M. A.
Shahid occupied the position of Chairman of the Company. Mian Shahid provided a
dynamic momentum to the Company.
The United Insurance Co. of
Pakistan Limited is now a member of United International Group of Companies along
with other Companies namely Tawasul Insurance LLC, Abu Dhabi, United Track
System (Pvt.) Ltd., United International Agro Services, United Software &
Technologies International (Pvt.) Ltd. & United International Farms.
As from January 6, 2012 Mian M. A. Shahid has relinquished his position as Director
and Chairman of the United Insurance Company of Pakistan Ltd.

Hawas Khan Niazi (2012 to March, 2014):

In March 1, 2012 Mr. Khawas Khan Niazi was
elected Companys Chairman by the Board of Directors. He resigned from
Chairmanship as on 01.03.2014

Ch. Habibur Rehman (March, 2014 May 27, 2015):

In March 01, 2014 Mr. Ch. Habib ur
Rehman was elected as the Chairman of the Company. Mr. Ch. Habib Ur Rehman
associated with the Companys Board almost three decades. Mr. Ch. Habib Ur
Rehman was strong and fair in business .He lived his life with Eternal Faith as Faith
in God, faith in system and faith in principal.

Type of Company:
It is a public limited company listed in Karachi Stock Exchange
Limited. UIC directors hail from various vocations & professions.

Companys Financial Strength:

A+ (Single A Plus) by PACRA Press Release.

Company Registration Number:

CUIN. 0001037 (Previous: KAB-753
OF 1959-60)
National Tax Number:
0712543-7

Organizational Structure/Hierarchy:

Administrative Automobile Company Level:

Well this is the highest level in the hierarchy of insurance company that is attainable
by a professional in the insurance sector. These are the chief level professionals who
manage the administration of entire insurance company. They have full decision
making authority and lead the entire staff to work for the companys growth and
benefit. The various job profiles at this level of the hierarchy in insurance company
include these following. Have a quick look

Director of our company.

Insurance Chief Manager of our company.
Division Manager
Branch managers
Account Manager

Executive Automobile Company Level:

The professional at this level of hierarchy in insurance company are mid level
officials. These are basically taking care of, managing and handling a team of
insurance associates for work. They need to have vital years of experience in the
insurance sector to get into this level. Mostly these professionals start from the
operational level explained below in the hierarchy and with time get promoted to
higher levels. The various job profiles at this level of the hierarchy in insurance
company include following job titles. Have a quick look
Administrative Assistant

Customer Service Manager

Auditors.
Claims Manager
Claims Examiner such as Akram and co Pakistan (LTD).
Appraiser and Analyst
Bookkeeper
Claims Specialist
Project Manager
Customer Service Associate
Claims Analyst and Adjuster.

Operational Automobile Company Level

The professional at this level of hierarchy in insurance company are professional
who act as a direct face representative to a layman for their respective life
insurance company. These may be with or without
Experience in the field. Their core area revolves about doing office work, selling life
insurances to people along with completing the paper work etc.

The various job profiles at this level of the hierarchy in insurance company include
following job titles. Have a quick look

Marketing Manager
Office Manager
Sales Agent
Underwriting Manager
Claims Representative
Clerk
Underwriter
Insurance Agent

COMPANY PROFILE:
Chief Executive Officer:
Chief Executive Officer

Mohammad Rahat Sadiq

Director/President

Khawas Khan Niazi

Directors

Miss Huma Waheed

Ch. Najeeb-ur-Rehman
Ch. Aziz-ur-Rehman
Ch. Maqsood Ahmed
Javaid Sadiq

Advisor to Board

Mian M.A. Shahid (Chairman UIG)

Dy. Managing Director/Company Secretary Zia Hassan Zuberi

Chief Financial Officer

Maqbool Ahmad

Chief Internal Auditor

Abdul Mannan Munir (ACCA)

Auditors

M/S. Avais Hyder Liaquat Nauman, Chartered

Accountants

Legal Advisors

Mian Asghar Ali (Advocate)

Muhammad Farooq Sheikh (Advocate)

Income Tax Advisor

M/s. Sarwars, Chartered Accountants

Company Regulator

Securities and Exchange Commission of Pakistan

Website: secp.gov.pk

Name of Company

The United Insurance Company of Pakistan Limited

(UIC).

History

The United Insurance Company of Pakistan Limited was

established in the year 1959 on the Twentieth day of
October. It was operational in Pakistan including East
Pakistan (now Bangladesh). UIC operating more than
100 branches all over Pakistan. UIC doing General
business including Group Health Insurance, Travel
Insurance (Health), Travel Bonds & Guarantees,
Livestock and Crop Insurance.

Type of Company

It is a public limited company listed in Karachi Stock

Exchange Limited. UIC directors hail from various
vocations & professions.

Insurer Financial Strength

A+ (Single A Plus) by PACRA Press Release

Company Registration Number

CUIN. 0001037 (Previous: KAB-753 OF 1959-60)

National Tax Number

0712543-7

Chief Executive Officer

Mohammad Rahat Sadiq

Director/President

Khawas Khan Niazi

Directors

Miss Huma Waheed

Ch. Najeeb-ur-Rehman
Ch. Aziz-ur-Rehman
Ch. Maqsood Ahmed
Javaid Sadiq

Advisor to Board

Mian M.A. Shahid (Chairman UIG)

Dy. Managing Director/Company

Zia Hassan Zuberi

Secretary
Chief Financial Officer

Maqbool Ahmad

Chief Internal Auditor

Abdul Mannan Munir (ACCA)

Auditors

M/S. Avais Hyder Liaquat Nauman, Chartered

Accountants

Legal Advisors

Mian Asghar Ali (Advocate)

Muhammad Farooq Sheikh (Advocate)

Income Tax Advisor

M/s. Sarwars, Chartered Accountants

Company Regulator

Securities and Exchange Commission of Pakistan

Website: secp.gov.pk

Companys Share Registrar

M/S. F.D. Registrar Services (SMC-PVT) Ltd.

Office #1705, 17th Floor,
Saima Trade Tower,
I.I.Chundrigar Road,
Karachi-74000.
Telephone # : (+92-21) 35478192-93
Fax# : (+92-21) 32621233
E-mail : fdregistrar@yahoo.com

Share Issuer

Company is a member of Central Depository

Company of Pakistan(CDC)

Rating Agency

The Pakistan Credit Rating Agency Limited

(PACRA)

Web Presence

www.theunitedinsurance.com

Registered Office

204, 2nd Floor, Madina City Mall, Abdullah

Haroon Road, Karachi,Pakistan.
Tel.: (+92-21) 35621460 62, 35621459
Telex: 20919 UIC-PK
Telegram: UNITINSURE
Fax: (+92-21) 35621459
E-mail: info@theunitedinsurance.com

Head Office

UIG House,
2nd Floor,
6-D, Upper Mall,
Lahore, Pakistan.
U.A.N.: (+92-42) 111-000-014

Tel.: (+92-42) 35776475 to 83, 042-35776485

Fax: (+92-42) 35776486 87
E-mail: uicp@theunitedinsurance.com
Business Tariff

Insurance Association of Pakistan has made various

tariffs and the Company. as a member follows them in
respect of insurance policy, wording, premium rating
and rules and regulations.

Rules and Regulations

Companies Ordinance 1984

Insurance Ordinance 2000

Fire, Marine & Motor Tariff (IAP)

Karachi Chamber of Commerce & Industry

(KCCI)

Insurance Association of Pakistan (IAP)

Lahore Chamber of Commerce & Industry

(LCCI)

SBP and other Schedule Banks

Islamic Banks

Leasing Companies

M/s. Swiss Reinsurance Company Limited,

Zurich

M/s. Korean Reinsurance Company, Singapore

Branch

M/s. Pakistan Reinsurance Company Limited,

Pakistan

M/s. Trust International Insurance &

Reinsurance Company B.S.C. Bahrain (TRUST
RE)

M/s. Malaysian Reinsurance Berhad, Malaysia

Trade Membership

Company Registered with

Companys Reinsurers

Treaty

M/s. Labuan Reinsurance (L) Ltd, Malaysia

M/s. Hannover Ruckversicherung AG, Kuala

Lumpur Branch, Malaysia

M/s. MAPFRE ASISTENCIA (GULF ASSIST)

Bahrain

M/s. Kuwait Reinsurance Company, Kuwait.

Treaty arrangement can easily assume any single risk up

to the value of Pak Rs. 1 Billion and it is certified by the
Securities & Exchange Commission of Pakistan.

Products/Services:
Fire Insurance:
Riot and Strike Damage:
This policy provides coverage against loss or damage
caused due to riot & strike or civil commotion or malicious damage due to any
persons who are members of an organization whose aim is to over-throw any legal
or defect Government by terrorism or violence.
Allied Perils:
This is the most important and basic form of insurance
and is essential for all types of business concerns. Fire and Allied Perils Insurance
provides comprehensive cover in respect of loss of or damage to your property
against fire and lightning. To further safeguard the interest of our valued clients the
policy can be extended to cover riot and strike damage, malicious damage,
atmospheric disturbance, earthquake (fire and shock), explosion, impact damage,
aircraft damage etc.
Terrorism Cover:
We, at The United Insurance Company of Pakistan
Ltd. created niche for our valued clients by designing a policy exclusively for the risk
of Terrorism. This policy is issued in conjunction with Fire and Allied Perils Policy
protecting the interest of insured up to a specified limit.

Marine Insurance:
Marine Cargo
Marine Cargo insurance protects all goods while in transit depending upon the
needs of client. Three broad types of cover are available i.e. Institute Cargo Clauses

A, B & C. The cover takes care of risks associated with different modes of
transportation.

Motor Auto Sure Plan:

Risks Covered:
Accidental External means.

Riots, Strikes & Malicious Damages

Theft.
Fire, External explosion, self-ignition or lightning or frost.
Third Party Liability.

Value Added Features:

Free towing to the nearest workshop.

Get your car repaired from the workshop of your own choice.
UIC claims experts will help in getting the final police Investigation Report.
Free PA/PTD covers of Rs.30,000/- to the deceased paid driver. (In case of insured car accident
only).

Free death repatriation of the driver within Pakistan.

Funeral expenses & arrangements for the said person will be borne by UIC.
No hidden taxes & charges.
We commit to settle all theft and total loss Claims within 30 days after reporting/submission of
requisite documents.

Livestock:
Benefits

Proper awareness & care of livestock.

Financial assistance in case of death of livestock.
Increase in profit due to healthy livestock.
Proper guidance & supports in case of livestocks sickness.
Provision & use of modern method of care taking of livestock.
Eligibility:
Mandatory for all farmers receiving livestock loan from the bank
Livestock covered:
All livestock for which the bank is advancing loan to its borrowers.

Crop Insurance:
Financial protection against natural disasters, fire & lightening
and insect / pets attack on standing crop.

Travel Insurance:
Value Added Features:

Transparent refund policy.

Age limit 85 years. (Travellers up to 65 years of age are eligible without additional premium).
Direct settlement of medical claims abroad.
Loss of baggage & passport, flight delay & personal liability cover.
Free 24 hour medico-legal & language assistance.
Emergency dental cover.

Travel & Cargo Agents Guarantees:

First time in Pakistan UIC providing IATA BSP / CASS
Guarantee, DTS Guarantee, PIA PSA Guarantee, All Domestic Airlines Guarantee
and UMRAH Guarantees in joint collaboration with Summit Bank Limited.

Miscellaneous:
Workmens Compensation
Employees are the most precious assets and result in the growth and prosperity for
any organization. To protect the rights of this invaluable asset Workmen
Compensation/Employer Liability Insurance provides coverage for any legal
liabilities of the employers arising out of and in the course of employment as per
Workmen Compensation Act, Fatal Accident Act, or at Common Law.
Accident Coverage
This cover operates 24 hours and on worldwide basis. It Provides for payment of
specified capital benefits following accidental death, bodily injury, permanent total
disablement, permanent partial disablement, temporary total and temporary partial
disablement caused by an accident.
In addition the cover also provides reimbursement of emergency transportation to
the nearest Hospital and also expenses incurred for preparation and transportation
of the mortal remains of the insured person from the place of death to home and
can also be extended to cover medical expenses.Cash in Transit Insurance
This policy provides coverage against loss of money whilst in transit due to
forcible, violent, external and visible means.
Balance Sheet
As at December 31, 2014

Note

2014
Rupees

2013
Rupees

Share capital and reserves

Authorized share capital

2,000,000,00
0

1,000,000,00
0

1,000,000,00
0

200,000,000/- (2013 :
100,000,000/-)
Ordinary Shares of Rs. 10/- each
Paid-up share capital

920,000,000

701,942,796

570,685,200

649,907,057

403,400,095

272,595,825

75,115,917
1,645,022,97
4

75,115,917
1,180,458,80
8

75,115,917
918,396,942

40,098,077

40,992,540

46,063,929

1,441,108

618,212,048

151,446,927

877,884,914

670,988,876

68,914,903
2,565,320,42
5

20,394,696
1,516,491,65
8

64,070,387
886,506,190

Retained earnings
Reserves

Surplus on revaluation of fixed

assets
Waqf/Participants' takaful fund (PTF)
Underwriting provisions
Provision for outstanding claims
(including IBNR)
Provision for unearned
premium/contribution
Commission income / re-takaful
rebate unearned

1,069,721,89
9
1,426,683,62
3

9
10
11

Total underwriting provisions

Deferred liabilities
Staff retirement benefits

12

62,105,926

49,764,879

40,500,124

Deferred tax liabilities

13

6,878,414

8,673,816

23,990,926

68,984,340

58,438,695

64,491,050

Creditors and accruals

Amounts due to other insurers/
reinsurers

14

387,323,929

92,704,969

87,244,326

Accrued expenses

15

27,754,755

18,400,561

10,290,631

38,619,506

28,581,834

7,745,574

76,917,529

49,430,293

25,364,000

530,615,719

189,117,657

130,644,531

Provision for taxation - net

Other creditors and accruals

16

Borrowings
13-

Short-term finance
Liabilities against assets subject to
finance lease

3,196,613

17

65,637,310
3,231,998,90
2
4,917,119,95
3

TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES
CONTINGENCIES &
COMMITMENTS

18

22,703,330
1,786,751,34
0
3,008,202,68
8
-

28,432,558
1,113,270,94
2
2,077,731,81
3
-

Balance Sheet
As at December 31, 2014

Note

2014
Rupees

Cash and bank deposits

2013
Rupees

2012
Rupees

Cash and other equivalents

19

254,187

190,254

76,370

Current and other accounts

Deposits maturing within 12
months

20

395,172,342

146,170,437

150,129,767

21

247,654,507

83,272,538

131,381,448

Deposits maturing after 12 months

22

12,202,400

20,022,275

25,811,050

655,283,436

249,655,504

307,398,635

Loans
To employees and agents

23

10,406,526

9,963,600

5,906,860

Investments

24

642,625,501

412,493,249

187,752,586

Investment property

25

3,005,136

3,163,301

20,407,019

26

518,642,099

458,363,262

370,172,611

27

706,135,088

145,101,589

32,739,416

28

588,568,132

171,980,285

260,884,307

29

933,875,860

543,315,576

113,422,995

30

139,471,646

72,930,275

78,657,848

30,595,180

26,163,354

20,028,749

215,302,941

73,302,941

60,084,527
2,977,372,53
2

122,639,305
1,755,796,58
7

53,707,762
1,002,916,62
9

Land freehold

140,735,600

140,735,600

Buildings

117,430,664

123,611,226

133,839,696

Furniture, fixtures, office and computer equipments

109,958,203

109,441,780

116,590,170

Motor vehicles

129,412,361

146,945,128

151,570,809

Current assets - others

Premiums/contributions due but
unpaid
Amounts due from other insurers/
reinsurers & takaful/re-takaful
Prepaid reinsurance premium/retakaful contribution ceded
Reinsurance / re-takaful recoveries
against outstanding claims
Deferred commission expense
Accrued investment income
Advance for purchase of shares

31

Sundry receivables

32

Fixed assets - Tangible and

intangibles

33

Owned

Motor tracking devices

38,867,426

Motor tracking devices - PTF

Capital work in progress

188,206

27,995,172

12,759,507
-

19,134,958

2,886,600

2,406,600

555,727,418

551,615,506

519,832,282

72,699,404
4,917,119,95
3

25,514,941
3,008,202,68
8

33,517,802
2,077,731,81
3

Leased
Motor vehicles
TOTAL ASSETS

FINANCIAL STATEMENTS

Profit and Loss Account

For the year ended December 31, 2014

2014

2013

2012

Aggregate

Aggregate

Aggregate

1,536,703,13
0
(419,432,375
)
(377,599,888
)

1,108,541,36
8
(323,082,643
)
(286,870,983
)

783,339,588
(245,412,541
)
(201,896,193
)

(110,597,225)

(61,706,974)

(33,169,109)

Underwriting results

629,073,642

436,880,768

302,861,745

Investment income

63,404,022

34,689,348

41,166,813

1,392,000

1,163,000

612,000

31,451,605

20,272,726

6,702,755

REVENUE ACCOUNT - CONVENTIONAL BUSINESS

Net premium revenue
Net claims
Management expenses

35

Net commission

Rental income
Other income
Share of loss from associate

36
24.1.2

(282,459)

General and administration

expenses

37

Finance charge on lease rentals

Profit before tax from conventional
operations

(237,883,043
)

(199,665,062
)

(159,439,930
)

(7,675,541)
(149,593,416
)

(2,786,552)
(146,326,540
)

(4,418,909)
(115,377,271)

479,480,226

290,554,228

187,484,474

507,936,006

290,554,228

187,484,474

(47,048,863)

(33,174,584)

(26,364,102)

460,887,143

257,379,644

161,120,372

403,400,095

272,595,825

186,674,643

464,564,166

262,061,866

160,358,382

867,964,261
(218,057,204
)

534,657,691
(131,257,596
)

347,033,025
(74,437,200)

649,907,057

403,400,095

272,595,825

5.01

2.80

2.30

Profit for the period from

Profit before tax

Provision for taxation

39

Profit after tax

PROFIT AND LOSS APPROPRIATION ACCOUNT
Balance at commencement of year
Total comprehensive income for
the year
Profit available for appropriation
Issuance of bonus shares (2013: Rs. 10
(23%) per share for the year 2012)
Balance of un-appropriated profit at end of the year
Earnings per share of Rs. 10/- each basic and diluted (Restated)

FINANCIAL STATEMENTS

Statement of Comprehensive Income

For the year ended December 31, 2014

2014

2013

2012

Rupees

Profit for the year

Other comprehensive income for
the year
Actuarial (loss) / gain on defined
benefit plan
Incremental depreciation net of
deferred tax
Realization of surplus due to sale
of fixed assets
Total comprehensive income for
the year

Rupees

Rupees

460,887,143

257,379,644

161,120,37
2

2,782,560

(2,516,121)

(1,117,228)

894,463

1,121,332

355,238

6,077,011

464,564,166

262,061,866

160,358,3
82

RATIO ANALYSIS.
(RUPEES IN MILLION)
SIX YEARS AT A GLANCE
Financial Data
Paid up Capital
General & Capital Reserves
Equity
Waqf/Participants' Takaful Fund - (PTF)
Underwriting Provisions
Investment at Cost
Total Assets book value
Fixed Assets net
Cash & Bank Deposits
Advance, Deposits & Prepayments
Operating Data-Conventional Business
Gross Premium
Net Premium
Net Claims expenses
Underwriting Profit
Investment Income
Profit Before Tax
Income Tax
Profit After Tax
Management Expenses
Financial Ratios
Profit Before Tax / Gross Premium (%)
Profit Before Tax / Net Premium (%)
Profit After Tax / Gross Premium (%)
Profit After Tax / Net Premium(%)
Management Exp. / Gross Premium (%)
Management Exp. / Net Premium (%)
Underwriting Profit / Net Premium (%)
Net Claims / Net Premium(%)
Return on Assets (%)
Return To Members
Return on Equity - PBT (%)
Return on Equity - PAT (%)
Earning Per Share (Rs.)
Price Earning Ratio (times)
Market Value at end of Year (Rs.)
Highest Value during the Year (Rs.)
Lowest Value during the year (Rs.)
Stock Dividend Per Share (Rs.)
Net Assets Per Share (times)
Liquidity / Leverage Ratio
Current Ratio (times)
Total Assets Turnover (times)
Fixed Assets Turnover (times)
Total Liability / Equity (times)
Return on Capital Employed (%)
Paid up Capital / Total Assets (%)

2014

2013

2012

920.000
765.121
1,645.02
1.441
2,565.320
642.626
4,917.120
631.432
655.283

701.943
519.509
1,180.46

570.685
393.776
918.397

886.506
189.671
2,077.73
573.757
307.399

2,987.78

1,516.49
418.404
3,008.20
580.294
249.656
1,765.76
0

2,474.74
1,536.70
419.432
629.074
63.404
507.936
47.049
460.887
377.600

1,723.74
1,108.54
323.083
436.881
34.689
290.554
33.175
257.380
286.871

1,422.92
783.340
245.413
302.862
41.167
187.484
26.364
161.120
201.896

20.525
33.054
18.624
29.992
15.258
24.572
40.937
27.294
9.373

16.856
26.210
14.931
23.218
16.642
25.878
39.410
29.145
8.556

13.176
23.934
11.323
20.568
14.189
25.774
38.663
31.329
7.755

30.877
28.017
5.010
5.579
27.950
30.450
12.710
4.000
53.447

24.614
21.803
2.798
5.076
14.200
17.830
8.070
3.100
42.858

20.414
17.544
1.751
7.423
13.000
16.200
4.600
2.300
36.413

1.157
1.987
0.255
1.948
30.877
18.710

1.182
1.745
0.337
1.514
24.614
23.334

1.294
1.460
0.403
1.212
20.414
27.467

1,008.82

Equity / Total Assets (%)

Distribution
Bonus Share (Rs.)
Bonus Share (%)
Total Distributions (%)

33.455

39.241

44.202

4.000
40%
40%

3.100
31%
31%

2.300
23%
23%

INVESTOR INFORMATION
Vertical Analysis
YEARS

Balance Sheet Items

Cash & bank deposits
Loans
Investments
Investment property
Premiums/contributions due but unpaid
Amounts due from other insurers/ reinsurers &
takaful/re-takaful
Prepaid reinsurance premium/re-takaful contribution
ceded
Reinsurance / re-takaful recoveries against outstanding
claims
Deferred commission expense
Accrued investment income
Sundry receivables
Advance for purchase of shares
Fixed assets - Tangible and intangibles
TOTAL ASSETS
Paid-up share capital
Retained earnings
Reserves
Surplus on revaluation of fixed assets
Waqf/Participants' Takaful Fund - (PTF)
Provision for outstanding claims (including IBNR)
Provision for unearned premium/contribution
Commission income / re-takaful rebate unearned
Staff retirement benefits
Deferred tax liabilities
Amounts due to other insurers/ reinsurers and takaful /
re-takaful
Accrued expenses
Provision for taxation - net
Other creditors and accruals
Short-term finance
Liabilities against assets subject to finance lease
TOTAL EQUITY AND LIABILITIES
Profit And Loss Account
Net premium
Net claims
Management expenses
Net commission
Investment income

2014

2013

2012

13.30%
0.20%
13.10%
0.10%
10.50%

8.30%
0.30%
6.60%
0.10%
15.20%

14.80%
0.30%
9.00%
1.00%
17.80%

14.40%

4.80%

1.60%

12.00%

5.70%

12.60%

19.00%
2.80%
0.60%
1.20%
0.00%
12.80%
100.00%
18.70%
13.20%
1.50%
0.80%
0.00%
21.80%
29.00%
1.40%
1.30%
0.10%

18.10%
2.40%
0.90%
11.20%
7.10%
19.20%
100.00%
23.30%
13.40%
2.50%
1.40%
0.00%
20.60%
29.20%
0.70%
1.70%
0.30%

5.50%
3.80%
1.00%
6.10%
0.00%
26.60%
100.00%
27.50%
13.10%
3.60%
2.20%
0.00%
7.30%
32.30%
3.10%
1.90%
1.20%

7.90%
0.60%
0.80%
1.60%
0.00%
1.30%
100.00%

3.10%
0.60%
1.00%
1.60%
0.00%
0.80%
100.00%

4.20%
0.50%
0.40%
1.20%
0.20%
1.40%
100.00%

100%
-27.30%
-24.60%
-7.20%
4.10%

100%
-29.10%
-25.90%
-5.60%
3.10%

100%
-31.30%
-25.80%
-4.20%
5.30%

Rental income
Other income
Share of Loss from associate
Income from Window Takaful Operations
General & admin expenses
Finance charge on lease rentals
Provision for taxation
(Profit)/ loss after Tax

0.10%
2.05%
-0.02%
1.85%
-15.50%
-0.50%
-3.10%
-30.00%
100.00%

0.10%
1.83%
0.00%
0.00%
-18.00%
-0.30%
-3.00%
-23.20%
100.00%

0.10%
0.85%
0.00%
0.00%
-20.40%
-0.60%
-3.40%
-20.60%
100.00%

Horizontal Analysis
YEARS
2011

2012

2013

Cash & bank deposits

Loans

100
100

13.21
(1.14)

(8.05)
66.75

Investments

100

62.70

257.45

Investment property
Premiums/contributions due but unpaid
Amounts due from other insurers/ reinsurers &
takaful/re-takaful
Prepaid reinsurance premium/re-takaful contribution
ceded
Reinsurance / re-takaful recoveries against outstanding
claims

100
100

(8.24)
22.71

(85.78)
51.95

100

(63.57)

1,514.65

100

110.69

38.89

100

265.54

1,651.01

Deferred commission expense

100

31.62

22.04

Accrued investment income

100

91.82

150.58

Sundry receivables
Advance for purchase of shares
Fixed assets - Tangible and intangibles

100
100
100

(92.48)
31.10

71.62
100.00
36.73

TOTAL ASSETS
Paid-up share capital

100
100

43.91
15.00

108.31
41.45

Retained earnings
Reserves

100
100

Surplus on revaluation of fixed assets

Waqf/Participants' Takaful Fund - (PTF)

100
100

Provision for outstanding claims (including IBNR)

Provision for unearned premium/contribution

100
100

112.49
68.80

767.38
120.85

Commission income / re-takaful rebate unearned

Staff retirement benefits
Deferred tax liabilities
Amounts due to other insurers/ reinsurers and takaful /
re-takaful

100
100
100

87.78
3.62
379.32

(40.23)
27.32
73.30

100

113.82

127.20

Accrued expenses

100

50.53

169.16

2014

Balance Sheet Items

40.92

108.53
-

3,350.60

2,970.71
-

141.3
4
74.16
456.8
8
(86.49
)
71.13
7757.
68
375.3
3
2909.
72
133.3
8
193.0
2
(15.92
)
48.88
240.
51
85.39
235.9
6
2903.
7
100
1400.
86
258.9
101.9
7
58.9
37.43
849.2
7
305.9
9

Provision for taxation - net

100

2.69

278.94

Other creditors and accruals

Short-term finance
Liabilities against assets subject to finance lease

100
100
100

(1.87)
100.00
(43.39)

TOTAL EQUITY AND LIABILITIES

100

43.91

108.31

Net premium
Net claims

100
100

21.69
(6.61)

72.20
22.95

Management expenses

100

72.68

260.79

Net commission

100

2.33

90.37

Investment income

100

127.62

91.81

Rental income

100

18.60

125.39

Other income
Share of loss from associate
General & admin expenses
Finance charges on lease rentals
Income from Window Takaful Operations

100
100
100
100
100

Provision for taxation

100

91.24
(54.79)

25.99
-

281.05
-

19.12
(38.86)
-

49.17
(61.45)
-

59.39

100.57

412.0
2
197.5
9
30.69
240.
51
139.2
4
60.53
223.3
7
240.0
6
250.5
8
169.7
7
491.1
7
100
77.73
6.2
100
184.4
5