IAP Insurance Year Book 2010-2011

Insurance
Year Book
The Insurance Association of Pakistan
2010-2011
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Insurance Company Limited
A subsidiary of state life
Insurance Corporation of Pakistan
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Century Insurance
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Insurance Year Book 2010-2011
Published By
The Insurance Association of Pakistan
1713-1715, 17th Floor

Saima Trade Tower-A
I.I.Chundrigar Road
P.O. Box No. 4932
Karachi 74000
Tel: (92-21) 32277165-68
Fax : (92-21) 32277170
Email : info@iap.net.pk
Web Site : www.iap.net.pk
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.
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 -------------------06
3. Size of Insurance Market (Pvt. Sector) in Pakistan for 2010 --------------------------------------------------07
4. Executive, Technical & Regional Committees Activities ------------------------------------------------------- 09
Executive Committee ----------------------------------------------------------------------------------------------------10

Regional Committee North ---------------------------------------------------------------------------------------------14
Accident Committee -----------------------------------------------------------------------------------------------------16
Property Committee------------------------------------------------------------------------------------------------------17
Marine Committee -------------------------------------------------------------------------------------------------------18
Life Committee -----------------------------------------------------------------------------------------------------------20
5. Market Overview of Non Life Insurance Industry in Pakistan -----------------------------------------------21
Private Sector -------------------------------------------------------------------------------------------------------------22
6. Market Overview of Life Insurance Industry in Pakistan----------------------------------------------------- 23
Private Sector -------------------------------------------------------------------------------------------------------------24
7. Article--------------------------------------------------------------------------------------------------------------------- 27
A concept paper Risk-based capital regime for Non Life Insurance Companies (Part-I).-------------------- 28
03
8. Company Profiles ----------------------------------------------------------------------------------------------------- 33
Non Life Insurance & Reinsurance Companies
1. ACE Insurance Limited -------------------------------------------------------------------------------------------------34

2. Adamjee Insurance Company Limited --------------------------------------------------------------------------------36
3. Agro General Insurance Company Limited --------------------------------------------------------------------------38
4. Alfalah Insurance Company Limited----------------------------------------------------------------------------------40
5. Alpha Insurance Company Limited -----------------------------------------------------------------------------------42
6. Asia Insurance Company Limited -------------------------------------------------------------------------------------44
7. Askari General Insurance Company Limited ------------------------------------------------------------------------46
8. Atlas Insurance Limited-------------------------------------------------------------------------------------------------48
9. Capital Insurance Company Limited ----------------------------------------------------------------------------------50
10. Central Insurance Company Limited ----------------------------------------------------------------------------------52
11. Century Insurance Company Limited ---------------------------------------------------------------------------------54
12. Cooperative Insurance Society of Pakistan Limited-----------------------------------------------------------------56
13. Crescent Star Insurance Company Limited---------------------------------------------------------------------------58
14. East West Insurance Company Limited -------------------------------------------------------------------------------60
15. EFU General Insurance Limited ---------------------------------------------------------------------------------------62
16. Excel Insurance Company Limited ------------------------------------------------------------------------------------64
17. Habib Insurance Company Limited -----------------------------------------------------------------------------------66
18. IGI Insurance Limited ---------------------------------------------------------------------------------------------------68
19. Jubilee General Insurance Company Limited (Formerly New Jubilee Insurance Co. Ltd.) -------------------70
20. New Hampshire Insurance Company ---------------------------------------------------------------------------------72
21. The Pakistan General Insurance Company Limited -----------------------------------------------------------------74
22. PICIC Insurance Limited -----------------------------------------------------------------------------------------------76
23. Premier Insurance Limited----------------------------------------------------------------------------------------------78
24. Reliance Insurance Company Limited --------------------------------------------------------------------------------80
25. Saudi Pak Insurance Company Limited-------------------------------------------------------------------------------82
26. Security General Insurance Company Limited ----------------------------------------------------------------------84
27. Shaheen Insurance Company Limited---------------------------------------------------------------------------------86
28. Silver Star Insurance Company Limited ------------------------------------------------------------------------------88
29. TPL Direct Insurance Limited------------------------------------------------------------------------------------------90
30. UBL Insurers Limited ---------------------------------------------------------------------------------------------------92
31. United Insurance Company of Pakistan Limited --------------------------------------------------------------------94
32. Universal Insurance Company Limited -------------------------------------------------------------------------------96
33. Pakistan Reinsurance Company Limited----------------------------------------------------------------------------- 98
Life Insurance Companies
1. Adamjee Life Assurance Company Limited ------------------------------------------------------------------------100

2. American Life Insurance Company Pakistan Limited-------------------------------------------------------------104
3. Asia Care Health & Life Insurance Co. Ltd. ----------------------------------------------------------------------- 108
4. East West Life Assurance Company Limited -----------------------------------------------------------------------112
5. EFU Life Assurance Limited------------------------------------------------------------------------------------------116
6. Jubilee Life Insurance Company Limited (Formerly New Jubilee Life Insurance Co. Ltd.)-----------------120
9. Members' Directory ------------------------------------------------------------------------------------------------- 125
10. 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-----------------------------------------------------------------------142
11. Notes
04
CHAIRMANS
MESSAGE
HASSANALI ABDULLAH
CHAIRMAN
THE INSURANCE ASSOCIATION OF PAKISTAN
First of all, I would like to extend my sincere appreciation - Rule 35 of SECP (Insurance) Rules 2002 has been
to all members for their interest and support to the discussed with SECP and IAP has proposed its
Insurance Association of Pakistan (IAP). deletion.
It is indeed pleasure to present 2010 - 2011 version of - IAP acquired memberships of National Fire
the IAP's Year Book which contains important data and Protection Association (NFPA) & SAARC
analysis of the insurance industry in Pakistan and has Chambers of Commerce & Industry.
been placed on IAP's website.
- Proposals for Federal Budget 2011-12 on various
The year 2010 registered premium growth on the non- tax related matters were forwarded to the concerned
life insurance side by 9.53% to Rs. 38.03 billion compared authorities.
to Rs. 34.72 billion in 2009. The growth in the life
insurance business was 26.09% to Rs. 16.74 billion - Comments on the draft of Code of Corporate
compared to Rs. 13.28 billion in 2009. The total assets Governance were forwarded to SECP.
of Private Sector Non-life companies were Rs. 110.26
billion compared to Rs. 96.14 billion as on December - Fire Policy Wordings and Inland Transit Clauses
2009 and of Life companies were Rs. 39.43 billion were revised.
compared to Rs. 30.45 billion as on December 2009.
Meeting with Pakistan Engineering Council was held
Given hereunder are some important developments that and favorable outcome is expected.
took place during the year:
Guidelines / Rules were updated by Technical
- Approval of amendments in Memorandum and Committees.
Articles of Association of IAP by the DGTO to
bring these in line with new Trade Organizations It has been a great honor to serve as Chairman IAP, and
Ordinance / Rules 2007. I acknowledge the support and assistance of the Executive
Committee, Technical Committees and other Committees
- Matter of Bank Enlistment / Limits is being of IAP, the Secretary General, officers and staff of the
pursued. Association at Karachi and Lahore for their hard work
and commitment.
06
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 0.30
07
EXECUTIVE, TECHNICAL
& REGIONAL
COMMITTEES
ACTIVITIES
SUMMARY OF THE ACTIVITIES OF EXECUTIVE COMMITTEE
DURING THE YEAR 2010 - 2011
The Director General MEMBERS OF THE EXECUTIVE COMMITTEE Guidelines / Rules afresh
Trade Organizations, which have been reviewed
Ministry of Commerce, and approved by the
Government of Pakistan Executive Committee.
and the Securities and The Guidelines/Rules have
Exchange Commission of been circulated to the
Pakistan have approved / members and placed on
endorsed the amendments Website of IAP.
suggested by IAP to bring
Clauses/Articles of the The Securities &
Memorandum and Articles Exchange Commission of
of Association of IAP in Pakistan expressed its
line with the new Trade concern over substantial
Organizations amounts of insurance
Ordinance/Rules 2007. Sitting from Left to Right: companies being blocked
Ms. Zehra Naqvi, Mr. Nasar us Samad Qureshi (Vice-Chairman IAP),
Mr. Hasanali Abdullah (Chairman IAP) Capt. Azhar Ehtesham Ahmed & in Outstanding Premiums
Insurance companies, Mr. Fakhir Rahman. and invited suggestions
especially medium and Standing from Left to Right: from IAP. The matter was
Mr. A. Razak Ahmed, Mr. Atiq Anwar Mahmudi, Mr. Ahmed Salahuddin,
smaller sized ones, have Mr. Jalees Ahmed Siddiqi & Mr. N.A. Usmani (Secretary General IAP). discussed with SECP and
been facing difficulties in proposals were developed
insuring risks involving bank interests, due to certain by IAP and SECP. IAP finally has come to the
conditions imposed by banks, DFIs and Financial conclusion that it would be appropriate if Rule 35
Institutions in including these companies in their is removed from the SECP (Insurance) Rules 2002
approved panel of insurers. as it is in conflict with Section 3 of the Insurance
Ordinance 2000.
The matter was first brought to the notice of IAP in
year 1997 when Banks started delisting companies IAP has been awarded NFPA membership which
from their panel of insurers. IAP addressed the issue would enhance technical capacity of Association
at various forums, but to no avail. through access to information available with this
international forum.
During the recent past, IAP has, actively, taken-up
the matter with Pakistan Banks Association, IAP has also become a Patron of SAARC Chambers
Securities and Exchange Commission of Pakistan of Commerce and Industry. The objective of the
and finally with the State Bank of Pakistan. A meeting Patron of SAARC CCI is to create a sense of
with Deputy Governor and Senior officials of State participation amongst the individuals and corporate
Bank of Pakistan was held in October 2010. The houses who are keen to promote Regional Economic
State Bank informed the IAP that it cannot prescribe Corporation in South Asia.
criteria for all banks in this regard. The matter is
under review of the Executive Committee. The SECP had formulated a regulatory frame work
Task Force comprising relevant stakeholders from
The Technical Committees have reviewed IAP the insurance and micro finance industries. SECP
10
being the apex regulator of the insurance industry the head of 'National Health'.
is looking after the development and implementation
of the regulatory frame work for microinsurance (ii) Removal of exemption of direct foreign
segment. In this regard a detailed presentation was placement of insurance by IPPS, ship hull
made by Mr. Faraz Uddin Amjad and Syed Irfan and other such interests and thus the Premium
Habib of SECP at IAP's Office in November 2010. Income of Local companies would increase
Subsequently SECP drafted Microinsurance Rules and consequently contribute to increase in
on which comments from all stakeholders have been Government levies.
invited by the Commission. IAP is in the process
of formulating its comments. SECP had convened (iii) The Government of Pakistan, in its Budget
meetings of various stakeholders i.e. insurance 1989-90, levied a Federal Insurance Fee
companies, microfinance banks, NGOs and telecom (FIF) of 1% of the premium received on
companies to develop broad outlines of product insurance policies. At present all Non-Life
development and administrative mechanism. Insurance Companies collect 1% on the
premium as FIF which is deposited in
The Securities and Exchange Commission of Government treasury.
Pakistan (SECP) keeps IAP informed of
developments on matters pertaining to insurance The Insurance Association of Pakistan (IAP)
industry. The following are matters currently under understands that the Government has, thus
consideration: far, collected approximately over Rs. 2 billion
Issue Status Notified on account of FIF and has proposed that this
amount and the ongoing collection of FIF
Solvency Rules: likely to be notified shortly. be spent for:
Takaful Window
Rules: In final stages. - Setting up of Colleges of Insurance in all
Terrorism Pool: A discussion paper has been major cities of the country. IAP can provide
received by IAP on which teaching faculty. The colleges could also
comments of the Executive conduct some short courses and seminars
Committee have been sought. on various subjects on insurance and matters
related to insurance industry. Such seminars
The IAP has also submitted its suggestions to SECP would not only improve knowledge of
in regard to the following important matters detailed insurance personnel engaged with insurance
here under :- but also of the insured public.
(i) Health policies should be exempt from FIF - Educating and creating awareness amongst
and Group Health Insurance should be made the public on various hazards such as fire
compulsory for all organizations which and means of coping with loss incidents, for
employ a reasonable number of employees example first aid in case of accidents etc.,
say, 25 or more. This would encourage spread and upgrading fire fighting facilities all over
of Health Insurance and also save tens of the country.
millions of rupees for the Government under
11
- Creating awareness and educating the public 13, 2011.
on traffic discipline, thereby contributing
to safe roads and preventing loss of lives GST on Services : The provincial governments
due to road accidents. have imposed a levy of Sales Tax on Services on
insurance premium with effect from July 1, 2011
The entire amount of FIF should be spent @ 16 %. Government of Pakistan has not yet issued
and monitored by Insurance Division of any clarification about withdrawal of Federal Excise
SECP. Duty. The matter regarding deposit of the amount
charged by insurance companies to clients has not
(iv) Statutory Deposits with SBP (under yet been resolved between Federal Board of Revenue
Section 29(2) (a) of Insurance Ordinance and provincial governments (more particularly
2000): Sindh).
The requirement for Statutory deposit (as a A detailed presentation was made by USAID PTP
percentage of paid up capital), needs to be team at the Executive Committee meeting in March,
rationalized and a maximum amount needs 2011.
to be prescribed.
PTP representatives explained the project objectives,
Subsequently to the passing of order of the High developments and future plan. Moreover that PTP
Court of Sindh in favour of the petitioners (11 is designed to address Pakistan's major trade
Insurance Companies) the Income Tax Department challenges, like limited implementation of transit
had filed appeal before the Honorable Supreme agreements, high transit costs and customs, and
Court of Pakistan which was dismissed by the apex border procedures, etc.
Court.
One of the key areas identified by the PTP officials
Federal Insurance Ombudsman, Mr. Azhar Ali was the requirement of Financial Guarantees. In
Farooqi, had invited the Executive Committee on this regard they mentioned that they are in liaison
8th February 2011 for an informal meeting in his with insurance companies, customs and clearing
office. Mr. Farooqi apprised the manner in which agents for technical instructions and to promote
his office was dealing with resolving the policy- USAID-PTP sponsored Pilot Programme to be put
holders complaints. in place.
The Taxation Committee finalized the proposal for Regarding mechanism of Project PTP officials
Federal Budget 2011-12 on various matters informed EC that information on cargo in transit
concerning the insurance industry and this was sent between Pakistan and Afghanistan would be made
to FBR. SECP and FPCCI were also requested to available through a unique on line software
support the proposals. Electronic Data Interchange (EDI) system to all
important stakeholders involved in risk assessment
The Committee also suggested to FBR some changes (by insurance companies) and valuation (by customs)
in Form A-1 in the draft Income Tax Return Form of cargo and issuance of financial guarantees. On
for Company issued vide SRO (10)/2011 dated April completion of all due procedures, complete
12
information would be input into electronic database DHA Sports Club (Moin Khan Academy) DHA
and a copy of the same would be forwarded by the Phase 8, Karachi.
system to all concerned with clearance to move the
transit. This process would be repeated at entry The final match was played between TPL Direct
into Afghan border. The guarantee would be Insurance and EFU General, and EFU General was
released after completion of transit. the winner. The final was watched by the CEOs
and representatives of member Companies.
The Director, International Affairs, Communication
and Coordination Department had invited comments Chairman IAP while addressing the participating
from general public on the draft Code of Corporate teams and audience appreciated the efforts of Cricket
Governance. Coordination Committee for organizing such the
event which was most entertaining and the
The Taxation Committee of IAP sought Members' participating teams for their enthusiasm in making
comments and finalized its recommendations which the event a success.
after approval of the EC were forwarded to SECP
vide letter dated 5th November, 2010. The Chairman awarded the trophy to the winning
team. A number of Awards were given to various
IAP organized its first ever cricket tournament during players for their performances and also to members
March 2011 under supervision of the Cricket of Cricket Coordination Committee. The awards
Coordination Committee led by Mr. Ahmed were distributed by Mr. Saifuddin N. Zoomkawala,
Salahuddin. Mr. Tahir Ahmed, Mr. Jalees Ahmed Siddiqui,
Captain Azhar Ehtisham Ahmed and Mr. Ahmed
The tournament was played at lush green ground of Salahuddin.
13
SUMMARY OF THE ACTIVITIES OF REGIONAL COMMITTEE NORTH
The Regional Office North MEMBERS OF THE REGIONAL COMMITTEE NORTH

of The Insurance A seminar on Effective
Association of Pakistan, Sales Techniques for
situated at 7-B, Shadman- General Insurance was
II, Behind Omar Hospital, held at Hailey College of
Jail Road, Lahore, Banking & Finance on
completed 39th year of Sep 28, 2010. The Sales
establishment on 31 st Officers of local Insurance
December, 2010. companies participated. .
During the year, various Dr. Khawaja Amjad

matters including Saeed, Principal, Hailey
inspection of risks College inaugurated the
received the attention of Sitting from Left to Right: seminar. Following were
Mr. Abdul Hayee, Mr. Liaquat Ali Khan,
Regional Committee Mian Faisal Usman (Chairman - RCN), the speakers:
North (RCN). Mr. Tehseen Khan (Vice-Chairman-RCN), Mr. M.K. Baig & l Mr. M. Ishaque
Standing from Left to Right:
Syed Daood Ali Shah (Secretary RCN-IAP), Khan, presided at the
The RCN inspected 36 Chaudhary Waqar Ahmed, Mr. Satwat Mahmood Butt, seminar and also
Mr. Muhammad Khurshid (Assistant Secretary RCN-IAP)
risks of textile mills in addressed the participants.
Punjab and Khyber Pakhtoonkhawa. l Mr. Satwat Mahmood Butt, GM & Head Lahore
Division, Adamjee Insurance Co. Ltd
The Chartered Insurance Institute Examinations l Mr. Nasr-us-Samad Qureshi, CEO, Al-Falah
were held in October, 2010 and April, 2011 under Insurance Co. Ltd.
the supervision of RCN. l Mr. Qamber Hamid, DMD, EFU General
Insurance Ltd.
The following educational/leisure programs were
successfully conducted by the Lahore Insurance To educate the public at large and the Insurance
Institute (LII) in collaboration with RCN. fraternity in particular, a Debate Competition on
Insurance: is a Highly Rewarding Profession for
A sports event comprising TABLE TENNIS and Highly Educated Persons, was held at Hailey
BADMINTON was held on July 25, 2010 at Wapda College of Banking & Finance Auditorium on 3rd
Sports Complex, Lahore. November 2010. Executives of industry and students
of Hailey College attended the Competition.
Prize Distribution for the Indoor Sports Festival
was held on 25 th September 2010 at Lahore The Debate Competition was presided by Mr. M.
Gymkhana. The Super Six players (Table Tennis & Ishaque Khan (Chairman: LII) and Mr. Arshad P.
Badminton) were acknowledged and the Winners Rana (CEO Atlas Insurance) was the Chief Guest.
& Runner-ups were awarded trophies. It was inaugurated by Prof. Dr. Khawaja Amjad
14
Saeed, Principal Hailey College of Banking & Ansaar of Alfalah Insurance and Rana Safrraz
Finance. Mr. Satwat M Butt (Adamjee Insurance) Muhammad Khan of State Life Insurance. The prizes
was the stage secretary and panel of judges were awarded at the IAP Annual Dinner on 31st
comprised of Mr. Mubarak Ahmed Malik, Mr. December 2010.
Muhammad Rafiq Choudhry., Mr. Nasar-us-Samad
Qureshi and Mr. Muhammad Aslam Sabir. Annual Dinner of The Insurance Association of
Pakistan (RCN) was held at Punjabi Complex,
Dr. Azfar Malik of Alfalah Insurance was declared Qaddafi Stadium on December 31,2010 Large
the winner while Mr. Hassan Ismail Chaudri of number of Insurance Executives along with their
Adamjee Insurance) was the runner up and were spouses were present. The Dinner was followed by
awarded prizes at the Annual Dinner. light entertainment program which was well received
by the audience.
A visit to Atlas Honda Motorcycle at Lahore was
made by 21 members on 23rd November, 2010. A Cricket Tournament was organized and final was
The group was thoroughly briefed on assembling held on 10th April, 2011 which was keenly contested
and manufacturing of motorcycles. by teams from 16 insurance companies operating
in Lahore region. It was a 2nd ever cricket Bonanza.
An Essay Competition was organized in November
2010 which had good response with 20 entries. A lecture on Strategic Thinking was delivered by
First prize of Rs. 10,000 was won by Mr. Asif Noor Mr. Shahbaz Haider Agha of IGI Insurance on
(Universal Insurance) second prize of Rs. 7,500 was 6th May, 2011 in the Regional Office North of
won by Mr. Waqar Rashid (Alfalah Insurance) and IAP, Lahore. 21 participants were present and the
third prize of Rs. 5,000 was won by Mr. Haroon lecture was informative and appreciated by the
Iqbal (New Jubilee). Consolation prizes were participants.
awarded to Dr. Azfar Malik & Mr. Muhammad
15
SUMMARY OF THE ACTIVITIES OF ACCIDENT COMMITTEE
Summary of MEMBERS OF THE ACCIDENT COMMITTEE similar wording is not

snatched/stolen vehicles available in IAP Motor
fitted with tracking Guidelines. It was
devices for the year 2009 therefore advised that the
and 2010 was provided to said clause , either be
member companies for included in policy wording
information. or be attached as
endorsement prescribing
A meeting was held with the percentage of
SSP and DSP, ACLC on depreciation with regard
24th February, 2011 at IAP to make/years. The
office, Karachi. The specimen clause presently
ACLC officials being used by member
highlighted the measures companies was examined
being taken by them to Sitting from Left to Right: and approved by the
Mr. Altaf Ahmed Siddqi, Mr. Faisal Mustafa Siddiqui,
prevent / reduce vehicles Mr. Imran Ahmed (Chairman) Committee for inclusion
Mr. Azfar Arshad (Vice-Chairman) &
theft. On ACLC's request Syed Akbar Raza Naqvi in the "Motor Guidelines".
Standing from Left to Right:
IAP provided login ID and Mr. Haider Ali, Mr. N.A.Usmani (Secretary General-IAP),
password to ACLC to Mr. M. Numan Shaikh (Superintendent Accident & Life) & Mr. Mahmood Ahmed The statements of Motor
view on line information Claims experience
of snatched / stolen vehicles from IAP database. statistics for the year 2009 and combined from 2007
to 2009 were reviewed and finalized by the
The ACLC had also requested for co-operation of Committee and were placed on IAP's website for
insurance companies in order to verify the insured's the information of member companies.
FIR. In this regard a new field of FIR was added
in IAP's on- line claims management system so that The Executive Committee advised that clauses
the desired information may be collected. issued by the Association ,be numbered so as to
bring them upto international standards. The
As no statistics were available for the Rain/Flood Committee suggested the following pattern for re-
losses in motor class, the Committee drafted and numbering Motor and Workmen Compensation
introduced a format for collection of the data from Clauses :
the member companies.
IAP / Motor / Endt. No. 001
The statements of Workmen's Compensation IAP / WC / Endt. No. 001
Statistics for the years 2008 and 2009 and combined Vehicles specially oil tankers, trucks (goods carrying
from 2005 to 2009 were reviewed and finalized by vehicles) are set ablaze / gutted or looted in the
the Committee and were placed on IAP's website territory of Pakistan and sometimes near Afghanistan
for information of member companies. border. Several losses in this regard have been
reported to insurance companies. To quantify these
The Accident Committee noted that the 'Depreciation losses a format was designed for collection of
Clause' is being attached to motor policies but statistics (for the years 2009 and 2010).
16
SUMMARY OF THE ACTIVITIES OF PROPERTY COMMITTEE
Fire Policy wordings MEMBERS OF THE PROPERTY COMMITTEE was discussed and it was
previously in use were proposed that IAP seek
reviewed, in depth, by the affiliation with the NFPA.
Committee, with the aim Accordingly the IAP
of making the document a p p l i e d f o r N F PA
simple and understandable membership which has
for the insured. It was been granted by the
agreed that, for clarity of NFPA. The IAP is now a
the insured, conditions and member of NFPA and is
exclusions be incorporated entitled to the many
under separate heads. and privileges, benefits and
a uniform/standard s e r v i c e s o f N F PA
wording be developed for Sitting from Left to Right: including the following:
Ms. Shaheen H. Sumar, Mr. Kamran Arshad Inam (Vice-Chairman),
adoption by all member Mr. Najib Nasir Syed (Chairman), Mr. Mohammad Safdar,
companies. 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) &
The Committees proposal Mr. Muhammad Ashraf (Superintendent Property & Marine)
was approved by Executive Committee. The * Subscription to the NFPA Journal

proposed policy wordings were forwarded to * Technical Assistance
member companies for their views / suggestions. * Section Membership
* Voting Rights
Suggestions received from member companies were
* Discounts on NFPA publication
considered by the Property Committee as well as
by the Executive Committee. The revised Fire Policy As advised earlier by the Executive Committee, all
wording became effective from April 01, 2011. clauses will be numbered, per an agreed format.
Printed copies of Fire Policy have been made
available at Association's Offices. During the period (July 2010 June 2011) IAP's
Risk Surveyor carried out following risk inspection
The statistics submitted by member companies for and issued comprehensive reports in this regard:
the year 2009 were finalized and placed on IAP's
website and a copy of finalized statement of statistics Textile Spinning 03
Textile Weaving 04
was sent to member companies for their information
Textile Garments 03
and record.
Ginning 37
Sugar Mills 02
The Committee recognized the need to have sound Warehouse / Storage facility 07
and upto date technical information on risks, available Miscellaneous 07
at the IAP for the benefit of its members. The matter Total :- 63
17
SUMMARY OF THE ACTIVITIES OF MARINE COMMITTEE
Statistical statement for MEMBERS OF THE MARINE COMMITTEE re-insurers had requested
the year 2010 was the member companies to
circulated to all member use the wording suggested
companies and placed on by them in the shape of
IAP's website in members endorsement.
area.
The Committee examined
Subsequent to revision of the overall global impact
Institute Cargo Clauses by of the sanctions imposed
the Joint Cargo by United Nations (UN),
Committee, L o n d o n , European Union (EU) and
the Marine Committee United States of America
strongly felt the necessity (USA) and advised that
Sitting from Left to Right:
to update the following Ms. Amna Sarfaraz Khan, Mr. Muhammad Sohail Nazir SECP had already
existing Inland Transit (Vice-Chairman) Mr. Brendan Thomas D'Lima (Chairman) forwarded copy of Gazette
& Syed Matin Ahmed
Clauses to bring them in Standing from Left to Right: Notification dated August
line with the revised Mr. Muhammad Ashraf (Superintendent Property & Marine), 03, 2010 to all member
Mr. Muhammad Fayyaz Vakani, Mr. N.A. Usmani
versions of Institute Cargo (Secretary General-IAP) & Mr. Muhammad Saleem companies issued by
Clauses: Ministry of Foreign
Affairs, Government of Pakistan for compliance of
1. Road/Rail Cargo Clauses (A) the United Nations Security Council's Resolution
2. Road/Rail Cargo Clauses (B) regarding fresh sanctions against Iran, which member
3. Road/Rail Strikes Clauses (Cargo) companies should follow.
The Committee finalized the draft of above Clauses The Executive Committee had requested all the
which were subsequently reviewed by Technical Committees to number the Clauses issued
EC.Suggestions were sought from member by the Association to bring them in line with the
companies and were incorporated with the Clauses. international standards. It was noted by the Marine
Committee that Pakistan's market follow the practices
The amended wording has been made effective from and clauses used in London insurance market for
July 01, 2011 vide IAP's Circular No. MPR-1 dated Marine Business.Very few clauses have been
May 30, 2011. modified by IAP and it was agreed that these be
numbered as per the suggestions of EC.
A notification from re-insurer was received by some
of the member companies stating that they would The Committee's attention was drawn towards the
not insure crude oil shipment coming from Iran due heavy transit losses where most common incidents
to sanctions imposed by United Nations (UN). The involved hijacking of entire cargo trucks and
18
negligence of drivers. The main cause of such losses To address this issue the Committee introduced a
was identified as a lack of organized transport new exclusion in the inland transit clause, which
system and misappropriation by carriers . would warn / compel the insured to take due care
while hiring transporters for dispatch of cargo.
19
SUMMARY OF THE ACTIVITIES OF LIFE COMMITTEE
SECP had arranged a MEMBERS OF THE LIFE COMMITTEE the SECP and is under
roundtable on review of their legal
Microinsurance which was department.. Life
attended by Chairman, Committee recommends a
IAP, CEOs of Life longer phase-in period for
Insurance Companies, implementation of full
members of Pakistan solvency margins as
Society of Actuaries & regard to life insurance
others. The aim of meeting companies, whereas in the
was to share comments solvency draft, SECP has
from all stakeholders on proposed 3 years. Pakistan
the draft regulating Society of Actuaries has
framework for the From Left to Right: been requested to take up
Mr. Muhammad Numan Shaikh (Superintendent Accident & Life)
Microinsurance in Mr. Hashim Sadiq Ali, Mr. Mohammad Ali (Vice-Chairman),
the matter with SECP.
Pakistan and working Mr. Manzoor Ahmed (Chairman), Mr. Jalal Meghani &
Mr. N.A. Usmani (Secretary General-IAP)
structure for the Pilot
Project. The working paper prepared by SECP was
discussed in the said meeting, wherein it was decided Implementation of new accounting formats with
that Pakistan Society of Actuaries (PSOA) & SECP regards to life insurance companies may take 2 - 3
will work jointly to prepare formats for regulatory years, being entirely new system, all pros and cons
returns and submission of information to SECP. of the exposure draft are being examined. As to-
Initial work on Microinsurance has been completed date only disclosures and notes are made applicable,
and SECP has issued draft of Microinsurance Rules amendments in tax laws relating to relevant parts
for comments from all stakeholders. would need to be addressed at government level.
IFRS implementation would be possible only after
Draft of solvency guidelines has been prepared by these matters have been resolved.
20
MARKET OVERVIEW
OF
NON LIFE
INSURANCE INDUSTRY
IN
PAKISTAN
NON LIFE INSURANCE PRIVATE SECTOR
Balance Sheet Profit and Loss Account
as at 31st December 2010 2009 2008 2007 for the year ended 31st December 2010 2009 2008 2007
Rs. in million Rs. in million
Equity REVENUE ACCOUNT
Net Premium Revenue 22,147.08 22,242.93 22,897.81 20,296.14
Issued, Subscribed & Paid up Capital 12,811.20 10,962.17 11,145.42 7,711.11 Premium Deficiency reversal/(expense) (5.05) (47.57) (19.81) (50.50)
Reserves and Retained Earnings 45,453.44 44,927.36 41,504.40 50,699.27 Less: Net Claims (13,863.26) (13,236.65) (14,276.55) (14,347.79)
58,264.64 55,889.53 52,649.82 58,410.38 - -
Surplus on revaluation of fixed assets 767.23 767.22 951.62 Less: Expenses (5,149.62) (4,846.66) (4,679.61) (4,105.05)
Adv.Agst issue of right shares - - - 859.92
Underwriting Provisions - -
Provisions for Outstanding Claims
(including IBNR) 22,654.14 14,201.65 14,727.11 16,681.94 Less: Net Commission (1,524.87) (1,443.37) (1,639.66) (1,185.93)
Provision for Unearned Premium - Net 16,609.93 14,951.49 14,403.07 13,985.50
Commission Income Unearned 1,131.31 951.12 1,010.41 1,028.00 Underwriting Balance 1,604.28 2,668.68 2,282.18 606.87
Additional Provision for Unexpired Risk 60.50 61.90 - 78.38
Total 40,455.88 30,166.16 30,140.59 32,633.74
Deferred Liabilities 340.97 360.96 186.28 111.26 Investment Income 3,871.22 3,055.94 (4,020.07) 34,417.19
Liability against Finance Lease - - 20.52 251.57
Creditors and Accruals 9,857.19 7,429.13 5,135.78 5,803.93 Rental Income 207.35 196.52 193.71 155.58
Surplus of Fix Assets/Short Term Finance 141.49 188.91 876.74 678.04
Other Liabilties 1,993.13 2,026.20 2,802.73 2,344.77 Other Income 539.75 708.83 687.89 524.34
Total Equity and Liabilities 111,820.53 96,828.11 92,764.08 100,233.69 General and administration expenses (2,353.03) (2,461.60) (3,813.02) (1,909.50)
Cash and Bank Deposits 9,169.26 9,417.32 9,455.61 8,291.33
Profit Before Tax 3,869.57 4,168.37 (4,669.30) 33,794.48
Loans - Secured Considered Good 303.26 253.96 50.82 177.86
Taxation 556.94 696.60 486.52 -
Investment 55,356.79 52,206.14 49,457.48 59,094.15
Investment Properties 1,157.90 866.28 698.57 458.61 Profit After Tax 3,312.63 3,471.77 (5,155.82) 33,568.68
Deferred Tax 243.85 145.49 190.96 221.85
Reinsurance Recoveries Against APPROPRIATIONS
Outstanding Claims 15,929.41 7,844.70 7,800.41 9,256.95 Balance unappropriated profit at
- - end of previous year 19,974.18 11,120.66 37,001.81 15,138.89
Deferred Commission Expense 1,724.07 1,515.42 1,510.50 1,508.35 Profit after tax for the year 3,312.63 3,471.77 (5,155.82) 33,568.73
- - Dividend 1,536.92 32.38 1,538.95 1,341.21
Other Assets 22,576.03 19,323.53 18,681.66 16,872.90 Reserve for Bonus share 639.50 66.70 1,478.58 1,303.35
Capital Work - 22.01 117.01 25.83 General Reserve 524.64 (6,058.24) 17,767.81 9,019.91
Fixed Assets 5,060.15 4,893.15 4,706.58 4,232.58 Other 0.58 7.48 0.02 0
Leased Assets 299.81 340.11 94.48 93.28 Sub Total 2,701.42 5,951.68 20,785.36 11,664.48
Negative Goodwill - - - -
Balance Unappropriated profit
Total Assets 111,820.53 96,828.11 92,764.08 100,233.69
at end of year 20,396.72 20,544.11 11,060.63 37,043.15
UNDERWRITING RATIOS
Claims incurred to net premium (62.60) (61.05) (62.35) (70.69)
BALANCE SHEET RATIOS Net Profit to net premium 14.96 12.45 (22.52) 165.39
Net Working Capital (Rs.) 13,170.24 12,928.57 13,272.06 9,081.12 Management expenses to net premium (23.25) (22.23) (20.44) (20.23)
Current Ratio 1.38 1.55 - 1.36 Commission to net premium (6.89) (6.63) (7.16) (5.84)
Total Assets/Net Worth 1.92 1.73 - 1.72 Earning per share of Rs.10/= each 2.59 2.46 (4.63) 43.53
Break up Value 45.48 50.98 - 75.75 Cash Dividend 1,536.92 32.38 1,538.95 1,341.21
Stock Dividend 639.50 38.97 1,478.58 1,303.35
Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten
120000 60000 14500 24000

100000 50000 23000
14000
80000 40000 22000
60000 30000 13500 21000
40000 20000 20000
10000 13000
20000 19000
0 0 12500 18000
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations
60000 10000 40000 25000

58000 35000 20000
56000 9500 30000
25000 15000
54000 9000 20000 10000
52000 15000
50000 8500 10000 5000
48000 5000 0
8000 0
-5000
46000 -5000
44000 7500 -10000 -10000
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
Note: The amounts on y-axis represent Rs. in millions.
22
Market Overview
of
Life Insurance Industry
in
Pakistan
LIFE INSURANCE PRIVATE SECTOR
Balance Sheet Rs. in million
as at 31st December Statutory Fund
Individual Individual
Share Unit Life Group Group Accident Aggregate Aggregate Aggregate Aggregate
holders Linked Conventional Life Pension & Health
Fund 2010 2009 2008 2007
Fund
Share Capital and Reserves
Authorised Share Capital 4,500.00 4,500.00 4,400.00 3,000.00 3,000.00
Issued, subscribed and paid up Share Capital 3,512.24 3,512.24 3,366.74 2,290.72 1,979.12
Reserves & Retained Earnings 840.84 840.84 520.79 175.33 481.91
Net Shareholders' Equity 4,353.07 4,353.07 3,887.53 2,466.05 2,461.03
Balance of statutory fund 0.00 27,962.17 3,196.25 0.00 51.77 447.85 31,658.04 24,126.68 16,278.06 17,805.25
Deferred Liabilities 2.26 0.00 0.00 0.00 0.00 0.00 2.26 9.72 6.59 4.73
Creditors and Accruals 118.19 1,810.04 1,279.53 0.00 2.05 195.96 3,405.77 3,038.36 2,073.68 1,635.90
Other Liability 1.05 0.00 0.00 0.00 0.00 0.00 1.05 0.00 17.50 17.15
TOTAL LIABILITIES 133.30 29,772.21 4,475.77 0.00 53.81 643.81 35,078.90 27,191.35 18,375.84 19,463.03
TOTAL EQUITY & LIABILITIES 4,486.38 29,772.21 4,475.77 0.00 53.81 643.81 39,431.98 31,078.88 20,841.88 21,924.06
Cash and Bank Deposits 701.92 1,335.77 104.82 0.00 2.06 97.83 2,242.40 3,720.75 4,944.03 3,507.89
Loans 63.24 2.57 85.83 0.00 0.00 0.10 151.74 140.65 79.82 76.39
Investments (Net) 2,078.22 27,751.93 3,932.23 0.00 55.17 390.60 34,208.15 24,628.50 13,894.71 17,199.04
Investment in properties 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Taxtation 9.98 0.00 0.00 0.00 0.00 0.00 9.98 13.56 6.00 0.00
Other Assets 952.17 677.86 306.11 0.00 (4.11) 152.78 2,084.81 1,928.75 1,395.42 688.19
Tangible assets 644.41 3.97 45.65 0.00 0.68 2.44 697.15 606.09 501.10 439.77
Intangible assets 36.44 0.10 1.13 0.00 0.02 0.06 37.75 40.78 20.72 12.78
TOTAL ASSETS 4,486.38 29,772.21 4,475.77 0.00 53.81 643.81 39,431.98 31,078.88 20,841.88 21,924.06
ASSETS AT MARKET VALUE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BALANCE SHEET RATIOS
Net Working Capital - - - - - - - - - -
Current Ratio - - - - - - - - -
Total Assets / Net Worth - - - - - - - - - -
Break -up Value - - - - - - - - - -
24
Revenue Account Rs. in million
for the year ended 31st December Statutory Fund
Individual Individual
Unit Life Group Group Accident Aggregate Aggregate Aggregate Aggregate
Linked Conventional Life Pension & Health 2010 2009 2008 2007
Fund
Net Premium Income 12,168.69 2,749.23 0.00 11.81 801.43 15,731.16 12,445.85 11,090.57 8,100.97
Net Investment Income 2,845.94 403.27 0.00 6.00 48.81 3,304.02 4,658.62 (3,785.79) 3,885.43
Other Income 4.44 13.53 0.00 0.04 7.88 25.89 31.80 18.95 36.68
Total Net Income 15,019.07 3,166.03 0.00 17.85 858.12 19,061.07 17,136.27 7,323.73 12,057.76
Net Claims 2,494.75 1,077.29 0.00 1.70 646.31 4,220.05 3,207.38 3,309.01 2,217.18
Net Management Expenses 4,769.37 1,123.97 0.00 1.42 201.17 6,095.93 5,216.05 4,422.65 2,906.68
Total claims and expenditures 7,264.12 2,201.26 0.00 3.12 847.48 10,315.98 8,423.43 7,731.66 5,158.54
Excess of Income over Claims and Expenditure 7,754.95 964.78 0.00 14.73 10.64 8,745.10 8,670.99 (407.92) 6,899.22
Add : Policyholder Liabilities at Beginning of Year 20,615.63 2,263.00 0.00 38.75 335.58 23,252.96 15,538.16 16,654.74 10,575.20
Less : Policyholder Liabilities at End of the Period 27,678.35 2,815.43 0.00 53.63 379.53 30,926.94 19,053.71 13,499.59 (16,654.73)
Surplus/(Deficit) 692.24 412.34 0.00 (0.15) (33.32) 1,071.11 956.17 708.66 819.69
Movement in policy holder liabilities 7,062.72 552.44 0.00 14.88 43.94 7,673.98 7,714.81 (1,116.59) 6,079.52
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) 51.99 0.00 0.00 100.19 (194.77) 0.00 (599.62) 599.61
Balance of Statutory Fund at Beginning of Year 21,114.15 2,594.32 0.00 37.75 379.21 24,125.43 16,278.05 0.00 11,016.35
Balance of Statutory Fund at End of the Period 27,962.17 3,196.22 0.00 51.76 447.86 31,658.01 24,125.61 16,278.07 17,805.21
Represented by:
Capital contributed by Shareholders' fund 242.28 448.64 0.00 0.00 184.45 875.37 904.75 13,763.48 1,624.79
Policyholders' liabilities 27,678.31 2,815.39 0.00 53.63 379.55 30,926.88 23,252.97 1,899.03 16,654.75
Retained earnings on other than participating business 41.58 (67.81) 0.00 (1.87) (116.14) (144.24) (32.11) 615.56 (474.33)
Balance of Statutory Fund 27,962.17 3,196.22 0.00 51.76 447.86 31,658.01 24,125.61 16,278.07 17,805.21
REVENUE ACCOUNT RATIOS
Claims incurred to net premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net profit to net premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management expenses to net premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
25
Profit and Loss Account Rs. in million
for the year ended 31st December Aggregate Aggregate Aggregate Aggregate
2010 2009 2008 2007
Net Investment income not attributable to statutory funds 191.45 257.42 117.38 78.27
Gain / (Loss) on sale of investments 78.57 (281.40) 719.92 809.54
Total Investment Income 270.02 (23.98) 602.54 887.81
Other revenue 24.91 17.35 122.68 148.19
Total Investment Income and other revenues 294.93 (6.63) 725.22 1,036.00
Less Expenses not attributable to statutory funds 28.22 (135.86) 43.38 (28.09)
Profit / (Loss) before appropiation of surplus to shareholders fund 266.71 (142.49) 768.60 107.91
Add: Surplus appropiated to Shareholders fund from ledger A/C D 988.82 890.85 526.06 708.01
Profit/(Loss) before tax 986.20 748.37 (242.54) 1,715.92
Extra Ordinary Items - Deferred Tax 0.00 14.31 1.19 0.00
Profit/(Loss) before tax and after extraordinay items 0.00 0.00 241.35 1,715.92
Taxation (303.98) (13.22) 191.84 (267.74)
Profit/(Loss) after tax 671.58 749.44 (433.19) 1,448.18
APPROPRIATIONS
Balance at commencement of the year 1,461.62 674.49 2,461.02 869.71

Profit after tax for the year 671.58 749.44 (433.19) 1,448.18
Transfer to General Reserve 0.00 0.00 0.00 20.00
Transfer to Bonus Share (100.00) 0.00 61.60 (200.00)
Proposed Dividend (475.21) (337.50) (216.56) (76.25)
Right Share issued 0.00 0.00 0.00 327.00
Capital (contributed)/during the year 0.00 138.81 39.10 (603.10)
Capital withdran during the year 468.23 (64.85) 632.27 5.47
Balance upappropriated profit at the end of the year 2,026.23 1,160.41 2,466.04 1,791.01
PROFIT AND LOSS ACCOUNT RATIOS

Earning per share 9.83 8.72 2.00 0.00
Cash Dividend 0.00 5.50 0.00 0.00
Stock Dividend 0.00 0.00 0.00 15.00
50000 5000 5000 20000

40000 4000 4000
15000
30000 3000 3000
10000
20000 2000 2000
10000 1000 1000 5000
0 0 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
Investments Cash and Bank Balances Net Profit after tax Dividend and other appropriations
30000 6000 2000 1

25000 5000 1500 0.8
20000 4000 1000 0.6
15000 3000 500
0.4
10000 2000 0
5000 1000 -500 0.2
0 0 -1000 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
26
A CONCEPT PAPER
RISK-BASED CAPITAL
REGIME FOR NON.
LIFE INSURANCE
COMPANIES
(PART-I).
By
Dr. Mumtaz A. Hashmi
A CONCEPT PAPER - "RISK-BASED CAPITAL REGIME"
FOR NON-LIFE INSURANCE COMPANIES
(Part-I)
Dr. Mumtaz A. Hashmi
Historical Background and Current Scenario
In developed and some other countries, who have not yet considered adopting to risk based capital regime, the
solvency margin for a non-life 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
2000 (the Ordinance). Section 36 of the Ordinance prescribes the criteria for minimum solvency requirements, and
its sub-Section (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 sub-Section distinguishes the solvency requirements for a branch operation of a non-
life insurance company incorporated outside Pakistan. The percentages, as required above, have been notified in
sub-Rule (2) of Rule 13 of Securities & Exchange Commission (Insurance) Rules 2002 (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 non-life 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 non-life insurance business, but it does
not take into consideration market and credit risks of the assets.
28
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 non-life insurance industry has been
experiencing exceptional onslaught from manmade and natural calamities. For non-life 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 non-life insurers hold an adequate level of capital to absorb unexpected
losses was recognised, and the concept of risk-based capital framework emerged to adequately address insurance
liability risks (and asset risks).
Risk-Based Capital Framework
In formulating risk-based capital framework for non-life insurers, with emphases on
- each insurance class/fund-wise 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 non-life 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
- 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 en-list hereunder the key risks to which a non-life 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
- 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 non-
guaranteed 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 non-professional/incompetent management and management with mal-intent);
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 non-life 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 non-life 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
Insurance Liability Risks factors (LRF) takes into account the possible under-estimation 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
non-availability of authentic data for Pakistan non-life 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 risk-based 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 year-book edition.
32
COMPANY PROFILES
ACE INSURANCE LIMITED
Ms. Zehra Naqvi

Values: Ace Pakistan is committed to the ACE Group and a sense of pride in who we are and what
Values which are: we do.
Integrity: We comply with all applicable laws Mission ACE is committed to being a leader in the
regulations and company policies in our global insurance and reinsurance market by
words and in our deeds. Honesty, Character always conducting business in a consistent,
and ethical behavior guide us to do the right disciplined and focused manner. The ACE
thing. way is to provide:
1) Superior Client Value
Client Focus: We are committed to our clients. We strive
to understand their risks, we make promises 2) Superior Shareholder Value
and we keep them. 3) Superior Employee Value
Respect: We value our employees, partners and Key Financial Data for the last two (2) Years
communities. We are dedicated to fair
treatment, diversity, trust and mutual respect. (Rs in million)
Excellence: We recognize and reward excellence in the 2010 2009
workplace. Performing at the highest level
requires us to think and act like owners. Premium Written 429 278
Net Premium Revenue 98 83
Teamwork: We believe in an environment of open Net Claims Expense 27 32
communication and collaboration produces Net Commission / (Income) 21 9
results. We encourage full participation, Profit / (Loss) after tax 17 22
different perspectives, constructive criticism
COMPANY INFORMATION
1. Managing Director 5. Tax Advisors Ernst & Young Ford

& CEO Ms. Zehra Naqvi Rhodes Sidat Hyder & Co.
2. Directors Mr. John Keogh 6. Legal

Mr. Serge Osuof consultants Ebrahim Hosain
Mr. Stephen Brian Dixon
Mr. Kenneth Underhill 7. Registered
Ms. Zehra Naqvi Office 6th floor, NIC Building,
Mr. Syed Umer Ali Shah Abbasi Shaheed Road
Mr. Kamal Ahmed. Off: Shahrah-e-Faisal
Karachi.
3. Chief Financial
Officer Mr. Kamal Ahmed 8. Number of
Employees 14
4. Auditors A.F.Ferguson & Company
34
ACE INSURANCE LIMITED
Authorized Share Capital 300.00 300.00 300.00 80.00 Net Premium Revenue 98.06 82.90 87.90 96.56
Issued subscribe and paid-up Capital 250.00 200.00 160.00 120.00 Premium deficiency reversal/(expense) - - - -
Reserves and retained earnings 25.80 24.67 31.22 25.40 Less: Net Claims 26.75 32.16 25.31 39.92
275.80 224.67 191.22 145.40
Underwriting Provisions Less: Expenses 51.27 38.75 31.73 28.99
Provision for outstanding claims
(including IBNR) 812.36 211.26 134.59 79.60 Less: Net Commission 21.18 8.90 6.25 4.56
Provision for unearned premium - net 205.86 150.15 164.39 142.83 Underwriting result (1.14) 3.09 24.61 23.09
Additional provision for unexpired risk - - - -
Commission Income Unearned 6.00 6.18 8.09 10.31 Investment Income - 0.03 0.06 0.55
Total 1,024.22 367.59 307.07 232.74
Deferred Liabilities 0.65 1.01 0.96 0.05 Rental Income - - - -
Creditors and Accruals 146.40 88.33 51.59 64.94 Other Income 41.36 34.01 25.00 12.34
Other Liabilities - - 2.63 General and administration expenses (7.84) (6.63) (4.03) (5.11)
Total Equity And Liabilities 1,447.07 681.60 550.84 445.76 Exchange gain - -
Cash and Bank Deposits 456.09 361.71 305.16 264.06 Finance charges on lease rentals (1.44) (1.00) - -
Loans - Secured Considered Good - - 32.08 26.41 21.03 7.78
Investment - - 0.41 0.35 Profit before tax 30.94 29.50 36.40 30.87
Investment Properties - - Provision for taxation 13.75 13.15 14.80 11.35

Deferred Tax - - - - Profit after tax 17.19 16.35 21.60 19.52
Reinsurance Recoveries Against
Outstanding Claims 749.21 145.40 86.27 36.14 APPROPRIATIONS
Balance at commencement of year 16.35 23.00 24.21 4.68
Deferred Commission Expense 28.59 18.04 18.11 21.04
Dividend - - - -
Other Assets 194.73 145.50 132.14 115.66
Reserve for Bonus Share/Bonus Shares issued 15.68 27.73 22.81 -
Fixed Assets 18.45 10.95 8.75 8.51 General Reserve - - - -
Leased Motor Vehicle - 15.68 27.73 22.81 -
TOTAL ASSETS 1,447.07 681.60 550.84 445.76
Balance Unappropriated
Assets at Market Value profit at end of year 17.86 11.62 23.00 24.20
BALANCE SHEET RATIOS PROFIT AND LOSS ACCOUNT RATIOS

Net Working Capital (Rs.) 441.27 353.02 337.39 268.69 Claims incurred to net premium % 27.28 38.79 28.79 41.34
Current Ratio 1.46 2.18 2.81 2.83 Net Profit after tax to net premium % 17.53 19.72 24.57 20.22
Total Assets / Net Worth 5.25 3.03 2.88 3.07 Management expenses to net premium % 52.28 46.74 36.10 30.02
Commission to net premium % 21.60 10.74 7.11 4.72
Break-up Value 11.03 11.23 11.95 12.12 Earning per share (Rs.) 0.69 0.82 1.35 1.63
Cash Dividend - - - -
Stock Dividend 15.68 27.73 22.81 -
2,000 300 50 100

250 40 95
1,500
200 30 90
1,000 150
20 85
100
500 10 80
50
- - - 75
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
0.45 500 25 30
0.40 25
0.35 400 20
0.30 20
0.25 300 15
0.20 15
0.15 200 10
10
0.10 100 5 5
0.05
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
35
ADAMJEE INSURANCE COMPANY LIMITED
Mr. Manzar Mushtaq
Vision Our will is to Explore, Innovate and Key Financial Data for the last two (2) Years
Differentiate.
Our passion is to provide leadership (Rs in million)
to the Insurance Industry ..
2010 2009
Core Values Integrity, Humility, Fun at Workplace
and Corporate Social Responsibility Premium Written 11,564 10,321
Net Premium Revenue 6,883 6,807
Net Claims Expense 4,834 4,453
Net Commission 515 500
Profit after tax 519 2,434
COMPANY INFORMATION
1. Chairman Mr. Umer Mansha 5. Chief Financial

Officer Mr. Mudassar Zubair Ahmed Mirza
2. Chief Executive
Officer Mr. Manzar Mushtaq 6. Advisors Mr. Mian Mohammad Mansha
(w.e.f. 23-03-2011)
7. Auditors M/s Riaz Ahmad & Co.
3. Directors Mr. Ahmed Ebrahim Hasham Chartered Accountants,
Mr. Ali Munir Karachi
Mr. Alman Aslam
Mr. Hassan Mansha 8. Registered
Mr. Ibrahim Shamsi Office Adamjee House
Mr. Khalid Qadeer Qureshi PO Box # 4850
Mr. Muhammad Usman Ali Usmani I.I. Chundrigar Road,
Mr. Nabiha Shahnawaz Cheema Karachi-74000, Pakistan
Mr. S.M. Jawed Phone PABX
(92-21) 32412623
4. Company UAN: (92-21) 111-242-111
Secretary Mr. Tameez-ul-Haque 9. Number of
Employees 978
36
ADAMJEE INSURANCE COMPANY LIMITED
Equity 11,035.00 10,781.18 8,559.30 7,643.44 REVENUE ACCOUNT
Authorized Share Capital 1,500.00 1,500.00 1,500.00 1,500.00 Net Premium Revenue 6,883.40 6,806.90 7,488.14 5,531.82
Premium deficiency reversal/(expense) - - - -
Issued subscribe and paid-up Capital 1,237.05 1,124.59 1,022.35 1,022.35
Reserves and retained earnings 9,797.95 9,656.59 7,536.95 6,621.09 Less: Net Claims 4,833.52 4,452.84 5,173.15 3,915.09
11,035.00 10,781.18 8,559.30 7,643.44
Underwriting Provisions Less: Expenses 1,254.81 1,174.58 1,206.56 1,054.98
(including IBNR) 7,980.40 3,575.90 4,562.55 5,022.62 Less: Net Commission 514.56 500.22 741.37 442.50
Provision for unearned premium - net 5,017.44 4,405.82 4,014.82 4,252.01 Underwriting result 280.51 679.26 367.06 119.25
Additional provision for unexpired risk Investment Income 779.09 2,479.42 1,098.05 4,486.37
Commission Income Unearned 305.43 228.44 176.50 236.04
Total 13,303.27 8,210.16 8,753.87 9,510.66 Rental Income 1.05 0.48 0.49 0.49
Deferred Liabilities 85.68 101.42 9.17 3.69
Other Income 171.24 154.27 183.59 71.17
Creditors and Accruals 3,326.02 2,345.47 1,656.26 1,578.67
General and administration expenses (634.92) (710.80) (511.72) (398.37)
Other Liabilities 29.12 25.97 25.06 29.50
Exchange gain (1.40) 4.19 38.40 6.53
Borrowings 107.64 148.91 - -
Total Equity And Liabilities 27,886.73 21,613.10 19,003.66 18,765.96 Finance charges on lease rentals (18.97) (11.64) - (0.56)
296.09 1,915.92 808.81 4,165.63
Cash and Bank Deposits 2,704.82 2,157.10 1,724.11 954.20
Profit before tax 576.60 2,595.17 1,175.87 4,284.88
Provision for taxation 57.68 160.68 76.72 83.64
Investment 9,407.00 9,658.03 7,576.75 8,132.10
Investment Properties
Profit after tax 518.92 2,434.49 1,099.15 4,201.24
Deferred Tax
Outstanding Claims 6,253.20 1,845.56 2,188.10 2,792.46 APPROPRIATIONS
Balance at commencement of year 8,520.04 6,458.71 5,666.27 1,802.40
Other Assets 7,886.02 6,473.82 6,133.24 5,677.93 Dividend (292.39) (270.92) (306.71) (337.37)
Reserve for Bonus Share/Bonus Shares issued (112.46) (102.24) - -
Leased Motor Vehicle 143.44 194.58
(404.85) (373.16) (306.71) (337.37)
TOTAL ASSETS 27,886.73 21,613.10 19,003.66 18,765.96
Assets at Market Value Balance Unappropriated profit at end of year 8,634.11 8,520.04 6,458.71 5,666.27

Net Working Capital (Rs.) 5,508.50 4,529.14 3,801.58 2,793.80 Net Claims to net premium % 70.22 65.42 69.08 70.77
Break-up Value 89.20 95.87 83.72 74.76 Net Commission to net premium % 7.48 7.35 9.90 8.00
Earning per share (Rs.) 4.19 19.68 9.77 41.09
Cash Dividend (292.39) (270.92) (306.71) (337.37)
Stock Dividend (112.46) (102.24) - -
30,000 12,000 6,000 8,000

10,000 7,000
25,000 5,000
6,000
20,000 8,000 4,000 5,000
15,000 6,000 3,000 4,000
10,000 4,000 2,000 3,000
2,000
5,000 2,000 1,000 1,000
- 0 - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
12,000 3,000 4,500 450

10,000 2,500 4,000 400
3,500 350
8,000 2,000 3,000 300
2,500 200
6,000 1,500 2,000
4,000 1,000 1,500 150
1,000 100
2,000 500 500 50
- - 0 -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
37
AGRO GENERAL INSURANCE CO. LTD.
Mr. M. Jalilullah
Agro General Insurance Company Limited was Key Financial Data for the last two (2) Years
incorporated in the year 1985; the company was
initially formed with the aim to transit specialized (Rs in million)
field of Crop Insurance and other agricultural forms
of insurance. Consequently the management decided 2010 2009
to transact other forms of non life insurance in order
to generate premium. The company maintained the Premium Written - -
selective underwriting Policy. The company looks Net Premium Revenue - -
forward for better performance in the coming years. Net Claims Expense - -
Net Commission / (Income) - -
Profit / (Loss) after tax 9 2
COMPANY INFORMATION
1. Chairman Mr. Taufiqe Habib 6. Auditors M. Yousuf Adil Saleem

& Company
2. Chief Executive
Officer Mr. M. Jalilullah 7. Registered
& Main Office Room No. 416-418,
3. Directors Mr. Hashim M. Shamim Continental Trade Centre
Mr. Muhammad Arfeen Dhedhi Block 8, Main Clifton Road
Mr. Riaz Kapadia Karachi
Mr. Muhammad Ateeq Siddique Tel: (92-21)35302902-06
Mr. Ali Arshad Hakeem Fax (92-21)35302913
4. Company 8. Number of
Secretary Mr. Asghar Ali Anjum Employees 06
5. Chief Financial
Officer Mr. Touseef Farooqui
38
AGRO GENERAL INSURANCE CO. LTD.
Authorized Share Capital 160.10 160.00 160.00 120.00 Net Premium Revenue - - - 0.82
Premium deficiency reversal/(expense)
Issued subscribe and paid-up Capital 140.40 140.40 140.40 120.00
Reserves and retained earnings (32.20) (41.35) (41.83) 43.73 Less: Net Claims - - - (0.02)
108.20 99.05 98.57 163.73
Underwriting Provisions Less: Expenses 0.57 (0.50) (0.91) 1.65
Less: Net Commission - - - (0.81)
(including IBNR) 1.47 1.46 - -
Provision for unearned premium - net - - - 1.59 Underwriting result (0.57) 0.50 0.91 -
Additional provision for unexpired risk Investment Income 12.97 10.25 (69.18) 43.20
Commission Income Unearned - - - 1.45
Total 1.47 1.46 - 3.04 Rental Income - - - -
Other Income 0.09 - 8.17 -
Creditors and Accruals 0.66 0.85 0.80 1.37
Other Liabilities
Total Equity And Liabilities 110.68 101.87 99.42 168.47 Exchange gain - - - -
Cash and Bank Deposits 13.83 7.27 13.21 54.33 Finance charges on lease rentals
9.89 2.34 (63.42) 37.16
Loans - Secured Considered Good
Profit before tax 9.31 1.84 (62.52) 37.17
Investment 24.84 59.86 75.65 39.56
Provision for taxation (0.16) (0.32) (0.58) -
Deferred Tax - - - 0.63 Profit after tax 9.15 1.52 (63.10) 37.17

Outstanding Claims Balance at commencement of year (43.00) (44.52) 41.85 6.54
Deferred Commission Expense
Dividend - - - -
Other Assets 71.14 34.40 8.72 71.69 Reserve for Bonus Share/Bonus Shares issued - - (20.40)
General Reserve
Fixed Assets 0.87 0.35 1.84 2.26
- - (20.40) -
Leased Motor Vehicle
TOTAL ASSETS 110.68 101.87 99.42 168.47 Balance Unappropriated
profit at end of year (33.85) (43.00) (41.65) 43.71
Assets at Market Value
Net Working Capital (Rs.) 82.84 39.36 21.55 121.61 Claims incurred to net premium % - - - (2.44)
Current Ratio 39.99 18.04 27.94 89.77 Net Profit after tax to net premium % - - - 4,532.93
Total Assets / Net Worth 1.02 1.03 1.01 1.01 Management expenses to net premium % - - - 201.22
Commission to net premium % - - - (98.78)
Break-up Value 7.71 7.05 7.02 13.64 Earning per share (Rs.) - - - 3.10
Stock Dividend - - (20.40) -
200 200 1 1
150 150 1 1
1 1
100 100
0 0
50 50 0 0
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
80 60 60 1
70 50 40
60 20 1
50 40
- 1
40 30
30 (20) 0
20 (40)
20 0
10 10 (60)
- - (80) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
39
A L FA L A H ALFALAH INSURANCE
INSURANCE COMPANY COMPANY LTD.
Mr. Nasar us Samad Qureshi
VISION international standards and will emerge as an

innovative insurer providing complete risk
To be a leading insurer by providing most management solutions to the insuring public in
comprehensive yet flexible cost effective risk Pakistan
management solutions to our clients backed with
friendly and efficient claims service and enhance
the Alfalah brand value for the benefit of all Key Financial Data for the Last two (2) Years
stakeholders.
(Rs in million)
MISSION
2010 2009
We undertake to provide world class service with
unmatched security to our clients and help in Premium Written 663 651
increasing awareness about insurance in the country Net Premium Revenue 360 332
as well as enhancing public confidence in the Net Claims Expense 259 231
insurance industry in Pakistan. We will introduce Net Commission / (Income) (75) (68)
new modern insurance products comparable with Profit / (Loss) after tax 43 31
COMPANY INFORMATION
1. Chairman H.H Sheikh Hamdan Bin 5. Advisors Salahuddin, Saif & Aslam
Mubarak Bin Mohammed Al Nahayan (Attorneys at Law)
2. Chief Executive 6. Auditors M/s A.F. Ferguson & Co.

Officer Mr. Nasar us Samad Qureshi Chartered Accountants
3. Directors H.H. Sheikh Hamdan Bin 7. Head Office 5-Saint Mary Park, Gulberg III,
Mubarak Bin Mohammed Al Nahayan Lahore.
H.E. Sheikh Saif Bin- UAN: 111-786-234
Mohammed Bin Butti Fax: (042) 35774329
Mr. Khalid Mana Saeed Al Otaiba Email: afi@alfalahinsurance.com
Mr. Atif Aslam Bajwa Web: www.alfalahinsurance.com
Mr. Mohammad Yousuf
Mr. Adeel Khalid Bajwa 8. Number of
Mr. Nasar us Samad Qureshi Employees 157
4. CFO & Company Mr. Adnan Waheed

Secretary
40
ALFALAH INSURANCE COMPANY LIMITED
319.00 293.00 262.00 255.00
(including IBNR) 497.00 212.00 180.00 107.00 Less: Net Commission (75.00) (68.00) (60.00) (26.00)
Provision for unearned premium - net 267.00 293.00 236.00 159.00 Underwriting result 61.00 74.00 66.00 10.00
Investment Income 46.00 17.00 (2.00) 33.00
Total 800.00 540.00 444.00 286.00 Rental Income - - - -
Other Income 0.20 4.00 6.00 -
Total Equity And Liabilities 1,300.00 1,006.00 932.00 645.00 Exchange gain - - - -
Cash and Bank Deposits 54.00 194.00 169.00 193.00 Finance charges on lease rentals - - - -
(10.80) (26.00) (40.00) 20.00
Loans - Secured Considered Good - - - -
Profit before tax 50.00 48.00 25.00 30.00
Investment 388.00 181.00 189.00 129.00
Investment Properties - - - -
Profit after tax 43.00 31.00 8.00 25.00
Deferred Tax - - - -
Reinsurance Recoveries APPROPRIATIONS
Against Outstanding Claims 365.00 132.00 118.00 77.00 Balance at commencement of year 36.00 31.00 23.00 (1.00)
Deferred Commission Expense 10.00 9.00 6.00 3.00 Dividend 16.00 - - -

Reserve for Bonus Share/
Other Assets 410.00 402.00 352.00 198.00 Bonus Shares issued 20.00 - - -
Fixed Assets 73.00 88.00 98.00 45.00 General Reserve - 25.00 - -
Leased Motor Vehicle - - - - 36.00 25.00 - -
TOTAL ASSETS 1,300.00 1,006.00 932.00 645.00 Balance Unappropriated

Assets at Market Value profit at end of year 43.00 37.00 31.00 24.00

Commission to net premium % (20.83) (20.48) (22.81) (35.14)
Cash Dividend 16.00 - - -
Stock Dividend 20.00 - - -
1,500 1,400 300 400

1,200 250 350
1,000 300
1,000 200 250
800 200
150
600 150
500 400 100
100
200 50 50
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
450 250 50 40
400 45 35
350 200 40 30
300 35
250 150 30 25
200 25 20
150
100 20 15
15 10
100 50 10
50 5 5
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
41
ALPHA INSURANCE COMPANY LIMITED
lpha
Insurance Company Limited
A subsidiary of state life
Insurance Corporation of Pakistan
Mr. Nasir Javed Khan
Vision With help and involvement of all its responsive office staff.
Stakeholders to make Alpha one of
the leading General Insurance Key Financial Data for the last two (2) Years
Company of the Country with a vibrant
marketing force and efficient and (Rs in million)
responsive office staff, so as to provide
best quality services to its 2010 2009
policyholders.
Premium Written 140 109
Mission To work zealously towards attaining Net Premium Revenue 59 62
these objectives and be able to compete Net Claims Expense 45 53
in the open market by developing a Net Commission / (Income) (3) 0
vibrant field force and efficient and Profit / (Loss) after tax 2 (9)
COMPANY INFORMATION
1. Chairman Mr. Shahid Aziz Siddiqui TAX CONSULTANTS

M/s Ernst & Young
2. Chief Executive Ford Rhodes Sidat Hyder,
Officer Mr. Nasir Javed Khan Chartered Accountants
3. Directors Mr. Mahmood Hashmi 6. Auditors M/s Anjum Asim Shahid Rahman
Syed Yawar Ali (A member company
Mr. Rasheed Y. Chinoy of Grant Thornton)
Mr. Shoaib Mir
Mr. Ansar Hussain 7. Registered 2nd Floor, Building # 1-B,
Office State Life Square,
4. CFO & Off: I.I.Chundrigar Road
Company Karachi -Pakistan
Secretary Mr. Attaullah A. Rasheed
8. Main Office 2nd Floor, Building # 1-B,
5. Advisors ACTUARY State Life Square,
Mr. Faisal Mumtaz, Off: I.I.Chundrigar Road
(Fellow of Society of Actuaries) Karachi -Pakistan
LEGAL CONSULTANTS 9. Number of

M/s Orr Dignam & Co Employees 111
M/s Mansoor Ahmed Khan & Co
Mian Mushtaq Ahmed

Mr. Mohammad Shafiq Mughal
42
ALPHA INSURANCE COMPANY LIMITED
327.65 325.23 232.59 256.14
Provision for outstanding claims Less: Net Commission 3.20 (0.03) 2.25 5.58
(including IBNR) 161.28 152.23 130.93 129.55 Underwriting result (27.09) (26.27) (9.72) 4.45
Provision for unearned premium - net 70.70 46.66 53.49 69.74
Additional provision for unexpired risk Investment Income 41.52 29.21 14.40 84.58
Deferred Liabilities - - - -
Other Income 6.61 5.83 15.85 10.54
Exchange gain - - - -
Total Equity And Liabilities 646.81 584.70 480.99 514.75
Finance charges on lease rentals - - - -
Cash and Bank Deposits 24.61 144.89 166.59 160.20 30.29 18.53 12.59 82.03
Loans - Secured Considered Good - - - - Profit before tax 3.20 (7.74) 2.87 86.48
Investment 332.29 195.60 77.29 108.53 Provision for taxation 0.78 0.82 20.36 2.46
Deferred Tax 0.49 0.36 0.34 0.57 Profit after tax 2.42 (8.56) (17.49) 84.02

Other Assets 178.88 132.01 127.09 129.05 Dividend - - 6.07 5.06
Reserve for Bonus Share/Bonus Shares issued - (40.48) 40.48 20.24
Fixed Assets 12.30 10.42 11.99 10.27 General Reserve - 40.48 - 2.40
Leased Motor Vehicle - - - -
- - 46.55 27.70
TOTAL ASSETS 646.81 584.70 480.99 514.75
Assets at Market Value - - - - at end of year 13.87 11.45 20.01 84.05

Current Ratio 1.21 1.80 2.04 2.13 Net Profit after tax to net premium % 4.09 (13.92) (22.70) 84.44
Break-up Value 10.79 10.71 14.36 21.09 Commission to net premium % 5.41 (0.05) 2.92 5.61
Earning per share (Rs.) 0.08 (0.28) (1.08) 6.92
Cash Dividend - - 6.07 5.06
Stock Dividend - (40.48) 40.48 20.24
800 350 70 120

300 60 100
600 250 50 80
200 40
400 150
60
30
100 40
200 20
50 10 20
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
350 180 100 50

300 160 80
140 40
250 120 60
200 100 40 30
150 80 20 20
100 60 -
40 (20) 10
50 20
- - (40) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
43
ASIA INSURANCE COMPANY LTD.
asiaINSURANCE
Mr. Ihtsham ul Haq Qureshi
Vision network of the company, induct and build sound and

dynamic team, ensure good governance for
To transform the Company into an ideal Insurance sustainable and equitable growth and prosperity of
Company with larger equity base which could the Company.
provide more opportunities and options for utilization
of funds and help to increase profitably through Key Financial Data for the last two (2) Years
economy of scale, better resource mobilization
and reduction in operational cost alongside to provide (Rs in million)
better services to our clients and stakeholders which
could gather the confidence of both shareholders 2010 2009
and policyholders.
Mission Net Premium Revenue 29 31
Net Claims Expense 7 11
To provide excellent service, best risk management, Net Commission / (Income) 2 1
prompt settlement of claims, expand branches Profit / (Loss) after tax 4 5
COMPANY INFORMATION
1. Chairman / 5. Legal Advisors: Cornelius Lane & Mufti

CEO Mr.Ihtsham ul Haq Qureshi
6. Tax Advisor Amin, Mudassar & Co.
2. Directors Mrs. Nosheen Ihtsham Qureshi Chartered Accountants
Mr. Hassan Ahmad Khan
Mr. Aisam ul Haq Qureshi 7. Auditors Rehman Sarfraz
Mrs. Shiza Hassan Rahim Iqbal Rafique ,
Mr. Zain ul Haq Qureshi Chartered Accountants
Khawaja Suhail Iftikhar
8. Registered Office 456-K, Model Town, Lahore
3. President Mr.Ali Munem Shamsi
9. Number of
4. CFO & Company Employees 56
Secretary Mr. Karamat Ullah
44
ASIA INSURANCE COMPANY LTD.
Premium deficiency reversal/(expense) - 0.00 0.00 0.00
282.92 228.46 183.57 138.05
Less: Expenses 15.43 13.90 12.18 10.76
Surplus on revaluation of fixed assets 127.21 127.21 127.21 27.21
Underwriting Provisions Less: Net Commission 2.45 1.13 2.02 0.83
Provision for outstanding claims Underwriting result 4.10 5.11 3.26 7.14
(including IBNR) 15.75 26.41 22.38 19.91 Investment Income 21.11 19.55 9.57 7.23
Additional provision for unexpired risk 0.00 0.00 0.00 0.00 Rental Income - 0.00 0.00 1.87
Total 34.75 46.05 52.65 47.08 Other Income 1.08 0.26 0.28 0.51
General and administration expenses 17.24 17.83 3.49 4.34
Exchange gain - 0.00 0.00 0.00
Finance charges on lease rentals - 0.00 0.17 0.10
Total Equity And Liabilities 456.01 419.52 377.91 232.64 4.95 1.98 6.19 5.17
Cash and Bank Deposits 163.40 149.00 128.42 96.32
Investment Properties 0.00 0.00 0.00 0.00 Profit after tax 4.46 4.89 5.52 9.49
Deferred Tax 0.00 0.33 0.00 0.00
Outstanding Claims 7.06 13.92 9.83 9.23 Balance at commencement of year 25.96 21.07 15.55 13.61
Deferred Commission Expense 3.90 1.89 2.96 2.90 Surplus realised on disposal of fixed assets - - - 0.46
Dividend 0.00 0.00 0.00 8.00
Other Assets 48.56 63.17 67.54 57.03 Reserve for Bonus Share/Bonus Shares issued 0.00 0.00 0.00 0.00
Fixed Assets 176.27 168.76 162.80 61.12 General Reserve 0.00 0.00 0.00 0.00
Leased Motor Vehicle 0.00 0.00 0.00 1.93 0.00 0.00 0.00 8.00
TOTAL ASSETS 456.01 419.52 377.91 232.64
Assets at Market Value - - - - at end of year 30.42 25.96 21.07 15.55

Cash Dividend - - - 8,000,000.00
Stock Dividend - - - -
500.00 300.00 16.00 34.00

250.00 14.00 33.00
400.00 12.00
200.00 32.00
300.00 10.00 31.00
150.00 8.00
200.00 6.00 30.00
100.00 29.00
100.00 4.00
50.00 2.00 28.00
0.00 0.00 0.00 27.00
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
60.00 180.00 10.00 10

160.00 9.00
50.00 140.00 8.00 8
40.00 120.00 7.00
100.00 6.00 6
30.00 80.00
5.00
4.00 4
20.00 60.00 3.00
10.00 40.00 2.00 2
20.00 1.00
0.00 0.00 0.00 -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
45
ASKARI GENERAL INSURANCE CO. LTD.
Mr. Abdul Waheed
Vision stakeholders.
The Vision of askari general insurance company is
to be amongst the leading insurance companies of Key Financial Data for the last two (2) Years
the country with the clear perception of upholding
the principles of corporate governance and making (Rs in million)
agico a profitable and growth oriented insurance
company while creating insurance awareness and 2010 2009
culture
Premium Written 1,350 1,108
The Mission of agico is to become a leading Net Claims Expense 386 522
company by providing client friendly services Net Commission / (Income) 9 49
through highly motivated team of dedicated Profit / (Loss) after tax 47 (28)
professionals and ensuring progressive return to the
COMPANY INFORMATION
1. Chairman Lt. General (Retd.) Imtiaz Hussain 6. Advisor Mr. Hassan Kaunain Nafees
2. President & CEO Mr. Abdul Waheed 7. Auditors M. Yousaf Adil Saleem
& Company
3. Directors Maj. Gen. (Retd.)-
Saeed Ahmed Khan 8. Registered
Brig. (Retd.) Javed Qayum Office 4th Floor, AWT Plaza,
Brig. (Retd.) Tariq Sher The Mall, Rawalpindi.
Syed Suhail Ahmad Rizvi
Mr. Abdul Hai Mahmood Bhaimia 9. Number of
Khawaja Muhammad Iqbal Employees 443
4. Company
Secretary Mr. Waseemullah
5. Chief Financial
Officer Mr. Jamil Ahmed
46
ASKARI GENERAL INSURANCE COMPANY LIMITED
315.83 268.41 295.96 289.30 Less: Expenses 153.95 155.00 130.82 105.28
Underwriting Provisions
Provision for outstanding claims Less: Net Commission (9.08) 48.99 23.22 19.66
(including IBNR) 290.05 261.49 223.07 226.49 Underwriting result 109.14 78.76 73.00 79.80
Additional provision for unexpired risk - - - - Investment Income 51.10 (28.17) 12.54 51.76
Commission Income Unearned 51.20 29.30 19.49 22.67 Rental Income - - - -
Total 833.02 776.57 710.34 602.34
Deferred Liabilities 6.95 12.29 11.50 9.89 Other Income 11.96 25.77 11.96 7.91
Creditors and Accruals 290.06 65.36 108.99 136.06 General and administration expenses (117.75) (90.72) (79.76) (69.47)
Other Liabilities 8.07 73.09 90.47 80.00 Exchange gain - - - -
Total Equity And Liabilities 1,453.93 1,195.72 1,217.26 1,117.59 Finance charges on lease rentals (1.10) - - -
Cash and Bank Deposits 91.25 114.28 85.11 169.78 (55.79) (93.12) (55.26) (9.80)
Loans - Secured Considered Good 2.16 4.20 2.96 2.82 Profit before tax 53.35 (14.36) 17.74 70.00
Investment Properties 52.29 - - - Profit after tax 47.42 (13.18) (25.44) (0.53)
Deferred Tax 0.87 - - 4.24 APPROPRIATIONS
Reinsurance Recoveries Against Balance at commencement of year (10.02) 17.52 62.89 62.33
Outstanding Claims 144.98 76.15 60.81 68.01
Dividend - - - -
Deferred Commission Expense 43.46 41.60 40.91 30.04 Reserve for Bonus Share/
Bonus Shares issued - - 47.02 36.17
Other Assets 613.50 415.28 387.64 315.50
General Reserve - - 5.00 15.00
Fixed Assets 47.65 126.05 121.12 96.25
- - 52.02 51.17
Leased Motor Vehicle - 4.59 5.87 7.72
TOTAL ASSETS 1,453.93 1,195.72 1,217.26 1,117.59
Assets at Market Value profit at end of year 37.40 4.34 (14.57) 10.63

Current Ratio 1.44 1.51 1.26 1.25 Net Profit after tax to net premium % 7.41 (1.64) (3.91) (0.09)
Commission to net premium % (1.42) 6.08 3.57 3.37
Break-up Value 15.50 13.17 14.52 18.46 Earning per share (Rs.) 2.33 (0.65) (1.25) (0.03)
Stock Dividend - - 47.02 36.17
2,000 320 700 1,000

310 600 800
1,500 300 500
290 400 600
1,000 280
270 300 400
500 260 200
100 200
250
- 240 - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
600 180 60 50
160 50
500 140 40 40
400 120 30
100 20 30
300 10
80 - 20
200 60 (10)
100 40 (20) 10
20 (30)
- - (40) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
47
ATLAS INSURANCE LIMITED
Atlas Insurance
Mr. Arshad P. Rana

Vision responsibility.
A first class insurance company that provides the Key Financial Data for the last two (2) Years
highest level of quality service to its policyholders.
(Rs in million)
Mission
2010 2009
To stay in the forefront of innovation and
technological developments, continue to achieve Premium Written 1,025 911
corporate success, provide its policyholders quality Net Premium Revenue 530 444
products and service to their satisfaction, promote Net Claims Expense 177 192
interest of all the stakeholders - employees, Net Commission/(Income) (44) (34)
shareholders, reinsurers and business associates Profit / (Loss) after tax 243 189
equitably fulfilling demand of overall social
COMPANY INFORMATION
1. Chairman Mr. Yusuf H. Shirazi 7. Tax Advisor Ernst & Young

Ford Rhodes Sidat Hyder
2. Chief Executive Chartered Accountants
Officer Mr. Arshad P. Rana
8. Legal Advisors Mohsin Tayebaly & Co.
3. Directors Mr. Aitzaz Shahbaz Ch. Maqsood Hassan
Mr. Azam Faruque Advocate
Mr. Ali H. Shirazi Agha Faisal Barrister at Law
Mr Frahim Ali Khan
Mr. Jawaid Iqbal Ahmed 9. Registered &
Head Office 3-Bank Square,
4. Company Shahrah-e-Quaid-e-Azam,
Secretary Mr. Muhammad Afzal Lahore.
Tel: (92-42) 37320542-43,
5. Chief Financial 37322271 & 73, 37310658
Officer Mr. Aamer Waqar Chaudhry Fax: (92-42) 37234742
Email: info@atlasinsurance.com.pk
Web: www.atlasinsurance.com.pk
6. Auditors A.F. Ferguson & Co.
Chartered Accountants. 10. No of
Employees 163
48
ATLAS INSURANCE LIMITED
Authorised Share Capital 500.00 500.00 500.00 500.00 Net Premium Revenue 530.27 443.53 507.95 447.00
Premium deficiency resersal/(expense)
856.40 747.96 626.02 970.15
Provision for outstanding claims (including IBNR) 298.40 253.90 237.51 194.10
Provision for unearned premium 425.95 405.47 277.43 316.66 Less: Net Commission/(Income) (44.00) (34.47) (35.81) (34.06)
Commission Income Unearned 35.22 26.25 25.77 24.30 Underwriting result 199.92 104.47 158.39 144.59
Total 759.57 685.62 540.71 535.05
Deferred Liablities - - 1.87 2.47
Rental Income 4.94 1.74 1.33 1.27
Creditors And Accruals 399.60 455.51 156.92 211.57
Other Income 42.58 32.12 19.09 25.06
Other Liablities 19.17 15.99 14.44 14.18
Total Equity And Liablities 2,034.73 1,905.09 1,339.96 1,733.43 General and administration expenses (22.95) (19.36) (14.62) (18.22)
127.21 132.73 (299.38) 322.81
Cash And Bank Deposits 492.58 660.19 195.93 200.78
Loans - Secured Considered Good 0.18 0.20 0.47 0.72 Profit before tax 327.13 237.19 (140.99) 467.41
Investment 772.05 558.25 494.20 1,010.75 Provision for taxation 84.47 48.14 58.59 57.56
Profit after tax 242.66 189.06 (199.59) 409.85
Deferred Tax 6.39 3.27 - -
Outstanding Cliams 192.77 160.37 155.41 121.88 Balance at commencement of year 190.34 (199.49) 410.59 301.59
Dividend 134.22 67.11 144.55 111.19
Other Assets 510.53 460.25 424.09 338.24 Reserve for Bonus share/
Fixed Assets 43.92 47.42 49.29 32.26 Bonus Shares issued 33.56 67.11 61.95 47.65
Leased - Motor Vehicles - - - -
General Reserve 22.00 (335.00) 204.00 142.00
Capital Work In Progress - - - 9.42
Intangible - - - 1.15 189.78 (200.78) 410.50 300.84
TOTAL ASSETS 2,034.73 1,905.09 1,339.96 1,733.43
Asset At Market Value 2,180.76 1,992.14 1,369.29 1,914.82 at end of year 243.22 190.34 (199.49) 410.59

Net Working Capital (Rs.) 478.71 555.40 366.56 241.05 Claims incurred to net premium 33.29 43.37 45.56 48.12
Current Ratio 1.67 1.77 1.90 1.57 Net Profit to net premium 45.76 42.62 (39.29) 91.69
Total Assets / Net Worth 2.38 2.55 2.14 1.79 Management expenses to net premium 37.31 40.85 30.30 27.15
Break-up Value 23.20 22.29 23.32 46.98 Commission to net premium (8.30) (7.77) (7.05) (7.62)
Earning per share 6.57 5.63 (7.43) 19.85
Cash Dividend 134.22 67.11 144.55 111.19
Stock Dividend 33.56 67.11 61.95 47.65
2500 1200 250 540

2000 1000 200 520
800 500
1500 150 480
600 460
1000 100
400 440
500 200 50
420
0 0 0 400
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
1200 700 500 500

600 400 400
1000
500 300 300
800 200 200
400 100
600
300 100
400 0 0
200 -100 -100
200 100 -200 -200
0 0 -300 -300
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
49
CAPITAL INSURNCE COMPANY LTD.
Capital Insurnce
Company Limited
Mr. Zafar Iqbal Sheikh
Vision
Key Financial Data for the last two (2) Years
Vision: To become the largest and most highly
respected Insurance Company in Pakistan. (Rs in million)
Mission 2010 2009
We shall deliver excellent service and superior Premium Written 46 71

products to our customers, remaining focused on Net Premium Revenue 13 11
their needs and striving for continuous improvement Net Claims Expense 3 2
through communication and technology. We will Net Commission / (Income) 3 3
unite and operate our business through the shared Profit / (Loss) after tax 5 6
value of Trust, Tolerance and Openness. Our
employees shall be known and respected within the
industry for their expertise, commitment and
professional integrity.
COMPANY INFORMATION
1. Chairman Khawaja Zaka-ud-Din 5. Advisors Kazmi & Kazmi Legal
Advisors
2. Chief Executive
Officer Mr. Zafar Iqbal Sheikh 6. Auditors Avais Hyder Liaquat Nauman
3. Directors Mr. Navid Iqbal Sheikh 7. Registered Office Muradia Road,

Mr. Muhammad Hanif Khan Model Town, Sialkot
Mr. Mohammad Ishaq Butt
Dr. Iftikhar Ahmad 8. Main Office Office 222, 5th Floor, Mega
Engr. Ehtesham-ul-Haq Malik Tower, Main Boulevard,
Adj. Mcdonalds, Gulberg II,
4. CFO & Company Lahore.
Secretary Sheikh Arfan Ikram
9. Number of
Employees 13
50
CAPITAL INSURANCE COMPANY LIMITED
273.28 218.07 172.26 126.62
(including IBNR) 32.60 19.66 13.52 6.43 Less: Net Commission (2.52) (2.51) 0.15 0.56
Provision for unearned premium - net 22.60 38.24 22.83 6.48 Underwriting result 0.83 0.39 (9.06) 3.21
Additional provision for unexpired risk Investment Income 10.73 12.87 3.65 13.05
Total 59.65 68.04 42.56 13.38 Rental Income
Deferred Liabilities
Other Income 0.21 0.06 0.34 0.03
Other Liabilities - 0.30 0.59 0.59
Exchange gain
Finance charges on lease rentals (0.05) (0.11)
5.98 6.57 (2.23) 11.88
Loans - Secured Considered Good
Investment 34.18 24.82 19.53 58.30
Provision for taxation 1.65 1.17 0.20 (8.81)
Investment Properties 164.18 116.20 68.31 -
Profit after tax 5.16 5.79 (11.48) 23.90
Deferred Tax
APPROPRIATIONS
Reinsurance Recoveries Against Balance at commencement of year (3.76) (10.01) 6.26 5.25
Dividend
Deferred Commission Expense 3.27 8.86 5.13 1.07 Reserve for Bonus Share/
Other Assets 69.25 80.75 47.36 21.74 Bonus Shares issued - - 4.81 22.89
General Reserve (0.05) (0.46) (0.02) -
Fixed Assets 22.08 22.01 22.54 7.81
(0.05) (0.46) 4.80 22.89
Leased Motor Vehicle - 0.79 0.99 3.31
Assets at Market Value profit at end of year 1.45 (3.76) (10.01) 6.26

Net Working Capital (Rs.) 77 94 85 63 Claims incurred to net premium % 22.80 14.89 96.10 17.12
Current Ratio 1.84 2.26 3.15 4.50 Net Profit after tax to net premium % 40.93 54.18 (161.49) 233.12
Commission to net premium % (19.94) (23.50) 2.05 5.45
Break-up Value 10.92 10.90 10.76 10.52 Earning per share (Rs.) 0.21 0.29 (0.72) 1.99
Stock Dividend - - 5 23
500 300 8.00 14.00

250 7.00 12.00
400 6.00 10.00
200 5.00
300 8.00
150 4.00 6.00
200 100 3.00
2.00 4.00
100 50 2.00
1.00
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
250 80.00 30.00 25.00

70.00 25.00
200 60.00 20.00 20.00
50.00 15.00
150 10.00 15.00
40.00 5.00
100 30.00 - 10.00
50 20.00 (5.00) 5.00
10.00 (10.00)
- - (15.00) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
51
CENTRAL INSURANCE CO. LTD.
Mr. A. Samad Dawood
Vision utilization of resources, and ensure timely and

equitable settlement of claims, while providing
To be recongnized as a highly ethical innovative adequate return to all stakeholders.
and technically competent insurance company,
dedicated to provide top quality services to its clients Key Financial Data for the last two (2) Years
in the field of risk assessment and insurance coverage,
while generating above average returns in the industry (Rs in million)
for the investors.
2010 2009
Mission
To achieve the status of a quality service provider Net Premium Revenue 11 13
in the insurance industry and seize opportunities for Net Claims Expense 5 8
profitable growth through introduction of new Net Commission / (Income) (14) (15)
products, market share expansion and effective Profit / (Loss) after tax 491 (855)
COMPANY INFORMATION
1. Chairman Mr. Shabbir Hussain Hashmi 6. Auditors KPMG Taseer Hadi & Co.
Chartered Accountants
2. Chief Executive Mr. A. Samad Dawood
7. Legal Advisors Zahid & Tariq Advocates
3. Directors Mr. Isar Ahmad
Mr. Shafiq Ahmed 8. Registered
Mr. Jawaid Iqbal & Head Office Dawood Centre, M. T. Khan
Mr. Ruhail Yousuf Muhammad Road, Karachi.
Mr. Shahid Hamid Pracha Phone: (92-21) 35684019,
35681491, 35689339
4. Chief Operating Mr. Sulaiman S. Mehdi Fax # (92-21) 35680218
Officer & Company Email: info.cic@dawoodgroup.com
Secretary Website: www.ceninsure.com
5. Chief Financial Mr. Ghulam Haider

Officer
52
CENTRAL INSURANCE COMPANY LIMITED
Issued subscribe and paid-up Capital 279.18 203.04 184.58 139.83 Premium deficiency reversal/(expense) - - -
Reserves and retained earnings 3,459.55 3,090.15 4,002.49 3,975.56 Less: Net Claims 4.70 7.70 6.56 8.71
3,738.73 3,293.19 4,187.07 4,115.39
(including IBNR) 71.42 93.72 52.77 41.02 Add: Net Commission 13.50 15.15 13.06 7.98
Commission Income Unearned 1.97 2.83 3.35 5.96 Investment Income 516.94 (849.06) 128.41 2,752.57
Total 104.45 131.18 116.03 117.97
Short Term Runing Finance 33.852 General and administration expenses (27.19) (12.74) (13.12) (12.62)
Total Equity And Liabilities 3,918.38 3,448.92 4,343.68 4,303.73
Finance charges - -
Cash and Bank Deposits 10.30 65.14 64.77 97.52 493.18 (855.67) 118.69 2,752.13
Loans - Secured Considered Good 6.93 - - - Profit before tax 497.18 (844.90) 133.69 2,764.74
Investment 3,774.22 3,249.88 4,124.14 4,017.50
Provision for taxation (5.96) 10.22 17.27 16.76
Profit after tax 491.22 (855.12) 116.42 2,747.98
Deferred Tax 7.23 0.83 0.85 10.50
APPROPRIATIONS
Balance at commencement of year 2,957.06 3,869.40 3,842.47 1,185.38
Deferred Commission Expense 0.25 0.11 0.27 0.86 Dividend 45.68 38.76 44.74 90.89
Other Assets 69.17 61.01 117.93 152.46 Bonus Shares issued 76.14 18.46 44.75 -
Fixed Assets 1.94 2.56 3.19 4.10 General Reserve - -
Leased Motor Vehicle - - - 121.82 57.22 89.49 90.89

TOTAL ASSETS 3,918.38 3,448.92 4,343.68 4,303.73
Assets at Market Value profit at end of year 3,326.46 2,957.06 3,869.40 3,842.47

Current Ratio 1.14 1.67 2.33 2.45 Net Profit after tax to net premium % 4,674.32 (6,381.49) 788.75 13,179.76
Break-up Value 133.92 162.19 226.84 294.31 Commission to net premium % 128.49 113.06 88.48 38.27
Earning per share (Rs.) 17.60 (42.12) 6.31 196.52
Cash Dividend 45.68 38.76 44.74 90.89
Stock Dividend 76.14 18.46 44.75 -
5,000 5,000 10 25
4,500 4,500 8 20
4,000 4,000 6 15
3,500 3,500
4 10
3,000 3,000
2,500 2,500 2 5
2,000 2,000 - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
5,000 95 3,000 140

4,500
85 2,500 120
75 2,000
100
4,000 65 1,500
55 1,000 80
3,500 45 500 60
3,000 35 - 40
25 (500)
2,500 (1,000) 20
15
2,000 5 (1,500) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
53
CENTURY INSURANCE CO. LTD.
Century Insurance
Mr. Mohammad Hussain Hirji

Vision integrity and ethical behaviour.
" The Company to be known as one of the best
To be an organisation known for integrity and insurance companies of the Country
ethical behaviour and fully dedicated to our clients,
business partners, shareholders and employees, Key Financial Data for the last two (2) Years
providing exceptional quality service and committed
to achieve excellence in all areas of its operations. (Rs in million)
Mission 2010 2009
" To become a Company of choice to our valued Premium Written 450 456
clients, stakeholders and employees. Net Premium Revenue 219 207
" To maximize growth and profitability of the Net Claims Expense 107 65
Company and provide excellent financial returns Net Commission / (Income) (14) (13)
to its valued shareholders. Profit / (loss) after tax 110 (70)
" The Company's culture should be known for its
COMPANY INFORMATION
1. Chairman: Mr. Iqbal Ali Lakhani 5. Chief Financial

Officer: Mr. Sabza Ali Pirani
2. Managing
Director & 6. Company
CEO: Mr. Mohammad Hussain Hirji Secretary: Mr. Mansoor Ahmed
3. Advisor: Mr. Sultan Ali Lakhani 7. Auditors: M/s. KPMG Taseer Hadi
& Co. Chartered Accountants
4. Directors:
Mr. Iqbal Ali Lakhani - 8. Registered
(Chairman) Office: Lakson Square, Building No.2,
Mr. Zulfiqar Ali Lakhani Sarwar Shaheed Road,
Mr. Amin Mohammed Lakhani Karachi- 74200
Mr. Tasleemuddin A. Batlay
Mr. A. Aziz H. Ebrahim 9. Number of
Mr. Muhammad Abdul Qadir Employees: 97
Mr. Mohammad Hussain Hirji -
Chief Executive
54
CENTURY INSURANCE COMPANY LIMITED
961.63 852.00 921.96 522.53
Provision for unearned premium - net 134.45 152.17 123.38 122.76 Less: Net Commission (13.81) (12.63) (8.03) (9.64)
Underwriting result 63.64 95.03 122.26 37.93
Additional provision for unexpired risk
Commission Income Unearned 18.93 17.86 17.55 15.14 Investment Income 108.92 (101.69) (42.10) 169.38
Total 253.51 228.42 247.28 999.60
Deferred Liabilities - - 1.02 3.95 Rental Income - - - -
Other Income 7.45 20.24 22.36 6.44
Exchange gain
Loans - Secured Considered Good - - - - Finance charges on lease rentals
57.42 (134.96) (68.51) 130.23
Investment 840.03 736.00 464.45 464.23
Profit before tax 121.06 (39.93) 53.75 168.16
Deferred Tax 3.06 0.58 0.61 1.06
Reinsurance Recoveries Against Profit after tax 109.63 (69.94) 18.42 167.99
APPROPRIATIONS
Deferred Commission Expense 13.14 11.90 10.55 9.75 Balance at commencement of year 21.73 91.69 174.48 99.36
Other Assets 303.65 278.03 430.96 174.40 Dividend - - - 20.32
Fixed Assets 44.59 42.63 42.18 31.77 Reserve for Bonus Share/Bonus Shares issued - - 76.21 50.80
General Reserve - - 25.00 21.76
- - 101.21 92.88
TOTAL ASSETS 1,330.46 1,151.84 1,293.54 1,691.55
Assets at Market Value 1,370.09 1,172.49 1,080.81 1,680.27 at end of year 131.36 21.75 91.69 174.47

Current Ratio 1.99 2.78 3.38 1.15 Net Profit after tax to net premium % 50.04 (33.85) 7.63 76.84
Break-up Value 21.03 18.63 20.16 20.57 Commission to net premium % (6.30) (6.11) (3.33) (4.41)
Earning per share (Rs.) 2.40 (1.53) 0.40 6.61
Cash Dividend - - - 20.32
2,000 1,200 200 250

1,000 240
1,500 150 230
800
600 100 220
1,000
210
400 200
500 50
200 190
- - - 180
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
900 350 200 120

800 300 150 100
700
600 250 100 80
500 200
400 50 60
150
300 100 - 40
200 (50) 20
100 50
- - (100) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
55
NC E S O C
UR A I ET
NS
THE COOPERATIVE INSURANCE

I
YO
VE
PE RATI
F PA
SOCIETY OF PAKISTAN LIMITED

K ISTAN
CO O
HE
LT
T D.
LA H O RE
Sh. Aziz-ul-Haq Piracha
Vision Key Financial Data for the last two (2) Years
The Cooperative Insurance Society of Pakistan Ltd., (Rs in million)

is an apex Cooperative Society registered under the
Cooperative Societies Act, 1925, on August 06, 2010 2009
1949, and is engaged in general insurance business.
The area of operation of the Society is whole of Premium Written 9 12
Pakistan. Net Premium Revenue 9 16
Net Commission / (Income) 1 1
COMPANY INFORMATION
1. Chairman Sh. Aziz-ul-Haq Piracha 5. Tax Consultants Mr. Zia Ullah Kayani.
(Advocate)
2. Senior Vice
Chairman Ch. Ahsun Mehmood 6. Legal Advisor Mr. Mohammad Hanif Khan Niazi
(Advocate)
3. Directors Mr. Nisar Ahmed
Mr. Siddique Akbar 7. Registered
Haji Muhammad Khan Office 23- Shahrah-e-Quaid-e-
Mr. Nasrullah Khan Azam, Lahore
Mr. Ghulam Abbas Khan
Mr. Maqbool Elahi Piracha 8. Head Office Co-operative Insurance
Mr. Muhammad Aamir - Building, 23- Shahrah-e-
Inayat Shahani Quaid-e-Azam,
Col. (Rtd) Muhammad Jamil P.O. Box No. 147, Lahore.
Mr. Rai Azeem Saeed Ph: (92-042) 37356537,
37352306, 37242798
4. Auditors Latif & Company Fax: (92-042) 37352794
Chartered Accountants. Email: Coinsopl@live.com.
56
THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LIMITED.
Authorised Share Capital 300.00 300.00 160.00 160.00 Net Premium Revenue 9.02 16.11 24.90 19.40
Issued Subscribed And Paid-up Capital 300.00 300.00 160.00 160.00 Less Net Claims 2.31 4.30 0.96 5.96
Reserves And Ratained Earnings 12.14 11.40 5.68 0.87 Less Expenses 9.24 10.29 17.73 13.74
312.14 311.40 165.68 160.87
Surplus On Revalution 618.06 618.90 759.74 760.67 Less: Net Commission/(Income) 0.92 1.24 3.18 1.71
Underwriting Provisions Underwriting Result (3.45) 0.28 3.02 (2.00)
Provision For Oustanding Claims Investment Income 2.51 4.83 0.34 0.78
(Including Ibnr) 2.01 0.20 0.01 0.48
Provision For Unearned Premium - Net 2.49 4.80 9.38 9.85 Rental Income 3.31 2.41 1.96 2.18
Commission Income Unearned Other Income 0.05 0.09 0.48 0.98
Total 4.50 5.00 9.39 10.33 General and administration expneses (0.77) (0.86) (1.10) (1.33)
Deferred Liablities 0 0.50 0.80
Creditors And Accruals 2.58 4.13 5.25 4.21 5.10 6.48 1.68 2.62
Other Liabilities 0.26 Profit before tax 1.64 6.76 4.70 0.62
Provision for taxation 0.90 0.99 0.14 -
Cash And Bank Deposits 12.21 11.68 9.45 5.30

Loans-secured Considered Good
Profit after tax 0.74 5.77 4.56 0.62
Investment 5.02 38.54 6.01 5.82
Current Assets 2.50 4.09 5.25 4.86 APPROPRIATIONS
Reinsurance Recoveries Against - - - -
Balance at commencement of year 4.61 0.29 (4.53) (5.15)
Outstanding Claims - - - -
Deferred Commission Expense - - - - Divindend - 0.26 -
Other Assets - - - - Reserve for Bonus share - 1.44 - -
Fixed Assets 917.56 918.65 919.85 921.16
General Reserve 0.18 1.44 0.26 -
Total Assets 937.29 972.97 940.56 937.14
Asset At Market Value profit at end of year 5.17 4.61 (0.24) (4.53)

Net Working Capital (Rs) 7.61 7.35 4.19 (4.75) Claims incurred to net premium 25.64 26.70 3.87 30.71
Net Profit to net premium 8.16 35.81 18.30 3.20
Current Ratio 2.07 2.69 1.80 (0.84) Management expenses to net premium 114.08 63.86 71.23 70.80
Total Assets /Net Worth 1.01 2.82 5.68 1.12 Commission to net premium 10.24 7.70 12.78 8.80
Break -Up Value 31.00 31.00 10.36 10.05 Earning per share 0.02 0.19 0.28 0.04
Cash Dividend - - 0.26 -
980 350 7.00 30.00

300 6.00 25.00
960 250 5.00 20.00
200 4.00
940 15.00
150 3.00
100 2.00 10.00
920 5.00
50 1.00
900 - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
40 14 7.00 1.00
35 12 6.00
0.80
30 10 5.00
25 8 4.00 0.60
20
15 6 3.00 0.40
10 4 2.00
2 0.20
5 1.00
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
57
TAR INSUR
TS A
THE CRESCENT STAR INSURANCE CO. LTD.
EN
NC
CRESC
E CO. LTD.
THE FIR
ON
MA
TI
A
E
RI N VI
E ACCIDENT A
Mr. Munir I. Millwala

Vision in progress and to provide our officers and field
force due recompence for their efforts in building
To serve and to serve with excellence. up the company.
Excellence to be achieved through our corporate
mission To generate operational profits and dividend return
in due measusre to the shareholders of the Company.
Mission
First and foremost to secure the interest of our policy
holders by adopting proper risk management (Rs in million)
techniques, prudent financial planning and
maintaining reinsurance arrangements with World- 2010 2009
Class reinsurers.
To ensure profitability to our reinsureres who afford Net Premium Revenue 74 105
us underwriting capacity. Net Claims Expense 21 34
To recognize human resources as the key element Profit / (Loss) after tax 4 (30)
COMPANY INFORMATION
1. Chairman Mr. Munir I. Millwala 6. Advisors Mr. Syed Ahmed Ali
2. Chief Executive 7. Auditors M/s Moochhala Gangat & Co,

Officer: Mr. Munir I. Millwala Chartered Accountants
2, Mustafa Avenue,
3. Directors: Mr. Ardeshir Cowasjee F/4. Block-9 Behind " The
Mr. Fayyaz F. Millwala Forum", Clifton, Karachi
Mr. Abdul Razzak E. Jaffer
8. Registered / 2nd Floor, Nadir House
Mr. Fida Hussain Samoo
Main Office I.I. Chundrigar Road,
Mr. Qutubuddin A. Millwala
Mr. Hussaini I. Millwala Karachi
Tel : 32415471-3
Mr. M.H. Millwala
Fax : 32415474-5
E-mail: info@cstar.com.pk
4. General
Web: www.cstar.com.pk
Manager : Mr. Moiz Ali
5. Company
Secretary Mr. Khuzaima Hakimi
58
THE CRESCENT STAR INSURANCE CO. LTD.
Issued subscribe and paid-up Capital 121.00 121.00 121.00 96.80 Premium deficiency reversal/(expense) 0.73 3.02 3.75 -
Reserves and retained earnings (38.10) (42.00) (11.00) 26.37
82.90 79.00 110.00 123.17 Less: Net Claims 21.10 34.48 62.82 86.99
Surplus on revaluation of Land 21.11 21.11 - - Less: Expenses 22.27 38.95 44.11 37.56
Advance against issue of right shares - - - 9.88
Underwriting Provisions Less: Net Commission 5.69 8.82 19.50 14.97
Provision for outstanding claims Underwriting result 25.83 26.13 10.62 30.76
(including IBNR) 32.78 49.90 66.84 72.46
Provision for unearned premium - net 42.31 50.35 69.04 84.22 Investment Income 1.91 (25.01) (9.01) 19.39
Additional provision for unexpired risk - 0.73 - -
Commission Income Unearned 4.11 6.24 10.79 7.69 Rental Income - - - -
Total 79.20 107.22 146.66 164.37
Other Income 4.94 (0.17) 1.40 0.23
Creditors and Accruals 30.97 29.87 29.96 11.58 General and administration expenses 28.07 (44.34) (40.40) (24.29)
Cash and Bank Deposits 15.07 18.06 27.91 61.74 (21.22) (69.52) (48.01) (4.67)
Loans - Secured Considered Good - - - -
Profit before tax 4.61 (43.38) (37.39) 26.09
Investment 29.74 35.22 70.86 49.38
Provision for taxation 0.86 (12.89) 0.33 2.05
Deferred Tax 13.54 13.54 - 0.87 Profit after tax 3.74 (30.49) (37.72) 24.04

Outstanding Claims 12.87 19.27 28.73 32.85 Balance at commencement of year (68.10) (37.62) 0.11 9.28
Dividend - - - -
Other Assets 92.88 97.18 119.99 123.42 Reserve for Bonus Share/Bonus Shares issued - - - 24.20
Fixed Assets 42.83 45.25 26.87 28.03 General Reserve - - - 9.00
Leased Motor Vehicle - - - - - - - 33.20
TOTAL ASSETS 214.60 237.77 286.69 310.80
Assets at Market Value 265.13 245.02 294.46 303.03 at end of year (64.36) (68.11) (37.61) 0.12

Current Ratio 1.88 1.68 1.82 2.54 Net Profit after tax to net premium % 5.05 (28.94) (26.79) 14.12
Earning per share (Rs.) 0.31 (2.52) (3.12) 2.48
Stock Dividend - - - 24.20
400 140 100 200

120 80
300 100 150
80 60
200 60 100
40
100 40 50
20 20
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
80 70 30 35
70 60 20 30
60 50 10
-
25
50 40 20
40 (10)
30 30 (20) 15
20 20 (30) 10
10 10 (40) 5
- - (50) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
59
EAST WEST INSURANCE COMPANY LIMITED
Mr. Naved Yunus
Vision effectiveness enhanced productivity for ensuring

financial health of the organization, to take care
To be amongst most trusted insurance security of of shareholder's aspiration continuously.
the country by providing protection to our insured * To inculcate value added system all cross the
in most effective basis ensuring prosperity for its organization for ensuring trustworthy relationship
stakeholders and growth with human force. with its clients as well as shareholders.
Mission
* To ensure most effective management for
sustained growth of the company. (Rs in million)
2010 2009
* To provide reliable secure protection for the
policyholders.
* To retain sound position of the company in Net Premium Revenue 332 437
industry while working with dedication &
innovation. Net Claims Expense 151 178
* To maintain continuous pursuit for cost Profit / (Loss) after tax 8 (537)
COMPANY INFORMATION
1. Chairman Chief Justice ( R ) - 5. Advisors Mr. M. Jamaluddin

Mian Mahboob Ahmad
6. Auditors BDO Ebrahim & Company
Officer Mr. Naved Yunus
7. Registered
3. Directors Mr. Javed Yunus Office 27, Regal Plaza, Jinnah Road,
Mr. Pervez Yunus Quetta
Mr. Maheen Yunus
Mr. A.K.M Sayeed 8. Main Office 410, EFU House,
Mr. Tulu Javed Yunus M. A. Jinnah Road, Karachi.
4. CFO & Company 9. Number of

Secretary Employees 165
Mr. Shabbir Ali Kanchwala
60
EAST WEST INSURANCE COMPANY LIMITED
338.16 329.71 866.84 644.08
Less: Net Commission 68.64 82.16 73.94 75.48
(including IBNR) 83.42 92.71 81.23 89.17
Additional provision for unexpired risk Investment Income 32.02 (561.66) 255.15 330.01
Total 253.54 281.44 315.81 286.64 Rental Income 0.55 0.78 0.54 0.31
Deferred Liabilities - 2.61 2.14 -
Other Income 3.13 6.12 3.15 1.01
Exchange gain
Total Equity And Liabilities 633.64 660.48 1,273.32 963.68
Workers welfare fund (0.32) (0.37) - -
Finance charges on lease rentals (1.27) (1.66) (1.37) (0.40)
Loans - Secured Considered Good - - - - (29.90) (617.27) 196.68 282.50
Investment 191.76 232.81 813.96 565.28
Profit before tax 15.55 (528.00) 277.02 335.97
Provision for taxation (7.11) (9.13) (11.19) (9.71)
Profit after tax 8.44 (537.12) 265.83 326.26
Other Assets 172.80 159.28 169.97 139.00 Dividend - - 43.08 15.03
Reserve for Bonus Share/Bonus Shares issued 22.85 - 55.68 22.55
Fixed Assets 110.49 100.74 84.80 59.81 Transfer from General Reserve (23.00)
Leased Motor Vehicle 14.36 14.24 17.80 4.93 Transfer from Exceptional loss reserve - (10.00)
(0.15) (10.00) 98.75 37.58
TOTAL ASSETS 633.64 660.48 1,273.32 963.68
Assets at Market Value at end of year 9.58 0.99 528.11 361.03

Break-up Value 13.45 14.43 37.93 37.26 Earning per share (Rs.) 0.34 (23.50) 11.63 18.88
Cash Dividend - - 43.08 15.03
Stock Dividend 22.85 - 55.68 22.55
1,500 1,000 200 500

800 150 400
1,00 600 300
100
400 200
500
200 50 100
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
900 90 400 120

800 80 300 100
700 70 200
600 60 100 80
50 - 60
500 (100)
400 40 (200) 40
300 30 (300) 20
200 20 (400)
100 10 (500) -
- - (600) (20)
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
61
EFU GENERAL INSURANCE LTD
GENERAL
Mr. Saifuddin N. Zoomkawala
Vision standards through continuous quality improvement.

Our vision is to be the first choice company for our Achieve zero defects in everything we do.
customers, shareholders and employees. To achieve We will do good business, with good clients and of
this we will be driven by an obsession to be better the highest integrity. We will not compromise our
than the best in a continuous journey, not a principles and we will like to be known as a
destination. responsible corporate citizen aware of our obligation
At EFU first choice means a sustained commitment to the Government and the society we serve.
to meet and exceed stakeholder expectations. A will
to go the "Extra Mile" to delight our customers with Key Financial Data for the last two (2) Years
products and services that exceed their expections.
(Rs in million)
Mission
2010 2009
We will manage our affairs through modern
technology, collective wisdom and institutionalized Premium Written 10,232 9,614
leadership. We will be a respected, cultured and an Net Premium Revenue 5,847 5,570
educated company with a strong market position. Net Claims Expense 3 942 3,911
Together with our customers, reinsurers and Net Commission / (Income) 656 461
employees we will achieve world class quality Profit / (Loss) after tax (413) 732
COMPANY INFORMATION
1. Chairman Mr. Rafique R. Bhimjee Mr. Taher G. Sachak
2. Managing Director Mr. Abdul Rehman Haji Habib
& Chief Executive Mr. Saifuddin N. Zoomkawala 9. Rating Agency:
3 Directors Mr. Sultan Ahmad JCR-vis Insurer Financial Strength
Mr. Abdul Rehman Haji Habib Rating: AA Outlook : Stable
Mr. Jahangir Siddiqui 10. Auditors Hyder Bhimjee & Co.
Mr. Wolfram W. Karnowski Chartered Accountants, Karachi.
Mr. Muneer R. Bhimjee KPMG Taseer Hadi & Co.
Mr. Hasanali Abdullah Chartered Accountants, Karachi.
Mr. Taher G. Sachak 11. Registrar Technology Trade (Pvt.) Ltd.
4. CFO & Company Mr. Altaf Qamruddin Gokal, Dagia House 241-C, Block-2,
Secretary F.C.A. P.E.C.H.S., Off:
5. Legal Advisor Mr. Mohammad Ali Sayeed Sharah-e-Quaideen, Karachi.
6. Senior Advisor Mr. S. C. (Hamid) Subjally, 12. Website www.efuinsurance.com
A.C.I.I. 13. Registered Office 11/4, Shahrah-e-Pehlavi,
7. Advisors Mr. Akhtar K. Alavi, A.C.I.I. Peshawar.
Mr. Naqi Zamin Ali 14. Main Office EFU House, M.A. Jinnah Road,
Mr. Salim Rafik Sidiki, - Karachi.
B.A. (Hons), M.A. Co-operative Insurance -
Mr. Syed Mehdi Imam Building, 23, Shahrah-e-
Quaid-e-Azam, Lahore.
8. Audit Committee Mr. Muneer R. Bhimjee. 15. No of Employees 1294.
62
EFU GENERAL INSURANCE LIMITED
Authorized Share Capital 1,500 1,500 1,500 1,500 Net Premium Revenue 5,847 5,570 6,137 6,111
- - - - Premium deficiency reversal/(expense) (2) (55) 32 (32)
Issued subscribe and paid-up Capital 1,250 1,150 1,150 1,000 - - - -
Reserves and retained earnings 8,341 9,314 8,956 15,177 Less: Net Claims (3,942) (3,911) (4,370) (5,092)
9,591 10,464 10,106 16,177 - - - -
Underwriting Provisions Less: Expenses (1,135) (1,076) (1,001) (840)
Provision for outstanding claims - - - -
(including IBNR) 7,950 5,509 5,193 5,336 Less: Net Commission (656) (461) (427) (323)
Provision for unearned premium - net 4,537 4,005 4,086 3,985 Underwriting result 112 67 371 (177)
Premium deficiency reserve 57 55 - 32
Commission Income Unearned 163 141 262 277 Investment Income (358) 674 (5,300) 14,812
Total 12,707 9,710 9,541 9,630 - - - -
Deferred Liabilities 41 24 42 - Rental Income 84 86 83 76
- - - -
Creditors and Accruals 1,830 1,439 1,302 1,430 Other Income 126 102 72 125
- - - - - - - -
Other Liabilities 372 301 239 153 General and administration expenses (479) (428) (503) (378)
- - - -
Total Equity And Liabilities 24,542 21,939 21,230 27,390 Exchange gain 4 6 23 (0)
Cash and Bank Deposits 1,707 1,350 1,304 1,163 - - - -
Share of Profit/(loss) of an associate 151 295 (189) -
Loans - Secured Considered Good 3 3 3 4 (472) 735 (5,814) 14,634
Investment 11,664 12,644 11,832 18,595 Profit before tax (360) 801 (5,443) 14,457
Investment Properties 236 242 259 272 Provision for taxation (54) (69) (28) (79)
Deferred Tax 115 34 75 84 Profit after tax (413) 732 (5,471) 14,536
Outstanding Claims 5,626 3,275 3,030 2,981 Balance at commencement of year 801 (5,457) 14,564 778
Deferred Commission Expense 432 383 369 420 (Loss)/profit after tax for the year (413) 732 (5,471) 14,536
388 (4,725) 9,093 15,314
Other Assets 4,050 3,463 3,824 3,446
Dividend (460) (374) (600) (150)
Fixed Assets 709 545 534 425 Reserve for Bonus Share/Bonus Shares issued (100) - (150) (500)
General Reserve (150) 5,900 (13,800) (100)
Leased Motor Vehicle - - - - (710) 5,526 (14,550) (750)
TOTAL ASSETS 24,542 21,939 21,230 27,390
Assets at Market Value at end of year (322) 801 (5,457) 14,564

Net Working Capital (Rs.) 1,230.09 838.71 1,424.34 670.95 Claims incurred to net premium % 67.42 70.22 71.20 83.34
Break-up Value 76.73 91.00 87.88 161.77 Earning per share (Rs.) (3.31) 6.37 (47.58) 145.36
Cash Dividend 460 374 600 150
Stock Dividend 100 - 150 500
30,000 20,000 6,000 6,200

25,000 15,000 5,000 6,000
20,000 4,000 5,800
15,000 10,000
3,000 5,600
10,000
5,000 1,000 5,400
5,000
- - - 5,200
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
20,000 1,800 20,000 20,000

18,000 1,600 15,000 15,000
16,000 1,400
14,000 1,200 10,000 10,000
12,000 1,000
10,000 800
5,000 5,000
8,000
6,000 600 - -
4,000 400 (5,000) (5,000)
2,000 200
- - (10,000) (10,000)
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
63
EXCEL INSURANCE COMPANY LTD.
Mr. Ghulam Mohammad
Vision o To consistently offer high return on capital to

company's shareholders.
The vision of Excel Insurance Company Limited is
to become one of the preferred insurance companies Key Financial Data for the last two (2) Years
of the country by providing insurance services par
excellence to its customers resulting in peace of (Rs in million)
mind to its clients.
2010 2009
Mission
The mission of Excel Insurance Company Limited Net Premium Revenue 16 18
is Net Claims Expense 4 5
o To become the most preferred insurer of clients Net Commission / (Income) 3 1
by providing outstanding risk coverage. Profit / (Income) after tax 29 (2)
o To provide a congenial environment to
employees to attract the best human resource
in the industry.
COMPANY INFORMATION
1 Chairman. Mr. Younus Haji Latif 4 CFO & Mr. Muhammad Saleem Akhtar
Company
2 Chief Executive. Mr. Ghulam Mohammad Secretary
3 Directors. Mr. Younus Haji Latif 5 Auditors. Hyder Bhimji & Co.
Mr. Ghulam Muhammad
Mrs. Shagufta Ghulam 6 Registered
Mr. Muhammad Irfan Khaliq Office. 38/C-1, Block-6, P.E.C.H.S.,
Mr. Ubaid Amanullah Karachi-75400. Pakistan.
Mr. Muhammad Zubair - UAN: 111-777-666, 34548077
Ghulam Muhammad Fax: 34548076
Mr. Muhammad Zubair - E-mail: eicl@cyber.net.pk
Muhammad Usman Web: www.globemanagements.com
64
EXCEL INSURANCE COMPANY LIMITED
282.95 203.72 181.75 134.19
Provision for unearned premium - net 8.51 20.55 16.40 14.13 Less: Net Commission 2.73 1.24 (2.27) (0.28)
Additional provision for unexpired risk 0.50 2.31 3.23 2.80 Underwriting result 1.03 2.61 1.17 (0.75)
Commission Income Unearned
Investment Income 37.01 2.74 17.30 28.68
Total 16.52 28.78 24.05 21.40
Creditors and Accruals 7.34 3.72 4.66 6.53 Other Income 0.15 0.36 0.27 -
Other Liabilities - - 11.75 11.75 General and administration expenses (6.50) (6.63) (9.30) (8.13)
Finance charges on lease rentals
Loans - Secured Considered Good - - - - 30.66 (3.53) 8.27 20.55
Investment 185.62 59.94 155.04 85.69 Profit before tax 31.69 (0.93) 9.44 19.80
Investment Properties - - - - Provision for taxation 2.46 1.10 1.87 0.30
Deferred Tax - - - - Profit after tax 29.23 (2.03) 7.57 19.50
APPROPRIATIONS
Deferred Commission Expense 1.71 3.55 2.99 2.84 Profit after Tax 29.23 (2.03) 7.57 19.50
Dividend - -
Other Assets 52.16 59.99 39.54 50.48 Reserve for Bonus Share/
Fixed Assets 6.74 8.76 10.27 10.09 Bonus Shares issued - (16.00) - (30.00)
General Reserve
Leased Motor Vehicle - (16.00) - (30.00)
TOTAL ASSETS 307.49 236.90 222.89 174.62
Assets at Market Value 12.30 11.85 13.93 14.55 profit at end of year 32.84 3.61 21.64 14.08

Commission to net premium % 16.97 6.87 (12.41) (1.72)
400 300 8 19
250 7 18
300 6 18
200 5
4 17
200 150 17
100 3
100 2 16
50 1 16
- - - 15
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
200 120 35 1
180 100 30
160 25 1
140 80
120 20 1
100 60 15
80 40 10 0
60 5
40 20 0
20 -
- - (5) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
65
HABIB INSURANCE COMPANY LTD.
Mr. Ali Raza D. Habib
Vision will continue to maintain its selective approach

towards the business it underwrites and as new
In Insurance, as also in Banking, Habib is committed products and markets are being explored, the
to its time honoured tradition of serving the Nation company is investing its resources in people and
by extending a wide range of insurance products ideas to meet these challenges.
offering maximum protection, backed up by
matchless service with prompt claim settlement as Key Financial Data for the last two (2) Years
its utmost priority. With high quality service to all
its customers, the Company will also strive to (Rs in million)
continue to give its shareholders a consistent return
on their investment. 2010 2009
Mission Premium Written 778 703

Habib will continue to pursue its policy of progressive Net Claims Expense 184 176
yet cautious underwriting carving its rightful share Net Commission / (Income) 9 7
in the Insurance market without compromising its Profit / (Loss) after tax 168 205
principles on underwriting and claim settlement. It
COMPANY INFORMATION
1. Chairman Mr. Rafiq M. Habib 5. Legal Advisor M/s. Lari & Co.
2. Managing Director 6. Tax Advisor M/s. Abbas Karjatwala & Co.

Chief Executive
Officer Mr. Ali Raza D. Habib 7. Auditors M/s. KPMG Taseer Hadi & Co.
3. Directors Mr. Abbas D. Habib 8. Registered /

Mr. Mazher Ali Jumani Main Office 1st Floor, State Life Building
Mr. Mansoor G. Habib No. 6, M. A. Jinnah Road,
Mr. Mohamedali R. Habib Karachi - 74000
Mr. Sajjad Hussain Habib
Mr. Aun Mohammad A. Habib 9. Number of
Employees 210
4. CFO & Company
Secretary Mr. Shabbir Gulamali
66
HABIB INSURANCE COMPANY LIMITED
851.89 823.54 663.29 1,237.68
Provision for outstanding claims Less: Net Commission 9.15 7.31 16.67 21.32
(including IBNR) 134.73 150.23 171.29 281.70
Additional provision for unexpired risk - - - - Investment Income 149.36 184.89 (390.53) 443.30
Other Income 5.28 5.73 2.53 8.73
104.72 137.76 (447.13) 400.89
Investment 925.54 932.04 719.56 1,313.62
Provision for taxation 23.71 6.55 16.98 (12.86)
Profit after tax 168.48 204.74 (396.43) 420.38
Deferred Tax 15.59 7.28 5.73 19.36
APPROPRIATIONS
Outstanding Claims 80.60 96.39 96.18 161.67 Balance at commencement of year 219.02 (346.75) 436.96 611.28
Deferred Commission Expense 36.03 36.05 41.08 39.70 Dividend 140.14 44.49 177.96 142.81
Reserve for Bonus Share/Bonus
Other Assets 509.13 483.72 489.96 390.13 Shares issued - 44.49 59.32 76.90
Fixed Assets 38.95 41.21 45.63 45.71 General Reserve 50.00 (450.00) 150.00 375.00
Leased Motor Vehicle - - 190.14 (361.02) 387.28 594.70

TOTAL ASSETS 1,666.99 1,625.47 1,457.47 2,101.10 Balance Unappropriated
Assets at Market Value profit at end of year 197.36 219.02 (346.75) 436.96

Earning per share (Rs.) 4.21 5.11 (11.14) 14.17
Cash Dividend 140.14 44.49 177.96 142.81
Stock Dividend - 44.49 59.32 76.90
2,500 1,400 250 420

1,200 200 400
2,000
1,000 380
1,500 800 150
360
1,000 600 100
400 340
500 200 50 320
- - - 300
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
1,400 140 500 800

1,200 400 600
120 300
1,000 100 200 400
800 80 100 200
-
600 60 (100) -
400 40 (200) (200)
(300) (400)
200 20 (400)
- - (500) (600)
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
67
IGI INSURANCE LIMITED
Insurance
Mr. Jalees Ahmed Siddiqi

Vision Community: Compliance with the highest ethical
and moral standards
IGI Insurance is committed to being one of the
leading providers of solutions to risk exposures in Key Financial Data for the last two (2) Years
selected market segments in Pakistan.
(Rs in million)
Mission
2010 2009
Our vision will be realized through.
Customers: Being the preferred insurer in Net Premium Revenue 721 615
providing solution to risk exposure Net Claims Expense 364 257
Shareholders: Consistently delivering above market Net Commission / (Income) (35) (65)
average return on capital Profit / (Loss) after tax 837 264
Employees: Providing the environment necessary
to be the employer of choice
COMPANY INFORMATION
1. Chairman Syed Babar Ali 6. Legal Advisor Hassan & Hassan

Lari & Company
2. Chief Executive Ramday Law Associates
Officer Mr. Jalees Ahmed Siddiqi J.H. Rahimtoola and Company
3. Directors Mr. Syed Babar Ali 7. Auditors External: KPMG

Mr. Syed Shahid Ali Taseer Hadi & Co.
Mr. Shamim Ahmad Khan Chartered Accountants
Mr. Syed Hyder Ali
Mr. Syed Kamal Ali Internal: A.F. Ferguson & Co.
Mr. Waqar Ahmed Malik Chartered Accountants
Mr. Syed Yawar Ali
Mr. Jalees Ahmed Siddiqi 8. Registered &
Main Office 7th Floor, The Forum,
4. Company Suit No. 701-713, G-20,
Secretary Mr. Haider Raza Block-9, Khayaban-e-Jami,
5. Chief Financial Clifton, Karachi - 75600
Officer Mr. Muhammad Ali
9. Number of
Employees 124
68
IGI INSURANCE LIMITED
EQUITY REVENUE ACCOUNT
Authorised Share capital 1,000.00 1,000.00 1,000.00 1,000.00 Net Premiun Revenue 720.73 614.59 542.52 606.60
Issued subscribed and paid-up capital 718.43 598.69 598.69 319.30 Less: Net Claim 364.41 257.05 240.93 347.81
Reserves and retained earning 10,857.42 10,362.12 10,247.83 10,952.15
11,575.85 10,960.81 10,846.52 11,271.45 Less: Expense 186.17 169.63 164.89 171.08
UNDERWRITING PROVISIONS Less: Net commission/(Income) (34.95) (65.20) (56.47) (72.38)

(Including IBNR) 228.42 286.74 366.62 476.72 Underwriting Result 205.10 253.10 193.17 160.10
Provision for unearned premium - net 423.94 374.64 378.62 400.66 Investment Income 929.34 (414.65) (157.48) 3,021.53
Commssion income unearned 49.01 38.14 56.73 46.98
Deferred Liabilities 68.15 50.93 - 30.19 Other Income 9.65 6.49 20.99 19.37
Creditors and accuuals 215.29 124.52 182.65 290.45 General and Administration Expense (109.05) (89.31) (106.66) (113.93)
Long term finance - secured - 40.00 320.00 400.00 Amortization of Goodwill - - - -
Other Liabilities 399.80 490.28 1,049.49 1,183.10 Financial Charges (66.56) (129.71) (215.37) (133.49)
Total Equity and Liability 12,960.45 12,366.06 13,200.64 14,099.55 Share of (Loss)/Profit of associates (66.28) 721.28 (153.97) 19.96
Cash and Bank Deposit 0.42 6.81 258.26 205.91 715.68 111.66 (597.27) 2,823.44
(Loss)/Profit Before Tax 920.77 364.77 (404.10) 2,983.53
Loans-Secured Considered Good 0.00 0.00 0.00 0.00
Provision for taxation (84.22) (100.80) (27.06) 53.94
Investments 11,905.80 11,235.76 11,709.95 12,404.73
(Loss)/Profit after tax 836.56 263.97 (377.04) 2,929.60
Investment Properties 96.93 0.00 0.00 0.00
Balance at commencement of year (172.25) (376.35) 2,848.42 7,486.42
Deffered Tax 0.00 0.00 16.87 0.00
Adjusment Resulting from Change
Reinsurance Recovries against in Accounting Policy - - - (8.20)
outstanding Claims 95.37 172.36 196.58 240.48 (172.25) (376.35) 2,848.42 7,478.22
Deffered Commission Expenses 0.00 0.00 0.00 0.00 APPROPRIATIONS
Dividend 71.84 59.87 47.90 159.65
Other Assets 694.69 670.59 716.45 939.15
Reserve for Bonus Share - 79.83 119.74
Fixed Assets 167.24 280.55 302.53 309.28 General Reserve - - 2,720.00 7,280.00
Goodwill 0.00 0.00 71.84 59.87 2,847.72 7,559.39
TOTAL ASSETS 12,960.45 12,366.06 13,200.64 14,099.55
Balance unappropriated (Loss)/
Assets at market value 15,422.27 10,523.93 10,455.12 18,499.93 profit at the end of year 592.47 (172.25) (376.34) 2,848.42

Net working Capital (53.03) (51.78) (427.47) (564.72) Claims incurred to net premium 50.56 41.83 44.41 57.34
Current Ratio 0.94 0.94 0.73 0.71 (Loss)/ profit to net premium 116.07 42.95 (69.50) 482.95
Net worth 1.12 1.13 1.22 1.25 Management Expense to net premium 25.83 27.60 30.39 28.20
Commission to net premium (4.85) (10.61) (10.41) (11.93)
Break-up Value 161.13 183.08 181.17 353.00 Earning per share 11.64 4.41 (6.30) 91.75
Cash Dividend 215.52 209.54 89.80 127.72
Stock Dividend 371.18 - 199.56 79.82
15,000 12,000 400 800

300 600
12,500 10,500 200 400
100 200
10,000 9,000 - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
13,000 300 3,500 1

3,000
250 2,500 1
12,000 200 2,000
1,500 1
150 1,000
0
11,000 100 500
- 0
50 (500)
10,000 - (1,000) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
69
JUBILEE GENERAL INSURANCE CO. LTD.
(Formerly New Jubilee Insurance Company Ltd.)
Mr. Tahir Ahmed
Vision: Key Financial Data for the last two (2) Years
Enabling people to overcome uncertainty (Rs in million)

2010 2009
Mission:
To provide solutions that protect the future of our Net Premium Revenue 2,451 2,298
customers Net Claims Expense 1,678 1,421
Values: Profit after tax 450 656
Teamwork - Integrity - Excellence - Passion
Brand Essence:
Live Free
COMPANY INFORMATION
1. Chairman Mr. Towfiq H. Chinoy 5. Legal Adviser Surridge & Beecheno
2. President & 6. Share Registrar THK Associates (Pvt) Ltd.

Managing Mr. Tahir Ahmed Ground Floor, State Life
Director (Chief Executive) Building # 3, Dr. Ziauddin
Directors Ahmed Road, Karachi
Mr. Akbarali Hashwani Tel 35689021, 35686658
Mr. Sadruddin Hashwani
Mr. Masood Noorani 7. Head Office / 2nd Floor, Jubilee Insurance
Mr. Akbarali Pesnani Registered House, I.I. Chundrigar Road,
Mr. John Joseph Metcalf Office Karachi
Mr. R. Zakir Mahmood UAN (92-021) 111-654-111,
Mr. Aly Noormahomed Tel: 32416022-26
Rattansey Fax: (92-021) 32416728,
32438738
3. Chief Financial E-mail: info@jubileegeneral.com.pk
Officer & Company Web: www.jubileegeneral.com.pk
Secretary Mr. Atiq Anwar Mahmudi
8. No. of Employees 633
4. Auditors Ernst & Young Ford
Rhodes Sidat Hyder
70
JUBILEE GENERAL INSURANCE CO. LTD.
Authorized Share Capital 1,000.00 1,000.00 1,000.00 1,000.00 Net Premium Revenue 2,451.23 2,297.72 2,186.44 1,818.78
Reserves and retained earnings 2,082.43 1,961.85 1,402.17 1,862.37 Less: Net Claims 1,677.61 1,420.97 1,332.46 1,413.73
2,873.41 2,621.00 2,061.32 2,411.66
(including IBNR) 1,879.57 1,315.99 1,190.06 1,428.81 Less: Net Commission 204.74 227.64 239.54 206.64
Provision for unearned premium - net 1,521.54 1,459.92 1,345.36 1,190.12 Underwriting result (64.08) 114.13 108.12 (207.02)
Commission Income Unearned 54.64 54.49 48.44 53.26 Investment Income 407.59 452.25 181.71 599.21
Total 3,455.75 2,830.40 2,583.86 2,672.19
Deferred Liabilities 1.37 1.93 2.50 3.07 Rental Income 84.38 76.99 83.20 70.86
Other Liabilities 419.50 285.66 250.70 278.04 General and administration expenses (19.13) (20.60) (19.55) (7.87)
Total Equity And Liabilities 7,671.59 6,432.53 5,425.16 5,932.70 Impairment in value of available
of sale securities - - (651.15) -
Cash and Bank Deposits 974.78 2,028.13 1,670.16 1,680.63
Share of Profit & Loss in Associate 9.00 (1.38) 6.62 6.82
Loans - Secured Considered Good 0.79 0.29 0.36 0.43 610.76 657.78 (287.27) 782.07
Investment 3,675.76 1,753.16 1,430.22 1,955.89 Profit before tax 546.68 771.90 (179.15) 575.04
Investment Properties 146.45 149.65 123.82 76.20 Provision for taxation 96.53 115.43 88.10 (13.42)
Deferred Tax 39.32 31.98 35.97 62.57 Profit after tax 450.15 656.47 (267.25) 588.46
APPROPRIATIONS
Balance at commencement of year 706.53 (151.06) 658.43 938.00
Dividend 197.75 98.87 82.39 258.16
Other Assets 1,759.81 1,759.64 1,563.97 1,352.09 Reserve for Bonus Share/
Bonus Shares issued 131.83 - 109.86 109.86
Fixed Assets 97.51 106.55 97.96 181.23 General Reserve 320.00 (300.00) 350.00 500.00
Leased Motor Vehicle - - - - 649.58 (201.13) 542.25 868.02
TOTAL ASSETS 7,671.59 6,432.53 5,425.16 5,932.70
Assets at Market Value 9,574.86 8,164.29 6,712.44 7,835.51 at end of year 507.10 706.54 (151.07) 658.44

Net Working Capital (Rs.) 4,031 3,709 3,063 3,216 Claims incurred to net premium % 68.44 61.84 60.94 77.73
Break-up Value 36.33 39.76 31.27 43.91 Earning per share (Rs.) 5.69 9.96 (4.05) 10.71
Cash Dividend 197.75 98.87 82.39 258.16
Stock Dividend 131.83 - 109.86 109.86
10,000 3,500 2,000 3,000

8,000 3,000 2,500
2,500 1,500
6,000 2,000
2,000 1,000 1,500
4,000 1,500
1,000 1,000
2,000 500
500 500
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
4,500 2,500 800 -

4,000 600
3,500 2,00 800
3,000 1,500 400
600
2,500 200
2,000 1,000 400
1,500 -
1,000 500 (200) 200
500
- - (400) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
71
NEW HAMPSHIRE INSURANCE COMPANY
Mr. Mujib Khan
To be the world's first choice provider of insurance (Rs in million)

and financial services. We will create unmatched
value for our customers, colleagues, business partners 2010 2009
and shareholders: as we contribute to the growth of
sustainable and prosperous communities. Premium Written 1,100 850
Net Commission / (Income) (10) (3)
COMPANY INFORMATION
1. Country 5. Registered
Manager Mr. Mujib Khan Office 7th Floor, Dawood Centre,
M. T. Khan Road,
2. Chief Financial Karachi, Paksitan
Officer Mr. Hasan Dossani UAN # (021) 111-111-244
Fax # (021) 35634022 & 3
3. Advisors Lari & Co, Sattar & Sattar Email:
info-pakistan@chartisinsurance.com
4. Auditors & Website: chartisinsurance.pk
Tax Advisor: Ernst & Young (auditors)
A. F. Ferguson (tax advisor) 6. Number of
Employees 73
72
NEW HAMPSHIRE INSURANCE COMPANY
Authorized Share Capital - - - - Net Premium Revenue 405.94 382.17 479.93 874.97
Issued subscribe and paid-up Capital - - - -
Reserves and retained earnings 1,492.43 1,241.29 1,073.05 976.31 Less: Net Claims 201.11 169.22 205.59 676.48
1,492.43 1,241.29 1,073.05 976.31
(including IBNR) 285.08 315.16 258.92 494.73 Less: Net Commission (9.98) (3.17) 5.02 15.94
Commission Income Unearned 76.85 74.81 64.83 39.77 Investment Income 158.72 131.76 92.19 90.54
Total 743.74 739.99 673.02 986.63
Deferred Liabilities - - - - Rental Income
Other Liabilities General and administration expenses (171.59) (198.66) (164.57) (116.59)
Total Equity And Liabilities 2,524.26 2,197.99 1,887.87 2,113.75 Exchange gain
Loans - Secured Considered Good (10.72) (66.72) (70.07) (23.57)
Investment 751.91 863.09 435.62 163.31 Profit before tax 92.78 32.20 82.60 66.05
Deferred Tax 8.56 19.17 30.28 17.14
Profit after tax 56.57 17.14 52.50 45.29
Dividend - - - -
Other Assets 737.99 619.42 592.67 646.73
Reserve for Bonus Share/Bonus Shares issued - - - -
Fixed Assets 63.92 78.92 87.72 86.20 General Reserve - - - 20.59
Leased Motor Vehicle - - - 20.59
TOTAL ASSETS 2,524.26 2,197.99 1,887.87 2,113.75
Assets at Market Value 2,581.89 2,242.19 1,895.87 2,208.88 profit at end of year 928.03 871.46 854.32 801.82

Net Working Capital (Rs.) 1,063.80 638.31 888.36 1,157.33 Claims incurred to net premium % 49.54 44.28 42.84 77.31
Commission to net premium % (2.46) (0.83) 1.05 1.82
Break-up Value - - - - Earning per share (Rs.) - - - -
3,000 1,600 800 1,000

2,500 1,400 700
600 800
1,200
2,000 1,000 500 600
1,500 800 400
600 300 400
1,000
400 200 200
500 200 100
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
1,000 1,000 60 60
900
800 800 50 50
700 40 40
600 600
500 30 30
400 400 20
300 20
200 200 10 10
100
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
73
THE PAKISTAN GENERAL
INSURANCE CO. LTD.
PGI
Ch. Zahoor Ahmed
Vision We strive to maintain a customer focused approach
by ensuring that our services are delivered to the
The Pakistan General Insurance Company Limited customer in time, according to the required
is Committed to provide quality insurance services specifications and within our stipulated cost.
and improved coverage by virtue of sound
professionalism and risk management expertise, to Key Financial Data for the last two (2) Years
provide better coverage and satisfaction of their
customers. (Rs in million)
Mission 2010 2009
.
Our aim is to provide cost effective insurance cover Premium Written 312 206
to our customers which is achieved by increasing Net Premium Revenue 111 110
the productivity of our employees. Net Claims Expens 69 29
We follow good governance and sound Net Commission / (Income) 15 5
professionalism to become a well reputed and Profit / (Loss) after tax 5 85
respected corporate entity in the eyes of Government
and society.
COMPANY INFORMATION
1. Chairman Ch. Manzoor Ahmed (P.S.P) 7. Chief Risk

I.G. Police Punjab (Retd)- Officer Aftab Ahmed Phambra
D.G.I.B.(Retd)
8. Advisors Tax Consulants -
2. Chief Executive Kamran & Company
Officer Ch. Zahoor Ahmed Share Registry Corplink
(Private) Ltd
3 Executive 9. Auditors M. Yousuf Adil Saleem & Co.
Directors Ch.Ghulam Mustafa (Chartered Accountants
Member of Deloitte Touche)
4. Directors Ch. Manzoor Ahmed Kamran & Co.
Ch. Zahoor Ahmed (Member of Impact Asia Pacific)
Ch. Ghulam Mustafa
Ch. Muhammad Saleem 10. Registered &
Ch. Mazhar Zahoor Head Office Cooperative Bank House,
Mr. Mehmood-ul-Haq 5-Bank Square
Mr. Usman Ali Shahrah-e-Quaid-e-Azam,
Ch. Athar Zahoor Lahore
Mr. Rehan Beg 11. Principal Office P.G.I. House, 5-A, Bank Square
Shahrah-e-Quaid-e-Azam,
5. Company Lahore
Secretary Ch. Muhammad Saleem
6. Chief Financial
Officer Azhar Hafeez Ch.
74
THE PAKISTAN GENERAL INSURANCE COMPANY LIMITED
356.27 361.08 275.00 244.00
(including IBNR) 8.24 10.35 9.00 12.00 Less: Net Commission (14.64) (5.41) (7.00) (10.00)
Deferred Liabilities 23.28 31.45 11.00 9.00 Other Income 0.14 72.74 - 1.00
Finance charges on lease rentals (0.36) (1.24) (1.00) (2.00)
Cash and Bank Deposits 90.86 138.21 48.00 106.00 (22.90) 50.65 (26.00) (24.00)
Loans - Secured Considered Good 0.18 0.11 0.10 0.10 (Loss) / Profit before tax (1.66) 104.46 25.00 26.00
Investment 24.26 25.60 19.00 16.00
Provision for taxation (6.48) 20.79 3.00 1.00
Profit after tax 4.83 83.67 22.00 25.00
APPROPRIATIONS
Reinsurance Recoveries Against Balance at commencement of year 6.03 10.00 19.00 12.00
Outstanding Claims 5.42 7.69 5.00 10.00 Restatement of errors - - 8.00
Deferred Commission Expense 21.05 12.01 12.00 8.00 Dividend (10.00) - - -
Other Assets 135.33 116.19 174.90 99.90 Bonus Shares issued
Fixed Assets 87.76 91.97 90.00 144.00 General Reserve - (90.00) (40.00) (19.00)
Incremental depreciation 0.37 2.36 1.00 1.00
Leased Motor Vehicle 1.00 3.26 5.00 7.00 (3.60) (77.64) (12.00) (6.00)
TOTAL ASSETS 594.19 543.78 509.00 438.00

Management expenses to net premium % 31.74 29.41 29.35 25.00
Total Assets / Net Worth 1.67 1.51 1.85 1.80 Commission to net premium % (13.25) (4.92) (7.61) (13.16)
Cash Dividend (10.00) - - -
Stock Dividend (50.00) - - -
800 400 80 120

350 70 100
600 300 60
250 50 80
400 200 40 60
150 30 40
200 100 20
50 10 20
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
30 160 90 30
25 140 80 20
120 70
20 100 60 10
15 80 50 0
60 40
10 30 -10
40 20
5 20 10 -20
- - - -30
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
75
PICIC INSURANCE LIMITED
Mr. Ahmed Salahuddin
Vision personal growth and development strictly on the

basis of merit.
PICIC Insurance shall emerge as the leading
Insurance and risk management services organization We shall strive to continually provide above average
in Pakistan. We are in the business of providing returns to our shareholders.
solution to mitigate insurable risk exposure of our
clients. We shall do this on the basis of through risk We shall support the development of the communities
evaluation and product knowledge. in which we live and work.
Mission Key Finanical Data for the last Two (2) Years
PICIC Insurance shall fully satisfy the needs and (Rs in million)
expectation of all its stakeholders:
2010 2009
We shall putt the interest of our client first and ensure
that they make informed decisions with respect to Premium Written 550 494
the products and services that we offer them. Net Premium Revenue 167 200
We shall give our employees a congenial work Net Commission / (Income) 10 3
environment and shall give them opportunities for Profit / (Loss) after tax 5 17
COMPANY INFORMATION
1 Chairman Mr. Mohammed Basheer- 4 CFO & Company

Janmohammed Secretary Mr. Muhammad Haneed
2 Managing 5 Advisor Syed Ali Hyder

Director &
CEO Mr. Ahmed Salahuddin 6 Auditors &
Tax Advisor Ernst & Young
3 Directors Mr. Mohammed Basheer - Ford Rhodes Sidat Hyder
Janmohammed Chartered Accountants
Mr. Muhammad Rafiq Tumbi
Mr. Yameen Kerai 7 Registered
Mr. Shahid Sattar Office 8th Floor Shaheen Complex
Mr. Rizwan Abbas M.R.Kayani Road, Karachi
Mr. Muhammad Riaz
Mr. Ahmed Salahuddin 8 Number of
Employees 111
76
PICIC INSURANCE LIMITED
Premium deficiency reversal/(expense) (1.00)
Reserves and retained earnings (119.00) (124.00) (141.00) (88.00) Less: Net Claims 91.00 106.00 154.00 268.00
231.00 226.00 209.00 112.00
Provision for outstanding claims Less: Net Commission (10.00) (3.00) (0.00) 9.00
(including IBNR) 128.00 121.00 156.00 212.00 Underwriting result 5.00 11.00 (19.00) (98.00)
Additional provision for unexpired risk 1.00 Investment Income 6.00 8.00 (3.00) 19.00
Total 374.00 313.00 333.00 411.00 Rental Income
Deferred Liabilities 5.00 - 4.00 8.00
Other Income 23.00 28.00 11.00 14.00
Other Liabilities - - - - General and administration expenses (29.00) (31.00) (39.00) (30.00)
Total Equity And Liabilities 919.00 731.00 704.00 644.00 Exchange gain - 1.00.00 - -
Cash and Bank Deposits 218.00 161.00 187.00 61.00 Finance charges on lease rentals - - (0.00) (1.00)
- 6.00 (32.00) 3.00
Amount Due but unpaid 248.00 198.00 168.00 142.00
Profit / (loss) before tax 5.00 17.00 (50.00) (94.00)
Investment 50.00 45.00 37.00 132.00
Amount Due from 120.00 92.00 78.00 77.00 Provision for taxation - 3.00 - -
Deferred Tax - - - 3.00 Profit / (loss) after tax 5.00 17.00 (53.00) (94.00)
Balance at commencement of year (124.00) (141.00) (88.00) 26.00
Dividend - - - 20.00
Bonus Shares issued
Fixed Assets 3.00 3.00 11.00 15.00 General Reserve
Leased Motor Vehicle 5.00 3.00 6.00 - - - 20.00

profit at end of year (119.00) (124.00) (141.00) (88.00)

Net Working Capital (Rs.) 35.00 65.00 78.00 (72.00) Claims incurred to net premium % 55.00 53.00 68.00 88.00
Current Ratio 1.00 1.00 1.00 1.00 Net Profit after tax to net premium % 3.00 8.00 (23.00) (31.00)
Break-up Value 7.00 6.00 6.00 6.00 Commission to net premium % (6.00) (1.00) - 3.00
Earning per share (Rs.) 0.00 - (2.00) (5.00)
Cash Dividend - - - 20.00
1,000 250 300 300

800 200 250 250
200 200
600 150
150 150
400 100 100 100
200 50 50 50
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
140 250 40 -
120 200 20 (5)
100 -
80 150 (20) (10)
60 100 (40) (15)
40 (60)
50 (80) (20)
20
- - (100) (25)
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
77
PREMIER INSURANCE LIMITED
Mr. Fakhir Rahman

Vision To provide an excellent working environment to our
employees affording them every opportunity to
Our vision is to provide the highest level of service growth and career developments.
in general insurance and strive to become a market
leader with a prestigious profile. Our Values: We take pride in adhering to ethical
business practices and in being a good corporate
Mission citizen.
Our Business: We are a company underwriting We respect our people and endeavor to provide them
general insurance business including underwriting opportunities to realize their full potential.
fire, property, marine, motor and other risks of our
clients. We recognize our responsibility to our stakeholders
and to society.
We are committed to become the leading organization
in the insurance sector building an excellent Key Financial Data for the last two (2) Years
reputation among our clients with the objective of
maximizing returns for all the stakeholders. (Rs in million)
Our Strengths: Financial viability and security we 2010 2009

provide our clients and reinsurers in order to
safeguard their interests. Premium Written 801 670
Our Strategy : To enhance our corporate image by Net Claims Expense 168 149
providing high quality products and services to our Net Commission / (Income) 33 28
policy holders. Profit / (Loss) after tax 121 53
COMPANY INFORMATION
1. Chairman Mr Zahid Bashir 6. Legal Advisor Arfin & Company

Advocates
2. Chief Executive Mr Fakhir Rahman
7. Tax Advisor Mushtaq & Company
3. Directors Syed Arshad Ali Chartered Accountants
Mr Khalid Bashir
Mr Imran Maqbool 8. Registered 5th Floor, State Life
Mr Nadeem Maqbool Office Building No. 2A
Mr Khurram Mazhar Wallace Road, Karachi-
Mr Shams Rafi 74000, Pakistan
Phones:(92-21) 32416331-4
4. CFO & Fax: (92-21) 32416572
Company Email: info@pil.com.pk
Secretary Mr Afroz Quraishi Website: www.pil.com.pk
5. Auditors Anjum Asim Shahid Rahman 9. Number of

Chartered Accountants Employees 174
78
PREMIER INSURANCE LIMITED
1,842.66 1,774.34 1,768.87 1,846.21
(including IBNR) 339.60 251.11 326.56 436.47 Underwriting result 16.88 20.95 8.39 22.73
Additional provision for unexpired risk - - - - Investment Income 162.36 222.18 185.63 542.58
Total 769.49 602.84 619.54 746.76 Rental Income 0.33 2.10 1.61 -
Other Income 3.14 4.16 0.96 0.85
Total Equity And Liabilities 3,101.28 2,788.72 2,701.37 2,943.20 Exchange gain - - - -
Cash and Bank Deposits 153.85 220.58 885.31 234.93 Impairment in Investments (3.72) (126.16) (213.22) -
Loans - Secured Considered Good 1.71 2.41 3.12 3.83 Finance charges on lease rentals - - - -
Investment 1,343.39 1,245.69 607.16 1,560.82 124.86 58.70 (53.30) 472.95
Investment Properties 55.83 56.39 25.58 - Profit before tax 141.74 79.65 (44.91) 495.69
Deferred Tax - - - Provision for taxation (20.76) (26.31) 7.48 (16.75)
Reinsurance Recoveries Against Profit after tax 120.98 53.34 (37.44) 478.94
APPROPRIATIONS
Other Assets 1,026.42 854.24 677.94 587.43 Dividend 52.67 47.88 39.90 33.25
Fixed Assets 252.53 226.68 245.07 228.12 Reserve for Bonus Share/
Bonus Shares issued 39.50 23.94 39.90 33.25
Leased Motor Vehicle - - 1.79 2.91 General Reserve - (150.00) 400.00 535.00
TOTAL ASSETS 3,101.28 2,788.72 2,701.37 2,943.20 92.16 (78.19) 479.79 601.50
Assets at Market Value at end of year 269.81 240.99 109.46 626.69

Net Working Capital (Rs.) 583.63 572.01 1,159.47 333.57 Claims incurred to net premium % 44.65 44.54 46.92 56.04
Earning per share (Rs.) 4.00 2.03 (1.56) 24.01
Cash Dividend 52.67 47.88 39.90 33.25
Stock Dividend 39.50 23.94 39.90 33.25
3,200 1,860 250 400

1,840 350
3,000 200 300
1,820
150 250
1,800
2,800 1,780
200
100 150
2,600 1,760 100
50
1,740 50
2,400 1,720 - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
1,800 1,000 600 800

1,600 500
1,400 800 600
1,200 400
1,000 600 300 400
800 400 200 200
600 100
400 200 100
200 -
- - (100) .00
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
79
RELIANCE INSURANCE CO. LTD.
Mr. A Razak Ahmed
Vision
Key Financial Data for the last two (2)Years
To be recognized as a professional and dependable
business entity committed to play a meaningful role (Rs in million)
in the development of insurance industry in Pakistan
and to safeguard the legitimate interests of all 2010 2009
stakeholders, namely policy-holders, share-holders,
reinsurers, employees and all other business Premium Written 530 506
associates/partner. Net Premium Revenue 268 327
Mission Net Commission / (Income) 40 44
Profit / (Loss) after tax 52 (33)
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 well-known and respected Corporate
entity in the eyes of Society and Government.
COMPANY INFORMATION
1. Chairman Mr. Ismail H. Zakaria 5. Auditors Hyder Bhimji & Company
Chartered Accountants.
2. Chief Executive
& Managing 6. Legal Advisor Mr. Abdul Sattar Pingar
Director Mr. A Razak Ahmed
7. Registered Office 96-A, Sindhi Muslim
3. Directors Mr. Mohammed Amin- Co-Operative Housing Society,
Ahmed Bawany Karachi
Mr. A. Aziz Ayoob
Mr. Irfan Zakaria Bawany 8. Head Office Reliance Insurance House,
Mr. Mohammad Omer Bawany 181-A, Sindhi Muslim
Mr. Zohair Zakaria Co-operative Housing
Mr. Ahmed Ali Bawany Society, Karachi 74400
Mr. Noor M. Zakaria Tel: 4539415 - 17
Mr. Ashfaq Patel Fax: 92-21-4539412
Mr. Yasin Siddik Email: reli-ins@cyber.net.pk
ric-re@cyber.net.pk
4. Chief Accountant Web: www.relianceins.com
& Company
Secretary Mr. Haroon A. Shakoor 9. No of
Employees 220
80
RELIANCE INSURANCE COMPANY LTD
Issued subscribed and paid-up Capital 252.01 252.01 229.09 176.23 Less: Net Claims 96.43 227.45 208.36 156.97
Reserves and retained earnings 122.51 70.58 126.13 138.49
374.52 322.59 355.22 314.72 Less: Expenses 99.46 106.60 138.10 134.12
Less: Net Commission 40.09 44.48 50.91 46.20
(including IBNR) 148.99 227.47 252.84 125.49 Underwriting Result 31.93 (51.98) (48.17) 58.52
Provision for unearned premium - net 258.88 232.76 243.90 291.40 Investment Income 54.86 53.86 18.26 43.23
Total 437.16 493.35 527.08 448.27 Other Income 1.40 1.58 1.38 0.90
Other Liabilities 0.11 0.11 5.90 4.44 Exchange gain
Total Equity And Liabilities 903.45 904.33 938.72 806.93 24.75 20.99 4.09 29.82
Cash and Bank Deposits 57.54 63.04 85.03 94.95 Profit before tax 56.68 (30.99) 52.26 88.35
Loans - Secured Considered Good 0.75 1.06 0.96 0.94 Provision for taxation 4.75 1.65 11.75 17.60
Investment 284.60 282.69 285.86 270.42 Profit after tax 51.93 (32.64) 40.51 70.75

Outstanding Claims 98.24 144.01 214.07 88.71 Balance at commencement of year (22.02) 41.02 70.88 58.37
Deferred Commission Expense 45.94 53.56 47.03 53.83 Dividend

Other Assets 351.72 293.67 232.98 227.57 Bonus Shares issued - 22.90 52.87 43.73
General Reserve (5.10) 7.50 17.50 14.50
Fixed Assets 64.66 66.30 72.79 70.51
(5.10) 30.40 70.37 58.23
profit at end of year 35.01 (22.02) 41.02 70.89

Stock Dividend - 22.90 52.87 43.73
950.00 380.00 250.00 500.00

900.00 360.00 200.00 400.00
850.00 340.00 150.00 300.00
800.00 320.00 100.00 200.00
750.00 300.00 50.00 100.00
700.00 280.00 - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
290.00 100.00 80.00 60.00

285.00 80.00 60.00 50.00
280.00 40.00 40.00
60.00
275.00 20.00 30.00
40.00 20.00
270.00 -
265.00 20.00 (20.00) 10.00
260.00 - (40.00) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
81
SAUDI PAK INSURANCE COMPANY LTD.
Capt. Azhar Ehtesham Ahmed
Vision orientation for the benefit of the insurance industry.

We shall endeavor our utmost to render the best
Our vision is to be the quality insurance service possible service to our clients.
provider, recognized and appraised by performance
and product development to cater the changing needs Key Financial Data for the last two (2) Years
of customers and continuous growth of human
resource. (Rs in million)
Mission 2010 2009
We wish to become a dynamic insurance service Premium Written 194 230

provider, maintaining credibility and reputation Net Premium Revenue 82 125
while growing revenues over the coming years and Net Claims Expense 70 70
improving insurance products by utilizing latest Net Commission / (Income) 3 1
technologies. Saudi Pak Insurance Company Limited Profit / (Loss) after tax (43) 1
focusing to build up a team of professionals by
imparting exhaustive training, education and career
COMPANY INFORMATION
1. Chairman Mr. Mohamad Anwar 6. Auditors M. Yousuf Adil Saleem & Company
2. Chief Executive
Officer Capt. Azhar Ehtesham Ahmed 7. Registered
Office 19th Floor, Saudi Pak Tower
3. Directors Mr. Farrukh S. Ansari 61-A, Jinnah Avenue
Mr. Goharulayn Afzal Islamabad
Ms. Parveen A. Malik Phone # (051) 111-222-003
Mr. Fasihuddin Ahmed Fax # (051) 111-222-004
Syed Liaquat Ali
Capt. Azhar Ehtesham Ahmed 8. Main Office 2nd Floor, State Life Building
No. 2-A, Wallace Road, Karachi
4. CFO & Company Phone # (021) 32418430
Secretary Mr. Mohammad Imtiaz A. Aziz Fax # (021) 32417885
E-mail: info@saudipakinsurance.com.pk
5. Advisors Mandviwalla & Zafar Website: www.saudipakinsurance.com.pk
9. Number of
Employees 63
82
SAUDI PAK INSURANCE COMPANY LIMITED
Premium deficiency reversal/(expense) - 1.53 - (3.53)
Reserves and retained earnings (166.85) (124.13) (124.26) (64.38) Less: Net Claims (69.76) (69.94) (103.30) (114.09)
158.15 200.87 200.74 185.62
Underwriting Provisions Less: Expenses (56.40) (65.01) (86.68) (68.98)
Less: Net Commission 2.55 1.12 0.06 (1.37)
Additional provision for unexpired risk 2.00 2.00 3.53 3.53
Underwriting result (41.54) (7.45) (44.64) (38.72)
Total 228.63 299.81 401.26 451.90 Investment Income 3.26 10.79 (12.60) 9.51
Deferred Liabilities - - 0.21 -
Rental Income - - - -
Other Income 6.77 9.12 7.67 11.62
Other Liabilities - - - -
Total Equity And Liabilities 401.97 522.69 634.70 678.20 General and administration expenses (10.03) (11.30) (12.42) (11.39)
Cash and Bank Deposits 50.68 32.39 99.82 118.28 Exchange gain - 0.31 2.09 -
Loans - Secured Considered Good - - - - Finance charges on lease rentals - - - -

- 8.92 (15.26) 9.74
Investment 77.63 100.49 78.61 77.09 .
Profit before tax (41.54) 1.47 (59.88) (28.97)
Provision for taxation 1.18 0.62 - 0.84
Reinsurance Recoveries Against Profit after tax (42.72) 0.85 (59.88) (29.81)
Deferred Commission Expense 10.07 10.23 15.98 15.17 Balance at commencement of year (124.13) (124.26) (64.38) (34.57)
Other Assets 149.47 189.85 202.86 192.48 Dividend - - - -

Reserve for Bonus Share/Bonus Shares issued - - - -
Leased Motor Vehicle - - -
- - - -
TOTAL ASSETS 401.97 522.69 634.70 678.20
Assets at Market Value at end of year (166.85) (123.41) (124.26) (64.38)

Net Working Capital (Rs.) 144.99 168.45 221.35 209.89 Claims incurred to net premium % (85.00) (56.02) (71.10) (76.44)
Current Ratio 2.01 1.79 1.79 1.62 Net Profit after tax to net premium % (52.05) 0.68 (41.22) (19.97)
Total Assets / Net Worth 2.54 2.60 3.16 3.65 Management expenses to net premium % (68.72) (52.07) (59.66) (46.22)
Commission to net premium % 3.11 0.90 0.04 (0.92)
Break-up Value 4.87 6.18 6.18 7.42 Earning per share (Rs.) (1.31) 0.03 (1.84) (1.19)
800.00 250.00 400.00 300.00

350.00 250.00
600.00 200.00 300.00
150.00 250.00 200.00
400.00 200.00 150.00
100.00 150.00 100.00
200.00 50.00 100.00
50.00 50.00
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
120.00 140.00 10.00 1

120.00 -
100.00 (10.00) 1
80.00 100.00
(20.00) 1
80.00
60.00 (30.00)
60.00 (40.00) 0
40.00 40.00 (50.00) 0
20.00 20.00 (60.00)
- - (70.00) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
83
SECURITY GENERAL INSURANCE COMPANY LIMITED
Ms. Nabiha Shahnawaz
Mission Key Financial Data for the last two (2) Years
SGI to become a leader in insurance through (Rs in million)

innovation, competitive advantage, customer
satisfaction and stakeholder confidence. 2010 2009

Net Premium revenue 127 120
Net Commission/Income 3 18
Profit/ (Loss) after Tax 374 314
COMPANY INFORMATION
1. Chairman Mian Hassan Mansha 5. Chief Financial

Officer Mr. Farrukh Aleem
2. Chief Executive
Officer Ms. Nabiha Shahnawaz 6. Legal Advisor Hamid Law Associates
3. Board of 7. Auditors & A.F. Ferguson & Co

Directors Mian Hassan Mansha Tax Advisor Chartered Accountants
Mr. Aamir Fayyaz Sheikh
Mr. Waleed Tariq Saigol 8. Registered / SGI House, 18 C / E1,
Mr. Jehanzeb Amin Main Office Gulberg III, Lahore.
Mr. Inayat Ullah Niazi Tel: 92-42-35775024-29
Mr. Manzar Mushtaq Fax: 92-42-35775030
Mr. Shahzad Ahmad Malik E-mail: sgi@sgicl.com
Mr. Badar ul Hassan Web: www.sgicl.com
4. Company 9. Number of
Secretary Mr. Khalid Mahmood Chohan Employees 99
84
SECURITY GENERAL INSURANCE COMPANY LIMITED
Authorized Share Capital 1,000.00 1,000.00 1,000.00 1,000.00 Net Premium Revenue 127.01 120.20 69.33 43.29
Premium deficiency reversal/(expense) -
6,948.57 6,711.04 6,532.72 6,526.24
Commission Income Unearned 26.89 19.68 13.26 15.10 Investment Income 496.44 446.25 297.56 6,329.30
Total 335.36 250.92 251.94 201.23
Deferred Liabilities (Defered Taxation) 8.43 9.59 10.39 - Rental Income - - - -
Other Liabilities 470.32 600.35 918.06 613.19 General and administration expenses 53.36 45.94 31.82 25.79
Total Equity And Liabilities 7,953.22 7,699.36 7,778.43 7,391.35 Exchange gain - - - -
Cash and Bank Deposits 42.54 45.07 119.78 71.16 Finance charges on lease rentals 87.49 - - -
Loans - Secured Considered Good 360.29 498.96 332.13 6,358.91
Investment 7,295.08 7,116.57 7,225.33 6,969.09 Profit before tax 410.75 329.47 200.41 6,285.08
Investment Properties - - - - Provision for taxation 37.10 15.03 46.46 22.72

Deferred Tax - - - - Profit after tax 373.66 314.44 153.95 6,262.36
Outstanding Claims 108.42 75.34 107.67 73.58 Balance at commencement of year 6,028.41 5,850.10 6,297.37 261.88
Dividend 136.13 136.13 147.47 181.50
Bonus Shares issued - - 453.75 45.38
Fixed Assets 85.31 85.75 80.27 79.28
General Reserve
Leased Motor Vehicle - - - - 136.13 136.13 601.22 226.88
TOTAL ASSETS 7,953.22 7,699.36 7,778.43 7,391.35
Assets at Market Value profit at end of year 6,265.94 6,028.41 5,850.10 6,297.37

Net Working Capital (Rs.) (260.80) (356.15) (660.46) (433.66) Claims incurred to net premium % 27.48 26.02 24.16 39.58
Current Ratio 0.67 0.57 0.41 0.43 Net Profit after tax to net premium % 294.20 261.59 222.06 14,465.05
Cash Dividend 136.13 136.13 147.47 181.50
8,000 7,000 40 140

6,900 35 120
7,800 30
6,800 100
7,600 25
6,700 20 80
7,400 6,600 15 60
6,500 10 40
7,200 6,400 20
5
7,000 6,300 - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
7,400 140 60 6,000

7,300 120 50
100 5,000
7,200 40
80
7,100 30 4,000
60
7,000 40 20
3,000
6,900 20 10
6,800 - - 2,000
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
85
Shaheen Insurance SHAHEEN INSURANCE COMPANY LIMITED
Mr. Asif Suleman
Mission Key Financial Data for the last two (2) Years
Our mission is to continuously improve ourselves (Rs in million)

to become a leading, profitable Company,
meeting the needs of our customers and 2010 2009
enhancing the value of our shareholders
Investment. Premium Written 553 596
We will accomplish this by using the strengths Net Claims Expense 263 268
of our people and the application of innovative Net Commission /
science for the development of new insurance (Income) 68 105
products and services that are high in quality Profit / (Loss) after tax (29) 17
and competitive in price.
COMPANY INFORMATION
1. Chairman Air Vice Marshal ( R ) - 5. Legal Advisor Shaukat Law Associates
M.Ikramullah Bhatti
6. Auditors Anjum Asim Shahid Rehman
Officer Mr.Asif Suleman
7. Registered /
3. Directors Air Commodore ( R ) - Main Office 10th Floor, Shaheen Complex,
Zafar Iqbal Mir M.R.Kayani Road,
Mr.Naveed Tariq Karachi-74200
Mr.Ahmed Bilal
Mr.Shahid Hameed 8. Number of
Mr.Ian Howell Ross Employees 219
Mr.Takudzwa Brooks
Takundanyika Mparutsa
4. CFO & Company

Secretary Mr.Huzaif Hanif Tola
86
SHAHEEN INSURANCE COMPANY LIMITED
Premium deficiency reversal/(expense) - - 2.31 (0.90)
Reserves and retained earnings (3.78) 25.25 32.79 104.54 Less: Net Claims 263.04 267.99 333.83 370.00
196.22 225.25 207.79 279.54
Other Income 6.14 2.29 1.73 1.32
Total Equity And Liabilities 717.70 729.67 755.24 871.71 Impairment of non trading investment (0.55) (68.14) - -
Cash and Bank Deposits 136.97 132.73 166.84 235.86 Finance charges on lease rentals - - -
(43.74) (28.16) (130.24) 28.32
Investment 155.72 177.52 175.91 227.94 Profit before tax (23.47) 21.00 (63.85) 63.06
Investment Properties 4.55 5.09 5.63 6.16 Provision for taxation 5.56 3.54 7.90 2.85
Profit after tax (29.03) 17.46 (71.75) 60.21
Reserve for Bonus Share/Bonus Shares issued - 25.00 - 75.00
- 25.00 - 75.00
TOTAL ASSETS 717.70 729.67 755.24 871.71
Assets at Market Value - - - - at end of year (23.78) 5.25 12.79 84.54

Current Ratio 1.74 1.74 1.84 2.06 Net Profit after tax to net premium % (6.96) 3.63 (12.46) 10.55
Break-up Value 9.81 11.26 11.87 15.97 Earning per share (Rs.) (1.45) 0.87 (4.10) 3.44
Stock Dividend - 25.00 - 75.00
1,000 300 400.00 700.00

800 250 600.00
300.00 500.00
600 200
200.00 400.00
150
400 300.00
100 200.00
200 100.00
50 100.00
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
250 250 80.00 100

60.00
200 200 40.00 80
150 150 20.00 60
-
100 100 (20.00) 40
(40.00)
50 50 (60.00)
20
- - (80.00) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
87
A NCE
SUR C
IN
SILVER STAR INSURANCE COMPANY LTD.

OM
V E R S TA R
PA N Y LTD.
SIL
Mr. Zahir Muhammad Sadiq
Vision "A" rated International Reinsurers; thus maintaining

high ethical and professional standards, vis--vis
To ensure efficient and prompt service of insurance profitable returns to all our shareholders.
solutions to the industry, through an integrated and
well organized system, governed by motivated and Key Financial Data for the last two (2) Years
prudently managed human resources.
(Rs in million)
Mission 2010 2009
Our mission is to strengthen our position in the Premium Written 249 220
insurance industry, initially by concentrating upon Net Premium Revenue 154 148
our vigilant expansion in the province of Punjab, Net Claims Expense 41 28
while channeling out into other provinces, by way Net Commission / (Income) 12 11
of continuing to provide reliable and quality Profit / (Loss) after tax 37 34
insurance security, with the persistent support of
COMPANY INFORMATION
1. Chairman Ch. Muhammad Sadiq 6. Advisor Mr. Maqsood Hassan &
Ahmed & Pansota- Advocates &
2. Managing Director Legal Consultants
& CEO Mr. Zahir Muhammad Sadiq
7. Auditors &
3. Directors Mr. Faisal Zaka Bajwa Tax Advisor Ilyas Saeed & Co.
Mr. Mudassar Imran Chartered Accountants
Mr. Muhammad Kashif & Sarwars
Ms. Naveeda Abid Chartered Accountants
Mr. Waheed Ahmed
8. Registered Office Silver Star House, 5-Bank Square,
4. Company P. O. Box 2533, Lahore 54000
Secretary Mr. Nazir Ahmed Khan Tel.: (92-42) 3732 4488,
3735 5614, 3723 7518, 3723 1449
5. Chief Financial Fax: (92-42) 3722 9966
Officer Mr. Muhammad Kashif
9. Number of
Employees 48
88
SILVER STAR INSURANCE COMPANY LIMITED
Issued, subscribed and paid-up Capital 253.13 210.94 168.75 125.00
453.41 392.10 358.03 283.26
Provision for outstanding claims (including IBNR)54.83 14.34 8.27 11.55
Provision for unearned premium - net 118.24 100.20 101.38 93.46 Less: Net Commission 11.94 11.60 5.45 (1.01)
Additional provision for unexpired risk - - - - Underwriting result 50.88 58.97 84.27 75.38
Commission Income Unearned 11.19 9.91 10.37 9.46 Investment Income 9.00 (5.37) 12.15 13.24
Total 184.26 124.45 120.02 114.47
Deferred Liabilities 5.58 7.82 7.02 5.48 Rental Income 0.43 0.43 0.63 0.49
Other Liabilities 34.66 15.81 15.41 15.65 General and administration expenses 22.85 17.03 15.58 11.54
Total Equity And Liabilities 746.43 584.05 536.23 439.61 Exchange gain - - - -
Cash and Bank Deposits 328.77 315.87 279.28 211.52 Finance charges on lease rentals - 2.13 2.09 1.19
Loans - Secured Considered Good 6.70 8.17 5.44 4.42 12.15 15.92 31.27 26.69
Investment 36.31 31.35 40.55 33.51 Profit before tax 38.73 38.70 82.29 77.80
Investment Properties 11.30 11.34 11.39 11.43 Provision for taxation 1.44 4.63 7.52 7.62
Deferred Tax - - - - Profit after tax 37.29 34.07 74.77 70.18
Deferred Commission Expense 23.11 15.82 15.07 9.73 Dividend - - - -
Bonus Shares issued 42.19 42.19 43.75 25.00
Fixed Assets 102.19 74.72 73.14 60.47 General Reserve 10.60 10.55 10.94 6.25
Amortization of surplus on revaluation (0.21) (0.22) (0.23) (0.38)
Leased Motor Vehicle 42.67 22.30 18.71 19.29
52.58 52.52 54.46 30.87
TOTAL ASSETS 746.43 584.05 536.23 439.61

Commission to net premium % 7.75 7.84 3.90 (0.84)
Stock Dividend 42.19 42.19 43.75 25.00
800 500 50 200

600 400 40 150
300 30
400 100
200 20
200 100 10 50
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
45 350 80 60
40 300 70 50
35 250 60
30 50 40
25 200
20 40 30
150 30
15 100 20
10 20
5 50 10 10
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
89
TPL DIRECT INSURANCE LTD.
TPL Direct Insurance
A TPL Holdings Company
Mr. Saad Nissar
Vision - Optimum use of IT and offer web based underwriting

To establish leadership in the personal lines business as a and claims facility.
Direct Insurer and inspire improvement in the insurance - Display of professionalism and motivation by staff in
penetration in Pakistan by offering innovative products all areas.
compatible to the international standards. - Effective Training for career progression of the staff.
- Value addition by providing free Ambulance service &
Mission Roadside assistance.
We aim to be the best service and product provider, offering Key Financial Data for the last two (2) Years
unprecedented 24 hours underwriting and claims services
and adding value for the stakeholders, with a team of highly (Rs in million)
trained and skilled staff.
2010 2009
We will strive to achieve this by:
- Well managed 24 * 7 call center Net Premium Revenue 331 224
- In house capability of pre and post risk claim inspection. Net Claims Expense 142 65
- Prudent underwriting with low cost base. Net Commission/(Income) 36 17
- Effective treasury management. Profit / (Loss) after tax (18) 2
- Settling claims with promptitude and equity.
COMPANY INFORMATION
1. Chairman Mr. Jameel Yusuf 5. Advisor M/s. Lari Associates
2. Chief Executive 6. Auditors KPMG Taseer Hadi & Co.

Officer Mr. Saad Nissar
7. Registered
3. Directors Mr. Jameel Yusuf Office 39-K, Block-6, P.E.C.H.S,
Mr. Ali Jameel Karachi
Mr. Saad Nissar
Mr. Adil Matcheswalla 8. Number of
Mr. Rizwan Abbas Employees 72
Mr. Syed Kazim Hasan
Mr. Mustafa Ali
4. CFO & Company

Secretary Syed Kazim Hasan
90
TPL DIRECT INSURANCE LTD
Reserves and retained earnings (114.49) (96.48) (98.34) (100.19) Less: Net Claims 141.85 64.63 48.56 32.98
195.51 213.52 211.66 60.22
Commission Income Unearned 0.04 0.18 0.61 0.99 Investment Income 3.97 (2.56) 2.48 3.04
Total 251.35 176.41 101.79 97.10
Deferred Liabilities 0.51 5.39 4.49 Rental Income
Other Income 15.49 14.81 5.62 0.71
Other Liabilities 43.98 29.24 24.10
Exchange gain
Loans - Secured Considered Good 0.44 Finance charges on lease rentals (7.94) (5.61) (1.22) (0.22)
(30.19) (19.29) (13.28) (20.40)
Investment 33.84 38.84 34.32 25.70
Profit before tax (12.37) 10.14 (4.67) (1.15)
Deferred Tax 33.39 34.60 25.06 18.53 Provision for taxation 5.63 8.28 (6.52) (35.23)
Reinsurance Recoveries Against Profit after tax (18.00) 1.86 1.85 34.08
APPROPRIATIONS
Balance at commencement of year (96.48) (98.34) (100.19) (134.27)
Other Assets 191.02 97.19 123.57 27.88
Dividend
Fixed Assets 263.85 258.45 154.37 100.29 Reserve for Bonus Share/Bonus Shares issued
General Reserve
Leased Motor Vehicle 9.21 12.51 8.70 0.52
- - - -
TOTAL ASSETS 562.18 461.03 357.90 191.50
Assets at Market Value profit at end of year (114.48) (96.48) (98.34) (100.19)

Net Working Capital (Rs.) 33.34 0.90 73.46 (12.31) Claims incurred to net premium % 42.82 28.91 29.13 23.78
Current Ratio 1.20 1.01 2.35 0.76 Net Profit after tax to net premium % (5.43) 0.83 1.11 24.57
Break-up Value 6.31 6.89 6.83 3.75 Earning per share (Rs.) (0.58) 0.06 0.06 2.12
600.0 250.00 160.00 350.00

500.0 140.00 300.00
200.00 120.00
400.0 250.00
150.00 100.00 200.00
300.0 80.00
100.00 60.00 150.00
200.0 100.00
50.00 40.00
100.0 20.00 50.00
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
45.0 6.0 40.00 -

40.0 5.0 30.00 (20.00)
35.0 20.00 (40.00)
30.0 4.0 (60.00)
25.0 10.00
3.0 (80.00)
20.0 -
(100.00)
15.0 2.0 (10.00)
10.0 (120.00)
5.0 1.0 (20.00) (140.00)
- - (30.00) (160.00)
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
91
UBL INSURERS LIMITED
L I M I T E D
Mr. Shariq Abdullah
Our vision is to establish a position as the premier
(Rs in million)
choice for corporate and consumer sector.
2010 2009
Mission
Our mission is to become a reputable general Premium Written 633 512
insurer of the country by providing dedicated Net Premium Revenue 239 265
service to our customers. This will be Net Claims Expense 166 234
accomplished by recognizing the customer needs Net Commission / (Income) 29 23
and providing suitable products at affordable Profit / (Loss) after tax (21) (128)
prices and servicing the claims within optimum
time frame.
COMPANY INFORMATION
1. Chairman Mr. Aameer Karachiwalla 6. Legal Advisor M/s. Mohsin Tayebaly & Co.
2. Chief
Executive 7. Auditors M/s. Ernst & Young Ford
Officer Mr. Shariq Abdullah Rhodes Sidat Hyder
3. Directors Mr. Omar Z. Al-Askari
Mr. Zameer Muhammad Choudery 8. Registered & 2nd Floor State Life
Mr. Amin Uddin Main Office Building # 2, Wallace Road
Mr. Rizwan Pervez Off. I.I. Chundrigar Road,
Mr. Rayomond Kotwal Karachi.
Mr. Hasan Raza
9. Number of
4. Company Employees 122
Secretary Mr. Abdul Sattar Vaid
5. Acting Chief
Financial
Officer Mr. Nadeem Raza
92
UBL INSURERS LIMITED
Authorized Share Capital 1,500.00 500.00 500.00 500.00 Net Premium Revenue 238.77 264.81 273.62 88.56
Issued subscribe and paid-up Capital 1,152.17 500.00 300.00 300.00 Premium deficiency reversal/(expense) 2.78 (2.78) 46.07 (46.07)
Discount on issue of Right shares (352.17)
Less: Net Claims (165.54) (234.21) (145.59) (80.03)
Reserves and retained earnings (299.87) (273.16) (145.58) (145.50)
500.12 226.84 154.42 154.50 Less: Expenses (78.66) (95.13) (89.55) (63.48)
(including IBNR) 239.33 276.45 197.96 204.42 Underwriting result 26.67 (44.41) 96.82 (81.26)
Additional provision for unexpired risk - 2.78 - 46.07 Investment Income 28.77 1.92 6.13 25.61
Deferred Liabilities - - 1.05
Other Income 3.23 8.01 1.38 -
Total Equity And Liabilities 1,083.25 842.56 802.46 703.20 Exchange gain - - - -
Cash and Bank Deposits 27.39 18.99 24.74 23.38 Finance charges on lease rentals (0.18) (1.03) (1.36) (0.34)
(44.31) (81.87) (96.81) (48.15)
Investment 378.96 205.00 114.72 281.81 Profit/ (Loss) before tax (17.64) (126.28) 0.00 (129.41)
Investment Properties - - - - Provision for taxation (3.30) (1.30) (0.08) (0.57)

Deferred Tax - - - - 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
Other Assets 430.78 340.17 436.79 174.68
Share Issue Cost (5.77)
Fixed Assets 46.21 58.05 66.95 44.70
Leased Motor Vehicle 0.25 7.43 15.23 14.27 (5.77) - - -
TOTAL ASSETS 1,083.25 842.56 802.46 703.20 Balance Unappropriated profit

at end of year (299.87) (273.16) (145.58) (145.50)

Net Working Capital (Rs.) 342.10 206.58 273.04 41.08 Claims incurred to net premium % (69.33) (88.44) (53.21) (90.36)
Current Ratio 2.14 1.61 1.88 1.14 Net Profit after tax to net premium % (8.77) (48.18) (0.03) (146.77)
Total Assets / Net Worth 2.17 3.71 5.20 4.55 Management expenses to net premium % (32.94) (35.92) (32.73) (71.68)
Break-up Value 4.34 4.54 5.15 5.15 Earning per share (Rs.) (0.18) (2.55) (0.00) (4.33)
Balance Sheet Growth Equity Growth Claim Incurred Net Premium Revenue
1,200 600 - 300

1,000 500 250 250
800 400 200 200
600 300 150
150
400 200 100
200 100 100 50
- - 50 -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
400 30.0 - 1
350 25.0 (20)
300 1
20.0 (40)
250 (60) 1
200 15.0 (80)
150 10.0 0
100 (100)
5.0 (120) 0
50
- - (140) -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
93
THE UNITED INSURANCE
PAKISTAN COMPANY OF PAKISTAN LTD.
Rated A- by PACRA
Mr. Khawas Khan Niazi
Vision
For our Employees
A first class Insurance Company to provide cost To provide opportunities for self development
effective Risk management solutions to its
policyholders through highest level of quality.
Mission
(Rs in million)
For our Customers
To provide superior services through high quality 2010 2009
business solutions and health protection, based
on expert advise and financial management and
adding value to the all corporate and non corporate Premium Written 846 715
customers. Net Premium Revenue 551 424
For our Shareholder Net Commission / (Income) 22 37
To maximum the share holders, value by
optimization utilization of resources. Profit / (Loss) after tax 118 64
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 Habib-ur Rehman of Pakistan Limited,
204, 2nd Floor,
4. Directors Chaudhary Najeeb-ur Rehman Madina City Mall,
Chaudhary Aziz-ur Rehman Abdullah Haroon Road,
Ms. Huma Waheed Karachi.
Chaudhary Maqsood Ahmed info@theunitedinsurance.com
5. Deputy Managing Mr. Zia Hassan Zuberi 10. Head Office The United Insurance Company
Director & of Pakistan Limited, 1st Floor,
Company Secretary Nizam Chamber,
7-Shahrah-e-Fatima Jinnah
6. Chief Financial Lahore. Pakistan
Officer Mr. Naeem Tariq uicp@theunitedinsurance.com
7. Advisors Mr. Farooq Sheikh (Advocate) 11. No of Employees 550

Mr. M. A. Hamdani (Advocate)
94
THE UNITED INSURANCE COMPANY OF PAKISTAN LIMITED
Authorized Share Capital 1,000.000 750.000 500.000 500.000 Net Premium Revenue 550.559 423.731 356.523 312.658
668.210 549.824 485.402 429.489
(including IBNR) 52.890 17.538 13.452 18.928
Additional provision for unexpired risk - - - - Investment Income 21.022 10.824 1.662 4.137
Other Income 1.860 0.169 0.113 20.727
Total Equity And Liabilities 1,238.125 1,018.323 844.653 782.262
Cash and Bank Deposits 251.676 218.843 206.770 191.199 Finance charges on lease rentals (9.657) (8.582) (7.539) -
(143.690) (132.680) (110.364) (70.452)
Investment 92.259 52.491 40.380 13.263
Profit after tax 118.387 64.422 55.913 100.347
APPROPRIATIONS
Incremental Depriciation 0.074 0.077 0.082 0.086
Deferred Commission Expense 53.801 53.657 48.629 47.080 Dividend - - - -
Other Assets 410.116 330.732 273.121 259.013 Reserve for Bonus Share/Bonus
Shares issued 55.200 42.593 50.401 -
Leased Motor Vehicle 78.906 80.675 71.083 67.223 55.200 42.593 50.401 -
TOTAL ASSETS 1,238.125 1,018.323 844.653 782.262
Assets at Market Value 1,243.606 1,024.397 84.466 770.073 profit at end of year 191.489 128.228 106.323 100.729

Net Working Capital (Rs.) 491 403 353 313 Claims incurred to net premium % 31.89 28.69 28.88 26.63
Stock Dividend 96.048 55.200 42.593 50.401
1,500 700 200 600

600 500
500 150
1,000 400
400
100 300
300
500 200 200
50
100 100
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
100 300 140 120

250 120 100
80
200 100 80
60 80
150 60
40 60
100 40 40
20 50 20 20
0 - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
95
UNIVERSAL INSURANCE COMPANY LTD.
T HE UNI V ER S
L IM I T ED
SE C U R
RITY
AN Y
INS
AL
MP
PE
U R A N CE CO
IT
Y
S
-S O
ER R
VI C E-P
Capt. M. Jamil Akhtar Khan
Vision We try to improve our services by continually

We, at The Universal Insurance Company assessing our systems and procedures based on
Limited recognize the importance of satisfying customers and team feedback. We strive to
our customers by consistently providing quality maintain a customer focused approach by
insurance services in accordance with their needs ensuring that our service is delivered to the
expectations. We strive to be competent partner customer on time, according to the customer
of our customers against insured perils. required specifications and with in our stipulated
cost.
Mission
We strive to provide our customers cost effective Key Financial Data for the last two (2) Years
insurance cover by continually increasing the
productivity of our employees. To increase (Rs in million)
productivity, we conduct regular training
programs during which employees are assessed 2010 2009
and allocated a career path in accordance with
their performance. Premium Written 503 539
We diligently fallow the applicable laws and Net Premium Revenue 329 361
ensure strict compliance by conducting regular Net Claims Expense 177 182
internal audits and educating our employees Net Commission / (Income) 43 21
about the law. 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 5. Chief Financial

Officer Officer Mr. Amir Raza
3. Directors Mr. Raza Kuli Khan Khattak 6. Legal Advisor Mr. Maqsood Hasan Advocate
Lt.Gen (Ret) Ali Kuli Khan Khattak
Mr. Ahmed Kuli Khan Khattak 7. Auditors M/S. Riaz Ahmed & Company
Begum Zeb Gohar Ayub Khan
Mrs. Shahnaz Sajjad Ahmed 8. Registered /
Dr. Shaheen Kuli Khan Khattak Main Office Universal Insurance House
Mr. Mushtaq Ahmed Khan F.C.A. 63, Shahrah-e-Quaid-e-Azam,
Ch. Sher Mohammad Lahore 54000 Pakistan.
Mr. Mohammad Kuli Khan Khattak
Capt. M. Jamil Akhtar Khan - 9. Number of
Managing Director Employees 290
96
UNIVERSAL INSURANCE COMPANY LTD.
444.37 385.42 256.91 235.61
Provision for unearned premium - net 155.66 164.60 182.63 177.26 Less: Net Commission 43.48 21.28 14.39 16.36
Additional provision for unexpired risk - - - - Underwriting result (17.24) 57.84 95.87 28.18
Total 486.94 391.96 406.08 391.01 Investment Income 8.17 16.32 (4.07) 15.07
Rental Income 1.16 1.17 0.74 0.12
Other Income 12.22 7.37 (10.13) 37.26
Total Equity And Liabilities 1,163.97 1,004.02 855.73 787.73
Cash and Bank Deposits 88.31 158.90 151.97 143.23 Exchange gain - -
Loans - Secured Considered Good 0.64 0.77 0.55 0.64 Finance charges on lease rentals (0.61) (0.47) (1.01) (3.36)
(86.19) (42.82) (79.06) 41.93
Investment 160.18 54.76 84.17 88.62
Profit before tax (103.43) 15.02 16.81 70.11
Deferred Tax - - - - Provision for taxation 16.95 3.08 13.18 12.77
Reinsurance Recoveries Against Profit after tax (86.49) 11.93 3.63 57.34
APPROPRIATIONS
Fixed Assets 242.08 198.28 68.15 52.41 Reserve for Bonus Share/Bonus Shares issued - - 64.80 20.00
General Reserve
Leased Motor Vehicle 4.97 38.26 45.58 50.00 - - 64.80 20.00
TOTAL ASSETS 1,163.97 1,004.02 855.73 787.73
Assets at Market Value profit at end of year (46.12) 44.48 32.55 97.53

Current Ratio 1.33 1.14 1.65 1.62 Net Profit after tax to net premium % (26.31) 3.31 0.89 15.43
Break-up Value 16.93 18.35 12.23 19.63 Earning per share (Rs.) (3.29) 0.57 0.17 4.78
1,500 450 200 500

195 400
380
1,000 190
290 185 300
270 180 200
500 175
250 170 100
- 230 165 -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
180 180 100 70

160 160 90 60
140 140 80
120 120 70 50
100 100 60 40
80 80 50
40 30
60 60 30 20
40 40 20
20 20 10 10
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
97
PAKISTAN REINSURANCE COMPANY LIMITED
Mrs. Rukhsana Saleem

Profile Objectives
PRCL is a public sector company under the administrative control To provide best services to the local insurance industry in order to
of Ministry of Commerce. The company headed by a Chairperson check outflow of foreign exchange to the maximum possible event.
supported by a strong team of professionals who manage the business To develop good business relations with other reinsurers. To train its
affairs of the company effectively. The company is supervised by the staff according to fast changing business market requirements as well
Board of Directors, out of which seven are nominated by the Federal as to provide them with the ideal working environment to share risks
Government whereas two directors elected by the shareholders who and preserve resources by providing reinsurance facilities to the
enjoy excellent repute within the business community. insurance companies. To enhance domestic retention capacity in the
country in order to save valuable foreign exchange.
Vision
Investment Activities:
To be a leading provider of reinsurance and risk management services
in the region. The investment income in the year 2010 was Rs. 653 million as
compared to Rs. 1099 million in the year 2009. Investment Income
Mission mainly comprises of realized capital gain on available for sale and
held for trading investments, profit on government securities, fixed
To provide secure reinsurance capacity and outstanding risk income securities and dividend.
management advice in a profitable manner and to conduct our business
in a dependable and professional manner with the highest standards Profit after tax
of customer service. The profit after is Rs. 526 million as compared Rs. 270 million in
2009 showing 95% increase.
COMPANY INFORMATION
1. Chairperson Mrs. Rukhsana Saleem 5. Executive

Director (BD) Mr. Ayaz Hussain M. Gad
2. Directors Mr. Jamil Ahmed & Director (ECO)
Dr. Masuma Hasan
Mr. Javed Syed 6. Legal Advisors Mr. Yasir A. Shah
Syed Arshad Ali Mr. Ali Mumtaz Shaikh of
Mr. Mumtaz Ali Rajpur M/s. Mumtaz and Associates
Mr. Saifuddin N. Zoomkawala
Mr. Taufique Habib 7. Company Secretary Mr. Shahzad F. Lodhi
Mr. Sikander Mahmood
8. Registered Office PRC Towers, 32-A, Lalazar
3. Chief Internal Mr. Asghar Imam Khalid M.T.Khan Road
Officer Karachi - Pakistan
Tel:(92-21) 99202908-14
4. Chief Financial Fax:(92-21) 99202021-22
Officer Mrs. Farzana Munaf E-mail: prcl@pakre.org.pk
Website: www.pakre.org.pk
98
PAKISTAN REINSURANCE COMPANY LIMITED
Authorized Share Capital 25,000.00 25,000.00 25,000.00 4,000.00 Net Premium Revenue 2,940.51 2,170.95 1,895.58 1.69
Issued subscribe and paid-up Capital 3,000.00 3,000.00 3,000.00 540.00
Reserves and retained earnings 3,411.91 3,785.65 4,265.74 5,827.33 Less: Net Claims 1,688.41 904.80 961.69 931.29
6,411.91 6,785.65 7,265.74 6,367.33
Provision for unearned premium - net 3,453.90 3,347.26 2,719.01 2,322.01 Underwriting result 291.14 481.50 206.14 204.00
Investment Income 653.47 1,099.40 846.39 3,689.38
Total 4,101.81 3,968.42 3,634.95 3,042.26 Rental Income 59.21 54.67 48.34 30.54
Long Term Deposits 15.59 18.57 18.49 22.47 Other Income 4.80 48.18 14.43 65.80
Creditors and Accruals 1,833.78 1,466.17 1,508.78 897.18 Reversal/(Provision) for workers welfare fund - 23.25 (23.25) -
Impairment on investments - written off (343.03) (1,402.43) - -
Total Equity And Liabilities 12,534.89 12,372.62 12,528.46 10,446.60 Exchange gain 19.57 48.93 85.41 -15.92
Cash and Bank Deposits 2,416.63 1,833.65 2,836.63 1,021.12
Loans - Secured Considered Good 55.09 53.67 53.01 48.44 359.75 (263.22) 932.85 3,654.35
Investment 4,674.15 5,481.88 5,458.94 6,412.29 Profit before tax 650.50 318.28 1,139.00 3,860.35
Deferred Tax 59.12 150.89 151.66 151.66
Reinsurance Recoveries Against Profit after tax 526.25 269.91 886.23 3,276.96
Outstanding Claims 2,493.43 2,054.61 1,584.84 759.29
APPROPRIATIONS
Deferred Commission Expense 365.72 301.61 262.89 252.87 Balance at commencement of year 1,727.24 2,207.33 3,781.01 721.95
Other Assets 2,380.97 2,402.70 2,092.07 1,719.40 Dividend 900.00 750.00 - 90.00
Fixed Assets 47.41 48.67 40.67 30.70 Reserve for Bonus Share/Bonus Shares issued - - 2,459.99 90.00
General Reserve - - - 500.00
TOTAL ASSETS 12,534.89 12,372.62 12,528.46 10,446.60 900.00 750.00 2,459.91 680.00
Assets at Market Value - - - - Balance Unappropriated profit at end of year 1,353.49 1,727.24 2,207.23 3,768.91

Net Working Capital (Rs.) 4,814.43 4,206.74 4,093.46 1,901.76 Claims incurred to net premium % 57.42 41.82 50.73 54,975.74
Current Ratio 2.94 3.02 2.69 2.19 Net Profit after tax to net premium % 17.90 12.43 46.75 193,445.10
Total Assets / Net Worth #DIV/0! #DIV/0! #DIV/0! #DIV/0! Management expenses to net premium % 10.26 10.66 13.19 9,304.55
Break-up Value - - - - Commission to net premium % 22.42 25.48 25.20 23,605.79
Earning per share (Rs.) 1.75 0.90 2.95 60.68
Cash Dividend 900.00 750.00 - 90.00
Stock Dividend - - 2,459.99 90.00
13,000 7,400 2,000 3,500

7,200 3,000
12,000 7,000 1,500 2,500
6,800 2,000
11,000 6,600 1,000
6,400 1,500
10,000 6,200 500 1,000
6,000 500
9,000 5,800 - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
7,000 3,000 4,000 3,000

6,000 2,500 3,500 2,500
5,000 3,000
2,000 2,500 2,000
4,000
3,000
1,500 2,000 1,500
1,000 1,500 1,000
2,000 1,000
1,000 500 500 500
- - - -
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
99
ADAMJEE LIFE ASSURANCE COMPANY LIMITED
Mr. Fredrik Coenrard De Beer
To create a superior Global Insurance Company as (Rs in million)

the single largest player in the market through
innovation in products, pricing, packaging and 2010 2009
distribution thereby revolutionizing the industry.
To deliver outstanding profitability for the benefit Net Claims Expense 16 4
of our customers, employees and our shareholders Profit after tax 13 4
while providing premium services.
COMPANY INFORMATION
1. Chairman Mr. Umer Mansha 6. Appointed M/s. Alchemy

Actuary Associates
2. Managing
Director & Mr. Fredrik Coenrard - 7. Auditors M/s. A.F. Ferguson & Co,
Chief Executive DeBeer Chartered Accountants
8. Registered First Floor, Stock Exchange
3. Directors Mr. Umer Mansha Office Towers, 55-B, Jinnah
Mr. Raza Mansha Avenue Blue Area,
Mr. Manzar Mushtaq Islamabad.
Mr. S.M. Jawed
Mr. Francois Potgieter 9. Main Offices Suite # 301, 3rd Floor,
Mr. T. Brooks Mparutsa The Forum, Plot G-20,
Block 9, Clifton, Karachi
4. Corporate
Secretary Mr. Jalal Meghani 10. No of
Employees 55
5. Legal Advisor Mr. Junaid Ghaffar
100
Share Non Unitized Conven- Accident Aggregate Aggregate Aggregate Aggregate

holders Investment
Linked tional & Health
Fund 2010 2009 2008 2007
Business Business Business
Authorised Share Capital 600.00 600.00 600.00
Issued, subscribed and paid up Share Capital 534.66 534.66 534.66

Reserves & Retained Earnings (195.90) (195.90) (54.15)
Net Shareholders' Equity 338.76 338.76 480.51 0.00 0.00
Balance of statutory fund 79.39 20.03 0.06 99.48 11.50
Deferred Taxation
Deferred Liability - Staff Retirement Benefits 2.26 2.26 0.72
Creditors and Accruals 33.07 39.85 63.19 0.59 136.69 83.28
TOTAL LIABILITIES 35.33 119.24 83.22 0.64 238.43 95.49
TOTAL EQUITY AND LIABILITIES 374.09 119.24 83.22 0.64 577.19 576.01
Cash and Bank Deposits 3.25 25.63 8.23 0.64 37.75 16.05
Loans - - - - -
Investments (Net) 244.04 92.52 65.22 - 401.78 451.48
Investment in properties
Deferred Taxation 9.98 9.98 13.56
Other Assets 74.32 1.09 9.77 - 85.19 45.73
Tangible assets 24.54 24.54 26.60
Intangible assets 17.96 17.96 22.58
TOTAL ASSETS 374.09 119.24 83.22 0.64 577.19 576.01
ASSETS AT MARKET VALUE 388.93 119.24 83.88 0.64 592.69 578.99

- - - - - -
BALANCE SHEET RATIOS

Net Working Capital (13.75) (21.49) N/A N/A
Current Ratio 0.90 0.74 N/A N/A
Total Assets / Net Equity 1.70 1.20 N/A N/A
Break -up Value 6.34 8.99 N/A N/A
- - - - - -
101
Non Unitized
Investment Conven- Accident Aggregate Aggregate Aggregate Aggregate
Business Business Business 2010 2009 2008 2007
Net Premium Income 173.67 41.66 0.16 215.49 24.10

Net Investment Income 2.87 3.29 0.01 6.16 0.12
Net Rental Income - - - -
Total Net Income 176.53 44.95 0.16 221.65 24.22 -
Net Claims 0.01 16.17 - 16.18 3.66

Net Management Expenses 207.22 64.23 0.41 271.86 66.94
Total claims and expenditures 207.23 80.40 0.41 288.04 70.60 -
Excess of Income over Claims and Expenditure (30.69) (35.45) (0.25) (66.39) 46.39 -
Add : Policyholder Liabilities at Beginning of Year - 11.50 0.00 11.50 -

Less : Policyholder Liabilities at End of the Period 79.39 20.03 0.06 99.48 11.50
Surplus/(Deficit) (110.08) (43.99) (0.30) (154.37) 57.88 -
Movement in policy holder liabilities 79.39 8.54 0.06 87.98 11.50 -
Transfers to or from Shareholders' Fund

Capital contribution from share holders' Fund 110.08 43.99 0.30 154.37 57.88
Balance of Statutory Fund at Beginning of Year - 11.50 0.00 11.50 -
Balance of Statutory Fund at End of the Period 79.39 20.03 0.06 99.48 11.50 -
Represented by:
Capital contributed by Shareholders' fund 110.08 100.97 1.21 212.26 57.89
Policyholders' liabilities 79.39 20.03 0.06 99.48 11.50
Retianed earnings on other than participating business (110.08) (100.97) (1.21) (212.26) (57.89)
Balance of Statuory Fund 79.39 20.03 0.06 99.48 11.50 -
- - - - -
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
for the year ended 31st December 2010 2009 2008 2007
Net Investment income not attributable to statutory funds 24.51 49.94
Gain / (Loss) on sale of investments 7.17 9.53

Changes in fair value of derivative financial instrument/impairment (2.33) -
Total Investment Income 29.35 59.47 - -
Other revenue
Total Investment Income and other revenues 29.35 59.47 - -
Less Expenses not attributable to statutory funds 11.42 58.92
Profit / (Loss) before appropiation of surplus to shareholders fund 17.93 0.55
Add: Surplus appropiated to Shareholders fund from ledger A/C D
Profit/(Loss) before tax 17.93 0.55 - -
Extra Ordinary Items - Deferred Tax
Taxation 5.31 (3.19)

- -
Profit/(Loss) after tax 12.62 3.74 - -
APPROPRIATIONS
Balance at commencement of the year 3.74 -
Profit after tax for the year 12.62 3.74

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 16.36 3.74
Earning per share 0.24 0.10

Cash Dividend 0.00 0.00
Bonus Shares 0.00 0.00
577.5 600 18 250

500 16
577 14 200
400 12
576.5 10 150
300 8
576 100
200 6
575.5 100 4 50
2
575 0 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
460 40 14 1
450 35 12 0.9
440 30 0.8
430 10 0.7
420 25 8 0.6
410 20 0.5
15 6 0.4
400 4 0.3
390 10 0.2
380 5 2 0.1
370 0 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
103
SM
AMERICAN LIFE INSURANCE COMPANY

(PAKISTAN) LIMITED
Mr. Arif Sultan Mufti
Vision serving the Pakistani people."

"To be the most innovative, finest and socially
responsible insurance Company providing best value Key Financial Data for the last two (2) Years
to customers, partners, employees and shareholders."
(Rs in million)
Mission
2010 2009
"To build value for our policyholders, field force,
employees and shareholders, by providing quality Premium Written 1,893 1,349
products and services through multiple distribution Net Premium Revenue 1,806 1,267
channels for the Pakistani market and through Net Claims Expense 442 363
investing in Pakistani financial institutions, thereby Profit after tax 87 62
COMPANY INFORMATION
1. Chairman & 7. Auditors KPMG Tseer Hadi & Co.-

Chief Executive Mr. Arif Sultan Mufti Chartered Accountants
2. Directors Mr. Khalid Anis - ur - Rehman 8. Registered /

Mr. Shahid Siddiqui Main Office Towers Block 4,
Mr. Michel Khalaf P.O Box No. 10528,
Mr. Nurul Islam Floor 13, Dolmen Executive
Mr. Arif Abdul Aziz Clifton, Karachi.
Mr. Qasim Rabbani
9. No of
3. Corporate Employees 119
Secretary Mr. Asim Iftikhar
4. Legal Advisor M/s. Surridge and Beecheno
5. Appointed
Actuary Mr. Shoaib Soofi
6. Consulting
Actuary Mr. Shahid Siddiqui
104
AMERICAN LIFE INSURANCE COMPANY (PAKISTAN) LIMITED
Pension
Share Investment Conven- Business Accident Aggregate Aggregate Aggregate Aggregate
holders Linked tional (Unit & Health 2010 2009 2008 2007
Fund Business Business Linked) Business
Authorised Share Capital 500.00 500.00 500.00 500.00 500.00
Issued, subscribed and paid up Share Capital 500.00 500.00 500.00 500.00 500.00
Reserves & Retained Earnings 169.19 169.19 81.07 (120.24) (170.46)
Net Shareholders' Equity 669.19 669.19 581.07 379.76 329.54
Balance of statutory fund 497.81 2,553.14 35.30 152.62 3,238.86 2,318.14 1,961.53 1,595.02
Deferred Taxation 0.00
Creditors and Accruals 4.34 42.78 304.73 0.55 78.23 430.63 453.45 408.20 331.13
TOTAL LIABILITIES 4.34 540.59 2,857.86 35.84 230.86 3,669.49 2,771.59 2,369.74 1,926.15
TOTAL EQUITY AND LIABILITIES 673.53 540.59 2,857.86 35.84 230.86 4,338.68 3,352.66 2,749.50 2,255.69
Cash and Bank Deposits 29.53 26.50 8.00 64.03 106.53 164.76 209.21
Loans 3.00 0.00 80.05 83.05 68.31 53.62 41.55
Investments (Net) 377.53 519.44 2,672.48 39.58 186.67 3,795.70 2,856.07 1,801.34 1,761.96
Other Assets 258.97 (9.41) 50.55 (4.43) 41.69 337.35 255.92 657.50 168.42
Tangible assets 4.51 3.97 45.65 0.68 2.44 57.25 63.33 69.25 74.56
Intangible assets 0.10 1.13 0.02 0.06 1.31 2.50 3.03 0.00
TOTAL ASSETS 673.53 540.59 2,857.86 35.84 230.86 4,338.68 3,352.66 2,749.50 2,255.69
ASSETS AT MARKET VALUE 624.37 532.51 2,638.45 32.94 219.23 4,047.49 3,236.48 2,350.41 1,802.45
BALANCE SHEET RATIOS %

Net Working Capital 53.80 (22.69) 467.68 88.05
Current Ratio 1.12 0.95 2.15 1.27
Total Assets / Net Equity 6.48 5.77 7.24 6.84
Break -up Value 0.01 0.01 0.01 0.01
105
Pension Accident Aggregate Aggregate Aggregate Aggregate
Investment Conven- Business
Linked tional (Unit & Health
Business Business Linked) Business 2010 2009 2008 2007
Net Premium Income 553.56 990.11 9.73 253.12 1,806.53 1,267.95 1,048.50 802.05
Net Investment Income 23.69 278.93 3.85 19.65 326.12 248.39 208.72 143.09
Net Rental Income 4.44 13.53 0.04 7.89 25.90 31.80 18.96 36.69
Total Net Income 581.70 1,282.57 13.62 280.66 2,158.54 1,548.14 1,276.18 981.83
Net Claims 11.39 246.98 1.74 182.29 442.41 363.07 332.23 261.60
Net Management Expenses 200.29 439.49 1.18 53.53 694.49 630.45 528.44 365.71
Total claims and expenditures 211.68 686.48 2.92 235.82 1,136.90 993.52 860.67 627.31
Excess of Income over Claims and Expenditure 370.02 596.09 10.70 44.84 1,021.64 554.62 415.51 354.52
Add : Policyholder Liabilities at Beginning of Year 100.05 1,845.79 25.60 128.19 2,099.63 1,649.62 1,401.79 1,140.08
Less : Policyholder Liabilities at End of the Period 515.41 2,283.90 37,165.00 141,986.00 181,950.31 2,099.63 1,649.62 1,401.79
Surplus/(Deficit) (45.34) 157.98 (37,128.70) (141,812.98) (178,829.05) 104.61 167.68 92.81
Movement in policy holder liabilities 415.36 438.11 37,139.40 141,857.82 179,850.69 450.01 247.83 261.72
Transfers to or from Shareholders' Fund (108.92) (19.50) (128.42) (203.01) (49.00) (39.17)
Capital contribution from share holders' Fund 26.50 1.00 27.50 0.01
Balance of Statutory Fund at Beginning of Year 101.29 2,064.96 24.60 127.29 2,318.14 1,961.53 1,595.02 1,279.67
Balance of Statutory Fund at End of the Period 497.81 2,553.14 35.30 152.62 3,238.86 2,318.14 1,961.53 1,595.02
Represented by:
Capital contributed by Shareholders' fund 31.50 224.45 255.95 257.37 396.18 396.18
Policyholders' liabilities 515.41 2,283.90 37.17 141.99 2,978.46 2,099.63 1,649.62 1,401.79
Retianed earnings on other than participating business (49.10) 44.78 (1.87) 10.64 4.45 (38.85) (84.27) (202.95)
Balance of Statuory Fund 497.81 2,553.14 35.30 152.62 3,238.86 2,318.14 1,961.53 1,595.02

Claims incurred to net premium 24.49 28.63 31.69 32.62
Surplus / Deficit to net premium (9,899.06) 8.25 15.99 11.57
Net Management expenses to net premium 38.44 49.72 50.40 45.60
106
Net Investment income not attributable to statutory funds 42.40 37.85 31.06 12,03
Gain / (Loss) on sale of investments 0.05 0.69 (0.28) -

Changes in fair value of derivative financial instrument/impairment - (1.20) -
Total Investment Income 42.45 38.54 29.58 12.03
Other revenue 2.46 1.81 2.00 1.99
Total Investment Income and other revenues 44.91 40.35 31.58 14.03
Less Expenses not attributable to statutory funds 11.01 3.41 2.52 0.84
Profit / (Loss) before appropiation of surplus to shareholders fund 33.90 36.94 29.06 13.19
Profit/(Loss) before tax 133.40 96.14 78.06 46.90
Extra Ordinary Items - Deferred Tax - - - -
Taxation (46.69) (33.65) (27.84) (14.82)

-
Profit/(Loss) after tax 86.71 62.49 50.22 32.08
APPROPRIATIONS
Balance at commencement of the year 338.43 275.94 225.72 209.89
Profit after tax for the year 86.71 62.49 50.22 32.08
Proposed Dividend (attributable to previous year) (16.25)
Balance upappropriated profit at the end of the year 425.15 338.43 275.94 225.72
Earning per share 1.73 1.25 1.00 0.72

Cash Dividend 5%
Bonus Shares
5000 800 500 2000

700 1800
4000 600 400 1600
1400
3000 500 300 1200
400 1000
2000 300 200 800
200 600
1000 100 400
100 200
0 0 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
Investments Cash and Bank & Deposit Net Profit after tax Dividend & other appropriations
4000 250 100 18

3500 90 6
3000 200 80 14
70 12
2500 150 60
2000 50 0
1500 100 40 8
1000 30 6
50 20 4
500 10 2
0 0 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
107
ASIA CARE HEALTH & LIFE INSURANCE
COMPANY LIMITED
Dr. Mahmood Mehdi Kazmi
Vision expertise based on the latest managed health care

concepts and technology, while building value for
To gain prominence as the industry leader in health our shareholders and providing an excellent work
maintenance; to ensure wider, easier, and more environment for our employees.
affordable coverage of healthcare services; and to
impact the practice of medicine in ways that enable Key Financial Data for the last two (2) Years
better health management systems.
(Rs in million)
Mission 2010 2009
To be the first choice for affordable quality health Premium Written 155 134
care; excelling in every aspect of our business and Net Premium Revenue 154 134
in delivering our obligation as a good corporate Net Claims Expense 153 57
citizen. We intend to inform, inspire and empower Profit after tax 59 65
our clients by offering health related services and
COMPANY INFORMATION
1. Chairman: Mr. Tariq Kirmani 5. Legal Advisor Mr. Waqar Ahmed Chaudhry
2. Managing 6. Appointed
Director & Actuary M/s Akhtar & Hasan
Chief Executive Dr. Mahmood Mehdi Kazmi (Pvt.) Ltd.
7. Auditors BDO Ebrahim & Co.
3. Directors Mr. Tariq Kirmani Chartered Accountants
Mr. Atif Aslam Bajwa
Ms. Ayesha Tammy Haq 8. Registered /
Mr. Zahid Bashir Main Office 15-17C 2nd Floor,
Mr. Muneer Kamal Commercial Lane # 5,
Mrs. Farhana Mowjee Zamzama Phase 5, DHA
Dr. Galina Bass Karachi
Dr. Mahmood Mehdi Kazmi
9. No of Employees 46
4. Corporate
Secretary Mr. Rehan Mobin
108
ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED
Pension
Authorised Share Capital
Issued, subscribed and paid up Share Capital 500.00 500.00 500.00

Reserves & Retained Earnings (31.00) 2.00
Net Shareholders' Equity 469.00 469.00 502.00 1,501.00 0.00
Balance of statutory fund 96.00 96.00 78.00
Deferred Taxation 1.00
Creditors and Accruals 8.00 30.00 38.00 42.00 6.00
TOTAL LIABILITIES 8.00 0.00 0.00 0.00 126.00 134.00 120.00 7.00
TOTAL EQUITY AND LIABILITIES 477.00 0.00 0.00 0.00 126.00 603.00 622.00 508.00
Cash and Bank Deposits 34.00 60.00 94.00 49.00 395.00
Loans 0.00
Investments (Net) 426.00 5.00 431.00 490.00 96.00
Other Assets 8.00 61.00 69.00 69.00 5.00
Tangible assets 7.00 7.00 9.00 8.00
Intangible assets 3.00 3.00 4.00 4.00
TOTAL ASSETS 478.00 0.00 0.00 0.00 126.00 604.00 621.00 508.00
ASSETS AT MARKET VALUE 477.00 126.00 603.00 622.00 508.00

Net Working Capital 125.00 76.00 394.00 0.00
Current Ratio 4.29 2.81 66.67
Total Assets / Net Equity 1.29 1.24 0.35
Break -up Value 9.38 16.73 48.07 0.00
109
Net Premium Income 154.00 154.00 134.00

Net Investment Income 5.00 5.00 2.00
Net Rental Income
Total Net Income 0.00 0.00 0.00 159.00 159.00 136.00 0.00 0.00
Net Claims 153.00 153.00 57.00

Net Management Expenses 79.00 79.00 65.00
Total claims and expenditures 0.00 0.00 0.00 232.00 232.00 122.00 0.00 0.00
Excess of Income over Claims and Expenditure 0.00 0.00 0.00 (73.00) (73.00) 14.00 0.00 0.00
Add : Policyholder Liabilities at Beginning of Year 76.00 76.00 0.00

Less : Policyholder Liabilities at End of the Period 87.00 87.00 76.00
Surplus/(Deficit) 0.00 0.00 0.00 (84.00) (84.00) (62.00) 0.00 0.00
Movement in policy holder liabilities 0.00 0.00 0.00 11.00 11.00 76.00 0.00 0.00

Capital contribution from share holders' Fund 91.00 91.00 65.00
Balance of Statutory Fund at Beginning of Year 77.00 77.00
Balance of Statutory Fund at End of the Period 0.00 0.00 0.00 95.00 95.00 79.00
Represented by:
Capital contributed by Shareholders' fund 156.00 156.00 65.00
Policyholders' liabilities 87.00 87.00 78.00
Retianed earnings on other than participating business (148.00) (148.00) (64.00)
Balance of Statuory Fund 0.00 0.00 0.00 95.00 95.00 79.00 0.00 0.00

Claims incurred to net premium 99.35 42.54
Surplus / Deficit to net premium (47.40) (46.27)
Net Management expenses to net premium 51.30 48.51
110
Net Investment income not attributable to statutory funds 29.00 30.00 31.00
Gain / (Loss) on sale of investments 23.00 6.00

Changes in fair value of derivative financial instrument/impairment 20.00 43.00 -4.00
Total Investment Income 72.00 79.00 27.00 -
Other revenue
Total Investment Income and other revenues 72.00 79.00 27.00 -
Less Expenses not attributable to statutory funds 11.00 13.00 23.00
Profit / (Loss) before appropiation of surplus to shareholders fund 61.00 66.00 4.00
Profit/(Loss) before tax 61.00 66.00 4.00 -
Extra Ordinary Items - Deferred Tax - - (1.00)
Taxation (2.00) - (2.00) -
Profit/(Loss) after tax 59.00 66.00 1.00 -
APPROPRIATIONS
Balance at commencement of the year
Profit after tax for the year 59.00 66.00 1.00

Proposed Dividend (attributable to previous year)
Balance upappropriated profit at the end of the year 59.00 66.00 1.00
Earning per share 1.18 1.31 0.04

Cash Dividend
Bonus Shares
800,000 510000 180000 2000

500000 160000 1800
600,000 140000 1600
490000 120000 1400
10000 1200
400,000 480000 80000 1000
60000 800
200,000 470000 600
40000 400
460000 20000 200
0 450000 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
Investments Cash and Bank & Deposit Net Profit after tax Dividend & other appropriations
4000 250 100 18

3500 90 6
3000 200 80 14
70 12
2500 150 60
2000 50 0
1500 100 40 8
1000 30 6
50 20 4
500 10 2
0 0 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
111
EAST WEST LIFE ASSURANCE
COMPANY LIMITED
Mr. Maheen Yunus, CPCU
Vision To provide the right solutions that are in tune with

Our vision is to be the number one provider of wide- our customer's needs, while facing up to the emerging
ranging insurance solutions to all of Pakistan, a goal challenges in the industry.
we will attain while observing the principle values To help individuals and families financially realize
that have served us well since inception. their hopes and dreams and be there when they need
Mission us most.
To develop awareness of insurance need, build
To provide high quality, competitive insurance confidence in the insurance industry and also to
products and services through qualified, professional develop the concept of saving.
and committed salespersons.
To innovate and develop ideas to design new products
To maintain financial strength for the benefit of our for our valued corporate and individual clients to
corporate and individual insurers, shareholders, effectively meet their ever-changing needs.
agents/salespersons and employees.
To earn and protect public trust of the communities Key Financial Data for the last two (2) Years
where we live and works and contributing to charities.
(Rs in million)
To create a challenging environment and develop a
sense of accomplishment for our employees through 2010 2009
tools and training to achieve personal growth and Premium Written 250 235
contribute to our organization. Net Premium Revenue 183 154
To serve the nation by increasing the rate of literacy Net Claims Expense 109 94
through our East West Life Educational Security Profit after tax 3 (224)
Schemes for children and their parents.
COMPANY INFORMATION
1. Chairman Chief Justice (R ) -
Mian Mahboob Ahmad 7. Auditors Anjum Asim Shahid Rahman
2. Managing
Director & 8. Registered
Chief Executive: Mr. Maheen Yunus, CPCU Office 28, Regal Plaza, M.A. Jinnah
Road, Quetta
3. Directors Mr. A.K.M. Sayeed Phone: (081) 2822913,
Mr. Javed Yunus 2821397
Mr. Pervez Yunus Fax: (92-81) 2821460
Mr. Naved Yunus
Mr. Omar P.Yunus 9. Main Offices 310 EFU House, 3rd Floor
M.A. Jinnah Road
4. Corporate Karachi, Pakistan
Secretary Mr. Sohail Nazeer Phone: (021) 32311662-5
32310726, 32310904
5. Legal Advisor Mr. Mirza Hafeez-ur-Rehman 32310375, 32315723
Fax: (92-21) 32311667
6. Appointed
Actuary Mr. Shujat Siddiqui 10. No of
MA, FIA, FPSA Employees 120
112
EAST WEST LIFE ASSURANCE COMPANY LIMITED
Pension
Authorised Share Capital 600.00 - - - - 600.00 500.00 500.00 500.00
Issued, subscribed and paid up Share Capital 500.46 - - - - 500.46 454.96 413.60 352.00
Reserves & Retained Earnings (353.50) - - - - (353.50) (305.59) 1.74 20.33
Net Shareholders' Equity 146.96 - - - - 146.96 149.37 415.34 372.33
Balance of statutory fund - 151.72 32.61 0.00 29.66 213.99 162.26 119.82 111.94
Deferred Taxation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Creditors and Accruals 2.85 20.38 16.93 0.00 2.77 42.93 36.69 28.00 17.02
TOTAL LIABILITIES 2.85 172.10 49.54 0.00 32.43 256.92 198.95 147.82 128.96
TOTAL EQUITY AND LIABILITIES 149.81 172.10 49.54 0.00 32.43 403.87 348.32 563.16 501.30
Cash and Bank Deposits 6.11 99.11 15.09 0.00 15.87 136.18 59.77 95.90 240.15
Loans 0.10 2.57 5.78 0.00 0.10 8.55 9.46 10.93 17.97
Investments (Net) 98.89 67.46 17.40 0.00 10.40 194.15 197.56 376.89 198.87
Investment in properties 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets 2.14 2.96 11.27 0.00 6.06 22.42 31.26 32.83 17.92
Tangible assets 41.85 0.00 0.00 0.00 0.00 41.85 50.27 46.57 26.34
Intangible assets 0.72 0.00 0.00 0.00 0.00 0.72 0.00 0.04 0.05
TOTAL ASSETS 149.81 172.10 49.54 0.00 32.43 403.87 348.32 563.16 501.30
ASSETS AT MARKET VALUE

Net Working Capital - - - - - 124.23 63.80 111.66 259.01
Current Ratio - - - - - 3.89 2.74 4.99 16.22
Total Assets / Net Equity - - - - - 2.75 2.33 1.36 1.35
Break -up Value - - - - - 2.94 4.98 13.84 17.73
113
Net Premium Income 67.28 25.80 0.00 90.67 183.76 154.49 107.75 90.30
Net Investment Income 5.03 1.53 0.00 0.36 6.92 7.32 22.30 16.45
Net Rental Income
Total Net Income 72.31 27.34 0.00 91.03 190.68 161.81 130.05 106.75
Net Claims 16.03 20.80 0.00 72.53 109.36 94.90 78.08 67.19
Net Management Expenses 50.66 14.12 0.00 15.91 80.69 107.98 72.19 33.84
Total claims and expenditures 66.69 34.92 0.00 88.44 190.05 202.87 150.27 101.03
Excess of Income over Claims and Expenditure 5.62 (7.58) 0.00 2.59 0.63 (41.07) (20.22) 5.72
Add : Policyholder Liabilities at Beginning of Year 110.26 30.47 0.00 16.21 156.94 119.20 108.67 99.23
Less : Policyholder Liabilities at End of the Period 151.13 31.37 0.00 29.08 211.58 156.94 119.20 108.67
Surplus/(Deficit) (35.24) (8.48) 0.00 (10.28) (54.01) (78.81) (30.75) (3.72)
Movement in policy holder liabilities 40.87 0.90 0.00 12.87 54.64 37.74 10.53 9.44
Capital contribution from share holders' Fund 35.80 7.00 0.00 8.30 51.10 83.50 28.10 2.50
Balance of Statutory Fund at Beginning of Year 110.30 33.19 0.00 18.77 162.26 119.82 111.94 103.73
Balance of Statutory Fund at End of the Period 151.72 32.61 0.00 29.66 213.99 162.26 119.82 111.94
Represented by:
Capital contributed by Shareholders' fund 100.70 123.22 0.00 26.80 250.72 199.62 116.12 88.02
Policyholders' liabilities 151.13 31.37 0.00 29.08 211.58 156.94 119.20 108.67
Retianed earnings on other than participating business (100.11) (121.98) 0.00 (26.22) (248.31) (194.31) (115.50) (84.75)
Balance of Statuory Fund 151.72 32.61 0.00 29.66 213.99 162.26 119.82 111.94
- - - - - - -
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
Gain / (Loss) on sale of investments 19.17 (125.58) 53.25 -

Changes in fair value of derivative financial instrument/impairment (0.61) (79.22) - -
Total Investment Income 25.71 (197.04) 60.93 93.64
Other revenue / (Loss) 1.50 0.01 (0.01) -
Total Investment Income and other revenues 27.21 (197.02) 60.93 93.64
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
Profit/(Loss) before tax 5.25 (222.60) 45.52 84.27
Taxation (2.05) (1.24) (0.81) (0.90)

-
Profit/(Loss) after tax 3.19 (223.83) 44.71 83.36
APPROPRIATIONS
Balance at commencement of the year (305.59) 1.74 20.33 (60.53)
Profit after tax for the year 3.19 (223.83) 44.71 83.36
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) 1.74 20.33
Earning per share 0.07 (5.40) 1.27 2.45

Cash Dividend - - 1.00 -
Bonus Shares - - - -
600 450 120 200

400 180
500 350 100 160
400 300 80 140
250 120
300 200 60 100
150 80
200 40 60
100 40
100 50 20 20
0 0 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
Investments Cash and Bank & Balances Net Profit after tax Dividend & other appropriations
400 300 100 40

350 250 50 35
300 0 30
250 200 -50 25
200 -100 20
150 -150
150 100 -200 15
100 -250 10
50 50 -300 5
0 0 -350 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
115
EFU LIFE ASSURANCE LTD.
Zaroori Hai
Mr. Taher G. Sachak
Our Vision is to make EFU Life one of the most (Rs in million)
respected and successful financial services
2010 2009
organization in the world. Our strategy to achieve
our vision is: build our core capabilities, serve our Premium Written 8,376 7 227
clients beyond their expectations, adhere to our core Net Premium Revenue 7,920 6,769
values and be a good corporate citizen Net Claims Expense 1,837 1,300
Profit/ (Loss) after tax 363 712
COMPANY INFORMATION
1. Chairman: Mr. Saifuddin N. Zoomkawala 7. Auditors Ernst & Young Ford Rhodes
Sidat Hyder,
2. Managing Chartered Accountants,
Director & Karachi
Chief Executive Mr. Taher G. Sachak Hyder Bhimji & Co.
Chartered Accountants,
3. Directors Mr. Hasanali Abdullah Karachi
Mr. Jahangir Siddiqui
Mr. Muneer R. Bhimjee 8. Registered
Mr. Rafique R. Bhimjee Office Al-Malik Centre 70 W,
Mr. Sultan Ahmad F-7/G-7 Jinnah Avenue
(Blue Area), Islamabad
4. Corporate 9. Main Office 37-K, Block 6, P.E.C.H.S.,
Secretary Mr. Syed Shahid Abbas Karachi
5. Legal Advisor Mr. Mohammad Ali Sayeed 10. No of

M.A.B.L. Employees 871
6. Appointed Mr. Omer Morshed,

Actuary F.C.A., F.P.S.A., F.I.A.
116
Share Investment Conven- Pension Accident Aggregate Aggregate Aggregate Aggregate Aggregate
holders Linked tional Business & Health
Fund Business Business (Unit Linked) Business 2010 2009 2008 2007 2006
Authorised Share Capital 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 500.00
Issued, subscribed and paid up Share Capital 850 850 750 750 500 300
Reserves & Retained Earnings 729 729 879 504 778 430
Net Shareholders' Equity 1,579 1,579 1,629 1,254 1,278 730
Balance of statutory fund 18,575 270 16 4 18,865 14,767 9,567 11,130 6,315
Deferred Taxation 12 12 9 7 5 2
Creditors and Accruals 30 1,191 477 2 7 1,706 1,442 1,130 902 653
TOTAL LIABILITIES 41 19,766 747 18 11 20,583 16,219 10,703 12,037 6,970
TOTAL EQUITY AND LIABILITIES 1,621 19,766 747 18 11 22,163 17,847 11,958 13,315 7,700
Cash and Bank Deposits 12 740 71 2 1 826 1,366 1,425 949 683
Loans 56 56 59 45 13 16
Investments (Net) 627 18,491 569 16 9 19,712 15,053 9,685 11,757 6,573
Investment in properties - - - - - - - - - -
Other Assets 505 534 107 0 1 1,148 1,019 494 326 189
Tangible assets 420 420 345 299 262 239
Intangible assets 1 1 5 9 7 0
TOTAL ASSETS 1,621 19,766 747 18 11 22,163 17,847 11,958 13,315 7,700
ASSETS AT MARKET VALUE 1,639 19,820 729 18 22,206 18,002 12,112 14,226 8,113

Net Working Capital 324 1,001 835 386 235
Current Ratio 1.19 1.69 1.74 1.43 1.36
Total Assets / Net Equity 14.03 10.96 9.53 10.42 10.54
Break -up Value 18.58 19.16 16.73 25.56 24.34
117
Net Premium Income 6,946 970 2 2 7,920 6,769 6,807 4,432

Net Investment Income 1,599 54 2 1 1,657 3,098 (3,367) 3,028
Net Rental Income
Total Net Income 8,545 1,024 4 3 9,577 9,867 3,440 7,459
Net Claims 1,441 396 (0) 0 1,837 1,300 1,298 887

Net Management Expenses 2,532 420 0 1 2,953 2,636 2,695 1,788
Total claims and expenditures 3,973 815 0 1 4,790 3,936 3,993 2,675
Excess of Income over Claims and Expenditure 4,572 209 4 2 4,787 5,932 (553) 4,784
Add : Policyholder Liabilities at Beginning of Year 14,255 219 13 4 14,492 9,294 10,260 6,080
Less : Policyholder Liabilities at End of the Period 18,307 246 16 4 18,574 14,492 9,294 10,260
Surplus/(Deficit) 520 182 1 3 705 734 413 604
Movement in policy holder liabilities 4,052 27 3 (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 14,523 227 13 4 14,767 9,567 11,130 6,315
Balance of Statutory Fund at End of the Period 18,575 270 16 4 18,865 14,767 9,567 11,130
Represented by:
Capital contributed by Shareholders' fund 0 0 600
Policyholders' liabilities 18,307 246 16 4 18,574 14,492 9,294 10,260
Retianed earnings on other than participating business 268 24 0 0 292 276 273 271
Balance of Statuory Fund 18,575 270 16 4 18,865 14,767 9,567 11,130

Claims incurred to net premium - - - - 23 19 19 20
Surplus / (Deficit) to net premium - - - - 9 11 6 14
Net Management expenses to net premium - - - - 37 39 40 40
118
Gain / (Loss) on sale of investments - 35 4 778

Changes in fair value of derivative financial instrument/impairment (3) -
Total Investment Income 57 94 58 819
Impairment on shares (204) (176) (781) -
Other revenue 18 13 12 58
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 689 732 410 568
Profit/(Loss) before tax 551 648 (315) 1,435
Profit/(Loss) before tax and after extraordinay items
Taxation (188) 64 (158) (227)

-
Profit/ (Loss) after tax 363 712 (473) 1,207
APPROPRIATIONS
Balance at commencement of the year 879 504 778 430
Profit after tax for the year 363 712 (473) 1,207
Transfer to Bonus shares (attributable to previous year) (100) - (250) (200)
Proposed Dividend (attributable to previous year) (413) (338) (150) (60)
Capital (Contributed) / withdrawn - - 600 (600)
Balance upappropriated profit at the end of the year 729 879 504 778

Cash Dividend Per Share 5.00 5.50 4.50 3.00
Bonus Shares as % 0.00 13.33 0.00 50.00
25000000 1800000 2000 9000000

1600000 8000000
20000000 1400000 1500 7000000
1200000 6000000
15000000 1000000 5000000
800000 1000 4000000
10000000
600000 3000000
5000000 400000 500 2000000
200000 1000000
0 0 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
25000000 1600000 1400000 600000

1400000 1200000
20000000 1000000 500000
1200000 800000
1000000 400000
15000000 600000
800000 400000 300000
10000000 600000 200000
0 200000
5000000 400000 -200000
200000 100000
-400000
0 0 -600000 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
119
JUBILEE LIFE INSURANCE COMPANY LTD.
(Formerly New Jubilee Life Insurance Company Ltd.)
Mr. Javed Ahmed
'Enabling people to overcome uncertainty'
(Rs in million)
Mission
'To provide solutions that protect the future of our 2010 2009
customers'
Values Net Premium Revenue 5,452 4,055
Teamwork, Integrity, Excellence, Passion Net Claims Expense 1,662 1,389
Profit after tax 147 130
COMPANY INFORMATION
1. Chairman: Mr. Masood Noorani 7. Auditors A. F. Ferguson & Co.

2. Managing
Director & 8. Registered
Chief Executive Mr. Javed Ahmed Office 26-D, 3rd Floor,
Kashmir Plaza
3. Directors Aly Noor Mahomed Rattansey Jinnah Avenue, Blue Area
John Joseph Metcalf Islamabad
Shahid Mahmood Loan Tel: 0092 51 2206930-6
Sultan Ali Akbar Allana Fax:0092 51 2825372
Towfiq H. Chinoy
9. Rating "AA-" (Double A minus)
4. CFO &
Corporate 10. Head Office 74/1-A, Lalazar, M.T. Khan
Secretary Mr. Manzoor Ahmed Road, Karachi 74000
5. Legal Advisor Kabraji & Talibuddin Tel: 0092 21 35611071-75
Fax:0092 21 35610959
6. Appointed Email: info@njilife.com
Actuary Mr. Nauman A. Cheema Web: www.njilife.com
Nauman Associates, Lahore
11. No of Employees 414
120
Share Conven- Accident Aggregate Aggregate Aggregate Aggregate

holders Investment
Fund 2010 2009 2008 2007
Business Business Business
Authorised Share Capital 1,000.00 - - - 1,000.00 1,000.00 1,000.00 1,000.00
Issued, subscribed and paid up Share Capital 627.12 - - - 627.12 627.12 627.12 627.12
Reserves & Retained Earnings 522.75 - - - 522.75 (80.62) (210.56) (145.89)
Net Shareholders' Equity 1,149.87 - - - 1,149.87 546.50 416.56 481.23
Balance of statutory fund - 8,658.40 320.16 165.68 9,144.24 6,788.31 4,629.46 4,967.99
Other Liabilities 1.05 - - - 1.05 0.75 0.77 0.56
Creditors and Accruals 40.30 516.20 417.76 77.06 1,051.32 988.41 596.09 402.04
TOTAL LIABILITIES 41.35 9,174.60 737.92 242.74 10,196.61 7,777.47 5,226.32 5,370.59
TOTAL EQUITY AND LIABILITIES 1,191.22 9,174.60 737.92 242.74 11,346.48 8,323.97 5,642.88 5,851.82
Cash and Bank Deposits 617.60 444.18 2.45 20.44 1,084.67 2,123.03 3,258.00 2,109.07
Loans 4.56 - - - 4.56 3.88 4.27 3.72
Investments (Net) 304.33 8,581.08 608.29 179.41 9,673.11 5,579.56 2,031.51 3,481.07
Other Assets 103.86 149.34 127.18 42.89 423.27 499.40 254.52 175.94
Tangible assets 147.04 - - - 147.04 109.04 82.75 76.72
Intangible assets 13.83 - - - 13.83 9.06 11.83 5.31
TOTAL ASSETS 1,191.22 9,174.60 737.92 242.74 11,346.48 8,323.97 5,642.88 5,851.82
ASSETS AT MARKET VALUE

Net Working Capital - - - - 461.18 1,637.90 2,920.70 1,886.69
Current Ratio - - - - 1.44 2.66 5.90 5.69
Total Assets / Net Equity - - - - 9.87 15.31 13.55 12.16
Break -up Value - - - - 23.00 18.22 13.89 22.92
121
Investment Conven- Accident Aggregate Aggregate Aggregate Aggregate

Business Business Business 2010 2009 2008 2007
Net Premium Income 4,428.31 721.68 301.83 5,451.82 4,054.74 3,127.20 2,777.08
Net Investment Income 1,215.20 65.10 22.68 1,302.98 1,302.88 (700.71) 697.99
Net Rental Income
Total Net Income 5,643.51 786.78 324.51 6,754.80 5,357.62 2,426.49 3,475.07
Net Claims 1,026.04 397.59 238.18 1,661.81 1,388.76 1,549.90 1,001.01

Net Management Expenses 1,779.37 186.44 51.93 2,017.74 1,710.01 1,126.83 719.34
Total claims and expenditures 2,805.41 584.03 290.11 3,679.55 3,098.77 2,676.73 1,720.35
Excess of Income over Claims and Expenditure 2,838.10 202.75 34.40 3,075.25 2,258.85 (250.24) 1,754.72
Add : Policyholder Liabilities at Beginning of Year 6,149.99 156.12 110.63 6,416.74 4,475.40 4,884.34 3,256.23
Less : Policyholder Liabilities at End of the Period 8,625.17 233.70 117.58 8,976.45 6,416.74 4,475.40 4,884.34
Surplus/(Deficit) 362.92 125.19 27.45 515.54 317.51 158.70 126.61
Movement in policy holder liabilities 2,475.18 77.58 6.94 2,559.71 1,941.34 (408.94) 1,628.11
Transfers to or from Shareholders' Fund (40.00) (140.00) (20.00) (200.00) (100.00) (88.30) (105.00)
Capital contribution from share holders' Fund (519.33) - - (519.33) - - -
Balance of Statutory Fund at Beginning of Year 6,379.63 257.39 151.29 6,788.31 4,629.46 4,967.99 3,318.28
Balance of Statutory Fund at End of the Period 8,658.40 320.19 165.68 9,144.23 6,788.31 4,629.45 4,968.00
Represented by:
Capital contributed by Shareholders' fund 0.00 519.33 519.32 541.00
Policyholders' liabilities 8,625.17 233.70 117.58 8,976.45 6,416.74 4,475.40 4,884.34
Retianed earnings on other than participating business 33.23 86.46 48.10 167.79 (147.76) (365.27) (457.34)
Balance of Statuory Fund 8,658.48 320.19 165.68 9,144.23 6,788.31 4,629.45 4,968.00

Claims incurred to net premium - - - 30.48 34.25 49.56 36.05
Surplus / Deficit to net premium - - - 9.46 7.83 5.07 4.56
Net Management expenses to net premium - - - 37.01 42.17 36.03 25.90
122
Gain / (Loss) on sale of investments 0.56 -26.73 7.66 31.29

Changes in fair value of derivative financial instrument/impairment 9.46 74.46 -139.92 1.02
Total Investment Income 41.01 78.02 (110.30) 50.74
Other revenue 2.79 2.19 4.70 0.74

-0.01 -0.10 -0.05 (0.30)
Total Investment Income and other revenues 43.79 80.11 (105.65) 51.18
Less Expenses not attributable to statutory funds -26.52 -19.37 -10.94 (7.15)
Profit / (Loss) before appropiation of surplus to shareholders fund 17.27 60.74 -116.61 44.03
Profit/(Loss) before tax 217.27 160.74 -49.98 150.03
Profit/(Loss) before tax and after extraordinay items
Taxation (70.52) (30.80) (5.00) (24.57)

-
Profit/(Loss) after tax 146.75 129.94 (54.98) 125.46
APPROPRIATIONS
Balance at commencement of the year 546.50 416.56 481.23 356.77
Profit after tax for the year 146.75 129.94 (54.97) 125.46
Proposed Dividend (attributable to previous year) (62.71) (31.36)
Capital (Contributed) / withdrawn 519.33 21.66 (1.00)
Balance upappropriated profit at the end of the year 1,149.87 546.50 416.56 481.23

Cash Dividend
Bonus Shares
12000 1400 1800 6000

10000 1200 1600 5000
1000 1400
8000 1200 4000
6000 800 1000
800 3000
600
4000 400 600 2000
2000 400 1000
200 200
0 0 0 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
12000 3500 200 70

10000 3000 150 60
8000 2500 100 50
2000 40
6000 50
1500 30
4000 1000 0 20
2000 500 -50 10
0 0 -100 0
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
123
MEMBERS DIRECTORY
MEMBERS DIRECTORY
As on October 2011
NON LIFE MEMBERS

YEAR OF PRINCIPAL
S.No NAME OF MEMBERS
Estb. REPRESENTATIVES
1 ACE Insurance Ltd. 2001 Ms. Zehra Naqvi
6th Floor, NIC Building Chief Executive
Abbasi Shaheed Road Tel : +92-21-111-789-789
off : Shahrah - e -Faisal Fax : +92-21-3568 3935
P. O. Box No 4780 email : acepak@acegroup.com
Karachi web : www.acelimited.com
2 Adamjee Insurance Co. Ltd. 1960 Mr. Manzar Mushtaq

6th Floor, Adamjee House Managing Director & Chief Executive Officer
P. O. Box No 4850 Tel : +92-21-3241 2623-7
I. I. Chundrigar Road Fax : +92-21-3241 2627
Karachi. 74000 email : manzar.m@adamjeeinsurance.com
web : www.adamjeeinsurance.com
3 Agro Gen. Ins. Co. Ltd. 1985 Mr. M. Jalilullah

Room # 416 - 418, Fourth Floor Chief Executive & Managing Director
Continental Trade Centre, Block 8 Tel : +92-21- 3206 4952
Main Clifton Road Fax : +92-21-3530 2913
Karachi. email : agiho@cyber.net.pk
4 Alfalah Insurance Company Ltd. 2008 Mr. Nasar us Samad Qureshi

5, Saint Marry, Main Boulevard Chief Executive & Managing Director
Gulberg Tel : +92-42-111-786-234, 3577 4313 - 6
Lahore. Fax : +92-42-3584 4372
email : afi@alfalahinsurance.com
Web : www.alfalahinsurance.com
5 Alpha Insurance Co. Ltd. 1951 Mr. Nasir Javed Khan

State Life Building No. 1B Managing Director & Chief Executive Officer
2nd Floor State Life Square Tel : +92-21-3241 6041 5
Off: I.I. Chundrigar Rd. P.O Box No 4359 Fax : +92-21- 3241 9968, 3242 2478, 3242 2479
Karachi. email : info@alphainsurance.com.pk
web : www.alphainsurance.com.pk
6 Jubilee Life Insurance Company Ltd. 1995 Mr. Javed Ahmed

Head Office/Main Office: Chief Executive Officer & Managing Director
74/1-A, Lalazar Tel: +92-21-3561 1071, 3561 1802 - 08
M.T. Khan Road Fax: +92-21-3561 0959, 3561 0805
Karachi-74000 email: info@jubileelife.com
7 Askari Gen. Insc. Co. Ltd. 1995 Mr. Abdul Waheed

4th Floor, AWT Plaza President & Chief Executive
The Mall, P.O Box No. 843 Tel : +92-51-927 2425-27
Rawalpindi. Fax : +92-51-927 2424
email : president@agico.com.pk
web : www.agico.com.pk
126
YEAR OF PRINCIPAL
8 Atlas Insurance Limited 1935 Mr. Arshad P. Rana

3 - Bank Square Chief Executive
Shahrah-e-Quaid-e-Azam Tel : +92-42-3732 0542-43, 3732 2271-73
P. O Box 1219 Fax : +92-42-3723 4742
Lahore. email: info@atlasinsurance.com.pk
web : www.atlasinsurance.com.pk
9 Capital Insurance Co. Ltd. 1998 Mr. Zafar Iqbal Sheikh

Office # 222, 5th Floor, MEGA Tower Chief Executive Officer
63-B Main Macdonald, Gulberg-II Tel : +92-42-3577 7527 & 28, 3577 7549
Lahore. Fax : +92-42- 3577 7548
email : info@capital-insurance.net
web : www.capital-insurance.net
10 Central Insurance Co. Ltd. 1960 Mr. Sulaiman Mehdi

5th Floor, Dawood Centre Chief Executive
Moulvi Tamizuddin Khan Road Tel : +92-21-3568 4019, 3568 9339
P. O. Box No 3988 Fax : +92-21- 3568 0218, 3568 4108
Karachi. 75530. email : info.cic@dawoodgroup.com
web : www.ceninsure.com
11 Century Insurance Co. Ltd 1985 Mr. Mohammad Hussain Hirji

11th Floor Chief Executive Officer & Managing Director
Lakson Square Building No. 3 Tel : +92-21-3569 8525 , 111-111-717
Sarwar Shaheed Road, P.O Box 4895 Fax: +92-21- 3567 1665
Karachi. 74200 email: info@cicl.com.pk
web : www.cicl.com.pk
12 Co-operative Insc. Society of Pak. Ltd. 1949 Ch. Akhtar Mahmood

Co-operative Insc. Building Senior Vice-Chairman
23 - Shahrah-e-Quaid-e-Azam Tel : +92-42-3735 2306, 3735 6537, 3724 2798
Lahore. Fax : +92-42-3735 2794
e-mail: coinsopl@live.com
13 Crescent Star Ins. Co. Ltd. 1957 Mr. Munir I. Millwala

2nd Floor, Nadir House Managing Director
P.O.Box No 4616 Tel: +92-21-3241 5471-3
I.I.Chundrigar Road Fax : +92-21-3241 5474 - 5
Karachi. email: info@cstar.com.pk
Web : www.cstar.com.pk
14 East West Insurance Co. Ltd. 1983 Mr. Naved Yunus

410 - EFU House Managing Director & Chief Executive
M. A. Jinnah Road, P.O Box 6693 Tel : +92-21-3231 3304 - 11
Karachi. 74000 Fax : +92-21-3231 0821, 3220 0128
email: info@eastwestinsurance.com.pk
web : www.eastwestinsurance.com.pk
15 EFU General Ins. Ltd. 1932 Mr. Hassanali Abdullah

EFU House, M.A. Jinnah Road Managing Director & Chief Executive
P.O. Box No. 5005 Tel : +92-21-3231 3471 - 90
Karachi. 74000 Fax : +92-21-3231 4288
email : info@efuinsurance.com
web : www.efuinsurance.com
127
YEAR OF PRINCIPAL
16 Excel Insurance Co. Ltd. 1991 Mr. Ghulam Mohammad

38 - C - 1, Block - 6 Chief Executive
P. E. C. H. S Tel : +92-21-111 - 777- 666
Shahrah - e -Faisal Fax: +92-21-3454 8076
Karachi. 75400 email : eicl@cyber.net.pk
web : www.globemanagements.com
17 Habib Insurance Co. Ltd 1942 Mr. Ali Raza D. Habib
1st Floor, State Life Building # 6 Managing Director & Chief Executive
Habib Square Tel : +92-21-111-03-03-03
M.A. Jinnah Road Fax : +92-21-3569 3676
P.O Box No 5217 email : info@habibinsurance.net
Karachi web : www.habibinsurance.net
18 IGI Insurance Limited 1953 Mr. Jalees Ahmed Siddiqi
7th Floor, The Forum, Suite 701-713, G-20 Chief Executive Officer
Block 9, Khayaban-e-Jami, Clifton Tel : +92-21-3530 1726 - 8, 111-234-234
Karachi-75600. Fax : +92-21-3530 1729 & 3530 1772
email : jalees.siddiqi@igi.com.pk
web : www.igiinsurance.com.pk
19 Jubilee General Insurance Co. Ltd. 1953 Mr. Tahir Ahmed,
2nd Floor President & Managing Director (Chief Executive)
Jubilee Insurance House Tel : +92-21-3241 2628, 3241 6022-26
P.O.Box No 4795 Fax : +92-21-3241 6728, 3243 8738
I.I.Chundrigar Road email : info@jubileegeneral.com.pk
Karachi. 74000 web : www.jubileegeneral.com.pk
20 New Hampshire Insc. Co. 1869 Mr. Mujib Khan
7th Floor, Dawood Centre Country Manager
M.T. Khan Road Tel : +92-21-111-111-244,
Karachi. 75530. Fax : +92-21- 3563 4022 - 3563 4023
email : info-pakistan@chartisinsurance.com
web : www.chartisinsurance.pk
21 The Pakistan Gen. Ins. Co. Ltd. 1947 Ch. Zahoor Ahmad
5 - Bank Square President & Chief Executive
Shahrah-e-Quaid-e-Azam Tel : +92-42-3732 3569, 3732 5382, 3732 4404
P. O. Box 1364 Fax : +92-42- 3723 0634, 3723 0895
Lahore. email : info@pgi.com.pk
web: www.pgi.com.pk
22 PICIC Insurance Limited 2004 Mr. Ahmed Salahuddin
8th Floor, Shaheen Complex Managing Director & Chief Executive
M.R. Kiyani Road Tel: +92-21-3221 9555-60
Karachi. Fax: +92-21-3221 9561
email : info@picicinsurance.com
web : www.picicinsurance.com
23 Premier Insurance Limited 1952 Mr. Fakhir Rahman
5th Floor, State Life Building No 2-A Chief Executive Officer
Wallace Road, P.O Box No 4140 Tel : +92-21-3241 6331-4
Karachi. Fax : +92-21- 3241 6572
email : info@pil.com.pk
web: www.pil.com.pk
128
YEAR OF PRINCIPAL
24 Reliance Insurance Co. Ltd. 1982 Mr. A. Razak Ahmed

Reliance Insurance House Chief Executive & Managing Director
181 - A Sindhi Muslim cooperative - Tel : +92-21-3453 9415 - 17
Housing Society, P.O Box No 13356 Fax : +92-21- 3453 9412
Karachi. email : reli-ins@cyber.net.pk
web : www.relianceinsins.com
25 Saudi Pak Insurance Company Ltd. 2005 Mr. Muhammad Akram Shahid
2nd Floor, Nizam Chambers Chief Executive & Managing Director
7-Shahra-e-Fatima Jinnah Tel: +92-42-3637 0373-4-5
Lahore. Fax: +92-22-3637 0376
email: masood.muazzam@saudipakinsurance.com.pk
web : www.saudipakinsurance.com.pk
26 Security Gen. Insc. Co. Ltd. 1996 Ms. Nabiha Shahnawaz
SGI-House, 18-C/E-1 Chief Executive Officer
Gulberg-III Tel :+92-42-3577 5024-29
Lahore. Fax : +92-42-3577 5030
email : sgi@sgicl.com
27 Shaheen Ins. Co. Ltd. 1996 Mr. Asif Suleman

10th Floor, Shaheen Complex Chief Executive Officer
M. R. Kayani Road Tel : +92-21-3263 0370 - 75
Karachi-74200. Fax : +92-21-3262 6674
email: sihifc@cyber.net.pk
web :www.shaheeninsurance.com
28 Silver Star Ins. Co. Ltd. 1984 Mr. Zahir Muhammad Sadiq
Silver Star House, 2nd Floor Managing Director & Chief Executive
5 - Bank Square Tel : +92-42- 3732 4488 , 3735 5614, 3723 7518
P. O Box No 2533 Fax : +92-42- 3722 9966
Lahore-54000. email : silvrstr@nexlinx.net.pk
web: www.silverstarinsurance.com
29 TPL Direct Insurance Limited 1992 Mr. Saad Nissar
172-B, 2nd Floor, Najeeb Centre Chief Executive Officer
Block - 2, P.E.C.H.S. Tel : +92-21- 3432 2555
Karachi. Fax : +92-21- 3432 2515
E.mail : insurance@tplinsurance.com
Web : www.tplinsurance.com
30 UBL Insurers Limited 2007 Mr. Shariq Abdullah
2nd Floor, State Life Building No. 2 Chief Executive Officer
Wallace Road Tel : +92-21-111-845-111
Off: I.I. Chundrigar Road Fax No. +92-21- 3246 3117
Karachi. E.mail : najib.nasir@ublinsurers.com
Web : www.ublinsurers.com
31 United Ins. Co. of Pak Ltd. 1959 Mr. Khawas Khan Niazi
Nizam Chambers, 5th Floor Chief Executive Officer
Shahrah-e-Fatima Jinnah Tel : +92-42- 3636 1471, 3631 5091, 3637 1420
P. O. Box No 532 Fax : +92-42-3637 5036
Lahore. email : uicp@theunitedinsurance.com
Web : www.theunitedinsurance.com
129
NON LIFE MEMBERS
YEAR OF PRINCIPAL
32 Universal Ins. Co. Ltd. 1958 Capt. M. Jamil Akhtar Khan

Universal Insurance House Managing Director
63 - Shahrah-e-Quaid-e-Azam Tel : +92-42-3735 3453, 3735 3458, 3735 5426
P.O Box No 539 Fax : +92-42-3723 0326
Lahore-54000. email : info@uic.com.pk
Web : www.uic.com.pk
LIFE MEMBERS
1 Adamjee Life Assurance Company Ltd. 2008 Mr. Fredrik Conenrard De Beer
Karachi Office Chief Executive Officer
The Forum, Suite # 301, 3rd Floor Tel: +92-21-3536 2620 23
Plot G-20, Block-9, Clifton Fax: +92-21-3536 2621
Karachi. email: jalal.meghani@adamjeelife.com
Web: www.adamjeelife.com
2 American Life Insurance Co.(Pak.) Ltd. 1995 Mr. Arif Sultan Mufti
Dolmen City, 13th Floor (level 16) Chairman & Chief Executive
Block 4, Scheme 5, Clifton Tel: +92-21-111-111-711
Karachi-75600. Fax: +92-21- 3529 0042
Email : alico@cyber.net.pk
Web : www.alico.com.pk
3 Asia Care Health & Life Insurance Co. Ltd. 2008 Dr. Mahmood Mehdi Kazmi
Registered Office Chief Executive Officer
15-C, 17-C, 2nd Floor, Commercial Lane # 5 Tel: +92-21-35302072-5, 353 02066-8
Zamzama Phase-V, DHA Fax: +92-21-35302076
Karachi. email: info@asiacare.net
Web: www.asiacare.net
4 EFU Life Assurance Limited 1992 Mr. Taher G. Sachak

Head Office/Main Office: Managing Director & Chief Executive
37-K, Block-6 Tel: +92-21-111-338-111
P.E.C.H. Society Fax: +92-21-3453-5079
Karachi. email: info@efulife.com
Web : www.efulife.com
5 East West Life Assurance Company Ltd. 1992 Mr. Maheen Yunus
Head Office/Main Office: Managing Director & Chief Executive
3rd Floor, 310-EFU House Tel: +92-21-3231 1662-5
M.A. Jinnah Road Fax: +92-21-3231 1667
Karachi. E-mail: info@eastwestlifeco.com
Web : www.eastwestlifeco.com
6 Jubilee Life Insurance Company Limited 1995 Mr. Javed Ahmed

Head Office/Main Office: Chief Executive Officer & Managing Director
74/1-A, Lalazar Tel: +92-21-3561 1802 - 08
M.T. Khan Road Fax: +92-21-3561 0959
Karachi. email: info@jubileelife.com
Web : www.jubileelife.com
130
REINSURER
YEAR OF PRINCIPAL
1 Pakistan Reinsurance Company Limited 1952 Mrs. Rukhsana Saleem

PRC Towers, 32-A, Chairperson
Lalazar Drive Tel: +92-21-99202908-15
M.T. Khan Road Fax: +92-21- 99202920-22
Karachi E-mail: ahmgad@pakre.org.pk
Web : www.pakre.org.pk
THE INSURANCE ASSOCIATION OF PAKISTAN
HEAD OFFICE
Mr. N. A. Usmani Tel : Direct : +92-21-3227 7169

Secretary General
PABX : +92-21-3227 7165 - 68
1713-1715, 17th Floor Fax : +92-21- 3227 7170
Saima Trade Tower-A e.mail : info@iap.net.pk
I.I. Chundrigar Road Web : www.iap.net.pk
P.O. Box 4932
Karachi-74000
REGIONAL OFFICE NORTH

+92-42- 3757 3193
Mr. S. Daood Ali Shah +92-42-3504 0608
Secretary & Surveyor
+92-42-3757 3194
General Office
188-A, Opp. Rehmania Park, Fax No. +92-42-3757 1308

Shadman-1, Lahore. E.mail : info.lro@iap.net.pk
131
PICTORIAL
PRESENTATION
OF IAP
EVENTS
49th ANNUAL GENERAL MEETING HELD ON SATURDAY 26TH SEPTEMBER 2010
AT 12:30 P.M. AT THE ASSOCIATION'S OFFICE, KARACHI
134
ANNUAL DINNER OF IAP HELD ON 26TH SEPTEMBER 2010
AT HOTEL BEACH LUXERY KARACHI
135
136
137
IAP CRICKET TOURNAMENT HELD IN MARCH 2011
AT DHA SPORTS CLUB KARACHI (MOIN KHAN ACADMEY)
138
139
140
ICMAP seminar on Insurance : 'Tool to minimize business risk' held on Jan 19, 2011. 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
Presentation on Microinsurnace made by SECP' representatives at IAP's Executive
Committee Meeting on 11th November 2010 at IAP's office Karachi.
142
Notes ...
Notes ...
EFU Life
Awarded
Best Life Insurance Company 2010
Strong Insurer Financial Strength rating of AA- (Stable) reaffirmed by JCR-VIS Credit rating
agency
Awarded the 25th Corporate Excellence Award in Financial Sector in 2008, 26th Corporate Excellence
Certificate in Insurance Sector in 2009 and 27th Corporate Excellence Award in Life Insurance
Category in 2010 by Management Association of Pakistan
Awarded the 5th 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 2008, 2009 and 2010
Among Top 25 Companies, 2007 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

37-K, Block-6, PECHS, Karachi-75400
UAN: (021) 111-EFU-111 (111-338-111)
Client Services: (021) 111-EFU-CSD (111-338-273)
Fax: (021) 34535079
Email: info@efulife.com
Website: www.efulife.com
ISO 9001:2008 Certified | Rated AA- by JCR-VIS (Outlook: Stable)
EFU Life is registered and supervised by Securities & Exchange Commission of Pakistan
Head Office: 2nd Floor, Nizam Chambers
7-Shahra-e-Fatima Jinnah, Lahore.
Tel: 042-3637 0373-5 Fax: 042-3637 0376
Email: info@saudipakinsurance.com.pk
Website: www.saudipakinsurance.com.pk
Branches all over Pakistan.
CORPORATE
CORPORATE

IAP Insurance Year Book 2010-2011

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IAP Insurance Year Book 2010-2011

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Insurance

1713-1715, 17th Floor

1. The Insurance Association of Pakistan

3. Size of Insurance Market (Pvt. Sector) in Pakistan for 2010 --------------------------------------------------07

4. Executive, Technical & Regional Committees Activities ------------------------------------------------------- 09

Executive Committee ----------------------------------------------------------------------------------------------------10

5. Market Overview of Non Life Insurance Industry in Pakistan -----------------------------------------------21

Private Sector -------------------------------------------------------------------------------------------------------------22

6. Market Overview of Life Insurance Industry in Pakistan----------------------------------------------------- 23

Private Sector -------------------------------------------------------------------------------------------------------------24

Non Life Insurance & Reinsurance Companies

1. ACE Insurance Limited -------------------------------------------------------------------------------------------------34

Life Insurance Companies

1. Adamjee Life Assurance Company Limited ------------------------------------------------------------------------100

9. Members' Directory ------------------------------------------------------------------------------------------------- 125

10. Pictorial Presentation of IAP event ------------------------------------------------------------------------------- 133

- Annual General Meeting (AGM) -----------------------------------------------------------------------------------------134

Member Companies - Life Insurance

Member Companies - Non Life Insurance

Total Number of Companies 38

Total Premium written by Life & Non Life Companies 55 billion

The Regional Office North MEMBERS OF THE REGIONAL COMMITTEE NORTH

During the year, various Dr. Khawaja Amjad

Summary of MEMBERS OF THE ACCIDENT COMMITTEE similar wording is not

was approved by Executive Committee. The * Subscription to the NFPA Journal

120000 60000 14500 24000

60000 10000 40000 25000

Note: The amounts on y-axis represent Rs. in millions.

Share Capital and Reserves

Authorised Share Capital 4,500.00 4,500.00 4,400.00 3,000.00 3,000.00

Reserves & Retained Earnings 840.84 840.84 520.79 175.33 481.91

Net Shareholders' Equity 4,353.07 4,353.07 3,887.53 2,466.05 2,461.03

BALANCE SHEET RATIOS

Net Working Capital - - - - - - - - - -

Total Assets / Net Worth - - - - - - - - - -

Break -up Value - - - - - - - - - -

REVENUE ACCOUNT RATIOS

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Balance at commencement of the year 1,461.62 674.49 2,461.02 869.71

PROFIT AND LOSS ACCOUNT RATIOS

50000 5000 5000 20000

30000 6000 2000 1

Note: The amounts on y-axis represent Rs. in millions.

Dr. Mumtaz A. Hashmi

Historical Background and Current Scenario

(a) such required minimum amount as may be prescribed by the Commission;

Risk-Based Capital Framework

In formulating risk-based capital framework for non-life insurers, with emphases on

- each insurance class/fund-wise solvency requirement (CFSR); and

a) insurance liability risks

- invested asset credit risk (e.g. default of issuer of debt securities);

- under provisioning of the insurance liabilities;

- insurance liability risks

Ms. Zehra Naqvi

1. Managing Director 5. Tax Advisors Ernst & Young Ford

2. Directors Mr. John Keogh 6. Legal

Investment Properties - - Provision for taxation 13.75 13.15 14.80 11.35

BALANCE SHEET RATIOS PROFIT AND LOSS ACCOUNT RATIOS

2,000 300 50 100

Note: The amounts on y-axis represent Rs. in millions.

Mr. Manzar Mushtaq

1. Chairman Mr. Umer Mansha 5. Chief Financial

BALANCE SHEET RATIOS PROFIT AND LOSS ACCOUNT RATIOS

30,000 12,000 6,000 8,000