Year Book 2009-10 PDF

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Insurance Year Book 2009-2010

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 E-mail : info@iap.net.pk Web : www.iap.net.pk
VISION STATEMENT OF IAP

To be a forum of active exchange on matters relating to insurance and to promote, support and protect the 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. 2. The Insurance Association of Pakistan Chairman's Message ---------------------------------------------------------------------------------------------------05 Message from Chairman,The Insurance Association of Pakistan, Mr. Tahir Ahmed ---------------------------06 3. Executive, Sectional & Regional Committees Activities --------------------------------------------------------07 Executive Committee ----------------------------------------------------------------------------------------------------08 Accident Sectional Committee -----------------------------------------------------------------------------------------12 Fire Sectional Committee -----------------------------------------------------------------------------------------------14 Marine Sectional Committee -------------------------------------------------------------------------------------------17 Lahore Regional Committee --------------------------------------------------------------------------------------------18 Life Sectional Committee ----------------------------------------------------------------------------------------------19 4. Market Overview of Non Life Insurance Industry in Pakistan -----------------------------------------------21 Private Sector -------------------------------------------------------------------------------------------------------------22 Public Sector (National Insurance Company Limited) --------------------------------------------------------------23 5. Market Overview of Life Insurance Industry in Pakistan -----------------------------------------------------25 Private Sector -------------------------------------------------------------------------------------------------------------26 Public Sector (State Life Insurance Corporation of Pakistan)------------------------------------------------------29 6. Synopsis -------------------------------------------------------------------------------------------------------------------35 A synopsis of the proceedings of Fair International Insurance Conference on political violence -------------36
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9.
Company Profiles ------------------------------------------------------------------------------------------------------41
Non Life Insurance & Reinsurance Companies 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. ACE Insurance Limited -------------------------------------------------------------------------------------------------42 Adamjee Insurance Company Limited --------------------------------------------------------------------------------44 Agro General Insurance Company Limited --------------------------------------------------------------------------46 Alfalah Insurance Company Limited----------------------------------------------------------------------------------48 Alpha Insurance Company Limited -----------------------------------------------------------------------------------50 Asia Insurance Company Limited -------------------------------------------------------------------------------------52 Askari General Insurance Company Limited ------------------------------------------------------------------------54 Atlas Insurance Limited-------------------------------------------------------------------------------------------------56 Capital Insurance Company Limited ----------------------------------------------------------------------------------58 Central Insurance Company Limited ----------------------------------------------------------------------------------60 Century Insurance Company Limited ---------------------------------------------------------------------------------62 Cooperative Insurance Society of Pakistan Limited-----------------------------------------------------------------64 Crescent Star Insurance Company Limited---------------------------------------------------------------------------66 East West Insurance Company Limited -------------------------------------------------------------------------------68 EFU General Insurance Limited ---------------------------------------------------------------------------------------70 Excel Insurance Company Limited ------------------------------------------------------------------------------------72 Habib Insurance Company Limited -----------------------------------------------------------------------------------74 IGI Insurance Limited ---------------------------------------------------------------------------------------------------76 New Hampshire Insurance Company ---------------------------------------------------------------------------------78 New Jubilee Insurance Company Limited----------------------------------------------------------------------------80 Pakistan General Insurance Company Limited ----------------------------------------------------------------------82 PICIC Insurance Limited -----------------------------------------------------------------------------------------------84 Premier Insurance Limited----------------------------------------------------------------------------------------------86 Reliance Insurance Company Limited --------------------------------------------------------------------------------88 Saudi Pak Insurance Company Limited-------------------------------------------------------------------------------90 Security General Insurance Company Limited ----------------------------------------------------------------------92 Shaheen Insurance Company Limited---------------------------------------------------------------------------------94 Silver Star Insurance Company Limited ------------------------------------------------------------------------------96 TPL Direct Insurance Limited------------------------------------------------------------------------------------------98 UBL Insurers Limited--------------------------------------------------------------------------------------------------100 United Insurance Company of Pakistan Limited -------------------------------------------------------------------102 Universal Insurance Company Limited------------------------------------------------------------------------------104 Pakistan Reinsurance Company Limited ----------------------------------------------------------------------------106
Life Insurance Companies 1. 2. 3. 4. 5. 6. Adamjee Life Assurance Company Limited ------------------------------------------------------------------------108 American Life Insurance Company Pakistan Limited-------------------------------------------------------------112 Asia Care Health & Life Insurance Co. Ltd.------------------------------------------------------------------------116 East West Life Assurance Company Limited -----------------------------------------------------------------------120 EFU Life Assurance Limited------------------------------------------------------------------------------------------124 New Jubilee Life Insurance Company Limited---------------------------------------------------------------------128
10. Members' Directory --------------------------------------------------------------------------------------------------133 11. Pictorial Presentation of IAP Events ------------------------------------------------------------------------------141 Annual General Meeting (AGM)-------------------------------------------------------------------------------------------142 Annual Dinner ----------------------------------------------------------------------------------------------------------------143 Extra Ordinary General Meeting (EOGM) Amendments in Mamorandum & Articles of Association of IAP --146 CEOs Emergent Meeting - Fit & Proper Criteria ------------------------------------------------------------------------148 CEOs Emergent Meeting - Increase in SECPs Annual Supervision Fee---------------------------------------------150 12. Notes 04
CHAIRMANS MESSAGE
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TAHIR AHMED CHAIRMAN
THE INSURANCE ASSOCIATION OF PAKISTAN

The good news is the timely publication of the Insurance Year Book 2009 - 2010. This is a commendable achievement on the part of the Insurance Association of Pakistan. I hope this tradition will be maintained in future as well. Another good news is that during 2009 we admitted Pakistan Reinsurance Company limited along with two other life insurance companies to the fold of our Association. The IAP now has 39 members in all. Our efforts continue to bring the remaining two corporations namely; National Insurance Company Limited and State Life Insurance Corporation of Pakistan to our fold. I am confident that the IAP will become more effective when these two corporations also become members. For the last few years, despite being beset with catastrophes one after the other, the non-life insurance industry of Pakistan has given a creditable account of itself by meeting all claims and playing its constructive role in the economy of the nation. Given the strained national economy nevertheless, it is no surprise that it could muster only a nominal premium growth of little more than 2% to Rs.35billion in 2009 against Rs.34 billion in 2008. Life insurance did better by growing 9% to Rs.13billion compared to Rs.12 billion in 2008. However, it would be only fair to comment that when seen in the backdrop of more than 10% inflation, the insurance sector appears to be struggling in its efforts to increase penetration in the national economy. This is a challenging situation and calls for more innovation and out-of-box solutions by the men and women of the insurance industry. During the year under review, the Executive Committee had to wrestle with a number of issues which have been covered in some detail else where in this publication. However, just to give you the flavor, I am taking the liberty of mentioning some of main ones as follows: Amendments in the Memorandum & Articles of Association of IAP particularly in respect of technical committees. Fit & Proper Criteria for Chief Executive Officers. Amendment in RSD Endorsement to bring it in line with international wordings. Bank Limits & enlistment of Insurance Companies on Bank Panels Amendment in Motor Policy Form Fire Policy rewording Amendment proposed in Rule 35 of SECP Rules 2002
I shall be failing in my duty if I do not commend the excellent effort of my colleagues in Executive Council in coordinating with SECP in respect of revision of Solvency & Investment Rules for insurance companies. At the same time, we are a little disappointed that our long standing request to SECP for permitting insurance companies to carry on Takaful business is still pending. I would also take this opportunity to inform that considering the present dip in the value of real estate, we made efforts to identify and purchase a suitable plot of land to construct the IAP's very own office. As time did not permit us to complete the exercise, I would like to call upon the incoming Executive Council to complete this project. It is our collective vision to have our custom built office as soon as possible. Finally, I would like to thank to all concerned with the publication of this important document for their hard work and devotion.
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EXECUTIVE, SECTIONAL & REGIONAL COMMITTEES ACTIVITIES
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SUMMARY OF THE ACTIVITIES OF EXECUTIVE COMMITTEE DURING THE YEAR 2009-2010
The Committee c o n t i n u e d deliberations on the proposals made by the last Executive Committee and p r a c t i c a l implementation of the idea that Technical Committees should be selected by the Executive Committee rather then elected by the General Body for smoother and better coordination between the Executive and Sectional/Regional Committees.
MEMBERS OF THE EXECUTIVE COMMITTEE
Sub-Committee and approved by the Executive Committee. No sooner approval from the DGTO is received the same will be circulated to IAP members for their input/approval.
* The Committee's attention was drawn towards enlistment and delistment of insurance companies by the banks on their panels. In fact the Sitting from Left to Right: Insurance Ordinance 2000 Mr. Taher G. Sachak, Capt. Azhar Ehtesham Ahmed (Vice-Chairman IAP) Mr. Tahir Ahmed (Chairman IAP), Mr. Hasanali Abdullah & Mr. A. Razak Ahmed clearly states that banks or Standing from Left to Right: any other financial Mr. N.A. Usmani (Secretary General IAP), Mr. Shabbir Gulamali, institution cannot issue Mr. Ahmed Salahuddin, Mr. Naim Anwar, Mr. Mumtaz Ali (Risk Surveyor) & Mr. Afzal-ur-Rehman negative lists, the State Bank of Pakistan had already issued circular to banks for compliance of Section 86 of the said The Memorandum and Articles of Association Ordinance, which apparently went unheeded (MemArts) were therefore thoroughly reviewed by the Banks. by the Committee to bring certain amendments considered necessary to be made in the existing Therefore attention of the State Bank of Pakistan MemArts . (SBP) was drawn vide IAP's letter of 10th November, 2009 that some of the Banks/DFIs Suggested amendments were placed for the consideration of the General Body at the Extra were still issuing the lists of the insurers of their Ordinary General Meeting (EOGM) held on choice based on their own criteria. SBP was May 25, 2010 which were unanimously also reported that the insurance companies duly approved and submitted to the DGTO for authorized by SECP to conduct the non-life approval and also filed with SECP. insurance business were de-listed by certain institutions without giving any reasons. In addition to above a Sub-Committee was formed comprising the following to chalk out The SBP was requested to intervene for the a procedure for selecting the Technical/Regional withdrawal of the practice of Committees: enlistment/delistment of the insurance companies by the Banks/DFIs in order to provide -Capt. Azhar Ehtesham Ahmed a level playing field to all the insurance -Mr. Afzal-ur-Rehman companies which fulfill the objective criteria -Mr. Ahmed Salahuddin of financial strength as per the requirements of the SECP. The said procedure has been developed by the
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In response to IAP's above letter SBP informed to IAP that it had taken up the matter with Pakistan Banks' Association (PBA) with the view to follow the law in letter and spirit. SBP also advised IAP to contact PBA directly for early resolution of the issue. Copy of SBP and Association's letter were sent to PBA. and sought time for the meeting. The PBA, however, remained silent on the issue. Since there was no response from PBA, the EC engaged a firm of lawyers M/s. Rizvi, Isa, Afridi & Angell. The lawyers wrote to SBP on 4th May, 2010 subsequently SBP has responded positively suggesting that the matter may be amicably resolved by involving all stakeholders namely SECP, IAP, PBA and SBP. The matter is being followed actively and all steps are being taken for its resolution to the satisfaction of Members. * The Taxation Sub-Committee finalized the proposals for Federal Budget 2010-11 on various matters concerning the insurance industry and were sent to SECP and FPCCI with a request to support for consideration by Federal Board of Revenue (FBR). Subsequent to the presentation of Finance Bill 2010, Government of Pakistan and FBR's attention was drawn to an anomaly on taxability of Capital Gains on securities held for more than twelve months by insurance companies,. We thank the Government of Pakistan and the Federal Board of Revenue for very kindly removing the anomaly and keeping us at par with other assesses. * Withholding Tax on reinsurance premium remitted abroad; subsequent to the passing of Order of the High Court of Sindh in favor of the petitioners, the Income Tax Department
has filed appeal before the Honorable Supreme Court of Pakistan. The concerned companies have appointed M/s. Sirajul Haque & Co. to defend the cases in Supreme Court on their behalf. * Three companies namely; Pakistan Reinsurance Company Ltd, Asia Care Health & Life Insurance Company Ltd, and Adamjee Life Assurance Company Ltd. were admitted to the membership of (IAP). Previously the Accounting Formats were in accordance with the Insurance Accounting Regulations 2002, the ICAP Insurance Committee decided to align the formats with those of `IFRS and the whole exercise of redrafting the formats was done by the ICAP. The Institute then forwarded the draft to IAP for review and comments. The IAP's Taxation Sub-Committee deliberated and discussed the proposal at Committee level and also with the ICAP Committee and SECP. Thereafter, the Executive Committee considered some of the issues pertaining to new formats of Financial Statements i.e. regarding, disclosure in Para 37(c) & 39(c) of IFRS-4, deferment of applicability of IAS 39, IBNR, Claims Development Table for outstanding claims and revision of regulatory returns to bring these in line with the new formats. * Further to SECP's Circular # 22/2009 dated 30th June, 2009 regarding implementation of IFRS-4 the Commission in the light of comments from IAP members framed comprehensive guidelines (for life and non-life insurance) as well as the necessary disclosures required to be made in the 'Notes to the Financial Statements'. The guidelines were issued vide SECP's Circular # 4/2010 dated 23rd January, 2010.
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In October 2009, the SECP (Insurance Division) forwarded an initial note on Fit and Proper Criteria to the Association. The said note contained 'background and justifications' and proposed criteria for qualifications and experience of Chief Executive or Principal Officer of an insurance company. The Executive Committee deliberated upon the contents of the note and submitted a reply vide IAP's letter dated 5th November, 2009 was and suggested to SECP to make it applicable to all new / incoming CEOs/POs. The Committee deliberated the matter further at its meeting on 17th November, 2009 and forwarded its suggestions regarding qualifications and experience of CEOs/POs vide IAP's letter dated 25th November, 2009 reiterating to apply the criteria to the new/ incoming CEOs/POs. SECP's vide its letter dated 24th December, 2009 advised that one of the recommendations of IAP regarding replacing the Master qualification with Bachelors had been agreed and SECP may allow a period of one year for implementation of criteria so that the existing CEOs can complete their terms of office and/or retire in orderly manner. An Emergent meeting of CEOs of all insurance companies was held on 5th January, 2010 at Karachi, and subsequently IAP's view point was communicated to SECP on 6th January, 2010.Thereafter SECP sent revised draft of Criteria on 17th March, 2010 which was discussed by the Executive Committee and also at a meeting of CEOs on 7th April, 2010. IAP's views were then communicated to SECP on 22nd April, 2010, which were not accepted by SECP.. The matter was again deliberated by the Executive Committee and Members' inputs were obtained.. Thereafter, a letter dated 26th May, 2010 was sent to the
SECP communicating the criteria proposed by IAP. * The SECP vide its notification SRO 145/(1)/2010 dated 1st March, 2010 sought comments from all stakeholders regarding proposed amendments in Solvency requirements of insurance companies under the SECP Insurance Rules 2002 to frame guidelines on investments by insurance companies. The notification was circulated by the Association to all member companies for seeking their comments. Subsequently the Taxation SubCommittee reviewed the draft in the light of both; suggestions made earlier to SECP in 2007 and members' feedback. T a x a t i o n S u b Committee's suggestions were forwarded to SECP vide letter dated 29th March, 2010 most of which were accepted by SECP at the meeting called by the Executive Director, Insurance, SECP with the Association's representatives. In early November 2009 SECP informed the Association that the Commission intends to increase the Annual Supervision Fee to meet the increased cost of Insurance Division of SECP the following scale was recommended by the SECP : 1.5 rupees per thousand of gross direct premium written in Pakistan during the calendar year 2010: and 2 rupees per thousand of gross direct premium written in Pakistan during the calendar year 2011: Subject to a maximum of rupees fifty million. The Executive Committee deliberated the matter in its meeting for the month of November and decided to request SECP for an increase in phased manner as under:
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1.20 rupees per thousand of gross direct premium written in Pakistan during the calendar year 2010. 1.35 rupees per thousand of gross direct premium written in Pakistan during the calendar year 2011: and 1.50 rupees per thousand of gross direct premium written in Pakistan during the calendar year 2012. subject to a minimum of rupees fifty thousand and maximum of rupees twenty five million. In response the SECP vide its letter dated 4th December, 2009 informed that since the Commission desires to develop its capacity to operate as a financially self-sustainable organization and as also the fee has remained the same as prescribed under the repealed Insurance Act of 1938, whereas premium income of the companies as well as the requirements had increased manifold and therefore IAP's proposal was not acceptable by the Commission and a limit of minimum supervision fee of rupees two hundred thousand was included, an Emergent Meeting of CEOs of member companies was called on 14th December 2009. The General Body of the Association accepted the proposal of SECP with request to maintain minimum supervision fee of rupees fifty thousand as against rupees two hundred thousand which was communicated by IAP on 14th December, 2009. SECP issued a formal circular # 37/2009 dated 21st December, 2009 on the subject. * Association's attention was drawn that in some instances basis of underwriting and claims settlement under the Standard Munich Re's *
Machinery Breakdown Policy were not carried out in accordance with the policy terms. The matter was considered both by the Engineering Sub-Committee and the Executive Committee and after detailed discussion a comprehensive note on the subject was prepared and circulated to for members' guidance. The IAP has always desired to have its own office premises. The prevailing real estate rates are attractive to buy a piece of land preferably in DHA, Karachi. Some efforts have been made in this direction and the search for a suitable plot is continuing. Executive Committee has earmarked Rs. 15 million for the purchase of plot initially. The construction work may be carried out in phases depending upon the availability of surplus funds. . On the request of the Chairman, LII, Mr. Mohammed Ishaque Khan, the Executive Committee met the Council of Lahore Insurance Institute immediately after the Executive Committee meeting held on 22nd December, 2009 at Central Park, State Life Insurance Employees Cooperative Housing Society, Lahore. The Chairman, LII briefed the Executive Committee about the educational activities of the Institute and also informed that a plot of two kanal has been donated to LII by the State Life Insurance Employees Cooperative Housing Society, Lahore to build an Insurance College. He informed that now LII was planning to construct befitting building on this plot. The Executive Committee appreciated the efforts made by the Lahore Insurance Institute and offered their full support for this noble cause.
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SUMMARY OF THE ACTIVITIES OF ACCIDENT SECTIONAL COMMITTEE DURING THE YEAR 2009-2010
The matter pertaining MEMBERS OF THE ACCIDENT SECTIONAL COMMITTEE to members for the period from 1st January, 2009 to to payments of theft 30th December, 2009. claims in motor businesswas To get full advantage and deliberated utility of the software, thoroughly by the members were requested Accident Sectional to keep up timely entry of Committee.The data pertaining to all Committee also reported claims. examinedthe wordings of Motor * The Committee in P o l i c y F o r m view to analyze the losses pertaining to the word due to rains during the year "Theft". It was felt that if theft committed 2009 particularly of 19th by the driver or July,2009 rain in Karachi, Sitting from Left to Right: Mr. Faisal Mustafa Siddiqui, Mr. Imran Ahmed (Chairman) somebody known to which broke 30 years Ms. Yasmin Sadiq (Vice-Chairperson) & Mr. Azfar Arshad the vehicle which was record, devised a format Standing from Left to Right: Mr. N.A. Usmani (Secretary General IAP), Mr. Zeeshan Raza, put in his possession for collection of statistics Mr. Altaf Ahmed Siddiqi, with the consent of its Mr. M. Numan Shaikh (Superintendent Accident) & Mr. Khalid Rafiq f r o m t h e m e m b e r owner, it will be a companies. criminal misappropriation or criminal breach of trust. In such theft cases, claims should not The statistics were collected and compiled, it be payable and there should be an was noted that the reported losses were not so exclusion,whereas the policy wording did not big and claims experience did not indicate prevent claim payments to insured in such alarming situation. Therefore the Committee situations. To clarify this issue appropriate felt that there was no need to suggest deductibles amendment was suggested in relevant Policy at this stage. It was decided that the data would Forms, Section-I Loss or Damage of the policy. be collected on the same pattern every year. Therefore proposal Circular No. A-2 dated January 18, 2010 was issued which was endorsed by the Majority of members hence the proposed wording was adopted. * The matter pertaining to IAP Guidelines / Rules remained under active consideration of the Committee. A Sub-Committee was formed to recommend changes in the Guidelines, which are expected to be finalized soon by the Accident Committee. The statements of Motor Claims experience Statistics for the years 2007 and 2008 and combined from 2006 to 2008 were reviewed and finalized by the Committee. The member companies were informed that the statistical data was available for the perusal of authorized
The Committee kept on reviewing on regular basis the data entries made by the member companies on IAP Claims Management System regarding snatched/stolen vehicles. To update the member companies on the important reports generated by the system, graphical presentations were prepared and sent
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representatives of members at the Association's offices at Karachi and Lahore. * A Summary of snatched / stolen vehicles with Tracking Devices for the period from 1st January, 2008 to 31st December, 2008 was circulated to member companies showing the
record of Tracking Companies & performance of their tracking devices. Statistics for the period from 1st January, 2009 to 31st December, 2009 was under scrutiny of the Committee and will be circulated to member companies shortly.
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SUMMARY OF THE ACTIVITIES OF FIRE SECTIONAL COMMITTEE DURING THE YEAR 2009 - 2010
* At the request of MEMBERS OF THE FIRE SECTIONAL COMMITTEE Captain Suleman Mahtab of National Disaster Management Authority (NDMA) a meeting was held on November 25, 2009 with the Executive/Fire Committee members regarding National Fire Safety Policy. on Pakistan's National Fire Safety Policy. The Executive Committee therefore, nominated Mr. Mahmood Lotia as the Association's nominee for National Advisory Group on Pakistan's National Fire Safety Policy and Mr. M o h a m m a d Safdar,Chairman, Fire Sectional Committee was his alternate.
During the meeting Capt.Suleman Mahtab explained the Sitting from Left to Right: Capt. Suleman Mahtab of Mrs. Shaheen H. Sumar (Vice-Chairperson), main objective of National Disaster Mr. Mohammad Safdar (Chairman) National Fire Safety Management Authority Mr. Mohammad Saleem & Syed Iqbal Hussain Standing from Left to Right: Policy and Data had sent the draft on Mr. Kamran Arshad Inam, Mr. Muhammad Salim Iqbal, assemblage which National Fire Safety Mr. Mumtaz Ali (Risk Surveyor), Mr. Muhammad Ashraf (Superintendent Fire & Marine) & was in process of Policy through the Mr. N.A. Usmani (Secretary General IAP) development by the courtesy of Mr. Mahmood Government of Pakistan. He informed that Lotia. The Fire Sectional Committee has made NDMA had conducted extensive study of comments on draft of National Fire Safety existing legislations, codes and standards Policy sent by Capt. Suleman Mahtab.The pertaining to the Emergency Services in Committee appreciated the work done by Capt. Pakistan, resource mapping of Emergency Suleman in drafting the first National Fire Safety Services in major cities in order to find out the Policy. practical solutions to increase the effectiveness, coordination, standardization and efficiency of * The Fire Sectional Committee continued existing Fire / Emergency Services throughout deliberation on IAP Guidelines / Rules. In this Pakistan. In addition to that NDMA was also connection some underwriters from the leading in process of developing National, Provincial member companies of the industry having good and District Emergency Operation Centers, knowledge of fire underwriting were taken for Standard Operating Procedures (SOPs) and a deliberating the matter. A Sub-Committee was National Database for resources of Emergency formed comprising the following members: Services. Mr. Kamaran Arshad Inam Mr. Mahtab was of the view that IAP can play Syed Murtaza Ali Shah an important role towards the development of Mr. Muhammad Zeeshan National Fire Safety Policy and its effective Mr. Haider Ali and efficient implementation throughout Mr. Muhammad Adnan Junaid Pakistan and requested to nominate Association's Mr. Tariq Mushtaq Representatives for National Advisory Group Syed Iqbal Hussain
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The members of the Sub-Committee are of the view that the existing fire Rules, Regulations and rating part be segregated in the sections namely A,B & C. The matter is still receiving the attention of the Sub-Committee. * The Fire Sectional Committee worked out the formation of Engineering Sub-Committee on advice of Executive Committee and nominated the following members to deal with Engineering issues: Mr. Kamran Arshad Inam Mr. Sheikh Ahsanullah Mr. Aamir Nayab Ahmed Mr. Muhammad Salim Iqbal * On advice of Executive Committee the Fire Sectional Committee reviewed Condition # 6 of Fire Policy. It was noted that the standard Fire Policy wording used in our market was subject to Condition # 6 which did not specifically exclude the terrorism risk whereas the Condition # 6 of RSD did not properly define the terrorism risk and there was conflict in wording. Therefore, it was felt that Condition # 6 of the Fire Policy be reworded. Circular # F-5 dated December 09, 2009 was issued by Fire Sectional Committee to members for seeking their consent on proposed amendment in Condition # 6 of RSD/RFD Endorsements. By Circular F/TC-1 dated December 31, 2009 members were informed that the proposal contained in Circular # 5 dated December 09, 2009 was approved and came into force with effect from January 01, 2010. Copies of amended versions of RSD & RFD Endorsements were sent to each member company alongwith the Circular. * The Committee continued its efforts to develop unified wording for Fire Policy. The Committee
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was of the view that it is very old document and member companies have been using it over the years therefore contents of the fire policy were considered carefully. . The Committee noted that at present the Conditions and Exclusions have been stated together in the current Fire Policy. It was, therefore, agreed that Conditions and Exclusions be described under separate heads to make things more clear for insured. The Committee deliberated on preamble, General Exclusions and Conditions in depth and necessary amendments were made in the document. . * The Fire Sectional Committee paid its undivided attention on collection of statistics and the matter was considered by the Committee at its all monthly meetings held throughout the tenure. Member companies were reminded time to time to forward their statistical returns to the Association in time so that maximum data could be available for consideration of the Committee. The statistics submitted by member companies for the year 2008 was finalized and placed on IAP's Website. A copy of finalized statistics was sent to all Principal Representatives for their information and record. Statistics submitted by the member companies for the year 2009 are under consideration of the Committee. * By Circular # FPR-1 dated December 09, 2009 members were informed that the Association does not monitor or advise any rating mechanisms, therefore, the Fire Sectional Committee cannot deliberate on matter pertaining to sanction of hydrant discounts and similar other discount applications. However the Committee would only confirm the status towards suitability of hydrant system and other fire fighting arrangements together with
necessary guidelines to members and it would be entirely at the discretion of the member companies if they offer any incentives they deem fit. * The concept of Pre-Engineered Buildings (PEB) was considered by the Fire Sectional Committee earlier and it was decided that PEBs be classified as Class II Construction. In order to find out the basis to prove that the decision of the Fire Committee was technically sound the matter was considered by the Engineering SubCommittee who discussed all the technical aspects relating to PEB structures and the decision of Fire Sectional Committee was endorsed by Engineering Sub-Committee. The Fire Sectional Committee observed that after amending Special Condition # 6 of Riot and Strike Endorsement (RSD) and Riot Fire Endorsement (RFD) it had become imperative to amend Special Condition # 1 (Terrorism Exclusion) in Standard Explosion Endorsement.
Proposal Circular # F-1 dated January 26, 2010 was issued to obtain the consent of the all the member companies on proposed amendments in Special Condition # 1, Standard Explosion Clause. By Circular # F/TC-1 dated February 15, 2010 was issued informing members that proposals contained in Circular # F-1 dated January 26, 2010 had been approved by the required majority of members and was brought it into force with immediate effect. * During the period (July 2009 - June 2010) IAP's Risk Surveyor carried out following risk inspection and issued comprehensive reports in this regard: Textiles Automobile Industries Sugar Mills Pharmaceutical Packages/PET Industries Miscellaneous Total 09 04 02 02 03 18 38
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SUMMARY OF THE ACTIVITIES OF MARINE SECTIONAL COMMITTEE DURING THE YEAR 2009 - 2010
Previously statistics MEMBERS OF THE MARINE SECTIONAL COMMITTEE In view of ambiguity in the said Rule the matter were collected from was considered by the the member Executive Committee and companies but it was it was felt that this matter observed by the involves discussions on a Committee that market level and should members were facing be handled at IAP level a lot of difficulties in so that the whole market's providing statistics to opinion was reflected. the A s s o c i a t i o n Accordingly the matter because of lengthy was deliberated by t h e and complicated Executive Committee at statistical formats. its various meetings and The Committee had, Sitting from Left to Right: there was unanimity of therefore, decided to Mrs. Amna Sarfaraz, Mr. Brendan Thomas D'Lima (Chairman) views that it would be discontinue the Mr. Muhammad Sohail Nazir (Vice-Chairman) & Syed Matin Ahmed Standing from Left to Right: prudent that some practice of collection Syed Akbar Raza Naqvi, Mr. N.A. Usmani (Secretary General IAP) modification be suggested of statistics from the Mr. Irtiza Abbas Kazmi, member companies. Mr. Muhammad Ashraf (Superintendent Fire & Marine) & Mr. Wasim Abbas in the Rule in consultation with SECP. Therefore, a However a format for Sub-Committee was constituted by the compilation of figures from members' balance sheet was devised by the Committee. Executive Committee comprising of following Accordingly the stats was compiled and placed members who worked with the assistance of on Association website. renowned lawyers M/s. Orr, Dignam & C o , Advocates. Previously the Committee's attention was drawn to sub rules (1) & (2) of Rule 35 of SECP Capt. Azhar Ehtesham Ahmed (Coordinator) (Insurance) Rules 2002 pertaining to premium Mr. Mujib Khan payments. The matter was discussed by the Mr. Fakhir Rahman Committee and a question was raised that Mr. Mahmood Lotia Mr. Muhammad Ali Zeb whether an insurer can repudiate the liability if a cover note had been issued and premium had not been paid or guaranteed. The Committee The Executive Committee deliberated upon the draft wording suggested by the working group had sought legal opinion in the matter and at its various meetings and final version of the referred it to the Executive Committee for draft was forwarded to SECP for its seeking guidance. consideration and necessary action.
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SUMMARY OF THE ACTIVITIES OF LAHORE REGIONAL COMMITTEE DURING THE YEAR 2009 - 2010
The Regional Office of The Insurance Association of Pakistan , completed 38 years of establishment on 31st December, 2009, . During the year, various matters including inspection of risks, received the attention of Lahore Regional Committee were considered and dealt with in their meetings.
MEMBERS OF THE LAHORE REGIONAL COMMITTEE
The Lahore Regional Committee managed to inspect a total number of 97 risks of the textile mills in the region of Punjab & N.W.F.P.
Sitting from Left to Right: Mr. Satwat Mahmood Butt, Mr. Liaquat Ali Khan (Vice-Chairman LRC) Mr. Fazal-ur-Rehman Malik (Chairman LRC) & Mr. M.K. Baig Standing from Left to Right: Mr. Muhammad Khurshid (Asstt. Secretary LRO IAP), Mr. S. Dawood Ali Shah (Secretary LRO IAP), Mr. Tahseen A. Khan (Observer), Mr. Zeeshan Bakht & Mr. Usman Ali (Alternate of Mr. Nasir Ali)
companies visited Khawaja Spinning Mills, Gujranwala on 7th August, 2009. On 26th November, 2009 a large group of underwriters of different Insurance Companies visited Packages Ltd., and observed the various manufacturing processes. Seminar/Workshop on Time Management held on 23rd October, 2009 at Hotel Crown Plaza, Lahore.
There was complete co-ordination and liaison between the Lahore Regional Committee, the Sectional Committees and the Secretariat of IAP, Karachi. . The Chartered Insurance Institute Examinations were held in October, 2009 and April, 2010 under the supervision LRC. . The following educational/leisure programs were successfully conducted by the Lahore Insurance Institute (LII) in collaboration with Lahore Regional Committee of IAP:* On 7th August, 2009, officers of a number of
* A Cricket To u r n a m e n t w a s organized and final was held on 21st March, 2010 which was keenly contested by teams from 16 insurance companies operating in Lahore region. It was a first ever cricket Bonanza. An informative Memory Building Workshop was organized on 17th February, 2010 in the Auditorium of Hailey College of Banking & Finance. This Workshop was conducted by a renowned specialist trainer, Dr. Muhammad Arif Siddiqui. Visits to Pak Electron, Ferozepur Road, Lahore on 16th March, 2010, High Noon Laboratory, Multan Road, on 20th January, 2010 and Kohinoor Energy, Raidwind Road, were arranged which were very informative for insurance people.
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SUMMARY OF THE ACTIVITIES OF LIFE SECTIONAL COMMITTEE DURING THE YEAR 2009 - 2010
The Committee devised a format for collecting key information of Life Insurance Companies which was forwarded to all member companies with a request to provide data for the year 2009. The Committee discussed and suggested that the following be included in the proposals to SECP:
MEMBERS OF THE LIFE SECTIONAL COMMITTEE
insurance industry. * Impact of IFRS-4 & IFRS-1 on the reporting formats for life companies was reviewed by the Committee. It was noted that guidelines in this regard have been provided by the SECP. Since life companies were better equipped in terms of technical resources as well as more detailed/regular internal reporting, no major hurdles were expected in implementation of these standards.
Sitting from Left to Right: Mr. Hashim Sadiq Ali, Mr. Mohammad Ali Ahmed (Vice-Chairman), Mr. Maheen Yunus (Chairman) & Mr. Manzoor Ahmed Standing from Left to Right: Mr. N.A. Usmani (Secretary General IAP) & Mr. M. Numan Shaikh (Superintendent Accident)
Submission of Statement of Assets & Liabilities was required by SECP to be submitted within 6 weeks of accounts closing whereas in the Companies Ordinance this requirement was 4 months. For extension in time to file returns, every company has to seek prior permission from SECP each time. The Committee suggested to pursue SECP to align the said laws. Tax credit was available to customers on mutual fund investments. With respect to life insurance, such tax incentives would help channel savings towards this industry. Moreover, if the tax credit is granted to the insurance sector it would increase insurance penetration, the size of the overall pie and generate funds for the insurance companies to mobilize the economy and play a much larger role in creating a savings culture in the country. The above proposals were submitted to SECP along with other proposals pertaining to the
19
Association was informed that in middle of February, 2010, Large Tax Payers Unit (LTU) of FBR, Karachi had issued notices to certain Life Insurance Companies who had shown amounts in their Annual Reports on account of payment to policyholders on maturity of investment-linked or unit-linked policies.Tax department drew companies' attention that by virtue of Section 151(1) (d) of the Income Tax Ordinance, 2001, the companies were required to withhold tax on the investment gain portion of the payment made to the policyholders on maturity @ 10% as specified in Division I of Part III of the First Schedule. The department had, therefore, advised the companies to explain their position in this regard with supporting documentary evidence. The Committee carefully examined Section 151(1) (d) and felt that it does not apply to such payments to policyholders and was also not
applicable to payments on maturity to the assured as insurance policy was a contract between the company and assured. The Section 151 pertains to "Profit on Debt" and perhaps LTU was referring to the interest being given by banks, i.e. instrument linked product. Therefore, this section clearly does not apply in the manner as pointed o u t b y t h e t a x department. A joint meeting of members of Life Sectional Committee, CFOs of Life Companies and
representatives of SLIC was also held with , Taxation Sub-Committee on 16th March 2010, wherein it was felt that payments to policyholders were made by the companies on maturity of policies on the basis of terms mentioned therein, which was legally a contract and not an instrument. Therefore, Section 151(1) (d) does not apply to Life Insurance Companies and that Section 151 clearly refers to Profit on Debt.
20
MARKET OVERVIEW OF NON LIFE INSURANCE INDUSTRY IN PAKISTAN
21
NON LIFE INSURANCE PRIVATE SECTOR

Balance Sheet
as at 31st December Equity Issued, Subscribed & Paid up Capital Reserves and Retained Earnings Surplus on revaluation of fixed assets Adv.Agst issue of right shares Underwriting Provisions Provisions for Outstanding Claims (including IBNR) Provision for Unearned Premium - Net Commission Income Unearned Additional Provision for Unexpired Risk Total Deferred Liabilities Liability against Finance Lease Creditors and Accruals Surplus of Fix Assets/Short Term Finance Other Liabilties Total Equity and Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Capital Work Fixed Assets Leased Assets Negative Goodwill Total Assets Asset At Market Value BALANCE SHEET RATIO Net Working Capital (Rs.) Current Ratio Total Assets/Net Worth Break up Value 2009 10,962.17 44,927.36 55,889.53 767.22 14,201.65 14,951.49 951.12 61.90 30,166.16 360.96 7,429.13 188.91 2,026.20 96,828.11 9,417.32 253.96 52,206.14 866.28 145.49 7,844.70 1,515.42 19,323.53 22.01 4,893.15 340.11 96,828.11 12,928.57 1.55 1.73 50.98 2008 2007 7,711.11 50,699.27 58,410.38 859.92 16,681.94 13,985.50 1,028.00 78.38 32,633.74 111.26 251.57 5,803.93 678.04 2,344.77 100,233.69 8,291.33 177.86 59,094.15 458.61 221.85 9,256.95 1,508.35 16,872.90 25.83 4,232.58 93.28 100,233.69 9,081.12 1.36 1.72 75.75 2006 5,505.20 20,683.11 26,188.31 9,800.50 11,665.15 745.28 15.68 22,226.61 94.93 6.20 4,036.27 708.37 1,449.01 54,709.70 7,229.79 48.52 25,309.91 438.02 71.35 4,352.93 1,254.05 12,675.03 16.80 3,257.74 125.29 (69.73) 54,709.70 52,245.33 8,971.97 1.59 2.09 47.57
Profit and Loss Account

for the year ended 31st December Revenue Account Net Premium Revenue Premium Deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting Balance Investment Income Rental Income Other Income General and administration expenses Profit Before Tax Taxation Profit After Tax APPROPRIATIONS Balance unappropriated profit at end of previous year Profit after tax for the year Dividend Reserve for Bonus share General Reserve Other Sub Total Balance Unappropriated profit at end of year UNDERWRITING RATIOS Claims incurred to net premium Net Profit to net premium Management expenses to net premium Commission to net premium Earning per share of Rs.10/= each Cash Dividend Stock Dividend
Claims Incurred
16000 14000 12000 10000 8000 6000 4000 2000 0
2009 22,242.93 (47.57) 13,236.65 4,846.66 1,443.37 2,668.68 3,055.94 196.52 708.83 (2,461.60) 4,168.37 696.60 3,471.77
2008
2007 20,296.14 (50.50) (14,347.79) (4,105.05) (1,185.93) 606.87 34,417.19 155.58 524.34 (1,909.50) 33,794.48 33,568.68
2006 17,894.38 7.14 (11,088.36) (3,358.29) (1,199.50) 2,255.37 13,272.49 122.88 403.97 (1,595.16) 14,459.55 (652.31) 13,807.24
Rs. in million
11,145.42 41,504.40 52,649.82 951.62 14,727.11 14,403.07 1,010.41 30,140.59 186.28 20.52 5,135.78 876.74 2,802.73 92,764.08 9,455.61 50.82 49,457.48 698.57 190.96 7,800.41 1,510.50 18,681.66 117.01 4,706.58 94.48 92,764.08 13,272.06 -
Rs. in million
22,897.81 (19.81) (14,276.55) (4,679.61) (1,639.66) 2,282.18 (4,020.07) 193.71 687.89 (3,813.02) (4,669.30) 486.52 (5,155.82)
11,120.66 3,471.77 32.38 66.70 (6,058.24) 7.48 5,951.68 20,544.11 (61.05) 12.45 (22.23) (6.63) 2.46 32.38 38.97
37,001.81 (5,155.82) 1,538.95 1,478.58 17,767.81 0.02 20,785.36 11,060.63 (62.35) (22.52) (20.44) (7.16) (4.63) 1,478.58
15,138.89 33,568.73 1,341.21 1,303.35 9,019.91 0 11,664.48 37,043.15 (70.69) 165.39 (20.23) (5.84) 43.53 1,385.75
4,775.04 0.40 954.55 831.49 1,673.16 0 3,459.20 15,123.08 (61.97) 77.16 (18.77) (6.70) 25.08 954.55 831.49
Balance Sheet Growth

150000 100000 50000 -
Equity Growth 40000 30000 20000 10000
Net Premium Underwitten 25000 20000 15000 10000 5000 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 70000 60000 50000 40000 30000 20000 10000 0 10000 8000 6000 4000 2000 2006 2007 2008 2009 0
Cash and Bank Balances

40000 35000 30000 25000 20000 15000 10000 5000 0 -5000 -10000
Net Profit after tax
Dividend & other Appropriation 25000 20000 15000 10000 5000 0 -5000 -10000
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Note: The amounts on y-axis represent Rs. in millions.
22
NON LIFE INSURANCE PUBLIC SECTOR

NATIONAL INSURANCE COMPANY LIMITED
2009 6,000.00 2,000.00 13,728.79 15,728.79 5,041.47 3,109.99 34.79 8,186.25 511.99 2,256.07 125.49 26,808.59 3,486.58 26.77 10,955.61 4,471.84 238.77 3,253.27 4,035.59 340.17 26,808.59 2008 2007 6,000.00 2,000.00 11,554.42 13,554.42 3,299.03 2,112.23 36.64 5,447.89 302.53 1,994.20 255.39 21,554.44 5,961.76 . 33.35 10,319.70 528.54 64.24 1,922.29 2,629.70 94.85 21,554.44 2006 6,000.00 2,000.00 9,818.29 11,818.29 3,275.00 1,347.00 28.17 4,650.17 272.46 1,184.29 249.33 18,174.54 5,136.32 . 32.29 9,164.93 555.51 50.35 1,963.22 1,168.25 103.67 18,174.54 APPROPRIATIONS Balance unappropriated profit at end of previous year 1,704.70 Profit after tax of the year 2,532.75 Dividend (500.00) Reserve for exceptional losses (600.00) General Reserve (500.00) (1,600.00) Balance Unappropriated profit at end of year Underwriting Ratios Claims incurred to net premium Net Profit to net premium Management expenses to net premium Commission to net premium 2,637.45 for the year ended 31st December Revenue Account Net Premium Revenue Premium deficiency reversal/(expense) Net Claims Expenses 3,178.89 2,731.71 34.20 5,944.80 344.26 1,780.33 78.55 22,252.63 4,807.04 25.30 10,979.51 647.35 486.76 1,660.10 3,564.20 82.38 22,252.63 Net Commission / (Income) Underwriting Balance Investment (Loss) / Income Rental Income Other Income Exchange Gain General and administration expenses Profit Before Tax Provision for taxation Profit After Tax 2009 3,004.99 986.65 452.19 (63.94) 1,630.09 2,011.41 156.57 18.81 126.11 (357.40) 3,585.59 (1,052.85) 2,532.75 2008 2007 2,433.16 235.86 300.84 (54.57) 1,951.04 1,446.00 108.51 10.98 (213.71) 3,302.81 (1,066.68) 2,236.14 2006 2,116.63 380.24 280.54 (55.46) 1,511.32 928.09 91.16 17.30 (168.25) 2,379.61 (836.15) 1,543.46
Balance Sheet
as at 31st December Equity Authorised Share Capital Issued, Subscribed and Paid up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors And Accruals Other Liabilities Total Equity And Liablities Cash And Bank Deposits Loans - Secured Considered Good Investments Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Cliams Deferred Commission Expense Other Assets Fixed Assets TOTAL ASSETS Assets at Market Value Earning per share Cash Dividend Stock Dividend 12.66 (500.00) 5.25 (500.00) 11.18 (500.00) 7.72 (500.00) -
Rs. in million
6,000.00 2,000.00 12,104.69 14,104.69
Rs. in million
2,903.52 1,028.25 350.35 (58.45) 1,583.38 (389.17) 140.91 0.79 472.97 (295.27) 1,513.62 (463.34) 1,050.28
2,254.42 1,050.28 (500.00) (500.00) (600.00) (1,600.00) 1,704.70
1,618.29 2,236.14 (500.00) (600.00) (500.00) (1,600.00) 2,254.42
1,674.82 1,543.46 (500.00) (600.00) (500.00) (1,600.00) 1,618.28
32.83 84.28 15.05 (2.13)
35.41 36.17 12.07 (2.01)
9.69 91.90 12.36 (2.24)
17.96 72.92 13.25 (2.62)
Balance Sheet Growth 30000 25000 20000 15000 10000 5000 0 20000 15000 10000 5000 2006 2007 2008 2009 0
Equity Growth 1200 1000 800 600 400 200 0
Net Claims 3500 3000 2500 2000 1500 1000 500 0
Net Premium Revenue
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 11500 11000 10500 10000 9500 9000 8500 8000 7000 6000 5000 4000 3000 2000 1000 0
Cash and Bank Deposits 3000 2500 2000 1500 1000 500 0
Dividend & other Appropriation

1620 1600 1580 1560 1540 1520 1500 1480 1460 1440
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
23
Market Overview of Life Insurance Industry in Pakistan
25
LIFE INSURANCE PRIVATE SECTOR

Balance Sheet
as at 31st December
Rs. in million Statutory Fund Share holders Fund Individual Individual Unit Life Group Linked Conventional Life Fund Group Accident Pension & Health Aggregate Aggregate Aggregate Aggregate 2009 2008 2007 2006
Share Capital and Reserves Authorised Share Capital 4,400.00 4,400.00 3,000.00 3,000.00 2,250.00
Issued, subscribed and paid up Share Capital Reserves & Retained Earnings Net Shareholders' Equity
3,366.74 520.79 3,887.53
3,366.74 520.79 3,887.53
2,290.72 175.33 2,466.05
1,979.12 481.91 2,461.03
1,452.12 (92.38) 1,359.74
Balance of statutory fund Deferred Liabilities Creditors and Accruals Other Liability TOTAL LIABILITIES TOTAL EQUITY & LIABILITIES
0.00 9.72 223.72 0.00 233.44 4,120.97
21,037.21 0.00 1,394.29 0.00 22,431.50 22,431.50
2,671.24 0.00 1,258.07 0.00 3,929.31 3,929.31
0.00 0.00 0.00 0.00 0.00 0.00
37.75 0.00 2.62 0.00 40.37 40.37
380.48 0.00 176.47 0.00 556.94 556.94
24,126.68 9.72 3,055.17 0.00 27,191.57 31,079.10
16,278.06 6.59 2,073.68 17.50 18,375.84 20,841.88
17,805.25 4.73 1,635.90 17.15 19,463.03 21,924.06
11,016.36 46.72 1,260.00 0.00 12,323.08 13,682.82
Cash and Bank Deposits Loans Investments (Net) Investment in properties Deferred Taxtation Other Assets Tangible assets Intangible assets TOTAL ASSETS
214.82 64.92 2,408.11 0.00 13.56 838.53 540.26 40.78 4,120.97
3,079.44 7.01 18,694.51 0.00 0.00 647.40 3.14 0.00 22,431.50
354.56 68.62 3,154.57 0.00 0.00 293.67 57.87 0.00 3,929.31
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.56 0.00 40.33 0.00 0.00 (1.32) 0.80 0.00 40.37
71.37 0.10 330.98 0.00 0.00 150.47 4.02 0.00 556.94
3,720.75 140.65 24,628.50 0.00 13.56 1,928.77 606.09 40.78 31,079.10
4,944.03 79.82 13,894.71 0.00 6.00 1,395.42 501.10 20.72 20,841.88
3,507.89 76.39 17,199.04 0.00 0.00 688.19 439.77 12.78 21,924.06
2,638.86 68.72 10,146.83 0.00 0.00 465.14 361.24 2.03 13,682.82
ASSETS AT MARKET VALUE
0.00
0.00
0.00
BALANCE SHEET RATIOS Net Working Capital Current Ratio Total Assets / Net Worth Break -up Value -
26

Revenue Account
for the year ended 31st December
Rs. in million Statutory Fund Individual Individual Unit Life Group Linked Conventional Life Fund Group Accident Pension & Health Aggregate Aggregate Aggregate Aggregate 2009 2008 2007 2006
Net Premium Income Net Investment Income Other Income Total Net Income
8,842.88 4,259.45 3.75 13,106.08
2,809.12 350.73 18.83 3,178.68
0.00 0.00 0.00 0.00
11.74 5.70 0.00 17.44
740.28 42.72 9.22 792.22
12,404.02 4,658.60 31.80 17,094.42
11,090.57 (3,785.79) 18.95 7,323.73
8,100.97 3,885.43 36.68 12,057.76
5,887.30 875.30 31.37 6,793.97
Net Claims Net Management Expenses Total claims and expenditures Excess of Income over Claims and Expenditure Add : Policyholder Liabilities at Beginning of Year Less : Policyholder Liabilities at End of the Period Surplus/(Deficit) Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contributed from share holders fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business Balance of Statuory Fund REVENUE ACCOUNT RATIOS Claims incurred to net premium Net profit to net premium Management expenses to net premium
1,718.38 3,532.18 5,250.56 7,855.52 13,347.40 20,536.01 666.91 7,188.62 (485.71) 0.00 13,671.21 21,041.02
1,026.64 1,477.59 2,504.25 674.43 1,968.14 2,342.61 299.96 374.47 (408.94) 56.98 2,345.14 2,667.62
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.25 1.51 3.76 13.68 27.33 38.75 2.26 11.42 (3.65) 0.00 27.71 37.75
460.11 204.77 664.88 127.34 195.29 335.60 (12.96) 140.30 (47.86) 65.76 233.99 379.22
3,207.38 5,216.05 8,423.45 8,670.97 15,538.16 23,252.97 956.17 7,714.81 (946.16) 122.74 16,278.05 24,125.61
3,309.01 4,422.65 7,731.66 (407.92) 16,654.74
2,217.18 2,906.68 5,158.54 6,899.22 10,575.20
1,695.91 1,899.13 3,595.04 3,198.93 7,861.41
13,499.59 (16,654.73) (10,575.19) 708.66 (1,116.59) (519.55) (599.62) 17,805.17 16,278.07 819.69 6,079.52 (709.96) 599.61 11,016.35 17,805.21 485.50 2,713.79 (302.44) 0.00 8,119.85 11,016.35
527.04 20,536.01 (22.03) 21,041.02
309.39 2,342.61 15.62 2,667.62
0.00 0.00 0.00 0.00
0.00 38.75 (1.00) 37.75
68.32 335.60 (24.70) 379.22
904.75 23,252.97 (32.11) 24,125.61
13,763.48 1,899.03 615.56 16,278.07
1,624.79 16,654.75 (474.33) 17,805.21
1,072.15 10,575.20 (631.00) 11,016.35
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 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
27

Aggregate 2009
Aggregate 2008
Aggregate 2007
Rs. in million Aggregate 2006
Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Total Investment Income Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items - Deferred Tax Profit/(Loss) before tax and after extraordinay items Taxation Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve Share Deposit Money Received Proposed Dividend Right Share issued Capital (contributed)/during the year Capital withdran during the year Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Stock Dividend
Balance Sheet Growth 40000 30000 20000 10000 0 2005 2006 2007 2008 30000 25000 20000 15000 10000 5000 0 Equity Growth
257.42 (281.40) 23.98 17.35 (6.63) (135.86) (142.49) 890.86 748.37 14.31 0.00 (13.22) 749.46 674.49 749.46 0.00 0.00 (337.50) 0.00 138.81 (64.85) 1,160.41 8.72 5.50 0.00
117.38 719.92 602.54 122.68 725.22 43.38 768.60 526.06 (242.54) 1.19 241.35 191.84 (433.19) 2,461.02 (433.19) 0.00 61.60 (216.56) 0.00 39.10 632.27 2,466.04 2.00 0.00 0.00
Claim Incurred
78.27 809.54 887.81 148.19 1,036.00 (28.09) 107.91 708.01 1,715.92 0.00 1,715.92 (267.74) 1,448.18 869.71 1,448.18 20.00 (200.00) (76.25) 327.00 (603.10) 5.47 1,791.01 0.00 0.00 0.00
73.74 73.69 147.43 22.46 169.89 (14.11) 155.78 334.47 490.25 (0.80) 489.45 (114.41) 375.04 (402.02) 375.04 (60.00) (90.00) (73.35) 0.00 (32.04) 0.00 (282.37) 0.00 0.00 15.00
Net Premium Underwritten 14000 12000 10000 8000 6000 4000 2000 0
2005
2006
2007
2008
3500 3000 2500 2000 1500 1000 500 0
2005
2006
2007
2008
2005
2006
2007
2008
Investments 30000 25000 20000 15000 10000 5000 0 6000 5000 4000 3000 2000 1000 0
Cash and Bank Balances 2000 1500 1000 500 0 -500 -1000
Dividend and other appropriations

1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
28
STATE LIFE INSURANCE CORPORATION OF PAKISTAN

Balance Sheet
as at 31st December
LIFE INSURANCE PUBLIC SECTOR
Rs. in million Statutory Fund Share holders Fund Pakistan Overseas Life Life Fund Fund Pension Aggregate Aggregate Aggregate Aggregate Fund 2009 2008 2007 2006
Share Capital and Reserves Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings Net Shareholders' Equity Balance of statutory fund Deferred Liabilities Creditors and Accruals TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Cash and Bank Deposits Loans Investments (Net) Investment in properties Deferred Taxtation Other Assets Tangible assets Intangible assets TOTAL ASSETS ASSETS AT MARKET VALUE BALANCE SHEET RATIOS Net Working Capital Current Ratio Total Assets / Net Worth Break -up Value 1,418.77 211,430.25 4,687.78 148.59 217,685.38 193,117.63 169,821.46 149,448.65 296.58 8,362.59 153.05 236.43 5.12 11.73 8,907.33 158.17 7,353.47 124.48 6,913.69 60.38 5,397.10 60.74 1,500.00 1,100.00 318.77 1,418.77 194,924.80 1,258.95 15,246.50 211,430.25 4,371.95 10.45 305.38 4,687.78 4,687.78 2,024.31 407.41 2,014.51 1,500.00 1,100.00 318.77 1,418.77 1,500.00 1,100.00 96.22 1,196.22 1,000.00 900.00 230.52 1,130.52 1,000.00 900.00 282.74 1,182.74
148.53 199,445.29 177,459.13 156,737.30 137,959.78 0.06 1,269.40 15,551.93 1,117.67 13,344.61 1,028.98 10,924.66 1,034.77 9,271.36
148.59 216,266.61 191,921.41 168,690.94 148,265.91 148.59 217,685.38 193,117.63 169,821.46 149,448.65 6.69 14,944.49 16,401.55 18,176.50 11,718.60 14,332.44 9,295.72
1,418.77 211,430.25 282.71 328.89 12,630.77 15,665.25
13.601.82 11,446.19
510.59 174,618.59 -
130.16 177,273.84 151,424.13 137,342.38 118,024.91 2,437.23 2,331.22 2,337.74
29

Revenue Account
Rs. in million Statutory Fund Sholder's Pakistan Overseas Life Life Fund Fund Fund Pension Aggregate Aggregate Aggregate Aggregate Fund 2009 2008 2007 2006 22.94 13.93 36.87 28,366.91 21,163.80 274.15 49,804.86 22,695.27 18,696.91 341.92 41,734.11 18,716.70 17,103.56 316.44 36,136.69 15,991.57 14,678.55 163.73 30,833.85
Net Premium Income Net Investment Income Net Rental Income Total Net Income
27,303.13 20,659.78 274.15 48,237.07
1,040.84 490.08 1,530.92
Net Claims Net Management Expenses Total claims and expenditures
15,334.93 11,280.86 26,615.79
373.78 349.40 723.18
14.87 0.18 15.05
15,723.59 11,630.43 27,354.02
12,778.77 7,998.49 20,777.25
10,782.85 6,264.84 17,047.70
8,912.10 6,479.57 15,391.67
Excess of Income over Claims and Expenditure Add : Policyholder Liabilities at Beginning of Year Less : Policyholder Liabilities at End of the Period Surplus/(Deficit) Total Taxes Surplus (Deficit) After Tax Movement in policy holder liabilities Transfers to or from Shareholders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business Balance of Statuory Fund REVENUE ACCOUNT RATIOS Claims incurred to net premium Net profit to net premium Management expenses to net premium Commission to net premium
21,621.28 171,033.80 192,535.87 119.22 (75.01) 44.20 21,502.06 (384.50) 173,763.04 194,924.80
807.74 3,559.38 4,357.52 9.61 9.61 798.14 (5.17) 3,569.38 4,371.95
21.82
22,450.84
20,956.86
19,089.00
15,442.18
126.71 174,719.90 155,416.83 136,719.88 122,007.60 145.61 197,038.99 (174,719.90) (155,416.83) (136,719.87) 2.92 2.92 18.89 131.75 (75.01) 56.73 22,319.09 (389.67) 1,653.79 117.36 1,771.16 19,303.06 (352.39) 392.04 (54.53) 337.51 18,696.96 (256.94) 729.91 (28.92) 700.99 14,712.26 (228.66)
126.71 177,459.13 156,737.30 137,959.77 122,775.18 148.53 199,445.29 177,459.13 156,737.30 137,959.77
192,535.87 2,388.94 194,924.80
4,357.52 14.44 4,371.95
145.61 197,038.99 174,719.90 155,416.83 136,719.87 2.92 2,406.30 2,739.23 1,320.47 1,239.90 148.53 199,445.29 177,459.13 156,737.30 137,959.77
30


Aggregate 2009 Aggregate 2008
Aggregate 2007
Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Total Investment Income Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items - Deferred Tax Profit/(Loss) before tax and after extraordinay items Taxation Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve Transfer to Bonus shares Proposed Paid Dividend Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Stock Divic=dend
Balance Sheet Growth 250000 200000 150000 100000 50000 0 2004 2005 2006 2007 1600 1400 1200 1000 800 600 400 200 0 Equity Growth
109.16
95.77
85.25
81.48
109.16
95.77
85.25
81.48
109.16 (2.42) 106.74 389.67 496.41
95.77 (1.95) 93.82 352.39 446.22
85.25 (1.70) 83.55 256.94 340.49
81.48 (1.36) 80.12 228.66 308.78
496.41 (177.65) 318.77
446.22 (150.00) 296.22
340.49 (109.97) 230.52
308.78 (26.04) 282.74
296.22 318.77 296.22 318.77
230.52 296.22 230.52 296.22
282.74 230.52 282.74 230.52
134.44 282.74 134.44 282.74
28.98 Claims Incurred

18000 16000 14000 12000 10000 8000 6000 4000 2000 0
26.93 -
25.61 -
31.41 -
Net Premium Underwritten 30000 25000 20000 15000 10000 5000 0
2004
2005
2006
2007
2004
2005
2006
2007
2004
2005
2006
2007
Investments
200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0
Cash and Bank Balances 20000 15000 10000 5000 350 300 250 200 150 100 50 0
2004
2005
2006
2007
2004
2005
2006
2007
2004
2005
2006
2007
2004
2005
2006
2007
31

Balance Sheet
as at 31st December
Rs. in million Statutory Fund Share holders Fund Pakistan Overseas Life Life Fund Fund Pension Aggregate Aggregate Aggregate Aggregate Fund 2008 2007 2006 2005
Share Capital and Reserves Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings Net Shareholders' Equity Balance of statutory fund Deferred Liabilities Creditors and Accruals TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Cash and Bank Deposits Loans Investments (Net) Investment in properties Deferred Taxtation Other Assets Tangible assets Intangible assets TOTAL ASSETS ASSETS AT MARKET VALUE BALANCE SHEET RATIOS Net Working Capital Current Ratio Total Assets / Net Worth Break -up Value 1,196.22 187,998.61 3,796.05 126.75 193,117.63 169,821.46 149,448.65 132,017.00 193.54 6,976.89 122.02 173.66 2.46 9.38 7,353.47 124.48 6,913.69 60.38 5,397.10 60.74 5,760.00 62.00 1,500.00 1,100.00 96.22 1,196.22 173,763.04 1,109.39 13,126.19 187,998.61 3,569.38 8.28 218.39 3,796.05 3,796.05 2,068.02 336.96 1,214.94 0.04 1,500.00 1,100.00 96.22 1,196.22 1,000.00 900.00 230.52 1,130.52 1,000.00 900.00 282.74 1,182.74 1,000.00 900.00 134.00 1,034.00
126.71 177,459.13 156,737.30 137,959.78 122,776.00 1,117.67 13,344.61 1,028.98 10,924.66 1,034.77 9,271.36 92.00 8,115.00
126.75 191,921.41 168,690.94 148,265.91 130,983.00 126.75 193,117.63 169,821.46 149,448.65 132,017.00 2.02 18,176.50 13,601.82 11,718.60 11,446.19 14,332.44 9,295.72 14,315.00 7,796.00
1,196.22 187,998.61 279.08 298.38 15,827.38 12,966.48
425.22 149,668.62 2,437.23
115.35 151,424.13 137,342.38 118,024.91 101,774.00 2,437.23 2,331.22 2,337.74 2,309.00
32

Revenue Account
Rs. in million Statutory Fund Sholder's Pakistan Overseas Life Life Fund Fund Fund Pension Aggregate Aggregate Aggregate Aggregate Fund 2008 2007 2006 2005 11.00 13.15 316.44 24.15 22,695.27 18,696.91 163.73 41,734.11 18,716.70 17,103.56 153.00 36,136.69 30,833.85 26,850.00 15,991.57 14,678.55 13,819.00 12,878.00
21,867.07 17,807.70 341.92 40,016.70
817.20 876.06 341.92 1,693.26
12,534.12 7,718.99 20,253.11
231.02 279.39 510.40
13.63 0.12 13.74
12,778.77 7,998.49 20,777.25
10,782.85 6,264.84 17,047.70
8,912.10 6,479.57 15,391.67
7,654.00 5,017.00 12,671.00
Excess of Income over Claims and Expenditure Add : Policyholder Liabilities at Beginning of Year Less : Policyholder Liabilities at End of the Period Surplus/(Deficit) Total Taxes Surplus (Deficit) After Tax Movement in policy holder liabilities Transfers to or from Shareholders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business Balance of Statuory Fund REVENUE ACCOUNT RATIOS Claims incurred to net premium Net profit to net premium Management expenses to net premium Commission to net premium
19,763.59 152,929.40 (171,033.80) 1,659.19 108.92 1,768.10 18,104.40 (348.13) 154,238.66 173,763.04
1,182.86 2,371.13 (3,559.38) (5.39) 8.44 3.05 1,188.25 (4.26) 2,382.34 3,569.38
10.41
20,956.86
19,089.00
15,442.18
14,179.00
116.30 155,416.83 136,719.88 122,007.60 108,056.00 (126.71) (174,719.90) (155,416.83) (136,719.87) (122,007.00) 10.42 1,653.79 117.36 1,771.16 19,303.06 (352.39) 392.04 (54.53) 337.51 18,696.96 (256.94) 729.91 (28.92) 700.99 14,712.26 (228.66) 228.00 36.00 192.00 13,951.00 (176.00)
116.30 156,737.30 137,959.77 122,775.18 108,808.00 126.71 177,459.13 156,737.30 137,959.77 122,775.00
171,033.80 2,729.23 173,763.04
3,559.38 10.00 3,569.38
126.71 174,719.90 155,416.83 136,719.87 122,008.00 2,739.23 1,320.47 1,239.90 767.00 122,775.00 126.71 177,459.13 156,737.30 137,959.77
55.72 1.39 40.50 -
55.00 1.39 36.00 -
33


Aggregate 2008 Aggregate 2007
Aggregate 2006
Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Total Investment Income Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items - Deferred Tax Profit/(Loss) before tax and after extraordinay items Taxation Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve Transfer to Bonus shares Proposed Paid Dividend Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Stock Divic=dend
Balance Sheet Growth 250000 200000 150000 100000 50000 0 2004 2005 2006 2007 1250 1200 1150 1100 1050 1000 950 900 Equity Growth
95.77
85.25
81.48
74.00
95.77
85.25
81.48
74.00
95.77 (1.95) 93.82 352.39 446.22
85.25 (1.70) 83.55 256.94 340.49
81.48 (1.36) 80.12 228.66 308.78
74.00 (2.00) 72.00 176.00 248.00
446.22 (150.00) 296.22
340.49 (109.97) 230.52
308.78 (26.04) 282.74
148.00 (114.00) 134.00
230.52 296.22 230.52 296.22
282.74 230.52 282.74 230.52
134.44 282.74 134.00 282.74
113.00 134.00 113.00 134.00
26.93 Claims Incurred 14000 12000 10000 8000 6000 4000 2000 0
25.61 -
31.41 -
14.94 -
Net Premium Underwritten 25000 20000 15000 10000 5000 0
2004
2005
2006
2007
2004
2005
2006
2007
2004
2005
2006
2007
Investments
160000 140000 120000 100000 80000 60000 40000 20000 0
Cash and Bank Balances 20000 15000 10000 5000 350 300 250 200 150 100 50 0
2004
2005
2006
2007
2004
2005
2006
2007
2004
2005
2006
2007
2004
2005
2006
2007
34
A SYNOPSIS OF THE PROCEEDINGS OF FAIR INTERNATIONAL INSURANCE CONFERENCE ON POLITICAL VIOLENCE

By Dr. Mumtaz A. Hashmi
35
A SYNOPSIS OF THE PROCEEDINGS OF FAIR INTERNATIONAL INSURANCE CONFERENCE ON POLITICAL VIOLENCE HELD IN APRIL 2010
Prologue
Dr. Mumtaz A. Hashmi
At a time, when Pakistan has been going through a very difficult time for it being the fore-runner in the war against terrorism, indeed the decision to hold an international conference on Political Violence was a bold avant-garde initiative by the council of Pakistan Insurance Institute (PII). Federation of Afro Asian Insurers and Reinsurers (FAIR) supported the event by encouraging the foreign delegates to make the event purposeful by their presence in good number. Conference success could be gauged from the fullhouse show right from the welcome dinner through the conference till the ceremonial vote of thanks on the afternoon of the closing day of the conference. While there was a lot to learn for the eager attendees, the kick start of the formal conference sessions with the thundering folk drum-beats of Punjab and the cultural show after the gala dinner, was over whelmingly enjoyed by all the delegates, specially the foreign visitors. Enthusiastic ownership and dedicated indulgence of Tahir Ahmed, Chairman, Insurance Association of Pakistan, and encouragement and support of Saifuddin Zoomkawala, Chairman, PII together with resilience and untiring efforts of Farzana Siddiq, Executive Director, PII for conceptualizing, organizing and managing an unprecedented mega event in the history of Pakistan's insurance industry, deserved a thumping applause. The conference commenced with recitation form Holy Quran, followed by National Anthem and an absorbing documentary depicting the real image of the vibrant Pakistan (much appreciated by the foreign visitors). Following, welcome address by Saifuddin Zoomkawala, Chairman, PII, Salman A. Shaikh, Chairman, Securities and Exchange Commission of Pakistan (SECP) as a guest of honor, in his key note speech highlighted insurance related recent legal reforms, and emphasized on the availability of solutions to cover loss or damage due to terrorism. Highly interactive discussions between the delegates and the panel of speakers of each session, followed the respective sessions. Though few presenters did suggest solutions in respect of terrorism risk via creation of a mandatory risk-pool, having active participation from the industry and patronage / facilitation (including financial support) from Pakistan's Government, however the conference ended without making any formal recommendations. In the following paras, the writer, being one of the delegates, has endeavored to summarize his understanding of each presentation. Morning Session - 12 April 2010 Executive Director (Insurance), SECP - Nasreen Rashid (Ms) was the chairperson of the session. Andrew Bauckham, Chaucer Syndicates, Lloyds of London delivered the first presentation of the conference on the topic 'Political Violence Insurance - Underwriting Considerations in a Dynamic Pakistan Industry.' A comprehensive thesis like speech started with a brief on Chaucer's history of underwriting Political Violence, its current improved underwriting performance and sizeable increase in its capacity to 634, Bauckham shared Chaucer's future plan to reach 1bn capacity by 2012, with no compromise in its underwriting philosophy and standards.
36
He talked about recent developments in London market, and for high valued assets in Pakistan, indicated availability of capacity upto US $ 250m. After highlighting the coverage available, Bauckham moved on to demonstrate Chaucer's commitment to Pakistan (one third of its Political Violence account from Asia, originates from Pakistan) Dilated on reinsurance implications and future issues for political violence insurers. With regard to Pakistan, Bauckham, as an underwriter, at the end of his talk, gave a detailed SWOT analysis, focusing on textile industry (mainstay of the Pakistan's economy). John Richard Thorpe, AON Benfield Asia Pte Ltd spoke on 'Terrorism Pools - Drawbacks & Benefits'. Thorpe commenced his talk with a brief introduction of self and his role and involvement in the formation of the national pool schemes in respect of Earthquake risk in Taiwan and Indonesia. Explained the word 'Terrorism' and presented a history of Terrorism associated incidents worldwide. According to Thorpe, 9/11 was the turning point, where after the insurers withdrew terrorism cover from most of the policies, and majority of terrorism pools formed thereafter, were created through cooperation between local insurers associations and the respective governments. Dwelling on Pakistan, highlighted sectarian and religious violence being the main causal factors for enhanced terrorism, and gave historical background with an analysis of the incidents. While elaborating on the terrorism coverage available in Pakistan, Thorpe made a case for the need to consider a market pool solution for Pakistan. Having the basic requirements i.e. market demand for the cover and insurers support for such a scheme, fulfilled, Thorpe was of the view that Pakistan market should immediately move towards establishing the terrorism pool. Siegfried M. Busch, Swiss Reinsurance Company Limited shared his thoughts on 'The Pakistani Terror Pool - A reinsurer's view'. Discussing terrorism in the context of its insurability, Busch advocated the case of private and public partnership for formation of a pool to cover terrorism, and cited existence of such pools in other countries. Focusing on creation of a terror pool in Pakistan, the requirements of and expectations from public and private sectors were dwelt-on, and to successfully manage such a pool, various aspects of the proposed model were analyzed by the speaker. According to Busch, consistent viability of the pool would depend on affordable pricing and maximum possible participation of the risks. In Busch's considered concluding remarks, insuring terrorism by private sector would not be easy on its own, however public and private sectors together could make it possible. Jagath Alwis, Ceylinco Insurance plc's presentation titled 'Sri Lanka - Case Study on Terrorism Insurance Pools'. Alwis commenced his talk with sharing of socio-economic facts about Sri Lanka, and then portrayed painful picture of over 30 years of human miseries and battered economy of Sri Lanka, inflicted by the terrorist activities. While informing about creation of fund to cover SRCC by Sri Lankan Government as a consequence to the reinsurers' refusal to continue the cover in 1985 after bad hit from losses due to 1983 communal riots, Alwis talked about modus operandi to manage the fund. Surge in the violence/damage/destruction throughout Sri Lanka in late eighties by the leftist - rebels, the coverage under the said fund, on the industry's request, was extended to provide limited cover against terrorism & sabotage.
37
Towards the end of his presentation Alwis shared the impact of the favorable claims experience, which led to gradual accumulation of funds, exceeding US $ 75m. For the future, due to the successful elimination of terrorists' leadership, terrorism premium rate effective 17 April 2010 had reportedly been reduced by 75%, and for the continued existence of the fund, the Government had allowed the fund to write other classes of insurance. Afternoon Session- 12 April 2010 Chairman, Pakistan Insurance Institute - Saifuddin N. Zoomkawala chaired the session. Piers Gregory, Ace Overseas General Insurance spoke about the 'International Perception on Terrorism in Pakistan and the Advantages of a Local Solution'. Citing 9/11 as the turning point in the surge for the stand alone demand of terrorism cover worldwide, Gregory gave region-wise 2009 Lloyd's total terrorism premiums ( 391m) (of which Pakistan accounted for 1.5% only). On going conflicts and their consequences, major incidents in recent years and segment wise summary of incidents in last fifteen months were looked at from the underwriters perspective, which followed by an analytical presentation of 'perception' versus 'reality' in the Pakistan context. Next, as to how underwriters' perception could be improved, Gregory deliberated on accuracy / relevance of information in this regard, and stressed on role and contribution of international brokers and risk consultants. In conclusion, having spelt out the first hand understanding and knowledge of the risks, Gregory advocated the case of ACE, Pakistan (only stand alone market with an international financial strength of A+), who could consider and write terrorism risk in Pakistan. Cyril Empeigne, SCOR Reinsurance Asia-Pacific dilated on the subject 'Terrorism: Private Market Solutions or Government -Backed Scheme' Starting with the display of 2009 Terrorism Threat Map, Empeigne expanded on 'what is terrorism', and sum up by giving standard definition of Terrorism and a brief on emerging new forms of Terrorism. The importance of linkage between terrorism incident and resulting loss / damage, and the difficulties in insuring and assessment of the risk exposures were touched upon, which followed with a brief on SCOR's underwriting philosophy. The presentation also featured the existing specialized terrorism insurance plan world-wide, an overview of the insured loss distribution of 9/11 terrorist attacks on WTC, and summary of loss of lives and impact on Indian economy caused in Mumbai attacks during November 2008. Empeigne emphasized on the importance of the governments preventative role in respect of containing consequences of terrorist activities, and with reference to Pakistan recommended creation of a mandatory national pool, financially backed by the government with reinsurance protection, as a viable solution. Heinz Dollberg, Allianz SE in the concluding presentation of the day, talked on the pertinent topic 'Terrorism - Its Economic Impact and Insurability' First focusing on economic impact of terrorism, Dollberg dilated on costs of terrorism and its economic consequences and factors influencing the severity of impact of a terrorism incident in a given economy.
38
Explained the impact of terrorism on the insurance industry by citing WTC incident as the third largest insured loss in insurance history, and also presented loss distribution by type of insurance, from 9/11 incidents. On the subject of insurability of terrorism, the risk was analyzed by comparing with standard insurable risks. Advantages and disadvantages of State's involvement in covering Terrorism risk was vividly analyzed by the presenter, which followed by selected examples of Government's involvement globally. In his concluding remarks, Dollberg stated that the issue should be addressed, and insurance industry and state must work together to ensure an adequate solution. Morning Session - April 13, 2010 Chairman, Insurance Association of Pakistan - Tahir Ahmed supervised the session. Peter Draper, United Insurance Brokers Ltd expanded on 'What Reinsurers are looking for in Pakistan'. Draper began his presentation with a focus on the capacity growth at Lloyd's from US $ 100m in 2001 (involving five syndicates) to US $ 1 b in 2009 (engaging 32 syndicates). Also, named key players at Lloyd's, as well as their main global competitors. Whilst, mentioning the available standard covers, the relevant context were touched on, and accessibility to wider coverages was also highlighted. With reference to Pakistan, Draper after summarily underlining the recent major incidents of terrorists' acts, spot-lighted the underwriting information required by reinsurers for assessment and consideration of a Terrorism or Political Violence risk proposal. Lloyd A. Stewart, Jardine Lloyd Thompson Ltd presented 'An Overview of Jardine Lloyd Thompson Group and Political Violence Insurance'. Stewart commenced his talk with an introduction of JLT as the largest European based insurance / reinsurance brokers and risk management advisor, who is also a FTSE 250 company, having a history of over 150 years, with revenues nearing US $1 bn mark. He then listed the benefits and major areas of expertise, which JLT offer to their customers. Pragmatically described scope of terrorism and political violence in comparison with standard property insurance covers for various events, and displayed the available coverages thereunder. Elucidated JLT's philosophy and approach in handling of Terrorism & PV proposals and by citing the advantages Stewart advocated buying of such covers on a stand alone basis. Before concluding, briefly spoke on kidnap and ransom insurance. Lastly, Stewart gave the participants an introduction to a reportedly very informative data base facility - 'World Risk Review' at JLT. Julian Taylor, Aon Asia Pacific Ltd started his talk on the subject 'Terrorism Insurance - a Broker's Perspective' with a reference to the terrorism incidents in Pakistan, and moved on to depict the reality about the fatalities during 2003-2009. Next, the factors contributory to political unrest were summed up, followed by an analysis of security concerns in the different areas of Pakistan. Before elaborating on broker's role in persuading underwriters to write a Terrorism / PV risk proposal, Taylor discussed formative elements of such a risk, and with real life examples explained what he meant by a 'high risk'. Following comments on the significance of identifying an incident as War or Terrorism, the available coverage - options, with extensions, a case for full PV cover, and a list of leading global market places, were presented by Taylor.
39
In conclusion, prior to marketing Aon Crisis Consulting, Taylor promoted Aon's consultative approach right from comprehending a risk manager's fear in respect of terrorism risk, assisting him in its assessment and likely impact it could cause, and ultimately helping him to make informed decision about the most appropriate risk management strategy. Daniel O'Connell, Willis Global Markets International spoke about "Terrorism / Political Violence Solutions". O'Connell began his presentation with a brief about Willis Specialty Team, and expanded on Willis Holistic approach for a comprehensive solution to Terrorism / Political Violence risk-threats i.e. risk reduction, risk transfer & risk mitigation. On the subject of risk reduction with particular reference to threat analysis, security advice and training exercises, Willis capabilities of working in partnership with insurers and clients were lauded. In risk transfer context, Willis preference to dialogue with clients in determining of appropriate policy coverage was emphasized. As a matter of interest, advice and support Willis Crises Managers offer in respect of various aspects of risk mitigation, was explained by O'Connell. Towards seeking Terrorism / Political Violence solutions, Willis approach to identify and understand the corporate risk profile, and the importance Willis attach in handling of claims, were shared. O'Connell concluded his talk by summarizing his presentation. Mr. Omer Morshed, Pakistan Society of Actuaries commenced his presentation on 'Impact of Political Violence on Work Done by Actuaries' (the last and the most technical one of the Conference), by listing the works actuaries generally perform. To better understand as to how modeling of risks involving political violence is different in comparison to risk arising from catastrophic events, typical approach used by actuaries in reserving of statistically measurable basic components of a risk model i.e. "frequency" and "severity", were visited. Before introducing basic model of terrorism risk, Morshed shared major differences in estimation of losses caused by terrorism and natural calamity, as identified by Terrorism Risk Insurance sub-group of the American Academy of Actuaries in its 2006 report (AAA). With regard to estimation of severity of losses due to terrorist attacks, "9/11" versus Hurricanes "Katrina" & "Andrew" were considered, followed by a display of AAA's estimations of various scenarios of total losses involving major cities of USA. In Morhsed's opinion estimation of frequency (i.e. probability of occurrence) in case of terrorism was more difficult to determine then in respect of catastrophic events, which was evident from the available historical data. While, insisted using traditional actuarial approach to determine probability of terrorist attacks, Morshed impressed as to how intuition could contribute by taking into account terrorist's motivation, identification of high probability targets and their strength of security, etc. Morshed believed capital allocation to meet possible future catastrophic losses would obviously be welcome by regulators, however, under para 14 of IFRS 4, such allocations could not be recognized as liability, an issue which in his considered opinion, seriously needed recognition from IASB. Morshed's concluded his address with an emphasis on importance to cover terrorism risk in Pakistan on the lines adopted in other countries, i.e. mandatory risks pooling protected with the government's support.
40
COMPANY PROFILES
41
ACE INSURANCE LIMITED.
Ms. Zehra Naqvi
Values ACE Pakistan is committed to the ACE Group Values which are: Integrity: We comply with all applicable laws regulations and company policies in our words and in our deeds. Honesty, Character and ethical behavior guide us to do the right thing.
different perspectives, constructive criticism and a sense of pride in who we are and what we do. Mission ACE is committed to being a leader in the global insurance and reinsurance market by always conducting business in a consistent, disciplined and focused manner. The ACE way is to provide: 1) Superior Client Value 2) Superior Shareholder Value 3) Superior Employee Value Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 278.165 82.90 32.16 8.90 16.36 2008 278.08 87.90 25.31 6.24 21.60
Client Focus: We are committed to our clients. We strive to understand their risks, we make promises and we keep them. Respect: We value our employees, partners and communities. We are dedicated to fair treatment, diversity, trust and mutual respect. We recognize and reward excellence in the workplace. Performing at the highest level requires us to think and act like owners. We believe in an environment of open communication and collaboration produces results. We encourage full participation,
Excellence:
Teamwork:
COMPANY INFORMATION 1. Managing Director & CEO Ms. Zehra Naqvi 2. Directors Mr. John Keogh Mr. Serge Osuof Mr. Giles R. Ward Mr. Kenneth Underhill Ms. Zehra Naqvi Mr. Syed Umer Ali Shah Mr. Kamal Ahmed. 5. Tax Advisors 6. Legal consultants 7. Registered Office Ernst & Young Ford Rhodes Sidat Hyder & Co. Ebrahim Hosain 6th floor, NIC Building, Abbasi Shaheed Road Off: Shahrah-e-Faisal Karachi. 13
3. Chief Financial Officer Mr. Kamal Ahmed 4. Auditors A.F.Ferguson & Company
8. Number of Employees
42
ACE INSURANCE LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 353.02 2.18 3.03 11.23 337.39 2.81 2.88 11.95 268.69 2.83 3.07 12.12 96.65 2.88 1.97 10.65 2009 300.00 200.00 24.67 224.67 211.26 150.15 6.18 367.59 1.01 88.33 681.60 361.71 145.40 18.04 145.50 10.95 681.60 550.84 445.76 167.70 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 0.41 86.27 18.11 132.14 8.75 0.35 36.14 21.04 115.66 8.51 5.06 1.79 8.35 3.00 48.49 9.83 Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/ Bonus Shares issued General Reserve 2008 2007 80.00 120.00 25.40 145.40 79.60 142.83 10.31 232.74 0.05 64.94 2.63 445.76 264.06 2006 80.00 80.00 5.16 85.16 26.44 28.07 3.10 57.61 21.64 3.29 167.70 91.18

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals 2009 82.90 32.16 38.75 8.90 3.09 0.03 34.01 (6.62) (1.01) 26.41 29.50 13.15 16.35 23.00 27.73 27.73 11.62 2008 2007 96.56 39.92 28.99 4.56 23.09 0.55 12.34 (5.11) 7.78 30.87 11.35 19.52 4.68 24.20 2006 60.63 25.43 24.64 (5.62) 16.18 0.39 6.82 (3.50) 3.71 19.90 5.90 14.00 (9.32) 4.68
Rs. in million
300.00 160.00 31.22 191.22 134.59 164.39 8.09 307.07 0.96 51.59 550.84 305.16
Rs. in million
87.90 25.31 37.73 6.25 18.61 0.06 25.00 (4.89) (2.38) 17.79 36.40 14.80 21.60 24.21 22.81 22.81 23.00
38.79 19.72 46.74 10.74 0.82 27.73
28.79 24.57 42.92 7.11 1.35 22.81
41.34 20.22 30.02 4.72 1.63 -
41.94 23.09 40.64 (9.27) 1.75 -
Balance Sheet Growth 800 600 400 200 0 2006 2007 2008 2009 250 200 150 100 50 0
Equity Growth 50 40 30 20 10 0
Claim Incurred 120 100 80 60 40 20 0
Net Premium Underwritten
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 600 500 400 300 200 100 0 400 350 300 250 200 150 100 50 0
Cash and Bank Balances 25 20 15 10 5 2006 2007 2008 2009 0
Dividend & other appropriations 30 25 20 15 10 5 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
43
ADAMJEE INSURANCE COMPANY LIMITED
Mr. Muhammad Ali Zeb
Vision
"Our will is to Explore, Innovate & Differentiate. Our passion is to provide Leadership to the Insurance Industry".
Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 2008
Core Values Integrity: Transparency and Honesty without Compromise Humility: Empathy, Self Esteem and Respect in all relationships Fun at Workplace: Work Life Balance Corporate Social Responsibility: Service to Humanity
10,321.00 10,205.00 6,807.00 7,488.00 4,453.00 5,173.00 500.00 741.00 2,434.00 1,099.00
COMPANY INFORMATION 1. Chairman 2. Managing Director & CEO 3. Directors Mr. Umer Mansha 5. Chief Financial Mr. Mudassar ZubairOfficer Ahmed Mirza 6. Advisor 7. Auditors & Tax Advisor Mr. Mian Mohammad Mansha M/s Riaz Ahmed & Co. Chartered Accountants, Karachi 6th Floor, Adamjee House, I.I Chundrigar Road, Karachi 1,088
Mr. Muhammad Ali Zeb Mr. Ahmed Ebrahim Hasham Mr. Ali Munir Mr. Alman Aslam Mr. Atif Bajwa Mr. Hassan Mansha Mr. Ibrahim Shamsi Mr. Khalid Qadeer Qureshi Mr. Nabiha Shahnawaz Cheema Mr. S. M. Jawed Mr. Tameez-ul-Haque
8. Registered Office 9. Number of Employees
4. Company Secretary
44
ADAMJEE INSURANCE COMPANY LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Borrowings Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 1,500.00 1,124.59 9,656.59 10,781.18 3,575.90 4,405.82 228.44 8,210.16 101.42 2,344.75 25.97 148.91 21,612.38 2,157.10 28.38 9,658.03 1,845.56 399.88 6,473.10 855.74 194.58 21,612.38 19,003.65 18,765.96 19,003.65 1,724.11 26.85 7,576.75 2,188.10 414.70 6,133.23 939.91 18,765.96 954.20 27.31 8,132.10 2,792.46 413.54 5,677.93 768.41 11,139.10 883.23 26.26 4,502.78 1,262.98 311.94 3,792.78 339.77 19.35 11,139.09 Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year 160.68 2,434.48 76.72 1,099.15 83.64 4,201.24 108.25 1,576.49 2008 2007 1,500.00 1,022.35 6,621.09 7,643.44 5,022.62 4,252.01 236.04 9,510.66 3.69 1,578.67 29.50 2006 1,500.00 1,022.35 2,765.52 3,787.87 3,208.08 2,974.46 113.58 6,296.12 3.09 1,028.74 23.28

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax 2009 6,806.90 4,452.84 1,174.58 500.22 679.26 2,479.42 0.48 154.27 (710.80) 4.19 (11.64) 1,915.91 2,595.17 2008 2007 5,531.82 3,915.09 1,054.98 442.50 119.25 4,486.37 0.49 71.17 (398.37) 6.53 (0.56) 4,165.63 4,284.88 2006 5,280.13 3,354.85 923.12 520.22 481.94 1,515.26 0.49 119.70 (440.93) 9.16 (0.88) 1,202.80 1,684.74
Rs. in million
1,500.00 1,022.35 7,536.95 8,559.30 4,562.55 4,014.82 176.50 8,753.88 9.17 1,656.26 25.06
Rs. in million
7,488.14 5,173.15 1,206.56 741.37 367.06 1,098.05 0.49 183.59 (511.72) 38.40 808.81 1,175.87
6,458.72
5,666.27 (306.71) (306.71) 6,458.71
1,802.40 (337.38) (337.38) 5,666.26
1,386.90 (214.80) (196.21) (750.00) (1,161.01) 1,802.38
Dividend (270.92) Reserve for Bonus Share/Bonus Shares issued (102.24) General Reserve (373.16) Balance Unappropriated profit at end of year 8,520.04 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 65.42 Net Profit after tax to net premium % 35.76 Management expenses to net premium % 17.26 Commission to net premium % 7.35 Earning per share (Rs.) 21.65 Cash Dividend (270.92) Stock Dividend (102.24)
Claim Incurred 6000 5000 4000 3000 2000 1000 0
8000 7000 6000 5000 4000 3000 2000 1000 0
4,529.15 1.76 2.00 95.87
3,801.57 1.61 2.22 83.72
2,793.80 1.42 2.46 74.76
1,678.89 1.39 2.94 37.05
69.08 14.68 16.11 9.90 10.75 (306.71) -
70.77 75.95 19.07 8.00 41.09 (337.38) -
63.54 29.86 17.48 9.85 15.42 (214.80) (196.21)
Balance Sheet Growth 25000 20000 15000 10000 5000 0 2006 2007 2008 2009 12000 10000 8000 6000 4000 2000 0
Equity Growth
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 12000 10000 8000 6000 4000 2000 0 2500 2000 1500 1000 500 2006 2007 2008 2009 0

4500 4000 3500 3000 2500 2000 1500 1000 500 0
Dividend & other appropriations 1400 1200 1000 800 600 400 200 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
45
AGRO GENERAL INSURANCE CO. LTD.
Mr. M. Jalilullah
History, Back Ground, Principal Activities Agro General Insurance Company Limited was incorporated in the year 1985; the company was initially formed with the aim to transit specialized field of Crop Insurance and other agricultural forms of insurance. Consequently the management decided to transact other forms of non life insurance in order to genrate premium. The company maintained the selective underwriting Policy. The company looks forward for better performance in the coming years.
Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Earned Premium Net Claims Expense Net Commission/(Income) Profit / (Loss) after tax 1.51 2008 -
COMPANY INFORMATION 1. Chairman/ Director Mr. Taufiqe Habib
2. Chief Executive & Managing Director Mr. M. Jalilullah 3. Directors Mr. Hashim M. Shamim Mr. Muhammad Afreen Dhedhi Mr. Riaz Kapadia Mr. Muhammad Ateeq Siddique Mr. Ali Arshad Hakeem Mr. Asghar Ali Anjum
46
5. Chief Manager Accounts 6. Auditors 7. Registered & Head Office
Mr. Touseef Farooqui M. Yousuf Adil Saleem & Co. Chartered Accountants Room # 416-418 Continental Trade Centre, Block 8, Main Clifton Road, Karachi. Tel : (92-21) 35302902-06 Fax : (92-21) 35302913 Email : agiho@cyber.net.pk
AGRO GENERAL INSURANCE CO. Ltd

Balance Sheet
as at 31st December EQUITY Authorised Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings UNDERWRITING PROVISIONS Provision for outstanding claims (including IBNR) Provision for unearned premium - net Commission Income Unearned Total DEFERRED LIABLITIES CREDITORS AND ACCRUALS OTHER LIABLITIES TOTAL EQUITY AND LIABLITIES CASH AND BANK DEPOSITS LOANS - SECURED CONSIDERED GOOD INVESTMENT INVESTMENT PROPERTIES DEFERRED TAX REINSURANCE RECOVERIES AGAINST OUTSTANDING CLIAMS DEFERRED COMMISSION EXPENSE OTHER ASSETS FIXED ASSETS TOTAL ASSETS Asset At Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 39.35 18.01 1.03 7.05 21.55 27.94 1.01 7.02 121.61 89.76 1.01 13.64 72.88 9.85 1.13 11.02 2009 16.10 140.40 (41.35) 99.05 1.46 1.46 0.51 0.85 101.87 7.27 59.86 34.40 0.35 101.87 2008 2007 120.00 120.00 43.73 163.73 1.59 1.45 0.33 1.37 165.43 54.33 39.56 0.63 68.65 2.26 165.43 2006 100.00 80.00 8.19 88.19 5.92 8.96 0.22 2.32 99.69 60.20 15.81 4.92 1.91 15.99 0.85 99.69 Profit/(Loss) before tax Provision for taxation Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus share General Reserve Balance Unappropriated profit at end of year

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Less: Net Claims Less: Expenses Less: Net Commission/(income) Underwriting result Investment Income Rental Income Other Income General and administration expenses 2009 (0.50) (0.50) 10.25 (7.91) 2.34 1.84 (0.32) 1.52 (44.52) (43.00) 2008 2007 0.82 (0.02) 1.65 (0.81) 0.00 43.20 (0.00) (6.04) 37.16 37.17 37.17 6.54 43.71 2006 11.50 8.11 0.96 2.16 0.27 9.64 0.04 (4.00) 5.68 5.95 1.37 4.58 1.96 6.54
Rs. in million
160.10 140.40 (41.83) 98.57 0.47 0.80 99.84 13.21 75.65 9.14 1.84 99.84
Rs. in million
(0.91) (0.91) (69.18) 8.17 (2.41) (63.43) (62.52) (0.58) (63.10) 41.85 (20.40) (20.40) (41.65)
PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium 0.00 Net Profit to net premium 0.00 Management expenses to net premium 0.00 Commission to net premium 0.00 Earning per share 0.18 Cash Dividend 0.00 Stock Dividend 0.00
0.00 0.00 0.00 0.00 (4.49) 0.00 (20.40)
(2.18) 4510.32 200.36 (98.79) 3.10 0.00 0.00
70.55 39.79 8.35 18.76 0.57 0.00 0.00
Balance Sheet Growth 200 150 100 50 0 2006 2007 2008 2009 200 150 100 50 0
Equity Growth 1 0.8 0.6 0.4 0.2 0
Claim Incurred 1.2 1 0.8 0.6 0.4 0.2 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 80 70 60 50 40 30 20 10 0 60 50 40 30 20 10 0
Cash and Bank Balances 60 40 20 0 -20 -40 -60 -80
Dividend & other appropriations 25 20 15 10 5 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
47
INSURANCE COMPANY
ALFAL AH
ALFALAH INSURANCE COMPANY LTD.

Mr. Nasar us Samad Qureshi
VISION To be a leading insurer by providing most comprehensive yet flexible cost effective risk management solutions to our clients backed with friendly and efficient claims service and enhance the Alfalah brand value for the benefit of all stakeholders. MISSION We undertake to provide world class service with unmatched security to our clients and help in increasing awareness about insurance in the country as well as enhancing public confidence in the insurance industry in Pakistan. We will introduce new modern insurance products comparable with international standards and will emerge as an innovative insurer providing complete risk management solutions to the insuring public in Pakistan
Key Financial Data for the Last two (2) Year (Rs in million) 2009 Written Premium Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit/(Loss) after tax 651.46 325.02 231.34 (68.31) 30.69 2008 568.18 257.42 191.12 (59.56) 7.55
COMPANY INFORMATION 1. Chairman. 2. Chief Executive & Managing Director 3. Directors. H.H. Sheikh Hamdan BinMubarak Bin Mohammed Al Nahayan Mr. Nasar us Samad Qureshi H.H. Sheikh Hamdan BinMubarak Bin Mohammed Al Nahayan H.E. Sheikh Saif BinMohammed Bin Butti Mr. Khalid Mana Saeed Al Otaiba Mr. Parvez A. Shahid Mr. Mohammad Yousuf Mr. Tanweer Ahmed Khan Mr. Nasar us Samad Qureshi 4. Chief Financial Officer & Company Secretary Mr. Adnan Waheed 5. Auditors & Tax Advisers 6. Head Office. M/s A.F. Ferguson & Co. Chartered Accountants 5-Saint Mary Park, Gulberg III, Lahore. UAN : 111-786-234 Fax : 92-42-5774329 Email: afi@alfalahinsurance.com Web: www.alfalahinsurance.com 147
7. No. of Employees.
48
ALFALAH INSURANCE COMPANY LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Share deposit money General Reserve Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 300.00 230.00 1.38 25.00 36.43 292.81 212.06 292.46 35.19 539.71 12.94 132.64 26.89 1,004.99 193.62 180.62 132.10 8.47 401.75 88.43 1,004.99 2008 2007 300.00 230.00 1.38 23.19 254.57 107.29 159.18 19.56 286.03 5.15 90.80 8.16 644.71 193.35 129.39 77.19 3.34 197.66 43.78 644.71 2006 300.00 230.00 1.38 (1.50) 229.88 0.27 17.54 2.81 20.62 10.75 18.95 280.20 173.38 54.03 0.88 0.24 0.11 43.62 7.94 280.20 Balance Unappropriated profit at end of year

for the year ended 31st December 2009 2008 2007 73.84 48.57 41.09 (25.83) 10.01 33.08 (13.38) 19.70 29.71 5.02 24.69 (1.50) 23.19 2006 0.76 0.04 14.08 (0.69) (12.67) 13.19 (2.83) 10.36 (2.31) (0.81) (1.50) (1.50)
Rs. in million
300.00 230.00 1.38 30.74 262.12 180.29 235.81 27.73 443.83 15.09 166.53 44.00 931.57 168.70 189.22 117.49 5.70 352.28 98.18 931.57 -
REVENUE ACCOUNT Net Premium Revenue 331.79 Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 231.34 94.56 (68.31) 74.20 17.03 4.16 (47.31) (26.12) 48.08 17.39 30.69 30.74 25.00 25.00 36.43
Rs. in million
262.45 191.12 65.97 (59.56) 64.92 (2.33) 5.63 (43.76) (40.46) 24.46 16.91 7.55 23.19 30.74
355.88 1.96 3.43 12.73
247.65 1.63 3.57 11.40
261.95 2.27 2.53 11.07
187.27 7.25 1.22 9.99
PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 69.72 Net Profit after tax to net premium % 9.25 Management expenses to net premium % 28.50 Commission to net premium % (20.59) Earning per share (Rs.) 1.33 Cash Dividend Stock Dividend Claim Incurred 250 200 150 100 50 0 350 300 250 200 150 100 50 0
72.82 2.88 25.14 (22.69) 0.33 -
65.78 33.44 55.65 (34.98) 1.07 -
5.26 (197.37) 1,852.63 (90.79) (0.07) -
Equity Growth
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 200 150 100 50 0 2006 2007 2008 2009 200 190 180 170 160 150

35 30 25 20 15 10 5 0 -5
Net (loss)/Profit after tax
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
49
ALPHA INSURANCE COMPANY LTD.

Insurance Company Limited.
Mr. Nasir Javed Khan
lpha
Vision With help and involvement of all its Stakeholders to make Alpha one of the leading General Insurance Company of the Country with a vibrant marketing force and efficient and responsive office staff, so as to provide best quality services to its policyholders. Mission To work zealously towards attaining these objectives and be able to compete in the open market by developing a vibrant field force and efficient and responsive office staff.
Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 109.25 61.51 53.16 0..03 (8.56) 2008 118.81 77.04 48.54 2.25 (17.48)
COMPANY INFORMATION 1. Chairman Mr. Shahid Aziz Siddiqui 7. Auditors M/s. Anjum AsimShahid Rahman Chartered Accountants M/s. Ernst & Young Ford Rhodes Sidat Hyder. Chartered Accountants 2nd Floor, State Life Building No.1-B, Off, I.I.Chundrigar Road, Karachi - 74000. Tel: 32416041 - 45 Fax: 92-21-32419968 32422478-9 109
2. Managing Director & CEO Mr. Nasir Javed Khan 3. Directors Mr. Mahmood Hashmi Syed Yawar Ali Mr. Rasheed Y. Chinoy Mr. Mohammad Yahya Mr. Ansar Hussain Mr. Attaullah A.Rasheed
Tax Advisor
8. Registered Office
5. Chief Financial Officer Mr. Attaullah A.Rasheed 6. Advisor ------
50
ALPHA INSURANCE COMPANY LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 500 303.60 21.63 325.23 152.24 46.66 7.94 206.84 49.54 3.10 584.71 144.89 195.60 0.36 92.86 8.55 132.03 10.42 584.71 164.90 1.80 1.80 10.71 2008 2007 200 121.44 134.70 256.14 129.55 69.74 8.94 208.23 47.38 3.00 514.76 160.20 108.53 0.57 94.40 11.73 129.05 10.29 514.76 203.72 2.13 2.01 21.09 143.59 0.25 82.25 14.29 108.50 10.17 439.36 107.66 1.66 2.48 17.51 Balance Unappropriated profit at end of year 2006 200 101.20 75.98 177.18 105.80 88.00 10.78 204.58 54.66 2.95 439.36 80.32

for the year ended 31st December 2009 2008 2007 99.50 61.66 27.81 5.58 4.45 84.58 10.54 (13.09) 82.03 86.49 2.46 84.02 27.73 5.06 20.24 2.40 27.70 84.05 2006 109.74 58.62 21.66 7.20 22.27 21.69 6.76 (13.93) 14.52 36.79 9.12 27.67 0.06 27.73
Rs. in million
200 161.92 70.67 232.59 130.93 53.49 7.91 192.33 52.94 3.13 480.99 166.59 77.29 0.34 88.65 9.04 127.09 11.99 480.99 195.33 2.04 2.07 14.36
REVENUE ACCOUNT Net Premium Revenue 61.51 Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 53.16 34.65 (0.03) (26.27) 29.22 5.83 (16.51) 18.54 (7.74) 0.82 (8.56) 20.01 40.48 (40.48) 11.46
Rs. in million
77.04 48.54 35.97 2.25 (9.72) 14.40 15.85 (17.66) 12.59 2.87 20.36 (17.49) 84.05 6.07 40.48 46.55 20.01
PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 86.42 Net Profit after tax to net premium % (13.91) Management expenses to net premium % 56.33 Commission to net premium % (0.05) Earning per share (Rs.) (0.28) Cash Dividend Stock Dividend 40.48
Claim Incurred 70 60 50 40 30 20 10 0 120 100 80 60 40 20 0
63.01 (22.70) 46.69 2.92 (1.08) 6.07 40.48
61.97 84.45 27.95 5.61 6.92 5.06 20.24
53.41 25.21 19.73 6.56 2.73 -
Equity Growth
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 250 200 150 100 50 0 2006 2007 2008 2009 250 200 150 100 50 0
Cash and Bank Balances 100 80 60 40 20 0 -20 -40
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
51
asiaINSURANCE
ASIA INSURANCE COMPANY LTD.
Engr. Ihtsham-ul-Haq Qureshi
Vision To transform the company into an ideal Insurance Company with larger equity base which could provide more opportunities and options for utilization of funds and help to increase profitability through economy of scale, better resource mobilization and reduction in operational cost alongside to provide better services to our clients and stakeholders which could gather the confidence of both shareholders and policyholders. Mission To provide excellent services, best risk management, prompt settlement of claims, expand branches network of the company, induct and build sound
and dynamic team, ensure good governance for sustainable and equitable growth and prosperity of the company. Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 36.69 29.76 10.95 1.12 4.88 2008 53.64 32.20 14.73 2.02 5.51
COMPANY INFORMATION 1. Chairman Mr.Ihtsham ul Haq Qureshi 6. Chief Financial Officer Mr.Karamat Ullah (ACA) 7. Advisor 8. Auditors 9. Tax Advisor 10. Registered Office 11. Number of Employees Barister Munawar us Salam Rehman SarfrazRahim Iqbal Rafique Amin, Mudassar & Co. 456-K Model Town, Lahore. 56
2. Managing Director & CEO Mr.Ihtsham ul Haq Qureshi 3. Directors Mrs.Nosheen Ihtsham Qureshi Mr.Hassan Ahmad Khan Mr.Aisam ul Haq Qureshi Mrs.Shiza Hassan Mr.Zain ul Haq Qureshi Khawaja Suhail Iftikhar Mr.Ali Munem Shamsi Mr.Saleem Akhtar
4. President 5. Company Secretary
52
ASIA INSURANCE COMPANY LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Surplus on revaluation of fixed assets Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 300.00 200.00 28.46 228.46 127.21 2008 2007 300.00 120.00 18.05 138.05 27.21 2006 80.00 80.00 16.11 96.11 27.67

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 2009 29.77 0.00 10.95 16.23 1.13 1.46 19.55 0.00 0.26 13.91 0.00 0.00 5.9 7.36 2.47 4.89 21.07 2008 2007 33.41 0.00 14.68 12.63 -1.04 7.14 7.23 1.87 0.51 4.34 0.00 0.10 5.27 12.30 2.82 9.49 13.61 0.46 8.00 2006 29.00 0.00 13.29 10.66 -1.07 6.12 4.50 0.28 4.64 3.81 0.00 0.31 13.54 11.43 0.16 11.27 2.24 0.10 -
Rs. in million
300.00 160.00 23.57 183.57 127.21
Rs. in million
32.20 0.00 14.74 12.18 2.02 3.26 9.57 0.00 0.28 3.49 0.00 0.17 6.53 9.45 3.93 5.52 15.55 -
26.41 18.15 0.00 1.49 46.05 0.00 17.75 0.06 419.52 149.00 0.00 22.46 0.00 0.33 13.92 1.89 63.17 168.76 0.00 419.52 181.87 5.11 1.84 11.42
22.38 27.99 0.00 2.28 52.65 1.29 13.14 0.06 377.91 128.42 0.00 6.36 0.00 0.00 9.83 2.96 67.54 162.80 0.00 377.91 170.21 5.78 2.06 11.47
19.91 25.61 0.00 1.56 47.08 1.37 10.88 8.05 232.64 96.32 0.00 4.10 0.00 0.00 9.23 2.90 57.03 61.12 1.93 232.64 123.73 4.19 1.69 11.50
17.24 24.26 0.00 2.04 43.54 0.00 20.64 0.68 188.64 57.68 0.00 4.50 0.00 0.00 9.28 2.60 52.79 58.10 3.69 188.64 81.19 3.11 1.96 12.01
0.00 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 25.96
0.00 21.07
8.00 15.55
0.00 13.61
36.79 16.41 54.51 3.79 0.24 -
45.76 17.13 37.83 6.28 0.34 -
43.94 28.39 37.79 (3.11) 0.79 8.00 -
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Equity Growth 20.00 15.00 10.00 5.00 2006 2007 2008 2009 0.00
Claim Incurred 34 33 32 31 30 29 28 27 26
2006
2007
2008
2009
2006
2007
2008
2009
Investments 25 20 15 10 5 0 160 140 120 100 80 60 40 20 0
Cash and Bank Balances 12.00 10.00 8.00 6.00 4.00 2.00 0.00
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
53
ASKARI GENERAL INSURANCE CO. LTD.
Vision The Vision of askari general insurance company is to be amongst the leading insurance companies of the country with the clear perception of upholding the principles of corporate governance and making agico a profitable and growth oriented insurance company while creating insurance awareness and culture Mission The Mission of agico is to become a leading company by providing client friendly services through highly motivated team of dedicated professionals and ensuring progressive return to the stakeholders.
Key Financial Data for the last two (2) Years
Mr. Mohammad Hussain Hirji
(Rs in million) 2009 2008
Premium Written 1,108.00 1,003.00 Net Premium Revenue 805.00 650.00 Net Claims Expense 522.00 423.00 Net Commission / (Income) 49.00 23.00 Profit / (Loss) after tax (28).00 7.00
COMPANY INFORMATION 1. Chairman 2. President & CEO 3. Directors Lt. General (Retd.) Imtiaz Hussain Mr. Mohammad Hussain Hirji 6. Advisor Maj. Gen. (Retd.) Saeed Ahmed Khan Brig. (Retd.) Javed Qayum Brig. (Retd.) Mushtaq Ahmed Malik Mr. Abdul Waheed Syed Suhail Ahmad Rizvi Mr. Abdul Hai Mahmood Bhaimia 7. Auditors & Tax Advisor 8. Registered Office Mr. Farrukh Karim Qureshi 5. Chief Financial Officer
Mr. Jamil Ahmed
KPMG Taseer Hadi & Company 4Th Floor, AWT Plaza, The Mall, Rawalpindi.
Mr. Waseemullah
433
54
ASKARI GENERAL INSURANCE CO. LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 500.00 203.77 64.64 268.41 261.49 485.78 29.30 776.57 12.29 65.36 73.13 1,195.76 114.28 4.20 413.61 76.15 41.60 415.28 126.05 4.59 1,195.76 2008 2007 250.00 156.75 132.55 289.30 226.49 353.18 22.67 602.34 9.89 136.06 80.00 1,117.59 169.78 2.82 423.23 4.24 68.01 30.04 315.50 96.25 7.72 1,117.59 2006 250.00 120.58 116.99 237.57 169.73 310.47 18.41 498.61 7.56 91.41 47.65 882.80 126.40 1.89 380.12 1.19 49.24 25.23 227.57 68.60 2.56 882.80 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend
Claim Incurred 700 600 500 400 300 200 100 0 1000 800 600 400 200 2006 2007 2008 2009 0 2006 2007 2008 2009

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses 223.07 467.78 19.49 710.34 11.50 108.99 90.47 1,217.26 85.11 2.96 512.84 60.81 40.91 387.64 121.12 5.87 1,217.26 Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 2009 805.18 522.43 155.00 48.99 78.76 (28.17) 25.77 (90.72) (93.12) (14.36) 13.18 (27.54) 17.52 (10.02) 2008 2007 583.32 378.58 105.28 19.66 79.80 51.76 7.91 (69.47) (9.80) 70.00 18.27 51.73 62.33 36.17 15.00 51.17 62.89 2006 507.24 300.06 81.22 17.91 108.05 28.33 7.45 (59.33) (23.55) 84.50 27.42 57.08 51.14 18.39 27.50 45.89 62.33
Rs. in million
500.00 203.77 92.19 295.96
Rs. in million
650.43 423.39 130.82 23.22 73.00 12.54 11.96 (79.76) (55.26) 17.74 11.08 6.66 62.89 47.02 5.00 52.02 17.53
205.77 1.51 4.45 13.17
111.03 1.26 4.11 14.52
110.74 1.25 3.86 18.46
94.42 1.31 3.72 19.70
64.88 (3.42) 19.25 6.08 (1.35) -
65.09 1.02 20.11 3.57 0.33 47.02
64.90 8.87 18.05 3.37 3.30 36.17
59.16 11.25 16.01 3.53 4.73 18.39
Equity Growth
2006
2007
2008
2009
Investments 600 500 400 300 200 100 0 200 150 100 50 2006 2007 2008 2009 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
55
Atlas Insurance
ATLAS INSURANCE LIMITED
Vision A first class insurance company that provides the highest level of quality service to its policyholders. Mission To stay in the forefront of innovation and technological developments, continue to achieve corporate success, provide its policyholders quality products and service to their satisfaction, promote interest of all the stakeholders - employees, shareholders, reinsurers and business associates equitably fulfilling demand of overall social responsibility.
Mr. Arshad P. Rana
(Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission/(Income) Profit / (Loss) after tax 2008
910.74 861.38 443.53 507.95 192.36 231.43 (34.47) (35.81) 189.06 (199.59)
COMPANY INFORMATION 1. Chairman Mr. Yusuf H. Shirazi 7. Tax Advisor 8. Legal Advisors Ford Rhodes Sidat Hyder & Co. Chartered Accountants Mohsin Tayebaly & Co. Ch. Maqsood Advocate Agha Faisal Barrister at Law 3-Bank Square, Shahrah-eQuaid-e-Azam, Lahore. Tel: (92-42) 37320542-43, 37322271-73, 37310658 Fax: (92-42) 37234742 Email: info@atlasinsurance.com.pk Web: www.atlasinsurance.com.pk 165
2. Chief Executive Officer Mr. Arshad P. Rana 3. Directors Mr. Azam Faruque Mr. Kamal A. Chinoy Mr. Omar Saeed Mr Ali H. Shirazi Mr. Frahim Ali Khan Mr. Muhammad Afzal
9. Registered & Head Office
5. Chief Financial Officer Mr. Aamer Waqar Chaudhry 6. Auditors A.F. Ferguson & Co. Chartered Accountants.
10. No of Employees
56
ATLAS INSURANCE LIMITED

Balance Sheet
as at 31st December EQUITY Authorised Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings UNDERWRITING PROVISIONS Provision for outstanding claims (including IBNR) Provision for unearned premium Additional provision for unexpired risk Commission Income Unearned Total Deferred Liablities Creditors And Accruals Other Liablities Total Equity And Liablities Cash And Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Cliams Deferred Commission Expense Other Assets Fixed Assets Leased - Motor Vehicles Capital Work In Progress Intangible Total Assets Asset At Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 500.00 335.56 412.40 747.96 253.90 405.47 26.25 685.62 455.51 15.99 1,905.09 660.19 0.20 558.25 3.27 160.37 15.14 460.25 47.42 1,905.09 1,992.14 2008 2007 500.00 206.50 763.66 970.15 194.10 316.66 24.30 535.05 2.47 211.57 14.18 1,733.43 200.78 0.72 1,010.75 121.88 18.24 338.24 32.26 9.42 1.15 1,733.43 1,914.82 2006 500.00 158.84 512.65 671.50 116.71 241.33 17.71 375.75 2.06 133.11 9.05 1,191.48 75.57 0.97 674.81 77.54 12.37 328.29 18.05 0.13 1.47 2.29 1,191.48 1,243.86 Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency resersal/(expense) Less: Net Claims Less: Expenses Less: Net Commission/(Income) Underwriting result Investment Income Rental Income Other Income General and administration expenses 2009 443.53 192.36 181.18 (34.47) 104.47 118.23 1.74 32.12 (19.36) 132.73 237.19 48.14 189.06 (199.49) 2008 2007 447.00 215.10 121.36 (34.06) 144.59 314.70 1.27 25.06 (18.22) 322.81 467.41 57.56 409.85 301.59 111.19 47.65 142.00 300.84 410.59 2006 348.73 133.19 101.78 (41.24) 155.00 190.20 1.02 27.58 (15.09) 203.71 358.71 57.99 300.72 255.06 85.53 36.66 132.00 254.19 301.59
Rs. in million
500.00 268.45 357.57 626.02 237.51 277.43 25.77 540.71 1.87 156.92 14.44 1,339.96 195.93 0.47 494.20 155.41 20.57 424.09 49.29 1,339.96 1,369.29
Rs. in million
507.95 231.43 153.93 (35.81) 158.39 (305.17) 1.33 19.09 (14.62) (299.38) (140.99) 58.59 (199.59) 410.59 144.55 61.95 204.00 410.50 (199.49)
Dividend 67.11 Reserve for Bonus share/Bonus Shares issued 67.11 General Reserve (335.00) (200.78) Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium Net Profit to net premium Management expenses to net premium Commission to net premium Earning per share Cash Dividend Stock Dividend
Claim Incurred 250 200 150 100 50 0 600 500 400 300 200 100 0
190.34
555.40 1.77 2.55 22.29
366.56 1.90 2.14 23.32
241.05 1.57 1.79 46.98
222.53 1.86 1.77 42.27
43.37 42.62 40.85 (7.77) 5.63 67.11 67.11
45.56 (39.29) 30.30 (7.05) (7.43) 144.55 61.95
48.12 91.69 27.15 (7.62) 19.85 111.19 47.65
38.19 86.23 29.19 (11.83) 18.93 85.53 36.66
Equity Growth
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 1200 1000 800 600 400 200 0 700 600 500 400 300 200 100 0
Cash and Bank Balances 500 400 300 200 100 0 -100 -200 -300
Dividend & other appropriations

500 400 300 200 100 0 -100 -200 -300
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
57
CAPITAL INSURNCE COMPANY LTD.

Capital Insurance Company Limited
Vision To become the largest and most highly respected Insurance Company in Pakistan Mission We shall deliver excellent service and superior product to our customers, remaining focused on their needs and striving for continuous improvement through communication and technology. We will unite and operate our business through the shared value of trust, tolerance and openness. Our employees shall be known and respected within the industry for their expertise, commitment and professional integrity.
Key financial data for the last two (2) years (Rs in million) 2009 Premium written Net premium revenue Net claims expense Net commission / (income) Profit/ (loss) after tax 71.00 10.68 1.590 (2.510) 5.787 2008 34.23 7.10 6.82 (0.15) (11.47)
Engr. Ehtesham Malik
COMPANY INFORMATION 1. Chairman Khawaja Zaka-ud-din 4. Company Secretary & CFO Sheikh Arfan Ikram 5. Auditors 6. Register Office 7. Number Of Employees Avais Hyder Liaqat Nauman Muradia Road, Model Town 13
2. Managing Director & CEO Engr. Ehtesham Malik 3. Directors Mr. Mohammad Ishaq Butt Mr. Navid Iqbal Sheikh Mr. Muhammad Hanif Khan Dr. Iftikhar Ahmad Mr. Javeed Ahmad
58
CAPITAL INSURNCE COMPANY LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 16,020,297 8,864,365 80,746,432 22,013,232 794,798 9,570,784 5,127,949 47,004,761 22,541,045 993,498 3,988,696 1,071,639 19,535,739 13,312,842 1,139,831 1,082,566 12,316,429 12,426,677 24,822,782 116,196,212 19,531,417 68,313,881 58,298,731 67,505,790 2009 2008 2007 2006

for the year ended 31st December 2009 2008 2007 2006
Rs. in rupees
300,000,000 300,000,000 200,156,750 160,125,400 17,918,931 12,131,581 218,075,681 172,256,981 19,660,997 38,239,994 10,136,622 68,037,613 410,467 54,154,895 295,322 71,515,860 13,517,339 22,825,457 6,219,407 42,562,203 297,333 24,951,251 587,258 67,571,691 100,000,000 100,000,000 120,361,730 6,260,271 126,622,001 6,429,021 6,481,679 469,804 13,380,504 263,032 10,763,040 587,255 151,615,832 119,276,794 55,408,185 24,805,501 88,041,650 5,252,434 93,294,084 3,616,663 6,904,505 597,733 11,118,901 176,386 14,687,423 REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 6,567,107 6,955,915 1,168,565 5,787,350 (10,011,727) 460,369 460,369 62,436 (6,365,627) 10,681,554 1,590,196 11,212,928 (2,510,378) 388,808 12,870,298
Rs. in rupees
7,106,357 6,829,368 9,186,719 145,401 (9,055,131) 3,645,377 10,252,121 1,755,918 4,835,599 558,768 3,101,836 10,541,661 10,735,409 3,494,127 4,188,745 123,272 2,929,265 1,360,630
335,000 (6,205,379)
2,535,908 (1,091,986)
1,561,864 (1,330,552)
340,973,978 240,655,026
(2,225,002) (11,280,133) 195,210 (11,475,343) 6,260,271 (4,814,470) 17,815 (4,796,655)
11,985,583 15,087,419 (8,811,238) 23,898,657 5,252,434 (22,890,820) 6,260,271
1,591,942 4,521,207 3,579,006 942,201 18,362,733 (8,030,000) (6,022,500) 5,252,434
340,973,978 240,655,026
151,615,832 119,276,794
(22,890,820) (14,052,500)
Balance Unappropriated profit at end of year (3,764,008) (10,011,727) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 14.89 96.10 54.18 (161.48) 104.97 129.27 (23.50) 2.05 0.29 (0.72) (4,814,470)
94,171,375 85,091,388 2.27 3.18 1.56 1.40 10.90 10.76
61,153,304 19,957,675 4.44 2.09 1.20 1.28 10.52 10.60
17.13 32.55 233.11 8.78 47.17 39.02 5.45 1.15 1.99 0.11 (8,030,000) (22,890,820) (6,022,500)
Equity Growth
8000000 7000000 6000000 5000000 4000000 3000000 2000000 1000000 0
Claim Incurred
12000000 1000000 8000000 6000000 4000000 2000000 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments
160000000 140000000 120000000 100000000 80000000 60000000 40000000 20000000 0 80000000 70000000 60000000 50000000 40000000 30000000 20000000 10000000 0

30000000 25000000 20000000 15000000 10000000 5000000 0 -5000000 -10000000 -15000000
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
59
CENTRAL INSURANCE CO. LTD.
Vision To be recognized as a highly ethical, innovative and technically competent insurance company, dedicated to provide top quality services to its clients in the field of risk assessment and insurance coverage, while generating above average returns in the industry for the investors. Mission To achieve the status of a quality service provider in the insurance industry and seize opportunities for profitable growth through introduction of new products, market share expansion and effective utilization of resources, and ensure timely and equitable settlement of claims, while providing adequate return to all stakeholders.
Mr. Viquar Siddiqui
(Rs in million) 2009 Premium Written 99.00 Net Premium Revenue 13.00 Net Claims Expense 8.00 Net Commission / (Income) (15.00) Profit / (Loss) after tax (855.00) 2008 110.00 15.00 7.00 (13.00) 116.00
COMPANY INFORMATION 1. Chairman 2. CEO 3. Directors Mr. A. Samad Dawood Mr. Viquar Siddiqui Mr. Isar Ahmad Mr. Shahid Hamid Pracha Mr. Aziz Moon Mr. Haroon Mahenti Mr. Aleem A. Dani Mr. Ghulam Haider 6. Auditors & Tax Advisor Tax Advisor 7. Registered Office 8. Number of Employees
KPMG Taseer Hadi & Co. Tanauli Qazi Law Associates 3rd Floor, Dawood Centre, M.T Khan Road, Karachi. 16
5. Chief Financial Officer Mr. Ghulam Haider
60
CENTRAL INSURANCE CO. LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 3,449.00 4,344.00 4,304.00 1,584.00 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 2,957.00 3,869.00 4,024.00 1,185.00 1.00 69.00 0.00 61.00 3.00 1.00 33.00 0.00 118.00 3.00 10.00 21.00 1.00 153.00 4.00 16.00 22.00 8.00 79.00 6.00 3,250.00 4,124.00 4,017.00 1,146.00 2009 300.00 203.00 3,090.00 3,293.00 94.00 35.00 3.00 132.00 1.00 15.00 8.00 3.449.00 65.00 2008 2007 150.00 140.00 3,975.00 4,115.00 41.00 71.00 6.00 118.00 1.00 42.00 26.00 4,302.00 98.00 2006 150.00 140.00 1,318.00 1,458.00 44.00 31.00 4.00 79.00 1.00 39.00 8.00 1,586.00 308.00

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Add: Net Commission Income Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals (Loss)/Profit before tax Provision for taxation (Loss)/Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve (856.00) (845.00) (10.00) (855.00) 119.00 133.00 (17.00) 116.00 2,752.00 2,765.00 (17.00) 2,748.00 718.00 730.00 20.00 750.00 6.00 (13.00) 4.00 (13.00) 12.00 (13.00) 1.00 (51.00) 2009 13.00 (7.00) (10.00) 15.00 11.00 (849.00) 2008 2007 21.00 (9.00) (8.00) 8.00 12.00 2,753.00 2006 42.00 (26.00) (7.00) 3.00 12.00 768.00
Rs. in million
300.00 185.00 4,002.00 4,187.00 53.00 60.00 3.00 116.00 1.00 30.00 10.00 4,344.00 65.00
Rs. in million
15.00 (7.00) (6.00) 13.00 15.00 128.00
3,869.00 (20.00) (37.00) (57.00)
3,842.00 (45.00) (44.00) (89.00)
1,185.00 91.00 91.00
494.00 (46.00) (13.00) (59.00)
78.02 1.66 1.05 162.23
122.73 2.33 1.04 226.35
162.07 2.48 1.05 293.93
317.50 4.50 1.09 104.18
(53.85) (6,577) (76.92) 115.38 (42.12) (20.00) (37.00)
(46.67) 773 (40.00) 86.67 6.27 (45.00) (44.00)
(42.86) 13,086 (38.10) 38.10 196.29 91.00 -
(61.90) 1,786 (16.67) 7.14 53.57 (46.00) (13.00)
Equity Growth 0 -5 -10 -15 -20 -25 -30
Claim Incurred 50 40 30 20 10 2006 2007 2008 2009 0
2006
2007
2008
2009
2006
2007
2008
2009
Investments
4500 4000 3500 3000 2500 2000 1500 1000 500 0
Cash and Bank Balances 350 300 250 200 150 100 50 0
3000 2500 2000 1500 1000 500 0 -500 -1000 -1500
Net dividend & other appropriations

100 80 60 40 20 0 -20 -40 -60
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
61
CENTURY INSURANCE CO. LTD.

Century Insurance
Mr. Tinku Irfan Johnson
Vision To be an organisation known for integrity and ethical behaviour and fully dedicated to our clients, business partners, shareholders and employees, providing exceptional quality service and committed to achieve excellence in all areas of its operations. Mission To become a Company of choice to our valued clients, stakeholders and employees. To maximize growth and profitability of the Company and provide excellent financial returns to its valued shareholders. The Company's culture should be known for its
integrity and ethical behaviour. The Company to be known as one of the best insurance companies of the Country.
Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission Expense/ (Income) (Loss)/ Profit after tax 456.20 206.65 64.71 (12.62) (69.96) 2008 406.15 241.37 79.30 (8.03) 18.42
COMPANY INFORMATION 1. Chairman Mr. Iqbal Ali Lakhani 6. Company Secretary 7. Auditors Mr. Mansoor Ahmed M/s. KPMG Taseer Hadi & Co. Chartered Accountants
2. Managing Director & CEO Mr. Tinku Irfan Johnson 3. Advisor 4. Directors Mr. Sultan Ali Lakhani Mr. Iqbal Ali Lakhani (Chairman) Mr. Zulfiqar Ali Lakhani Mr. Amin Mohammed Lakhani Mr. Tasleemuddin A. Batlay Mr. A. Aziz H. Ebrahim Mr. Muhammad Abdul Qadir Mr. Tinku Irfan Johnson
8. Registered Office Lakson Square, Building No. 2, Sarwar Shaheed Road, Karachi- 74200 9. Number of Employees 94
5. Chief Financial Officer Mr. Sabza Ali Pirani
62
CENTURY INSURANCE CO. LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 1,151.84 1,172.49 1,293.54 1,080.81 1,691.56 1,680.27 695.42 695.40 2009 500.00 457.24 394.76 852.00 58.39 152.17 17.86 228.42 70.95 0.47 1,151.84 75.31 736.00 0.58 7.39 11.90 278.03 42.63 2008 2007 500.00 254.02 268.51 522.53 861.70 122.76 15.14 999.61 3.95 164.99 0.48 1,691.56 248.82 464.23 1.06 761.52 9.75 174.40 31.79 2006 300.00 203.22 171.61 374.83 78.64 147.18 16.61 242.43 0.66 77.10 0.41 695.42 79.42 358.76 12.94 14.58 202.08 27.65

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses 106.35 123.38 17.55 247.28 1.02 122.81 0.47 1,293.54 316.42 464.45 0.61 28.37 10.55 430.96 42.18 Less: Net Commission Underwriting result Investment Income Rental Income Other Income Impairment in value of Investment in associate General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Transfer from share of associates' reserve Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year (134.96) (39.93) 30.01 (69.94) 91.69 21.75 (68.51) 53.75 35.33 18.42 174.48 76.21 25.00 -101.21 91.69 130.22 168.16 0.17 167.99 99.36 20.32 (3.24) 50.80 25.00 -92.881 174.47 38.44 105.09 9.30 95.80 97.41 15.05 52.69 26.10 -93.843 99.36 2009 206.64 64.71 59.53 (12.63) 95.03 (73.03) 20.24 (23.63) (58.54) 2008 2007 218.62 146.16 44.17 (9.64) 37.93 169.38 6.44 (45.59) 2006 208.59 109.74 36.68 (4.48) 66.66 62.87 8.37 (32.80)
Rs. in million
500.00 457.24 464.72 921.96
Rs. in million
241.37 79.29 47.85 (8.03) 122.26 (38.04) 22.36 (3.50) (49.33)
230.92 2.78 1.35 18.63
546.12 3.38 1.40 20.16
157.56 1.15 3.24 20.57
138.30 1.89 1.86 18.44
PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 31.31 Net Profit after tax to net premium % (33.84) Management expenses to net premium % 28.81 Commission to net premium % (6.11) Earning per share (Rs.) (1.53) Cash Dividend Stock Dividend Claim Incurred 200 150 100 50 0 250 240 230 220 210 200 190 180
32.85 7.63 19.82 (3.33) 0.40 -
66.86 76.84 20.20 (4.41) 6.61 20.32 30.00
52.61 45.92 17.58 (2.15) 3.77 15.05 25.00
Equity Growth
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 800 700 600 500 400 300 200 100 0 350 300 250 200 150 100 50 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
63
AT
IV
INSURAN
THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LIMITED
E
SO
OPER
CIETY
CO
LT
LAHORE
Vision The Cooperative Insurance Society of Pakistan Ltd., is an apex Cooperative Society registered under the Cooperative Societies Act, 1925, on August 06, 1949, and is engaged in general insurance business. The area of operation of the Society is whole of Pakistan.
1. Chairman 2. Senior Vice Chairman 3. Directors
4. Auditors
5. Tax Consultants Mr. Zia Ullah Kayani. (Advocate)
TH
Sh. Aziz ul Haq Piracha
Key Financial Data for the last two (2) Years (Rs. In million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission (Income) Loss/Profit after tax 12.30 16.10 4.30 1.24 5.76 2008 28.29 24.89 0.96 3.18 4.55
COMPANY INFORMATION Sh. Aziz-ul-Haq Piracha Ch. Ahsun Mehmood Mr. Nisar Ahmed Mr. Siddique Akbar Haji Muhammad Khan Mr. Nasrullah Khan Mr. Ghulam Abbas Khan Mr. Maqbool Elahi Piracha Mr. Muhammad Aamir Inayat Shahani Col. (Rtd) Muhammad Jamil Mr. Rai Azeem Saeed Hameed Khan & Company Ltd; Chartered Accountants. 6. Legal Advisor 7. Registered Office 8. Head Office Mr. Mohammad Hanif Khan Niazi Advocate 23- Shahrah-e-Quaid-eAzam, Lahore Co-operative Insurance Building, 23- Shahrah-eQuaid-e-Azam, P.O. Box No. 147, Lahore. Ph: 7356537, 7352306, 7242798 Fax: 042-7352794 Email: Coinsopl@live.com.
64
THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LTD.

Balance Sheet
as at 31st December EQUITY Authorised Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Surplus on Revalution UNDERWRITING PROVISIONS Provision for outstanding claims (including IBNR) Provision for unearned premium - net Commission Income Unearned Total DEFERRED LIABLITIES CREDITORS AND ACCRUALS OTHER LIABLITIES TOTAL EQUITY AND LIABLITIES CASH AND BANK DEPOSITS LOANS - SECURED CONSIDERED GOOD INVESTMENT CURRENT ASSETS DEFERRED TAX REINSURANCE RECOVERIES AGAINST OUTSTANDING CLIAMS DEFERRED COMMISSION EXPENSE OTHER ASSETS FIXED ASSETS TOTAL ASSETS Asset At Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 38.54 4.09 918.65 972.97 2009 300.00 300.00 44.93 344.93 618.90 0.20 4.80 5.01 4.13 972.97 11.68 2008 2007 160.00 160.00 0.87 160.87 760.67 0.48 9.85 10.33 0.80 4.21 0.26 937.14 5.30 5.82 4.86 921.16 937.14 2006 100.00 84.15 0.25 84.40 837.50 0.97 9.01 9.97 12.84 0.26 944.97 7.60 5.02 11.10 921.25 944.97 272.97 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium Net Profit to net premium Management expenses to net premium Commission to net premium Earning per share Cash Dividend Stock Dividend
Claim Incurred 7 6 5 4 3 2 1 0 30 25 20 15 10 5 0

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Less: Net Claims Less: Expenses Less: Net Commission/(Income) 0.01 9.38 9.39 0.50 5.25 940.56 9.45 6.01 5.25 919.85 940.56 Underwriting result Investment Income Rental Income Other Income General and administration expenses Profit before tax Provision for taxation 2009 16.11 4.30 10.29 1.24 0.28 4.83 2.41 0.09 (0.86) 6.48 6.76 0.99 2008 2007 19.40 5.96 13.74 1.71 (2.00) 0.78 2.18 0.98 (1.33) 2.62 0.62 2006 15.41 2.68 12.63 2.44 (2.34) 0.80 1.76 0.65 (0.68) 2.53 0.19 -
Rs. in million
160.00 160.00 5.68 165.68 759.74
Rs. in million
24.90 0.96 17.73 3.18 3.02 0.34 1.96 0.48 (1.10) 1.68 4.70 0.14
Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus share General Reserve
5.77
4.56
0.62
0.19
0.29 1.44 1.44 4.61
(4.53) 0.26 0.26 (0.24)
(5.15) (4.53)
(5.34) (5.15)
7.35 2.69 2.82 11.50
4.19 1.80 5.68 10.36
(4.75) (0.84) 1.12 10.05
11.85 2.78 11.20 10.03
26.70 35.81 63.86 7.70 0.19 -
3.87 18.30 71.23 12.78 0.28 0.26 -
30.71 3.20 70.80 8.80 0.04 -
17.39 1.23 81.97 15.82 0.02 -
Equity Growth
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments
45 40 35 30 25 20 15 10 5 0

7 6 5 4 3 2 1 0
Dividend & other appropriations 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
65
EN
TS
TAR INSUR
A
NC
CRESC
THE CRESCENT STAR INSURANCE CO. LTD.
E CO. LTD.
T HE
R IN
V E AC CI D E NT A
TI
IA
Vision To serve and to serve with excellence. Excellence to be achieved through our corporate mission. Mission First and foremost to secure the interest of our policy holders by adopting proper risk management techniques, prudent financial planning and maintaining reinsurance arrangements with WorldClass reinsurers. To ensure profitability to our reinsureres who afford us underwriting capacity. To recognize human resources as the key element
1. Chairman & CEO 2. Directors
3. General Manager 4. Company Secretary 5. Advisor
F IR
MA
ON
in progress and to provide our officers and field force due recompense for their efforts in building up the company. To generate operational profits and dividend return in due measusre to the shareholders of the Company. Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written 138.16 Net Premium Revenue 105.36 Net Claims Expense 34.47 Net Commission / (Income) 8.82 Profit / (Loss) after tax (30.48) 2008 183.78 140.80 62.82 19.50 (37.73)
Mr. Munir I. Millwala
COMPANY INFORMATION Mr. Munir I. Millwala Mr. Ardeshir Cowasjee Mr. Fayyaz F. Millwala Mr. Abdul Razzak E. Jaffer Mr. Fida Hussain Samoo Mr. Qutubuddin A. Millwala Mr. Hussaini I. Millwala Mr. M. H. Millwala Mr. Moiz Ali Mr. Khuzaima Hakimi Mr. Syed Ahmed Ali 6. Auditors M/s Moochhala Gangat & Co,Chartered Accountants 2, Mustafa Avenue, F/4, Block-9, Behind"TheForum", Clifton, Karachi 2nd Floor, Nadir House, I.I.Chundrigar Road, Karachi Tel: 2415471-3 Fax: 021-2415474-5 Email: info@cstar.com.pk Web: www.cstar.com.pk
66
THE CRESCENT STAR INSURANCE CO. LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Surplus on revaluation of Land Advance against issue of right shares Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 350.00 121.00 (41.84) 79.16 21.11 49.90 50.35 0.73 6.24 107.22 29.87 0.42 237.78 18.06 35.22 13.54 19.27 9.25 97.18 45.25 237.78 245.02 54.32 1.68 3.00 6.54 2008 2007 150.00 96.80 26.37 123.17 9.88 72.46 84.22 7.69 164.37 11.58 1.80 310.80 61.74 49.38 0.87 32.85 14.51 123.42 28.03 310.80 303.03 132.17 2.54 2.52 12.72 2006 150.00 88.00 35.34 123.34 27.64 108.79 10.03 146.46 8.84 0.18 278.82 46.31 68.54 0.22 11.93 18.48 108.52 24.83 278.82 275.29 130.10 4.55 2.26 14.02 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend

for the year ended 31st December Profit and Loss Account For the Year Ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve (69.52) (43.38) (12.89) (30.49) (37.62) (68.11) 2009 2009 105.36 3.02 34.48 38.95 8.82 26.13 (25.01) (0.17) (44.34) 2008 2007 2007 170.28 86.99 37.56 14.97 30.76 19.39 0.23 (24.29) (4.67) 26.09 2.05 24.04 9.28 24.20 9.00 33.20 0.12 2006 2006 146.57 66.97 56.49 12.84 10.27 3.12 1.57 (5.11) (0.42) 9.85 1.26 8.59 13.69 8.00 5.00 13.00 9.28
Rs. in million
350.00 121.00 (11.35) 109.65 66.84 69.04 10.79 146.66 29.96 0.42 286.69 27.91 70.86 28.73 12.33 119.99 26.87 286.69 294.46 79.42 1.82 2.61 9.06
Rs. in million
2008 140.80 3.75 62.82 44.11 19.50 10.62 (9.01) 1.40 (40.40) (48.01) (37.39) 0.33 (37.72) 0.11 (37.61)
32.73 (28.94) 36.97 8.37 (2.52) -
44.62 (26.79) 31.33 13.85 (3.12) (3.14) -
51.09 14.12 22.06 8.79 2.48 2.19 24.20
45.69 5.86 38.54 8.76 0.98 0.98 8.00
Equity Growth 100000000 80000000 60000000 40000000 20000000 0
Claim Incurred 200000000 150000000 100000000 50000000 2006 2007 2008 2009 0
2006
2007
2008
2009
2006
2007
2008
2009
Investments 80000000 70000000 60000000 50000000 40000000 30000000 20000000 10000000 0 70000000 60000000 50000000 40000000 30000000 20000000 10000000 0
Cash and Bank Balances 30000000 20000000 10000000 0 -10000000 -20000000 -30000000 -40000000 -50000000
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
67
INSURANCE COMPANY LIMITED
EAST WEST
Jinnah Road, Quetta.
EAST WEST INSURANCE CO. LTD.
Mr. Naved Yunus
Vision To be amongst most trusted insurance securities of the country by providing protection to our insureds in most effective manner beside ensuring prosperity of its stakeholders and its growth through competent human resource. Mission To ensure most effective management for sustained growth of the Company. To provide reliable & secure protection for the policy holders. To retain sound position of the company in industry while working with dedication & innovative approach. To maintain continuous pursuit for cost effectiveness, enhanced productivity for ensuring financial health of
the organization, to take care of shareholder's aspiration continuously. To inculcate value added system all cross the organization for ensuring trustworthy relationship with its clients as well as shareholders. Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 632.00 437.00 178.00 82.00 (537.00) 2008 614.00 406.00 168.00 73.00 266.00
COMPANY INFORMATION 1. Chairman Chief Justice ( R ) Mian Mahboob Ahmad 6. Legal Advisor 7. Auditors & Tax Advisor 8. Registered Office Rizwan Ali Dodani, Advocate BDO Ebrahim & Company Chartered Accountants 27, Regal Plaza, Jinnah Road, Quetta. Tel : (081) 2822913, 2821397 Telefax : (081) 2824160 208
2. Managing Director & CEO Mr. Naved Yunus 3. Directors Mr. Javed Yunus Mr. Pervez Yunus Mr. Maheen Yunus Mr. A.K.M. Sayeed Mr. Tulu Javed Yunus Shabbir Ali Kanchwala
5. Chief Financial Officer Ahsan Mehmood Alvi Bsc, FCA (PK), FAC (UK)
68
EAST WEST INSURANCE CO. LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Taxation Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 77,962.41 20,230.27 159,274.96 100,740.50 14,243.27 703,368.86 65,762.00 44,798.82 169,967.87 84,800.46 17,804.08 79,416.74 35,656.11 138,998.20 59,813.29 4,926.46 963,683.06 25,266.50 33,210.83 114,946.91 45,410.06 6,158.08 611,101.45 637,773.73 Balance accumulated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 232,809.53 813,958.85 565,276.47 316,223.81 2009 500,000.00 228,526.38 101,186.04 329,712.42 92,705.49 178,213.526 10,517.88 281,436.90 2,612.24 44,135.05 2,585.23 55,220.91 2008 500,000.00 228,526.38 638,308.75 866,835.13 81,228.33 220,503.02 14,079.98 315,811.33 2,140.84 84,262.45 4,273.96 76,231.61 2007 300,000.00 172,851.06 471,233.02 644,084.08 89,172.56 184,390.07 13,080.35 286,642.99 29,896.17 3,059.81 963,683.06 79,595.75 2006 300,000.00 150,305.27 182,546.47 332,851.74 Less: Expenses 49,767.38 166,546.41 14,393.88 230,707.68 47,093.84 448.18 611,101.45 69,885.25 Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Workers Welfare Fund Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year 6,897.27 3,687.46 1,318.97 624.35 (87,239.72) (82,976.65) (82,160.17) (73,937.36) 89,270.95 80,337.86 (561,657.71) 255,149.35 (65,067.30) (59,129.02) (75,478.50) (45,471.56) 53,470.20 48,935.06 330,006.28 64,598.57

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims 2009 436,967.79 2008 405,704.62 2007 319,502.48 2006 237,097.00
Rs. in thousand
Rs. in thousand
(178,296.93) (168,452.73)
(125,486.47) (83,561.35)
660,481.86 1,273,323.72
(62,135.04) (62,158.55) (370.66) 0
(48,826.85) (41,932.15) 0 282,498.40 335,968.60 9,705.73 326,262.87 72,346.47 0 23,290.77 72,225.83 11,779.00 60,446.83 24,197.33
(617,266.15) 196,678.26 (527,995.20) 277,016.13 (9,127.50) (11,188.87)
(537,122.70) 265,827.25 528,108.75 361,033.02
Dividend (43,076.21) Reserve for Bonus Share/Bonus Shares issued (55,675.32) Transfer from exceptional loss reserve in meeting 10,000.00 held on October 27, 2009 10,000.00 986.04 (98,751.53) 528,108.75
(15,030.52) (12,297.70) (22,545.79)
660,481.86 1,273,323.72
(37,576.31) (12,297.70) 361,033.02 72,346.47
766,732.71 1,005,986.74
153,032.50 142,196.74 2 2 2 1 14 38
175,882.15 112,789.24 2 2 1 2 37 22
(41) (42) (123) 66 (20) (20) (19) (18) (24) 12 0 (43,076.21) 0 (55,675.32)
(39) (35) 102 25 (20) (25) (24) (19) 19 4 (15,030.52) (12,297.70) (22,545.79) 0
Equity Growth 200000000 150000000 100000000 50000000 2006 2007 2008 2009 0 2006
Claim Incurred 500000000 400000000 300000000 200000000 100000000 2007 2008 2009 0
2006
2007
2008
2009
Investments
900000000 800000000 700000000 600000000 500000000 400000000 300000000 200000000 100000000 0
Cash and Bank Balances 100000000 80000000 60000000 40000000 20000000 0 400000000 200000000 0 -200000000 -400000000 2006 2007 2008 2009 -600000000
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
69
EFU GENERAL INSURANCE LTD.
GENERAL
Mr. Saifuddin N. Zoomkawala
Vision Our vision is to be the first choice company for our customers, shareholders and employees. To achieve this we will be driven by an obsession to be better than the best in a continuous journey, not a destination. At EFU first choice means a sustained commitment to meet and exceed stakeholder expectations. A will to go the "Extra Mile" to delight our customers with products and services that exceed their expectations. Mission We will mange our affairs through modern technology, collective wisdom and institutionalized leadership. We will be a respected, cultured and an educated company with a strong market position. Together with our customers, reinsurers and employees we will achieve world class quality standards through continuous quality improvement.
Achieve zero defects in everything we do. We will do good business, with good clients and of the highest integrity. We will not compromise our principles and we will like to be known as a responsible corporate citizen aware of our obligation to the Government and the society we serve. Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 9,614.00 5,570.00 3,911.00 461.00 732.00 2008 9,699.00 6,137.00 4,370.00 427.00 (5,471.00)
COMPANY INFORMATION 1. Chairman 2. Managing Director & CEO 3. Directors Mr. Rafique R. Bhimjee Mr. Saifuddin N. Zoomkawala Mr. Sultan Ahmed Mr. Abdul Rehman Haji Habib Mr. Jahangir Siddiqui Mr. Wolfram W. Karnowski Mr. Muneer R. Bhimjee Mr. Hasanali Abdullah Mr. Taher G. Sachak Mr. Altaf Qamruddin Gokal Mr. Mohammad Ali Sayeed Mr. Siraj-ul-Haq, Advocate Mr. S. C. (Hamid) Subjally Mr. Akhtar K. Alavi, Mr. Naqi Zamin Ali Mr. Salim Rafik Sidiki Mr. Syed Ahmed A. Haq Mr. Syed Mehdi Imam 9. Rating Agency: JCR - VIS 10. Auditors Insurer Financial Strength Rating: AA Outlook: Stable Hyder Bhimji & Co. Chartered Accountants, Karachi KPMG Taseer Hadi & Co. Chartered Accountants, Karachi Technology Trade (Pvt.) Ltd. Dagia House, 241-C, Block-2, PECHS, Off Shahra-e-Quaideen, Karachi 11/4, Shahrah-e-Pehlavi, Peshawar EFU House, M. A. Jinnah Road, Karachi Phone: (92-21) 32313471-90 Fax: (92-21) 32310450 Email: info@efuinsurance.com Web: www.efuinsurance.com Co-operative Insurance Building, 23, Shahrah-e-Quaid-e-Azam, Lahore 1,338
11. Registrar
4. CEO & Company Secretary 5. Legal Advisor 6. Tax Advisor 7. Senior Advisor 8. Advisors
12. Registered Office 13. Main Offices
14. No of Employees
70
EFU GENERAL INSURANCE LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 1,500.00 1,150.00 9,314.49 10,464.49 5,508.92 4,004.95 54.90 141.33 9,710.10 24.38 1,439.21 300.77 21,938.95 1,349.61 2.77 12,643.73 242.11 33.66 3,274.76 382.59 3,464.25 545.47 21,938.95 19,079.00 839.72 1.12 2.10 91.00 2008 2007 1,500.00 1,000.00 15,177.17 16,177.17 5,335.72 3,984.88 32.31 276.83 9,629.74 1,429.77 153.30 27,389.98 1,162.88 3.77 18,595.36 272.49 84.18 2,980.80 420.39 3,445.07 425.04 27,389.98 30,707.00 669.96 1.10 1.69 161.77 2006 1,500.00 500.00 1,290.86 1,790.86 3,662.66 4,091.40 216.04 7,970.10 27.29 689.46 150.30 10,628.01 1,135.92 4.97 3,675.09 289.44 1,938.30 358.44 2,881.83 344.02 10,628.01 14,760.00 1,453.63 1.32 5.93 35.82 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses 5,193.35 4,085.77 262.12 9,541.24 42.11 1,301.64 238.76 21,229.69 1,303.68 2.88 11,832.00 259.08 74.73 3,030.34 369.39 3,824.07 533.52 21,229.69 25,248.00 1,424.34 1.21 2.10 87.88 Less: Net Commission Underwriting result Investment Income Rental Income Other Income Share of associate General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 2009 5,570.21 (54.90) 3,911.44 1,076.14 461.19 66.54 673.52 86.08 102.20 295.20 (428.03) 5.93 734.90 801.44 69.14 732.30 (5,456.96) 373.75 (5,900.00) (5,526.25) 801.59 2008 2007 6,110.50 (32.31) 5,092.24 839.73 323.16 (176.94) 14,812.30 75.56 124.71 (378.24) (0.10) 14,634.23 14,457.29 (79.01) 14,536.30 777.96 150.00 500.00 100.00 750.00 14,564.26 2006 5,417.95 4,131.71 837.28 260.89 188.07 696.47 70.65 46.45 (144.38) 0.31 669.50 857.57 95.60 761.97 305.99 90.00 200.00 290.00 777.96
Rs. in million
1,500.00 1,150.00 8,955.94 10,105.94
Rs. in million
6,136.94 32.31 4,369.51 1,001.27 427.04 371.43 (5,299.62) 82.89 71.68 (188.52) (503.36) 22.58 (5,814.35) (5,442.92) 28.30 (5,471.22) 14,564.26 600.00 150.00 13,800.00 14,550.00 (5,456.96)
70.22 13.15 19.32 8.28 6.37 373.75 -
71.20 (89.15) 16.32 6.96 (47.58) 600.00 150.00
83.34 237.89 13.74 5.29 145.36 150.00 500.00
76.26 14.06 15.45 4.82 15.24 90.00 200.00
Balance Sheet Growth 30000 20000 10000 0 2006 2007 2008 2009 20000 15000 10000 5000 0
Equity Growth 6000 5000 4000 3000 2000 1000 0
Claim Incurred 6200 6000 5800 5600 5400 5200 5000
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 20000 15000 10000 5000 0 2006 2007 2008 2009

1400 1350 1300 1250 1200 1150 1100 1050 1000
Cash and Bank Balances 20000 15000 10000 5000 0 -5000 10000
Dividend & other appropriations 20000 15000 10000 5000 0 -5000 -10000
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
71
EXCEL INSURANCE COMPANY LTD.
Mr. Ghulam Mohammad
Vision The vision of Excel Insurance Company Limited is to become one of the preferred insurance companies of the country by providing insurance services par excellence to its customers resulting in peace of mind to its clients. Mission The mission of Excel Insurance Company Limited is To become the most preferred insurer of clients by providing outstanding risk coverage. To provide a congenial environment to employees to attract the best human resource in the industry. To consistently offer high return on capital to company's shareholders.
Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 43.16 18.05 4.55 1.24 (2.03) 2008 42.02 18.29 7.24 (2.26) 7.57
COMPANY INFORMATION 1. Chairman Mr. Iqbal Alimohammad 6. Registered Office 38/C-1, Block-6, P.E.C.H.S., Karachi-75400. Pakistan. UAN: 111-777-666, 4548077 Fax: 4548076 E-mail: eicl@cyber.net.pk Web: www.globemanagements.com
2. Chief Executive Mr. Ghulam Mohammad 3. Directors Mr. Iqbal Alimohammad Mr. Younus Haji Latif Mr. Ubaid Amanullah Mr. Tariq M. Ranoonwala Mrs. Shagufta Ghulam Mr. Mohammad Irfan Khalique Mr. Ghulam Mohammad
4. Chief Financial Officer & Company Secretary. Mr. Muhamamd Saleem Akhtar 5. Auditors & Tax Advisor Hyder Bhimji & Co. Chartered Accountants
72
EXCEL INSURANCE COMPANY LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 155.02 17.10 1.16 10.19 33.74 2.62 1.23 11.36 53.24 3.34 1.30 11.18 42.80 2.45 1.38 12.74 236.90 222.89 174.62 158.76 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 3.53 3.55 59.99 8.76 1.68 3.00 39.54 10.28 1.52 2.84 50.48 10.09 6.09 2.55 50.14 7.19 59.94 155.04 85.69 76.76 Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 236.90 101.13 2009 300.00 200.00 3.73 203.73 5.92 20.55 2.31 28.77 0.68 3.72 2008 2007 300.00 120.00 14.19 134.19 4.47 14.13 2.80 21.39 0.75 6.55 11.75 174.62 24.00 2006 150.00 90.00 24.69 114.69 8.45 11.93 1.88 22.25 0.81 9.26 11.75 158.76 16.04

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses 4.42 16.40 3.23 24.05 0.68 4.66 11.75 222.89 13.37 Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals (3.54) (0.93) 1.10 (2.03) 21.64 16.00 16.00 3.61 25.21 (11.24) 53.46 6.89 (0.10) 16.00 8.28 9.44 1.88 7.57 14.08 21.64 39.56 41.37 66.46 (12.38) 0.47 20.55 19.80 0.30 19.50 24.58 30.00 30.00 14.08 30.31 119.91 76.07 (1.76) 1.63 30.00 15.67 16.18 0.27 15.91 18.67 10.00 10.00 24.58 23.98 106.31 79.92 (7.34) 1.77 10.00 2009 18.05 4.55 9.65 1.24 2.61 2.74 0.36 (6.63) 2008 2007 16.26 4.93 12.37 (0.29) (0.75) 28.68 (8.13) 2006 14.97 3.59 11.96 (1.10) 0.51 25.22 0.03 (9.58)
Rs. in million
300.00 160.00 21.75 181.75
Rs. in million
18.29 7.24 12.15 (2.27) 1.16 17.12 0.45 (9.29)
Equity Growth 8 6 4 2 2006 2007 2008 2009 0 2006
Claim Incurred 50 40 30 20 10 2007 2008 2009 0
2006
2007
2008
2009
Investments
180 160 140 120 100 80 60 40 20 0
Cash and Bank Balances 120 100 80 60 40 20 0 25 20 15 10 5 0 -5
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
73
HABIB INSURANCE COMPANY LTD.
Vision In Insurance, as also in Banking, Habib is committed to its time honoured tradition of serving the Nation by extending a wide range of insurance products offering maximum protection, backed up by matchless service with prompt claim settlement as its utmost priority. With high quality service to all its customers, the Company will also strive to continue to give its shareholders a consistent return on their investment. Mission Habib will continue to pursue its policy of progressive yet cautious underwriting carving its rightful share in the Insurance market without compromising its principles on underwriting and claim settlement. It will continue to maintain its selective approach
towards the business it underwrites and as new products and markets are being explored, the company is investing its resources in people and ideas to meet these challenges. Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 2008
Mr. Ali Raza D. Habib
703.00 737.00 359.00 398.00 176.00 202.00 7.00 17.00 205.00 (396.00)
COMPANY INFORMATION 1. Chairman 2. Managing Director & CEO 3. Directors Mr. Rafiq M. Habib 6. Legal Advisor 7. Tax Advisor Mr. Ali Raza D. Habib Mr. Abbas D. Habib Mr. Mazher Ali Jumani Mr. Mansoor G. Habib Mr. Mohamedali R. Habib Mr. Sajjad Hussain Habib Mr. Aun Mohammad A. Habib Mr. Shabbir Gulamali 8. Auditors 9. Registered Office Lari & Co Abbas Karjatwala & Co. KPMG Taseer Hadi & Co. 1st Floor, State Life Bldb. No. 6, Habib Square, M.A. Jinnah- Road, Karachi-75350 217
5. Chief Financial Officer Mr. Shabbir Gulamali
74
HABIB INSURANCE COMPANY LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 141 1 2 21 210 1 2 19 160 1 2 42 464 3 2 44 1,616 1,460 2,101 1,524 7 87 36 484 41 6 96 41 492 46 19 162 40 390 46 3 26 39 600 37 2009 500 400 423 823 141 288 31 460 18 295 20 1,616 27 2 932 2008 2007 500 297 941 1,238 282 303 27 612 12 240 2,101 130 1 1,314 2006 250 220 740 960 74 239 27 340 8 215 1,524 126 1 691

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses 171 306 40 517 15 246 19 1,460 57 3 720 Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 2009 359 176 102 7 74 185 6 (53) 138 212 7 205 (347) (44) (44) 450 361 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend
Claim Incurred 250 200 150 100 50 2006 2007 2008 2009 0 2006 2007 2008 2009 500 400 300 200 100 0 2006 2007 2008 2009
2008
2007 336 217 91 21 7 443 -
2006 268 122 81 12 53 604 -
Rs. in million
500 356 307 663
Rs. in million
398 202 117 17 62 (391) 3 (54) (442) (379) 17 (396) 437 (178) (59) (150) (387) (347) 51 (100) 29 4 (5) (178) (59)
9 (51) 401 408 (13) 420 611 (143) (77) (375) (595) 437 65 125 27 6 7 (143) (77)
4 (55) 553 606 5 601 160 (59) (51) (40) (150) 611 46 224 30 4 10 (59) (51)
219 49 57 29 2 3 (44) (44)
Balance Sheet Growth 2500 2000 1500 1000 500 0 2006 2007 2008 2009 1400 1200 1000 800 600 400 200 0
Equity Growth
Investments 1400 1200 1000 800 600 400 200 0 140 120 100 80 60 40 20 0
Cash and Bank Balances 800 600 400 200 0 -200 -400 -600

500 400 300 200 100 0 -100 -200 -300
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
75
IGI INSURANCE LIMITED
Insurance
Vision: IGI Insurance is committed to being one of the leading providers of solutions to risk exposures in selected market segments in Pakistan. Mission: Our vision will be realized through. Customers: Being the preferred insurer in providing solutions to risk exposure Shareholders: Consistently delivering above market average return on capital Employees: Providing the environment necessary to be the employer of choice Community: Compliance with the highest ethical and moral standards Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax Key Financial Data for the last two (2) Years
Mr. Jalees Ahmed Siddiqi
(Rs in million) 2009 2008
1,151.79 1,035.21 614.58 542.51 257.05 240.93 (65.19) (51.09) 263.96 (377.04)
COMPANY INFORMATION 1. Chairman 2. Managing Director & CEO 3. Directors Syed Babar Ali Lari & Company J.H. Rahimtoola and Company Advocates 7. Auditors 8. Registered Office KPMG Taseer Hadi & Co. Chartered Accountants 7th Floor, The Forum, Suite Nos. 701- 713, G-20, Block9, Khayaban-e-Jami, Clifton, Karachi-75600 , Pakistan. Web: www.igiinsurance.com.pk UAN: 111-308-308 Toll Free No: 0800-2-3434 Fax: (92-21) 35301772 131
Mr. Jalees Ahmed Siddiqi Syed Babar Ali Shamim Ahmad Khan Syed Kamal Ali Syed Yawar Ali Syed Shahid Ali Syed Hyder Ali Mr. Waqar Ahmed Malik Mr. Jalees Ahmed Siddiqi Mr. Haider Raza
5. Chief Financial Officer Muhammad Kashif Nisar 6. Legal Advisor Ramday Law Associate Hassan & Hassan
76
IGI INSURANCE LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Borrowings Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Intangible Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 1,000,000 2008 1,000,000 2007 1,000,000 319,301 10,952,150 11,271,451 476,716 400,660 46,975 924,351 30,190 290,450 400,000 1,183,100 205,911 12,404,727 240,481 939,150 309,283 2006 1,000,000 199,563 8,310,158 8,509,721 197,282 352,438 72,697 622,417 185,547 620,000 461,364 139,557 9,246,735 13,489 31,862 675,322 292,084 -

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Amortization of Goodwill Finance charges Share of Profit/(Loss) from Associate Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Adjustment resulting from change in Accounting Policy 2009 614,586 (257,052) (169,628) 65,197 253,103 (414,649) 17,566 6,485 (89,307) (129,709) (609,614) 721,277 364,766 (100,800) 263,966 (376,347) 2008 542,515 (240,931) (159,514) 51,096 193,166 (157,476) 15,216 20,989 (106,660) (215,367) (443,298) (153,971) (404,103) (27,061) (377,042) 2,848,415 2007 606,603 (347,805) (171,077) 72,381 160,102 3,021,533 9,971 19,377 (113,931) (133,493) 2,803,457 19,957 2,983,516 53,938 2,929,578 7,486,425 (8,194) (159,650) (119,744) (7,280,000) (7,559,394) 2,848,415 2006 443,069 (186,982) (104,915) 75,757 226,929 7,315,629 15,318 (61,800) (51,320) (107,240) 7,110,587 19,594 7,357,110 14,740 7,342,370 401,505 (61,400) (46,050) (150,000) (257,450) 7,486,425
Rs. in thousand
598,689 598,689 10,362,124 10,247,830 10,960,813 10,846,519 286,739 374,644 38,139 699,522 50,932 124,523 40,000 490,276 6,809 172,357 668,597 280,545 2,000 366,620 378,622 56,733 801,975 182,654 320,000 1,049,491 258,260 16,868 196,584 716,448 302,531 -
Rs. in thousand
12,366,066 13,200,639
14,099,552 10,399,049
11,235,758 11,709,948
Dividend (149,672) (47,895) Reserve for Bonus Share/Bonus Shares issued (79,825) General Reserve 89,803 (2,720,000) (59,869) (2,847,720) Balance Unappropriated profit at end of year (172,250) (376,347)
12,366,066 13,200,639 10,523,928 10,455,120 (53,775) 0.94 1.13 183 302,018 0.73 1.22 181
14,099,552 10,399,049 18,499,930 10,959,980 218,376 0.71 1.25 353 (156,088) 1.00 1.22 426
PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % (41.83) Net Profit after tax to net premium % 42.95 Management expenses to net premium % (27.60) Commission to net premium % 10.61 Earning per share (Rs.) 4.41 Cash Dividend (149,672) Stock Dividend -
(44.41) (69.50) (29.40) 9.42 (6.30) (47,895) (79,825)
(57.34) 482.95 (28.20) 11.93 91.75 (159,650) (119,744)
(42.20) 1,657.16 (23.68) 17.10 367.92 (61,400) (46,050)
Equity Growth 400000 300000 200000 100000 2006 2007 2008 2009 0 2006
Claim Incurred 700000 600000 500000 400000 300000 200000 100000 0
2007
2008
2009
2006
2007
2008
2009
Investments 14000000 12000000 10000000 8000000 6000000 4000000 2000000 0 300000 250000 200000 150000 100000 50000 0

8000000 7000000 6000000 5000000 4000000 3000000 2000000 1000000 0 -1000000
Dividend & other appropriations 8000000 6000000 4000000 2000000
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
77
NEW HAMPSHIRE INSURANCE COMPANY
Vision To be the world's first choice provider of insurance and financial services. We will create unmatched value for our customer, colleagues, business partners and shareholders; as we contribute to the growth of sustainable, prosperous communities.
Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written 849.95 Net Premium Revenue 382.17 Net Claims Expense 169.22 Net Commission / (Income) (3.17) Profit / (Loss) after tax 17.14 2008 766.01 479.93 205.59 5.02 52.50
Mr. Mujib Khan
COMPANY INFORMATION 1. Country Manager 5. Registered Office
Mr. Mujib Khan
2. Chief Financial Officer Mr. Hasan Dossani 3. Advisor Lari & Co, Sattar & Sattar
7th Floor, Dawood Centre, M. T. Khan Road, Karachi, Paksitan UAN # (021) 111-111-244 Fax # (021) 35634022 & 3 Email: info-pakistan@chartisinsurance.com Website: chartisinsurance.pk
4. Auditors & Tax Advisor Ernst & Young (auditors) A. F. Ferguson (tax advisor)
77
78
NEW HAMPSHIRE INSURANCE COMPANY

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2,197.99 2,242.19 638.31 2.20 1.77 1,887.87 1,895.87 888.36 3.22 1.76 2,113.75 2,208.88 1,157.33 2.79 2.17 1,754.64 1,792.32 1,088.98 3.96 1.92 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 2,197.99 319.85 863.09 19.17 230.91 66.63 619.42 78.92 1,887.87 546.92 435.62 30.28 149.49 45.17 592.67 87.72 2,113.75 950.26 163.31 17.14 205.88 44.23 646.73 86.20 1,754.64 819.82 214.94 0.06 95.60 42.65 541.17 40.40 2009 1,241.29 1,241.29 315.16 350.02 74.81 739.99 216.71 2008 2007 976.31 976.31 494.73 452.13 39.77 986.63 150.81 2006 912.86 912.86 238.41 430.51 43.66 712.58 129.20

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 2009 382.17 169.22 117.20 (3.17) 98.92 131.76 0.18 (198.66) (66.72) 32.20 15.06 17.14 854.32 871.47 2008 2007 874.97 676.48 92.93 15.94 89.62 90.54 2.48 (116.59) (23.57) 66.05 20.76 45.29 777.12 20.59 20.59 801.82 2006 813.64 387.38 41.80 77.24 307.22 76.56 0.19 (70.03) 6.72 313.94 108.41 205.53 571.59 777.12
Rs. in million
1,073.05 1,073.05 258.92 349.27 64.83 673.02 141.80
Rs. in million
479.93 205.59 116.65 5.02 152.67 92.19 2.31 (164.57) (70.07) 82.60 30.10 52.50 801.82 854.32
44.28 4.49 30.67 (0.83) -
42.84 10.94 24.31 1.05 -
77.31 5.18 10.62 1.82 -
47.61 25.26 5.14 9.49 -
Balance Sheet Growth 2,500 2,000 1,500 1,000 500 0 2006 2007 2008 2009 1,400 1,200 1,000 800 600 400 200 0
Equity Growth 800 700 600 500 400 300 200 100 0
Claim Incurred 1000 800 600 400 200 2006 2007 2008 2009 0
2006
2007
2008
2009
2006
2007
2008
2009
Investments 1000 800 600 400 200 0 2006 2007 2008 2009 1000 800 600 400 200 0
Cash and Bank Balances 250 200 150 100 50 2006 2007 2008 2009 0
2006
2007
2008
2009
2006
2007
2008
2009
79
NEW JUBILEE INSURANCE COMPANY LIMITED
Mr. Tahir Ahmed
Vision: To be acknowledged as the strongest and best insurance company of Pakistan and to enjoy the highest level of trust and confidence. Mission: To provide our policyholders the highest degree of financial security, prompt and fair settlement of their insured losses, and professional and friendly service at all times. To provide our employees a fair reward for their services, good working conditions, stable employment; and the opportunity for training, self development, long term professional growth and prosperity with the company. To earn a steady and satisfactory return for the
shareholders on the company's capital and to strive for the growth and prosperity of the company. To be a good corporate citizen and contribute to the uplift and welfare of the community we live in. Key Financial Data for the last two (2) Years. (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission Profit / (Loss) after tax 4,030.64 2,297.72 1,420.97 227.64 656.46 2008 3,526.40 2,186.44 1,332.46 239.54 (267.25)
COMPANY INFORMATION 1. Chairman 2. President & Managing Director 3. Directors Mr. Towfiq H. Chinoy 6. Legal Adviser Surridge & Beecheno
Mr. Tahir Ahmed (Chief Executive) Mr. Akbarali Hashwani Mr. Sadruddin Hashwani Mr. Masood Noorani Mr. Akbarali Pesnani Mr. John Joseph Metcalf Mr. R. Zakir Mahmood Mr. Aly Noormahomed Rattansey
7. Share Registrar THK Associates (Pvt) Ltd. Ground Floor, State Life Building # 3, Dr. Ziauddin Ahmed Road, Karachi. Tel: 35689021, 35686658 8. Head Office / Registered Office
4. Chief Financial Officer & Company Secretary Mr. Atiq Anwar Mahmudi 5. Auditors Ernst & Young Ford Rhodes Sidat Hyder. Chartered Accountants
80
2nd Floor, Jubilee Insurance House I.I. Chundrigar Road, Karachi. UAN (92-021) 111-654-111 Tel: (92-021) 32416022-26 Fax: (92-021) 32416728, 32438738 E-mail:nji@nji.com.pk Web: www.nji.com.pk 640
9. No. of Employees
NEW JUBILEE INSURANCE COMPANY LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets TOTAL ASSETS Assets at Market Value 2009 1,000.00 659.15 1,961.85 2,621.00 1,315.99 1,459.92 54.49 2,830.40 1.93 680.87 285.66 6,419.86 2,028.13 0.29 1,753.16 149.65 31.98 462.92 140.21 1,747.00 106.55 6,419.86 8,149.14 2008 2007 1,000.00 549.29 1,862.37 2,411.66 1,428.81 1,190.12 53.26 2,672.19 3.07 567.74 278.04 5,932.70 1,680.63 0.43 1,955.89 76.20 62.57 501.68 121.98 1,352.09 181.23 5,932.70 7,835.51 2006 500.00 439.43 1,640.14 2,079.57 815.30 919.10 26.38 1,760.78 3.63 529.05 73.48 4,446.51 1,686.56 0.31 1,261.85 72.94 36.39 257.32 106.71 898.16 126.27 4,446.51 5,523.51 Profit / Loss before tax Taxation - net Profit / Loss after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning /(Loss) per share (Rs.) Cash Dividend Stock Dividend
Claim Incurred 1500 1000 500 2006 2007 2008 2009 0 2006 2007 2008 2009 2500 2000 1500 1000 500 0 2006 2007 2008 2009

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Impairment in value of available of sale securities Share of Profit & Loss 2009 2,297.72 1,420.97 534.98 227.64 114.13 452.25 76.99 150.52 (20.60) (1.38) 657.78 771.90 115.43 656.47 (151.06) 98.87 (300.00) (201.13) 706.54 2008 2007 1,818.78 1,413.73 405.43 206.64 (207.02) 599.21 70.86 113.05 (7.87) 6.82 782.07 575.04 (13.42) 588.46 938.00 258.16 109.86 500.00 868.02 658.44 2006 1,486.43 887.59 330.34 168.82 99.68 690.18 45.77 104.78 (9.11) 2.66 834.28 933.96 94.06 839.90 651.21 109.86 73.23 370.00 553.09 938.02
Rs. in million
1,000.00 659.15 1,402.17 2,061.32 1,190.06 1,345.36 48.44 2,583.86 2.50 526.78 250.70 5,425.16 1,670.16 0.36 1,430.22 123.82 35.97 365.73 136.98 1,563.97 97.96 5,425.16 6,712.44
Rs. in million
2,186.44 1,332.46 506.32 239.54 108.12 181.71 83.20 111.90 (19.55) (651.15) 6.62 (287.27) (179.15) 88.10 (267.25) 658.43 82.39 109.86 350.00 542.25 (151.07)
BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value
3,709 2.62 2.45 39.76
3,063 2.56 2.63 31.27
3,216 2.41 2.46 43.91
2,686 2.89 2.14 47.32
61.84 28.57 23.28 9.91 9.96 98.87 -
60.94 (12.22) 23.16 10.96 (4.05) 82.39 109.86
77.73 32.35 22.29 11.36 10.71 258.16 109.86
59.71 56.50 22.22 11.36 19.11 109.86 73.23
Equity Growth
Investments 2500 2000 1500 1000 500 0 2006 2007 2008 2009 2500 2000 1500 1000 500 0
Cash and Bank Balances 1000 800 600 400 200 0 -200 -400
Dividend & other appropriations 400 200 0 -200 -400 -600 -800 -1000
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
81
THE PAKISTAN GENERAL INSURANCE CO. LTD.
PGI
Vision The Pakistan General Insurance Company Limited is committed to provide quality insurance services and improved coverage by virtue of sound professionalism and risk management expertise, to provide better coverage and satisfaction of their customers. Mission Our aim is to provide cost effective insurance covered to our customers which is achieved by increasing the productivity of our employees. We follow good governance and sound professionalism to become a well reputed and respected corporate entity in the eyes of government and society. Premium written Net premium revenue Net claim expenses Net commission (income) Profit after tax We strive to maintain a customer focused approach by ensuring that our services are delivered to the customer in time, according to the required specifications and within our stipulated cost. Key Financial Data for the last two (2) Years (Rupees in millions) 2009 206.00 110.00 29.00 5.00 85.00 2008 196.00 92.00 21.00 7.00 22.00
Ch. Zahoor Ahmed
COMPANY INFORMATION 1 2 Chairman Ch. Manzoor Ahmed 6 Managing Director & CEO Ch. Zahoor Ahmed Directors Ch. Manzoor Ahmed Ch. Zahoor Ahmed Ch. Ghulam Mustafa Mr. Mehmod ul Haq Ch. Ather Zahoor Mr. Usman Ali Ch. Mazhar Zahoor Mr. Rehan Beg Ch. Muhammad Saleem Ch. Muhammad Saleem Auditors M. Yousuf Adil Saleem & Co.; and Kamran & Co. Chartered Accountants Kamran & Co. Chartered Accountants
Tax Advisor
Registered Office
Cooperative Bank House, 5 Bank Sqaure The Mall, Lahore
Company Secreatry Chief Financial Officer
Number of Employees
115
Mr. Azhar Hafeez Ch.
82
THE PAKISTAN GENERAL INSURANCE CO. LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 300.00 200.00 162.00 362.00 10.00 96.00 17.00 123.00 32.00 20.00 7.70 544.70 138.00 0.10 21.00 149.00 8.00 12.00 121.60 92.00 3.00 544.70 544.70 2008 2007 300.00 200.00 44.00 244.00 12.00 101.00 11.00 124.00 9.00 27.00 34.00 438.00 106.00 0.10 16.00 47.00 10.00 8.00 99.90 144.00 7.00 438.00 438.00 2006 120.00 120.00 20.00 140.00 2.00 38.00 14.00 54.00 8.00 8.00 27.00 237.00 58.00 0.10 7.00 1.00 6.00 5.90 151.00 8.00 237.00 237.00 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend
Claim Incurred 35 30 25 20 15 10 5 0 120 100 80 60 40 20 0

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax 5.00 12.00 174.90 90.00 5.00 509.00 509.00 APPROPRIATIONS Balance at commencement of year Restatement of previous figures Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Surplus realized on incremental depreciation 2009 110.00 29.00 31.00 (5.00) 55.00 8.00 5.00 72.70 (35.00) (1.00) 49.70 104.70 20.00 84.70 10.00 90.00 (2.30) 87.70 7.00 2008 2007 76.00 17.00 19.00 (10.00) 50.00 3.00 2.00 1.00 (28.00) (2.00) (24.00) 26.00 1.00 25.00 14.00 19.00 (1.00) 18.00 19.00 2006 41.00 9.00 20.00 (4.00) 16.00 0.80 1.00 (8.00) (6.20) 9.80 0.30 9.50 8.50 5.00 (1.00) 4.00 14.00
Rs. in million
300.00 200.00 75.00 275.00 9.00 110.00 16.00 135.00 11.00 37.00 51.00 509.00 48.00 0.10 19.00 155.00 -
Rs. in million
92.00 21.00 27.00 (7.00) 51.00 (1.00) 3.00 (27.00) (1.00) (26.00) 25.00 3.00 22.00 19.00 (2.00) 40.00 (1.00) 39.00 10.00
229.90 7.10 1.50 18.10
130.90 2.35 1.85 13.75
142.90 2.96 1.80 12.20
27.90 1.75 1.69 11.67
26.36 77.00 28.18 (4.55) 4.24 -
22.83 23.91 29.35 (7.61) 1.10 -
22.37 32.89 25.00 (13.16) 1.25 -
21.95 23.17 48.78 (9.76) 0.79 -
Equity Growth
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments
25 20 15 10 5 0
Cash and Bank Balances 160 140 120 100 80 60 40 20 0

90 80 70 60 50 40 30 20 10 0
Net dividend & other appropriations

100 80 60 40 20 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
83
PICIC INSURANCE LIMITED
Vision PICIC Insurance shall emerge as the leading Insurance and risk management services organization in Pakistan. We are in the business of providing solution to mitigate insurable risk exposure of our clients. We shall do this on the basis of through risk ev Mission PICIC Insurance shall fully satisfy the needs and expectation of all its stakeholders: We shall putt the interest of our client first and ensure that they make informed decisions with respect to the products and services that we offer them. We shall give our employees a congencial work environment and shall give them opportunities for personal growth and development strictly on the basis of merit.
We shall strive to continually provode above average returns to our shareholders. We shall support the development of the communities in which we live and work. Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written 493.96 Net Premium Revenue 199.65 Net Claims Expense 106.29 Net Commission / (Income) (2.69) Profit / (Loss) after tax 16.85 2008 443.11 227.85 154.26 (0.44) (53.25)
Mr. Ahmed Salahuddin
COMPANY INFORMATION 1 2 Chairman Managing Director & CEO Directors Mr. Mohammed BasheerJanmohammed 5 6 Mr. Ahmed Salahuddin Mr. Mohammed BasheerJanmohammed Mr. Muhammad Rafiq Tumbi Mr. Yameen Kerai Syed Naseer ul Hassan Mr. Rizwan Abbas Mr. Muhammad Riaz Mr. Ahmed Salahuddin Mr. Muhammad Haneed
84
Chief Financial Officer Mr. Muhammad Haneed Advisor Syed Ali Hyder
Auditors & Tax Advisor Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants Registered Office Number of Employees 8th Floor Shaheen Complex M.R.Kiyani Road, Karachi 103
Company Secretary
PICIC INSURANCE LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Amount Due but unpaid Investment Amount Due from Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 64.94 1.21 3.24 6.45 77.55 1.25 3.37 5.97 (71.95) 0.78 5.74 5.61 205.29 2.33 2.68 11.31 731.089 704.236 643.841 606.359 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 47.456 14.410 169.761 3.083 61.962 16.005 141.986 13.716 65.403 15.693 126.614 21.611 15.997 18.710 114.968 22.072 2009 500.000 350.000 (124.190) 225.810 121.053 176.216 15.773 313.042 192.042 0.195 731.089 161.010 198.407 45.118 91.844 2008 2007 500.000 200.000 (87.792) 112.208 211.892 187.384 11.871 411.147 7.665 112.626 0.195 643.841 60.747 141.566 132.298 77.074 2006 500.000 200.000 26.101 226.101 68.321 202.532 13.086 283.939 10.656 85.663 606.359 228.304 128.574 75.201

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve (0.064) 5.912 16.854 16.854 (141.044) (124.190) (53.24) 8.44 (42.63) 1.35 0.48 (0.344) (31.679) (50.417) (2.835) (53.252) (87.792) (141.044) (67.70) (23.37) (40.71) 0.19 (1.52) (0.590) 3.325 (94.195) 0.302 (93.893) 26.101 (20.000) (20.000) (87.792) (88.42) (30.95) (40.72) (3.01) (4.69) (20.00) (0.823) 7.814 36.917 (8.774) 28.143 (2.042) 26.101 (56.79) 11.88 (28.68) (2.24) 1.41 27.882 (29.807) 11.243 (39.351) 14.191 (29.511) 13.930 (15.369) 2009 199.656 (106.295) (85.118) 2.699 10.942 7.901 2008 2007 303.401 (268.258) (123.541) (9.122) (97.520) 19.235 2006 236.993 (134.592) (67.980) (5.318) 29.103 10.076
Rs. in million
500.000 350.000 (141.044) 208.956 155.531 162.378 14.669 332.578 4.425 158.082 0.195 704.236 187.410 167.964 37.107 78.086
Rs. in million
227.853 (154.262) (92.769) 0.440 (18.738) (3.296)
Equity Growth 250000 200000 150000 100000 50000 2006 2007 2008 2009 0 2006
Claim Incurred 350000 300000 250000 200000 150000 100000 50000 0
2007
2008
2009
2006
2007
2008
2009
Investments 140000 120000 100000 80000 60000 40000 20000 0 250000 200000 150000 100000 50000 2006 2007 2008 2009 0
Cash and Bank Balances 40000 20000 0 -20000 -40000 -60000 -80000 -100000
Dividend & other appropriations 0 -2500 -2000 -1000 -1000 -500
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
85
PREMIER INSURANCE LIMITED
Vision Our vision is to provide the highest level of service in general insurance and strive to become a market leader with a prestigious profile. Mission Our Business We are a company underwriting general insurance business including underwriting fire, property, marine, motor and other risks of our clients. We are committed to become the leading organization in the insurance sector building an excellent reputation among our clients with the objective of maximizing returns for all the stakeholders. Our Strengths Financial viability and security we provide our clients and reinsurers in order to safeguard their interests. Our Strategy To enhance our corporate image by providing high quality products and services to our policy holders.
To provide an excellent working environment to our employees affording them every opportunity to growth and career developments. Our Values We take pride in adhering to ethical business practices and in being a good corporate citizen. We respect our people and endeavor to provide them opportunities to realize their full potential. We recognize our responsibility to our stakeholders and to society. Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) (Loss) / Profit after tax 670.40 335.50 149.40 28.30 53.30 2008 577.10 295.80 138.80 22.30 (37.40)
Mr. Fakhir Rahman
COMPANY INFORMATION 1. Chairman 3. Directors Mr Zahid Bashir Syed Arshad Ali Mr Khalid Bashir Mr Imran Maqbool Mr Nadeem Maqbool Mr Khurram Mazhar Mr Shams Rafi Mr Afroz Quraishi 2. Chief Executive Mr Fakhir Rahman 7. Legal Advisor Advocates 8. Tax Advisor Arfin & Company Mushtaq & Company Chartered Accountants
9. Registered Office 5th Floor, State Life Building No. 2A Wallace Road, Karachi-74000, Pakistan Phones: (92-21) 32416331-4 Fax: (92-21) 32416572 Email: info@pil.com.pk Website: www.pil.com.pk 10. Number of Employees 168
5. Chief Financial Officer Mr Afroz Quraishi 6. Auditors Anjum Asim Shahid Rahman Chartered Accountants
86
PREMIER INSURANCE LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 572.01 1.89 1.57 67.38 1,159.47 2.86 1.53 73.89 333.57 1.43 1.59 92.55 431.67 1.66 1.73 84.25 2,788.72 2009 500.00 263.32 1,511.02 1,774.34 251.11 314.52 37.21 602.84 21.07 383.97 6.50 2,788.72 220.58 2.41 1,245.69 56.39 138.77 43.94 854.24 226.68 2008 2007 500.00 199.49 1,646.72 1,846.21 436.47 277.93 32.37 746.76 11.41 333.70 5.12 2,943.20 234.93 3.83 1,560.82 286.50 38.67 587.43 228.12 2.91 2,943.20 2006 200.00 166.24 1,234.28 1,400.52 288.56 328.11 34.23 650.89 9.34 360.01 3.98 2,424.73 262.48 0.05 1,080.52 149.27 47.44 672.46 208.14 4.37 2,424.73 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend
Claim Incurred 250 200 150 100 50 2006 2007 2008 2009 0 2006 2007 2008 2009
500 400 300 200 100 0

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Impairment in Investments Finance charges on lease rentals 2009 335.46 149.40 136.83 28.27 20.95 222.18 2.10 4.16 (43.59) (126.16) 58.70 Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year 79.65 (26.31) 53.34 109.46 2008 2007 346.83 194.37 103.52 26.21 22.73 542.58 0.85 (70.48) 472.95 495.69 (16.75) 478.94 749.25 33.25 33.25 535.00 601.50 626.69 56.04 138.09 29.85 7.56 24.01 33.25 33.25 2006 389.23 216.29 97.39 26.30 49.25 798.12 0.53 (128.17) 670.47 719.72 (4.29) 715.43 189.24 27.71 27.71 100.00 155.41 749.25 55.57 183.80 25.02 6.76 43.04 27.71 27.71
Rs. in million
500.00 239.39 1,529.49 1,768.87 326.56 264.82 28.17 619.54 17.09 290.63 5.23 2,701.37 885.31 3.12 607.16 25.58 218.63 36.76 677.94 245.07 1.79 2,701.37
Rs. in million
295.83 138.81 126.31 22.33 8.39 185.63 1.61 0.96 (28.29) (213.22) (53.30) (44.91) 7.48 (37.44) 626.69 39.90 39.90 400.00 479.79 109.46 46.92 (12.65) 42.69 7.55 (1.56) 39.90 39.90
Dividend 47.88 Reserve for Bonus Share/Bonus Shares issued 23.94 General Reserve (150.00) (78.19) 240.99 44.54 15.90 40.79 8.43 2.03 47.88 23.94
Balance Sheet Growth 3,000 2,900 2,800 2,700 2,600 2,500 2006 2007 2008 2009 2,000 1,500 1,000 500 0
Equity Growth
2006
2007
2008
2009
Investments
1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1,000 800 600 400 200 0

800 700 600 500 400 300 200 100 0 -100
Dividend & other appropriations 800 600 400 200 0 -200
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
87
RELIANCE INSURANCE CO. LTD.
Vision To be recognized as a professional and dependable business entity committed to play a meaningful role in the development of insurance industry in Pakistan and to safeguard the legitimate interests of all stakeholders, namely policy-holders, share-holders, reinsurers, employees and all other business associates/partners. Mission To provide quality service and protection to its clients aiming at achieving a respectable volume of business and become a prominent player through good governance and sound professionalism focusing to become a wall-known and respected Corporate entity in the eyes of Society and Government.
Mr. A Razak Ahmed
(Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) (Loss)/Profit after tax 506.33 326.55 227.45 44.482 (32.64) 2008 603.19 445.54 208.36 50.90 40.51
COMPANY INFORMATION 1. Chairman Mr. Ismail H. Zakaria 6. Advisor Mr. Abdul Sattar Pingar
2. Managing Director & CEO Mr. A. Razak Ahmed 3. Directors Mr. M. Amin Ahmed Bawany Mr. A. Aziz Ayoob Mr. Irfan Zakaria Bawany Mr. Omer Bawany Mr. Zohair Zakaria Mr. Ahmed Ali Bawany Mr. Noor M. Zakaria Mr. Ashfaq Patel. Mr. Yasin Siddik
7. Auditors & Tax Advisor Hyder Bhimji & Company 8. Registered Office 96-A, SMCHS Karachi 9. Number of Employees
242
4. Company Secretary Mr. Haroon A. Shakoor 5. Chief Financial Officer Mr. Haroon A. Shakoor
88
RELIANCE INSURANCE CO. LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 904.34 1,051.43 184.85 1.59 2.80 12.80 938.72 1,008.34 222.82 1.72 2.64 15.51 806.93 880.05 241.79 2.43 2.56 17.86 575.38 682.82 111.08 1.77 2.36 18.41 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 144.01 53.56 293.67 66.30 214.07 47.03 232.98 72.79 88.71 53.83 227.56 70.51 45.28 48.28 103.96 65.24 2009 500.00 252.00 70.58 322.58 227.47 232.76 33.12 493.35 88.29 0.11 904.34 63.04 1.06 282.69 2008 2007 500.00 176.23 138.49 314.72 125.49 291.40 31.38 448.27 39.50 4.44 806.93 94.95 0.94 270.42 2006 200.00 132.50 111.47 243.97 85.22 161.55 26.46 273.23 45.58 12.60 575.38 105.24 1.14 206.24

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses 252.84 243.90 30.34 527.08 50.52 5.90 938.72 85.03 0.96 285.86 Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 20.99 (30.99) 1.65 (32.64) 41.02 22.90 7.50 30.40 (22.02) 4.09 52.26 11.75 40.51 70.88 52.87 17.50 70.37 41.02 29.82 88.35 17.60 70.75 58.37 43.73 14.50 58.23 70.89 18.17 80.64 22.30 58.34 0.04 43.73 14.50 58.23 0.15 1.58 (34.45) 1.38 (15.55) 0.90 (14.31) 1.89 (14.13) 2009 326.55 227.45 106.60 44.48 (51.98) 53.86 2008 2007 395.81 156.97 134.12 46.20 58.52 43.23 2006 315.02 100.21 113.92 38.43 62.46 30.41
Rs. in million
500.00 229.09 126.13 355.22
Rs. in million
445.54 208.36 138.10 50.91 48.17 18.26
69.65 (10.00) 32.64 13.62 (1.30) 22.90
46.77 9.09 31.00 11.43 1.77 52.87
39.66 17.87 33.88 11.67 4.01 43.73
31.81 18.52 36.16 12.20 4.40 43.73
Equity Growth
250 200 150 100 50 0
Claim Incurred
500 400 300 200 100 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 350 300 250 200 150 100 50 0 120 100 80 60 40 20 0
Dividend & other appropriations 80 60 40 20
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
89
SAUDI PAK INSURANCE COMPANY LTD.
Capt. Azhar Ehtesham Ahmed
Vision Our vision is to be the quality insurance service provider, recognized and appraised by performance and product development to cater the changing needs of customers and continuous growth of human resource. Mission We wish to become a dynamic insurance service provider, maintaining credibility and reputation while growing revenues over the coming years and improving insurance products by utilizing latest technologies. Saudi Pak Insurance Company Limited focusing to build up a team of professionals by imparting exhaustive training, education and career
orientation for the benefit of the insurance industry. We shall endeavor our utmost to render the best possible service to our clients. Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written 230.45 Net Premium Revenue 124.85 Net Claims Expense 69.93 Net Commission / (Income) (1.11) Profit / (Loss) after tax 0.84 2008 282.47 145.28 103.30 0.06 (59.88)
COMPANY INFORMATION 1. Chairman Mr. Muhammad Rashid Zahir 7. Auditors & Tax M. Yousuf Adil Saleem & Company Advisor Chartered Accountants 8. Registered Office 19th Floor, Saudi Pak Tower 61-A, Jinnah Avenue, Islamabad Phone # (051) 111-222-003 Fax # (051) 111-222-004 9. Number of Employees 64
2. Managing Director & CEO Capt. Azhar Ehtesham Ahmed 3. Directors Mr. Muhammad Rashid Zahir Mr. Javed Masud Mr. Farrukh S. Ansari Mr. Goharulayn Afzal Mr. Javed Aslam Callea Mr. Fasihuddin Ahmed Syed Liaquat Ali Mr. Mohammad Imtiaz A. Aziz
5. Chief Financial Officer Mr. Mohammad Imtiaz A. Aziz 6. Advisor Mandviwalla & Zafar
90
SAUDI PAK INSURANCE COMPANY LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 500.00 325.00 (124.13) 200.87 190.23 95.64 2.00 11.94 299.81 22.01 522.69 32.39 0.67 100.49 158.45 10.23 189.18 31.28 522.69 167.78 1.79 2.60 6.18 2008 500.00 325.00 (124.27) 200.73 248.00 132.91 3.53 16.82 401.26 32.71 634.70 89.82 0.77 88.61 199.16 15.98 202.08 38.28 634.70 210.35 1.75 3.16 6.18 2007 500.00 250.00 (64.39) 185.62 297.96 64.29 3.53 16.53 382.31 28.27 2.54 598.74 118.28 1.46 77.09 237.77 15.17 111.56 37.42 598.74 138.84 1.42 3.23 7.42 2006 500.00 250.00 (34.56) 215.44 43.07 67.37 12.73 123.17 7.84 3.52 349.96 129.15 0.80 59.46 22.05 13.77 84.83 39.91 349.96 181.59 4.34 1.62 8.62 Balance Unappropriated profit at end of year

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax Comprehensive income (Loss onRevaluation on available AFS investments) APPROPRIATIONS Balance at commencement of year Comprehensive income Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 2009 124.85 1.53 (69.94) (65.78) 1.12 (8.22) 10.79 9.12 (10.53) 0.31 9.69 1.47 (0.62) 0.85 (0.71) 0.14 (124.27) 0.14 (64.39) (34.57) (17.80) 2008 145.29 (103.30) (86.68) 0.07 (44.63) (12.60) 7.67 (12.42) 2.09 (15.25) (59.88) (59.88) 2007 149.24 (3.53) (114.08) (68.98) (1.37) (38.72) 9.51 11.62 (11.39) 9.74 (28.98) (0.84) (29.82) 2006 91.05 (50.60) (56.85) (0.68) (17.08) (77.66) 88.50 (9.99) 0.85 (16.23) (0.53) (16.75)
Rs. in million
Rs. in million
(124.13) -
(124.27) (71.10) (41.22) (59.66) 0.05 (1.84) -
(64.38) (76.44) (19.98) (46.22) (0.92) (1.19) -
(34.56) (55.57) (18.40) (62.43) (0.75) (0.67) -
PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % (56.02) Net Profit after tax to net premium % 0.68 Management expenses to net premium % (52.69) Commission to net premium % 0.90 Earning per share (Rs.) 0.03 Cash Dividend Stock Dividend -
Equity Growth 400 300 200 100 2006 2007 2008 2009 0 2006
Claim Incurred 300 250 200 150 100 50 0
2007
2008
2009
2006
2007
2008
2009
Investments
120 100 80 60 40 20 0
Cash and Bank Balances 140 120 100 80 60 40 20 0 10 0 -10 -20 -30 -40 -50 -60 -70
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
91
SECURITY GENERAL INSURANCE COMPANY LIMITED
Ms. Nabiha Shahnawaz
Mission SGI to become a leader in insurance through innovation, competitive advantage, customer satisfaction and stakeholder confidence.
Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium revenue Net Claims Expense Net Commission/Income Profit/Loss after Taxation 328.30 120.20 31.28 17.50 314.43 2008 237.29 69.3 16.74 1.04 153.94
COMPANY INFORMATION 1. Chairman Mian Hassan Mansha 6. Legal Advisor Hamid Law Associates
2. Chief Executive Officer Ms. Nabiha Shahnawaz 3. Board of Directors Mian Hassan Mansha Mr. Aamir Fayyaz Sheikh Mr. Waleed Tariq Saigol Mr. Jehanzeb Amin Mr. Inayat Ullah Niazi Mr. Manzar Mushtaq Mr. Shahzad Ahmad Malik Mr. Badar ul Hassan
7. Auditors & Tax Advisor A.F. Ferguson & Co 8. Registered Office SGI House, 18 C / E1, Gulberg III, Lahore. Tel: 92-42-35775024-29 Fax: 92-42-35775030 E-mail: sgi@sgicl.com Web: www.sgicl.com 74
Mr. Khalid Mahmood Chohan
5. Chief Financial Officer Mr. Farrukh aleem
92
SECURITY GENERAL INSURANCE LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value (356.15) 0.57 1.15 98.60 (660.46) 0.41 1.19 95.98 (499.58) 0.35 1.12 287.66 (340.59) 0.39 2.30 24.54 75.34 27.20 353.20 85.75 7,703.13 107.67 22.77 222.61 80.27 7,778.43 73.58 11.75 120.57 79.28 7,325.43 42.26 7.82 169.42 16.72 1,026.40 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 7,116.57 7,225.33 6,969.09 786.69 2009 1,000.00 680.63 6,030.41 6,711.04 98.17 133.06 19.68 250.92 9.59 131.23 600.35 7,703.13 45.07 2008 2007 300.00 226.88 6,299.37 6,526.24 101.01 19.20 15.10 135.31 50.68 613.19 7,325.43 71.16 2006 200.00 181.50 263.88 445.38 75.38 15.61 9.64 100.63 50.33 430.05 1,026.40 3.49

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses 127.14 111.55 13.26 251.94 10.39 65.33 918.06 7,778.43 119.78 Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain/Loss (Sale of Assets) Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend (Interim & Final) Reserve for Bonus Share/Bonus Shares issued General Reserve 2009 120.20 (31.28) (24.26) (17.50) 47.15 446.25 6.76 (45.94) (0.04) (124.71) 282.32 329.47 15.03 314.44 5,850.10 (136.13) 136.13 6,028.41 (26) 262 (20) (15) 5 (136) 2008 2007 43.29 (17.14) (4.95) 5.71 26.91 6,329.30 3.82 (25.79) 0.28 (49.45) 6,258.16 6,285.08 22.72 6,262.36 261.88 (181.50) (45.38) 226.88 6,297.37 (40) 14,465 (11) 13 276 (182) (45) 2006 66.61 (52.94) (4.58) 7.58 17.54 251.83 0.27 (17.99) 0.09 (52.22) 181.97 199.51 13.13 186.37 160.21 (24.20) (60.50) 84.70 261.88 (79) 280 (7) 11 10 (24) (61)
Rs. in million
1,000.00 680.63 5,852.10 6,532.72
Rs. in million
69.33 0.86 (16.75) (10.32) (1.04) 41.22 297.56 2.75 (31.82) 0.40 (109.70) 159.19 200.41 46.46 153.95 6,297.37 (147.47) (453.75) 601.22 5,850.10 (24) 222 (15) (2) 2 (147) (454)
Balance Sheet Growth 8000 6000 4000 2000 0 2006 2007 2008 2009 8000 7000 6000 5000 4000 3000 2000 1000 0
Equity Growth 60 50 40 30 20 10 0
Claim Incurred 120 100 80 60 40 20 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments
8000 7000 6000 5000 4000 3000 2000 1000 0
Cash and Bank Balances 120 100 80 60 40 20 0 6000 5000 4000 3000 2000 1000 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
93
Shaheen Insurance
SHAHEEN INSURANCE COMPANY LIMITED
Mr. Asif Suleman
Mission Our mission is to continuously improve ourselves to become a leading ,profitable Company, meeting the needs of our customers and enhancing the value of our shareholders investment. We will accomplish this by using the strengths of our people and the application of innovative science for the development of new insurance products and services that are high in quality and competitive in price.
Key Financial Data for the last two (2) Years (Rs in million) 2009 2008
Premium Written 596.33 701.25 Net Premium Revenue 481.63 575.73 Net Claims Expense 267.99 333.83 Net Commission / (Income) 104.71 115.71 Profit / (Loss) after tax 17.46 ( 71.75 )
COMPANY INFORMATION 1. Chairman Air Vice Marshal ( R ) M.Ikramullah Bhatti 5. Auditors 6. Legal Advisor 7. Registered Office Anjum Asim Shahid Rehman Chartered Accountants Shaukat Law Associates
2. Managing Director & CEO Mr.Asif Suleman 3. Directors Air Commodore ( R ) Mustansar Suhail Toor Mr.Takudzwa Brooks Takundanyika Mparutsa Mr.Naveed Tariq Mr.Ian Howell Ross Mr.Shahid Hameed Mr.Ahmed Bilal
4. CFO & Company Secretary Mr.Huzaif Hanif Tola
10th Floor,Shaheen Complex M.R.Kayani Road, Karachi-74200. Tel: (92-21)32630370-75 (92-21)32213950-51 Fax:(92-21)32626674 Email:sihifc@cyber.net.pk Web: www.shaheeninsurance.com 214
94
SHAHEEN INSURANCE COMPANY LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Premium Deficiency Reserve Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets (Tangible) ( Intangible ) Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 200.00 200.00 25.25 225.25 165.70 234.72 14.05 414.47 87.41 2.54 729.67 132.73 1.39 177.52 5.09 72.69 50.24 238.79 51.22 729.67 188.56 1.74 3.24 11.26 2008 2007 200.00 175.00 104.54 279.54 172.10 2.31 320.54 12.63 507.58 84.19 0.40 871.71 235.86 0.69 227.94 6.16 45.44 69.00 247.19 39.43 871.71 271.80 2.06 3.12 15.97 2006 200.00 100.00 119.33 219.33 112.56 1.41 271.85 8.57 394.39 41.48 19.77 674.97 197.36 0.92 211.11 6.70 13.91 50.92 169.97 22.74 1.34 674.97 207.43 2.19 3.08 21.93

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses 169.72 284.14 14.96 468.82 75.20 3.43 755.24 166.84 1.41 175.91 5.63 56.61 63.37 232.53 52.94 755.24 207.63 1.84 3.63 11.87 Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Impairment of non trading invesment Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year 2009 481.63 267.99 59.77 104.71 49.16 100.64 1.83 2.29 (64.78) (68.14) (28.16) 21.00 3.54 17.46 2008 2007 570.80 (0.90) 370.00 59.30 105.86 34.74 83.77 1.68 1.32 (58.45) 28.32 63.06 2.85 60.21 99.33 75.00 75.00 84.54 64.82 10.55 10.39 18.55 3.44 75.00 (9.03) 59.35 8.37 50.98 68.35 20.00 20.00 99.33 62.37 9.02 9.99 15.55 5.10 2006 565.33 352.57 56.49 87.89 68.38 28.82 1.78 9.06 (48.69)
Rs. in million
200.00 175.00 32.79 207.79
Rs. in million
575.73 2.31 333.83 62.11 115.71 66.39 (64.65) 1.74 1.73 (69.06) (130.24) (63.85) 7.90 (71.75) 84.54 12.79 57.98 (12.46) 10.79 20.10 (4.10) -
12.79 Dividend Reserve for Bonus Share/Bonus Shares issued 25.00 General Reserve 25.00 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 5.25 55.64 3.62 12.41 21.74 0.87 25.00
Equity Growth 400 300 200 100 2006 2007 2008 2009 0 2006
Claim Incurred 600 550 500 450 2007 2008 2009 400
2006
2007
2008
2009
Investments 250 200 150 100 50 0 2006 2007 2008 2009 250 200 150 100 50 0
Cash and Bank Balances 80 60 40 20 0 -20 -40 -60 -80
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
95
V E R S TA R SIL
IN
SUR
A NCE
C
OM
SILVER STAR INSURANCE COMPANY LTD.
PA N Y LTD.
Mr. Zahir Muhammad Sadiq
Vision To ensure efficient and prompt service of insurance solutions to the industry, through an integrated and well organized system, governed by motivated and prudently managed human resources. Mission Our mission is to strengthen our position in the insurance industry, initially by concentrating upon our vigilant expansion in the province of Punjab, while channeling out into other provinces, by way of continuing to provide reliable and quality insurance security, with the persistent support of "A" rated International Reinsurers; thus maintaining high
ethical and professional standards, vis--vis profitable returns to all our shareholders. Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 220.00 148.00 28.00 12.00 34.00 2008 213.00 140.00 16.00 5.00 75.00
COMPANY INFORMATION 1. Chairman Ch. Muhammad Sadiq 7. Auditors & Tax Advisor Avais Hyder Liaquat Nauman-Chartered Accountants & SarwarsChartered Accountants Silver StarHouse, 5-Bank Square, P.O. Box 2533, Lahore 54000 Tel.: (92-42) 3732 4488, 3725 5614, 3723 7518, 3723 1449 Telefax: (92-42) 3722 9966 48
2. Managing Director & CEO Mr. Zahir Muhammad Sadiq 3. Directors Mr. Faisal Zaka Bajwa Mr. Mudassar Imran Mr. Muhammad Kashif Mr. Munir Ahmed Mr. Waheed Ahmed Mr. Nazir Ahmed Khan
5. Chief Financial Officer Mr. Munir Ahmed 6. Advisor Mr. Maqsood Hassan & Ahmed & PansotaAdvocates & Legal Consultants
96
SILVER STAR INSURANCE COMPANY LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 300.00 210.94 181.17 392.11 14.34 100.20 9.91 124.45 7.82 43.87 15.80 584.05 315.87 8.17 31.35 11.34 2.67 15.82 101.81 74.73 22.29 584.05 346.34 5.68 1.49 18.59 2008 2007 300.00 125.00 158.26 283.26 11.55 93.46 9.46 114.47 5.48 20.75 15.65 439.61 211.52 4.42 33.51 11.43 2.20 9.73 87.04 60.47 19.29 439.61 252.81 6.27 1.55 22.66 2006 150.00 100.00 112.97 212.97 6.52 77.43 8.64 92.59 3.36 13.94 9.43 332.29 126.28 4.93 26.94 11.48 3.09 7.15 81.16 56.12 15.14 332.29 180.64 7.04 1.56 21.30

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses 8.27 101.38 10.37 120.02 7.02 35.75 15.41 536.23 279.28 5.44 40.55 11.39 2.24 15.06 90.41 73.14 18.72 536.23 312.50 6.26 1.50 21.22 Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Others(Reversal of Surplus on Revaluation Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 2009 147.87 28.46 48.84 11.60 58.97 (5.37) 0.43 1.70 (17.03) (20.27) 38.70 4.63 34.07 110.03 42.18 10.54 (0.22) 52.50 91.60 2008 2007 120.03 25.48 20.19 (1.02) 75.38 13.24 0.49 0.23 (11.54) 25.50 77.80 7.62 70.18 50.42 25.00 6.25 (0.38) 30.87 89.73 2006 86.27 20.25 18.49 (1.81) 49.34 13.19 0.49 0.32 (9.36) 23.36 54.00 4.38 49.62 25.41 20.00 5.00 (0.39) 24.61 50.42
Rs. in million
300.00 168.75 189.28 358.03
Rs. in million
139.66 16.04 33.90 5.45 84.27 12.15 0.63 0.82 (15.58) 29.18 82.29 7.52 74.77 89.72 43.75 10.94 (0.23) 54.46 110.03
19.25 23.04 33.03 7.84 1.62 42.18
11.49 53.54 24.27 3.90 4.43 43.75
21.23 58.47 16.82 (0.85) 5.61 25.00
23.47 57.52 21.43 (2.10) 4.96 20.00
Balance Sheet Growth 800 600 400 200 0 2006 2007 2008 2009
400 350 300 250 200 150 100 50 0
Equity Growth 30 25 20 15 10 5 0
Claim Incurred 160 140 120 100 80 60 40 20 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 45 40 35 30 25 20 15 10 5 0 350 300 250 200 150 100 50 0
Cash and Bank Balances 80 70 60 50 40 30 20 10 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
97
TPL Direct Insurance

A TPL Holdings Company
TPL DIRECT INSURANCE LTD.
Mr. Saad Nissar
Vision To establish leadership in the personal lines business as a Direct Insurer and inspire improvement in the insurance penetration in Pakistan by offering innovative products compatible to the international standards. Mission We aim to be the best service and product provider, offering unprecedented 24 hours underwriting and claims services and adding value for the stakeholders, with a team of highly trained and skilled staff. We will strive to achieve this by: Well managed 24 * 7 call center In house capability of pre and post risk claim inspection. Prudent underwriting with low cost base. Effective treasury management.
Setting claims with promptitude and equity. Optimum use of IT and offer web based underwriting and claims facility. Display of professionalism and motivation by staff in all areas. Effective Training for career progression of the staff. Value addition by providing free Ambulance service & Roadside assistance. Key Financial Data for the last two (2) Years (Rs in millions) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 287.27 223.57 64.63 17.47 1.86 2008 188.36 166.69 48.56 13.16 1.85
COMPANY INFORMATION 1. Chairman Mr. Jameel Yusuf 6. Advisor 7. Auditors 8. Registered Office 9. Number of Employees M/s. Lari Associates KPMG Taseer Hadi & Co. 39-K, Block-6, P.E.C.H.S, Karachi 63
2. Managing Director & C.E.O Mr. Saad Nisar 3. Directors Mr. Jameel Yusuf, Mr. Ali Jameel, Mr. Saad Nisar, Mr. Adil Matcheswalla Mr. Rizwan Abbas, Mr. Syed Kazim Hasan, Mr. Mustafa Ali, Mr. Syed Kazim Hasan
5. Chief Financial Officer Mr. Syed Kazim Hasan

98
TPL DIRECT INSURANCE LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Share Application money Reserves and retained earnings 2009 350.00 310.00 (96.48) 213.52 2008 2007 350.00 160.41 (100.19) 60.22 16.82 79.29 0.99 97.10 34.18 191.50 4.99 25.70 18.53 5.82 7.77 27.88 100.29 0.52 191.50 (12.32) 0.76 3.18 3.75 2006 250.00 150.41 10.00 (134.27) 26.14 14.06 59.11 0.20 73.37 0.38 34.30 134.20 15.01 15.80 3.28 7.33 22.84 69.21 0.74 134.20 (7.24) 0.85 5.13 1.74 Profit / (Loss) before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges 2009 223.57 64.63 112.04 17.47 29.43 (2.56) 14.81 (25.93) (5.61) (19.29) 10.14 8.28 1.86 (98.34) Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend (96.48) 2008 2007 138.70 32.98 71.99 14.49 19.24 3.04 0.71 (23.93) (0.22) (20.40) (1.15) (35.23) 34.08 (134.27) (100.19) 2006 68.78 17.50 44.58 8.93 (2.24) 0.44 0.22 (22.24) (21.58) (23.82) (23.82) (110.45) (134.27)
Rs. in million
350.00 310.00 (98.34) 211.66 14.53 86.65 0.61 101.79 4.49 15.85 24.10 357.89 1.63 34.32 25.06 2.74 7.51 123.57 154.37 8.70 357.89 73.47 2.35 1.69 6.83
Rs. in million
166.69 48.56 96.36 13.16 8.61 2.48 5.62 (20.16) (1.22) (13.29) (4.67) (6.52) 1.85 (100.19) (98.34)
Underwriting Provisions Provision for outstanding claims (including IBNR) 34.76 Provision for unearned premium - net 141.47 Additional provision for unexpired risk Commission Income Unearned 0.18 Total 176.41 Deferred Liabilities 5.39 Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 36.46 29.24
461.02 1.81 38.84 34.60 2.36 15.27 97.19 258.45 12.51 461.02 0.90 1.01 2.16 6.89
Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve
28.91 0.83 50.11 7.81 0.06 -
29.13 1.11 57.81 7.90 0.06 -
23.78 24.57 51.90 10.45 2.12 -
25.44 (34.64) 64.82 12.99 (1.58) -
Equity Growth 70 60 50 40 30 20 10 0
Claim Incurred 250 200 150 100 50 2006 2007 2008 2009 0
2006
2007
2008
2009
2006
2007
2008
2009
Investments
45 40 35 30 25 20 15 10 5 0
Cash and Bank Balances 20 15 10 5 40 30 20 10 0 -10 -20 -30
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
99
UBL INSURERS LIMITED
Mr. Shariq Abdullah
Vision Our vision is to establish a position as the premier choice for corporate and consumer sector. Mission Our mission is to become a reputable general insurer of the country by providing dedicated service to our customers. This will be accomplished by recognizing the customer needs and providing suitable products at affordable prices and servicing the claims within optimum time frame.
Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 512.00 265.00 234.00 (23.00) (128.00) 2008 656.00 274.00 146.00 (12.00) (0.07)
COMPANY INFORMATION 1. Chairman Mr. Aameer Karachiwalla 6. Legal Advisor 7. Auditors M/s. Mohsin Tayebaly & Co. M/s.Ford Rhodes-Sidat Hyder & Co. Chartered Accountants 2nd Floor, State life Building # 2, Wallace Road, Off. I.I. Chundrigar Road, Karachi. UAN: 111-845-111 Fax: (92-21) 32463117 www.ublinsurers.com 127
2. Managing Director & CEO Mr. Shariq Abdullah 3. Directors Mr. Omar Z. Al-Askari Mr. Zameer Mohammad Choudery Mr. Amin Uddin Mr. Hasan Raza Mr. Rizwan Pervez Mr. Rayomond Kotwal Mr. Abdul Sattar Vaid
9. Website: 10. Number of Employees
5. Chief Financial Mr. Muhammad Ehteshamullah Officer
100
UBL INSURERS LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Security Deposits Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 500.00 500.00 (273.15) 226.85 276.45 249.39 2.78 22.60 551.21 29.68 34.82 842.56 18.99 1.47 205.00 1.61 188.37 23.08 338.56 58.05 7.43 842.56 204.97 1.60 3.71 4.54 2008 500.00 300.00 (145.58) 154.43 197.96 316.47 21.73 536.16 12.31 99.56 802.46 24.74 1.42 114.72 1.84 121.35 21.26 434.96 70.19 11.99 802.46 271.21 1.88 5.20 5.15 2007 500.00 300.00 (145.50) 154.50 204.42 183.46 46.07 16.43 450.38 1.05 50.63 46.64 703.20 23.38 0.55 281.81 1.62 144.71 19.10 173.06 46.23 12.73 703.20 39.47 1.13 4.55 5.15 2006 500.00 300.00 (15.52) 284.48 22.62 0.09 307.19 6.90 0.31 292.30 5.72 1.96 307.19 (10.09) 0.56 1.08 9.48

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year 2009 264.81 (2.78) 234.21 95.13 (22.90) (44.41) 1.92 8.01 (90.77) (1.03) (81.87) (126.28) 1.30 (127.58) (145.58) Balance Unappropriated profit at end of year (273.16) 2008 273.62 46.07 145.59 89.55 (12.28) 96.82 6.13 1.38 (102.96) (1.36) (96.82) (0.00) 0.08 (0.08) (145.50) (145.58) 2007 88.56 (46.07) 80.03 63.48 (19.75) (81.26) 25.61 (73.42) (0.34) (48.15) (129.41) 0.57 (129.98) (15.52) (145.50) 2006 0.31 (15.83) (15.52) (15.52) (15.52) (15.52)
Rs. in million
Rs. in million
Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve
PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 88.44 Net Profit after tax to net premium % (48.18) Management expenses to net premium % 35.92 Commission to net premium % (8.65) Earning per share (Rs.) (2.55) Cash Dividend Stock Dividend
53.21 (0.03) 32.73 (4.49) (0.00) -
90.36 (146.76) 71.68 (22.30) (4.33) -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! (0.52) -
Equity Growth 600 500 400 300 200 100 0
Claim Incurred 300 200 250 150 100 50 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments
350 300 250 200 150 100 50 0
Cash and Bank Balances 25 20 15 10 5 0 0 -20 -40 -60 -80 -100 -120 -140
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
101
PAKISTAN
THE UNITED INSURANCE COMPANY OF PAKISTAN LTD.
Mian M. A. Shahid
Vision Statement A first class Insurance Company to provide cost effective risk management solution to its policyholder through highest level of quality. Mission Statement For our Customers To provide superior services through high quality business solutions and health protection, based on expert advice and financial management and adding value to the all corporate and non corporate customers. For our Shareholders To maximize the shareholder's value by optimum utilization of resources. For our Employees To provide opportunities for self development in a high challenging performance oriented work environment. 1. Chairman 2. CEO 3. Directors Mian M.A. Shahid Mr. Khawas Khan Niazi Ms. Huma Waheed Chaudhary Najeeb-ur-Rehman Chaudhary Aziz-ur-Rehman Chaudhary Maqsood Ahmed Mr. Zia Hussain Zuberi
For the Society To ensure good governance by maintaining high ethical standards and risk coverage. For the Government Prompt and timely liquidation of liabilities and adherence to the policies established Key Financial Data for the last two (2) Years (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 715.03 423.73 121.56 36.76 64.42 2008 571.28 356.52 102.97 26.54 55.91
COMPANY INFORMATION 7. Auditors & Tax M/s. Avais Hyder Liaqat Nauman Advisor M/s. Sarwars Chartered Accountants 8. Registered Office Suit # 204, 2nd Floor, Madina City Mall, Abdullah Haroon Road Karachi. Tel: (021) 5621460-61 Fax: (021) 5621459 Telegram: UNITINSURE Email: info@theunitedinsurance.com Unitedpk69@hotmail.com 9. Number of Employees Approx. 1400
5. Chief Financial Officer Raja Naeem Tariq 6. Advisor Mr. Naseer Ahmed
102
THE UNITED INSURANCE COMPANY OF PAKISTAN LTD.

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings 2009 750.000 345.000 204.823 549.823 2008 2007 500.000 252.006 177.484 429.490 18.928 153.836 38.525 211.289 13.223 57.851 70.410 782.263 191.199 1.254 13.263 45.198 9.705 47.080 259.013 148.327 67.223 782.263 770.073 97.115 1.481 45.096 2006 350.000 229.096 100.047 329.143 29.654 119.904 23.308 172.866 8.662 25.294 48.147 584.112 149.028 4.833 13.352 46.359 Profit after tax 9.446 53.657 330.732 227.767 80.675 1,018.321 1024.397 121.116 1.638 46.152 6.520 48.629 273.121 152.425 71.083 844.655 842.465 113.808 1.586 42.533 17.225 33.808 171.897 95.814 51.795 584.112 585.073 98.468 1.915 43.946 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend APPROPRIATIONS Balance at commencement of year Incremental Depreciation Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 106.323 0.078 42.593 42.515 128.228 55.558 15.203 14.145 8.676 1.870 42.593 100.729 0.082 55.913 44.898 106.323 28.883 15.683 16.384 7.447 1.850 55.913 0.296 0.086 0.382 100.729 26.633 32.094 90.169 7.097 3.982 50.401 16.695 62.481 49.000 94.786 0.296 19.617 36.811 9.321 10.337 3.770 62.481 64.421 55.913 100.346 95.081

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income Other Income General and administration expenses Exchange gain Finance charges on lease rentals Profit before tax Provision for taxation 2009 423.731 121.560 59.936 36.763 205.472 10.824 0.726 0.169 135.817 8.582 (132.680) 72.792 8.370 2008 2007 312.658 83.271 28.667 22.188 178.532 4.137 0.480 20.727 89.646 6.150 (70.452) 108.080 7.733 2006 258.296 50.669 24.075 26.701 156.851 2.581 0.420 22.166 71.586 4.794 (51.213) 105.638 10.556
Rs. in million
500.000 302.407 182.996 485.403 13.452 174.798 32.638 220.888 18.030 49.818 70.516 844.655 205.902 1.631 41.248 44.095 -
Rs. in million
356.523 102.975 58.412 26.549 168.587 1.662 0.480 0.113 105.080 7.539 (110.364) 58.223 2.310
Underwriting Provisions Provision for outstanding claims (including IBNR) 17.538 Provision for unearned premium - net 251.563 Additional provision for unexpired risk 32.161 Commission Income Unearned Total 301.262 Deferred Liabilities 28.355 Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 69.496 69.386 1,018.322 218.843 1.664 52.491 43.046 -
Equity Growth 140000 120000 100000 80000 60000 40000 20000 0
Claim Incurred
500000 400000 300000 200000 100000 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 60000 50000 40000 30000 20000 10000 0 250000 200000 150000 100000 50000 2006 2007 2008 2009 0
Cash and Bank Balances 120000 100000 80000 60000 40000 20000 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
103
L I M IT E D
IN S
MP
ANY
-S
ER
UIC
VICE-P
U R A N C E CO
PE
RITY
UNIVERSAL INSURANCE CO. LTD.
T HE U NI V E R SA
Vision We, at Universal Insurance Company Limited recognize the importance of satisfying our customers by consistently providing quality insurance services in accordance with their needs and expectations. We strive to be competent partner of our customers against insured perils. Mission We strive to provide our customers cost effective insurance cover by continually increasing the productivity of our employees. To increase productivity, we conduct regular training programs during which employees are assessed and allocated a career path in accordance with their performance. We diligently follow the applicable laws and ensure strict compliance by conducting regular internal audits and educating our employees about the law.
I SECUR
T
Capt. M. Jamil Akhtar khan
We try to improve our services by continually assessing our systems and procedures based on customer and team feedback. We strive to maintain a customer focused approach by ensuring that our service is delivered to the customer on time, according to customer required specifications and with-in our stipulated cost. Key Financial Data for the last two (2) Years (Rs. In Million) 2009 Premium Written Net Premium Revenue Net Claims Expense Net Commission/(Income) Profit/(Loss) after Tax 538.7 360.80 181.59 21.28 8.85 2008 611.23 407.07 196.97 14.39 21.06
COMPANY INFORMATION 1 2 3 Chairman Mr. Raza Kuli Khan Khattak 7 Auditors M/s. Muniff Ziauddin & Company Chartered Accountants Mr. Maqsood Hassan Advocate Universal Insurance House, 63-Shahrah-e-Quid-e-Azam, Lahore. 54000 Ph: (92-42) 37353453, 37353458 Fax: (92-42) 37230326 Email: info@uic.com.pk Email: tuic@nexlinx.net.pk Website: www.uic.com.pk
Chief Executive Begum Zeb Gohar Ayub Khan Directors Lt. Gen. ( R ) Ali Kuli Khan Khattak Mr. Ahmed Kuli Khan Khattak Mrs. Shahnaz Sajjad Ahmed Dr. Shaheen Kuli Khan Khattak Mr. Mushtaq Ahmed Khan (F.C.A) Ch. Sher Mohammad Mr. Mohammad Kuli Khan Khattak 8 9 Legal Adviser Registered Office
4 Managing Director Capt. M. Jamil Akhtar khan 5 6 Chief Financial Officer Mr. Amir Raza Company Secretary Mr. Ijaz Ahmed
104
10 No. of Employees 370
UNIVERSAL INSURANCE CO. LTD.

Balance Sheet
as at 31st December Equity Authorised Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Commission Income Unearned Total Deferred Taxation Creditors And Accruals Other Liablities Total Equity And Liablities Cash And Bank Deposits Loans to Employees Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Cliams Deferred Commission Expense Other Assets Fixed Assets TOTAL ASSETS BALANCE SHEET RATIOS Net Working Capital(Rs.) Current Ratio Total Assets / Net Worth Break-up Value 2009 500.00 210.00 175.42 385.42 212.98 164.60 14.37 391.95 29.13 191.52 5.98 1,004.00 158.90 0.77 54.76 109.67 23.22 420.14 236.54 1,004.00 2008 2007 250.00 120.00 115.61 235.61 200.19 177.26 13.56 391.01 7.33 130.42 23.36 787.73 143.23 0.64 88.62 97.60 21.18 334.06 102.40 787.73 2006 250.00 100.00 73.84 173.84 250.66 169.95 11.48 432.09 5.90 112.85 28.70 753.38 211.98 0.67 46.05 130.70 20.32 234.65 109.01 753.38 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium Net Profit to net premium Management expenses to net premium Commission to net premium Earning per share Cash Dividend Stock Dividend

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Less: Net Claims Less: Expenses Less: Net Commission/(income) Underwriting result Investment Income Rental Income Other Income General and administration expenses Profit before tax Provision for taxation Profit after tax Share of profit of associate net of taxation APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus share General Reserve 2009 360.80 181.59 100.09 21.28 57.84 16.32 1.17 4.28 (67.68) (45.91) 11.93 3.08 8.85 3.08 32.55 44.48 2008 2007 371.54 187.05 139.95 16.36 28.18 15.07 0.12 32.07 (10.52) 41.93 70.11 12.77 57.34 5.19 60.19 20.00 20.00 97.53 2006 390.82 202.80 131.03 20.37 36.62 6.64 0.21 2.55 (9.22) 3.89 40.51 10.63 29.88 3.71 50.31 20.00 20.00 60.19
Rs. in million
500.00 210.00 46.91 256.91 207.84 182.63 15.61 406.08 16.87 161.60 14.26 855.73 151.97 0.55 84.17 92.56 23.02 389.72 113.73 855.73
Rs. in million
407.08 196.97 99.85 14.39 95.87 (4.07) 0.74 4.76 (65.60) (79.06) 16.81 13.18 3.63 (14.89) 93.71 64.80 64.80 32.55
278.25 0.49 2.61 18.35
250.55 0.52 3.33 12.23
220.92 0.51 3.34 19.63
185.12 0.52 4.33 17.38
50.33 2.45 27.74 5.90 0.42 -
48.39 0.89 24.53 3.53 0.18 64.80
50.34 15.43 37.67 4.40 4.78 20.00
51.89 7.64 33.53 5.21 2.99 20.00
Equity Growth 205 200 195 190 185 180 175 170
Claim Incurred 420 400 380 360 340 2006 2007 2008 2009 320
2006
2007
2008
2009
2006
2007
2008
2009
Investments 100 80 60 40 20 0 2006 2007 2008 2009 250 200 150 100 50 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
105
PAKISTAN REINSURANCE COMPANY LIMITED

Balance Sheet
as at 31st December Equity Authorized Share Capital Issued subscribe and paid-up Capital Reserves and retained earnings Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium - net Additional provision for unexpired risk Commission Income Unearned Total Deferred Liabilities Creditors and Accruals Other Liabilities Total Equity And Liabilities Cash and Bank Deposits Loans - Secured Considered Good Investment Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets Leased Motor Vehicle TOTAL ASSETS Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) Current Ratio Total Assets / Net Worth Break-up Value 12,372,615 12,528,459 4,206,732 3 2 22.62 4,093,461 3 2 24.22 10,446,599 1,898,779 2 2 117.91 6,464,289 1,158,285 2 2 60.67 2009 25,000,000 25,000,000 3,000,000 3,785,655 6,785,655 586,554 3,347,263 34,608 3,968,425 120,868 1,466,174 31,493 1,833,647 53,668 5,481,883 44,947 150,890 2,054,610 301,609 2,402,696 48,665 3,000,000 4,265,744 7,265,744 886,972 2,719,013 28,968 3,634,953 94,652 1,508,779 24,331 2,836,632 53,006 5,458,935 47,753 151,661 1,584,837 262,892 2,092,074 40,669 2008 4,000,000 540,001 5,827,333 6,367,334 675,534 2,322,009 44,721 3,042,264 111,509 897,181 28,311 10,446,599 1,021,124 48,441 6,412,290 50,824 151,661 759,286 252,874 1,719,395 30,704 2007

for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue Premium deficiency reversal/(expense) Less: Net Claims Less: Expenses Less: Net Commission Underwriting result Investment Income Rental Income 2,170,950 904,799 231,410 553,242 481,499 1,099,397 54,665 2009 1,895,575 961,692 250,091 477,655 206,137 846,394 48,336 14,432 (23,245) (38,467) 85,413 932,863 1,139,000 252,775 886,225 3,781,009 2,459,999 2,459,999 2,207,235 51 47 13 25 2.95 25% 2008 1,694,789 931,289 157,619 399,882 205,999 3,689,377 30,543 65,804 (115,448) (15,922) 3,654,354 3,860,353 133,393 3,726,960 721,954 90,000 90,000 500,000 680,000 3,768,914 55 220 9 24 69.02 455.55% 2007
Rs.
1,000,000 450,001 2,280,373 2,730,374 669,922 2,263,357 69,371 3,002,650 123,817 582,300 25,148 6,464,289 209,984 32,045 3,588,323 54,087 87,347 526,388 238,218 1,699,283 28,614
Rs.
1,415,505 776,710 146,333 367,422 125,040 771,733 26,065 11,702 (145,094) (6,403) 658,003 783,043 111,200 671,843 630,111 180,000 400,000 580,000 721,954 55 47 10 26 14.93 20% 20%
12,372,615 12,528,459
Other Income 48,178 Reversal/(Provision) for workers welfare fund 23,245 General and administration expenses (35,208) Impairment on investments - written off (1,402,427) Exchange gain 48,932 Finance charges on lease rentals Profit before tax Provision for taxation Profit after tax APPROPRIATIONS Balance at commencement of year Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve (163,218) 318,281 48,370 269,911 2,207,325 750,000
750,000 Balance Unappropriated profit at end of year PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % Net Profit after tax to net premium % Management expenses to net premium % Commission to net premium % Earning per share (Rs.) Cash Dividend Stock Dividend 1,727,236 42 12 11 25 0.90 30% -
Balance Sheet Growth 15000000 10000000 5000000 0 2006 2007 2008 2009
8000000 7000000 6000000 5000000 4000000 3000000 2000000 1000000 0
Equity Growth 1200000 1000000 800000 600000 400000 200000 0
Claim Incurred 2500000 2000000 1500000 1000000 500000 2006 2007 2008 2009 0
2006
2007
2008
2009
2006
2007
2008
2009
Investments
7000000 6000000 5000000 4000000 3000000 2000000 1000000 0
Cash and Bank Balances 3000000 2500000 2000000 1500000 1000000 500000 0
4000000 3500000 3000000 2500000 2000000 1500000 1000000 500000 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
107
ADAMJEE LIFE ASSURANCE COMPANY LIMITED
Mr. Fredrik Coenrard de Beer
Vision To create a superior global insurance company as the single largest player in the market through innovation in products, pricing, packaging and distribution thereby revolutionizes the industry. Mission To deliver outstanding profitability for the benefits of the customers, our employees and shareholders while providing premium services.
Key Financial Data for the last two (2) Years. (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Profit after tax 51.97 24.10 3.66 3.73 2010 -
COMPANY INFORMATION 1. Chairman 2. Managing Director & Chief Executive 3. Directors Mian Umer Mansha. 7. Auditors A.F Ferguson & Co.
Mr. Fredrik Coenrard de Beer Mian Umer Mansha Mian Raza Mansha Mr. S.M Jawed Muhammad Ali Zeb Francois Potgieter Takudzwa BrooksTakundanyika Mparutsa. Mr. Jalaluddin Meghani Mr. Jamil Khan Alchamey Associates.
108
8. Registered Office 2nd Floor, MCB Building Jinnah Avenue, Blue Area Islamabad 9. Rating 10. Main Offices "A" Adamjee Life Assurance Co, The Forum 3rd Floor Suit # 301
11. No of Employees 33
4. Corporate Secretary 5. Legal Advisor 6. Appointed Actuary

Balance Sheet
as at 31st December
Rupees Statutory Fund Shareholders Fund Conventional Business Accident & Health Business Aggregate 2009 Aggregate 2008 Aggregate 2007 Aggregate 2006
Share Capital and Reserves Authorised Share Capital 600,000,000 600,000,000.00 534,663,480.00 (54,152,703.00) 480,510,777.00 11,497,569.00 717,206.00 53,370,176.00 54,087,382.00 534,598,159.00 8,582,350.00 442,458,104.00 13,563,601.00 20,816,778.00 26,602,326.00 22,575,000.00 534,598,159.00 29,900,852.00 41,398,421.00 41,398,421.00 7,471,214.00 9,019,691.00 24,907,516.00 41,398,421.00 7,847.00 9,106.00 1,259.00 11,498,828.00 717,206.00 83,278,875.00 95,494,909.00 -
Issued, subscribed and paid up Share Capital 534,663,480.00 Reserves & Retained Earnings (54,152,703.00) Net Shareholders' Equity 480,510,777.00 Balance of statutory fund Deferred Liability - Staff Retirement Creditors and Accruals TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Cash and Bank Deposits Loans Investments (Net) Investment in properties Deferred Taxation Other Assets Tangible assets Intangible assets TOTAL ASSETS ASSETS AT MARKET VALUE BALANCE SHEET RATIOS % Net Working Capital Current Ratio Total Assets / Net Equity Break -up Value
9,106.00 576,005,686.00 489.00 8,617.00 16,054,053.00 0.00 451,477,795.00 13,563,601.00 45,732,911.00 26,602,326.00 22,575,000.00
9,106.00 576,005,686.00
(21,491,911.00) 0.74 1.20 9,610,215.54
0.00 #DIV/0! #DIV/0! 0.00
0.00 #DIV/0! #DIV/0! 0.00
0.00 #DIV/0! #DIV/0! 0.00
109

Revenue Account
Rupees Statutory Fund Conventional Business Accident & Health Business Aggregate 2009 Aggregate 2008 Aggregate 2007 Aggregate 2006
Net Premium Income Net Investment Income Net Rental Income Total Net Income Net Claims Net Management Expenses Total claims and expenditures Excess of Income over Claims and Expenditure Add : Policyholder Liabilities at Beginning of Year Less : Policyholder Liabilities at End of the Period Surplus/(Deficit) Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business Balance of Statuory Fund REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / Deficit to net premium Net Management expenses to net premium
24,099,450.00 115,720.00 24,215,170.00 3,667,149.00 66,035,509.00 69,702,658.00 (45,487,488.00) 11,497,569.00 (56,985,057.00) 11,497,569.00 56,985,057.00 11,497,569.00 56,985,057.00 11,497,569.00 (56,985,057.00) 11,497,569.00 -
1,833.00 19.00 1,852.00 906,490.00 906,490.00 (904,638.00) 1,259.00 (905,897.00) 1,259.00 905,897.00 1,259.00 905,897.00 1,259.00 (905,897.00) 1,259.00 -
24,101,283.00 115,739.00 24,217,022.00 3,667,149.00 66,941,999.00 70,609,148.00 (46,392,126.00) 11,498,828.00 (57,890,954.00) 11,498,828.00 57,890,954.00 11,498,828.00 57,890,954.00 11,498,828.00 (57,890,954.00) 11,498,828.00 15.22 (240.20) 277.75
0.00 0.00 0.00 0.00 0.00 0.00 0.00 #DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00 0.00 0.00 0.00 0.00 #DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00 0.00 0.00 0.00 0.00 #DIV/0! #DIV/0! #DIV/0!
110

Rupees 2009 49,940,644.00 9,532,185.00 59,472,829.00 2008 0.00 2007 0.00 2006 0.00
Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Changes in fair value of derivative financial instrument/impairment Total Investment Income
Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items - Deferred Tax Asset Taxation
0.00 59,472,829.00 58,921,897.00 550,932.00 0.00 550,932.00 13,563,601.00 (10,376,282.00) 0.00 3,738,251.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year
Sheet Growth PROFIT Balance AND LOSS ACCOUNT RATIOS 700000 600000 per share Earning 500000 Cash Dividend 400000 300000 Shares Bonus 200000 100000 0 2006 2007 600000 500000 400000 300000 200000 100000 0 Equity Growth
Claim Incurred 4000 3500 0.10 3000 2500 2000 1500 1000 500 0 2006
2007 2008 2009
30000 25000 20000 15000 10000 5000 0
2006 2007 2008
2009
2008
2009
2006
2007
2008
2009
Investments
500000 450000 400000 350000 300000 250000 200000 150000 100000 50000 0

18000 16000 14000 12000 10000 8000 6000 4000 2000 0 4000 3500 3000 2500 2000 1500 1000 500 0

1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
111
AMERICAN LIFE INSURANCE CO. (PAK) LTD.
Mr. Arif Sultan Mufti
Vision To be the most innovative, finest, socially responsible insurance Insurance company providing best value to customers, partners Employees & shareholder. Mission To build value for our policy holders, field force, employees shareholders by providing quality products & services through multiple distribution channels for the Pakistani market & through investing in Pakistani financial institutions thereby serving the Pakistani people
Key Financial Data for the last two (2) Years. (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Profit after tax 2008
1,349.48 1,155.38 1,267.953 1,048.49 363.070 332.23 62.49 50.22
COMPANY INFORMATION 1. Chairman& Chief Executive 2. Directors 6. Auditors KPMG Taseer Hadi & CO. Chartered Accountants
Mr. Arif Sultan Mufti Mr. Ehsan Ahmed Nomani Mr. Khalid Anis-ur-Rehaman Mr. Shahid Siddiqui Mr. Michel Khalaf Mr. Nurul Islam Mr. Arif Abdul Aziz Mr. Qasim Rabbani Mr. Asim Iftikhar Surridge & Beecheno Mr. Shoaib Soofi
7. Registered Office P.O. BOx No. 10528, Floor 13 (LEVEL 16) Dolmen City Mall, Block 4, Clifton, Karachi Phone: +92(21) 111-111-711 Fax: +92(21) 3529-0042 8. No of Employees 110
112

Balance Sheet
as at 31st December
Rs. in million Share holders Fund Investment Linked Business Statutory Fund Pension Conventional Business Business (Unit Linked) Accident & Health Business
Aggregate 2009
Aggregate 2008
Aggregate 2007
Aggregate 2006
Share Capital and Reserves Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings Net Shareholders' Equity 500.00 500.00 81.07 581.07 500.00 500.00 81.07 581.07 500.00 500.00 (120.24) 379.76 500.00 500.00 (170.46) 329.54 500.00 325.00 (191.75) 133.25
Balance of statutory fund Deferred Taxation Creditors and Accruals
0.00
101.29
2,064.96
24.60
127.29
2,318.14
1,961.53
1,595.02
1,279.67 13.01
25.38
6.14
354.52
0.95
66.46
453.45
408.20
331.13
241.12
TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES
25.38 606.45
107.43 107.43
2,419.48 2,419.48
25.55 25.55
193.75 193.75
2,771.59 3,352.66
2,369.73 2,749.50
1,926.15 2,255.69
1,533.80 1,667.05
Cash and Bank Deposits Loans Investments (Net) Investment in properties Other Assets Tangible assets Intangible assets TOTAL ASSETS ASSETS AT MARKET VALUE BALANCE SHEET RATIOS % Net Working Capital Current Ratio Total Assets / Net Equity Break -up Value
23.86 1.82 373.31
10.63 94.83
70.62 66.48 2,196.96
0.03 26.40
1.39 164.58
106.53 68.30 2,856.07
164.76 53.62 1,801.34
209.20 116.11 1,761.96
375.74 73.59 1,096.47
207.46 0.00
(1.17) 3.14
27.54 57.87
(1.68) 0.80
23.76 4.02
255.92 65.83 0.00
657.50 72.28
168.42 0.00
121.25 0.00
606.45 -
107.43 -
2,419.48 -
25.55 -
193.75 -
3,352.66 -
2,749.50 0.00
2,255.69 2,232.93
1,667.05 1,671.30
224.36 26.56 1.04 11.62
3.33 1.54 #DIV/0! 0.00
(189.87) 0.46 #DIV/0! 0.00
(2.60) (1.73) #DIV/0! 0.00
(41.31) 0.38 #DIV/0! 0.00
(6.09) 0.99 5.77 11.62
484.28 2.24 5.50 16.67
104.65 1.33 4.51 16.67
295.20 2.27 5.13 15.48
113

Revenue Account
Rs. in million Statutory Fund Pension Investment Conventional Business Linked Business (Unit Linked) Business
Accident & Health Business 251.11 16.68 9.22 277.00
Aggregate 2009
Aggregate 2008
Aggregate 2007
Aggregate 2006
152.45 8.71 3.75 164.90
854.81 220.76 18.83 1,094.40
9.59 2.24 0.00 11.83
1,267.95 248.39 31.80 1,548.14
1,048.50 1,048.50
802.05 802.05
655.04 655.04
0.03 86.83 86.85
219.50 476.68 696.19
2.02 1.43 3.45
141.52 65.33 206.85
363.07 630.27 993.34
332.23 528.44 860.67
261.60 365.70 627.30
230.16 312.60 542.76
Excess of Income over Claims and Expenditure Add : Policyholder Liabilities at Beginning of Year Less : Policyholder Liabilities at End of the Period Surplus/(Deficit)
78.05 22.33 (100.05) 0.33
398.03 1,516.34 (1,845.79) 68.77
8.39 15.83 (25.60) (1.39)
70.15 95.12 (128.19) 37.08
554.62 1,649.62 (2,099.63) 104.79
187.83 1,401.79 (1,649.62) 3,239.24
174.75 1,140.08 (1,401.70) 2,716.53
112.28 918.49 (1,140.08) 2,170.85
Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Ledger Account A and B Retianed earnings on other than participating business Balance of Statuory Fund REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / Deficit to net premium Net Management expenses to net premium
77.72 5.00 18.24 101.29
329.45 (164.01) 1,830.94 2,064.96
9.77 16.21 24.60
33.07 (39.00) 96.14 127.29
450.01 (198.01) 1,961.53 2,318.14
(3,051.41) (49.00) 1,595.02 1,961.53
(2,541.78) (39.17) 1,279.66 1,595.02
(2,058.57) 9.79 1,013.92 1,279.67
5.00 100.05 (3.76) 101.29
252.37 1,845.79 62.52 (95.72) 2,064.96
25.60 (1.00) 24.60
128.19 (0.90) 127.29
257.37 2,099.63 62.52 (101.37) 2,318.14
396.18 1,649.62 28.24 (112.52) 1,961.53
396.18 1,401.79 2.93 (205.88) 1,595.02
401.64 1,140.08 11.96 (274.01) 1,279.67
0.02 0.22 56.95
25.68 8.04 55.77
21.06 (14.44) 14.89
56.36 14.77 26.02
28.63 8.26 49.71
31.69 308.94 50.40
32.62 338.70 45.60
35.14 331.41 47.72
114

2009 37.85 0.69 38.54
2008 32.14 (0.28) 31.86 Rs. in million
2007 13.01 0.97 13.98
2006 13.42 (0.93) 12.49
Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Changes in fair value of derivative financial instrument/impairment Total Investment Income
Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items - Deferred Tax Taxation Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Bonus Shares
1.81 40.35 (3.41) 36.94 59.20 96.14
2.00 33.86 -2.52 29.06 49.00 78.06
1.99 15.97 0.84 13.19 33.71 46.90
2.00 14.49 (0.66) 13.83 27.00 40.83
(33.65) 62.49
(27.84) 14.82 50.22
14.82 76.54
(0.39) 81.27
379.76 62.49
329.54 50.22
210.87 76.54
129.60 81.27
138.81 581.06
379.76
42.13 329.54
210.87
1.25 0.05 -
1.00 Claim Incurred
0.72 -
1.24 Net Premium Underwritten
400 300 200 100 0 2006 2007 2008 2009
1400 1200 1000 800 600 400 200 0
2006
2007
2008
2009
Investments
3000 2500 2000 1500 1000 500 0
Cash and Bank Balances 400 300 200 100 0 80 70 60 50 40 30 20 10 0

20 15 10 5
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
115
ASIACARE
ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED
Wellness Ensured
Dr. Mahmood Mehdi Kazmi
Vision To gain prominence as the industry leader in health maintenance; to ensure wider, easier, and more affordable coverage of healthcare services; and to impact the practice of medicine in ways that enable better health management systems. Mission To be the first choice for affordable quality health care; excelling in every aspect of our business and in delivering our obligation as a good corporate citizen. We intend to inform, inspire and empower our clients by offering health related services and
expertise based on the latest managed health care concepts and technology, while building value for our shareholders and providing an excellent work environment for our employees. Key Financial Data for the last two (2) Years. (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Profit after tax 133.7 133.7 57.1 65.4 2008 0.942
COMPANY INFORMATION 1. Chairman 2. Managing Director & Chief Executive 3. Directors Mirza Qamar Beg 6. Appointed Actuary 7. Auditors M/s Akhtar & Hasan (Pvt.) Ltd. BDO Ebrahim & Co.Chartered Accountants
Dr. Mahmood Mehdi Kazmi Mirza Qamar Beg Mr. Atif Aslam Bajwa Mr. Tariq Kirmani Ms. Ayesha Tammy Haq Mr. Nasim Beg Dr. Galina Bass Mr. Muhammad Mahmud Rizvi Dr. Mahmood Mehdi Kazmi Mr. Rehan Mobin Mr. Waqar Ahmed Chaudhry
8. Registered Office 15-17C 2nd Floor, Commercial Lane # 5, Zamzama Phase 5, DHA Karachi 9. Rating 10. Main Offices Not rated 15-17C 2nd Floor, Commercial Lane # 5, Zamzama Phase 5, DHA Karachi
4. Corporate Secretary 5. Legal Advisor
11. No of employees 33
116

Balance Sheet
as at 31st December
Rs. in thousand Statutory Fund Shareholders Fund Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate Aggregate Aggregate Aggregate 2009 2008 2007 2006
Share Capital and Reserves Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings Net Shareholders' Equity Balance of statutory fund Deferred Taxation Creditors and Accruals TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Cash and Bank Deposits Loans Investments (Net) Investment in properties Other Assets Tangible assets Intangible assets TOTAL ASSETS ASSETS AT MARKET VALUE BALANCE SHEET RATIOS % Net Working Capital Current Ratio Total Assets / Net Equity Break -up Value 75,591.00 2.79 1.24 10,030.70 393,500.00 0.00 0.00 #DIV/0! #DIV/0! 0.00 64.47 #DIV/0! 1.01 #DIV/0! 16,698.07 0.00 800,000.00 500,000.00 1,535.00 501,535.00 0.00 8,019.00 8,019.00 509,554.00 23,359.00 0.00 458,624.00 0.00 14,306.00 9,081.00 4,184.00 509,554.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 77,749.00 0.00 34,245.00 111,994.00 111,994.00 25,718.00 0.00 31,804.00 0.00 54,472.00 0.00 0.00 111,994.00 500,000.00 1,535.00 501,535.00 77,749.00 0.00 42,264.00 120,013.00 621,548.00 49,077.00 0.00 490,428.00 68,778.00 9,081.00 4,184.00 621,548.00 800,000.00 500,000.00 942.00 500,942.00 0.00 743.00 6,200.00 6,943.00 507,885.00 395,022.00 0.00 96,040.00 0.00 4,678.00 8,020.00 4,125.00 507,885.00 0.00 0.00 -
117

Revenue Account
Rs. in thousand Statutory Fund Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate 2009 Aggregate 2008 Aggregate 2007 Aggregate 2006
Net Premium Income Net Investment Income Net Rental Income Total Net Income Net Claims Net Management Expenses Total claims and expenditures Excess of Income over Claims and Expenditure Add : Policyholder Liabilities at Beginning of Year Less : Policyholder Liabilities at End of the Period Surplus/(Deficit) Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business Balance of Statuory Fund REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / Deficit to net premium Net 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
- 133,659.00 133,659.00 1,576.00 1,576.00 0.00 135,235.00 135,235.00 - 57,140.00 57,140.00 - 65,197.00 65,197.00 0.00 122,337.00 122,337.00 0.00 12,898.00 12,898.00 0.00 0.00 76,453.00 76,453.00
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 (63,555.00) (63,555.00) 0.00 76,453.00 76,453.00
64,851.00 64,851.00
0.00
0.00
0.00 77,749.00 77,749.00
0.00
0.00
0.00
0.00
0.00
0.00
64,851.00 76,453.00 (63,555.00) 77,749.00
64,851.00 76,453.00 (63,555.00) 77,749.00
0.00
0.00
42.75 (47.55) 48.78

118

Rs. in thousand 2009 72,813 6,168 78,981 2008 27,026 27,026 2007 0.00 2006 0.00
Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Changes in fair value of derivative financial instrument/impairment Total Investment Income Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items - Deferred Tax Taxation Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Bonus Shares
78,981 13,181 65,800
27,026 23,445 3,581
0.00 -
0.00 -
65,800 743 (1,099) 0.00 65,444
3,581 (743) (1,896) 942
0.00 0.00
0.00 0.00
942
(64,851) 1,535
942
1.31 -
0.04 -
Equity Growth 600000 500000 400000 300000 200000 100000 0
Claim Incurred
16000 14000 12000 10000 8000 6000 4000 2000 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 600000 500000 400000 300000 200000 100000 0

450000 400000 350000 300000 250000 200000 150000 100000 50000 0

70000 60000 50000 40000 30000 20000 10000 0

1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
119
EAST WEST LIFE ASSURANCE COMPANY LIMITED
Mr. Maheen Yunus, CPCU
Vision Our Vision is to be the number one provider of wide-ranging insurance solutions to all Pakistan, a goal we will attain while observing the principal values that have served us well since inception. Mission To provide high quality, competitive insurance products and services through qualified, professional and committed salespersons. To maintain financial strength for the benefit of our corporate and individual insurers, shareholders, agents/salespersons and employees. To earn and protect public trust of the communities where we live and work by supporting good works and contributing to charities. To create a challenging environment and develop a sense of accomplishment for our employees through tools and training to achieve personal growth and contribute to our organization. To serve the nation by increasing the rate of literacy through our East West Life Educational Security Schemes for children and their Parents. To proved the right solutions that are in tune with our customer's needs,
while facing up to the emerging challenges in the industry. To help individuals and families financially realize their hopes and dreams and be there when they need us most. To develop awareness of insurance need, build confidence in the insurance industry and also to develop the concept pf saving. To innovate and develop ideas to design new products for our valued corporate and individual clients to effectively meet their ever-changing needs. Key Financial Data for the last two (2) Years. (Rs. in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Profit after tax 235.77 154.49 94.90 (223.83) 2008 194.53 107.75 78.07 44.71
COMPANY INFORMATION
1. 2. Chairman Managing Director & Chief Executive Directors Chief Justice (R) Mian Mahboob Ahmed 7. 8. Auditors Registered Office Anjum Asim Shahid Rehman Chartered Accountant 28 Regal Plaza, M. A. Jinnah Road, Quetta. Phone: (081) 2822913, 2821397 Fax: (92-81) 2821460 BB 310 EFU House, 3rd Floor, M.A. Jinnah Road, Karachi, Pakistan. Phone: (021) 32311662/5, 32310726, 32310904, 32310375, 32315723 Fax: (92-21) 32311667 135
Mr. Maheem Yunus, CPCU Mr. A. K. M. Sayeed Mr. Javed Yunus Mr. Pervez Yunus Mr. Naved Yunus Mr. Omar Pervez Yunus Mr. Sohail Nazeer Mr. Mirza Hafeez-ur-Rehman Mr. Shujat Siddiqui, MA, FIA, FPSA
3.
9.
Rating
10. Main Offices
4. 5. 6.
Corporate Secretary Legal Advisor Appointed Actuary
11. No of Employees
120

Balance Sheet
as at 31st December
Rupees Statutory Fund Shareholders Fund 500,000,000.00 454,960,000.00 (305,591,480.00) 149,368,520.00 - 33,364,426.00 110,119,424.00 Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate Aggregate Aggregate Aggregate 2009 2008 2007 2006
Share Capital and Reserves Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings Net Shareholders' Equity Advance Against Equity Balance of statutory fund
500,000,000.00 500,000,000.00 500,000,000.00 250,000,000.00 454,960,000.00 413,600,000.00 352,000,000.00 200,000,000.00 (305,591,480.00) 1,741,055.00 20,333,028.00 (60,529,376.00) 149,368,520.00 415,341,055.00 372,333,028.00 139,470,624.00 - 16,000,000.00 - 18,772,260.00 162,256,110.00 119,822,086.00 111,940,284.00 119,725,150.00
Other Liabilities Creditors and Accruals
122,480.00
81,495.00
203,975.00
226,115.00
128,500
189,100
1,762,902.00 14,175,333.00 18,361,212.00
2,187,772.00 36,487,219.00 27,775,133.00 16,893,866.00 14,435,044.00
TOTAL LIABILITIES
1,762,902.00 47,621,254.00 128,480,636.00
0.00 20,960,032.00 198,947,304.00 147,823,334.00 128,962,650.00 134,349,294.00
TOTAL EQUITY AND LIABILITIES
151,253,902
47,621,254 128,480,636.00
0.00 20,960,032.00 348,315,824.00 563,164,389.00 501,295,678.00 273,819,918.00
Cash and Bank Deposits Loans Investments (Net) Investment in properties
4,743,562.00 208,160.00
1,491,558.00 39,354,054.00 7,010,432.00 2,141,542.00
- 14,180,845.00 59,770,019.00 95,896,075.00 240,150,539.00 72,884,827.00 103,480.00 9,463,614.00 10,933,208.00 17,966,000.00 18,587,815.00
92,317,634.00 20,151,140.00 83,039,441.00
2,051,603.00 197,559,818.00 376,890,401.00 198,874,547.00 159,430,672.00
Other Assets Tangible assets Intangible assets TOTAL ASSETS
3,719,180.00 18,968,124.00 50,265,366.00 -
3,945,599.00 -
4,624,104.00 31,257,007.00 32,834,060.00 17,917,800.00 14,895,870.00 - 50,265,366.00 46,570,420.00 26,336,792.00 0.00 40,225.00 50,000.00 8,000,734.00 20,000.00
151,253,902.00 47,621,254.00 128,480,636.00
0.00 20,960,032.00 348,315,824.00 563,164,389.00 501,295,678.00 273,819,918.00
BALANCE SHEET RATIOS % Net Working Capital Current Ratio Total Assets / Net Equity Break -up Value
64,003,421.00 111,888,210.00 259,140,473.00 91,933,468.00 2.75 5.03 16.34 7.37 2.33 1.36 1.35 1.96 2,987,370.40 13,844,701.83 12,411,100.93 6,641,458.29
121

Revenue Account
Rupees Statutory Fund Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate 2009 Aggregate 2008 Aggregate 2007 Aggregate 2006
27,469,489.00 1,049,996.00 28,519,485.00
56,183,694.00 5,705,084.00 61,888,778.00
70,835,485.00 154,488,668.00 107,753,058.00 563,625.00 7,318,705.00 22,297,959.00
90,298,899.00 69,249,291.00 16,448,519.00 15,234,730.00
0.00 71,399,110.00 161,807,373.00 130,051,017.00 106,747,418.00 84,484,021.00
28,415,052.00 16,932,990.00 45,348,042.00
6,111,738.00 74,813,432.00 80,925,170.00
- 60,368,533.00 94,895,323.00 78,077,944.00 67,192,925.00 35,863,541.00 - 16,231,604.00 107,978,026.00 72,191,271.00 33,839,359.00 30,855,923.00 0.00 76,600,137.00 202,873,349.00 150,269,215.00 101,032,284.00 66,719,464.00
(16,828,557.00) 33,544,570.00 30,648,143.00 (13,932,130.00)
(19,036,392.00) 78,736,511.00 110,085,106.00 (50,384,987.00)
0.00 (5,201,027.00) (41,065,976.00) (20,218,198.00) -
5,715,134.00 17,764,557.00
6,918,967.00 119,200,048.00 108,672,260.00 99,234,446.00 79,962,541.00 16,209,063.00 156,942,312.00 119,200,048.00 108,672,260.00 99,234,446.00
0.00 (14,491,123.00) (78,808,240.00) (30,745,986.00) (3,722,680.00) (1,507,348.00)
Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund Transfer due to Conversion Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business Balance of Statuory Fund REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / Deficit to net premium Net Management expenses to net premium
(2,896,427.00) 20,000,000.00 34,005,289.00 (3,812,306) 33,364,426
31,348,595.00 46,500,000.00 78,843,510.00 3,812,306 110,119,424
0.00 -
9,290,096.00 37,742,264.00 10,527,788.00 17,000,000.00 83,500,000.00 28,100,000.00
9,437,814.00 19,271,905.00 2,500,000.00 -
6,973,287.00 119,822,086.00 111,940,284.00 103,725,150.00 85,960,593.00 0.00 18,772,260.00 162,256,110.00 119,822,086.00 111,940,284.00 103,725,150.00
2,716,283.00 30,648,143.00 33,364,426.00
34,318.00 110,085,106.00 110,119,424.00
2,563,197.00 5,313,798.00 622,038.00 3,268,024.00 4,490,704.00 16,209,063.00 156,942,312.00 119,200,048.00 108,672,260.00 99,234,446.00 0.00 0.00 18,772,260.00 162,256,110.00 119,822,086.00 111,940,284.00 103,725,150.00
61.43 (51.01) 69.89
72.46 (28.53) 67.00
74.41 (4.12) 37.47
51.79 (2.18) 44.56
122

Rupees 2009 2008 2007 2006
Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Changes in fair value of derivative financial instrument/impairment Total Investment Income Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items - Deferred Tax Taxation Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Bonus Shares
7,767,025.00 (125,580,434.00) (79,222,070.00) (197,035,479.00) 14,232.00 (197,021,247.00) (25,575,056.00) (222,596,303.00) 0.00 (222,596,303.00)
7,686,646.00 53,245,594.00 0.00 60,932,240.00 (5,195.00) 60,927,045.00 (15,406,321.00) 45,520,724.00
7,911,868.00
9,063,030.00
85,726,925.00 12,743,785.00 0.00 93,638,793.00 21,806,815.00 0.00 1,054,311.00
93,638,793.00 22,861,126.00 (9,372,945.00) (6,010,080.00) 84,265,848.00 16,851,046.00
45,520,724.00
84,265,848.00 16,851,046.00
(1,236,232.00) (223,832,535.00)
(812,697.00) 44,708,027.00
(903,444.00)
(881,995.00)
83,362,404.00 15,969,051.00
(5.40) -
1.27
2.45
0.80
Balance Sheet Growth 550 500 450 400 350 300 250 200
45000000 40000000 35000000 30000000 25000000 20000000 15000000 10000000 50000000 0
Equity Growth 90 80 70 60 50 2006 2007 2008 2009 0 2006
Claim Incurred
18000000 16000000 14000000 12000000 10000000 80000000 60000000 40000000 20000000 0
2006
2007
2008
2009
2007
2008
2009
2006
2007
2008
2009
Investments 40000000 35000000 30000000 25000000 20000000 15000000 10000000 50000000 0 30000000 25000000 20000000 15000000 10000000 50000000 0
Cash and Bank Balances 10000000 50000000 0 -50000000 -1E+08 -1.5E+08 -2E+08 -2.5E+08 -3E+08 -3.5E+08

1 0.9 0.8 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
123
EFU LIFE ASSURANCE LIMITED
Mr. Taher G. Sachak
Vision Our Vision is to make EFU Life one of the most respected and successful financial services organization in the world. Our strategy to achieve our vision is build our core capabilities, serve our clients beyond their expectations, adhere to our core values and be a good corporate citizen.
Key Financial Data for the last two (2) Years. (Rs in million) 2009 Premium Written Net Premium Revenue Net Claims Expense Profit/ (Loss) after tax 7,226.876 6,769.079 1,299.861 711.659 2008 7,250.509 6,807.131 1,297.659 (473.159)
COMPANY INFORMATION 1. Chairman: Saifuddin N. Zoomkawala 7. Auditors Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants, Karachi Hyder Bhimji & Co. Chartered Accountants, Karachi Al-Malik Centre 70 W, F7/G-7 Jinnah Avenue (Blue Area), Islamabad Rating Agency: JCR-VIS Insurer Financial Strength Rating AA Outlook: Stable 37-K, Block 6, P.E.C.H.S., Karachi 843
2. Managing Director & Mr. Taher G. Sachak Chief Executive: 3. Directors Mr. Hasanali Abdullah Mr. Jahangir Siddiqui Mr. Muneer R. Bhimjee Mr. Rafique R. Bhimjee Mr. Sultan Ahmad Syed Shahid Abbas Mohammad Ali Sayeed, M.A.B.L. Omer Morshed, F.C.A., F.P.S.A., F.I.A. 10. Main Offices 11. No of Employees 8. Registered Office
9. Rating
124

Balance Sheet
as at 31st December
Rs. in thousand Statutory Fund Shareholders Fund Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate Aggregate Aggregate Aggregate 2009 2008 2007 2006
Share Capital and Reserves Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings Net Shareholders' Equity Balance of statutory fund 1,000,000 750,000 878,540 1,628,540 14,522,926 227,277 13,147 1,000,000 750,000 878,540 1,628,540 4,116 14,767,466 1,000,000 750,000 504,381 1,254,381 1,000,000 500,000 777,925 1,277,925 500,000 300,000 430,248 730,248 6,314,689
9,567,235 11,130,268
Deferred Taxation Creditors and Accruals
9,000 25,322
918,349
490,650
1,671
6,483
9,000 1,442,475
6,500 1,129,632
4,600 902,457
2,147 653,144
TOTAL LIABILITIES
34,322 15,441,275
717,927
14,818
10,599 16,218,941 10,703,367 12,037,325
6,969,980
1,662,862 15,441,275
717,927
14,818
10,599 17,847,481 11,957,748 13,315,250
7,700,228
Cash and Bank Deposits Loans Investments (Net) Investment in properties Other Assets Tangible assets Intangible assets TOTAL ASSETS
18,383 59,015
1,205,185 -
140,734 443,524
527 13,927
974 -
1,365,803 59,015
1,425,424 45,098
949,466 13,151
683,275 15,847 6,573,206
752,467 13,834,133
9,338 15,053,389
9,684,973 11,757,140
482,789 345,252 4,956
401,957 -
133,669 717,927
364 14,818
287 -
1,019,066 345,252 4,956
493,908 299,499 8,846
325,904 262,175 7,414
189,008 238,892 0 7,700,228
1,662,862 15,441,275
10,599 17,847,481 11,957,748 13,315,250
ASSETS AT MARKET VALUE BALANCE SHEET RATIOS % Net Working Capital Current Ratio Total Assets / Net Equity Break -up Value
1,662,076 15,606,316
708,601
14,817
10,598 18,002,408 12,112,046 14,225,597
8,112,846
1,001,409.00 834,798.00 386,064.00 234,986.00 1.69 1.74 1.43 1.36 10.96 9.53 10.42 10.54 21.71 16.73 25.56 24.34
125

Revenue Account
Rs. in million Statutory Fund Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate 2009 Aggregate 2008 Aggregate 2007 Aggregate 2006
5,456.93 3,030.05 8,486.98
1,307.08 60.95 1,368.03
2.15 3.46 5.61
2.92 3.86 6.78
6,769.08 3,098.32 9,867.40
6,807.13 (3,367.27) 3,439.86
4,431.55 3,027.91 7,459.46
3,042.32 465.57 3,507.88
929.99 1,892.97 2,822.96
369.67 741.31 1,110.98
0.23 0.08 0.31
(0.03) 1.31 1.27
1,299.86 2,635.66 3,935.52
1,297.66 2,695.19 3,992.85
887.39 1,787.80 2,675.19
758.98 1,082.96 1,841.94
5,664.02 9,102.01 14,255.33 510.71
257.05 175.96 219.12 213.89
5.30 11.50 13.15 3.65
5.51 4.47 4.12 5.86
5,931.89 9,293.94 14,491.71 734.11
(552.99) 10,259.94 9,293.94 413.02
4,784.26 6,079.69 10,259.94 604.01
1,665.94 4,804.55 6,079.67 390.82
Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business Balance of Statuory Fund REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / (Deficit) to net premium Net Management expenses to net premium
5,153.32 (510.71) (599.62) 9,369.61 13,923.31
43.16 (211.43) 599.62 181.66 826.90
1.65 (3.65) 11.50 13.15
(0.35) (5.86) 4.47 4.12
5,197.77
(966.01)
4,180.26 (568.30) 599.62 6,314.69 11,130.27
1,275.12 (267.47) 4,916.21 6,314.69
(731.65) (410.43) (599.62) 9,567.24 11,130.27 14,767.47 9,567.24
(599.62) 14,255.33 267.60 13,923.31
599.62 219.12 8.16 826.90
13.15 13.15
4.12 4.12
14,491.71 275.76 14,767.47
9,293.94 273.30 9,567.24
599.62 10,259.94 270.71 11,130.27
6,079.67 235.02 6,314.69
19 11 39
19 6 40
20.02 13.63 40.34
24.95 12.85 35.60
126

Rs. in million 2009 58.85 35.49 94.35 (176.21) 13.34 (68.52) (15.41) (83.93) 731.65 647.72 2008 56.68 4.07 (3.18) 57.56 (781.44) 11.80 (712.07) (13.31) (725.39) 410.43 (314.95) 2007 41.52 777.71 (0.45) 818.78 58.39 877.17 (10.72) 866.44 568.30 1,434.74 2006 35.49 32.89 68.38 4.37 72.76 (2.459) 70.30 267.46 337.76
Net Investment income not attributable to statutory funds Gain / (Loss) on sale of investments Changes in fair value of derivative financial instrument/impairment Total Investment Income Impairment on shares Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax Extra Ordinary Items - Deferred Tax Profit/(Loss) before tax and after extraordinay items Taxation Profit/ (Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Per Share Bonus Shares as %
63.93 711.65
(158.20) (473.15)
(227.45) 1,207.29
(101.80) 235.96
504.38 711.65 (337.50) 878.54
777.92 (473.15) (250.00) (150.00) 599.61 504.38
430.24 1,207.29 (200.00) (60.00) (599.61) 777.92
326.27 235.96 (90.00) (42.00) 430.24
9.49 5.50 13.33

Claim Incurred 2000000 1500000 1000000 500000 0 2006 2007
(6.31) 4.50 0.00
24.00 3.00 50.00
4.72 2.00 66.66

8000000 7000000 6000000 5000000 4000000 3000000 2000000 1000000 0
2008
2009
2006
2007
2008
2009
Investments
16000000 14000000 12000000 10000000 8000000 6000000 4000000 2000000 0
Cash and Bank Balances 1500000 1000000 500000

1400000 1200000 1000000 800000 600000 400000 200000 0 -200000 -400000 -600000
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
127
NEW JUBILEE LIFE INSURANCE COMPANY LIMITED
Mr. Javed Ahmed
Vision To be Pakistan's leading and most highly reputed life insurance company, enjoying the confidence and trust of its Shareholders, Policyholders, Business Partners and the communities in which it operates. Mission Shareholders are the backbone of our business. They provide the initial capital which enables the company to commence the business and to grow the business through retention of profits and by investing additional capital when required. We will strive to achieve above average earnings on their invested capital. Our Policyholders are our most valuable assets. We will strive to provide them with a full range of life insurance and other products, security of their investment, a satisfactory return on their investments and efficient personal service. Employees are our Partners enabling us to fulfill our vision
and mission. We will endeavor to provide them a fair reward based on their performance and achievements, a good working environment, adequate training and opportunities for self development to empower them to grow and prosper with the company. The community in which we exist along with our Shareholders, Policyholders, Employees, etc also deserves our consideration. We will participate and contribute to the uplift and welfare of the community, and the improvement of the environment. Key Financial Data for the last two (2) Years.
(Rs in million)
2009 Premium Written Net Premium Revenue Net Claims Expense Profit after tax 4,363.155 4,054.739 1,388.756 129.943
2008 3,435.119 3,127.200 1,549.898 (54.972)
COMPANY INFORMATION 1. Chairman Mr. Masood Noorani 7. Auditors 8. Registered Office A. F. Ferguson & Co. Chartered Accountant 26-D, 3rd Floor, Kashmir Plaza Jinnah Avenue, Blue Area Islamabad Tel: 0092 51 2206930-6 Fax:0092 51 2825372 74/1-A, Lalazar, M.T. Khan Road, Karachi 74000 Tel: 0092 21 35611071-75 Fax:0092 21 35610959 Web: www.njilife.com Email: info@njilife.com
2. Managing Director & Chief Executive Mr. Javed Ahmed 3. Directors Mr. Towfiq H. Chinoy Mr. Sultan Allana Mr. Shahid Mahmood Loan Mr. John Joseph Metcalf Mr. Aly Noor Mahmood Rattansey
9. Head Office
4. CFO & Corporate Secretary 5. Legal Advisor 6. Appointed Actuary
Mr. Manzoor Ahmed Kabraji & Talibuddin Mr. Nauman A. Cheema Nauman Associates, Lahore
128

Balance Sheet
as at 31st December
Rs. in thousand Statutory Fund Shareholders Fund 1,000,000.00 627,120.00 (80,615.00) 546,505.00 Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate Aggregate Aggregate Aggregate 2009 2008 2007 2006
Share Capital and Reserves Authorised Share Capital Issued, subscribed and paid up Share Capital Reserves & Retained Earnings Net Shareholders' Equity
1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 627,120.00 627,120.00 627,120.00 627,120.00 (80,615.00) (210,558.00) (145,892.00) (270,348.00) 546,505.00 416,562.00 481,228.00 356,772.00
Balance of statutory fund
6,379,630.00
257,390.00
151,291.00 6,788,311.00 4,629,457.00 4,967,990.00 3,318,280.00
Deferred Taxation Creditors and Accruals
109,747.00
455,540.00
364,634.00
59,243.00
0.00 989,164.00
0.00 596,858.00
0.00 402,597.00
0.00 366,668.00
TOTAL LIABILITIES
109,747.00 6,835,170.00
622,024.00
210,534.00 7,777,475.00 5,226,315.00 5,370,587.00 3,684,948.00
656,252.00 6,835,170.00
622,024.00
210,534.00 8,323,980.00 5,642,877.00 5,851,815.00 4,041,720.00
Cash and Bank Deposits Loans Investments (Net) Investment in properties
135,891.00 1,862,134.00 3,876.00 -
96,382.00 422,031.00
28,620.00 2,123,027.00 3,257,997.00 2,109,065.00 1,506,956.00 3,876.00 4,266.00 3,718.00 3,285.00
288,933.00 4,745,391.00
123,209.00 5,579,564.00 2,031,512.00 3,481,067.00 2,317,733.00
Other Assets Tangible assets Intangible assets TOTAL ASSETS
109,437.00 109,055.00 9,060.00
227,645.00 -
103,611.00 622,024.00
58,705.00 -
499,398.00 109,055.00 9,060.00
254,523.00 82,745.00 11,834.00
175,936.00 76,717.00 5,312.00
139,966.00 71,778.00 2,002.00
656,252.00 6,835,170.00
210,534.00 8,323,980.00 5,642,877.00 5,851,815.00 4,041,720.00
BALANCE SHEET RATIOS % Net Working Capital Current Ratio Total Assets / Net Equity Break -up Value
1,637,137.00 2,919,928.00 1,886,122.00 1,283,539.00 2.66 5.89 5.68 4.50 15.23 13.55 12.16 11.33 10,930.10 13,885.40 16,040.93 16,989.14
129

Revenue Account
Rs. in thousand Statutory Fund Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate 2009 Aggregate 2008 Aggregate 2007 Aggregate 2006
3,206,028.00 1,219,643.00 4,425,671.00
566,946.00 63,197.00 630,143.00
281,765.00 20,043.00 301,808.00
4,054,739.00 1,302,883.00 5,357,622.00
3,127,200.00 (700,714.00) 2,426,486.00
2,777,076.00 697,987.00 3,475,063.00
2,077,593.00 282,182.00 2,359,775.00
0.00
759,948.00 1,535,449.00 2,295,397.00
427,691.00 118,758.00 546,449.00
0.00
201,117.00 55,805.00 256,922.00
1,388,756.00 1,710,012.00 3,098,768.00
1,549,898.00 1,126,826.00 2,676,724.00
1,001,012.00 719,341.00 1,720,353.00
627,801.00 472,712.00 1,100,513.00
2,130,274.00 4,189,511.00 6,149,989.00 169,796.00
83,694.00 197,104.00 156,119.00 124,679.00
0.00
-
44,886.00 88,786.00 110,627.00 23,045.00
2,258,854.00 4,475,401.00 6,416,735.00 317,520.00
(250,238.00) 4,884,339.00 4,475,401.00 158,700.00
1,754,710.00 3,256,229.00 4,884,339.00 126,600.00
1,259,262.00 2,058,432.00 3,256,229.00 61,465.00
0.00
Movement in policy holder liabilities Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund Capital return to share holders' Fund Balance of Statutory Fund at Beginning of Year Balance of Statutory Fund at End of the Period Represented by: Capital contributed by Shareholders' fund Policyholders' liabilities Retianed earnings on other than participating business Balance of Statuory Fund REVENUE ACCOUNT RATIOS % Claims incurred to net premium Surplus / Deficit to net premium Net Management expenses to net premium
1,960,478.00
-
(40,985.00) (80,000.00)
-
0.00
-
21,841.00 (20,000.00)
-
1,941,334.00 (100,000.00)
-
(408,938.00) (66,633.00) 11,000.00 (32,662.00) 4,967,990.00 4,629,457.00
1,628,110.00 (106,000.00) 1,000.00

-
1,197,797.00 (40,000.00) 30,000.00 (34,760.00) 2,103,778.00 3,318,280.00
4,249,356.00 6,379,630.00
253,696.00 257,390.00 0.00
126,405.00 151,291.00
4,629,457.00 6,788,311.00
3,318,280.00 4,967,990.00
519,328.00 6,149,989.00 (289,687.00) 6,379,630.00
156,119.00 101,271.00 257,390.00
0.00 0.00
110,627.00 40,664.00 151,291.00
519,328.00 6,416,735.00 (147,752.00) 6,788,311.00
519,328.00 4,475,401.00 (365,272.00) 4,629,457.00
540,990.00 4,884,339.00 (457,339.00) 4,967,990.00
539,990.00 3,256,229.00 (477,939.00) 3,318,280.00
34.25 7.83 42.17
49.56 5.07 36.03
36.05 4.56 25.90
30.22 2.96 22.75
130

Rs. in thousand 2009 2008 2007 2006
Net Investment income not attributable to statutory funds
30,203.00
21,904.00 7,656.00 (139,924.00) (110,364.00) 4,698.00 (105,666.00) (10,939.00) (116,605.00) 66,633.00 (49,972.00)
18,130.00 31,285.00 10,24.00 50,439.00 737.00 51176.00 (7148.00) 44028.00 106000.00 150028.00
16,305.00 40,745.00 1,425.00 58,475.00 1,300.00 59,775.00 (4,977.00) 54798.00 40,000.00 94,798.00
Gain / (Loss) on sale of investments (26733.00) Changes in fair value of derivative financial instrument/impairment 74,458.00 Total Investment Income 77,928.00 Other revenue Total Investment Income and other revenues Less Expenses not attributable to statutory funds Profit / (Loss) before appropiation of surplus to shareholders fund 2,185.00 80,113.00 (19,369.00) 60,744.00
Add: Surplus appropiated to Shareholders fund from ledger A/C D 100,000.00 Profit/(Loss) before tax Extra Ordinary Items - Deferred Tax Taxation Profit/(Loss) after tax APPROPRIATIONS Balance at commencement of the year Profit after tax for the year Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) Capital withdrawn Balance upappropriated profit at the end of the year PROFIT AND LOSS ACCOUNT RATIOS Earning per share Cash Dividend Bonus Shares
Balance Sheet Growth 10000 8000 6000 4000 2000 0 2006 2007 2008 2009 600 500 400 300 200 100 0 Equity Growth
1800 1600 1400 1200 1000 800 600 400 200 0
160,744.00
(30,801.00) 129,943.00
(5,000.00) (54,972.00)
(24,572.00) 125,456.00
(12,143.00) 82,655.00
(210,558.00) 129,943.00 (80,615.00)
(145,892.00) (54,972.00) (31,356.00) (11,000) 32,662 (210,558.00)
(270,348.00) (326,407.00) 125,456.00 82,655.00
(1,000) (30,000) 3,404 (145,892.00) (270,348.00)
2.07
(0.88)
2.00
1.32
Claim Incurred
4500 4000 3500 3000 2500 2000 1500 1000 500 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
Investments 6000 5000 4000 3000 2000 1000 0 3500 3000 2500 2000 1500 1000 500 0
Cash and Bank Balances 150 100 50 0 -50 -100

1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
2006
2007
2008
2009
131
MEMBERS DIRECTORY
133
MEMBERS DIRECTORY
AS ON 30TH SEPTEMBER 2010 NON LIFE MEMBERS
S.No 1 NAME OF MEMBERS ACE Insurance Ltd. 6th Floor, NIC Building Abbasi Shaheed Road off : Shahrah - e -Faisal P. O. Box No 4780 Karachi Adamjee Insurance Co. Ltd. 6th Floor, Adamjee House P. O. Box No 4850 I. I. Chundrigar Road Karachi. 74000 Agro Gen. Ins. Co. Ltd. Room # 416 - 418, Fourth Floor Continental Trade Centre, Block 8 Main Clifton Road Karachi. Alfalah Insurance Company Ltd. 5, Saint Marry, Main Boulevard Gulberg Lahore. YEAR OF Estb. 2001 PRINCIPAL REPRESENTATIVES Ms. Zehra Naqvi Chief Executive Tel : +92-21-111-789-789 Fax : +92-21-3568 3935 email : acepak@acegroup.com web : www.acelimited.com Mr. Muhammad Ali Zeb Managing Director & Chief Executive Officer Tel : +92-21-3241 2623-7 Fax : +92-21-3241 2627 email : ali.zeb@adamjeeinsurance.com web : www.adamjeeinsurance.com Mr. M. Jalilullah Chief Executive & Managing Director Tel : +92-21- 3206 4952 Fax : +92-21-3530 2913 email : agiho@cyber.net.pk Mr. Nasar us Samad Qureshi Chief Executive & Managing Director Tel : +92-42-111-786-234, 3577 4313 - 6 Fax : +92-42-3584 4372 E.mail : afie@alfalahinsurance.com Web : www.alfalahinsurance.com Mr. Nasir Javed Khan Managing Director & Chief Executive Officer Tel : +92-21-3241 6041 5 Fax : +92-21- 3241 9968, 3242 2478, 3242 2479 email : info@alphainsurance.com.pk web : www.alphainsurance.com.pk Mr. Ihtsham-ul-Haq Qureshi Chairman & Chief Executive Tel : +92-42- 35916801, 35176802, 35916803, 35832312 Fax: +92-42- 3586 5579 email : asiains@nexlinx.net.pk Mr. Abdul Waheed President & Chief Executive Tel : +92-51-927 2425-27 Fax : +92-51-927 2424 email : president@agico.com.pk web : www.agico.com.pk
1960
1985
2008
Alpha Insurance Co. Ltd. State Life Building No. 1B 2nd Floor State Life Square Off: I.I. Chundrigar Rd. P.O Box No 4359 Karachi. Asia Insurance Co. Ltd. 456-K, Model Town Lahore.
1951
1980
Askari Gen. Insc. Co. Ltd. 4th Floor, AWT Plaza The Mall, P.O Box No. 843 Rawalpindi.
1995
134
S.No 8
NAME OF MEMBERS Atlas Insurance Limited 3 - Bank Square Shahrah-e-Quaid-e-Azam P. O Box 1219 Lahore. Capital Insurance Co. Ltd. Office # 222, 5th Floor, MEGA Tower 63-B Main Macdonald, Gulberg-II Lahore.
YEAR OF Estb. 1935
PRINCIPAL REPRESENTATIVES Mr. Arshad P. Rana Chief Executive Tel : +92-42-3732 0542-43, 3732 2271-73 Fax : +92-42-3723 4742 email: info@atlasinsurance.com.pk web : www.atlasinsurance.com.pk Engr. Ehtesham Malik Chief Executive Officer Tel : +92-42-3577 7527 & 28, 3577 7549 Fax : +92-42- 3577 7548 email : info@capital-insurance.net web : www.capital-insurance.net Mr. Viquar Siddiqui Chief Executive Tel : +92-21-3568 4019, 3568 9339 Fax : +92-21- 3568 0218, 3568 4108 email : info.cic@dawoodgroup.com web : www.ceninsure.com Mr. Mohammad Hussain Hirji Chief Executive Officer & Managing Director Tel : +92-21-3569 8525 , 111-111-717 Fax: +92-21- 3567 1665 email: info@cicl.com.pk web : www.cicl.com.pk Ch. Akhtar Mahmood Senior Vice-Chairman Tel : +92-42-3735 2306, 3735 6537, 3724 2798 Fax : +92-42-3735 2794 e-mail: coinsopl@live.com Mr. Munir I. Millwala Managing Director Tel: +92-21-3241 5471-3 Fax : +92-21-3241 5474 - 5 email: info@cstar.com.pk Web : www.cstar.com.pk Mr. Naved Yunus Managing Director & Chief Executive Tel : +92-21-3231 3304 - 11 Fax : +92-21-3231 0821, 3220 0128 email: info@eastwestinsurance.com.pk web : www.eastwestinsurance.com.pk Mr. Saifuddin N. Zoomkawala Managing Director & Chief Executive Tel : +92-21-3231 3471 - 90 Fax : +92-21-3231 0450 email : info@efuinsurance.com web : www.efuinsurance.com
1998
10
Central Insurance Co. Ltd. 5th Floor, Dawood Centre Moulvi Tamizuddin Khan Road P. O. Box No 3988 Karachi. 75530. Century Insurance Co. Ltd 11th Floor Lakson Square Building No. 3 Sarwar Shaheed Road, P.O Box 4895 Karachi. 74200 Co-operative Insc. Society of Pak. Ltd. Co-operative Insc. Building 23 - Shahrah-e-Quaid-e-Azam Lahore. Crescent Star Ins. Co. Ltd. 2nd Floor, Nadir House P.O.Box No 4616 I.I.Chundrigar Road Karachi. East West Insurance Co. Ltd. 410 - EFU House M. A. Jinnah Road, P.O Box 6693 Karachi. 74000
1960
11
1985
12
1949
13
1957
14
1983
15
EFU General Ins. Ltd. EFU House, M.A. Jinnah Road P.O. Box No. 5005 Karachi. 74000
1932
135
S.No 16
NAME OF MEMBERS Excel Insurance Co. Ltd. 38 - C - 1, Block - 6 P. E. C. H. S Shahrah - e -Faisal Karachi. 75400 Habib Insurance Co. Ltd 1st Floor, State Life Building # 6 Habib Square M.A. Jinnah Road P.O Box No 5217 Karachi IGI Insurance Limited 7th Floor, The Forum, Suite 701-713, G-20 Block 9, Khayaban-e-Jami, Clifton Karachi-75600.
YEAR OF Estb. 1991
PRINCIPAL REPRESENTATIVES Mr. Ghulam Mohammad Chief Executive Tel : +92-21-111 - 777- 666 Fax: +92-21-3454 8076 email : eicl@cyber.net.pk web : www.globemanagements.com Mr. Ali Raza D. Habib Managing Director & Chief Executive Tel : +92-21-111-03-03-03 Fax : +92-21-3569 3676 email : info@habibinsurance.net web : www.habibinsurance.net Mr. Jalees Ahmed Siddiqi Chief Executive Officer Tel : +92-21-3530 1726 - 8, 111-234-234 Fax : +92-21-3530 1729 & 3530 1772 email : jalees.siddiqi@igi.com.pk web : www.igiinsurance.com.pk Mr. Mujib Khan Country Manager Tel : +92-21-111-111-244, Fax : +92-21- 3563 4022 / 3563 4023 email : info-pakistan@chartisinsurance.com web : www.chartisinsurance.pk Mr. Tahir Ahmed, President & Managing Director (Chief Executive) Tel : +92-21-3241 2628, 3241 6022-26 Fax : +92-21-3241 6728, 3243 8738 email : nji@nji.com.pk web : www.nji.com.pk Ch. Zahoor Ahmad President & Chief Executive Tel : +92-42-3732 3569, 3732 5382, 3732 4404 Fax : +92-42- 3723 0634, 3723 0895 email : info@pgi.com.pk web: www.pgi.com.pk Mr. Ahmed Salahuddin Managing Director & Chief Executive Tel: +92-21-3221 9555-60 Fax: +92-21-3221 9561 email : info@picicinsurance.com web : www.picicinsurance.com Mr. Fakhir Rahman Chief Executive Officer Tel : +92-21-3241 6331-4 Fax : +92-21- 3241 6572 email : info@pil.com.pk web: www.pil.com.pk
17
1942
18
1953
19
New Hampshire Insc. Co. 7th Floor, Dawood Centre M.T. Khan Road Karachi. 75530.
1869
20
New Jubilee Insc. Co. Ltd. 2nd Floor Jubilee Insurance House P.O.Box No 4795 I.I.Chundrigar Road Karachi. 74000 Pakistan Gen. Insc. Co. Ltd. 5 - Bank Square Shahrah-e-Quaid-e-Azam P. O. Box 1364 Lahore. PICIC Insurance Limited 8th Floor, Shaheen Complex M.R. Kiyani Road Karachi.
1953
21
1947
22
2004
23
Premier Insurance Limited 5th Floor, State Life Building No 2-A Wallace Road, P.O Box No 4140 Karachi.
1952
136
S.No 24
NAME OF MEMBERS Reliance Insurance Co. Ltd. Reliance Insurance House 181 - A Sindhi Muslim cooperative Housing Society, P.O Box No 13356 Karachi. Saudi Pak Insurance Company Ltd. 2nd Floor, State Life Building No. 2A Wallace Road Karachi.
YEAR OF Estb. 1982
PRINCIPAL REPRESENTATIVES Mr. A. Razak Ahmed Chief Executive & Managing Director Tel : +92-21-3453 9415 - 17 Fax : +92-21- 3453 9412 email : reli-ins@cyber.net.pk web : www.relianceinsins.com Capt. Azhar Ehtesham Ahmed Managing Director & Chief Executive Officer Tel: +92-21-3241 8430 Fax: +92-21- 3241 7885 email: info@saudipakinsurance.com.pk web : www.saudipakinsurance.com.pk Ms. Nabiha Shahnawaz Chief Executive Officer Tel :+92-42-3577 5024-29 Fax : +92-42-3577 5030 email : sgi@sgicl.com Web : Under Construction Mr. Asif Suleman Chief Executive Officer Tel : +92-21-3263 0370 - 75 Fax : +92-21-3262 6674 email: sihifc@cyber.net.pk web :www.shaheeninsurance.com Mr. Zahir Muhammad Sadiq Managing Director & Chief Executive Tel : +92-42- 3732 4488 , 3735 5614, 3723 7518 Fax : +92-42- 3722 9966 email : silvrstr@nexlinx.net.pk web: www.silverstarinsurance.com Mr. Saad Nissar Chief Executive Officer Tel : +92-21- 3432 2555 Fax : +92-21- 3432 2515 E.mail : insurance@trakkerdirect.com Web : www.tpldirect.com Mr. Shariq Abdullah Chief Executive Officer Tel : +92-21-111-845-111 Fax No. +92-21- 3246 3117, 3432 2507-12 E.mail : najib.nasir@ublinsurers.com Web : www.ublinsurers.com Mr. Khawas Khan Niazi Chief Executive Officer Tel : +92-42- 3636 1471, 3631 5091, 3637 1420 Fax : +92-42-3637 5036 email : uicp@theunitedinsurance.com Web : www.theunitedinsurance.com
25
2005
26
Security Gen. Insc. Co. Ltd. SGI-House, 18-C/E-1 Gulberg-III Lahore.
1996
27
Shaheen Ins. Co. Ltd. 10th Floor, Shaheen Complex M. R. Kayani Road Karachi-74200.
1996
28
Silver Star Ins. Co. Ltd. Silver Star House, 2nd Floor 5 - Bank Square P. O Box No 2533 Lahore-54000. TPL Direct Insurance Limited 172-B, 2nd Floor, Najeeb Centre Block - 2, P.E.C.H.S. Karachi.
1984
29
1992
30
UBL Insurers Limited 2nd Floor, State Life Building No. 2 Wallace Road Off: I.I. Chundrigar Road Karachi. United Ins. Co. of Pak Ltd. Nizam Chambers, 5th Floor Shahrah-e-Fatima Jinnah P. O. Box No 532 Lahore.
2007
31
1959
137
NON LIFE MEMBERS

S.No 32 NAME OF MEMBERS Universal Ins. Co. Ltd. Universal Insurance House 63 - Shahrah-e-Quaid-e-Azam P.O Box No 539 Lahore-54000. YEAR OF Estb. 1958 PRINCIPAL REPRESENTATIVES Capt. M. Jamil Akhtar Khan Managing Director Tel : +92-42-3735 3453, 3735 3458, 3735 5426 Fax : +92-42-3723 0326 email : info@uic.com.pk Web : www.uic.com.pk
LIFE MEMBERS
1 Adamjee Life Assurance Company Ltd. Karachi Office The Forum, Suite # 301, 3rd Floor Plot G-20, Block-9, Clifton Karachi. American Life Insurance Co.(Pak.) Ltd. Dolmen City, 13th Floor (level 16) Block 4, Scheme 5, Clifton Karachi-75600. 2008 Mr. Fredrik Conenrard De Beer Chief Executive Officer Tel: +92-21-3536 2620 - 23 Fax: +92-21-3536 2621 Email: jalal.meghani@adamjeelife.com Web: www.adamjeelife.com Mr. Arif Sultan Mufti Chairman & Chief Executive Tel: +92-21-111-111-711 Fax: +92-21- 3529 0042 email : theresa@alicopak.com Web : www.alico.com.pk Dr. Mahmood Mehdi Kazmi Chief Executive Officer Tel: +92-21-35302072-5, 353 02066-8 Fax: +92-21-35302076 email: info@asiacare.net Web: www.asiacare.net Mr. Maheen Yunus Managing Director & Chief Executive Tel: +92-21-3231 1662-5 Fax: +92-21-3231 1667 E-mail: info@eastwestlifeco.com Web : www.eastwestlifeco.com Mr. Taher G. Sachak Managing Director & Chief Executive Tel: +92-21-111-338-111 Fax: +92-21-3453-5079 email: info@efulife.com Web : www.efulife.com Mr. Javed Ahmed Chief Executive Officer & Managing Director Tel: +92-21-3561 1802 - 08 Fax: +92-21-3561 0959 email: info@njilife.com Web: www.njilife.com
1995
Asia Care Health & Life Insurance Co. Ltd. 2008 Registered Office 15-C, 17-C, 2nd Floor, Commercial Lane # 5 Zamzama Phase-V, DHA Karachi. East West Life Assurance Company Ltd. Head Office/Main Office: 3rd Floor, 310-EFU House M.A. Jinnah Road Karachi. EFU Life Assurance Limited Head Office/Main Office: 37-K, Block-6 P.E.C.H. Society Karachi. New Jubilee Life Insurance Company Ltd. Head Office/Main Office: 74/1-A, Lalazar M.T. Khan Road Karachi. 1992
1992
1995
138
REINSURER
S.No NAME OF MEMBERS YEAR OF Estb. 1952 PRINCIPAL REPRESENTATIVES Mrs. Rukhsana Saleem Chairperson Tel: +92-21-99202908-15 Fax: +92-21-99202920-22 E-mail: ahmgad@pakre.org.pk Web : www.pakre.org.pk
Pakistan Reinsurance Company Limited PRC Towers, 32-A, Lalazar Drive M.T. Khan Road Karachi
THE INSURANCE ASSOCIATION OF PAKISTAN

HEAD OFFICE Mr. N. A. Usmani Secretary General 1713-1715, 17th Floor Saima Trade Tower-A I.I. Chundrigar Road P.O. Box 4932 Karachi-74000 LAHORE REGIONAL OFFICE Mr. S. Daood Ali Shah Secretary & Surveyor General Office 7 - B, Shadman - II Behind Umer Hospital, Jail Road Lahore. +92-42- 3757 3193 +92-42-3504 0608 +92-42-3757 3194 Fax No. +92-42-3757 1308 E.mail : info.lro@iap.net.pk Tel : Direct : +92-21-3227 7169 PABX : +92-21-3227 7165 - 68 Fax : +92-21- 3227 7170 E.mail : info@iap.net.pk Web : www.iap.net.pk
139
PICTORIAL PRESENTATION OF IAP EVENTS
141
48th ANNUAL GENERAL MEETING HELD ON SATURDAY 26TH SEPTEMBER 2009 AT 12:30 P.M. IN THE ASSOCIATION'S OFFICE, KARACHI
142
ANNUAL DINNER OF IAP HELD ON 26TH SEPTEMBER 2009 AT HOTEL BEACH LUXERY KARACHI
143
144
145
EXTRA ORDINARY GENERAL MEETING REGARDING AMENDMENTS IN MEMORANDUM & ARTICLES OF ASSOCIATION OF IAP HELD ON 25TH MAY 2010 AT ASSOCIATIONS OFFICE, KARACHI
146
147
EMERGENT MEETING OF MEMBER COMPANIES' CEOs REGARDING FIT & PROPER CRITERIA HELD ON 10TH JAN 2010 IN THE ASSOCIATION'S OFFICE KARACHI
148
149
EMERGENT MEETING OF MEMBER COMPANIES' CEOs REGARDING INCREASE IN SECP'S ANNUAL SUPERVISION FEE HELD ON 14TH DECEMBER 2009 AT THE ASSOCIATION'S OFFICE KARACHI
150
N otes ...
TM
With Compliments
(One of the ACE Group of Insurance & Reinsurance Companies)
ACE Insurance Limited 6th Floor, N.I.C. Building, Abbasi Shaheed Road, Off. Sharea Faisal, Karachi - Pakistan.
111-789-789 tel (92-21) 5683935 fax www.ace-ina.com
EFU Life
Awarded
Best Life Insurance Company 2009
Awarded the 4 th Corporate Social Responsibility National Excellence Award Awarded the Consumer Choice Award for the Best Life Insurance Company by Consumer Association of Pakistan in 2008 and 2009 Awarded the 25th Corporate Excellence Award in Financial Sector in 2008 and 26th Corporate Excellence Certificate in Insurance Sector in 2009 by Management Association of Pakistan Awarded the First National Achiever Award for the Best Life Insurance Company in Private Sector Awarded the Corporate Social Responsibility Award, 2009 by Helpline Trust Among Top 25 Companies, 2007 by Karachi Stock Exchange Strong Insurer Financial Strength rating of AA- (Stable) assigned by JCR-VIS Credit rating agency
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

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Insurance Company Limited

Capital Insurance Company Limited

Insurance Year Book 2009-2010

VISION STATEMENT OF IAP

Company Profiles ------------------------------------------------------------------------------------------------------41

TAHIR AHMED CHAIRMAN

THE INSURANCE ASSOCIATION OF PAKISTAN

EXECUTIVE, SECTIONAL & REGIONAL COMMITTEES ACTIVITIES

SUMMARY OF THE ACTIVITIES OF EXECUTIVE COMMITTEE DURING THE YEAR 2009-2010

MEMBERS OF THE EXECUTIVE COMMITTEE

MEMBERS OF THE LAHORE REGIONAL COMMITTEE

MEMBERS OF THE LIFE SECTIONAL COMMITTEE

MARKET OVERVIEW OF NON LIFE INSURANCE INDUSTRY IN PAKISTAN

NON LIFE INSURANCE PRIVATE SECTOR

Profit and Loss Account

Balance Sheet Growth

Equity Growth 40000 30000 20000 10000

Net Premium Underwitten 25000 20000 15000 10000 5000 0

Cash and Bank Balances

Net Profit after tax

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

NON LIFE INSURANCE PUBLIC SECTOR

2,254.42 1,050.28 (500.00) (500.00) (600.00) (1,600.00) 1,704.70

1,618.29 2,236.14 (500.00) (600.00) (500.00) (1,600.00) 2,254.42

1,674.82 1,543.46 (500.00) (600.00) (500.00) (1,600.00) 1,618.28

32.83 84.28 15.05 (2.13)

35.41 36.17 12.07 (2.01)

9.69 91.90 12.36 (2.24)

17.96 72.92 13.25 (2.62)

Equity Growth 1200 1000 800 600 400 200 0

Net Claims 3500 3000 2500 2000 1500 1000 500 0

Net Premium Revenue

Net Profit after tax

Dividend & other Appropriation

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

Market Overview of Life Insurance Industry in Pakistan

LIFE INSURANCE PRIVATE SECTOR

3,366.74 520.79 3,887.53

3,366.74 520.79 3,887.53

2,290.72 175.33 2,466.05

1,979.12 481.91 2,461.03

1,452.12 (92.38) 1,359.74

0.00 9.72 223.72 0.00 233.44 4,120.97

21,037.21 0.00 1,394.29 0.00 22,431.50 22,431.50

2,671.24 0.00 1,258.07 0.00 3,929.31 3,929.31

0.00 0.00 0.00 0.00 0.00 0.00

37.75 0.00 2.62 0.00 40.37 40.37

380.48 0.00 176.47 0.00 556.94 556.94

24,126.68 9.72 3,055.17 0.00 27,191.57 31,079.10

16,278.06 6.59 2,073.68 17.50 18,375.84 20,841.88

17,805.25 4.73 1,635.90 17.15 19,463.03 21,924.06

11,016.36 46.72 1,260.00 0.00 12,323.08 13,682.82

214.82 64.92 2,408.11 0.00 13.56 838.53 540.26 40.78 4,120.97

3,079.44 7.01 18,694.51 0.00 0.00 647.40 3.14 0.00 22,431.50

354.56 68.62 3,154.57 0.00 0.00 293.67 57.87 0.00 3,929.31

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.56 0.00 40.33 0.00 0.00 (1.32) 0.80 0.00 40.37

71.37 0.10 330.98 0.00 0.00 150.47 4.02 0.00 556.94

3,720.75 140.65 24,628.50 0.00 13.56 1,928.77 606.09 40.78 31,079.10

4,944.03 79.82 13,894.71 0.00 6.00 1,395.42 501.10 20.72 20,841.88

3,507.89 76.39 17,199.04 0.00 0.00 688.19 439.77 12.78 21,924.06

2,638.86 68.72 10,146.83 0.00 0.00 465.14 361.24 2.03 13,682.82

ASSETS AT MARKET VALUE