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Adamjee Life Assurance Company
Introduction:
The formation of Adamjee Life is a result of the partnership between Adamjee
Insurance and Hollard, South Africa. Both partners are well established, giving Adamjee
Life the advantage to add tremendous value to the lives of its customers and the
businesses of its clients.Adamjee Life's dedicated staff shares the philosophy of
partnership and understands the dynamics involved in caring for
our business associates. This philosophy of partnership adds muchmore value to the relationship than the traditional approach of just
being a product provider. The senior management team at Adamjee
Life is well equipped to deliver in all areas of a partnership andcomes with years of international experience.
Our long term commitment to the insurance market in
Pakistan ensures that the needs of our customers are always taken
into account. These needs may vary from product development;addressing the exact requirements of the
clients to servicing strategies, retaining
clients and to understand their variousbusinesses so that our value proposition
stimulates growth in their business.
Adamjee Life's diverse portfolio of
products includes savings, health, loan protection as well asgroup life plans that cater to all needs of the customer. Our
technical expertise lies not only in Pakistan but also in SouthAfrica through our collaboration with Hollard Life Assurance
Co. Ltd. Hollard is the largest private insurance group in
South Africa. It has invested sizeable amounts in emerging
markets and has 26 years of experience in designing and ratingof insurance products that provide Adamjee Life with valuable
consumer and market insight and gives it the capability to
provide complete solutions to the customers insurancerequirements.
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CORE VALUES
Our commitment is to
Make a difference in the community and the society we serve through behaviors
that demonstrate our dedication.
Adhere to applicable laws and regulations governing our business conduct. Provide intelligent and innovative solutions to meet our clients requirement
through a practical approach which creates new value and accelerates our delivery of
quality system and services.
Promote integrity in all our relationships
Create a dignified workplace based on honest, open and respectful communication
as well as fair and unbiased treatment of each other and all our partners.
Provide an atmosphere that attracts and retains employees and fosters pride in the
organization
PRODUCT STRATEGY
At Adamjee Life our focus is on developing tailor made, unique insurance solutions for
our customers which include saving, investment, health and protection plans to cater to a
wide customer segment. Our focus on innovation and automation provides us with a
robust system and reduces time to market considerably and lowers distribution cost thus
passing the benefit to the customer. By developing strong and unconventional
distribution channels we make accessibility to insurance products convenient for the
customers hence strengthening the chances of increasing market penetration. The prime
consideration is to educate customers and create insurance awareness by effectively
promoting and positioning the brand through:
Innovative products
Competitive pricing
Flexibility
Simplicity
Availability and accessibility
Products
Corporate Plans
Group Life Group Credit Card
Protection Plans
Pure life Protection Plan
Money Back Protection Plan
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Health Plans
Accidental Hospitalization
Critical illness
Credit Life Plans
Personal Loan Protection
Home Loan Protection
Automobile Loan Protection
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American Life Insurance Co. (Pak.) Ltd
Introduction
ALICO first started its operation in Pakistan in1952 and continued until 1972,when the life insurance industry was nationalized. By that time, the ALICO had issued
72,000 policies and had invested more than USD 36 million in the countrys economy.
After denationalization, ALICO became the first foreign life insurer that had been
granted a license in 1994 to operate in Pakistan. It commenced the operations on May 25,1995 with a paid up capital of PKR 130 million. Today it is the largest capitalized private
sector multinational life insurance company in Pakistan with a paid-up capital of PKR
500 million. ALICO Pakistan is a listed company jointly owned by its American parentand the Pakistani public. Along with commitment, it brings to Pakistan extensive
international experience and modern technology to conduct the insurance business in a
sophisticated and professional manner
Mission
Statement
To build value for our policy owners, field force, employees and
shareholders, by providing quality products and services throughmultiple distribution channels for the Pakistani market and through
investing in Pakistani financial institutions, thereby serving the
Pakistani people.
Products
1. Individual Life Insurance Plans IGP Plus
Vision For Retirement
Shareek-E-Safar
Retirement
Vision For Education
Accelerated Saving Plan
Vision For Financial Security
Vision For Marriage
2. Individual Life Insurance Plans
Circles of Protection
Safe Road Car
Safe Road Motorcycle
My Child
3. Banc assurance Plans
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Savings Plan
Future Secure
Capita lSure
Retire Easy
Income M ax
Sarmaya Plus
Asia Care Health & Life Insurance Company
Introduction
AsiaCare Health & Life Insurance Company Limited is Pakistan's first dedicated
managed care health insurer. The company is launching innovative health insuranceproducts in the Pakistani market based on the international "Managed Care" model with
local adaptations. In Pakistan, AsiaCare is a wholly-owned subsidiary of an American
based organization. Our mandate is to operate health insurance systems and to fosterhealth insurance businesses in the region. AsiaCare is adequately capitalized as a
business and is strongly positioned to address the healthcare needs of the region.
To gain prominence as the industry leader in health maintenance; toensure wider, easier, and more affordable coverage of healthcareservices; and to impact the practice of medicine in ways that enable
better health management systems.
To be the first choice for affordable quality health care; excelling in
every aspect of our business and in delivering our obligation as a goodcorporate 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 buildingvalue for our shareholders and providing an excellent work
environment for our employees.
Values
In discharging our responsibilities, we do not take professional or ethicalshortcuts.
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Vision
Mission
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Our interactions with all segments of society must reflect high standards of goodgovernance.
Integrity, constructive self-criticism, continual self-improvement, and mutual
respect.
We will take on challenging tasks and take pride in seeing them through.
We are responsible to our customers, to employees, to the environments weinhabit, and to the societies we serve.
Attract, develop, retain and reward the best talent to take on leadership roles inthe Health care industry.
Products
1. Infinity Care
2. Classic Care
3. Progressive Care
4. Awam Care
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East West Life Assurance Company Limited
Company Profile
East West Life Assurance Company Limited was established in the year 1992 at
Quetta under the name of The Metropolitan Life Assurance Company of PakistanLimited. The company commenced underwriting life insurance business in March of
1993 and made successful progress in the field of life and health insurance businesses
both on the front of individual and corporate clients alike. At the time of our companysestablishment, the sponsors were already engaged in general insurance business under the
name ofEast West Insurance Company Limited.
In 2008, the name of our company was changed to East West Life AssuranceCompany Limited in order to give a unified look of a group with a substantial financial
base and to serve the best interest of our policyholders while adding to steady growth of
business on sound fiscal ground.The authorized capital of our company is Rs. 600 million, out of which Rs.
454.96 million is currently paid-up and will be increased to at least Rs. 500 million by
the end of 2010. The large paid-up capital base allows us to better position ourselves to
provide top-notch benefit and services to our individual and corporate customers.In the year 2008, the company has launched a brand new life insurance product
line for the prospective individual clients, which offers increased security, flexibility and
liquidity to the policyholders with higher investment returns. The company is also in theprocess of developing additional new individual and corporate products commensurate
with current investment, protection and other needs of the insured. Moreover, with
increase in health insurance market potential, the company has established a separate
health division to cater the needs of its growing clientage.East West Life is a member of a large financial group, which includes our sister
concern specializing in general insurance business with over 80 branches throughout the
country, M/s East West Insurance Company Limited. With joint paid-up capital ofapproximately Rs.683.5 million (increasing to at least Rs. 800 million) and worth in
billions, the group, as a whole, has substantial resources to meet its financial
requirements and obligations effectively. The group has a combined insurance businessexperience of more than 40 years. Thus, we are fully aware of the service needs
psychology of individual and corporate clients. We are making endeavors to make our
group a one-stop solution for all insurance needs of an individual or corporate entity witha special focus on being the best service provider.
Moreover, East West Life has over 40 branches nationwide. With such a widenetwork of offices throughout the country, East West Life is equipped to properly deal
with all types of clients and ready to provide excellent service that is expected from anyinsurance company. It should be noted that we are a member of the Insurance
Association of Pakistan (IAP) and duly listed at the Karachi Stock Exchange.
East West Life is an active player in the field of life and health insurance. Thecompany has group and individual life/health re-insurance arrangements with the world's
leading re-insurers. It is important to note that majority of the risk assumed by the
company is reinsured with these financially sound reinsurers of international repute.
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Furthermore, all of our reinsurers are in the Standard and Poor's AA rating category,which indicates "very strong" capability to meet their financial commitments and
comfortably fall within the secure range.
To provide high quality, competitive insurance products and
services (including life and health insurance) through qualified,
professional and committed salespersons.
To maintain financial strength for the benefit of our corporate and
individual insured shareholders, agents/salespersons and employees.
To earn and protect public trust of the communities where we liveand 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 ourEast West Life Educational Security Schemes for children and their
parents.
To provide the right solutions that in tune with our customer
needs, while facing up to the emerging challenges in the industry.
To help individuals and families financially realize their hopes anddreams and be there when they need us most.
To develop awareness of insurance need, build confidence in the
insurance industry and also to develop the concept of saving.
To innovate and develop ideas to design new products for ourvalued corporate and individual clients to effectively meet their
ever-changing needs.
Our vision is to be the number one provider of wide-ranging insurance
solutions to all of Pakistan, a goal we will attain while observing the
principal values that have served us since inception.
Safety and Security through expansion, development and profitability
Exceptional and flexible product-line to meet the needs of our clients
R espect and consideration for our policyholders, agents and employees
V ision as well as action to achieve our mission
Integrity and honesty in every aspects of our organization
Community improvement through participation
Excellent service
Products
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Vision
Principal
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EFU Life Assurance Ltd
Corporate Profile
EFU Life Assurance Ltd started operations in November 1992 as the first privatesector life insurance company. In early 1993, EFU Life commenced writing group life
insurance business and by March 1994, the company began writing its individual life
business.
EFU Life is managed by a team of professionals with extensive life insuranceexperience in the United Kingdom. This has helped the Company establish a professional
culture unique amongst life insurance business in Pakistan.
The Company has a growing branch network of over 112 branches through out
the country with employee strength of over 2,800 personnel in its sales force and around190 personnel at its main offices in Karachi and Lahore. The company employs 4 full
time actuaries and also has an active involvement of one of the leading actuarial firms in
the country. For bancassurance, the Company has a relationship with over 19 majorbanks and offers simple to sophisticated life insurance products. For Group Benefits,
EFU Life has a marketing team which focuses on providing life insurance coverage to
corporate entities and bank clients.
EFU Life is the first life insurance company in Pakistan to be awarded the ISO9001:2008 certification, and also the only life insurance company to have an "Insurer
Financial Strength" rating which is currently AA-, Outlook: Stable, by JCR-VIS, an
affiliate of Japan Credit Rating agency.
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 bea good corporate citizen.
Values
Character
Our business principles for achieving exceptional success are a belief that our
corporate conduct should be based on uncompromising integrity, ethics and honesty.
Pride
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We believe that people want to excel and that extraordinary results can beachieved, if given the right support and work climate.
Services
Our clients are the reasons for being in business. We shall deliver to them thehighest quality of flawless service to win and keep their loyalty.
Commitment
We nurture and develop our people to be good human beings, work together as ateam to achieve our organizational objectives, while at the same time fulfill their
aspirations.
Culture
Embed a high performance culture that points the organization towards thecommon good and creates an intense passion for achievements at all levels.
Corporate Social Responsibility
Our social responsibility is to contribute to the development of a civilized,
prosperous and respected Pakistan in which all people live in harmony. To fulfill ourobligations, we shall act responsibly to make a difference by contributing to those
activities that have the greatest visible impact on the betterment of society with emphasis
on education and health.
Products
1) For Individuals
Prosperity for life
Education plan
Marriage plan
Nisa savings plan
Grand start plan
Capital growth bond
Savings plan Executive pension plan
Security plan
Loan protection plan
Accidental & hospitalization plan
Head start plan
Khushhali plan
Wealth builder
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2) For Groups Group term life assurance
Critical illness cover
Salary continuation
Provident fund insurance plan Credit life plans
School fee continuation plan
3) Islamic Funds Products Noor Plan
Asasa Plan
4) Banc Assurance
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New Jubilee Life Insurance Company Limited
IntroductionNew Jubilee Life Insurance Company Limited (NJI Life)is a subsidiary of the
Aga Khan Fund for Economic Development (AKFED), Switzerland.Incorporated in Pakistan on 29 June 1995, under the Companies Ordinance 1984, asCommercial Union Life Assurance Company (Pakistan) Limited, the Company
commenced operations in 1996 as a Public Limited Company , listed in the Karachi
Stock Exchange. Commercial Union was then acquired by AKFED (Aga Khan Fund forEconomic Development) in 2003, as New Jubilee Life Insurance Company Limited(NJI
Life). NJI life is governed by an independent Board of Directors comprised of industry
stalwarts.
AKFED is the economic development arm of the Aga Khan DevelopmentNetwork (AKDN) - a group of private non-denominational development agencies
seeking to improve opportunities and living conditions in specific regions of the
developing world, especially Asia and AfricaAKFED is active in the fields of Industry, Financial Services, Tourism
Development and Infrastructure in South and Central Asia and sub-Saharan Africa.
To be Pakistans 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.
Shareholders are the backbone of our business. They provide the initialcapital 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 investmentsand 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 theirperformance 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
Products
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Vision
Mission
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Different kinds of plans are available for the following.1) Individual Life Insurance
2) Group Insurance
3) Banc Assurance
State Life Insurance Corporation of Pakistan
Company Profile
Brief History
The Life Insurance Business in Pakistan was nationalized during March 1972. InitiallyLife Insurance business of 32 Insurance Companies was merged and placed under three
Beema Units named A, B and C Beema Units. However, later these Beema Units
were merged and effective November 1, 1972 the Management of the Life Insurance
Business was consolidated and entrusted to the State Life Insurance Corporation ofPakistan.
State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the
Executive Directors appointed by Federal Government. Up to July 2000 the Corporationwas run by Board of Directors constituted under Life Insurance (Nationalization) Order
1972. In July 2000, under Insurance Ordinance 2000, the Federal Government
reconstituted the Board of Directors of State Life which runs the affair of thisCorporation.
The basic structure of the Corporation consists of Four Regional Offices, Twenty-Six
Zonal Offices, a few Sub-Zonal Offices, 111 Sector Offices, and a network of 461 AreaOffices across the country for Individual Life Insurance; Four Zonal Offices and 6 Sector
Offices with 20 Sector Heads for Group & Pension are involved in the Marketing of Life
Insurance Plans policies and products offered by State Life and a Principal Office. The
Zonal Offices deal exclusively with Sales and Marketing. Underwriting of Life InsurancePolicies and the Policyholders Services. Regional Offices, each headed by a Regional
Chief, supervise business activities of the Zones functioning under them. The Principal
Office, based at Karachi, is responsible for corporate activities such as investment, realestate, actuarial, overseas operations, etc.
Major Achievements
The major function of the State Life Insurance Corporation of Pakistan is to carry out
Life Insurance Business; however, it is also involved in the other related business
activities such as investment of policyholders fund in Government securities, Stock
market, Real Estate etc. The major achievements of State Life are as under:
i. On the commencement of the operations, the Corporation took a very important
step by effecting reduction up to 33% in the premiums on the past and potential
Life Policies for the benefit of the Policyholders.ii. State Life is profitable organization and it paid Rs.2.657 billion as dividend to the
Government of Pakistan since its inception in 1972.
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iii. State Life has played very vital role in the economy by providing employment tothe people of the country as permanent employees and as part of its marketing
force and by investing the huge funds in different sectors of the economy. The
Investment Portfolio of State Life as at 31.12.2009 stands at Rs.191.445 billions.iv. Investment portfolio also includes investment in Real Estate which stands at a
book value of Rs.2.538 billion as at 31.12.2009 whereas it fair value is aroundRs.21.681 billion in the same period.
v. The Paid up Capital increased from Rs.10 million in 1972 to Rs.1,100 million in2009.
vi. The Premium income increased from Rs.0.317 billion in 1972 to 28.367 billion in
2009. Similarly Investment income including rental income increased fromRs.0.81 billion in 1972 to 274.152 billion in 2009.
vii. Total statutory fund of State Life stands at Rs.199.445 billion in 2009 as against
Rs.1.494 billion in 1972.viii. State Life is smoothly striving towards its objective of making life insurance
available to large section of the society by extending it to common man. As at
December, 2009 the total number of policies enforce under individual life were2.895 million and number of lives covered under group life insurance were 3.754
million.
Objectives, Mission & Quality Policy
Objectives
To run life insurance business on sound line.
To run life insurance business on sound line.
To provide more efficient service to the policyholders.
To maximize the return to the policyholders by economizing on expenses andincreasing the yield on investment.
To make life insurance a more effective means of mobilizing national savings. To widen the area of operation of life insurance and making it available to as
large a section of the population as possible, extending it from the comparatively
more affluent sections of society to the common man in towns and villages. To use the policyholders fund in the wider interest of the community.
Mission To remain the leading insurer in the country by extending the benefits of
insurance to all sections of society and meeting our commitments to our policy holders
and the nation.
Quality Policy To ensure satisfaction of our valued policyholders in processing
new business, providing after sales service and optimizing return on Life Fund through a
quality culture and to maintain ourselves leading life insurer in Pakistan.
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Products1) Individual Life Insurance
2) Group Insurance
State life insurance Corporation of Pakistan is providing different kinds of
insurance plans for above mentioned categories.
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Financial Statements of Companies
Description 2006 2007 2008 2009
Share Capital and Reserves
Authorized Share Capital 2250 3000 3000 4400
Issued, subscribed and paid up share capital 1452.12 1979.12 2290.72 3366.74
Reserves & Retained Earnings (92.38) 481.91 175.33 520.79
Net Shareholders Equity 1359.74 2461.03 2466.05 3887.53
Balance of Statutory fund 11016.36 1780.25 16278.06 24126.68Deferred Taxation 46.72 4.73 6.59 9.72
Creditors and Accruals 3055.17 2073.68 1635.9 1260
Other Liabilities 0.00 17.15 17.5 0.00
Total Liabilities 12323.08 19463.03 18375.84 27191.57
Total Equity & Liabilities 13682.82 21924.06 20841.88 31079.10
Cash & Bank Deposits 2638.86 3507.89 4944.03 3720.75
Loans 68.72 76.39 79.82 140.65
Investments(net) 10146.83 17199.04 13894.71 24628.50
Investment in properties 0.00 0.00 0.00 0.00Deferred Taxation 0.00 0.00 6.00 13.56
Other Assets 465.14 688.19 1395.42 1928.77
Tangible assets 361.24 439.77 501.10 606.09
Intangible Assets 2.03 12.78 20.72 40.78
Total Assets 13682.82 21924.06 20841.88 31079.10
17
Life Insurance Private Sector(Balance SheetRs .in millions)
As on 31st December
Life Insurance Private Sector
(Revenue AccountRs .in millions)
For the year ended on 31st Dec. ___
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Description 2009 2008 2007 2006Net Premium Income 12404.02 11090.57 8100.97 5887.30
Net Investment Income 4658.60 (3785.79) 3885.43 875.3
Other income 31.80 18.95 36.68 31.37
Total Net Income 17094.42 7323.73 12057.76 6793.97
Net Claims 3207.38 3309.01 2217.18 1695.91
Net Management Expenses 5216.05 4422.65 2906.68 1899.13
Total claims and expenditures 8423.45 7731.66 5158.54 3595.08
Excess of Income over Claims 8670.97 (407.92) 6899.22 3198.93
Add: Policyholder liabilities of
Beginning of year
15538 16654 10575 7861
Less: Policyholder liabilities End ofthe period
335.60 23252 13499 (16654.73)
Surplus/(Deficit) 956.17 708.66 819.69 485.50
Description 2009 2008 2007 2006
Net Investment Income not attributable to
statutory fund
257.42 117.38 78.27 73.74
Gain/(loss) on sale of investments (281.40
)
719.92 809.54 73.69
Total Investment income 23.98 602.54 887.81 147.43
Other Revenue 17.35 122.68 148.19 22.46
Total investment Income and other
revenues
(6.63) 725.22 1036.00 169.89
Less: Expenses not attributable to statutoryfund
(135.86)
43.38 (28.09) (14.11)
Profit/(loss) before appropriation of surplus to
shareholders fund
(142.86
)
768.60 107 155.78
Add: Surplus appropriated to shareholders
fund from ledger account
890.86 526.06 708.01 334.47
Profit/(loss) before tax 748.37 (242) 1715.92 490.25
Extra ordinary Items-Deferred tax 14.31 1.19 0.00 (0.8)
18
Life Insurance private sector
(Profit and Loss Account Rs .in millions)
For the year ended on 31st Dec. ___
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Profit/(loss) before tax and after extraordinary
items
0.00 (241.35
)
1715.92 489.45
Taxation (13.22) 191.84 (267.44)
(114.41)
Profit/(loss) after tax 749.46 (433.19
)
1448.18 375.04
Description 2009 2008 2007 2006
Authorized Share Capital 1500.00 1500.00 1000.00 1000.00
Issued, subscribed and paid up share
capital
1100.00 1100.00 900.00 900.00
Reserves & Retained Earnings 318.77 96.22 230.52 282.7
Net Shareholders Equity 1418.77 1196.22 230.52 282.7
Balance of Statutory fund 199445.29
177459.13
13156737.30
135979.78
Creditors and Accruals 15551.93 13344.61 10924.66 9271.36
Liabilities 1269.40 1117.67 1028.98 1034.77
Total Liabilities 216266.61
191921.41
168690 148266
Total Equity & Liabilities 217685.3
8
193117.6
3
169821.46 149448.6
5Cash & Bank Deposits 14944.49 18176.50 11718.60 144332.4
4
Loans 16401.55 13601.83 11446.19 9295.72
Investments net 177273 151424 137342.38 118024
Investment in properties - 2437.23 2331.22 2337.74
Other Assets 1269.40 1117.67 1028.98 1034.77
Tangible assets 15551.93 13344.61 10924.66 9271.36
Intangible Assets 318.77 96.22 230.52 282.7
Total Assets 217685.3
8
193117.6
3
169821.46 149448.6
5
19
Life Insurance public Sector
State Life Insurance Corporation of Pakistan
(Balance Sheet Rs .in millions)
As on 31st December
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Description 2009 2008 2007 2006Net Premium Income 28366.91 22695.27 18716.70 15991.57
Net Investment Income 21163.80 18696.91 17103.56 14678.55
Net rental income 274.15 231.92 316.44 163.73
Total Net Income 49804.86 41734.11 36136.69 30833.85
Net Claims 15723.59 12778.77 10782.85 8912.10
Net Management Expenses 11630.43 7998.49 6264.84 6479.75
Total claims and expenditures 27354.02 2077.25 17047.7 15391.67
Excess of Income over Claims 15551.93 15551.93 15551.93 15551.93
Add: Policyholder liabilities of
Beginning of year
199445.2
9
199445.2
9
199445.2
9
199445.2
9
Less: Policyholder liabilities End of
the period
956.17 708.66 819.69 48.50
Surplus/(Deficit) 7714.81 (1116.59) 6079.52 2713.79
20
Life Insurance public Sector
State Life Insurance Corporation of Pakistan
Revenue Account
For the ear ended on 31st December
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Description 2006 2007 2008 2009
Net Investment Income not attributable to
statutory fund
35.49 41.52 56.68 58.85
Gain/(loss) on sale of investments 32.89 777.71 4.07 35.49
Total Investment income 68.38 818.78 57.56 94.35
Other Revenue 4.37 58.39 11.80 13.34
Total investment Income and other revenues 72.76 877.17 (712.07
)
(68.52
)
Less: Expenses not attributable to statutoryfund
(2.459) (10.72) (13.31) (15.41)
Profit/(loss) before appropriation of surplus toshareholders fund
70.30 866.44 (725.39)
(83.93)
Add: Surplus appropriated to shareholders
fund from ledger A/C
267.46 568.30 410.43 731.65
Profit/(loss) before tax 337.76 1434.74 (314.95
)
647.72
Taxation (101.80
)
(227.45
)
(158.20
)
63.93
Profit/(loss) after tax 235.96 1207.29 (473.15
)
711.65
21
Life Insurance public Sector
State Life Insurance Corporation of Pakistan
(Profit and Loss accountRs .in millions)
For the year ended on 31st December
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Description 2006 2007 2008 2009
Share Capital and ReservesAuthorized Share Capital 500 1,000 1,000 1,000
Issued, subscribed and paid up sharecapital
300 500 750 750
Reserves & Retained Earnings 430.248 777.925 504.381 878.540
Net Shareholders Equity 730.248 1277.925 1254.381 1628.540
Balance of Statutory fund 6314.68
9
11130.26
8
9567.235 14767.46
6
Deferred Taxation 2.147 4.600 6.500 9.000
Creditors and Accruals 653.144 902.457 1129.632 1442.475
Total Liabilities 6969.980 12037.325 10703.367 16218.941
Total Equity & Liabilities 7700.22
8
13315.25
0
11957.74
8
17847.48
1
Cash & Bank Deposits 683.275 949.466 1425.424 1365.803
Loans 15.847 13.151 45.098 59.015
Investments(net) 6573.20
6
11757.14
0
9684.973 15053.38
9
Investment in properties
Other Assets 189.008 325.904 493.908 1019.066
Tangible assets 238.892 262.175 299.499 345.252Intangible Assets 0 7.414 8.846 4.956
Total Assets 7700.22
8
13315.25
0
11957.74
8
17847.48
1
Description 2006 2007 2008 2009Net Premium Income 3,042.3
24,431.55 6,807.13 6769.08
Net Investment Income 465.57 3027.91 (3,367.27
)
3098.27
Total Net Income 3507.88 7459.46 3439.86 9867.40
Net Claims 758.98 887.39 1,297.66 1,299.86
Net Management Expenses 1082.96 1787.80 2695.19 2635.66
22
EFU Life Assurance Company
Balance Sheet(Rs .in millions)
As on 31st December
EFU Life Assurance Company
Revenue Account (Rs .in millions)
For the year ended 31st December
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Description 2006 2007 2008 2009Total claims and expenditures 1841.94 2,675.19 3,992.85 3,935.52
Excess of Income over Claims andExpenditure
1665.94 4784.26 (552.99) 5,931.89
Add: Policyholder liabilities of Beginningof year
4804.55 6079.69 10259.94 9293.94
Less: Policyholder liabilities End of the
period
6079.67 1,0259.9
4
9293.94 14491.7
1
Surplus/(Deficit) 390.82 604.01 413.02 734.11
Description 2006 2007 2008 2009
Net Investment Income not attributable to
statutory fund
35.49 41.52 56.68 58.85
Gain/(loss) on sale of investments 32.89 777.71 4.07 35.49
Changes in fair value of derivative financial
instrument
- (0.45) (3.18) -
Total Investment income 68.38 818.78 57.56 94.35
Impairment of Shares - - (781.44
)
(176.21
)Other Revenue 4.37 58.39 11.80 13.34
Total investment Income and other
revenues
72.76 877.17 (712.07
)
(68.52)
Less: Expenses not attributable to statutory
fund
(2.459) (10.72) (13.31) (15.41)
Profit/(loss) before appropriation of surplus to
shareholders fund
70.30 866.44 (725.39
)
(83.93)
Add: Surplus appropriated to shareholders
fund from ledger A/C
267.46 568.30 410.43 731.65
Profit/(loss) before tax 337.76 1434.74 (314.95)
647.72
Taxation (101.80
)
(227.45
)
(158.20
)
63.93
Profit/(loss) after tax 235.96 1207.29 (473.15
)
711.65
23
EFU Life Assurance Company
Profit and Loss Account (Rs .in millions)
For the year ended 31st December
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Description 2006 2007 2008 2009Share Capital and Reserves
Authorized Share Capital 1,000 1,000 1,000 1,000
Issued, subscribed and paid up share
capital
627.120 627.120 627.120 627.120
Reserves & Retained Earnings (270.348
)
(145.892
)
(210.558
)
(80.6159
)
Net Shareholders Equity 356.772 481.228 416.562 546.505
Balance of Statutory fund 3318.280 4967.990 4629.457 6788.311
Deferred Taxation 0 0 0 0
Creditors and Accruals 366.668 402.597 596.858 989.164Total Liabilities 3684.948 5370.587 5226.315 7777.475
Total Equity & Liabilities 4041.720 5851.815 5642.877 8323.98
Cash & Bank Deposits 1506.956 2109.065 3257.997 2123.027
Loans 3.285 3.718 4.266 3.876
Investments(net) 2317.733 3481.067 2031.512 579.564
Investment in properties
Other Assets 139.966 175.936 254.523 499.398
Tangible assets 71.778 76.717 72.745 109.055
Intangible Assets 2.002 5.312 11.834 9.060
Total Assets 4041.720 5851.815 5642.877 8323.98
Description 2006 2007 2008 2009Net Premium Income 207707
6277707
63127200 405473
9
Net Investment Income 282182 697987 (700714
)
130288
3Total Net Income 235977
5
347506
3
2426486 535762
2
Net Claims 627801 100101
2
1549898 138875
6
Net Management Expenses 472712 719341 1126826 171001
2
24
New Jubilee Life Insurance Company
Balance Sheet (Rs .in millions)
As on 31st December
New Jubilee Life Insurance Company
Revenue Account (Rs .in Thousands)For the ear ended 31st December
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Description 2006 2007 2008 2009Total claims and expenditures 110051
3172035
32676724 309876
8
Excess of Income over Claims and
Expenditure
125926
2
175471
0
(250238
)
225885
4Add: Policyholder liabilities of Beginning of
year
205843
2
325622
9
4884339 447540
0
Less: Policyholder liabilities End of the
period
325622
9
488433
9
4475401 641673
5
Surplus/(Deficit) 61465 126600 158700 317520
Description 2006 2007 2008 2009
Net Investment Income not attributable to
statutory fund
16305 18130 21904 30203
Gain/(loss) on sale of investments 40745 31285 7656 (26733)
Changes in fair value of derivative financialinstrument
1425 1024 (139924)
74458
Total Investment income 58475 50439 (110364
)
77928
Other Revenue 1300 737 4698 2185
Total investment Income and other revenues 59775 51176 (105666
)
80113
Less: Expenses not attributable to statutory
fund
(4977) (7148) (10939) (19369
)
Profit/(loss) before appropriation of surplus toshareholders fund
54798 44028 (116605)
60744
Add: Surplus appropriated to shareholders
fund from ledger A/C
40000 106000 66633 100000
Profit/(loss) before tax 94798 150028 (49972) 160744
Taxation (12143
)
(24572
)
(5000) (30801
)
Profit/(loss) after tax 82655 125456 (54972) 129943
25
New Jubilee Life Insurance Company
Profit & Loss Account (Rs .in Thousands)For the year ended 31st December
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Description 2009 2008 2007 2006
Share Capital and ReservesAuthorized Share Capital 500 500 500 500
Issued, subscribed and paid up share capital 500 500 500 325
Reserves & Retained Earnings 81.07 (120.24)
(170.46)
(191.75)
Net Shareholders Equity 581.07 379.76 329.54 133.25
Balance of Statutory fund 2318.1
4
1961.53 1595.02 1279.67
Deferred Taxation 13.01
Creditors and Accruals 453.45 408.20 331.13 241.12
Total Liabilities 2771.5
9
2369.73 1926.15 1533.80
Total Equity & Liabilities 3352.6
6
2749.50 2255.69 1667.05
Cash & Bank Deposits 106.53 164.76 209.20 375.74
Loans 68.30 53.62 116.11 73.59
Investments(net) 2856.0
7
1801.34 1761.96 1096.47
Investment in properties
Other Assets 255.92 657.5 168.42 121.25
Tangible assets 65.83 72.28 - -Intangible Assets - - - -
Total Assets 3352.6
6
2749.50 2255.69 1667.05
Description 2009 2008 2007 2006Net Premium Income 1267 1048 802.05 655.04
Net Investment Income 248.39 - - -
Rental income 31.80 - - -
Total Net Income 1548.14 1048.50 802.05 655.04
Net Claims 363.07 332.23 261.60 230.16
Net Management Expenses 630.27 528.44 365.7 312.6
Total claims and expenditures 993.34 860.67 627.30 542.76
26
American life Insurance Company
(Balance SheetRs .in millions)
As on 31st December
American life Insurance Company
(Revenue Account Rs .in millions)
For the year ended 31st December
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Description 2009 2008 2007 2006
Excess of Income over Claims andExpenditure
554.62 187.83 174.75 112.28
Add: Policyholder liabilities of Beginning
of year
1649.62 1401.79 1140.08 918.49
Less: Policyholder liabilities End of the
period
(2099.63
)
(1649.62
)
(1401.7
)
(1140.08
)
Surplus/(Deficit) 104.49 3239.24 2716.53 2170.85
Description 2009 2008 200
7
2006
Net Investment Income not attributable to statutory
fund
37.85 32.14 13.01 13.42
Gain/(loss) on sale of investments 0.69 (.028) 0.97 (0.93
)
Changes in fair value of derivative financial
instrument
- - - -
Total Investment income 38.54 31.86 13.98 12.49Other Revenue 1.81 2 1.99 2
Total investment Income and other revenues 40.35 33.86 15.97 14.49
Less: Expenses not attributable to statutory fund (3.41) -2.52 0.84 (0.66)
Profit/(loss) before appropriation of surplus toshareholders fund
36.94 29.06 13.19 13.83
Add: Surplus appropriated to shareholders fund from
ledger A/C
59.20 49 33.71 27
Profit/(loss) before tax 94.14 78.06 46.9 40.83
Extra-Ordinary Items-Deferred Tax (33.65
)
(27.84
)
14.82 (0.39
)
Taxation - 14.82 - -
Profit/(loss) after tax 67.49 50.22 76.54 81.27
27
American life Insurance Company
(Profit and Loss Account Rs .in millions)
For the year ended 31st December
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Description 2009 2008Share Capital and Reserves
Authorized Share Capital 800 800Issued, subscribed and paid up share capital 500 500
Reserves & Retained Earnings 1.535 0.942
Net Shareholders Equity 501.53
5
500.94
2
Balance of Statutory fund 77.749 -
Deferred Taxation - 743
Creditors and Accruals 42.246 6.200
Total Liabilities 120.01
3
6.943
Total Equity & Liabilities 621.548
507.885
Cash & Bank Deposits 49.077 395.022
Loans - -
Investments(net) 490.42
8
96.040
Investment in properties - -
Other Assets 68.77 4.678
Tangible assets 9.081 8.020
Intangible Assets 4.181 4.125Total Assets 621.54
8
507.88
5
Description 2009 200
8
Net Premium Income 133.659 -Net Investment Income 1.576 -
Total Net Income 135.235 -
-
Net Claims 5.714 -
Net Management Expenses 65.197 -
Total claims and expenditures 122.337 -
-
28
Asia Care Health & life Insurance Company
(Revenue Account Rs .in millions)
For the year ended 31st December
Asia Care Health & Life Insurance Company
(Balance SheetRs .in millions)
As on 31st December
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Description 2009 200
8Excess of Income over Claims and Expenditure 12.898 -
Add: Policyholder liabilities of Beginning of year - -
Less: Policyholder liabilities End of the period 76453 -
-
Surplus/(Deficit) (63.555
)
-
Description 2006 2007 2008 2009
Share Capital and ReservesAuthorized Share Capital 250.000 500.000 500.000 500.000
Issued, subscribed and paid up share capital 200.000 352.000 413.600 454.960
Reserves & Retained Earnings (605.294
)
203.330 174.411 (305.591
)
Net Shareholders Equity 139.471 372.333 415.341 149.369
Advance Against Equity - - - 160.000
Balance of Statutory fund 119.725 111.940 119.822 162.256
Description 2009 2008
Net Investment Income not attributable to statutory fund 72.813 27.026
Gain/(loss) on sale of investments 6.168 -Changes in fair value of derivative financial instrument
Total Investment income 78.918 27.026
Other Revenue
Total investment Income and other revenues 78.981 27.026
Less: Expenses not attributable to statutory fund 13.181 23.454
Profit/(loss) before appropriation of surplus to shareholders fund 65.8 35.81
Add: Surplus appropriated to shareholders fund from ledgerA/C
Profit/(loss) before tax 65.8 3.58
Extra-Ordinary Items-Deferred Tax 0.743 (0.743)
Taxation (1.099
)
(1.896
)
Profit/(loss) after tax 65.444 0.942
29
Asia Care Health & life Insurance Company
(Profit and Loss Account Rs .in millions)
For the year ended 31st December
East West Life Insurance Company
(Balance SheetRs .in millions)As on 31st December
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Other liabilities 0.189 0.126 0.226 0.204
Creditors and Accruals 14.435 16.894 27.775 36.487
Total Liabilities 134.349 128.962 147.823 198.947
Total Equity & Liabilities 273.820 501.296 563.164 348.315
Cash & Bank Deposits 72.885 240.151 95.896 59.770Loans 18.587 17.966 10.933 9.464
Investments(net) 159.431 198.874 376.890 197.559
Investment in properties
Other Assets 14.895 17.917 32.834 31.257
Tangible assets 8.001 26.337 46.570 50.265
Intangible Assets Rs.20000 Rs.50000 Rs.40225 -
Total Assets 273.820 501.296 563.164 348.315
Description 2006 2007 2008 2009Net Premium Income 69.249 90.299 107.753 154.489
Net Investment Income 15.235 16.448 22.297 7.318
Total Net Income 84.484 106.74
7
130.054 161.807
Net Claims 35.863 67.192 78.079 94.895
Net Management Expenses 30.856 33.839 72.191 107.978Total claims and expenditures 66.719 101.03
2150.268 202.873
Excess of Income over Claims and Expenditure 17.764 5.715 (20.218)
(41.066)
Add: Policyholder liabilities of Beginning of
year
79.963 99.234 108.672 119.200
Less: Policyholder liabilities End of the period 99.234 108.67
2
119.200 156.942
Surplus/(Deficit) (1.507
)
(3.722) (30.745
)
(78.808
)
30
East West Life Insurance Company
(Revenue AccountRs .in Thousands)As on 31st December
East West Life Insurance Company
(Profit & Loss AccountRs .in Thousands)As on 31st December
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Description 2006 2007 2008 2009
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Net Investment Income not attributable to
statutory fund
9.063 7.912 7.686 7.767
Gain/(loss) on sale of investments 12.743 85.726 53.246 (125.580)
Changes in fair value of derivative financial
instrument
- - - (79.222)
Total Investment income 21.806 93.638 60.932 (197.0345
)
Other Revenue 1.054 - Rs(5195) Rs.14232
Total investment Income and other
revenues
22.861 93.638 60.927 (197.021)
Less: Expenses not attributable to statutory
fund
(6.010
)
(9.373
)
(15.406) (25.575)
Profit/(loss) before appropriation of surplus
to shareholders fund
16.851 84.265 45.520 (222.596)
Add: Surplus appropriated to shareholdersfund - - - -
Profit/(loss) before tax 16.851 84.265 45.520 (222.596)
Taxation (.882) (.905) (.812) (1.236)
Profit/(loss) after tax 15.969 83.362 44.708 (223.832)
32
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Graphical Representation of Financial Data
American Life Assurance Ltd. Company(Rs. In millions)
2006 2007 2008 2009Equity growth 133.25 329.54 379.76 581.07
Balance Sheet growth 1533.80 1926.15 2369.73 2771.59
Net premium income 655.04 802.05 1048.5 1267.95
Net profit after tax 81.27 76.54 50.22 62.49
Investment 1096.47 1761.96 1801.34 2854.07
Amarican Life Insurance Company
0
500
1000
1500
2000
2500
3000
2006 2007 2008 2009
Equity Growth
Balance Sheet
Growth
Net Premium Income
Net Profit After Tax
Investment
Asia Care Health & Life Insurance Co. (Rs. In millions)
2006 2007 2008 2009Equity growth - - 500.942 501.535
Balance Sheet growth - - 507.885 621.548
Net premium income - - - 133.659
Net profit after tax - - 0.942 65.444
Investment - - 96.040 490.428
33
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0
100
200
300
400
500
600
700
2008 2009
Asia Care Health & Life Insurance Co.
Equity Growth
Balance SheetGrowth
Net premium
IncomeNet Profit after tax
Investment
East West Life Assurance
(Rs in millions)
2006 2007 2008 2009Equity growth 139.471 372.333 415.341 149.369
Balance Sheet growth 134.349 128.963 147.823 198.947
Net premium income 69.249 90.299 107.753 154.489
Net profit after tax 15.969 83.362 44.708 (223.833)
Investment 159.431 198.875 367.890 197.559
-300
-200
-100
0
100200
300
400
500
2006 2007 2008 2009
East West Life Assurance
Equity Growth
Balance Sheet Growth
Net premium income
Net profit after tax
Investment
34
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EFU Life Assurance Ltd. Company(Rs. In millions)
2006 2007 2008 2009Equity growth 730.248 1277.925 1254.381 1628.540
Balance Sheet growth 6969.980 12037.325 10703.367 16218.941
Net premium income 304.320 4431.550 6807.130 6769.080
Net profit after tax 235.960 1207.290 (473.150) 711.650
Investment 6573.207 11757.140 9684.973 15053.389
EFU Life Assurance Ltd. Company
-5000
0
5000
10000
15000
20000
2006 2007 2008 2009
Equity
Growth
Balance
Sheet Growth
Net premium
income
net profit after
tax
investment
New Jubilee Life Insurance company (Rs. In millions)
2006 2007 2008 2009
Equity growth356.772 481.228 416.562 546.505
Balance Sheet growth 3684.948 5370.587 5226.315 7777.475
Net premium income 2077.593 2777.076 3127.200 4054.739
Net profit after tax 82.655 125.456 (54.972) 129.943
Investment 2317.733 3481.067 2031.512 5579.564
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-1000
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
2006 2007 2008 2009
Equity Growth
Balance Sheet
Growth
Net premium
incomeNet profit after tax
Investment
State Life Insurance company(Rs. In Billions)
2006 2007 2008 2009Equity growth 1.18274 1.130 1.196 1.419
Balance Sheet growth 148.266 168.690 191.921 216.267
Net premium income 15.991 18.7167 22.695 28.367
Net profit after tax0.283 0.23052 0.29622 0.31877
Investment 118.025 137.342 1514.241 177.274
0
200
400
600
800
1000
1200
1400
1600
2006 2007 2008 2009
Equity Growth
Balance Sheet
growth
Net Premium
Income
Net Profit after tax
Investment
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Comparison Between Private & Public Sector
1. Equity Growth
0
500
1000
1500
2000
2500
3000
3500
4000
Private Public
2006
2007
2008
2009
2. Balance Sheet Growth
0
50000
100000
150000
200000
250000
public private
2006
2007
2008
2009
3. Net Premium Income
0
5000
10000
15000
20000
25000
30000
public private
2006
2007
2008
2009
37
-
8/7/2019 Final IRM Project
38/38
4. Net Income after tax
-500
0
500
1000
1500
public private
2006
2007
2008
2009
5. Investments
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
public private
2006
2007
2008
2009
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