condensed interim financial informationallied bank limited habib bank limited js bank limited bank...

1IGI INSURANCE Nine Months Report September 2015

Shareholder’s Information

Pattern of Shareholding

Directors’ Report to the Shareholders on Consolidated

Consolidated Condensed Interim Financial Information

Condensed Interim Financial Information

Company Information2 -

5 -

22 -

23 -

42 -

43 -

Unconsolidated Condensed Interim Financial Information

Directors’ Report to the Shareholders on UnconsolidatedCondensed Interim Financial Information

3 -

2

Board of DirectorsSyed Babar Ali (Chairman)Shamim Ahmad KhanSyed Yawar AliSyed Shahid AliSyed Hyder AliFaryal JoomaOsman Khalid WaheedTahir Masaud

Chief Executive OfficerTahir Masaud

Chief Financial Officer& Company Secretary

Abdul Haseeb

Audit CommitteeShamim Ahmad Khan (Chairman)Syed Yawar AliSyed Hyder AliFaryal JoomaMuhammad Junaid Qamar (Secretary)

Investment CommitteeSyed Hyder Ali (Chairman)Shamim Ahmad KhanOsman Khalid WaheedSyed Yawar AliTahir MasaudAbdul Haseeb (Secretary)

Claims CommitteeShamim Ahmad Khan (Chairman)Tahir MasaudAbdul HaseebAsad Ali Siddiqui (Secretary)

Underwriting CommitteeSyed Hyder Ali (Chairman)Tahir MasaudFaisal KhanHaider AliSyed Matin Ahmed (Secretary)

BankersAllied Bank LimitedHabib Bank LimitedJS Bank LimitedBank Islami Pakistan LimitedMCB Bank LimitedStandard Chartered Bank(Pakistan) Limited

AuditorsA.F. Ferguson & Co.Chartered Accountants

Internal AuditorsErnst & Young Ford RhodesSidat HyderChartered Accountants

Legal AdvisorsRamday Law AssociatesHassan & HassanLari & Company

Share RegistrarFAMCO Associates (Private)Limited8-F, Next to Hotel Faran,Nursery, Block-6, P.E.C.H.S.,Shahrah-e-Faisal, Karachi

Registered & Head Office7th Floor, The Forum,Suite Nos. 701-713, G-20,Block-9,Khayaban-e-Jami, Clifton,Karachi-75600, Pakistanwww.igiinsurance.com.pk

ContactUAN: 111-308-308Toll Free No: 0800-2-34-34FAX: 92-21-35301729

Re-Insurance &Co-Insurance Committee

(Chairman)

Syed Hyder Ali (Chairman)Tahir MasaudFaisal Khan (Secretary)

Human Resources &Compensation Committee

Syed Yawar Ali (Chairman)Syed Shahid AliSyed Hyder AliFaryal JoomaTahir MasaudKaifee Siddiqui (Secretary)

Enterprises RiskManagement Committee

Tahir Masaud (Chairman)Faisal KhanAbdul Haseeb (Secretary)

Faysal Bank LimitedNational Bank of PakistanHabib Metropolitan BankNIB Bank LimitedSoneri Bank Limited


For and on behalf of the Board

Syed Babar AliChairman

Lahore: October 22, 2015

The Directors of IGI Insurance take pleasure in presenting their review together with the unconsolidatedcondensed interim financial information (un-audited) for the nine months ended September 30, 2015.

During the period, your Company achieved growth in gross written premium of 10% posting Rs 1,976million as compared to that of Rs 1,798 million in the corresponding period of 2014. The net retainedpremium increased by 6% as compared to that of corresponding period. Net claims for the periodwere lower by 8%. Investment income during the period amounted to Rs 1,236 million as comparedto Rs 605 million in the corresponding period, mainly due to higher dividend income and gain on saleof an investment.

The Company’s profit for the period and earnings per share amounted to Rs 1,083 million and Rs8.83 per share respectively as compared to Rs 511 million and Rs 4.16 per share for the same periodin 2014.

During the period, IGI Insurance acquired the remaining 6,148,003 shares (representing 12.293%of the issued paid up capital) of IGI Life Insurance Limited as per the terms and conditions of SalesPurchase Agreement with ALICO USA, thereby bringing the total holding of IGI Insurance in IGI Lifeto 81.97%.

We cherish the support and patronage received from our business partners and all stakeholders aswell as the dedicated and sincere efforts of our employees.

UNCONSOLIDATEDCondensed Interim

Financial Informationfor the Nine Months Ended

September 30, 2015

Share capital and reserves

Authorised share capital[200,000,000 (December 31, 2014: 200,000,000)

Ordinary shares of Rs.10/- each]

Issued, subscribed and paid up share capitalUnappropriated profitReserves

2,000,000

1,226,8951,881,4718,470,780

11,579,146

2,000,000

1,226,8952,964,7157,857,332

12,048,942

Underwriting provisions

Provision for outstanding claims [including IBNR]Provision for unearned premiumCommission income unearned

Creditors and accruals

Premium received in advanceAmounts due to other insurers / reinsurersAccrued expensesSundry creditors

BorrowingsShort term finance - securedLong term finance - secured

Other liabilitiesUnclaimed dividend

TOTAL EQUITY AND LIABILITIESCONTINGENCIES

8

640,512648,17172,750

1,361,433

617,379941,99499,991

1,659,364

703

330350,027117,584318,666786,607

330466,767124,477338,944930,518

260,596

2,851,181TOTAL LIABILITIES

14,900,123 14,491,922

- - -

79,830675,000754,830

8,676

2,912,776

September 30,2015

December 31,2014

Note(Rupees in thousand)

Un-audited Audited

Deferred taxation 1,230

9

6

Principal Officerand Chief Executive

DirectorDirectorChairman

Cash and bank deposits

Cash and other equivalentsCurrent and other accountsDeposits maturing within 12 months

Investments

Investment property


Fixed assets

TangibleFurniture, fixtures and office equipmentsBuildingsMotor vehiclesCapital work-in-progress

IntangiblesComputer software

Current assets - others

Premiums due but unpaid - unsecuredAmounts due from other insurers / reinsurers - unsecuredAccrued income on investments and depositsReinsurance recoveries against outstanding claimsPrepayments: - prepaid reinsurance premium ceded - othersTaxation - payments less provisionSundry receivables

10

260180,354470,000650,614

12,107,586

121,937

43156

315,000315,199

12,196,544

127,363

September 30,2015

December 31,2014

Note(Rupees in thousand)

12

406,958

424,2514,225

341,397

442,67226,89520,39188,335

1,755,124

19,296147,96159,11736,095

262,469

2,393

275,139

474,76627,784

336,040

309,85819,51995,45074,082

1,612,638

25,468157,05553,333

-235,856

Un-audited Audited

4,322

11

TOTAL ASSETS 14,900,123 14,491,922

The annexed notes 1 to 18 form an integral part of this unconsolidated condensed interim financial information.



8

Revenue accountNet premium revenueNet claimsManagement expensesNet commission

Underwriting result

Investment incomeRental incomeReturn on bank balancesOther incomeFinancial chargesGeneral and administrative expenses

Profit before taxationTaxationProfit after taxationOther comprehensive incomeTotal comprehensive income

Earnings per share - basic and diluted (Rupees) (note 15)

Balance of unappropriated profit at the commencement of the period

Revenue accountNet premium revenueNet claimsManagement expensesNet commission

Underwriting result


Profit before taxationTaxationProfit after taxationOther comprehensive incomeTotal comprehensive income

Profit after taxationTransferred from general reserveFinal dividend for the year ended 31 December 2014 Rs. 3 per share (2013: Rs. 1.5 per share)Transferred from general reserveInterim dividend for the year ending 31 December 2015 Rs. 2 per share (2014: Re Nil per share)

Balance of unappropriated profit at the end of the period

326,925(39,628)287,297

-287,297

274,083(116,193)(89,258)

3,55972,191

34,146(10,845)(13,628)(5,225)

4,448

27,100(23,816)(12,455)(1,164)

(10,335)

163,175(81,526)(25,672)(15,344)

40,633

37,100(17,439)(10,848)

10,79719,610

12,56217,433

(26,655)14,49517,835

240,246(133,626)(78,626)

10,43138,425

297,3041,3717,941(854)(170)

(50,858)

144,6041,1269,4161,263

(22,732)(35,179)

136,923(4,037)

132,886-

132,886

2.34 1.08

254,734 98,498

September 30,2015

Aggregate

Marine,aviation andTransport

Health Miscellaneous September 30,2014

Aggregate

Motor Fire andPropertyDamage

835,435(437,667)(267,775)

46,454176,447

92,623(37,781)(32,919)(6,217)15,706

78,475(65,630)(19,217)(2,470)(8,842)

462,630(236,771)(91,177)(45,807)

88,875

139,751(59,457)(37,439)

34,27277,127

61,956(38,028)(87,023)

66,6763,581

789,393(473,259)(254,533)

62,637124,238

Marine,aviation and

Transport

Health MiscellaneousMotor Fire andPropertyDamage

1,881,471

1,278,460 (195,216)

1,083,244-

1,235,7483,264

17,3592,165

(24,122)(132,401)1,102,013

1,083,244

1,063,254

585,759(74,907)

510,852-

605,1663,379

25,9696,675

(53,127)(126,541)

461,521

510,852

Rupees in thousand

Rupees in thousand

Quarter ended

September 30,2015

Aggregate

September 30,2014

Aggregate

Nine months ended

1,083,244368,069

(368,069)245,379

(245,379)1,083,2442,964,715

510,852167,304

(167,304)--

510,8521,574,106




Earnings per share - basic and diluted (Rupees) (note 15) 8.83 4.16


Reserves

Balance as at January 1, 2014

Profit after taxation for the nine months ended September 30, 2014

Other comprehensive income for the period

Total comprehensive income for the nine months ended September 30, 2014

Transfer from general reserve to unappropriated profit

Transfer from general reserve to reserves for bonus shares

Transactions with owners, recorded directly in equity

Final dividend for the year ended December 31, 2013 - Rs. 1.5 per share

Bonus shares issued for the year ended December 31, 2013

Balance as at September 30, 2014

Profit after taxation for the three months ended December 31, 2014

Other comprehensive income for the period - Re-measurement of post employment benefit obligations - net of tax

Total comprehensive income for the three months ended December 31, 2014

Balance as at December 31, 2014


Other comprehensive income for the period




Transactions with owners, recorded directly in equity

Final dividend for the year ended December 31, 2014 - Rs. 1.5 per share

Interim dividend for the year ending December 31, 2015 - Rs. 2 per share



GeneralReserve

Unappro-priatedProfits

( R u p e e s i n t h o u s a n d )

Issued,subscribedand paid-up sharecapital

Premiumon Issueof Shares

OtherCapital

Reserves

Capital Reserves RevenueReserves

TotalReserve

for BonusShares

1,115,359

-

-

-

-

-

-

111,536

1,226,895

-

-

-

1,226,895

-

-

-

-

-

-

-

1,226,895

35,762

-

-

-

-

-

-

-

35,762

-

-

-

35,762

-

-

-

-

-

-

-

35,762

-

-

-

-

-

111,536

-

(111,536)

-

-

-

-

-

-

-

-

-

-

-

-

-

33,267

-

-

-

-

-

-

-

33,267

-

-

-

33,267

-

-

-

-

-

-

-

33,267

8,680,591

-

-

-

(167,304)

(111,536)

-

-

8,401,751

-

-

-

8,401,751

-

-

-

(368,069)

(245,379)

-

-

7,788,303

1,063,254

510,852

-

510,852

167,304

-

(167,304)

-

1,574,106

311,949

(4,584)

307,365

1,881,471

1,083,244

-

1,083,244

368,069

245,379

(368,069)

(245,379)

2,964,715

10,928,233

510,852

-

510,852

-

-

(167,304)

-

11,271,781

311,949

(4,584)

307,365

11,579,146

1,083,244

-

1,083,244

-

-

(368,069)

(245,379)

12,048,942



10

Operating activities

Premiums receivedReinsurance premiums paidClaims paidReinsurance and other recoveries receivedCommissions paidCommissions received

a) Underwriting activities

Income tax paidGeneral management expenses paidOperating payments - net

b) Other operating activities

Total cash generated from all operating activities

Investment activitiesProfit / return receivedDividends receivedPayments for investmentsProceeds from disposal of investmentsFixed capital expenditureProceeds from disposal of fixed assets

Total cash generated from / (used in) investing activities

Financing activitiesDividends paidFinancial charges paidLoan (repaid) / received

Total cash (used in) / generated from financing activities

Net cash inflow from all activities

Cash at the beginning of the period

Cash at the end of the period

1,607,287(853,432)(577,173)

327,344(105,937)

224,156622,245

(70,668)(295,102)(94,206)

(459,976)

34,704520,659

(836,748)-

(111,980)15,486

(167,377)(40,384)800,000

162,269

(377,879)

592,239

376,629

(75,509)

301,120

Net cash generated from underwriting activities

Net cash used in other operating activities

1,844,025(812,145)(827,832)

361,675(147,461)

231,117649,379

(120,684)(297,578)(56,631)

(474,893)

52,734822,222

(129,315)628,157(67,482)

14,432

(361,528)(43,461)

(675,000)

174,486

1,320,748

(1,079,989)

415,245

235,369

650,614

September 30,2015

September 30,2014

(Rupees in thousand)

Nine months ended





September 30,2015

September 30,2014

(Rupees in thousand)Reconciliation to profit and loss account

Operating cash flows

Depreciation / amortisation

Financial charges

Gain on disposal of fixed assets

Increase in assets other than cash

Decrease in liabilities

Return on bank balances

Dividend and other investment income

Profit after taxation

174,486

(35,957)

(24,122)

2,165

166,048

(460,654)

17,359

1,243,919

1,083,244

Cash comprises of cash in hand and at banks, stamps in hand, short term placements with banks and short termrunning finance

Definition of cash

Current and other accounts - Current accounts - Saving accounts

Deposits maturing within 12 months

Short term running finance

1,08484

1,168

305,000

(5,298)

178,3801,974

650,614

470,000

-

180,354

Cash for the purpose of statement of cash flows consists of:

Cash and other equivalents - cash in hand 250260

301,120

Nine months ended

162,269

(33,560)

(53,127)

6,675

435,236

(645,199)

25,969

612,589

510,852




12

Business underwritten inside Pakistan

Prepaid ReinsurancePremium Ceded

Direct and facultative

Fire and Property Damage

Marine, Aviation and Transport

Motor

Health

Miscellaneous

Total

Class

225,043

91,744

160,722

53,876

114,165

645,550

352,340

26,525

334,262

44,401

108,688

866,216

374,258

24,792

330,733

71,177

141,034

941,994

203,125

93,477

164,251

27,100

81,819

569,772

220,219

56,279

-

-

78,730

355,228

310,096

13,679

2,332

-

57,026

383,133

339,752

13,581

1,256

-

88,083

442,672

190,563

56,377

1,076

-

47,673

295,689

12,562

37,100

163,175

27,100

34,146

274,083

15,262

39,747

138,081

25,156

22,000

240,246

Net Premium Revenue

PremiumsWritten

Unearned PremiumsReserve

Opening Closing

PremiumsEarned

ReinsuranceCeded

Opening Closing

ReinsuranceExpense Sep 30,

2015Sep 30,

2014


Quarter Ended

For the quarter ended September 30, 2015

Prepaid ReinsurancePremium Ceded




Motor

Health

Miscellaneous

Total

Class

719,463

309,529

565,434

109,261

272,157

1,975,844

276,469

18,177

231,206

40,391

81,928

648,171

374,258

24,792

330,733

71,177

141,034

941,994

621,674

302,914

465,907

78,475

213,051

1,682,021

653,727

166,977

4,306

-

154,390

979,400

245,743

9,767

227

-

54,121

309,858

339,752

13,581

1,256

-

88,083

442,672

559,718

163,163

3,277

-

120,428

846,586

61,956

139,751

462,630

78,475

92,623

835,435

62,328

144,158

407,310

106,236

69,361

789,393

Net Premium Revenue

PremiumsWritten

Unearned PremiumsReserve

Opening Closing

PremiumsEarned

ReinsuranceCeded

Opening Closing

ReinsuranceExpense Sep 30,

2015Sep 30,

2014


Nine months ended

For the nine months ended September 30, 2015








Motor

Health

Miscellaneous

Total

157,492

40,743

84,721

26,071

17,492

326,519

323,034

128,123

119,934

39,228

97,952

708,271

190,568

133,817

116,739

36,973

139,282

617,379

25,026

46,437

81,526

23,816

58,822

235,627

126,292

18,192

-

-

11,966

156,450

248,670

44,124

14,687

-

70,932

378,413

164,837

54,930

14,687

-

106,943

341,397

42,459

28,998

-

-

47,977

119,434

(17,433)

17,439

81,526

23,816

10,845

116,193

26,015

30,501

59,098

16,361

1,651

133,626


Class

Net Claims Expense Claimspaid Outstanding Claims

Opening Closing

Claimsexpense

Reinsuranceand otherrecoveriesreceived

Opening Closing

Reinsuranceand otherrecoveriesrevenue

Sep 30,2015

Sep 30,2014


Reinsurance andother recoveriesin respect of out-standing claims Quarter Ended




Motor

Health

Miscellaneous

Total

255,497

162,804

247,323

65,930

96,278

827,832

214,057

158,427

127,291

37,273

103,464

640,512

190,568

133,817

116,739

36,973

139,282

617,379

232,008

138,194

236,771

65,630

132,096

804,699

210,629

85,320

-

-

65,726

361,675

181,486

61,513

14,687

-

78,354

336,040

164,837

54,930

14,687

-

106,943

341,397

193,980

78,737

-

-

94,315

367,032

38,028

59,457

236,771

65,630

37,781

437,667

41,170

123,458

210,631

76,169

21,831

473,259


Class

Net Claims Expense Claimspaid Outstanding Claims

Opening Closing

Claimsexpense

Reinsuranceand otherrecoveriesreceived

Opening Closing

Reinsuranceand otherrecoveriesrevenue

Sep 30,2015

Sep 30,2014


Reinsurance andother recoveriesin respect of out-standing claims

Nine months ended





14



Class



Motor

Health

Miscellaneous

Total


-

-

-

-

-

-

-

-

-

-

-

-

37,466

9,763

15,344

1,164

13,668

77,405

64,121

20,611

41,016

13,619

27,296

166,663

26,655

10,848

25,672

12,455

13,628

89,258

10,042

(733)

36,283

7,267

15,336

68,195

12,160

51

41,016

13,619

18,853

85,699

51,961

20,560

-

-

8,443

80,964

37,466

9,763

15,344

1,164

13,668

77,405

Sep 30,2014

CommissionsPaid or

Payable

DeferredCommission

Opening Closing Sep 30,2015

NetCommission

Expenses

OtherManagement

Expenses Underwriting

Expense

*Commissionsfrom

Reinsurers

Net underwritingexpense

Quarter Ended


* Commissions from reinsurers is arrived after taking impact of opening and closing unearned commission.


Class



Motor

Health

Miscellaneous

Total


-

-

-

-

-

-

-

-

-

-

-

-

53,249

26,178

45,807

2,470

29,718

157,422

140,272

63,617

136,984

21,687

62,637

425,197

87,023

37,439

91,177

19,217

32,919

267,775

26,962

5,442

113,864

17,392

28,236

191,896

20,347

3,167

136,984

21,687

39,136

221,321

119,925

60,450

-

-

23,501

203,876

53,249

26,178

45,807

2,470

29,718

157,422

Sep 30,2014

CommissionsPaid or

Payable

DeferredCommission

Opening Closing Sep 30,2015

NetCommission

Expenses

OtherManagement

Expenses Underwriting

Expense

*Commissionsfrom

Reinsurers

Net underwritingexpense

Nine months ended






Income from non-trading investments

Held to maturity

Return on government securities

Dividend income on available for sale investments

Dividend income on investment in associates

(Provision) / reversal of provision for diminution in value

of investments

Gain on sale of available for sale investments

Less: Investment related expenses

Net investment income


3,911

219,489

-

(6,725)

82,361

(1,732)

297,304

3,915

131,872

-

10,287

-

(1,470)

144,604

Sep 30,2015

Sep 30,2014

Quarter Ended

11,813

632,024

190,198

(68,238)

478,122

(8,171)

1,235,748

11,346

483,454

169,065

(51,276)

-

(7,423)

605,166

Sep 30,2015

Sep 30,2014

Nine months ended




16

IGI Insurance Limited ("the Company"), a Packages Group Company, was incorporated as a public limited companyin 1953 under Companies Ordinance, 1984 and is quoted on the Karachi, Lahore and Islamabad Stock Exchanges andis engaged in providing general insurance services in spheres of Fire, Marine, Motor, Health and Miscellaneous. Theregistered office of the Company is situated at 7th floor, The Forum, Suite No. 701-713, G-20, Block 9, Khayaban-e-Jami, Clifton, Karachi.

IGI Insurance Limited (the “Company”) and American Life Insurance Company U.S.A entered into a share purchaseagreement dated January 21, 2013 (the “SPA”) in respect of the sale by ALICO of its 40,986,690 ordinary shares representingapproximately 81.97% of the total issued, subscribed and paid up capital of American Life Insurance Company (Pakistan)Limited (“ALICO Pakistan”) to the Company, subject to certain terms and conditions as stated in the SPA (the “Transaction”).The consummation of the Transaction was subject to regulatory approvals and completion of the requirements of the ListedCompanies (Substantial Acquisition of Voting Shares and Takeover) Ordinance, 2002 (the “Takeover Ordinance”) includingthe mandatory tender offer for shares to the remaining shareholders of ALICO Pakistan pursuant to the Takeover Ordinance.The Company sought required regulatory approvals and complied with all the requirements of public offer pursuant to theTakeover Ordinance, 2002.

The Company acquired control of ALICO Pakistan by acquiring 34,838,687 ordinary shares (representing 69.677% of theissued and paid up capital) of ALICO Pakistan on April 10, 2014. Accordingly, ALICO Pakistan became a subsidiary ofthe Company as at the aforementioned date and its name was changed to IGI Life Insurance Limited. During the currentperiod, the Company acquired remaining 6,148,003 shares (representing 12.293% of the issued and paid up capital) ofIGI Life Insurance Limited.

STATUS AND NATURE OF BUSINESS1.

This unconsolidated condensed interim financial information has been prepared in accordance with the requirementsof the International Accounting Standard 34 - 'Interim Financial Reporting', provisions of the Companies Ordinance,1984, the Insurance Ordinance, 2000, the SEC (Insurance) Rules, 2002 and directives issued by the Securities andExchange Commission of Pakistan (SECP). In case where the requirements differ, the provisions of the CompaniesOrdinance 1984, the Insurance Ordinance, 2000, the SEC (Insurance) Rules, 2002 and the said directives prevail.

STATEMENT OF COMPLIANCE2.

This unconsolidated condensed interim financial information is un-audited and is being submitted to the shareholdersin accordance with the listing regulations of Karachi and Lahore Stock Exchanges and section 245 of the CompaniesOrdinance, 1984. This unconsolidated condensed interim financial information of the Company has been prepared inaccordance with the approved accounting standards as applicable in Pakistan for interim financial reporting.

This unconsolidated condensed interim financial information does not include all the information and disclosures requiredin the annual financial statements, and should be read in conjunction with the Company's annual financial statements forthe year ended December 31, 2014.

This unconsolidated condensed interim financial information is the separate financial information of the Company in whichinvestment in subsidiary is carried at cost and is not consolidated. The consolidated condensed interim financial informationis being issued separately.

BASIS OF PRESENTATION3.

The accounting policies and methods of computation adopted in the preparation of this unconsolidated condensedinterim financial information are the same as those applied in the preparation of the annual financial statements for theyear ended December 31, 2014.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES4.


The preparation of the unconsolidated condensed interim financial information requires management to make judgments,estimates and assumptions that affect the application of accounting policies and the reported amounts of assets andliabilities, income and expenses. Actual results may differ from these estimates.

In preparing this unconsolidated condensed interim financial information, the significant judgments made by managementin applying the Company's accounting policies and the key sources of estimating uncertainty were the same as thoseapplied to the annual financial statements for the year ended December 31, 2014. The Company intends to have anactuarial valuation in respect of staff retirement benefit plan for 2015 conducted at the year end. Hence actuarial gains /losses are not quantifiable and are also considered immaterial by the management. Accordingly the resulting impact hasnot been accounted for in this unconsolidated condensed interim financial information.

SIGNIFICANT ESTIMATES AND JUDGEMENT5.

The financial and insurance risk management objectives and policies are consistent with those disclosed in the annualfinancial statements of the Company for the year ended December 31, 2014.

FINANCIAL AND INSURANCE RISK MANAGEMENT6.

There is no movement in the amount of premium deficiency reserve recognised as at December 31, 2014 as theCompany intends to have an actuarial valuation in respect of premium deficiency reserve for 2015 conducted at theyear end.

PREMIUM DEFICIENCY RESERVE7.

Running finance facilities available from various commercial banks under mark-up arrangements amount to Rs. 1,950million (2014: Rs. 1,950 million). The rates of mark-up on these facilities range from 8.22% to 10.88% per annum (2014:11.31% to 11.84% per annum) and are payable latest by October 15, 2015. Running finances are secured againstpledge of shares held by the Company. Term finance facilities available from various commercial banks under mark-up arrangements amount to Rs. 300 million (2014: Rs. 300 million). (2014: 10.55% to 11.59% per annum). Term financeis secured against pledge of shares held by the Company.

BORROWINGS8.

8.1

There is no material change in the status of contingencies as disclosed in the annual financial statements of the Companyfor the year ended December 31, 2014 except for the following;

CONTINGENCIES - TAXATION9.

The Company obtained a long term finance facility amounting to Rs. 1,500 million during 2013 for the purpose ofacquisition of Met Life Alico, out of which Rs. 800 million was availed during the half year ended June 30, 2014. Principalrepayment was to be made in 10 equal semi-annual installments starting from the 30th month after the first disbursementand subsequently, six months thereafter. The first disbursement was on April 7, 2014. However, during the currentperiod the Company has repaid the entire loan.

8.2

'In respect of tax year 2008, the Honorable High Court has dismissed the petition by directing the Company to submitits responses to the assessing authority. Moreover, the Honorable High Court has directed the assessing authority topass the order, preferably within two months of the service of the Court’s order, strictly in accordance with law keepingin view the provisions relating to insurance business and the decisions of the High Court and the SupremeCourt on the subject issues. However, to-date no notice has been received from the taxation authorities.

-

'In respect of tax year 2009, the Additional Commissioner Inland Revenue (ACIR) has passed an amended assessmentorder under section 122(5A) of the Ordinance wherein tax on dividend income, commission income and property incomehas been charged at corporate tax rate (i.e. 35% for the year) by treating such income as business income of theCompany under Fourth Schedule to the Ordinance. As a result of the amended assessment demand of Rs.31.42 millionwas created. Against the treatment meted out by the ACIR, the Company has filed an appeal before the CommissionerInland Revenue (Appeals) which is pending adjudication.

-

The management and tax advisor of the Company are confident that the above matters will be decided in the Company'sfavor. Accordingly, no provision has been recognised in this unconsolidated condensed interim financial information.

18

Advances - considered goodSecurity depositsAgent balancesSales tax receivableSalvage recoverableOthers

SUNDRY RECEIVABLES11.

(Un-audited)September 30,

2015


(Audited)December 31,

2014

2,3539,320

56613,49411,78236,56774,082

3,15422,627

45914,7076,150

41,24388,340

Market value of investments as at September 30, 2015 is Rs. 63, 009 million (December 31, 2014: Rs. 63,107 million).10.1

The investments comprise of the following:Investment in Subsidiary - IGI Life Insurance Company Limited[formerly American Life Insurance Company (Pakistan) Limited]Investment in quoted associateHeld to maturity- Government securitiesAvailable for sale- Quoted - Unquoted


2015

INVESTMENTS10.



2014

10.1

10.1

10.1

10.1

858,831

3,645,079

124,440

7,329,864149,372

7,479,236

12,107,586

729,846

3,710,955

124,109

7,476,837154,797

7,631,634

12,196,544

Note

Opening book valueAdd: Additions during the period / year

Less:Net book value of assets disposed of / transferred during the period / yearDepreciation for the period / year

Capital work in progressClosing book value

FIXED ASSETS - Tangible12.

235,85631,385

267,241

12,26728,60040,86736,095

262,469

216,93662,983

279,919

9,86134,20244,063

-235,856


Related parties comprise of subsidiary, related group companies, directors of the Company, key managementpersonnel, major shareholders, post employment benefit plans and other related parties. The Company in thenormal course of business carries out transactions with various related parties at agreed / commercial terms andconditions. Amounts due to / from and other significant transactions, other than those disclosed else where in thesefinancial statements, are as follows:

TRANSACTIONS WITH RELATED PARTIES13.

Premium underwrittenPremium collectedClaims expenseCommission expenseCommission paidRental incomeFixed assets purchasedFixed assets disposedInvestment property purchasedDividend receivedDividend paidRent expenseRent paidSecurity depositsKey management personnel compensationInvestment / (divestment) in shares -net of provision for impairmentCertificates of Deposit maturedProfit on Certificates of DepositBrokerage commissionConsultancy chargesDonations paidContribution to gratuity fundContribution to provident fundCharge for Administrative ServicesInsurance premium paid

Transactions

Premium receivableCommission payableInvestment in sharesProfit receivable on Certificates of DepositOther receivablePayable in respect of Administrative ServicesSecurity depositsPrepaid rentPayable to gratuity fundReceivable from provident fund

Balances

2015(Rupees in thousands)

Subsidiary

2014 2015(Rupees in thousands)

Post employmentbenefit plans

2014 2015(Rupees in thousands)

Key Managementpersonnel

(including directors)2014 2015

(Rupees in thousands)

Other relatedparties

2014

739

-

858,831

-

916

6,000

-

-

-

-

-

-

729,846

-

701

-

-

-

-

-

1,8441,121

441----

89-------

128,985-------

6,0003,376

29287

-------------

729,846--------504

-

-

-

-

-

-

-

-

(2,094)

218

-

-

-

-

-

-

-

-

(1,832)

1,452

---------------

------

5,4866,919

--

---------------

------

4,0556,671

--

119

-

-

-

-

-

-

-

-

-

547

-

-

-

-

-

-

-

-

-

1,193930429

----

7,793--

158,148---

74,829

----------

894530--------

45,964---

51,859

----------

474,443452,327250,196

3,7855,4342,840

69341

-814,14361,79414,82021,735

660-

(215,911)--3,5523,5001,339----

427,350450,48574,0064,5646,4573,379

31,607-

54,648645,24717,04213,47319,760

600-

(15,145)125,00017,6272,4041,000

10,000----

110,315

9,865

10,609,488

-

35,986

-

6,949

21,735

-

-

46,229

7,710

10,825,399

19,890

30,917

-

6,289

10,593

-

-

20

There is no change in the basis of segmentation or the measurement basis of segment profit or loss sinceDecember 31, 2014. Class of business wise revenue and results have been disclosed in the unconsolidatedcondensed interim statement of premiums and profit and loss account, respectively, prepared in accordancewith the requirement of Insurance Ordinance, 2000 and the SEC (Insurance) Rules, 2002.

SEGMENT REPORTING14.

Segment wise assets as at September 30, 2015 are as follows:

September 30, 2015(Un-audited)

Segmentassets


922,564248,334344,43663,475

353,138 -

1,931,947

Unallocatedassets

- - - - -

12,968,17612,968,176

922,564248,334344,43663,475

353,13812,968,17614,900,123

Totalassets

Fire and property damageMarine, aviation and transportMotorHealthMiscellaneousUnallocatedTotal

December 31, 2014(Audited)

Segmentassets

727,996219,088226,19545,924

219,064-

1,438,267

Unallocatedassets

-----

13,053,65513,053,655

727,996219,088226,19545,924

219,06413,053,65514,491,922

Totalassets


Segmentliabilities


704,099191,875497,664117,849323,268

-1,834,755

Unallocatedliabilities

-----

1,016,4261,016,426

704,099191,875497,664117,849323,268

1,016,4262,851,181

Totalliabilities

Fire and property damageMarine, aviation and transportMotorHealthMiscellaneousUnallocatedTotal

December 31, 2014(Audited)

Segmentliabilities

742,075276,814495,941107,539360,125

-1,982,494


-----

930,282930,282

742,075276,814495,941107,539360,125930,282

2,912,776

Totalliabilities

Segment wise financial performance for the nine months ended September 30, 2015 has been detailed inthe unconsolidated condensed interim profit and loss account.

14.1

EARNINGS PER SHARE15.

Basic / diluted earnings per share

Profit / (loss) for the period

Earnings per share

Weighted average number of ordinary shares


1,083,244

122,689,532

510,852

122,689,532

(Un-audited)

September 30,2015

Nine months endedSeptember 30,

2014

287,297

122,689,532

132,886

122,689,532

(Un-audited)

September 30,2015

Quarter endedSeptember 30,

2014

(Number of shares)

(Rupees)

8.83 4.16 2.34 1.08


DATE OF AUTHORISATION FOR ISSUE17.

This unconsolidated condensed interim financial information was authorised for issue by the Board ofDirectors of the Company on October 22, 2015.

CORRESPONDING FIGURES16.

Corresponding figures have been restated / rearranged and reclassified, wherever necessary, for thepurpose of comparison. There have been no significant reclassifications / restatements in this unconsolidatedcondensed interim financial information.

GENERAL18.

Figures in this unconsolidated condensed interim financial information have been rounded off to thenearest thousand of rupees.



For and on behalf of the Board

Syed Babar AliChairman

Lahore: October 22, 2015

I am pleased to present the consolidated condensed interim financial information (un-audited)of IGI Insurance Limited and its subsidiary, IGI Life Insurance Limited for the nine months endedSeptember 30, 2015.

The consolidated condensed interim financial information reflects Rs.13.32 (Sep 30, 2014: Rs8.29) earnings per share for the period under review.

We cherish the support and patronage of our business partners and all stakeholders as well asthe dedicated and sincere efforts of our employees.

22

CONSOLIDATEDCondensed Interim

Financial Informationfor the Nine Months Ended

September 30, 2015

24

September 30,2015

December 31,2014Note

(Rupees in thousand)Share capital and reserves

Authorized share capital[200,000,000 (December 31, 2014: 200,000,000)

Ordinary shares of Rs.10/- each]

Issued, subscribed and paid up share capitalUnappropriated profit Reserves

Underwriting provisions

Provision for outstanding claims [including IBNR]Provision for unearned premiumPremium deficiency reserveCommission income unearned

Creditors and accrualsPremium received in advanceAmounts due to other insurers / reinsurersExperience refund payableAccrued expensesSundry creditors

BorrowingsShort term finance - securedLong term finance - secured

Other LiabilitiesUnclaimed dividend

TOTAL LIABILITIES

Equity attributable to the equity holders of the parent

Non-controlling interest

Total Equity

Deferred liabilitiesDeferred taxation

2,000,000

1,226,8951,986,4668,470,780

11,684,141

850,726648,171

-72,750

1,571,647

41,375374,19641,749

207,508492,068

1,156,896

8,703

13,986,511

79,830675,000754,830

250,314

11,934,455

39,167

Balance of Statutory Funds 10,455,268

TOTAL EQUITY AND LIABILITIES

CONTINGENCIES AND COMMITMENTS 10

25,920,966

(Unaudited) (Audited)

27,809,937

2,000,000

1,226,8953,499,1847,857,332

12,583,411

814,004941,994

-99,991

1,855,989

99,637492,76836,059

196,212500,338

1,325,014

260,623

15,083,676

---

142,850

12,726,261

106,701

11,535,349





11

Note

Rupees in thousand

12

1,196801,696470,000

1,272,892

141,501

23,421,409

121,937

544,451464,860201,983341,397

442,67250,475

241,717

128,216

39,110156,54075,41144,122

315,183

27,809,937

-764764

2,415,771

Premiums due but unpaid - unsecuredAmounts due from other insurers / reinsurers - unsecuredAccrued income on investments and depositsReinsurance recoveries against outstanding claimsPrepayments: - prepaid reinsurance premium ceded - othersTaxation - payments less provisionExperience refund receivableSundry receivables

Cash and bank depositsCash and other equivalentsCurrent and other accountsDeposits maturing within 12 months

Investments

Investment property

Current assets - others

Fixed assets

TangibleFurniture, fixtures and office equipmentsBuildingsMotor vehiclesCapital work in progress

IntangiblesComputer softwareGoodwillTOTAL ASSETS

Loans secured against other assets- To employees- To agents

Loans secured against life insurance policies

3,509116,971

506596,291315,000911,797

134,350

21,954,935

127,363

-

395,945525,344417,496336,040

309,85850,704

234,08123,31698,787

42,337166,54566,7822,003

277,667

25,920,966

92269361

2,391,571

5,951116,971

September 30,2015

December 31,2014

(Unaudited) (Audited)




26

92,623(37,763)(32,919)(6,217)

-----

15,724

78,475(65,630)(13,217)(2,470)

-----

(2,842)

462,630(236,348)(91,177)(45,807)

-----

89,298

139,751(59,457)(37,439)

34,272-----

77,127

61,956(38,028)(87,023)

66,676-----

3,581

Marine,aviation

andTransport

Health Miscellaneous


41,031(61,082)(15,236)(12,470)122,587

5,7571,098,827

(1,134,693)(44,721)

-

Life(Participating)

44,542(26,230)

(996)-

6,743502

70,259(95,041)

221

-

PensionBusiness

Fund

5,923-

(12,974)(4,627)

(1)1,636-

(2,203)12,246

-

FamilyTakaful

1,276,305(1,180,661)

(53,801)(142,987)

420,3066,108

4,253,665(4,590,076)

11,141

-

InvestmentLinked

Business

166,834(84,165)(37,904)(10,697)

19,222982

65,374(104,690)(14,956)

-

Group

740,451(265,553)(125,168)(219,836)

353,44410,285

3,936,955(4,439,054)

8,476

-

Individual

Life Non-Participating

405,341(298,005)(57,918)(19,571)

15,30217,167

146,692(196,250)(12,758)

-

Group

8,470(6,176)(2,350)(5,546)

3,343669

22,770(13,338)(7,842)

-

Individual

Accident andHealth Business

1,807,656(2,217,207)

(439,961)(110,052)480,49125,510

9,952,400(9,261,060)

(113,539)

124,238

Sep 30,2015

3,524,332(2,359,098)

(568,122)(369,280)

940,94643,106

9,594,542(10,575,345)

(48,193)

182,888

Sep 30,2014

Nine months ended

Aggregate Aggregate

1,173,8153,264

19,1022,165

(24,122)(138,890)1,035,334

705,867

496,6733,379

28,0296,675

(53,127)(140,766)

340,863

587,190

(58,707)

1,584,740

1,052,291(26,300)

1,025,991

(1,582)

1,024,409

1,575,3569,384

13.32

1,015,8248,585

8.29

Revenue accountNet premium / contribution revenueNet claimsExpensesNet commission / re-takaful rebate earnedNet investment income - Statutory FundOther income-netAdd: Policyholders' liabilities at the beginning of the periodLess: Policyholders' liabilities at the end of the periodSurplus of policyholder funds

Underwriting result


Profit before taxationTaxationProfit after taxation

Share of profit of associates

Total comprehensive income attributable to:

Equity holders of the parentNon-controlling interest

Earnings per share - basic and diluted (Rupees) (Note 15)

Other comprehensive income - not reclassifiable to profit and loss- Share of other comprehensive loss of associate

Total comprehensive income

Rupees in thousand

34,497(10,827)(13,628)(5,225)

-----

4,817

27,100(23,816)(10,455)(1,164)

-----

(8,335)

164,429(81,283)(25,672)(15,344)

-----

42,130

37,116(17,439)(10,848)

10,797-----

19,626

12,61617,433

(26,655)14,495

-----

17,889

754,253(931,316)(175,010)(58,856)261,88314,413

9,501,358(9,261,060)

(67,240)

38,425

Sep 30,2015

Marine,aviation

andTransport

Health Miscellaneous


12,000(24,739)(4,908)(4,214)34,6015,076

(1,129,744)1,134,693

(22,765)

-

Life(Participating)

5,684(11,157)

(285)-

2,490371

(98,298)95,0416,154

-

PensionBusiness

Fund

--

(4,515)--

1,636-

2,203676

-

FamilyTakaful

356,309(262,261)(17,654)(30,041)119,861

5,195(4,411,549)4,590,076(349,936)

-

InvestmentLinked

Business

1,016,908(630,587)(186,854)(73,779)268,17428,344

(10,243,802)10,575,345

(677,622)

76,127

Sep 30,2014

Quarter ended

Aggregate Aggregate

326,3361,3717,941(854)(170)

(53,803)280,821222,834

162,7041,126

10,5041,263

(22,732)(40,374)112,491117,661

4.00

436,2916,159

579,782(82,782)497,000

(54,550)

442,450

268,2094,208

268,577(2,171)

266,406

6,011

272,417

2.14

Revenue accountNet premium / contribution revenueNet claimsExpensesNet commission / re-takaful rebate earnedNet investment income - Statutory FundOther income-netAdd: Policyholders' liabilities at the beginning of the periodLess: Policyholders' liabilities at the end of the periodSurplus of policyholder funds

Underwriting result


Profit before taxationTaxationProfit after taxation

Share of profit of associates

Profit attributable to:

Equity holders of the parentNon-controlling interest

Earnings per share - basic and diluted (Rupees) (note 15)

Other comprehensive income - not reclassifiable to profit and loss- Share of other comprehensive (loss) / income of associate

Total comprehensive income

51,341(27,743)(12,318)(2,562)

5,80197

(94,471)104,690(24,835)

-

Group

188,042(82,771)(40,357)(35,320)

98,4306,756

(4,297,537)4,439,054(276,297)

-

Individual

Life Non-Participating

127,186(99,729)(18,797)(6,648)

5,9648,617

(191,468)196,250(21,375)

-

Group

588(6,255)

(762)1,4471,027

596(20,735)

13,33810,756

-

Individual

Accident andHealth Business

Rupees in thousand




1,924,089(280,642)1,643,447


10,693,037

-

266,715

--

(167,304)

-

1,025,991

(1,582)1,024,409

11,816,857

209,417

7,665(4,584)

3,081

212,498

(94,900)

11,934,455

-

-

(368,069)

(245,379)

(128,985)

1,643,447

(58,707)

1,584,740

(50,500)

12,726,261

( R u p e e s i n t h o u s a n d )Balance as at January 01, 2014


Non- controlling interest acquired on acquisition ofIGI Life Insurance Limited

Transfer from general reserve to unappropriated profitTransfer from general reserve to reserves for bonus shares

Transactions with owners, recorded directly in equityFinal dividend for the year ended December 31,2013 - Rs. 1.5 per shareBonus shares issued for the year ended December 31,2013 - Re. 1 per share


Other comprehensive income for the period- Share of other comprehensive income of associate - net of taxTotal comprehensive income for the half year ended June 30, 2014


Profit after taxation for the three months ended December 31, 2014

Other comprehensive income for the period- Share of other comprehensive income of associate - net of tax- Remeasurement of post employment benefit obligations - net of tax

Total comprehensive income for the three months endedDecember 31, 2014

Capital contribution to statutory fund during the period

Balance as at December 31, 2014



Transactions with owners, recorded directly in equityFinal dividend for the year ended December 31,2014 - Rs. 3 per share

Interim dividend for the year ending December 31,2015 - Rs. 2 per share

Further acquisition of non- controlling interest


Other comprehensive loss for the period


Capital contribution from statutory fund during the period

Balance as at June 30, 2015

1,115,359

-

-

--

-

111,536

-

--

1,226,895

-

--

-

-

-

1,226,895

-

-

-

-

-

-

-

-

-

1,226,895

35,762

-

-

--

-

-

-

--

35,762

-

--

-

-

-

35,762

-

-

-

-

-

-

-

-

-

35,762

-

-

-

-111,536

-

(111,536)

-

--

-

-

--

-

-

-

-

-

-

-

-

-

-

-

-

-

-

33,267

-

-

--

-

-

-

--

33,267

-

--

-

-

-

33,267

-

-

-

-

-

-

-

-

-

33,267

8,792,127

(111,536)

-

(167,304)(111,536)

-

-

-

--

8,401,751

-

--

-

-

-

8,401,751

(368,069)

(245,379)

-

-

-

-

-

-

-

7,788,303

716,522

111,536

-

167,304-

(167,304)

-

1,017,406

(1,582)1,015,824

1,843 ,882

205,627

7,665(4,584)

3,081

208,708

-

2,052,590

368,069

245,379

(368,069)

(245,379)

(21,241)

1,634,063

(58,707)

1,575,356

-

3,606,705

10,693,037

-

-

--

(167,304)

-

1,017,406

(1,582)1,015,824

11,541,557

205,627

7,665(4,584)

3,081

208,708

(66,124)

11,684,141

-

-

(368,069)

(245,379)

(21,241)

1,634,063

(58,707)

1,575,356

(41,397)

12,583,411

-

-

266,715

--

-

-

8,585

-8,585

275,300

3,790

--

-

3,790

(28,776)

250,314

-

-

-

-

(107,744)

9,384

-

9,384

(9,103)

142,850

-

-

-

--

-

-

-

--

-

-

--

-

-

(66,124)

(66,124)

-

-

-

-

-

-

-

-

(41,397)

(107,521)

Reserves

Issued,subscribedand paid-up

share capital

Premiumon issueof shares

Othercapital

reserves Generalreserve

Unapprop-riatedprofits

Capital Reserves RevenueReserves

Total

Reservefor bonus

shares

EquityAttributable

to equityholders

of the parent

Non-controlling

Interest

Capitalcontributedto statutory

funds




28

Nine Months endedSep 30,

2015Sep 30,


4,665,814(941,309)

(1,258,906)(1,500,486)

385,630(489,081)

282,6791,144,341

(220,744)(748,319)(48,804)

41,250(976,617)

167,724

1,017,689822,222

(3,514,381)3,104,236

(92,977)(6,024)22,425

1,353,190

(361,528)(43,461)

(675,000)

(1,079,989)

440,925831,967

1,272,892

2,663,973(905,139)(806,037)

(1,523,379)356,581

(246,051)245,485

(214,567)

(125,561)(612,816)(12,035)

180(750,232)

(964,799)

669,267520,659

(1,565,093)1,937,339(124,363)

(1,059)19,984

1,456,734

(167,377)(40,384)800,000

592,239

1,084,174(37,267)

1,046,907

Operating activities

Premiums / contributions receivedReinsurance premiums / re-takaful contribution paidClaims paidSurrenders paidReinsurance / re-takaful and other recoveries receivedCommissions paidCommissions / rebate from re-takaful operators receivedNet cash generated / (used in) from underwriting activities

a) Underwriting activities

Income tax paidGeneral management expenses and operating payments - netLoans advancedLoan repayments receivedNet cash used in other operating activities

b) Other operating activities

Total cash generated from / (used in) operating activities

Investment activitiesProfit / return receivedDividends receivedPayments for investmentsProceeds from redemption of investmentsFixed capital expenditureCapital work in progressProceeds from disposal of fixed assets

Total cash generated from investing activities

Financing activitiesDividends paidFinancial charges paidLoan (repaid) / received

Total cash (used in) / generated from financing activities

Net cash generated from all activitiesCash at the beginning of the periodCash at the end of the period





167,724(51,147)(24,122)

4,221252,039

(1,459,730)39,738

(48,193)-

2,057,050705,867

1,643,447Profit after taxation

Reconciliation to profit and loss account

Operating cash flowsDepreciation / amortisationFinancial chargesGain on disposal of fixed assetsIncrease in assets other than cash(Increase) / decrease in liabilitiesReturn on bank balancesSurplus of statutory fundsAppreciation in value of held for trading investment

OthersDividend and other investment incomeShare of profit of associates

Cash comprises of cash in hand and at banks, stamps in hand, short term placements with banks and

short term running finance

Definition of cash

Cash for the purpose of statement of cash flows consists of:

(964,799)(42,422)(53,127)

7,950516,183

60,74349,589

(113,539)-

978,223587,190

1,025,991

Nine Months endedSep 30,

2015Sep 30,


Cash and other equivalentsCurrent and other accountsDeposits maturing within 12 months

Short term running finance

1,196801,696470,000

-

1,272,892

790746,415305,000

(5,298)

1,046,907




Consolidated Condensed Interim Statement of Premiums for the quarter and Nine Months Ended September 30, 2015 (Un-audited)

30


Net premium /contibution revenue

Premiums /contribution

written


Unearned premium /contribution reserve

Opening Closing


Earned

Reinsurance /re-takaful

ceded Opening Closing

Prepaid reinsurancepremium / re-takaful

ceded

Reinsurance/ re-takafulcontribution

expenseSep 30, 2015

Sep 30, 2014


Quarter ended

Direct and facultativeNon-life Insurance:

225,09791,760

161,97653,876

114,516647,225

352,34026,525

334,26244,401

108,688866,216

374,25824,792

330,73371,177

141,034941,994

203,17993,493

165,50527,10082,170

571,447

220,21956,279

- -

78,730355,228

310,09613,679

2,332 -

57,026383,133

339,75213,581

1,256 -

88,083442,672

190,56356,377

1,076 -

47,673295,689

12,61637,116

164,42927,10034,497

275,758

15,26239,747

138,08125,15622,000

240,246

Fire and Property Damage Marine, Aviation and TransportMotorHealth MiscellaneousTotalLife Insurance:

14,103199,493

65,667360,376

2,417128,813

5,6845,928

782,481

1,429,706

--------

-

866,216

--------

-

941,994

14,103199,493

65,667360,376

2,417128,813

5,6845,928

782,481

1,353,928

2,10311,45114,326

4,0671,8291,627 -

5

35,408

390,636

--------

-

383,133

--------

-

442,672

2,10311,45114,326

4,0671,8291,627 -

5

35,408

331,097

12,000188,042

51,341356,309

588127,186

5,6845,923

747,073

1,022,831

10,062204,595

45,564131,268

4,628116,107

1,783 -

514,007

754,253

Life ParticipatingLife Non-Participating (Individual)Life Non-Participating (Group)Investment Linked BusinessAccident and health (Individual)Accident and health (Group)Pension business fundFamily Takaful

Total

Grand Total


719,463309,529565,434109,261272,157

1,975,844

276,46918,177

231,20640,39181,928

648,171

374,25824,792

330,73371,177

141,034941,994

621,674302,914465,907

78,475213,051

1,682,021

653,727166,977

4,306 -

154,390979,400

245,7439,767

227 -

54,121309,858

339,75213,581

1,256 -

88,083442,672

559,718163,163

3,277 -

120,428846,586

61,956139,751462,630

78,47592,623

835,435

62,328144,158407,310106,236

69,361789,393

Fire and Property Damage Marine, Aviation and TransportMotorHealth MiscellaneousTotalLife Insurance:

47,660765,295203,799

1,287,79013,043

409,52044,542

5,928

2,777,577

4,753,421

--------

-

648,171

--------

-

941,994

47,660765,295203,799

1,287,79013,043

409,52044,542

5,928

2,777,577

4,459,598

6,62924,84436,96511,485

4,5734,179 -

5

88,680

1,068,080

--------

-

309,858

--------

-

442,672

6,62924,84436,96511,485

4,5734,179 -

5

88,680

935,266

41,031740,451166,834

1,276,3058,470

405,34144,542

5,923

2,688,897

3,524,332

27,890470,452

67,531286,385

10,632151,784

3,589 -

1,018,263

1,807,656


Total

Grand Total




Net premium /contibution revenue


written


Unearned premium /contribution reserve

Opening Closing


Earned

Reinsurance /re-takaful

ceded Opening Closing

Prepaid reinsurancepremium / re-takaful

ceded

Reinsurance/ re-takafulcontribution

expenseSep 30, 2015

Sep 30, 2014


Nine months ended



Life Insurance:27,27783,31129,019

262,4186,255

99,72911,157

-

519,166

845,424

--------

-

708,271

--------

-

617,379

27,27783,31129,019

262,4186,255

99,72911,157

-

519,166

754,532

2,538540

1,276157

- - - -

4,511

160,961

--------

-

378,413

--------

-

341,397

2,538540

1,276157

- - - -

4,511

123,945

24,73982,77127,743

262,2616,255

99,72911,157

-

514,655

630,587

25,54371,31422,907

576,4104,554

73,24023,722

-

797,690

931,316


Total

Grand Total


157,49240,74384,47826,07117,474

326,258

323,034128,123119,934

39,22897,952

708,271

190,568133,817116,739

36,973139,282617,379

25,02646,43781,28323,81658,804

235,366

126,29218,192

--

11,966156,450

248,67044,12414,687

-70,932

378,413

164,83754,93014,687

-106,943341,397

42,45928,998

- -

47,977119,434

(17,433)17,43981,28323,81610,827

115,932

26,01530,50159,09816,361

1,651133,626

Fire and Property Damage Marine, Aviation and TransportMotorHealth MiscellaneousTotal

Net claims expense

Claims paid


Outstandingclaims

Opening ClosingClaims

expense

Reinsurance /re-takafuland otherrecoveriesreceived Opening Closing

Reinsurance / re-takafuland other recoveries

in respect ofoutstanding claims

Reinsurance /re-takafuland otherrecoveriesrevenue

Sep 30, 2015

Sep 30, 2014

For the quarter ended Septmber 30, 2015

Quarter ended

Life Insurance:63,767

267,27889,101

1,181,8769,340

298,00526,230 -

1,935,597

2,762,988

--------

-

640,512

--------

-

617,379

63,767267,278

89,1011,181,876

9,340298,005

26,230 -

1,935,597

2,739,855

2,6851,7254,9361,2153,164 - - -

13,725

375,400

--------

-

336,040

--------

-

341,397

2,6851,7254,9361,2153,164 - - -

13,725

380,757

61,082265,553

84,1651,180,661

6,176298,005

26,230 -

1,921,872

2,359,098

47,966135,189

45,4791,339,284

6,491145,817

23,722 -

1,743,948

2,217,207


Total

Grand Total


255,497162,804246,900

65,93096,260

827,391

214,057158,427127,291

37,273103,464640,512

190,568133,817116,739

36,973139,282617,379

232,008138,194236,348

65,630132,078804,258

210,62985,320

- -

65,726361,675

181,48661,51314,687

-78,354

336,040

164,83754,93014,687

-106,943341,397

193,98078,737

- -

94,315367,032

38,02859,457

236,34865,63037,763

437,226

41,170123,458210,631

76,16921,831

473,259


Net claims expense

Claims paid


Outstandingclaims

Opening ClosingClaims

expense

Reinsurance/ re-takafuland otherrecoveriesreceived Opening Closing

Reinsurance / re-takafuland other recoveries

in respect ofoutstanding claims

Reinsurance/ re-takafuland otherrecoveriesrevenue

Sep 30, 2015

Sep 30, 2014


Nine months ended




- - - - - - - -

-

32

* Commissions from reinsurers is arrived after taking impact of opening and closing unearned commission.



35,5925,591

30,593(1,447)

6,664 -

4,62985,836

163,241

---------

-

---------

-

4,21435,592

5,59130,593(1,447)6,664

- -

81,207

158,612

4,90840,35712,31817,654

76218,797

2854,515

99,596

186,854

9,12275,94917,90948,247

(685)25,461

2854,515

180,803

345,466

9,12275,67714,88047,695

(685)25,445

2854,513

176,932

260,631

4,56180,21811,51846,534

3,94218,695

203 -

165,671

233,866

Life ParticipatingLife Non-Participating (Individual)Life Non-Participating (Group)Investment Linked BusinessAccident and health (Individual)Accident and health (Group)Pension business fundFamily TakafulTotal

Grand Total

-272

3,029552 -

16 -

23,871

84,835


37,4669,763

15,3441,164

13,66877,405

------

------

37,4669,763

15,3441,164

13,66877,405

26,65510,84825,67210,45513,62887,258

64,12120,61141,01611,61927,296

164,663

51,96120,560

- -

8,44380,964

12,16051

41,01611,61918,85383,699

10,042(733)

36,2837,267

15,33668,195


Net underwriting expense

Commissionspaid orpayable


Deferredcommission

Opening Closing

Netcommission

expense

Othermanagement

expensesUnderwriting

expense

Commissionsfrom reinsurers/ rebate from

re-takafuloperators*

Sep 30, 2015

Sep 30, 2014

For the quarter ended Septmber 30, 2015

Quarter ended


220,68318,174

144,1305,546

19,609 -

4,629425,241

582,663

-------

-

---------

-

12,470220,683

18,174144,130

5,54619,609

-4,629

425,241

582,663

15,236125,168

37,90453,801

2,35057,918

99612,974

306,347

568,122

27,706345,851

56,078197,931

7,89677,527

99617,603

731,588

1,150,785

27,706345,004

48,601196,788

7,89677,489

99617,601

722,081

937,402

8,521190,201

25,07587,314

8,27538,528

203 -

358,117

550,013

Life ParticipatingLife Non-Participating (Individual)Life Non-Participating (Group)Investment Linked BusinessAccident and health (Individual)Accident and health (Group)Pension business fundFamily TakafulTotal

Grand Total

-847

7,4771,143 -

38 -

29,507

213,383


53,24926,17845,807

2,47029,718

157,422

------

------

53,24926,17845,807

2,47029,718

157,422

87,02337,43991,17713,21732,919

261,775

140,27263,617

136,98415,68762,637

419,197

119,92560,450

- -

23,501203,876

20,3473,167

136,98415,68739,136

215,321

26,9625,442

113,86417,39228,236

191,896


Net underwriting expense

Commissionspaid orpayable


Deferredcommission

Opening Closing

Netcommission

expense

Othermanagement

expensesUnderwriting

expense

Commissionsfrom reinsurers/ rebate from

re-takafuloperators*

Sep 30, 2015

Sep 30, 2014


Nine months ended





Quarter ended

Sep 30,2015

(Rupees in thousands)

3,911219,48982,3613,343

(1,732)307,372

18,168(103)

706190

318,964

38,098(371)2,412

188(5,726)34,601

117,336(2,585)

6,1031,169

(23,593)98,430

5,523(6)

-60

2245,801

74,608(398)

48,067(2,416)

119,861

986(1)52

(10)1,027

6,265(422)

2695

5,964

2,601(111)2,490

(1)

594,509

268,173326,336594,509

Return on government securitiesDividend income on available for sale investmentsGain on sale of available for sale investmentsProvision for diminution in value of available for sale investments-netLess: Investment related expenses

Non-life InsuranceIncome from non-trading investmentsHeld to maturity

Life Insurance

Shareholders fund

Return on government securitiesAmortization of premiumRealised gain on sale of investments held as 'available for sale'Dividend IncomeInterest income on loans to employees / agents

Statutory Funds

Life ParticipatingReturn on government securitiesAmortization of premiumUnrealised Gain on Revaluation of available-for-sale investmentsDividend Income(Loss) / gain on sale of investments classified as available-for-sale

Life Non-participating (Individual)Return on government securitiesAmortization of premiumUnrealised Gain on Revaluation of available-for-sale investmentsDividend Income(Loss) / gain on sale of investments classified as available-for-sale

Life Non-participating (Group)Return on government securitiesAmortization of premiumUnrealised Gain on Revaluation of available-for-sale investmentsDividend IncomeGain on sale of investments classified as available-for-sale

Investment LinkedReturn on government securitiesAmortization of premiumUnrealised gain on available-for-sale investment(Loss) / gain on sale of investments classified as available-for-sale

Accident and Health (Individual)Return on government securitiesAmortization of premiumDividend Income(Loss) / gain on sale of investments classified as available-for-sale

Accident and Health (Group)Return on government securitiesAmortization of premiumDividend IncomeGain on Sale of investments classified as available-for-sale

Pension Business FundReturn on government securitiesAmortization of premium

Family TakafulUnrealised gain on available-for-sale investment

Net investment income

Net investment income-statutory fundsNet investment income-other

3,915131,872

-5,833

(1,470)140,150

22,543 - - -

1122,554

41,800(509) - - -

41,291

107,376(1,183)

- - -

106,193

5,909 - - - -

5,909

81,648 -

22,758(2,311)

102,095

1,082 - - -

1,082

2,468(43)

- -

2,425

2,888

2,888

-

424,587

261,883162,704424,587

Sep 30,2014

Nine months ended

Sep 30,2015

11,813632,024478,122(2,361)(8,171)

1,111,427

53,488(258)7,2201,933

562,388

112,979(739)-3,5426,805

122,587

338,325(5,630)

-10,28310,466

353,444

16,337(19)

-613

2,29119,222

214,011(627)

201,6935,229

420,306

2,915(4)91

3413,343

14,945(882)

262977

15,302

6,943(200)6,743

(1)

2,114,761

940,9461,173,8152,114,761

11,346483,454

-(36,129)(7,423)

451,248

44,819-593

-13

45,425

79,251(943)---

78,308

197,921(2,065)

---

195,856

11,132----

11,132

182,788-

(3,406)3,664

183,046

2,050---

2,050

4,669(78)--

4,591

5,508

5,508

-

977,164

480,491496,673977,164

Sep 30,2014




- Life (participating)- Life (non-participating) – Individual- Life (non-participating) – Group- Accident & Health – Individual- Accident & Health – Group- Pension Business Fund- Investment Linked

34

The "Group" consist of:

THE GROUP AND ITS OPERATIONS1.

1.1

(i) IGI Insurance Limited - Holding Company(ii) IGI Life Insurance Limited (formerly American Life Insurance Company (Pakistan) Limited)

- Subsidiary Company

IGI Insurance Limited ("Holding Company"), a Packages Group Company, was incorporated as a publiclimited company in 1953 under Companies Ordinance, 1984. The Company is listed on the Karachi,Lahore and Islamabad stock exchanges and is engaged in providing general insurance services inspheres of Fire, Marine, Motor, Health and Miscellaneous. The registered office of the Company issituated at 7th Floor, The Forum, Suite No. 701-713, G-20, Block 9, Khayaban-e-Jami, Clifton, Karachi.

Holding Company1.2

In accordance with share purchase agreement the Holding Company acquired 34,838,687 shares of IGILife Insurance Limited [formerly American Life Insurance Company (Pakistan) Limited], the SubsidiaryCompany on April 10, 2014 resulting in the controlling interest of 69.68 % of the paid up capital of theSubsidiary. During the current period, the Holding Company acquired remaining 6,148,003 shares(representing 12.293% of the issued and paid up capital) of the Subsidiary Company.

In March and April 2013, two suits were filed by some of the employees of the Subsidiary Company seekingprotection for their employment from the consequences of the Share Purchase Agreement (SPA). Thestatus quo order passed by the High Court was modified on July 05, 2013 so that the transaction contemplatedby the SPA is allowed to be consummated. The final disposal of the legal proceedings is pending. As perthe advice of legal advisors of the Subsidiary Company, the chances of adverse financial implication onthe Subsidiary Company are remote.

IGI Life Insurance Limited [formerly American Life Insurance Company (Pakistan) Limited] ("SubsidiaryCompany") was incorporated in Pakistan on October 9, 1994 as a public limited company under theCompanies Ordinance, 1984. Its shares are quoted on the Karachi and Lahore Stock Exchanges. TheCompany commenced its operations on May 25, 1995 after registration with the Controller of Insuranceon April 30, 1995. The registered office of the Company is situated at Floor 13, Dolmen City, Block - 4,Scheme - 5, Clifton, Karachi.

The Subsidiary Company is engaged in life insurance, carrying on both participating and non-participatingbusiness. In accordance with the requirements of the Insurance Ordinance, 2000, the Subsidiary Companyestablished a Shareholders’ Fund and Separate Statutory Funds, in respect of each class of life insurancebusiness. The Statutory Funds established by the Subsidiary Company, in accordance with the advice ofthe Appointed Actuary are as follows:

Subsidiary Company1.3

The Board of Directors of the Subsidiary Company in their meeting held on January 07, 2015 approvedthe launching of Window Family Takaful operations by the Subsidiary Company. The shareholdersapproved the Board's Decision in the EoGM held on January 30, 2015. The application of the SubsidiaryCompany to launch Window family takaful operations was approved by the Securities and ExchangeCommission of Pakistan (SECP) vide their letter ID/PRDD/048-WTO/2015/1438 dated July 02, 2015.The Subsidiary Company has allocated Rs 50.5 million to the Family Takaful Fund. The SubsidiaryCompany has commenced business as window takaful operator and has created separate statutory fundfor this purpose in accordance with the requirements of SECP Takaful Rules, 2012.


STATEMENT OF COMPLIANCE2.

This consolidated condensed interim financial information has been prepared in accordance with therequirements of the International Accounting Standard 34 - 'Interim Financial Reporting', provisions ofthe Companies Ordinance, 1984, the Insurance Ordinance, 2000, the SEC (Insurance) Rules, 2002 anddirectives issued by the Securities and Exchange Commission of Pakistan (SECP). In case where therequirements differ, the provisions of the Companies Ordinance 1984, the Insurance Ordinance, 2000,the SEC (Insurance) Rules, 2002 and the said directives prevail.

BASIS OF PRESENTATION3.

This consolidated condensed interim financial information is un-audited and is being submitted to theshareholders in accordance with the listing regulations of Karachi, Lahore and Islamabad Stock Exchangesand section 245 of the Companies Ordinance, 1984. This consolidated condensed interim financial informationof the Company has been prepared in accordance with the approved accounting standards as applicablein Pakistan for interim financial reporting.

This consolidated condensed interim financial information does not include all the information and disclosuresrequired in the annual financial statements, and should be read in conjunction with the Company's annualfinancial statements for the year ended December 31, 2014.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES4.

The accounting policies and methods of computation adopted in the preparation of this consolidatedcondensed interim financial information are the same as those applied in the preparation of the annualfinancial statements for the year ended December 31, 2014.

BUSINESS COMBINATIONS5.

In accordance with share purchase agreement the Holding Company acquired 34,838,687 shares of IGILife Insurance Limited (formerly American Life Insurance Company (Pakistan) Limited), the SubsidiaryCompany on April 10, 2014 resulting in the controlling interest of 69.68% of the paid up capital of theSubsidiary.

The business combination has been accounted for by applying the purchase method. The cost of theacquisition has been measured at the cash payment made by the Parent Company against the purchaseof shares. Identified assets acquired, liabilities assumed or incurred have been carried at the book valueat the acquisition date. The excess of the cost of acquisition over the book value of the Group's sharesof the identifiable net assets acquired has been recorded as goodwill in the financial statements of theGroup. The goodwill in the financial statements is provisional as fair value of the assets and liabilitieswas not determined as the end of the reporting period.

During the current period on June 24, 2015, the Holding Company acquired the remaining 6,148,003 sharesheld by ALICO USA, thereby bringing the total shares of the Holding Company in the Subsidiary to 40,986,690representing 81.97% of the total issued, subscribed and paid-up capital.

IFRS 3 " Business Combination" requires these provisional numbers to be finalized within one year ofacquisition, however, the management of the Holding Company is in process of carrying out this assessment.In this regard, the Holding Company has obtained extension from Securities and Exchange Commissionof Pakistan (SECP) for consolidated condensed interim financial information for the half year ended June30, 2015 and period ended September 30, 2015.

36

FINANCIAL AND INSURANCE RISK MANAGEMENT7.

The financial and insurance risk management objectives and policies are consistent with those disclosedin the annual financial statements of the Company for the year ended December 31, 2014.

SIGNIFICANT ESTIMATES AND JUDGEMENT6.

The preparation of this consolidated condensed interim financial information requires management to makejudgments, estimates and assumptions that affect the application of accounting policies and the reportedamounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

In preparing this consolidated condensed interim financial infromation, the significant judgments made bymanagement in applying the Company's accounting policies and the key sources of estimating uncertaintywere the same as those applied to the annual financial statements for the year ended December 31, 2014.

In preparing this consolidated condensed interim financial information, the significant judgments made bymanagement in applying the Company's accounting policies and the key sources of estimating uncertaintywere the same as those applied to the annual financial statements for the year ended December 31, 2014.The Company intends to have an actuarial valuation in respect of staff retirement benefit plan for 2015conducted at the year end. Hence actuarial gains / losses are not quantifiable and are also consideredimmaterial by the management. Accordingly the resulting impact has not been accounted for in thisconsolidated condensed interim financial information.

PREMIUM DEFICIENCY RESERVE8.

There is no movement in the amount of premium deficiency reserve recognised as at December 31, 2014as the Company intends to have an actuarial valuation in respect of premium deficiency reserve for 2015conducted at the year end.

BORROWINGS9.

The Holding Company has running finance facilities from various commercial banks under mark-uparrangements amount to Rs.1,950 million (2014: Rs. 1,950 million). The rates of mark-up on these facilitiesrange from 8.22% to 10.88% per annum (2014: 11.31% to 11.84% per annum) and are payable latestby October 15, 2015. Running finances are secured against pledge of shares held by the HoldingCompany. Term finance facilities available from various commercial banks under mark-up arrangementsamount to Rs. 300 million (2014: Rs. 300 million). (2014: 10.55% to 11.59% per annum). Term financeis secured against pledge of shares held by the Holding Company.

9.1

The Holding Company obtained a long term finance facility amounting to Rs. 1,500 million during 2013for the purpose of acquisition of Met Life Alico, out of which Rs. 800 million was availed during the halfyear ended June 30, 2014. Principal repayment was to be made in 10 equal semi-annual installmentsstarting from the 30th month after the first disbursement and subsequently, six months thereafter. Thefirst disbursement was on April 7, 2014. However, during the current period the Holding Company hasrepaid the entire loan.

9.2

CONTINGENCIES AND COMMITMENTS10.

In respect of tax year 2008, the Honorable High Court has dismissed the petition by directing theHolding Company to submit its responses to the assessing authority. Moreover, the Honorable HighCourt has directed the assessing authority to pass the order, preferably within two months of theservice of the Court’s order, strictly in accordance with law keeping in view the provisions relatingto insurance business and the decisions of the High Court and the Supreme Court on the subjectissues. However, to-date no notice has been received from the taxation authorities.

-

HOLDING COMPANY - Tax contingencies

There is no material change in the status of contingencies as disclosed in the annual financial statementsof the Holding Company for the year ended December 31, 2014 except for the following;


In respect of tax year 2009, the Additional Commissioner Inland Revenue (ACIR) has passed anamended assessment order under section 122(5A) of the Ordinance wherein tax on dividend income,commission income and property income has been charged at corporate tax rate (i.e. 35% for theyear) by treating such income as business income of the Holding Company under Fourth Scheduleto the Ordinance. As a result of the amended assessment demand of Rs.31.42 million was created.Against the treatment meted out by the ACIR, the Holding Company has filed an appeal before theCommissioner Inland Revenue (Appeals) which is pending adjudication.

-

The management and tax advisor of the Holding Company are confident that the above matters will bedecided in the Holding Company's favor. Accordingly, no provision has been recognised in this consolidatedcondensed interim financial information.

INVESTMENTS11.

The investments comprise of the following:

Investment in associates

Held to maturity- Government securities

Available for sale- Quoted- Government securities- Listed mutual funds- Unquoted

At fair value through profit or loss


2015



2014Note

3,890,989

124,109

7,606,8422,704,1301,375,9915,611,947

17,298,910

640,92721,954,935

11.1

11.1

11.111.111.1

4,347,835

124,440

7,329,8642,879,9881,663,9156,404,829

18,278,596

670,53823,421,409

Market value of investments as at September 30, 2015 is Rs.65,542 million (December 31, 2014:Rs.63,234 million).

11.1

SUBSIDIARY COMPANY - Commitments

In respect of capital expenditurenot later than one year


2015



2014

-4,429

TRANSACTIONS WITH RELATED PARTIES13.

Related parties comprise associated undertakings, other related companies, directors of the Company,key management personnel and post employment benefit plans. The Holding Company and its subsidiaryin the normal course of business carry out transactions with various related parties. All transactions withrelated parties have been carried out on commercial terms and conditions.

FIXED ASSETS - Tangible12.

Opening book valueAdd:Additions during the period / year

Less :Net book value of assets disposed / transferred during the period / yearDepreciation for the period / year

Closing book value

Capital work in progress

Closing book value

(Un-audited)Septmber 30,

2015



2014

275,664

51,422

12,74843,27756,025

271,061

44,122

315,183

216,936

120,887

13,89148,26862,159

275,664

2,003

277,667

38


Premium underwrittenPremium collected Claims expenseCommission expenseCommission paidRental incomeFixed assets purchased Fixed assets disposed Investment property purchased Dividend receivedDividend paidRent expenseRent paidSecurity depositsKey management personnel compensationInvestment / (divestment) in shares -net of provision for impairmentCertificates of Deposit maturedProfit on Certificates of DepositBrokerage commissionConsultancy chargesDonations paidContribution to gratuity fundContribution to provident fund

Transactions-Holding Company

---------------

------

5,486 6,919

---------------

------

4,055 6,671




2014

1,193930429

----

7,793--

158,148---

74,829

--------

894530 - - - - - - - -

45,964 - - -

51,859

- - - -- - - -



(including directors)Nine months ended

September 30,2014

474,443452,327250,196

3,7855,4342,840

69341

-814,14361,79414,82021,735

660-

(215,911)--3,5523,5001,339--

427,350450,48574,0064,5646,4573,379

31,607-

54,648645,24717,04213,47319,760

600-

(15,145)125,00017,6272,4041,000

10,000--




2014

Premium writtenClaims paidBrokerage chargesCharges for administrative services providedContribution made to provident fundContribution made to gratuity fundRemuneration paidMark-up on loanNet book value of fixed assets sold

Transactions - Subsidiary Company

----

8,4027,561

---

----

9,8048,719

---

14-----

64,6402

342

14-----

77,29519

2,306

119,67911,116

20698

-----

15,09916,909

60 - - - - - -

Class of business wise revenue and results have been disclosed in the condensed interim statement of premiumsand profit and loss account, respectively, prepared in accordance with the requirement of Insurance Ordinance,2000 and the SEC (Insurance) Rules, 2002.

SEGMENT REPORTING14.

40

Life Insurance:1,503,7084,794,271

307,7784,810,579

35,572365,879

96,09256,543

11,970,422

-

13,901,630

Life (Participating)Life (Non-participating) - IndividualLife (Non-participating) - GroupInvestment linked businessAccident and health business (Individual)Accident and health business (Group)Pension business fundFamily TakafulTotal

Unallocated

Grand Total

Non-life insurance922,295248,218344,224

63,434353,037

1,931,208


Segment wise assets as at September 30, 2015 are as follows:

Segmentassets



Unallocatedassets

-------

-

13,908,307

13,908,307

------

1,503,7084,794,271

307,7784,810,579

35,572365,879

96,09256,543

11,970,422

13,908,307

27,809,937

922,295248,218344,224

63,434353,037

1,931,208

Totalassets

--------

(2,049)218

--------

(1,832)1,452



2014

119---------

547---------



(including directors)2014

110,3159,865

10,609,488-

35,986-

6,94921,735

--

46,2297,710

10,825,39919,89030,917

-6,289

10,593--



2014

Premium receivableCommission payableInvestment in sharesProfit receivable on Certificates of DepositOther receivablePayable in respect of Administrative ServicesSecurity depositsPrepaid rentPayable to gratuity fundReceivable from provident fund

Period-end balances - Holding Company

---

---

Premium receivableClaims payableLoan receivable

Period-end balances - Subsidiary Company

1,549,6344,265,838

258,5914,510,572

53,329225,903

75,155 -

10,939,022

-

12,377,288

727,996219,088226,194

45,924219,064

1,438,266

Segmentassets

December 31, 2014(Audited)Unallocated

assets

-------

-

13,543,678

13,543,678

------

1,549,6344,265,838

258,5914,510,572

53,329225,903

75,155 -

10,939,022

13,543,678

25,920,966

727,996219,088226,194

45,924219,064

1,438,266

Totalassets

---

--

92

8,6221,074

-

5,686--


Life Insurance:1,627,5074,773,096

303,4564,881,273

32,082360,212

99,29044,970

12,121,886

-

13,950,641

Life (Participating)Life (Non-participating) - IndividualLife (Non-participating) - GroupInvestment linked businessAccident and health business (Individual)Accident and health business (Group)Pension business fundFamily Takaful

Total

Unallocated

Grand Total

Non-life insurance704,099191,875497,664111,849323,268

1,828,755


Segmentliabilities




--------

-

1,133,035

1,133,035

------

1,627,5074,773,096

303,4564,881,273

32,082360,212

99,29044,970

12,121,886

1,133,035

15,083,676

704,099191,875497,664111,849323,268

1,828,755

Totalliabilities

1,549,6344,298,938

258,5914,510,572

54,829286,203

75,155-

11,033,922

-

12,746,467

679,709246,165452,130

98,016236,525

1,712,545

Segmentliabilities

December 31, 2014(Audited)Unallocated

liabilities

--------

-

1,240,044

1,240,044

------

1,549,6344,298,938

258,5914,510,572

54,829286,203

75,155-

11,033,922

1,240,044

13,986,511

679,709246,165452,130

98,016236,525

1,712,545

Totalliabilities

EARNINGS PER SHARE15.

Weighted average number of ordinary shares

Earnings per share


1,634,063 1,017,406

(Un-audited)

Sep 30,2015

Nine months endedSep 30,2014

490,841 262,198

(Un-audited)

Sep 30,2015

Quarter endedSep 30,2014

122,689,532 122,689,532 122,689,532 122,689,532(Number of shares)

(Rupees)13.32 8.29 4.00 2.14

Basic / diluted earnings per share- attributable to the owners of the parent

Profit for the period

DATE OF AUTHORIZATION FOR ISSUE17.This consolidated condensed interim financial information was authorised for issue by the Board of Directors ofthe Company on October 22, 2015.

CORRESPONDING FIGURES16.

Corresponding figures have been rearranged and reclassified, wherever necessary, for the purpose of comparison.There have been no significant reclassifications in this consolidated condensed interim financial information.

GENERAL18.Figures in this consolidated condensed interim financial information have been rounded off to the nearestthousand of rupees.



42

Shareholders Category No. ofShareholders

No. ofShares Held Percentage

Directors, Chief Executive Officer, and their spouse

Associated Companies, undertakings and related parties

20

3

37,516,391

34,740,198

30.58

28.32

8

9

3

1,643

-

82

1,773

2,435,632

2,288,144

60,990,168

21,290,814

-

15,387,975

122,689,532

1.99

1.86

49.71

17.35

-

12.54

100

Banks Development Financial Institutions,

Insurance Companies

Modarabas and Mutual Funds

Share holders holding 10%

General Public :

a. Local

b. Foreign

Others

Non Banking Financial Institutions. 8 9,030,378 7.36

and minor children.

Total (excluding : shareholders holding 10%)


1,773

Number of Shareholders353378203405171

4424201612

5796423613117242112222311211212112211112311111311111211121111111111111111111111111

Total Number of Shares Held13,513

112,996160,950

1,041,1841,282,518

546,174417,485450,839449,820390,241185,868304,573439,334320,139231,800129,900204,353436,601

79,000248,017

88,60090,700

699,200207,360430,031225,874118,468123,022259,200266,500274,466298,415457,610158,830164,852340,222177,100182,200397,400204,200439,004224,571226,235463,508494,249254,283262,500266,300285,489594,830910,546315,000320,865334,547362,000368,352

1,137,466423,800440,485460,000488,678500,000

1,101,498580,176585,457596,001

1,246,601625,001653,767667,142752,065759,000810,000814,000825,130997,720

1,063,2071,167,9161,214,4751,226,8011,600,0001,613,3801,676,6771,911,7401,946,3642,413,1003,076,7284,586,3855,241,419

13,022,09320,853,96626,879,460

122,689,532

100500

1,0005,000

10,00015,00020,00025,00030,00035,00040,00045,00050,00055,00060,00065,00070,00075,00080,00085,00090,00095,000

100,000105,000110,000115,000120,000125,000130,000135,000140,000150,000155,000160,000165,000175,000180,000185,000200,000205,000220,000225,000230,000235,000250,000255,000265,000270,000290,000300,000305,000315,000325,000335,000365,000370,000380,000425,000445,000460,000490,000500,000555,000585,000590,000600,000625,000630,000655,000670,000755,000760,000810,000815,000830,000

1,000,0001,065,0001,170,0001,215,0001,230,0001,600,0001,615,0001,680,0001,915,0001,950,0002,415,0003,080,0004,590,0005,245,000

13,025,00020,855,00026,880,000

Size of Holding Rs. 10 Shares1

101501

1,0015,001

10,00115,00120,00125,00130,00135,00140,00145,00150,00155,00160,00165,00170,00175,00180,00185,00190,00195,001

100,001105,001110,001115,001120,001125,001130,001135,001145,001150,001155,001160,001170,001175,001180,001195,001200,001215,001220,001225,001230,001245,001250,001260,001265,001285,001295,001300,001310,001320,001330,001360,001365,001375,001420,001440,001455,001485,001495,001550,001580,001585,001595,001620,001625,001650,001665,001750,001755,001805,001810,001825,001995,001

1,060,0011,165,0011,210,0011,225,0011,595,0011,610,0011,675,0011,910,0011,945,0012,410,0013,075,0014,585,0015,240,001

13,020,00120,850,00126,875,001

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