Final 08 April 2013 PDF

01
02
Table of Contents
Financial Data
Auditors Review Report
Statement of Compliance
Auditors Report
Balance Sheet
Profit & Loss Account
Statement of Changes in Equity
Cash Flow Statement
Revenue Account
Statement of Premiums
Statement of Claims
Statement of Expenses
Statement of Investment Income
Notes to the Financial Statements
Statement of Directors
Statement of Appointed Actuary
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29
31
32
34
35
36
37
38
39
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86
86
25
87
Our Company
8
Information for
Stakeholders
18
Company Information
Board of Directors
Directors Report to the Shareholders
8
10
11
Statement of Value Addition
Key Operating and Financial Data
Verticle Analysis of Financial Statements
Horizontal Analysis of Financial Statements
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19
21
23
Shareholders
Information
Notice of Annual General Meeting
Pattern of Shareholding
Categories of Shareholders
Branch Network
Proxy Form
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95
96
100
Profile
3
Code of Conduct
Vision, Mission & Our Values
3
5
03
Code of Conduct
Our Integrity guides our conduct towards our policyholders, colleagues, shareholders and the general public. This principle constitutes the foundation of our
code of conduct and ethics as under:
- Compliance with law and the legal system is a fundamental principle for Jubilee. Every employee, agent and director shall obey the laws and
regulations of the legal systems in letter and spirit within which he / she acts. Regardless of the sanctions foreseen by the law, any director, employee
or an agent guilty of a violation will be liable to disciplinary consequences related to such violation.
- Respect for personal integrity, privacy and personal right of every individual is a fundamental principle. We work together with individuals of
various backgrounds, ethnic types, different cultures, gender, religions, ages and disabilities.
- We compete fairly with the quality and the price of our innovative products and services, not by offering improper benefits to others. Employees
are not permitted to use their jobs to solicit, to demand, accept, obtain or be promised advantages.
- Jubilee does not make political contributions (donations to politicians, political parties or political organizations). As a responsible member of society
and a good corporate citizen, Jubilee makes donations for education, health, and social and humanitarian projects.
- It is Jubilees objective to conduct business with reputable clients and business partners who are involved in lawful business activities. We do not
facilitate money laundering.
- It is the duty of Jubilee employees to make business decisions in the best interest of Jubilee and not based on their personal interest.
- Jubilee employees are obligated to protect all assets of the Company, including intangible assets and software products, and use these properly
only for the benefit of the Company.
- Open and effective communication requires accurate and truthful reporting. Jubilee is required to maintain sound processes and controls so that
transactions are executed within approved authorization. Confidentiality is maintained with regard to Jubilees proprietary information that has
not been made known to public.
- Protecting the health and safety of employees in the workplace is a high priority for Jubilee. Jubilee promotes sound environment friendly business
practices.
08
Company Information
BOARD OF DIRECTORS
Masood Noorani
Chairman
Aly Noor Mahomed Rattansey
Director
Shahid Mahmood Loan
Director
Towfiq Habib Chinoy
Director
Javed Ahmed
Managing Director & Chief Executive Officer
John Joseph Metcalf
Director
Sultan Ali Akbar Allana
Director
Finance & Investment
Masood Noorani Chairman
Javed Ahmed Member
John Joseph Metcalf Member
Shahid Mahmood Loan Member
Nurallah Merchant Member
Manzoor Ahmed Member/Secretary
Technical
John Joseph Metcalf Chairman
Javed Ahmed Member
Nurallah Merchant Member/Secretary
BOARD COMMITTEES
Audit
Aly Noor Mahomed Rattansey Chairman
Shahid Mahmood Loan Member
Adeel Ahmed Khan Secretary
Human Resource & Remuneration
Towfiq Habib Chinoy Chairman
Masood Noorani Member
Javed Ahmed Member
Muhammad Munawar Khalil Secretary
MANAGEMENT
Javed Ahmed
Managing Director & Chief Executive Officer
Faisal
Head of Information Technology
Mansoor Ali
Head of Business Development
Muhammad Munawar Khalil
Head of HR & Administration
Shan Rabbani
Head of Actuarial Services
Nurallah Merchant
Executive Director
Faisal Shahzad Abbasi
Head of Retail Distribution
Manzoor Ahmed
Chief Financial Officer
Muhammad Sohail Fakhar
Head of Corporate Distribution
Zahid Barki
Head of Customer Services
RATING OF THE COMPANY
Insurer Financial Strenght (IFS) Rating
Outlook
Rating Agency
AA (Double A)
Stable
JCR - VIS
09
MANAGEMENT COMMITTEES
Compliance
Javed Ahmed Chairman
Manzoor Ahmed Member
Zahid Barki Member
Adeel Ahmed Khan Member/Secretary
Claim
Zahid Barki Member
Muhammad Junaid Ahmed Secretary
Reinsurance
Zahid Barki Member
Muhammad Sohail Fakhar Member
Shan Rabbani Member/Secretary
Underwriting
Faisal Shahzad Abbasi Member
Zahid Barki Member
Muhammad Adnan Qadir Secretary
Procurement & Disposal
Nurallah Merchant Chairman
Faisal Member
Muhammad Munawar Khalil Member
Imranuddin Usmani Member
AUDITORS
APPOINTED ACTUARY
BANKERS
REGISTERED OFFICE
HEAD OFFICE
REGISTRAR &
SHARE TRANSFER OFFICE
LEGAL ADVISORS
Habib Bank Limited
Standard Chartered Bank (Pakistan) Limited
26-D, 3rd Floor, Kashmir Plaza, Jinnah Avenue, Blue Area, Islamabad, Pakistan
Tel: (0092)(51) 2206930-6 Fax: (0092)(51) 2825372
Web: www.jubileelife.com E-mail: info@jubileelife.com
74/1-A, Lalazar, M. T. Khan Road, Karachi -74000
Ph:(0092)(21) 35611071-75 Fax:(0092)(21) 35610959
Web: www.jubileelife.com E-mail: info@jubileelife.com
249-CCA-Sector FF, Phase IV, DHA, Lahore, Pakistan. Tel: (0092)(42) 35741827-29
Nauman Associates,
Engagement Partner: Farrukh Rehman
State Life Building No. 1-C, I. I. Chundrigar Road, P. O. Box 4716,
Karachi - 74000, Pakistan. Tel: (0092)(21) 324 26682-86
A. F. Ferguson & Co. Chartered Accountants
Central Depository Company of Pakistan Limited
CDC House, 99-B, Block-B, S.M.C.H.S., Main Shahra-e-Faisal, Karachi - 74400, Pakistan
Tel: (0092)(21) 111-111-500
Kabraji & Talibuddin
Advocates & Legal Counsellors
64-A/I, Gulshan-e-Faisal, Bath Island, Karachi - 75530
COMPANY SECRETARY
HEAD OF INTERNAL AUDIT
COMPLIANCE OFFICER
Manzoor Ahmed
Adeel Ahmed Khan
Nurallah Merchant
Masood Noorani
Chairman
Javed Ahmed
Managing Director & CEO
Towfiq Habib Chinoy
Director
Director
John Joseph Metcalf
Director
Director
Shahid Mahmood Loan
Director
10
Board of Directors
11
The Directors take pleasure in presenting their Annual Report together with the Audited Financial Statements of the Company for the year ended
December 31, 2012.
ACHIEVEMENTS:
Continuing on our philosophy of superior growth in business volume together with higher profits, 2012 has been yet another year of outstanding achievements
by the Company, highlights of which are as follows:
- The Company is now the largest private sector life insurer in the Country in terms of gross written premiums.
- The gross written premium amounted to Rs. 12,080 million, an increase of 47% over the previous year (2011: Rs. 8,215 million).
- The Company has strengthened its position as undisputed leader in Bancassurance business by writing individual life premium of Rs. 7,475 million
(2011: Rs. 4,430 million), an increase of 69%. The Company has the largest Bancassurance distribution network in the Country.
- Life insurance business has generated a surplus of Rs. 901 million, which is 44% higher than the previous year (2011: Rs. 627 million).
- A record surplus transfer of Rs. 650 million (2011: Rs. 530 million), an increase of 23%, from the Revenue Account has been made to the Profit
& Loss account.
- All the statutory funds of the company meet the solvency requirements as per SECP Rules to meet solvency margins. In-fact, the total solvency margin
provi ded by t he Company exceeds t he st at ut ory requi rement as at December 31, 2012 by a consi derabl e margi n.
- The Shareholders equity has now reached the all times high level of Rs. 1,796 million compared with Rs. 1,430 million in 2011, an increase of
26%.
- The Insurer Financial Strength (IFS) rating of the Company has been upgraded to AA (Double A) with Stable outlook by JCR-VIS from the
previous IFS rating of AA- (Double A minus).
- To establish its new brand identity, the Company launched a vigorous publicity campaign through different media during the year 2012. These
campaigns were well received by our target audience and media experts, and expected to yield positive results in the future.
BUSINESS PERFORMANCE AND OPERATING RESULTS
All lines of business performed satisfactorily during the year. The overall operating results are summarized below:
- Individual Life Unit Linked business registered an impressive growth of 53% in 2012, generating a gross premium of Rs. 10,164 million (2011:
Rs. 6,646 million); and a surplus of Rs. 684 million during the year as compared to Rs. 391 million in 2011, an increase of 75%.
- The Conventional Business comprises mainly of Group Life Insurance which is a highly competitive and price sensitive business. It generated a gross
premium of Rs. 1,240 million (2011: Rs. 1,163 million), an increase of 7%. However, due to the above factors the profitability declined considerably,
yielding surplus of Rs. 143 million (2011: Rs. 183 million).
- The Accident & Health Business comprising mainly of Group Health business has performed well. The gross premium was Rs. 611 million (2011:
Rs. 406 million), an increase of 51%. It has generated a surplus of Rs. 54 million (2011: Rs. 54 million). The surplus from this line of business did
not increase due to the rising cost of medical expenses and expenses of management.
- Overseas Group Life and Health business fund was established with effect from January 01, 2012. The fund has generated a premium of Rs. 65
million and a surplus of Rs. 21 million.
INVESTMENT PERFORMANCE
The Company continued its prudent policy for managing the investment portfolios of statutory funds. The total investment income recorded in 2012 was
Rs. 2,668 million, an increase of 112% over the previous years figure of Rs. 1,258 million.
Company provided competitive returns to the policyholders on their investment in the unit linked schemes, as may be seen from the following chart:
12
1. Managed Growth 672.73 581.90 15.6%
2. Capital Growth 331.37 235.67 40.6%
3. Meesaq 628.92 557.11 12.9%
4. Yaqeen Growth 670.14 609.15 10. 0%
Sr. No. Name of Fund
Bid price effective
31.12.2012 (PKR)
Bid price effective
31.12.2011 (PKR)
% Increase
PROFIT & LOSS ACCOUNT
The Profit & Loss Account of the Company shows a pre-tax profit of Rs. 809 million compared with Rs. 582 million in 2011, an increase of 39%. The after
tax profit of the year is Rs. 553 million compared to Rs. 375 million in 2011, an increase of 48%.
EARNINGS PER SHARE
The earnings per share for the year is Rs. 8.82 (2011: Rs. 5.97), an increase of 48%.
Dividend
In view of the higher profits earned during the year, the Directors are pleased to recommend the payment of a cash dividend of Rs 4.50 (45%) per share
for the year ended 31 December 2012 (2011: Rs.3.00 per share), subject to the approval of the members at the Annual General Meeting to be held on
April 15, 2013.
HUMAN RESOURCE
With continued focus on attracting, developing and retaining top tier talent for the Company, Jubilee Life aims at developing Best in Class organization.
Emphasis on learning and development has been a critical factor in growth of the Company. During 2012, a number of in-house and external training sessions
aimed at imparting knowledge to upgrade technical and soft skills of employees were conducted.
The Company also regularly sends its senior and middle managers to learning programs at renowned local and international institutions. The senior and middle
managers are also sent on international seminars and conferences to expand their exposure on international trends and best practices.
EXPANSION OF BRANCH NETWORK
During the year, the Company opened 40 new branches thereby increasing the total network to 129 branches from which the Companys sales force operates.
BOARD OF DIRECTORS
Seven (7) meetings of the Board of Directors were held in the year 2012. The attendance of each Director was as follows:
Name of Directors No. of meetings attended
Mr. Masood Noorani 7
Mr. Javed Ahmed 7
Mr. Towfiq Habib Chinoy 6
Mr. Sultan Ali Akbar Allana 3
Mr. Shahid Mahmood Loan 7
Mr. John Joseph Metcalf 7
Mr. Aly Noor Mahomed Rattansey 7
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All the above Directors were elected in the Annual General Meeting held on March 30, 2011.
The following Directors have already attended the Board Leadership and Corporate Governance Training Program conducted by the Institute of Directors,
UK which is acknowledged as one of the eminent institutions on Corporate Governance:
Mr. Masood Noorani
Mr. Javed Ahmed
Mr. Towfiq Habib Chinoy
Mr. Sultan Ali Akbar Allana
Mr. Shahid Mahmood Loan
Mr. John Joseph Metcalf
AUDIT COMMITTEE
The Board Audit Committee comprises of three (3) non-executive Directors. During the year 2012, five (5) meetings of the Board Audit Committee were held.
The attendance of each director was as follows:
Mr. Aly Noor Mahomed Rattansey (Chairman) 5
Mr. John Joseph Metcalf (Member) 5
Mr. Shahid Mahmood Loan (Member) 5
The Committees terms of reference have been determined by the Board in accordance with the guidelines provided in the Code of Corporate Governance.
HUMAN RESOURCE & REMUNERATION COMMITTEE
The Board Human Resource & Remuneration Committee (HR&R) consists of four (4) members. The committee comprises of three (3) non-executive Directors
and one (1) Executive Director. During the year 2012, three (3) meetings of the Board HR&R Committee were held. The attendance of each director was as
follows:
Mr. Towfiq Habib Chinoy (Chairman) 3
Mr. Masood Noorani (Member) 3
Mr. John Joseph Metcalf (Member) 3
Mr. Javed Ahmed (Member) 3
The Committees terms of reference have been determined by the Board in accordance with the guidelines provided in the Code of Corporate Governance.
INTERNAL AUDIT FUNCTION
With a view to further strengthen the internal audit function and introduce a full- fledged Risk Based Audit, the company has strengthened its existing in-house
Internal Audit Department. The Department reports to the Board Audit Committee.
14
COMPLIANCE WITH LISTING REGULATIONS
The Statement of Compliance with the best corporate practices is annexed on page 29 of this report.
The Directors are pleased to confirm the following:
- The Financial Statements prepared by the management of the Company present a true and fair view of the state of its affairs, operational results,
cash flows and changes in equity.
- Proper books of accounts of the company have been maintained.
- Appropriate accounting policies have been consistently applied in preparation of financial statements and accounting estimates are based on
reasonable and prudent judgment.
- International Accounting Standards, as applicable in Pakistan, Insurance Ordinance and Rules have been followed in preparation of financial
statements and any departure there from has been adequately disclosed.
- The system of internal control is in place and is being continuously reviewed by internal audit. The process of review will continue and weakness
in controls, if any, will be removed.
- There are no doubts about the Companys ability to continue as a going concern.
- There has been no material departure from the best practices of corporate governance as detailed in the listing regulations of the stock exchange
of Pakistan.
- Information regarding outstanding taxes is given in the notes to the audited financial statements.
- The pattern of shareholding and the information regarding trading in the shares of the company by Directors, CEO, CFO, Company Secretary,
Appointed Actuary, Executives and their spouses and minor children is shown on page 97.
THE KEY OPERATING AND FINANCIAL INFORMATION
A summary of the Key operating and financial information of the last six years is shown on page 19 of this report.
STATEMENT OF ETHICS AND BUSINESS PRACTICES
The Statement of Ethics and Business Practices adopted by the Board was signed by all the Directors, Executives and the employees of the Company.
RETIREMENT BENEFITS
The value of investments made by the staff retirement funds, operated by the Company, as per their respective financial statements as at 31 December, 2012
(audit in progress) are as follows:
Provident Fund Rs. 131.5 million
Gratuity Fund Rs. 87.5 million
MATERIAL CHANGES
There have been no material changes since December 31, 2012 to the date of this report.
STATUTORY AUDITORS
The present Auditors, A. F. Ferguson & Co. Chartered Accountants, retire and being eligible, offer themselves for appointment.
The external auditors have been given satisfactory rating under the Quality Control Review Program of the Institute of Chartered Accountants of Pakistan (ICAP).
The external auditors have confirmed that their firm is in compliance with International Federation of Accountants (IFAC) guidelines on Code of Ethics as adopted
by the ICAP. The external auditors have not been appointed to provide other services except in accordance with the listing regulations and they have confirmed
that they have observed IFAC guidelines in this respect.
The Audit Committee has recommended their appointment at a remuneration to be decided by the Board of Directors for the year ending 31 December 2013,
and the Board endorses this recommendation.
15
HOLDING COMPANY
The Company is a subsidiary of the Aga Khan Fund for Economic Development S.A. Switzerland, who holds 57.87% shares of the Company.
CORPORATE SOCIAL RESPONSIBILITY
With a vision of enabling people to overcome uncertainty, Company recognizes its role in the social uplift and betterment of the less privileged segments of
the society.
Jubilee Life leverages on its core business expertise and resources to create sustainable Micro-insurance solutions targeted at reducing the vulnerability of people
living on low incomes. Micro-insurance initiatives at Jubilee Life revolve around providing life and health insurance benefits in cooperation with a number of
NGOs, MFIs, MFBs and other bodies to the underprivileged sector of our population who would not otherwise afford such facilities. Through Micro-insurance,
the Company provides insurance benefits to over a million persons at very low cost.
These initiatives are complemented by Awareness Camps organized by Jubilee Life in collaboration with other organizations. These camps create a wider
awareness in low-income communities on issues relating to healthcare and healthy living. Along with other employees, dedicated Doctors from the Company
also participate in these camps and provide prescription and free medicine for common ailments.
Besides financial contribution for the victims of natural disasters and other unforeseen events, the Company encourages its employees to participate directly
by contributing their time and knowledge towards social causes.
The Company has also supported development of indoor sports by sponsoring both domestic and international events.
FUTURE OUTLOOK
The global and domestic economic outlook for 2013 is uncertain. However, the low penetration of life insurance coverage in Pakistan and the expanding
base of potential customers offer a unique opportunity for the growth of the business; and we look forward to be able to grow our business in the coming
years.
ACKNOWLEDGEMENTS
We thank our valued customers and business partners for their confidence and patronage and reaffirm our commitment to serve them in the best possible
manner.
The tremendous growth and financial strength achieved by the Company since 2003 has been made possible with the dedication and hard work of the
management team who have been ably supported by their colleagues both in the offices and sales force of the Company. We thank all of them for their
contribution.
The Directors also wish to acknowledge the contribution of their colleagues who have served on the Audit, Finance & Investment, Human Resource and Technical
Committees.
We would also like to record our appreciation of the positive regulatory role adopted by the Securities & Exchange Commission of Pakistan for their continuing
efforts in promoting the growth and functioning of the Life Insurance business on a sound basis.
On behalf of the Board of Directors
MASOOD NOORANI JAVED AHMED
(Chairman) (Managing Director & CEO)
Karachi, February 28, 2013
18
Statement of Value Additions
For the year ended December 31, 2012
2012 2011
Amount % Amount %
Wealth Generated
Net premium 11,501,196 80.10 7,756,624 85.25
Investment income 2,848,505 19.84 1,327,143 14.59
Other income 7,985 0.06 14,277 0.16
Net wealth 14,357,686 100.00 9,098,044 100.00
Distribution of Wealth
Claims and surrenders 2,252,223 15.69 1,770,426 19.46
Change in Policyholders liabilities 6,758,106 47.07 3,602,488 39.60
Commission expense 2,734,212 19.04 1,909,137 20.98
Adminsitrative expense 1,553,172 10.82 1,136,270 12.49
Government Taxes 255,296 1.78 207,763 2.28
Proposed dividend to Shareholders 282,204 1.97 188,136 2.07
Contribution to / (from) opening
Retained Earnings (265,163) (1.85) (167,796) (1.84)
Retained for future growth 271,169 1.89 186,457 2.05
Solvency Margin 516,467 3.59 265,163 2.91
14,357,686 100.00 9,098,044 100.00
(Rupees in 000) (Rupees in 000)
Distribution of Wealth 2012
47.07%
19.04%
15.69%
10.82%
1.78%
1.97%
-1.85%
1.89%
3.59%
Distribution of Wealth 2011
39.60%
20.98%
19.46%
12.49%
2.28%
2.07%
-1.84%
2.05%
2.91%
19
Key Operating and Financial Data
Six Years Summary 2012 2011 2010 2009 2008 2007
Gross Premium 12,080,180 8,215,262 5,802,439 4,363,155 3,435,119 2,978,851
Revenue and P&L Account
Premium - net of reinsurance 11,501,196 7,756,624 5,451,804 4,054,739 3,127,200 2,777,076
Net Investment income / (loss) 2,667,925 1,257,908 1,302,972 1,302,883 (700,714) 697,987
Total inflow 14,169,121 9,014,532 6,754,776 5,357,622 2,426,486 3,475,063
Total outgo 13,267,817 8,387,165 6,239,228 5,040,102 2,267,786 3,348,463
Surplus in Revenue Account 901,304 627,367 515,548 317,520 158,700 126,600
Surplus transfer to P&L 650,000 530,000 200,000 100,000 66,633 106,000
Profit / (loss) before tax per P&L Account 808,669 582,356 217,268 160,744 (49,972) 150,028
Income Tax (expense) (255,296) (207,763) (70,516) (30,801) (5,000) (24,572)
Profit / (loss) after tax per P&L Account 553,373 374,593 146,752 129,943 (54,972) 125,456
Balance Sheet
Investments including bank deposits 21,955,492 14,780,198 10,347,115 7,279,564 5,031,512 5,238,067
Other assets 1,271,761 799,823 840,598 926,301 516,786 531,719
Fixed assets 320,487 207,587 160,869 118,115 94,579 82,029
Total assets 23,547,740 15,787,608 11,348,582 8,323,980 5,642,877 5,851,815
Issued, subscribed and Paid up capital 627,120 627,120 627,120 627,120 627,120 627,120
Accumulated surplus /(deficit) 1,168,515 803,278 522,753 (80,615) (210,558) (145,892)
Statutory funds 19,853,501 12,844,091 9,144,236 6,788,311 4,629,457 4,967,990
Other liabilities 1,898,604 1,513,119 1,054,473 989,164 596,858 402,597
Total equity & liabilities 23,547,740 15,787,608 11,348,582 8,323,980 5,642,877 5,851,815
(Rupees in 000)
20
Six Years Summary 2012 2011 2010 2009 2008 2007
Financial Ratios
Profitability
Profit / (loss) Before Tax / Gross Premium 7% 7% 4% 4% -1% 5%
Profit / (loss) Before Tax / Net Premium 7% 8% 4% 4% -2% 5%
Profit / (loss) After Tax / Gross Premium 5% 5% 3% 3% -2% 4%
Profit / (loss) After Tax / Net Premium 5% 5% 3% 3% -2% 5%
Net claims / Net premium 20% 23% 30% 34% 50% 36%
Commission / Net premium 24% 25% 23% 25% 19% 13%
Administration Expenses / Net premium 14% 15% 14% 17% 17% 13%
Change in PHL / Net Inflow 48% 40% 38% 36% -17% 47%
Net investment income / Net premium 23% 16% 24% 32% -22% 25%
Return to Shareholders
Return on equity 31% 26% 13% 24% -13% 26%
Earnings / (loss) per share (pre-tax) 12.89 9.29 3.46 2.56 -0.80 2.39
Earnings / (loss) per share (after-tax) 8.82 5.97 2.34 2.07 -0.88 2.00
Price Earning Ratio - PAT 11 10 20 21 -51 35
Net Assets per share 28.63 22.81 18.34 8.71 6.64 7.67
Return on assets 2% 2% 1% 2% -1% 2%
Market Value
Face value per share (Rs.) 10 10 10 10 10 10
Break up value per share (Rs.) 28.63 22.81 18.34 8.71 6.64 7.67
Market price per share at the end
of the year (Rs.) 92.95 62.39 46.09 44.21 45.13 70.55
Cash dividend per share 4.50 3.00 1.50 1.00 - 0.50
Cash dividend 45% 30% 15% 10% 0% 5%
Dividend yield 5% 5% 3% 2% 0% 1%
Dividend payout 51% 50% 64% 48% 0% 25%
Dividend cover - (Times) 1.96 1.99 1.56 2.07 - 4.00
Performance Liquidity
Current Ratio - (Times) 1.07 1.09 1.10 1.06 1.06 1.07
Total Liabilities / Equity - (Times) 12 10 9 14 13 11
Return on Capital employed 45% 41% 19% 29% -12% 31%
Paid up capital / Total Assets 3% 4% 6% 8% 11% 11%
Equity / Total Assets 8% 9% 10% 7% 7% 8%
Cash Flows
Net cash flow from operating activities 5,092,687 3,304,453 1,829,289 1,150,556 591,271 1,091,360
Net cash flow from investing activities (1,523,263) (3,845,494) (2,720,233) (2,370,526) 557,661 (489,251)
Net cash flow from financing activities (187,138) (93,470) (62,419) - - -
Net change in cash and cash equivalent 3,382,286 (634,511) (953,363) (1,219,970) 1,148,932 602,109
21
(Rupees in 000) % (Rupees in 000) %
Balance Sheet
Net equity 1,795,635 7.63 1,430,398 9. 06
Statutory funds 19,853,501 84.31 12,844,091 81.36
Current liabilities 1,898,604 8.06 1,513,119 9. 58
Total equity and Liabilities 23,547,740 100.00 15,787,608 100.00
Total non-current assets 321,993 1.37 209,996 1.33
Investments 21,955,492 93.24 14,780,198 93.62
Current assets 1,270,255 5.39 797,414 5. 05
Total assets 23,547,740 100.00 15,787,608 100.00
Revenue and
Net Income 14,357,686 100.00 9,098,044 100.00
Claims, Expenditures and PHL (13,297,713) (92.62) (8,418,321) (92.53)
Contribution to / (from) opening Retained Earnings 265,163 1.85 167,796 1.84
Solvency Margin (516,467) (3.60) (265,163) (2.91)
Profit / (loss) before tax 808,669 5.63 582,356 6. 40
Income tax expense (255,296) (1.78) (207,763) (2.28)
Profit / (loss) for the year 553,373 3.85 374,593 4.12
2012 2011
Vertical Analysis
Total Assets Total Equity & Liabilities
22
1,149,873 10.13 546,505 6.57 416,562 7.38 481,228 8.22
9,144,236 80.58 6,788,311 81.55 4,629,457 82.04 4,967,990 84.90
1,054,473 9.29 989,164 11.88 596,858 10.58 402,597 6. 88
11,348,582 100.00 8,323,980 100.00 5,642,877 100.00 5,851,815 100.00
165,151 1.46 125,435 1.51 100,579 1.78 82,029 1.40
10,347,115 91.17 7,279,564 87.45 5,031,512 89.17 5,238,067 89.51
836,316 7.37 918,981 11.04 510,786 9.05 531,719 9. 09
11,348,582 100.00 8,323,980 100.00 5,642,877 100.00 5,851,815 100.00
6,798,566 100.00 5,437,735 100.00 2,320,820 100.00 3,526,239 100.00
(6,265,750) (92.16) (5,059,471) (93.04) (2,278,725) (98.19) (3,355,611) (95.16)
(147,752) (2.17) (217,520) (4.00) (92,067) (3.97) (20,600) (0.58)
(167,796) (2.47) - - - - - -
217,268 3.20 160,744 2.96 (49,972) (2.15) 150,028 4. 25
(70,516) (1.04) (30,801) (0.57) (5,000) (0.22) (24,572) (0.70)
146,752 2.16 129,943 2.39 (54,972) (2.37) 125,456 3.56
2010 2009
2008 2007
23
Horizontal Analysis
Ofu!frvjuz !1,795,635 !!2-541-4:9! !2-25:-984! !657-616!!
Tubuvupsz!gvoet 19,853,501 !23-955-1:2! !:-255-347! !7-899-422
Dvssfou!mjbcjmjujft !1,898,604 2-624-22:! !2-165-584! !:9:-275!!
Total equity and Liabilities 23,547,740 26-898-719! !22-459-693! !9-434-:91!!
Upubm!opo.dvssfou!bttfut !321,993 !31:-::7! !276-262! !236-546
Jowftunfout !21,955,492 !25-891-2:9! !21-458-226! !8-38:-675
Dvssfou!bttfut 1,270,255 8:8-525! !947-427! !:29-:92
Total assets 23,547,740 !26-898-719! !22-459-693! !9-434-:91
Revenue and
Ofu!Jodpnf 14,357,686 !!:-1:9-155! !7-8:9-677! !6-548-846!!
Dmbjnt-!Fyqfoejuvsft!boe!QIM (13,297,713) )9-529-432* !)7-376-861* !)6-16:-582*
Dpousjcvujpo!up!0!)gspn*!pqfojoh!Sfubjofe!Fbsojoht !265,163 !278-8:7! !)258-863* !)328-631*
Tpmwfodz!Nbshjo (516,467) !!)376-274* !)278-8:7* !.!!!!!!!
Qspgju!0!)mptt*!cfgpsf!uby! 808,669 !!693-467! !328-379! !271-855
Jodpnf!uby!)fyqfotf* (255,296) !)318-874* !)81-627* !)41-912*
Qspgju!0!)mptt*!gps!uif!zfbs 553,373 485-6:4! !257-863! !23:-:54!
2012
(Rupees in 000)
2011
(Rupees in 000)
2010
(Rupees in 000)
2009
(Rupees in 000)
Balance Sheet
Net Premium, Investment Income =
Total Inflow
Claims, Change in Policyholders liability =
Total Policyholders Payments
Commission, Administrative Expenses =
Management Expenses
24
!527-673! !592-339! 36/64! !35/51! !221/51! !42/2:! !)24/55* !45/99!
!5-73:-568! 5-:78-::1! !65/68! !51/57! !45/82! !57/74! !)7/92* !5:/83
!!! !!! !!! !!! !!!
!6:7-969! !513-6:8! !36/59! !54/61! !7/71! !76/84! !59/36! !:/91
!!! !!! !!! !!! !!!
!6-753-988! 6-962-926! 5:/26! !4:/23! !47/45! !58/62! !)4/68* !55/8:!
!!! !!! !!! !!! !!!
!211-68:! !93-13:! 64/44! !38/26! !42/77! !35/82! !33/72! !22/29
!!! !!! !!! !!! !!!
!6-142-623! !!6-349-178! 59/66! !53/95! !53/25! !55/79! !)4/:5* !58/55
!!! !!! !!! !!! !!!
!621-897! !!642-82:! !6:/41! !)5/76* !):/11* !8:/:3! !)4/:5* !39/17
!!! !!! !!! !!! !!!
!6-753-988! !6-962-926! !5:/26! !4:/23! !47/45! !58/62! !)4/68* !55/8:
!3-431-931! !4-637-34:! !68/92! !44/93! !36/14! !245/41! !)45/29* !56/85
!)3-389-836* !)4-466-722* !68/:7! !45/46! !34/95! !233/14! !)43/1:* !56/7:
!):3-178* !!)31-711* !69/14! !)324/68* !)43/18* !247/37! !457/:4! !)5/14*
!.!!! !.!!! :5/88! !69/14! !.!!! !.!!! !.!!! !.
!)5:-:83* 261-139! !49/97! !279/15! !46/27! !)532/78* !)244/42* !69/37
!)6-111* !)35-683* !33/99! !2:5/74! !239/:5! !627/13! !)8:/76* !213/47
!)65-:83*! !236-567! !58/84! !266/37! !23/:5! !)447/49* !)254/93* !62/89
% increase / (decrease) over preceeding year
2008
(Rupees in 000)
2007
(Rupees in 000)
2012 2011 2010 2009 2008 2007
Total Inflow & Total Outflow Earning per share & Dividend per share Unit Bid Prices
FINANCIAL DATA
27
28
A.F . FERGUSON & CO.
We have reviewed the Statement of Compliance with the best practices contained in the Code of Corporate Governance for the year ended
December 31, 2012 prepared by the Board of Directors of Jubilee Life Insurance Company Limited to comply with the Listing Regulation No. 35 of the Karachi
Stock Exchange where the Company is listed.
The responsibility for compliance with the Code of Corporate Governance (the Code) is that of the Board of Directors of the Company. Our responsibility is
to review, to the extent where such compliance can be objectively verified, whether the Statement of Compliance reflects the Company's compliance with the
provisions of the Code of Corporate Governance and report if it does not. A review is limited primarily to inquiries of the Company's personnel and review of
various documents prepared by the Company to comply with the Code.
As part of our audit of financial statements we are required to obtain an understanding of the accounting and internal control systems sufficient to plan the
audit and develop an effective audit approach. We have not carried out any special review of the internal control system to enable us to express an opinion
as to whether the Board's statement on internal controls covers all controls and the effectiveness of such internal controls.
Further, Listing Regulation of the Karachi Stock Exchange require the Company to place before the Board of Directors for their consideration and approval
related party transactions distinguishing between transactions carried out on terms equivalent to those that prevail in arm's length transactions and transactions
which are not executed at arm's length price recording proper justification for using such alternate pricing mechanism. Further, all such transactions are also
required to be separately placed before the Audit Committee. We are only required and have ensured compliance of requirement to the extent of approval
of related party transactions by the Board of Directors and placement of such transactions before the Audit Committee. We have not carried out any procedures
to determine whether the related party transactions were undertaken at arm's length price or not.
Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance does not appropriately reflect the
Company's compliance, in all material respects, with the best practices contained in the Code of Corporate Governance as applicable to the Company for
the year ended December 31, 2012.
We further report that the requirement of the Code for placement of the Code of Conduct on the Companys website was compiled subsequent to
December 31, 2012.
Chartered Accountants
Karachi
Dated: 21 March, 2013
Name of the engagement partner: Farrukh Rehman
REVIEW REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE WITH
THE BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE
29
Statement of Compliance with the Code of Corporate Governance
This statement is being presented to comply with the Code of Corporate Governance contained in Regulation No. 35 of the Listing Regulations of Karachi
Stock Exchange and Code of Corporate Governance applicable to listed insurance companies as issued by the SECP, for the purpose of establishing a
framework of good governance, whereby a listed company is managed in compliance with the best practices of corporate governance.
The Company has applied the principles contained in the Code of Corporate Governance in the following manner:
1. The company encourages representation of independent non-executive directors and directors representing minority interests on its Board of Directors.
At present the board includes:
Categor y Name
Non-executive director Masood Noorani (Chairman)
Towfiq Habib Chinoy
John Joseph Metcalf
Shahid Mahmood Loan
Executive director Javed Ahmed
Independent director(s) To take effect in the forthcoming election of directors.
2. The directors have confirmed that none of them is serving as a director on more than seven (7) listed companies, including this company.
3. All the resident directors of the company have confirmed that they are registered as taxpayers and none of them has defaulted in payment of any loan
to a banking company, a DFI or an NBFI. None of the directors or their spouses is engaged in business of stock brokerage.
4. No casual vacancy occurred during the year 2012.
5. The company has prepared a Code of Conduct and has ensured that appropriate steps have been taken to disseminate it throughout the company
along with its supporting policies and procedures.
6. The Board has developed a vision and mission statement, overall corporate strategy and significant policies of the company. Policies on Investors
relations, Governance, Risk management and Compliance are in the process of preparation. A complete record of particulars of significant policies
along with the dates on which they were approved or amended has been maintained.
7. All the powers of the Board have been duly exercised and decision on material transactions, including appointment and determination of remuneration
and terms and conditions of employment of the CEO, other executive and non- executive directors, have been taken by the Board.
8. The meetings of the Board were presided over by the Chairman Mr. Masood Noorani and the Board met at-least once in every quarter. Written notice
of the board meetings, along with agenda and working papers, were circulated at least seven days before the meetings. The minutes of the meetings
were appropriately recorded and circulated.
9. All the Directors except Mr. Aly Noor Mahomed Rattansey had undergone training with the Institute of Directors, UK on 24th & 25th September 2010.
10. The Board has approved appointment of CFO & Company Secretary, and Head of Internal Audit, including their remuneration and terms and conditions
of employment.
11. The Directors report for this year has been prepared in compliance with the requirements of the Code and fully describes the salient matters required to
be disclosed.
12. The financial statements of the company were duly endorsed by CEO and CFO before approval of the board.
13. The Directors, CEO and executives do not hold any interest in the shares of the company other than that disclosed in the pattern of shareholding. The
Board has set up the threshold for other employees for the purpose of disclosing trades in the shares of the Company.
14. The company has complied with all the corporate and financial reporting requirements of the CCG.
15. The Board has formed an Audit Committee. It comprises of three (3) members; all of whom are non-executive Directors including the Chairman of the
committee.
16. The meetings of the Audit Committee were held at least once every quarter, prior to the approval of the interim and final results of the company, as
required by the CCG. The terms of reference of the committee have been formed and advised to the committee for compliance.
17. The Board has formed a HR and Remuneration Committee. It comprises of four (4) members, of whom, three (3) are non-executive directors including
the Chairman.
18. The board has set up an effective internal audit function in place.
19. The statutory auditors of the company have confirmed that they have been given a satisfactory rating under the quality control review program of the
ICAP, that they or any of the partners of the firm, their spouses and minor children do not hold shares of the company and that the firm and all its partners
are in compliance with International Federation of Accountants (IFAC) guidelines on Code of Ethics as adopted by the ICAP.
20. The statutory auditors or the persons associated with them have not been appointed to provide other services except in accordance with the listing
regulations and the auditors have confirmed that they have observed IFAC guidelines in this regard.
21. The closed period prior to announcement of interim / final results, and business decisions, which may materially affect the market price of companys
shares, was determined and intimated to directors, employees and Karachi Stock Exchange.
22. Material/price sensitive information has been disseminated among all market participants at once through Karachi Stock Exchange.
23. The Company has established Underwriting Committee, Claims Settlement Committee and Reinsurance Committee in line with the Code of Corporate
Governance for Insurance Companies.
24. The actuary appointed by the company has confirmed that neither he nor his spouse and minor children hold shares of the company.
25. The Board ensures that the appointed actuary complies with the requirements set for him in the Code for Insurance Companies.
26. We confirm that all other material principles enshrined in the CCG have been complied with.
On behalf of the Board of Directors
MASOOD NOORANI JAVED AHMED
(Chairman) (Managing Director & CEO)
Karachi, February 28, 2013
30
31
We have audited the annexed financial statements comprising of:
i. balance sheet;
ii. profit and loss account;
iii. statement of changes in equity;
iv. cash flows statement;
v. revenue account;
vi. statement of premiums;
vii. statement of claims;
viii. statement of expenses; and
ix. statement of investment income
of Jubilee Life Insurance Company Limited as at December 31, 2012 together with the notes forming part thereof for the year then ended.
It is the responsibility of the Company's Board of Directors to establish and maintain a system of internal control, and prepare and present the financial statements
in conformity with the approved accounting standards as applicable in Pakistan and the requirements of the Insurance Ordinance, 2000 (XXXIX of 2000) and
the Companies Ordinance, 1984 (XLVII of 1984). Our responsibility is to express an opinion on these statements based on our audit.
We conducted our audit in accordance with the auditing standards as applicable in Pakistan. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies used and significant estimates
made by management, as well as, evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion:
(a) proper books of account have been kept by the Company as required by the Insurance Ordinance, 2000 and the Companies Ordinance, 1984;
(b) the financial statements together with the notes thereon have been drawn up in conformity with the Insurance Ordinance, 2000 and the Companies
Ordinance,1984, and accurately reflect the books and records of the Company and are further in accordance with accounting policies consistently
applied;
(c) the financial statements together with the notes thereon present fairly, in all material respects, the state of the Company's affairs as at December 31,
2012 and of the profit, its cash flows and changes in equity for the year then ended in accordance with the approved accounting standards as applicable
in Pakistan and give the information required to be disclosed by the Insurance Ordinance, 2000 and the Companies Ordinance,1984;
(d) the apportionment of assets, liabilities, revenue and expenses between two or more funds has been performed in accordance with the advice of the
appointed actuary; and
(e) Zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the company and deposited in the Central
Zakat Fund established under section 7 of that Ordinance.
Chartered Accountants
Karachi
Dated: 20 March, 2013
Name of the engagement partner: Farrukh Rehman
AUDITORS REPORT TO THE MEMBERS
A.F . FERGUSON & CO.
Note
Share
holders
fund
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
Share capital and reserves
Au||ot|sod s|oto cop||o|
100,000,000 otd|ooty s|otos
o| ks. 10 ooc| 1,000,000 1,000,000 1,000,000

lssuod, subsct|bod ood
po|dup s|oto cop||o|
2,712,000 otd|ooty s|otos
o| ks. 10 ooc| 27,120 627,120 27,120
Accuu|o|od sutp|us 7 1,18,515 1,168,515 802,278
Net shareholders' equity 1,795,635 1,795,635 1,=20,298
Balance of statutory fund
[including policyholders'
liabilities Rs. 19.34 billion
[2011. ks. 12.58 b||||oo}] 8 - 19,036,288 453,615 350,769 12,829 19,853,501 12,844,091
Creditors and accruals
Ou|s|ood|oq c|o|s 10 1=0,12= 21,25 121,=0 18,97 642,375 582,985
lto|us toco|vod |o odvooco 188,11 =8,78 22,225 270,714 189,=01
Aouo|s duo |o |osutots , to|osutots 202 =,259 4,561 15,175
Aouo|s duo |o oqoo|s =2,12= 28,92 2,00 494,130 2=7,2=2
Joo||oo ptov|s|oo |oss poyoo|s - 2=,10
Acctuod opoosos 52,595 220,07 12,12 1,=1 122 388,831 285,=72
O||ot ctod||ots ood occtuo|s 12 =2,790 2,8= =,52= 2,722 76,902 20,0=
lo|ot|uod poyob|o ,75= 11,97 18,451 2,527
96,385 1,138,791 464,441 172,880 23,467 1,895,964 1,511,=77
Other liabilities
Uoc|o|od d|v|dood 2,=0 2,640 1,=2
Total liabilities 99,025 20,175,079 918,056 523,649 36,296 21,752,105 1=,257,210
Commitments 12
Total equity and liabilities 1,894,660 20,175,079 918,056 523,649 36,296 23,547,740 15,787,08
J|o oooood oo|os 1 |o 29 |ot oo |o|oqto| pot| o| ||oso ||oooc|o| s|o|ooo|s.
(Rupees in 000)
32
Balance Sheet
As at December 31, 2012
Overseas
group life
and health
business
NBTPPE!OPPSBOJ
Dibjsnbo
KBWFE!BINFE
Nbobhjoh!Ejsfdups!'
Dijfg!Fyfdvujwf!Pggjdfs
BMZ!OPPS!NBIPNFE!SBUUBOTFZ
Ejsfdups
TIBIJE!N/!MPBO
Ejsfdups
Cash and bank deposits
Cos| ood o||ots 220 ,200 85 59 6,764 =,120
Cuttoo| ood o||ot occouo|s 210,7 277,88 70,072 5,121 =,018 827,675 ==,022
Lopos||s o|ut|oq w||||o 12 oo||s 2,7=8,000 - 3,748,000 1,800,000
311,086 4,131,988 70,157 65,190 4,018 4,582,439 2,250,152
Unsecured advances to employees ,80 6,806 8,981
Investments 1=
Oovotooo| socut|||os 879,82 12,0=2,892 2=,=2 28,5=8 29,10 13,972,871 10,12=,979
O||ot ||od |ocoo socut|||os 500,9=2 500,943 21,70=
L|s|od oqu|||os ood c|osodoodod
u|uo| |uods 217,128 2,105,110 3,322,248 2,189,87=
Opoooodod u|uo| |uods 100,000 211,=20 411,430 228,=1
1,197,000 15,960,375 634,463 386,548 29,106 18,207,492 12,980,198
Deferred taxation 15 1,50 1,506 2,=09
Other assets - current
lto|us duo bu| uopo|d 1 75,511 59,125 134,636 115,571
lovos|oo| |ocoo duo bu|
ou|s|ood|oq 121 121 102
lovos|oo| |ocoo occtuod 1,752 2,952 1,159 982 30,847 27,27
Aouo|s duo |to o||ot |osutots ,
to|osutots 17 1=,252 12=,279 5,22 153,768 111,898
Joo||oo poyoo|s |oss ptov|s|oo 22,279 23,379
ltopoyoo|s 15,282 18,91 34,343 25,1=1
ko||tooo| booo||| ptopoyoo|s 18 - 2,1=9
Suodty toco|vob|o 10,=11 12,999 2,=87 ,58 33,465 19,25=
lo|ot|uod toco|vob|o ,850 8,=29 2,172 18,451 2,527
57,775 82,716 213,436 71,911 3,172 429,010 228,280
Fixed assets 19
Tangible assets
Cop||o| wot||optoqtoss =,881 46,881 12,=08
luto||uto, |||utos, o|||co oqu|poo|s,
copu|ots ood vo||c|os 21,05= 261,054 182,7=8
Intangible assets
Copu|ot so||wotos 12,552 - 12,552 12,=21
320,487 - - - - 320,487 207,587
Total assets 1,894,660 20,175,079 918,056 523,649 36,296 23,547,740 15,787,08
33
Balance Sheet
Note
Share
holders
fund
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
(Rupees in 000)
Overseas
group life
and health
business
NBTPPE!OPPSBOJ
Dibjsnbo
KBWFE!BINFE
Nbobhjoh!Ejsfdups!'
Ejsfdups
TIBIJE!N/!MPBO
Ejsfdups
34
Profit and Loss Account
Investment income not attributable to statutory funds
ko|uto oo Oovotooo| socut|||os 93,345 =,05=
ko|uto oo o||ot ||od |ocoo socut|||os ood dopos||s 3,688 8,702
Aot||so||oo o| d|scouo| to|o||vo |o pot 5 5
L|v|dood |ocoo 18,114 15,222
115,152 88,095
Gain on disposal of investments 24,299 750
Reversal / (provision) for impairment in value of investment
Oovotooo| socut|||os 1,617 1,125
L|s|od oqu|||os 44,474 [15,129}
46,091 [1=,00=}
Total investment income 185,542 7=,8=1
lovos|oo| to|o|od opoosos (74) [102}
Net investment income 185,468 7=,728
Other revenues
Oo|o oo d|sposo| o| ||od osso|s 1,068 5,155
O||ots 2,029 2,19
3,097 8,77=
Total investment income and other revenues 188,565 82,512
Lpoosos oo| o||t|bu|ob|o |o s|o|u|oty |uods 20 (29,896) [21,15}
lto||| bo|oto opptopt|o||oo o| sutp|us |o s|oto|o|dots' |uod 158,669 52,25
Sutp|us opptopt|o|od |o s|oto|o|dots' |uod |to |odqot occouo| L 8 650,000 520,000
Profit before tax 808,669 582,25
Taxation 21 (255,296) [207,72}
Net profit for the year 553,373 27=,592

Basic and diluted earnings per share 22 8.82 5.97
(Rupees in '000)
2012
Note
2011
(Rupees)
NBTPPE!OPPSBOJ
Dibjsnbo
KBWFE!BINFE
Nbobhjoh!Ejsfdups!'
Ejsfdups
TIBIJE!N/!MPBO
Ejsfdups
35
Statement of Changes in Equity
o|ooco os o| Joouoty 1, 2011 27,120 522,752 522,752 1,1=9,872
L|v|dood |ot ||o yoot oodod Locobot 21, 2010
[ks. 1.5 pot s|oto} [9=,08} [9=,08} [9=,08}
lto||| |ot ||o yoot oodod Locobot 21, 2011 27=,592 27=,592 27=,592
o|ooco os o| Locobot 21, 2011 27,120 802,278 802,278 1,=20,298
L|v|dood |ot ||o yoot oodod Locobot 21, 2011
[ks. 2 pot s|oto} [188,12} [188,12} [188,12}
Cop||o| coo|t|bu|od |o s|o|u|oty |uod oo|o 8 [10,000} [10,000} [10,000}
Cop||o| w|||dtowo |to s|o|u|oty |uod oo|o 8 10,000 10,000 10,000
lto||| |ot ||o yoot oodod Locobot 21, 2012 552,272 552,272 552,272
Balance as at December 31, 2012 627,120 1,168,515 1,168,515 1,795,635
Net accumulated surpus
Net
accumulated
surplus
Total
Capital
contribution
to/by
statutory funds
Accumulated
surplus
Share
Capital
(Rupees in 000)
NBTPPE!OPPSBOJ
Dibjsnbo
KBWFE!BINFE
Nbobhjoh!Ejsfdups!'
Ejsfdups
TIBIJE!N/!MPBO
Ejsfdups
Note
Share
holders
fund
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
Overseas
group life
and health
business
36
Cash Flows Statement
Operating cash flows
a) Underwriting activities
lto|us toco|vod 10,22=,205 1,258,798 589,955 =,927 12,137,995 8,198,=22
ko|osutooco pto|us po|d [197,212} [28=,18} [5=} (581,552) [=58,9}
C|o|s po|d [177,281} [802,19} [=22,9=5} [18,59} (1,422,181) [1,1=,5=8}
Suttoodots po|d [1,2=9,70} (1,249,670) [912,928}
ko|osutooco ood o||ot tocovot|os toco|vod 92,029 217,772 18,782 428,593 =08,02
Co|ss|oos po|d [2,2=2,521} [222,222} [12,=22} (2,587,296) [1,72,=8}
Co|ss|oos toco|vod 0,2=2 60,343 29,20
No| cos| |o||ow |to uodotwt|||oq oc||v|||os ,=09,792 157,85 172,205 =,278 6,786,232 =,22,882
b) Other operating activities
locoo |o po|d [212,282} (312,382) [108,1=9}
Ooooto| oooqooo| opoosos po|d [1,275,2=2} [125,18=} [72,152} [=,857} (1,488,536) [1,00,5=2}
O||ot opoto||oq poyoo|s [5,985} [5,127} [2,222} (13,334) [2,289}
O||ot opoto||oq toco|p|s 92,202 20,7=1 ,091 1,72 120,707 2,972
Looos odvoocod - [=,=21}
lo|ot|uod |toosoc||oos 2,507 [2=,95} 11,2=0 22,281 [2,172} -
No| cos| ou|||ow |to o||ot opoto||oq oc||v|||os [222,57} [1,29=,8=} [12,0} [=2,781} [,257} (1,693,545) [1,059,=29}
Total cash (outflow) / inflow from all
operating activities [222,57} 5,115,109 21,790 128,52= 29,921 5,092,687 2,20=,=52
Investment activities
lto||| , to|uto toco|vod 97,025 1,529,88= 82,285 =2,=22 75= 1,753,381 1,200,29=
L|v|doods toco|vod 18,11= 259,=5 277,570 220,27
loyoo|s |ot |ovos|oo|s [2,172,57} [20,797,5=9} [92=,95} [758,828} [57,925} (34,721,934) [21,229,190}
ltocoods |to d|sposo| o| |ovos|oo|s 2,085,558 27,92,27 925,189 2,021 29,28 31,369,422 1,0=,122
l|od cop||o| opood||uto [20,9=8} (206,948) [115,2=7}
ltocoods |to d|sposo| o| ||od osso|s 5,2= 5,246 1=,20
Total cash (outflow) / inflowfrom
investing activities [172,2} [1,21=,822} 82,509 [90,27=} [27,902} (1,523,263) [2,8=5,=9=}
Financing activities
l|oo| d|v|dood po|d [187,128} (187,138) [92,=70}
Cop||o| coo|t|bu|od |to s|oto|o|dots |uod [10,000} 10,000 -
Cop||o| to|utood |o s|oto|o|dots |uod 10,000 [10,000} -
Sutp|us opptopt|o|od |o s|oto|o|dots |uod 50,000 [557,000} [5,000} [20,000} [8,000} -
Total cash inflow / (outflow)
from financing activities =2,82 [557,000} [5,000} [20,000} [8,000} (187,138) [92,=70}
Net cash (outflow) / inflow from all activities ,5=2 2,2=2,27 50,299 18,150 =,018 3,382,286 [2=,511}
Cash and cash equivalents at the
beginning of the year 2==,5=2 128,712 19,858 =7,0=0 450,153 1,08=,=
Cash and cash equivalents at
the end of the year 22 211,08 2,281,988 70,157 5,190 =,018 3,832,439 =50,152
Reconciliation to profit and loss account
Opoto||oq cos| ||ows 5,092,687 2,20=,=52
Loptoc|o||oo opooso (82,271) [51,=0=}
Aot||so||oo opooso (7,599) [8,020}
lto||| oo d|sposo| o| ||od osso|s 1,068 5,155
loctooso , [doctooso} |o osso|s o||ot ||oo cos| 94,424 [=5,05}
[loctooso} |o ||ob|||||os (7,393,897) [=,157,902}
lto||| oo so|o o| |ovos|oo|s (5,918) 17,51
kovo|uo||oo qo|o , [|oss} oo |ovos|oo|s 830,700 [175,2}
lovos|oo| |ocoo 2,024,179 1,=85,902
Cop||o| to|utood |o S|oto|o|dots |uod -
Profit after taxation 553,373 27=,592
(Rupees in 000)
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37
Revenue Account
Note
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
Overseas
group life
and health
business
Income
lto|us |oss to|osutoocos 9,97,11 870,=== 11,059 52,522 11,501,196 7,75,2=
No| |ovos|oo| |ocoo 2,529,29= 79,70 =,559 2,2 2,667,925 1,257,908
Total net income 12,50,=55 950,150 57,18 5=,898 14,169,121 9,01=,522
Claims and expenditures
C|o|s oo| o| to|osutooco tocovot|os 1,22,5 =08,225 =51,152 29,080 2,252,223 1,770,=2
Moooqooo| opoosos |oss tocovot|os 2,820,570 2=2,929 88,990 =,989 4,257,488 2,01=,251
Total claims and expenditures 5,18=,225 751,2= 5=0,1=2 2=,09 6,509,711 =,78=,77
Excess of income over claims
and expenditures 7,222,220 198,88 117,=75 20,829 7,659,410 =,229,855
Add . lo||cy|o|dots' ||ob|||||os o|
boq|oo|oq o| ||o yoot 12,207,185 220,52 151,090 12,578,928 8,97,==0
Loss . lo||cy|o|dots' ||ob|||||os o|
ood o| ||o yoot 18,8=5,880 27,295 21=,759 19,337,034 12,578,928
Surplus 82,525 1=2,1== 52,80 20,829 901,304 27,27
Movement in policyholders' liabilities ,28,95 55,7=2 2,9 6,758,106 2,02,=88
Jtoos|ots [|o} , |to s|oto|o|dots' |uod
Sutp|us opptopt|o|od |o s|oto|o|dots' |uod [557,000} [5,000} [20,000} [8,000} (650,000) [520,000}
Cop||o| coo|t|bu|od |o s|oto|o|dots' |uod 10,000 10,000
Cop||o| to|utood |o s|oto|o|dots' |uod [10,000} (10,000)
Net transfer to / from
shareholders' fund (557,000) (65,000) (20,000) (8,000) (650,000) [520,000}
Balance of statutory funds at beginning
of the yeat 12,271,08 219,729 252,29= 12,844,091 9,1==,22
Balance of statutory funds at end
of the year 19,036,288 453,615 350,769 12,829 19,853,501 12,8==,091
Represented by: 8
lo||cy|o|dots' ||ob|||||os 18,8=5,880 27,295 21=,759 19,337,034 12,578,928
ko|o|ood ooto|oqs oo o||ot ||oo
pot||c|po||oq bus|ooss 190,=08 177,220 12,010 12,829 516,467 25,12
Balance of statutory funds 19,036,288 453,615 350,769 12,829 19,853,501 12,8==,091
(Rupees in 000)
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38
Statement of Premiums
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
Overseas
group life
and health
business
Gross premiums
koqu|ot pto|u |od|v|duo| po||c|os*
l|ts| yoot =,219,950 =22 185 4,220,557 2,719,=8
Socood yoot tooowo| 2,272,27 5=1 2 2,273,943 1,=95,799
Subsoquoo| yoots tooowo| 2,251,920 1,=22 10 3,253,458 2,272,205
S|oq|o pto|u |od|v|duo| po||c|os =19,217 8 8 419,293 11,7=
Otoup po||c|os w|||ou| cos| vo|uos 1,227,2= 10,728 =,927 1,912,929 1,55,9==
Total gross premiums 10,164,473 1,239,657 611,113 64,937 12,080,180 8,215,22
Less: Reinsurance premiums ceded
Oo |od|v|duo| |||o ||ts| yoots bus|ooss [=,58} [55} [9} (64,722) [==,25}
Oo |od|v|duo| |||o socood yoot bus|ooss [29,7=7} 517 [} (39,236) [2,2}
Oo |od|v|duo| |||o subsoquoo| tooowo|
bus|ooss [92,907} [970} [21} (93,898) [8,087}
Oo s|oq|o pto|u |ov|d|duo| po||c|os [18} (18) [1}
Oo qtoup po||c|os [28,705} [12,=05} (381,110) [219,==}
(197,312) (369,213) (54) (12,405) (578,984) [=58,28}
Net premiums 9,967,161 870,444 611,059 52,532 11,501,196 7,75,2=
* lod|v|duo| po||c|os oto ||oso uodotwt|||oo oo oo |od|v|duo| bos|s ood |oc|udo o|o| |||o po||c|os uodotwt|||oo os suc|.
(Rupees in 000)
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39
Statement of Claims
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
Overseas
group life
and health
business
Gross claims
C|o|s uodot |od|v|duo| po||c|os
by doo|| 190,2 822 191,459 11,18
by |osutod ovoo| o||ot ||oo doo|| 2=0 =08 648 1=5
by suttoodot 1,2=9,70 1,249,670 912,928
by o|ut||y - 20,=11
Total gross individual polcity claims 1,440,536 833 408 - 1,441,777 1,050,102
C|o|s uodot qtoup po||c|os
by doo|| 722,=10 10,855 733,265 =7,70
by |osutod ovoo| o||ot ||oo doo|| 10,91 =22,7== 5,702 449,408 217,=
boous |o cos| ,00 6,600 7,217
opot|ooco to|uod 57,11= 22,000 21,077 100,191 11,929
Total gross group policy claims - 797,085 454,744 37,635 1,289,464 1,089,=72
Total gross claims 1,440,536 797,918 455,152 37,635 2,731,241 2,129,57=
Loss. to|osutooco tocovot|os
Oo |od|v|duo| |||o ||ts| yoot bus|ooss c|o|s [15,298} (15,398) [2,705}
Oo |od|v|duo| |||o socood yoot bus|ooss c|o|s [12,1=5} (13,145) [8,999}
Oo |od|v|duo| |||o tooowo| bus|ooss c|o|s [28,550} [752} (29,303) [27,72}
Oo qtoup c|o|s [257,5=2} [2,999} [5,57} (367,198) [278,591}
Oo opot|ooco to|uod o| pto|us [19,778} [21,298} [2,898} (53,974) [50,180}
(76,871) (389,593) (3,999) (8,555) (479,018) [29,1=8}
Net claims 1,363,665 408,325 451,153 29,080 2,252,223 1,770,=2
(Rupees in 000)
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Acquisition costs
kouooto||oo |o |osutooco |o|otod|ot|os oo
|od|v|duo| po||c|os.
Co|ss|oo oo ||ts| yoot pto|us 2,177,58 2 27 2,177,668 1,=7=,01
Co|ss|oo oo socood yoot pto|us 12=,572 5= 5 134,632 91,752
Co|ss|oo oo subsoquoo| tooowo| pto|us ,580 71 21 66,672 51,7=2
Co|ss|oo oo s|oq|o pto|us ,209 6,209 2,289
2,28=,920 188 2 2,385,181 1,20,8=5
kouooto||oo |o |osutooco |o|otod|ot|os oo
qtoup po||c|os.
Co|ss|oo 212,=20 12,299 225,819 207,229
tooc| ovot|oods 2= 877,02 =2,05 2=,720 943,812 92,827
O||ot ocqu|s|||oo cos|s.
lo||cy s|ops 100,77 115 225 101,217 51,972
2,22,722 255,779 27,517 3,656,029 2,572,88=
Administration expenses
So|ot|os, o||owoocos ood o||ot booo|||s 198,152 =2,572 29,70 2,28 284,123 2==,9=7
C|otqo |ot do||ood booo||| p|oo =,102 92 88 58 5,992 5,10
Coo|t|bu||oo |o do||ood coo|t|bu||oo p|oo 7,505 1,827 1,85 109 11,136 8,9=8
Jtovo|||oq opoosos 18,=28 =,02 2,7=2 207 25,403 11,150
Aud||ots' touooto||oo 25 2,972 =5 152 18 4,608 2,180
Ac|uoty's |oos 2,129 2,18 822 9= 6,234 ,252
Mod|co| |oos 2,552 1,08 720 58 4,399 2,885
Advot||sooo|s 8=,02 2,==2 2,05= 287 89,847 28,=20
lt|o||oq ood s|o||oooty 19,800 =,=50 =,12= 29 28,643 19,250
Loptoc|o||oo 19.2 21,252 =,20 5,227 228 41,024 22,51=
Aot||so||oo 19.= =,88= 829 529 28 6,290 7,020
koo|o| 2=,1== ,212 =,210 27 34,942 2=,87
Loqo| ood pto|oss|ooo| c|otqos ,7= 799 220 2 7,829 7,5=0
Supotv|s|oo |oos 20,272 2,=8= 1,222 122 24,111 1,=21
U||||||os 1=,012 2,182 2,22= 12= 18,643 10,778
Lo|ot|o|ooo| 5,91 2=0 11 15 6,207 1,900
\o||c|o tuoo|oq 5,190 1,027 1,10= 7 7,398 ,727
kopo|ts ood o|o|ooooco 18,=59 2,507 1,=0 112 22,539 1,82=
oo| c|otqos ood bto|otoqo 8,292 800 702 1 9,895 5,21
Jto|o|oq opoosos 2,5=0 952 57 50 5,200 2,99
los|oqos, |o|oqtos ood |o|op|ooo 2=,218 1,82 1,9= 118 28,108 19,227
S|o|| wo||oto =,592 7== 2 29 5,992 =,187
Ooooto| |osutooco 2,952 295 297 20 3,665 2,55=
Loub||u| dob|s 975 80 2,778 4,433 [252}
M|sco||oooous opoosos 1,212 192 7 = 1,485 1,282
518,180 87,189 77,788 =,989 688,146 =79,=22
Otoss oooqooo| opoosos 3,880,913 342,968 115,305 4,989 4,344,175 2,052,21
Commission from reinsurers [0,2=2} [29} (60,372) [29,05}
Recovery of expenses from
associated undertaking 2 [2,215} (26,315)
Net management expenses 3,820,570 342,939 88,990 4,989 4,257,488 2,01=,251
40
Statement of Expenses
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
Overseas
group life
and health
business
(Rupees in 000)
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41
Statement of Investment Income
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
Overseas
group life
and health
business
Investment income
Oovotooo| socut|||os 1,255,252 72,59 28,27= 722 1,367,917 1,010,975
O||ot ||od |ocoo socut|||os ood dopos||s 270,0=2 7,527 =,029 22 281,641 182,97
L|v|doods 259,=7= 259,474 20=,1=0
[Loss} , Oo|o oo so|o o| |ovos|oo|s [29,812} [721} [1=2} =58 (30,217) 1,901
Aot||so||oo o| pto|u [8} 2 (6) [1,2=1}
Uotoo||sod qo|o , [|oss} oo |ovos|oo|s 78=,0 784,606 [1,1=}
O||ot |ocoo 2,725 1,12 4,888 5,502
Total 2,529,2 80,277 =5,888 2,275 2,668,303 1,252,811
Reversal / (provision) for
impairement in value of investments
Oovotooo| socut|||os [} 79 [9} 4 5,78
Less: Investment related expenses [29} [5} [8} (382) [71}
Net investment income 2,539,294 79,706 46,559 2,366 2,667,925 1,257,908
(Rupees in 000)
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42
Notes to and Forming Part of the Financial Statements
1. STATUS AND NATURE OF BUSINESS
1.1 Jub||oo L||o losutooco Copooy L|||od [||o copooy} wos |ocotpoto|od |o lo||s|oo oo Juoo 29, 1995 os o pub||c ||||od copooy uodot ||o Copoo|os
Otd|oooco, 198=. l|s s|otos oto quo|od oo ||o Kotoc|| S|oc| Lc|ooqo. J|o copooy s|ot|od ||s bus|ooss oo Juoo 20, 199. J|o oddtossos o| ||s
toq|s|otod ood pt|oc|po| o|||co oto 2L, 2td ||oot, Kos||t l|ozo, J|ooo| Avoouo, |uo Atoo, ls|oobod ood Jub||oo L||o losutooco u||d|oq, 7=,1A,
Lo|ozot, M.J K|oo kood, Kotoc||, tospoc||vo|y.
J|o copooy |s ooqoqod |o |||o |osutooco, cotty|oq oo ooopot||c|po||oq bus|ooss. lo occotdooco w||| ||o toqu|tooo|s o| ||o losutooco Otd|oooco,
2000 ||o copooy |os os|ob||s|od o s|oto|o|dots |uod ood |o||ow|oq s|o|u|oty |uods |o tospoc| o| ooc| c|oss o| ||s |||o |osutooco bus|ooss.
lod|v|duo| |||o uo|| ||o|od
Coovoo||ooo| bus|ooss
Acc|doo| & |oo|||
Ovotsoos qtoup |||o ood |oo||| bus|ooss [os|ob||s|od dut|oq ||o cuttoo| yoot}
1.2 J|o copooy |s o subs|d|oty o| Aqo K|oo luod lot Lcooo|c Lovo|opoo|, S.A, Sw||zot|ood.
2. BASIS OF PRESENTATION
J|oso ||oooc|o| s|o|ooo|s |ovo booo ptopotod oo ||o |oto| o| ||oooc|o| s|o|ooo|s |ssuod by ||o Socut|||os ood Lc|ooqo Co|ss|oo o| lo||s|oo
[SLCl} ||touq| ||o Socut|||os ood Lc|ooqo Co|ss|oo [losutooco} ku|os, 2002 [SLC [losutooco} ku|os, 2002] v|do S.k.O. 928 [1},2002 do|od
Locobot 12, 2002.
3. STATEMENT OF COMPLIANCE
J|oso ||oooc|o| s|o|ooo|s |ovo booo ptopotod |o occotdooco w||| opptovod occouo||oq s|oodotds os opp||cob|o |o lo||s|oo. Apptovod occouo||oq
s|oodotds copt|so o| suc| lo|otoo||ooo| l|oooc|o| kopot||oq S|oodotds [llkS} |ssuod by ||o lo|otoo||ooo| Accouo||oq S|oodotds ootd os oto oo||||od
uodot ||o Copoo|os Otd|oooco, 198=, ptov|s|oos o| ood d|toc||vos |ssuod uodot ||o Copoo|os Otd|oooco, 198= ood ||o losutooco Otd|oooco,
2000. lo coso toqu|tooo|s d|||ot, ||o ptov|s|oos ot d|toc||vos o| ||o Copoo|os Otd|oooco, 198= ood ||o losutooco Otd|oooco, 2000 |ovo booo
|o||owod.
3.1 Changes in accounting standards, interpretations and pronouncements
a) Standards, interpretations and amendments to published approved accounting standards that are effective and relevant
llkS 7 [Aoodoo|},l|oooc|o| los|tuoo|s. L|sc|osutos, |s o||oc||vo |ot ||o occouo||oq pot|ods boq|oo|oq oo ot o||ot Ju|y 01, 2011. J||s
ooodoo| op|os|sos ||o |o|otoc||oo bo|wooo quoo|||o||vo ood quo|||o||vo d|sc|osutos obou| ||o oo|uto ood o|oo| o| t|s|s ossoc|o|od w|||
||oooc|o| |os|tuoo|s. J|o oow ooodoo| doos oo| |ovo o o|ot|o| |poc| oo ||o copooys ||oooc|o| s|o|ooo|s.
b) Standards, interpretations and amendments to published approved accounting standards that are effective but not relevant

J|o o||ot oow s|oodotds, ooodoo|s ood |o|otpto|o||oos ||o| oto oodo|oty |ot occouo||oq pot|ods boq|oo|oq oo ot o||ot Joouoty 01, 2012
oto coos|dotod oo| |o bo to|ovoo| |ot ||o copooy's ||oooc|o| s|o|ooo|s ood |ooco |ovo oo| booo do|o||od |oto.

c) Standards, interpretations and amendments to published approved accounting standards that are not yet effective
but relevant
Aoodoo| |o lAS 19, Lp|oyoo booo|||s o||oc||vo |ot ooouo| pot|ods boq|oo|oq oo ot o||ot Joouoty 01, 2012. J|oso ooodoo|s o|||oo|o
||o cott|dot opptooc| ood co|cu|o|o ||oooco cos|s oo o oo| |uod|oq bos|s. J|o oow ooodoo| |s oo| opoc|od |o o|ot|o||y o||oc| ||o copooys
||oooc|o| s|o|ooo|s.
4. BASIS OF MEASUREMENT
J|oso ||oooc|o| s|o|ooo|s |ovo booo ptopotod uodot ||o ||s|ot|co| cos| coovoo||oo ocop| os d|sc|osod |o occouo||oq po||c|os to|o||oq |o |ovos|oo|s.
J|o ptopoto||oo o| ||oooc|o| s|o|ooo|s |o coo|ot||y w||| ||o opptovod occouo||oq s|oodotds os opp||cob|o |o lo||s|oo ood ||o toqu|tooo|s o| ||o
Copoo|os Otd|oooco, 198=, ||o losutooco Otd|oooco, 2000 ood SLC [losutooco} ku|os, 2002 toqu|tos oooqooo| |o o|o udqoo|s, os||o|os
ood ossup||oos ||o| o||oc| ||o opp||co||oo o| po||c|os ood topot|od oouo|s o| osso|s ood ||ob|||||os, |ocoo ood opoosos. Ac|uo| tosu||s oy d|||ot
|to ||oso os||o|os. Ls||o|os ood uodot|y|oq ossup||oo oto tov|owod oo oo ooqo|oq bos|s. kov|s|oos |o occouo||oq os||o|os oto tocoqo|sod |o ||o
pot|od |o w||c| ||o os||o|o |s tov|sod ood |o ooy |u|uto pot|ods o||oc|od.
Judqooo|s odo by oooqooo| |o ||o opp||co||oo o| opptovod occouo||oq s|oodotds os opp||cob|o |o lo||s|oo ood ||o toqu|tooo|s o| ||o Copoo|os
Otd|oooco, 198=, ||o losutooco Otd|oooco, 2000 ood SLC [losutooco} ku|os, 2002 ||o| |ovo o s|qo|||coo| o||oc| oo ||o ||oooc|o| s|o|ooo|s ood
os||o|os w||| o s|qo|||coo| t|s| o| o|ot|o| odus|oo| |o ||o oo| yoot oto d|scussod |o oo|o 27 |o ||o ||oooc|o| s|o|ooo|s.
4.1 Functional and presentation currency
J|oso ||oooc|o| s|o|ooo|s |ovo booo ptosoo|od |o lo| kupoo, w||c| |s ||o copooy's |uoc||ooo| ood ptosoo|o||oo cuttoocy. Aouo|s ptosoo|od |ovo
booo touodod o|| |o ||o oootos| ||ousood.
5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
J|o s|qo|||coo| occouo||oq po||c|os odop|od |o ||o ptopoto||oo o| ||oso ||oooc|o| s|o|ooo|s w||c| |ovo booo coos|s|oo||y opp||od dut|oq ||o yoot oto
so| ou| bo|ow.
5.1 Insurance contracts
a) Individual life unit linked
lod|v|duo| |||o coo|toc|s oto o|o|y toqu|ot pto|u uo|| ||o|od po||c|os, w|oto po||cy vo|uo |s do|ot|ood os pot ||o uodot|y|oq osso|s' vo|uo.
\ot|ous |ypos o| t|dots [Acc|doo|o| Loo||, lo||y locoo ooo|||, o|c.} oto o|so so|d o|ooq w||| ||o bos|c po||c|os. Soo o| ||oso t|dots oto
c|otqod ||touq| doduc||oos |to po||cy|o|dots' |uod vo|uo, w|||o o||ots oto coovoo||ooo| |.o. odd|||ooo| pto|u |s c|otqod ||otooqo|os|.
lo||cos oto so|d |o o w|do ctosssoc||oo o| popu|o||oo w||| d|||otoo| |ocoo |ovo|s. J|o t|s| uodotwt|||oo |s o|o|y doo|| ood soo||os d|sob||||y
ood,ot ct|||co| |||ooss. J||s bus|ooss |s wt|||oo ||touq| |wo d|s|t|bu||oo c|oooo|s, ooo|y, ||o d|toc| so|os |otco ood boocossutooco.
lod|v|duo| |||o s|oq|o pto|u po||c|os oto o|so |ssuod ood ||o|t vo|uo |s do|ot|ood os pot uodot|y|oq osso|s' vo|uo o| ||o |uod.

Revenue recognition

lto|u toco|vod |s tocoqo|sod os |o||ows.
l|ts| yoot, tooowo| ood s|oq|o pto|us oto tocoqo|sod ooco ||o to|o|od po||c|os oto |ssuod , tooowod oqo|os| toco|p| ood too||so||oo o|
pto|u.
Recognition of policyholders' liabilities

lo||cy|o|dots ||ob|||||os |oc|udod |o ||o s|o|u|oty |uod oto do|ot|ood bosod oo oppo|o|od oc|uotys vo|uo||oo cooduc|od os o| ||o bo|ooco
s|oo| do|o, |o occotdooco w||| soc||oo 50 o| ||o losutooco Otd|oooco, 2000.
Claim expense

C|o| opoosos oto tocoqo|sod oot||ot o| ||o do|o ||o po||cy coosos |o pot||c|po|o |o ||o ooto|oqs o| ||o |uod ood ||o do|o |osutod ovoo| |s
|o||o|od.
Suttoodots oto tocoqo|sod o||ot ||oso |ovo booo opptovod |o occotdooco w||| ||o copooy's po||cy.
L|ob||||y |ot ou|s|ood|oq c|o|s |s tocoqo|sod |o tospoc| o| o|| c|o|s |o||o|od up |o ||o bo|ooco s|oo| do|o. C|o|s ||ob||||y |oc|udos oouo|s
|o to|o||oo |o uopo|d topot|od c|o|s.
L|ob||||y |ot c|o|s locuttod u| No| kopot|od [lNk} |s |oc|udod |o po||cy|o|dots' ||ob|||||os.
43
No|os |o ood lot|oq lot| o| ||o l|oooc|o| S|o|ooo|s
b) Conventional business
i) Individual life conventional business
lod|v|duo| |||o coovoo||ooo| coo|toc|s oto o|o|y pto|oc||oo po||c|os so|d |o o w|do ctosssoc||oo o| popu|o||oo w||| d|||otoo| |ocoo |ovo|s. J|o
t|s| uodotwt|||oo |s o|o|y doo|| ood soo||os ct|||co| |||ooss. J||s bus|ooss |s wt|||oo ||touq| d|toc| so|os |otco.

Revenue recognition

lod|v|duo| |||o coovoo||ooo| ||ts| yoot ood tooowo| pto|us oto tocoqo|sod ooco ||o to|o|od po||c|os oto |ssuod , tooowod oqo|os| toco|p|
ood too||so||oo o| pto|u.

Claim expense

C|o| opoosos oto tocoqo|sod oo ||o do|o ||o |osutod ovoo| |s |o||o|od.
L|ob||||y |ot ou|s|ood|oq c|o|s |s tocoqo|sod |o tospoc| o| o|| c|o|s |ocuttod up |o ||o bo|ooco s|oo| do|o. C|o|s ||ob||||y |oc|udos oouo|s
ii) Group life
Otoup |||o coo|toc|s oto o|o|y |ssuod |o op|oyots |o |osuto ||o|t co||oo|s |o ||o|t op|oyoos os toqu|tod uodot J|o Wos| lo||s|oo lodus|t|o|
ood Cootc|o| Lp|oyoo| [S|ood|oq Otdots} Otd|oooco, 198. J|o copooy o|so wt||os bus|ooss |ot coosuot boo||oq to|o|od sc|oos
ood |cto|osutooco sc|oos. J|o t|s| uodotwt|||oo |s o|o|y doo|| ood soo||os d|sob||||y. J||s bus|ooss |s wt|||oo ||touq| d|toc| so|os |otco
ood boocossutooco.
Revenue recognition

Otoup |||o pto|us oto tocoqo|sod os ood w|oo duo. lo tospoc| o| cot|o|o qtoup po||c|os ||o copooy coo||ouos |o ptov|do |osutooco covot
ovoo || ||o pto|u |s toco|vod o||ot ||o qtoco pot|od.

Claim expense

Experience refund of premium

Lpot|ooco to|uod o| pto|u poyob|o |o po||cy|o|dots |s |oc|udod |o ou|s|ood|oq c|o|s.
c) Accident & health
Otoup |oo||| coo|toc|s oto o|o|y |ssuod |o op|oyots |o |osuto ||o|t co||oo|s |o ||o|t op|oyoos. J|o copooy o|so wt||os bus|ooss |ot
|cto|osutooco sc|oos |o oot||oto otoos o| lo||s|oo. J|o t|s| uodotwt|||oo |s od|co| opoosos to|o|od |o |osp||o||so||oo. J||s bus|ooss |s
wt|||oo ||touq| d|toc| so|os |otco.
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Revenue recognition

Hoo||| pto|us oto tocoqo|sod os ood w|oo duo. lo tospoc| o| cot|o|o qtoup po||c|os ||o copooy coo||ouos |o ptov|do covot ovoo || ||o
pto|u |s toco|vod o||ot ||o qtoco pot|od.

Claim expense

d) Overseas group life and health fund
J|o Copooy |os |ssuod qtoup |||o ood |oo||| po||c|os |o o po||cy|o|dot bosod |o A|q|oo|s|oo. J|o t|s| uodotwt|||oo uodot |||o po||cy |s o|o|y
doo|| ood soo||os d|sob||||y w|||o ||o t|s| uodotwt|||oo uodot |oo||| po||cy |s od|co| opoosos to|o|od |o |osp||o||so||oo.

Revenue recognition

Ovotsoos qtoup |||o ood |oo||| pto|us oto tocoqo|sod os ood w|oo duo. J|o copooy coo||ouos |o ptov|do covot ovoo || ||o pto|u |s
toco|vod o||ot ||o qtoco pot|od.

Claim expense

5.2 Policyholders' liabilities
Lut|oq ||o yoot, Socut|||os ood Lc|ooqo Co|ss|oo o| lo||s|oo [SLCl} |os |ssuod S.k.O 1 [1},2012 do|od Joouoty 9, 2012 ||touq|
w||c|, |o|u bos|s o| vo|uo||oo |os booo ptosct|bod. J|oto |ovo booo oo o||oc| oo ||o bos|s o| vo|uo||oo usod by ||o Copooy duo |o
|||s S.k.O.
a) Individual life unit linked
lo||cy|o|dots' ||ob|||||os coos|||u|o ||o |uod vo|uo o| uo|| ||o|od coo|toc|s os wo|| os ooouo|| tosotvos o| ||oso ||o|od coo|toc|s. Noo||o|od tosotvos
coos|||u|o ||ob||||y |op| |o occouo| |ot t|s|s suc| os doo||, d|sob||||y, ct|||co| |||ooss, o|c., locuttod u| No| kopot|od [lNk} c|o|s ood ooo||o|od
t|dots [Acc|doo|o| Loo|| ood L|sob||||y, Wo|vot o| lto|u, o|c.}.
45
kosotvos |ot t|s|s suc| os doo||, d|sob||||y, o|c. oto |op| oo ||o bos|s o| t|s| c|otqos doduc|od |ot ||oso t|s|s.
locuttod u| No| kopot|od [lNk} c|o|s
lot lNk, ||o copooy usos s|o||s||co| o||ods |o |ocotpoto|o ossup||oos odo |o otdot |o os||o|o ||o u|||o|o cos| o| c|o|s. J|o
c|o|s opot|ooco |ot |||s ||oo o| bus|ooss |os oo| dovo|opod su|||c|oo||y |o o||oc| |u|| ctod|b||||y |o ||o opot|ooco. Hooco, lNk tosotvos
oto bo|oq |op| os o potcoo|oqo o| t|s| c|otqos. A |oq s|udy |os booo cooduc|od o| vot|ous po|o|s o| ||o |o o||oc| qtoo|ot ctod|b||||y
|o ||o opot|ooco |o otdot |o do|ot|oo ||o oouo| o| lNk c|o|s.
J|o o||od |ovo|vos ||o ooo|ys|s o| ||s|ot|co| c|o|s ood ||o |oqs oto os||o|od bosod oo |||s ||s|ot|co| po||oto. Ac|uo| lNk c|o|s
opot|ooco o| vot|ous po|o|s o| ||o |s copotod |o ||o lNk tosotvos |op| o| ||oso ||o pot|ods, |o do|ot|oo ||o odoquocy o| lNk
tosotvos. J||s vo||do|os ||o |oc|ot ||o| |s opp||od |o t|s| c|otqos |o otdot |o ott|vo o| lNk tosotvos. Adoquo|o otq|os oto o|so bu||||o
|o copooso|o |ot ooy odvotso dov|o||oos |o c|o|s opot|ooco. lo v|ow o| qtoss|y |osu|||c|oo| c|o|s opot|ooco, lNk tosotvos |ot ooo
||o|od t|dots |ovo booo |o|d |o ptopot||oo |o ||o pto|u ootood |o ||o vo|uo||oo yoot.
Uoootood pto|u ood pto|u do||c|oocy tosotvo
Uoootood pto|u tosotvo |s oo| opp||cob|o |o o|o po||c|os. J|o t|dot pto|u ptopot||ooo|o |o ||o uoop|tod duto||oo o| ||o pot|od
|ot w||c| ||o tospoc||vo pto|us |ovo booo toco|vod oto |o|d os uoootood pto|u tosotvos. L|ob|||||os |ot c|o|s |o coutso o| poyoo|
|ot lo||y locoo ooo||| t|dot ood Wo|vot o| lto|u t|dot oto |o|d |o occotdooco w||| ||o odv|co o| ||o oppo|o|od oc|uoty.
J|o lto|u Lo||c|oocy kosotvo [lLk} |s oo| opp||cob|o |o ||oso po||cos. lot t|dots, ||oto |s oo oood |o |o|d o lLk s|oco ||oso o|o|o|o
voty toosooob|o c|o| to||os.
b) Conventional business
i) Individual life conventional
lo||cy|o|dots' ||ob|||||os coos|||u|o ||o tosotvos |ot boso p|oos, t|dots o||oc|od |o ||o boso p|oos ood tosotvos |ot lNk c|o|s.
lot boso p|oos, po||cy|o|dots' ||ob|||||os oto do|ot|ood os pot ||o |o|u ct||ot|o q|voo |o losutooco ku|os, 2002. L|scouo| to|o usod |o |||s
co|cu|o||oo |s 2.75 ood ||o ot|o|||y to|os ossuod oto ||oso occotd|oq |o LlU [1} |ob|o. lot ct|||co| |||ooss po||c|os, ||o |u|uto |oc|dooco
o| ct|||co| |||ooss |s occotd|oq |o o potcoo|oqo o| to|osutots t|s| pto|u to|os |ot |||s covotoqo.

lNk tosotvos |ot t|dots oto |o|d os o potcoo|oqo o| t|dot pto|u ootood |o ||o vo|uo||oo yoot |o v|ow o| qtoss|y |osu|||c|oo| c|o|s
opot|ooco.
Uoootood lto|u kosotvos [Ulk} o||odo|oqy |s opp||od |o t|dot pto|u |o ott|vo o| t|dots' tosotvos. J|o t|dot pto|u ptopot||ooo|o
|o ||o uoop|tod duto||oo o| ||o pot|od |ot w||c| ||o tospoc||vo pto|us |ovo booo toco|vod oto |o|d os uoootood pto|u tosotvos.
Jos|s oto cooduc|od pot|od|co||y oo ||o bos|s o| qtoss pto|u vo|uo||oo |o coo||t ||o odoquocy o| tosotvos |op| oo od|||od oo|
pto|u bos|s. lot t|dots, ||oto |s oo toqu|tooo| |o |o|d pto|u do||c|oocy tosotvos s|oco ||oso o|o|o|o voty toosooob|o c|o|s
to||os.
ii) Group life
lo||cy|o|dots' ||ob|||||os copt|so o| Uoootood lto|u kosotvos [Ulk}, tosotvos |ot locuttod u| No| kopot|od [lNk} c|o|s ood poy
coo||ouo||oo tosotvos.
lot putposos o| os||o||oo, ||o bus|ooss |os booo sp||| |o|o |wo co|oqot|os, ooo|y, ooto| ood o||ot ||oo ooto| sc|oos [|oc|ud|oq
coosuot boo||oq sc|oos, |otqo qtoups ood |cto|osutooco}. lNk tosotvos |s co|cu|o|od oo sopoto|o bos|s |ot ||oso |wo co|oqot|os.
lNk |s bosod upoo topot|od c|o|s |ot ooto| sc|oos ood oo ootood pto|u |ot o||ot ||oo ooto| sc|oos duo |o |oc| o| |u||y
ctod|b|o opot|ooco. lot lNk tosotvos bosod oo topot|od c|o|s, ||o copooy usos ||o c|o|o|oddot o||od [o s|o||s||co| |oc|o|quo}
|o os||o|o ||o u|||o|o cos| o| c|o|s.
46
Otoss pto|u ptopot||ooo|o |o ||o uoop|tod duto||oo o| ||o pot|od |ot w||c| ||o tospoc||vo pto|us |ovo booo b|||od oto |o|d os
uoootood pto|u tosotvos.
J|o uoootood pto|u tosotvo coo doo |o bocoo |osu|||c|oo| || o|||ot ||oto |s qtoss do|ot|oto||oo |o ot|o|||y, ||oto |s oo occuttooco
o| o co|os|top||c ovoo|, ot ||oto |s o toduc||oo |o osso| vo|uo oo po|oo||o| oocos|oo| o| osso|s. No toqu|tooo| |ot |o|d|oq pto|u
do||c|oocy tosotvo wos |ouod s|oco ||o copooy |os o qood cob|ood to||o ood || |s uo|||o|y ||o| ||oto w||| bo o suddoo, s|qo|||coo|
wotsoo|oq o| ot|o|||y duo |o qood d|spots|oo o| t|s| octoss vot|ous qooqtop||co| ood |ocoo s|to|os. A|so, ||o copooy |o|ds o
co|os|top|o to|osutooco covot w||c| toducos ||s oposuto |o |otqo oubot o| c|o|s ot|s|oq |to ooy ooo |oc|doo|.
L|ob|||||os |ot c|o|s |o coutso o| poyoo| [poy coo||ouo||oo tosotvos} oto |o|d |o occotdooco w||| ||o odv|co o| ||o oppo|o|od oc|uoty.
c) Accident & health
lo||cy |o|dot ||ob||||y copt|sos o| Uoootood lto|u kosotvos [Ulk} ood tosotvos |ot locuttod u| No| kopot|od [lNk} c|o|s.

lot putposos o| os||o||oo, ||o bus|ooss |os booo sp||| |o|o |wo co|oqot|os, ooo|y, ooto| ood |cto|osutooco sc|oos. lNk |s
co|cu|o|od oo sopoto|o bos|s |ot ||oso |wo co|oqot|os. lNk |s bosod upoo topot|od c|o|s |ot ooto| sc|oos ood |o ptopot||oo |o
||o pto|u ootood |o ||o vo|uo||oo yoot |ot |cto|osutooco sc|oos duo |o |oc| o| |u||y ctod|b|o opot|ooco |o ||oso sc|oos. lot
lNk tosotvos bosod oo topot|od c|o|s, ||o copooy usos ||o c|o|o|oddot o||od [o s|o||s||co| |oc|o|quo} |o os||o|o ||o u|||o|o
cos| o| c|o|s.
J|o uoootood pto|u tosotvo coo doo |o bocoo |osu|||c|oo| || o|||ot ||oto |s suddoo wotsoo|oq o| otb|d||y ot |o||o||oooty |octooso
|o c|o|s. No toqu|tooo| |ot |o|d|oq pto|u do||c|oocy tosotvo wos |ouod o| ptosoo| s|oco ||o pot||o||o |os o cob|ood to||o o| |oss
||oo 100 ood ||o ovotoqo c|o|s |ovo booo |ow |o sp||o o| ovoto|| |o||o||oo.
d) Overseas groupe life and health fund
lo||cy |o|dot ||ob||||y copt|sos o| Uoootood lto|u kosotvos [Ulk} ood tosotvos |ot locuttod u| No| kopot|od [lNk} c|o|s.
J||s tosotvo |os booo so| os N|| os o| ||o vo|uo||oo do|o |o v|ow o| ||o to|osutooco ottooqooo|s |o p|oco.
J|o uoootood pto|u tosotvo coo doo |o bocoo |osu|||c|oo| || o|||ot ||oto |s qtoss do|ot|oto||oo |o ot|o|||y, suddoo wotsoo|oq o|
otb|d||y, occutooco o| o co|os|top||c ovoo|, toduc||oo |o osso| vo|uo oo po|oo||o| oocos|oo| o| osso|s ot |o||o||oooty |octooso |o c|o|s.
No toqu|tooo| |ot |o|d|oq pto|u do||c|oocy tosotvo wos |ouod o| ptosoo| s|oco ||o pot||o||o |os o qood cob|ood to||o ood ||o
ovotoqo c|o|s |ovo booo |ow |o sp||o o| ovoto|| |o||o||oo.
5.3 Reinsurance contracts held
Reinsurance premiums
ko|osutooco pto|u |s tocoqo|sod o| ||o soo ||o w|oo ||o pto|u |ocoo |s tocoqo|sod. l| |s oosutod |o ||oo w||| ||o |ots ood cood|||oos
o| ||o to|osutooco |too||os.
47
Claim recoveries
C|o| tocovot|os |to to|osutots oto tocoqo|sod o| ||o soo ||o os ||o c|o|s oto |o||o|od ood tocotdod |o ||o boo|s o| occouo|s o| ||o
copooy.
Lpot|ooco to|uod toco|vob|o |to to|osutots |s |oc|udod |o ||o to|osutooco tocovot|os o| c|o|s.
lod|v|duo| |||o uo|| ||o|od ood coovoo||ooo| po||c|os oto to|osutod uodot oo |od|v|duo| |||o to|osutooco oqtoooo| w|otoos qtoup |||o po||c|os
oto to|osutod uodot o qtoup |||o to|osutooco oqtoooo|.
A|| toco|vob|os [to|osutot's s|oto |o c|o|s, |owotd co|ss|oo ood opot|ooco to|uod} ood poyob|os [to|osutooco pto|u} uodot to|osutooco
oqtoooo|s oto tocoqo|sod oo| |o ||o copooy's ||oooc|o| s|o|ooo|s, uodot ||o c|tcus|oocos oo|y ||o| ||oto |s o c|oot |oqo| t|q|| o| o||so|
o| ||o oouo|s . lut||ototo, ctod|| |s |o|oo oo occouo| o| to|osutot's s|oto |o po||cy|o|dots' ||ob|||||os os odv|sod by ||o oppo|o|od oc|uoty.
5.4 Receivables and payables related to insurance contracts
koco|vob|os ood poyob|os oto tocoqo|sod w|oo duo. J|oso |oc|udo oouo|s duo |o ood |to oqoo|s ood po||cy|o|dots.
5.5 Staff retirement benefits
Defined benefit plan
J|o copooy opoto|os oo opptovod |uodod qto|u||y sc|oo |ot o|| potoooo| op|oyoos w|o |ovo cop|o|od |o|u quo|||y|oq o||q|b|o
sotv|co o| 5 yoots. Coo|t|bu||oo |o ||o |uod |s odo ood opooso |s tocoqo|sod oo ||o bos|s o| oc|uot|o| vo|uo||oo cott|od ou| os o| ooc|
yoot ood us|oq ||o ptooc|od uo|| ctod|| o||od. Ac|uot|o| qo|os ot |ossos |o ocoss o| 10 o| ||o oc|uot|o| ||ob||||y ot p|oo osso|s oto tocoqo|sod
ovot ||o ovotoqo |||o o| ||o op|oyoos.
Defined contribution plan
J|o copooy opoto|os oo opptovod coo|t|bu|oty ptov|doo| |uod |ot o|| ||s potoooo| op|oyoos. Lquo| oo|||y coo|t|bu||oos oto odo by
bo|| ||o copooy ood ||o op|oyoos |o ||o |uod o| ||o to|o o| 10 o| bos|c so|oty. Coo|t|bu||oos odo by ||o copooy oto tocoqo|sod os
opooso.
5.6 Accumulated compensated absences
J|o copooy o|os ptov|s|oo |o ||o ||oooc|o| s|o|ooo|s |ot ||s ||ob|||||os |owotds vos|od copooso|od obsoocos occuu|o|od by ||s op|oyoos
oo ||o bos|s o| oo||c|po|od u||||so||oo o| suc| |oovos bosod oo pos| |toods.
5.7 Statutory funds
J|o copooy o|o|o|os s|o|u|oty |uods |o tospoc| o| ooc| c|oss o| |||o |osutooco bus|ooss. Asso|s, ||ob|||||os, tovoouos ood opoosos o| ||o
copooy oto to|otob|o |o tospoc||vo s|o|u|oty |uods, |owovot, w|oto ||oso oto oo| to|otob|o |o s|o|u|oty |uods, ||oso oto o||oco|od |o ||o
s|oto|o|dots |uod.
Appot||oooo| o| osso|s, ||ob|||||os, tovoouos ood opoosos, w|otovot toqu|tod, bo|wooo |uods oto odo oo o |o|t ood oqu||ob|o bos|s |o
occotdooco w||| ||o wt|||oo odv|co o| ||o oppo|o|od oc|uoty.
5.8 Taxation
locoo |o opooso copt|sos cuttoo| ood do|ottod |o. locoo |o opooso |s tocoqo|sod |o ||o pto||| ood |oss occouo|, ocop| |o ||o o|oo|
||o| || to|o|os |o ||o ||os tocoqo|sod d|toc||y |o oqu||y, |o w||c| coso || |s tocoqo|sod |o oqu||y.
Current
ltov|s|oo |ot cuttoo| |oo||oo |s bosod oo |oob|o |ocoo |ot ||o yoot do|ot|ood |o occotdooco w||| ||o ptovo|||oq |ows |ot |oo||oo oo |ocoo.
C|otqo |ot ||o cuttoo| |o |s co|cu|o|od us|oq |o to|os oooc|od ot subs|oo||vo|y oooc|od o| ||o bo|ooco s|oo| do|o ood |oc|udos odus|oo|s,
w|oto coos|dotod oocossoty, to|o||oq |o pt|ot yoots.
48
Deferred
Lo|ottod |o |s tocoqo|sod us|oq ||o bo|ooco s|oo| ||ob||||y o||od oo o|| |opototy d|||otoocos ot|s|oq bo|wooo ||o cotty|oq oouo|s o| osso|s
ood ||ob|||||os |ot ||oooc|o| topot||oq putposos ood oouo|s usod |ot |oo||oo putposos. J|o oouo| o| do|ottod |o ptov|dod |s bosod oo ||o
opoc|od oooot o| too||so||oo ot so|||ooo| o| ||o cotty|oq oouo|s o| osso|s ood ||ob|||||os us|oq ||o |o to|os oooc|od o| ||o bo|ooco s|oo|
do|o. A do|ottod |o osso| |s tocoqo|sod oo|y |o ||o o|oo| ||o| || |s ptobob|o ||o| |u|uto |oob|o pto|||s w||| bo ovo||ob|o ood ||o ctod||s coo
bo u||||sod. Lo|ottod |o osso| |s toducod |o ||o o|oo| ||o| || |s oo |ooqot ptobob|o ||o| ||o to|o|od |o booo|||s w||| bo too||sod.
5.9 Investments
Classification
lovos|oo|s w||| ||od ot do|ot|oob|o poyoo|s ood ||od o|ut||y, w|oto ||o copooy |os pos|||vo |o|oo| ood ob||||y |o |o|d |o o|ut||y,
oto c|oss|||od os |o|d|oo|ut||y. lovos|oo|s w||c| oto |o|oodod |o bo |o|d |ot oo |odo||o||o pot|od bu| oy bo so|d |o tospooso |o ||o oood
|ot ||qu|d||y ot c|ooqo |o ot|up , |o|otos| to|os oto c|oss|||od os ovo||ob|o |ot so|o.
Initial recognition
A|| |ovos|oo|s, c|oss|||od os obovo, oto |o|||o||y tocoqo|sod o| |o|t vo|uo |oc|ud|oq ocqu|s|||oo c|otqos ossoc|o|od w||| ||o |ovos|oo|s.
Subsequent measurement
lovos|oo|s c|oss|||od os |o|d|oo|ut||y oto subsoquoo||y oosutod o| oot||sod cos|, |o||oq |o|o occouo| ooy d|scouo| ot pto|u oo ocqu|s|||oo,
us|oq ||o o||oc||vo |o|otos| o||od.
lovos|oo|s c|oss|||od os ovo||ob|o|otso|o oto subsoquoo||y oosutod o| |owot o| cos| ot ot|o| vo|uo [ot|o| vo|uo bo|oq |o|oo os |owot ||
||o toduc||oo |s o||ot ||oo |opototy} |o occotdooco w||| ||o toqu|tooo|s o| ||o SLC [losutooco} ku|os, 2002 ood |s tocoqo|sod os o ptov|s|oo
|ot |po|too| |o vo|uo o| |ovos|oo|. Aoy c|ooqo |o ||o ptov|s|oo |ot |po|too| |o vo|uo o| oo |ovos|oo| |s tocoqo|sod |o ||o pto||| ood
|oss occouo| ot tovoouo occouo| o| ||o tospoc||vo ooo||o|od |uod. Howovot, |ovos|oo|s c|oss|||od os ovo||ob|o|otso|o, w||c| oto ||o|od |o
||o uo||s o| ||o uo|| ||o|od |uod, oto ot|od |o ||o|t ot|o| vo|uos. Aoy qo|o ot |oss oo suc| ovo||ob|o|otso|o |ovos|oo|s |s tocoqo|sod |o
tovoouo occouo| o| ||o tospoc||vo ||o|od |uod.
Fair / market value measurements
lot |ovos|oo|s |o Oovotooo| socut|||os, |o|t , ot|o| vo|uo |s do|ot|ood by to|otooco |o quo|o||oos ob|o|ood |to kou|ots poqo [lKk\}
w|oto opp||cob|o. lot |ovos|oo|s |o quo|od ot|o|ob|o socut|||os, o||ot ||oo |ot ||oooco cot||||co|os, |o|t , ot|o| vo|uo |s do|ot|ood by
to|otooco |o S|oc| Lc|ooqo quo|od ot|o| pt|co o| ||o c|oso o| bus|ooss oo bo|ooco s|oo| do|o. J|o |o|t ot|o| vo|uo o| |ot ||oooco cot||||co|os
|s os pot ||o to|os |ssuod by ||o Mu|uo| luods Assoc|o||oo o| lo||s|oo [MUlAl}.
5.10 Fixed assets
Tangible assets
Jooq|b|o osso|s oto s|o|od o| cos| |oss occuu|o|od doptoc|o||oo ood |po|too| |ossos, || ooy, ocop| |ot cop||o| wot| |o ptoqtoss w||c| |s
s|o|od o| cos|. Loptoc|o||oo |s c|otqod us|oq ||o s|to|q|| ||oo o||od o| ||o to|os spoc|||od |o oo|o 19.2 oo o|| osso|s ovo||ob|o |ot uso o| ||o
ood o| ooc| oo||. W|oo pot|s o| oo ||o o| osso| |ovo d|||otoo| uso|u| ||vos, ||oy oto occouo|od |ot os sopoto|o ||od osso|s ||os.
Subsoquoo| cos|s oto |oc|udod |o ||o osso|s' cotty|oq oouo| ot tocoqo|sod os o sopoto|o osso|, os opptopt|o|o, oo|y w|oo || |s ptobob|o ||o|
|u|uto ocooo|c booo|||s ossoc|o|od w||| ||o ||o w||| ||ow |o ||o copooy ood ||o cos| o| ||o ||o coo bo oosutod to||ob|y. A|| o||ot opoosos
oto c|otqod |o |ocoo dut|oq ||o yoot |o w||c| ||oy oto |ocuttod.
J|o osso|s' tos|duo| vo|uo ood uso|u| ||vos oto tov|owod o| ooc| bo|ooco s|oo| do|o ood odus|od || opptopt|o|o.
Oo|os ood |ossos oo d|sposo| o| ||od osso|s oto |o|oo |o pto||| ood |oss occouo|.
Intangible assets
J|oso toptosoo| osso|s w||| ||o||o ||vos ood oto s|o|od o| cos| |oss occuu|o|od oot||so||oo ood |po|too| |ossos [|| ooy}. Aot||so||oo |s
c|otqod ovot ||o os||o|od uso|u| |||o o| ||o osso| opp|y|oq ||o s|to|q|| ||oo o||od o| ||o to|os spoc|||od |o oo|o 19.= |o ||o ||oooc|o| s|o|ooo|s.
So||woto dovo|opoo| cos|s oto oo|y cop||o||sod |o ||o o|oo| ||o| |u|uto ocooo|c booo|||s oto opoc|od |o bo dot|vod by ||o copooy.
49
5.11 Other revenue recognition
Mot|up , lo|otos|
Mot|up , |o|otos| |ocoo oo boo| dopos||s |s tocoqo|sod oo ||o ptopot||oo bos|s.
lo|otos| oo ||od |ocoo socut|||os |s tocoqo|sod oo ||o ptopot||oo bos|s us|oq o||oc||vo |o|otos| to|o o||od.
L|v|doods
L|v|dood |ocoo |s tocoqo|sod w|oo copooy's t|q|| |o toco|vo d|v|dood |s os|ob||s|od.
5.12 Acquisition cost
J|oso oto cos|s |ocuttod |o ocqu|t|oq |osutooco po||c|os, o|o|o|o|oq suc| po||c|os, ood |oc|udo w|||ou| ||||o||oo o|| |ots o| touooto||oo
po|d |o |osutooco oqoo|s.
Co|ss|oo ood o||ot opoosos oto tocoqo|sod os opooso |o ||o oot||ot o| ||o ||oooc|o| yoot |o w||c| ||oy oto po|d ood ||oooc|o| yoot |o
w||c| ||oy bocoo duo ood poyob|o, ocop| ||o| co|ss|oo ood o||ot opoosos w||c| oto d|toc||y to|otob|o |o ||o ocqu|s|||oo ot tooowo|
o| spoc|||c coo|toc|s oto tocoqo|sod oo| |o|ot ||oo ||o pot|od |o w||c| ||o pto|u |o w||c| ||oy to|ot |s tocoqo|sod os tovoouo.
5.13 Foreign currencies
Mooo|oty osso|s ood ||ob|||||os |o |oto|qo cuttooc|os oto |toos|o|od o| ||o to|os o| oc|ooqo ptovo|||oq o| ||o bo|ooco s|oo| do|o. loto|qo
cuttoocy |toosoc||oos oto tocotdod us|oq ||o to|os o| oc|ooqo ptovo|||oq o| ||o do|o o| |toosoc||oo. Lc|ooqo qo|os ood |ossos oo |toos|o||oo
oto |oc|udod |o |ocoo cuttoo||y.
5.14 Cash and cash equivalents
lot ||o putposo o| cos| ||ow s|o|ooo|, cos| ood cos| oqu|vo|oo|s |oc|udo ||o |o||ow|oq.
Cos| o| boo| |o cuttoo| ood sov|oq occouo|s
Cos| ood s|ops |o |ood
Jot dopos||s w||| ot|q|oo| o|ut||y up|o ||too oo||s
5.15 Impairment
J|o cotty|oq oouo| o| osso|s oto tov|owod o| ooc| bo|ooco s|oo| do|o |o do|ot|oo w|o||ot ||oto |s ooy |od|co||oo o| |po|too| o| ooy
osso| ot qtoup o| osso|s. l| suc| |od|co||oo o|s|s, ||o tocovotob|o oouo| o| ||o osso| |s os||o|od. Ao |po|too| |oss |s tocoqo|sod w|ooovot
||o cotty|oq oouo| o| oo osso| ocoods ||s tocovotob|o oouo|. lpo|too| |ossos oto tocoqo|sod |o pto||| ood |oss occouo| , tovoouo occouo|,
os opptopt|o|o.
5.16 Provisions
ltov|s|oos oto tocoqo|sod w|oo ||o copooy |os o |oqo| ot coos|tuc||vo ob||qo||oo os o tosu|| o| o pos| ovoo|, ood || |s ptobob|o ||o| ou|||ow
o| tosoutcos obody|oq ocooo|c booo|||s w||| bo toqu|tod |o so|||o ||o ob||qo||oo ood o to||ob|o os||o|o coo bo odo o| ||o oouo| o|
ob||qo||oo.
5.17 Segment reporting
Opoto||oq soqoo|s oto topot|od |o o oooot coos|s|oo| w||| ||o| ptov|dod |o ||o c||o| opoto||oq doc|s|ooo|ot. J|o c||o| opoto||oq doc|s|oo
o|ot, w|o |s tospoos|b|o |ot o||oco||oq tosoutcos ood ossoss|oq pot|otooco o| ||o opoto||oq soqoo|s, |os booo |doo||||od os ||o C||o|
Locu||vo O|||cot.
J|o copooy |os |out opoto||oq soqoo|s |ot topot||oq putposos ooo|y, lod|v|duo| |||o uo|| ||o|od, Coovoo||ooo| bus|ooss, Acc|doo| & |oo|||
ood Ovotsoos qtoup |||o ood |oo||| bus|ooss.
50
J|o lod|v|duo| |||o uo|| ||o|od soqoo| ptov|dos |||o |osutooco covotoqo |o |od|v|duo|s uodot uo|| bosod po||c|os |ssuod by ||o copooy.
J|o Coovoo||ooo| bus|ooss soqoo| |oc|udos 'lod|v|duo| |||o coovoo||ooo|' ood 'Otoup |||o'. J|o lod|v|duo| L||o coovoo||ooo| bus|ooss
soqoo| ptov|dos |||o |osutooco covotoqo |o |od|v|duo|s uodot coovoo||ooo| po||c|os |ssuod by ||o copooy. J|o qtoup |||o bus|ooss
soqoo| ptov|dos |||o |osutooco covotoqo |o obots o| bus|ooss oo|otpt|sos, cotpoto|o oo||||os |o cooo |o|otos| qtoups uodot qtoup
|||o |osutooco sc|oos |ssuod by ||o copooy.
Acc|doo| & |oo||| bus|ooss soqoo| ptov|dos potsooo| occ|doo| covotoqo |o |od|v|duo|s ood |opo||oo| , ou|po||oo| |oo||| covotoqo |o
obot oo|otpt|sos, cotpoto|o oo||||os ood cooo |o|otos| qtoups uodot qtoup |oo||| |osutooco sc|oos |ssuod by ||o copooy.
Ovotsoos qtoup |||o ood |oo||| bus|ooss soqoo| ptov|dos |||o |osutooco covotoqo ood |opo||oo| , ou|po||oo| |oo||| covotoqo |o ovotsoos
cotpoto|o oo||||os uodot Ovotsoos qtoup |||o ood |oo||| po||c|os |ssuod by ||o copooy.
5.18 Off-setting
Asso|s ood ||ob|||||os oto o||so| ood ||o oo| oouo| |s topot|od |o ||o ||oooc|o| s|o|ooo|s oo|y w|oo ||oto |s o |oqo||y oo|otcoob|o t|q|| |o so|
o|| ||o tocoqo|sod oouo| ood ||o copooy |o|oods o|||ot |o so|||o oo o oo| bos|s ot |o too||so ||o osso|s ood so|||o ||o ||ob|||||os s|u||oooous|y.
5.19 Financial assets and liabilities
A|| ||oooc|o| osso|s ood ||ob|||||os oto |o|||o||y oosutod o| |o|t vo|uo. J|oso ||oooc|o| osso|s ood ||ob|||||os oto subsoquoo||y oosutod o| |o|t ,
ot|o| vo|uo ot oot||sod cos| os ||o coso oy bo.
5.20 Dividend and appropriation to reserves
L|v|dood ood opptopt|o||oo |o tosotvos ocop| opptopt|o||oos toqu|tod by ||o |ow ot do|ot|ood by ||o oppo|o|od oc|uoty ot o||owod by
||o losutooco Otd|oooco, 2000 oto tocoqo|sod |o ||o yoot |o w||c| ||oso oto opptovod.
51
6. ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL
6.1 As o| Locobot 21, 2012 ood 2011 Aqo K|oo luod |ot Lcooo|c Lovo|opoo| S.A Sw||zot|ood ood ||s oo|ooos |o|d 2,29=,89= otd|ooty
s|otos o| ks. 10 ooc|.
2012 2011 2012 2011
(Number of shares in 000) (Rupees in '000)
62,712 2,712 Otd|ooty s|otos o| ks. 10 ooc| |u||y po|d |o cos| 627,120 27,120
2012 2011
7. ANALYSIS OF ACCUMULATED SURPLUS AS SHOWN
IN BALANCE SHEET
Accuu|o|od sutp|us |o s|o|ooo| o| c|ooqos |o oqu||y
o| boq|oo|oq o| ||o yoot 803,278 522,752
Add. Sutp|us |o pto||| ood |oss occouo| |ot ||o yoot 553,373 27=,592
Loss. L|v|dood (188,136) [9=,08}
Accuu|o|od sutp|us |o s|o|ooo| o| c|ooqos |o oqu||y
|qoot|oq o||oc| o| cop||o| |toos|ots o| ||o ood o| ||o yoot 1,168,515 802,278
Accuu|o|od sutp|us 1,168,515 802,278
(Rupees in 000)
9. POLICYHOLDERS' LIABILITIES
8. MOVEMENT IN EQUITY OF STATUTORY FUND
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
Overseas
group life
and health
business
(Rupees in 000)
Policyholders' liabilities
o|ooco o| boq|oo|oq o| ||o yoot 12,207,185 220,52 151,090 12,578,928 8,97,==0
loctooso dut|oq ||o yoot ,28,95 55,7=2 2,9 6,758,106 2,02,=88
o|ooco o| ood o| ||o yoot oo|o 9 18,8=5,880 27,295 21=,759 19,337,034 12,578,928
Retained earnings on other
than participating business
o|ooco o| boq|oo|oq o| ||o yoot 2,882 99,07 102,20= 265,163 17,79
Sutp|us |ot ||o yoot 82,525 1=2,1== 52,80 20,829 901,304 27,27
Sutp|us opptopt|o|od |o s|oto|o|dots' |uod [557,000} [5,000} [20,000} [8,000} (650,000) [520,000}
o|ooco o| ood o| ||o yoot oo|o 8.1 190,=08 177,220 12,010 12,829 516,467 25,12
Capital contributed by shareholders' fund
o|ooco o| boq|oo|oq o| ||o yoot
Cop||o| coo|t|bu|od dut|oq ||o yoot 10,000 10,000
Cop||o| w|||dtowo dut|oq ||o yoot [10,000} (10,000)
o|ooco o| ood o| ||o yoot
o|ooco o| s|o|u|oty |uod o| ood o| ||o yoot 19,02,288 =52,15 250,79 12,829 19,853,501 12,8==,091
8.1 o|oocos |o to|o|ood ooto|oqs oto o|o|o|ood |o occotdooco w||| ||o SLC tu|os |o oo| so|voocy otq|os.
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
Overseas
group life
and health
business
(Rupees in 000)
Gross of reinsurance
Ac|uot|o| ||ob||||y to|o||oq |o
|u|uto ovoo|s 18,720,257 187,027 15,291 19,082,685 12,=09,182
ltov|s|oo |ot ou|s|ood|oq topot|od
c|o|s poyob|o ovot o pot|od
ocood|oq |wo|vo oo||s 92,=25 97,0=9 190,484 112,88
ltov|s|oo |ot |ocuttod bu| oo|
topot|od c|o|s 122,720 102,25 =9,511 1,201 277,167 222,02
18,9=,512 287,721 21=,802 1,201 19,550,336 12,75,077
Net of reinsurance
Ac|uot|o| ||ob||||y to|o||oq |o |u|uto ovoo|s 18,710,170 10,85= 15,250 18,982,274 12,22=,22
ltov|s|oo |ot ou|s|ood|oq topot|od
c|o|s poyob|o ovot o pot|od
ocood|oq |wo|vo oo||s 92,=25 97,0=9 190,484 112,88
ltov|s|oo |ot |ocuttod bu| oo|
topot|od c|o|s =2,275 72,=92 =9,509 164,276 1=0,=28
18,8=5,880 27,295 21=,759 19,337,034 12,578,928
52
53
Individual life unit linked
Notified claims at beginning of the year 126,639 (21,174) 105,465 101,258 [57,98} =2,50
Cos| po|d |ot c|o|s so|||od |o ||o yoot (1,427,051) 92,039 (1,335,012) [1,02=,821} 7,901 [9=7,920}
loctooso , [doctooso} |o ||ob|||||os.
At|s|oq |to cuttoo| yoot c|o|s 1,453,076 (86,921) 1,366,155 1,059,509 [=8,752} 1,010,75
At|s|oq |to pt|ot yoot c|o|s (12,540) 10,050 (2,490) [9,297} 8,27 [921}
Notified claims at end of the year 140,124 (6,006) 134,118 12,29 [21,17=} 105,=5
Conventional business
Notified claims at beginning of the year 365,913 (107,872) 258,041 2=8,=9 [120,509} 228,1=0
Cos| po|d |ot c|o|s so|||od |o ||o yoot (802,196) 317,772 (484,424) [70,20} 217,718 [==2,5=2}
At|s|oq |to cuttoo| yoot c|o|s 822,586 (390,538) 432,048 787,25 [205,821} =81,5==
At|s|oq |to pt|ot yoot c|o|s (24,668) 945 (23,723) [9,8=1} 7=0 [9,101}
Notified claims at end of the year 361,635 (179,693) 181,942 25,912 [107,872} 258,0=1
Accident & health
Notified claims at beginning of the year 90,433 (33,668) 56,765 52,980 [9,978} =2,002
Cos| po|d |ot c|o|s so|||od |o ||o yoot (423,945) 18,782 (405,163) [27=,285} [27=,285}
At|s|oq |to cuttoo| yoot c|o|s 463,265 (3,999) 459,266 217,102 [22,90} 292,=12
At|s|oq |to pt|ot yoot c|o|s (8,113) - (8,113) [5,2=} [5,2=}
Notified claims at end of the year 121,640 (18,885) 102,755 90,=22 [22,8} 5,75
Overseas group life and health fund
Notified claims at beginning of the year - - -
Cos| po|d |ot c|o|s so|||od |o ||o yoot (18,659) - (18,659)
At|s|oq |to cuttoo| yoot c|o|s 37,635 (8,555) 29,080
At|s|oq |to pt|ot yoot c|o|s - - -
Notified claims at end of the year 18,976 (8,555) 10,421
Gross Re-insurance Net Otoss ko|osutooco No|
2012 2011
10.1 As ||o copooy so|||os ||s c|o| ob||qo||oos w||||o o yoot ||o c|o| dovo|opoo| |ob|o |os oo| booo ptosoo|od.
10. OUTSTANDING CLAIMS
(Rupees in 000)
54
2012 2011
In respect of :
- Capital expenditure
No| |o|ot ||oo ooo yoot 117,879 118,099
(Rupees in 000)
11. STATUTORY DEPOSITS
J|o copooy |os dopos||od 10 & 20 yoots lo||s|oo lovos|oo| oods oouo||oq |o ks. 70 ||||oo [2011. ks. 70 ||||oo} w||| ||o S|o|o oo| o|
lo||s|oo uodot soc||oo 29 o| ||o losutooco Otd|oooco, 2000.
12. OTHER CREDITORS AND ACCRUALS
13. COMMITMENTS
Share
holders
fund
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
(Rupees in 000)
Overseas
group life
and health
business
Suodty ctod||ots 8,12 12,70 =,152 2,5= 28,070 7,2=
loyob|o |o to|o|od pot||o|s
Jub||oo Ooooto| losutooco
Copooy L|||od 12 162
W||||o|d|oq |o poyob|o 1,21 1=,017 282 2= 15,784 ,2
loyob|o |o Wot|ots Wo||to luod 22,817 32,817 1,219
2o|o| poyob|o 9 69 115
42,790 26,846 4,534 2,732 - 76,902 20,0=
55
14. INVESTMENTS
14.1 Government securities
Share
holders
fund
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
(Rupees in 000)
Overseas
group life
and health
business
14.1.2 Particulars of government securities
Name of the investments Maturity Tenor Principal Coupon Coupon
(Years) payment rate p.a. payment
Held-to-maturity [}
lo||s|oo lovos|oo| oods Joouoty 2019 15 20 Oo o|ut||y 910 Ho||yoot|y
|o Juoo 202= yoots
Available-for-sale
loto Su|u| oods Locobot 2012 Juoo 201= 2 yoots Oo o|ut||y 9.2 9.8= Ho||yoot|y
lo||s|oo lovos|oo| oods Juoo 2012 |o Juoo 202= 5 20 yoots Oo o|ut||y 8 11.5 Ho||yoot|y
Jtoosuty |||s Joouoty 2012 |o Motc| 2012 1 yoot Oo o|ut||y 11.9 11.9= Oo o|ut||y
Jtoosuty |||s Joouoty 2012 |o Motc| 2012 oo||s Oo o|ut||y 9.1 11.92 Oo o|ut||y
Jtoosuty |||s Joouoty 2012 |o lobtuoty 2012 2 oo||s Oo o|ut||y 9.22 9.= Oo o|ut||y
Held-to-maturity
20 yoots lo||s|oo lovos|oo| oods 9,950 9,950 0,1=0
15 yoots lo||s|oo lovos|oo| oods 9,957 9,957 9,952
9,957 9,950 19,907 70,092
Available-for-sale
20 yoots lo||s|oo lovos|oo| oods ==,885 2,12= 81,019 =0,81
10 yoots lo||s|oo lovos|oo| oods 22,597 70,522 21,121 114,240 11=,2=1
5 yoots lo||s|oo lovos|oo| oods 22,95 1=,571 9,71= 46,980 70,8=2
2 yoots lo||s|oo lovos|oo| oods - 220,11
2 yoots loto Su|u| oods 1,202,882 1,203,883 1,05=,=05
1 yoot Jtoosuty |||s 208,292 282,902 492,195 =,22,882
oo||s Jtoosuty |||s 827,552 10,088,821 2=5,992 2=7,807 29,115 11,539,297 =,222,9=5
2 oo||s Jtoosuty |||s =97,000 497,000
872,8== 12,0=2,892 51,121 278,=2 29,115 13,974,614 10,088,158
882,801 12,0=2,892 51,121 288,592 29,115 13,994,521 10,158,250
ltov|s|oo |ot |po|too| |o vo|uo o|
lovos|oo|s oo|o 1=.1.1 [2,929} [1,58} [2,0==} [9} (21,650) [22,271}
879,862 12,042,892 634,463 386,548 29,106 13,972,871 10,12=,979
14.1.1 Reconciliation of provision
o|ooco o| ||o boq|oo|oq o| ||o yoot =,55 15,992 2,722 23,271 20,1=
[kovotso|} , ptov|s|oo |ot |po|tooo|
|o vo|uo o| |ovos|oo|s [1,17} [79} 9 (1,621) [,892}
o|ooco o| ||o ood o| ||o yoot 2,939 - 16,658 2,044 9 21,650 22,271
56
14.1.3 Lut|oq ||o yoot, ||o Copooy so|d lo||s|oo lovos|oo| oods c|oss|||od os |o|d|oo|ut||y |to Coovoo||ooo| us|ooss ood occotd|oq|y ||o
Copooy |os c|oss|||od o|| o| ||s |ovos|oo|s |o|d|oo|ut||y |o ovo||ob|o |ot so|o os pot lo|otoo||ooo| Accouo||oq S|oodotd lAS29 l|oooc|o|
los|tuoo|s kocoqo|||oo ood Moosutooo|.
Market value as at Maturity Tenor Current Rate Profit
December 31, Locobot 21, year (Years) of profit p.a. payment
2012 2011 (%)
Individual Life (Unit Linked) (Rupees in '000)
A|||od oo| L|||od 50,778 50,012 201= 8 yoots 11.28 Ho||yoot|y
oo| A| Hob|b L|||od 51,429 51,205 2015 8 yoots 12.5 Ho||yoot|y
oo| A|lo|o| L|||od 177,300 2021 8 yoots 10.7 Ho||yoot|y
Loqto C|o|co|s lo||s|oo L|||od
[l|ts| lssuo} 58,403 58,711 2015 8 yoots 11.08 Ho||yoot|y
loyso| oo| L|||od 25,337 2=,792 201= 7 yoots 10.72 Ho||yoot|y
Jo|ooq|t S|dd|qu| & Copooy L|||od
[lout|| lssuo} - 12,555 2012 5 yoots 0.00 Ho||yoot|y
Ot| Loos|oq Copooy L|||od - =,827 2012 5 yoots 0.00 Ho||yoot|y
lo||s|oo Mob||o Couo|co||oo [lt|vo|o}
L|||od [J||td lssuo} 5,013 15,017 2012 7 yoots 12.28 Ho||yoot|y
lo||s|oo Mob||o Couo|co||oo [lt|vo|o}
L|||od [Sovoo|| lssuo} 65,027 201 = yoots 12.=2 Ouot|ot|y
Uo||od oo| L|||od 67,656 99,=75 201= 8 yoots 12.12 Ho||yoot|y
500,943 21,70=
14.2 Other fixed income securities
14.2.1 Available-for-sale - Term finance certificates
J|o oqqtoqo|o cos| o| ||o obovo |ovos|oo|s os o| Locobot 21, 2012 wos ks. =98.19 ||||oo [2011. ks. 215.19 ||||oo}.
14.3 Listed equities and closed-ended mutual funds
Share
holders
fund
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
(Rupees in 000)
Overseas
group life
and health
business
Available-for-sale
Otd|ooty s|otos ood uo||s o|
c|osodoodod u|uo| |uods
oo|o 1=.2.2 2=7,052 2,105,110 3,352,163 2,2=,22
Loss. ltov|s|oo |ot |po|tooo|
|o vo|uos o| |ovos|oo|s
oo|o 1=.2.1 [29,915} (29,915) [7=,289}
217,138 3,105,110 - - 3,322,248 2,189,87=
14.3.1 Reconciliation of provision
o|ooco o| ||o boq|oo|oq o| ||o yoot 7=,289 74,389 59,20
ltov|s|oo , [tovotso|} |ot |po|tooo|
|o vo|uo o| |ovos|oo|s [==,=7=} (44,474) 15,129
o|ooco o| ||o ood o| ||o yoot 29,915 - - - - 29,915 7=,289
57
Number
of shares
Cost
Market
Value
Nubot
o| s|otos
Cos|
Mot|o|
\o|uo
Locobot 21, 2011
(Rupees in 000) (Rupees in 000)
A|||od oo| L|||od 127,584 7,141 9,376 115,985 7,1=1 ,2=8
lou| lot||||zot Copooy L|||od 375,000 21,024 43,928 250,000 21,02= 27,285
Hob|b oo| L|||od 1,021,703 149,751 120,367 592,=58 109,702 2,8=8
Hub lowot Copooy L|||od 650,000 24,332 29,406 50,000 2=,222 22,220
lo|otoo||ooo| lodus|t|os L|||od 10,672 614 351 10,72 25,155 22,212
Jub||oo Ooooto| losutooco Copooy L|||od 563,995 35,942 37,850 =9,99 25,9=2 25,055
lo||s|oo S|o|o O|| L|||od 12,000 3,054 2,787 10,000 2,05= 2,272
Uo||od oo| L|||od 81,441 5,195 6,814 81,==1 5,19= =,27
247,053 250,879 2=1,5=5 182,517
Individual life unit linked
A|zo Nobo| lo||s|oo L|||od 16,730 971 1,447
A|||od oo| L|||od 211,602 14,923 15,551 22,275 1,89 1,792
As|ot| oo| L|||od 3,741,672 88,875 64,432 2,728,28 102,222 27,298
oo| A|Hob|b L|||od 3,220,863 67,482 102,198 1,921,18 29,297 55,097
oo| A||o|o| L|||od 875,000 14,739 14,718
Coo|uty lopot & ootd M|||s L|||od 240,000 16,019 6,394 200,000 1,019 2,00
C|oto| Cooo| Copooy L|||od 107,457 5,377 5,239 =57,=57 22,759 2,298
L.O. K|oo Cooo| Copooy L|||od 246,240 14,215 13,440 2=,2=0 1=,215 =,8
Loqto Cotpoto||oo L|||od 196,000 21,119 18,040 120,000 17,117 11,12=
lou| Cooo| Copooy L|||od 2,800,000 18,923 18,312
lou| lot||||zot |o Oos| L|||od 550,000 11,719 21,225 550,000 11,719 22,227
lou| lot||||zot Copooy L|||od 5,572,712 298,279 652,787 2,272,=75 222,09 =89,2
loyso| oo| L|||od 1,018,105 18,364 10,843 2,92,205 72,20 22,871
l|ts| Hob|b Modotobo L|||od 1,843,815 13,773 16,226 1,8=2,815 12,772 12,28
O|oo S|||K||oo lo||s|oo L|||od - - - 179,87 1,52 12,052
H|oopo| Mo|ots L|||od 14,623 8,690 1,283 22,200 19,801 2,222
Hoodo A||os Cots Copooy L|||od - - - 52,500 1,21= =5=
Hub lowot Copooy L|||od 7,497,135 258,718 339,170 ,=7,125 220,728 227,222
lCl lo||s|oo L|||od 20,560 3,234 3,575 50,000 2,902 ,01=
lodus Mo|ot Copooy L|||od 278,414 45,021 75,172 278,=1= =5,021 57,082
lo|otoo||ooo| lodus|t|os L|||od 2,072,857 129,739 68,218 2,072,857 129,729 78,789
JS Otow|| luod 796,117 11,831 6,950 79,117 11,821 2,7=2
Ko| Addu lowot Copooy L|||od 3,982,173 166,202 196,680 2,==7,172 9,879 101,117
Lo||o lo||s|oo lJA L|||od 600,000 8,330 4,410 500,000 7,=7= =,25
Luc|y Cooo| Copooy L|||od 55,000 5,801 8,335 55,000 5,801 =,127
MC oo| L|||od 15,489 503 3,249 1=,081 502 1,895
Moozoo oo| L|||od 1,275,943 14,646 38,342 87,505 5,29 15,077
Moozoo o|ooco luod 1,000,000 9,058 11,560
M|||o| Jtoc|ots L|||od 494,158 98,822 278,982 =19,158 1,107 152,081
No||ooo| oo| o| lo||s|oo 3,605,521 178,759 178,077 2,188,201 121,981 89,82
Nl oo| L|||od - - - 2,07,000 =5,082 2,57
N|s|o| M|||s L|||od 968,187 44,057 61,819 1,02=,=11 =,555 =1,=27
O|| ood Oos Lovo|opoo| Copooy L|||od 68,987 5,995 13,288 8,987 5,995 10,=0
Ot| Loos|oq Copooy L|||od 506,747 12,918 7,601 520,127 17,728 2,2
loc|oqos L|||od 104,401 11,817 15,781 199,=01 22,59 1,=9=
lo| Suzu|| Mo|ots Copooy L|||od - - - 228,125 =2,5=1 12,=
lo||s|oo O||||o|ds L|||od 628,800 185,723 275,125 ==5,500 115,522 15=,2=2
lo||s|oo lo|to|ou L|||od 1,605,758 193,191 283,882 9=,=07 12=,7=0 12,229
lo||s|oo ko||ooty L|||od - - - 29,9 5,500 2,009
lo||s|oo S|o|o O|| L|||od 259,389 63,821 60,233 21,158 2,820 =9,112
lo||s|oo Jo|ocouo|co||oo Copooy L|||od 2,625,000 42,283 45,544 2,705,000 =2,172 28,105
lo||s|oo Jobocco Copooy L|||od 156,700 19,948 10,587 15,700 19,9=8 8,97
llClC Otow|| luod 284,000 10,288 4,658 28=,000 10,288 2,529
llClC lovos|oo| luod 150,500 2,663 1,064 150,500 2,2 820
Sooot| oo| L|||od - - - 1=,700 5,29= =2
S|oodotd C|ot|otod Modotobo L|||od 45,477 1,439 525 =5,=77 1,=29 =72
J|o| L|||od 419,630 21,861 44,846 281,=82 21,81 21,205
Jt|loc| l||s L|||od 103,489 20,003 19,870
Uo||ovot lo||s|oo L|||od - - - ,000 8,995 22,295
Uo||od oo| L|||od 985,437 58,160 82,452 =7,927 21,528 22,9=5
Wo|ooo Jo|oco L|||od 1,000,000 6,620 2,980 1,000,000 ,20 1,790
2,244,919 3,105,110 1,92=,5=7 2,022,718
1=.2.2 lot||cu|ots o| ||s|od oqu|||os ood c|osodoodod u|uo| |uods
J|o |oco vo|uo o| otd|ooty s|otos oto bo|wooo ks. 5 |o ks. 50 pot s|oto.
December 31, 2012
Shareholders' fund
14.4 Open-ended mutual funds
Share
holders
fund
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
(Rupees in 000)
Overseas
group life
and health
business
Available-for-sale
Uo||s o| opoooodod u|uo| |uods
oo|o 1=.=.1 & 1=.=.2 100,000 211,=20 411,430 228,=1
58
2012 2011
AL Cos| luod - 50,000
As|ot| Sovoto|qo Cos| luod - 50,000
lOl Moooy Mot|o| luod - 50,000
NAlA Oovotooo| Socut|||os L|qu|d luod - 50,000
NlJ Oovotooo| ood luod 100,000
lo||s|oo Cos| Moooqooo| luod - 50,000
UL Oovotooo| Socut|||os luod - 50,000
100,000 200,000
(Rupees in 000)
14.4.1Shareholders fund - note 14.4.1.1
14.4.1.1 J|o oqqtoqo|o ot|o| vo|uo o| ||o obovo u|uo| |uods os o| Locobot 21, 2012 wos ks. 101.2 ||||oo [2011.
ks. 221.2 ||||oo}.
14.4.2.1 J|o oqqtoqo|o cos| o| ||o obovo u|uo| |uods os o| Locobot 21, 2012 wos ks. 295.5 ||||oo [2011. ks. =5 ||||oo}.
14.5 lo|otoo||ooo| Accouo||oq S|oodotd lAS29 l|oooc|o| los|tuoo|s kocoqo|||oo ood Moosutooo| wos tov|sod o||oc||vo |to Joouoty 1, 2005. lo
||o tov|sod lAS29 ||o op||oo o| |o||oq ||o tovo|uo||oo qo|o , [|oss} oo ||o ovo||ob|o|otso|o socut|||os |o |ocoo , tovoouo occouo| |os booo do|o|od
ood o|| suc| qo|o , [|oss} |s |o bo |o|oo d|toc||y |o|o oqu||y. Howovot, ||o Socut|||os ood Lc|ooqo Co|ss|oo o| lo||s|oo [SLCl} ||touq| losutooco
ku|os, 2002 |od ptosct|bod ||o |oto| o| ptosoo|o||oo ood d|sc|osuto o| ||oooc|o| s|o|ooo|s, occotd|oq |o w||c| ||o s|o|u|oty |uods |ovo oo oqu||y
occouo|s, tosu||oo||y ||o c|ooqos |o lAS29 woto oo| |p|ooo|od.
2012 2011
l|ts| Hob|b Cos| luod 53,552
JS Lotqo Cop||o| luod 9,958 ,292
Moozoo ls|o|c luod 35,842 2=,027
NlJ Oovotooo| ood luod 200,505
lo||s|oo S|to|oq|c A||oco||oo luod 11,573 8,211
311,430 28,=1
(Rupees in 000)
14.4.2 Individual life unit linked - note 14.4.2.1
As o| Joouoty 01, 2011 9,9=7 29=,288 8,581,07 9,010 512,285 20,271 159,028 9,72,115
Movooo| dut|oq ||o yoot.
Add|||oos 1,059,98 1,7=5,010 1,22=,2=0 =90,1=2 19,529,190
L|sposo|s [so|o ood todop||oos} [210,528} [1=,008,722} [=5,000} [1,229,8=8} [10,000} [=22,22} [1,0=,=71}
Aot||so||oo o| d|scouo| , [pto|u} 5 [818} [=22} [1,22}
lpo|too| tovotso| , [|ossos} [1=,00=} 219 =,112 1,=2 [8,22}
Uotoo||sod qo|o [1,1=} [1,1=}
As o| Locobot 21, 2011 9,952 1,029,55= 11,151,=08 50,192 510,890 9,9=8 218,25= 12,980,198
Movooo| dut|oq ||o yoot.
Add|||oos 2,172,57 20,797,5=9 92=,95 758,828 57,925 2=,721,92=
L|sposo|s [so|o ood todop||oos} [2,01,259} [2,772,188} [50,18=} [810,72} [01,172} [28,810} [20,225,2=0}
Aot||so||oo o| d|scouo| , [pto|u} 5 [8} 2 [1}
lpo|too| [|ossos} , tovotso| =,091 [} 79 [9} =,095
Uotoo||sod |oss 78=,0 78=,0
As at December 31, 2012 9,957 1,187,043 - 15,960,375 - 634,463 9,950 376,598 - 29,106 18,207,492
Held to
maturity
Held to
maturity
Available
for sale
Available
for sale
Held to
maturity
Available
for sale
Total
Available
for sale
Held to
maturity
Shareholders'
fund
Individual life
unit linked
Conventional
business
Accident &
health
Statutory funds
14.6 Movement in investments
(Rupees in 000)
59
2012 2011
Lob|| bo|oocos ot|s|oq |o tospoc| o|
|o doptoc|o||oo o||owooco 1,506 2,=09
(Rupees in 000)
15. DEFERRED TAXATION
Held to
maturity
Available
for sale
Overseas group life
and health business
16. PREMIUMS DUE BUT UNPAID
2012
Conven-
tional
business
Accident
& health
Total 2011
(Rupees in 000)
Overseas
group life
and health
business
Coos|dotod qood
Luo |to to|o|od pot||os ossoc|o|os 9,2=2 2,02 12,846 9,11
Luo |to o||ots ,28 55,522 121,790 10,=55
Coos|dotod doub||u| 2,977 5,255 8,232 =,77=
78,=88 =,280 142,868 120,2=5
ltov|s|oo |ot bod & doub||u| toco|vob|os oo|o 1.1 [2,977} [5,255} (8,232) [=,77=}
No| pto|u duo bu| uopo|d 75,511 59,125 134,636 115,571
16.1 Reconciliation of provision
o|ooco o| ||o boq|oo|oq o| ||o yoot 2,297 2,=77 4,774 8,5==
ltov|s|oo |ot bod & doub||u| toco|vob|os 80 2,778 3,458 [799}
koco|vob|os wt|||oo o|| dut|oq ||o yoot - [2,971}
o|ooco o| ||o ood o| ||o yoot 2,977 5,255 8,232 =,77=
2012 2011
17 AMOUNT DUE FROM INSURERS / REINSURERS
Individual
life unit
linked
Statutory Funds
Conven-
tional
business
Accident
& health
2012 2011
Aggregate
(Rupees in 000)
Overseas
group life
and health
business
ko|osutooco tocovot|os oqo|os|
ou|s|ood|oq c|o|s oo| o|
to|osutooco pto|u poyob|o [5,525} 100,17 5,22 99,887 57,782
O||ot to|osutooco osso|s 19,778 2=,102 53,881 5=,11
1=,252 12=,279 5,22 153,768 111,898
18. RETIREMENT BENEFIT - PREPAYMENTS
18.1 Defined benefit plan
J|o |o|os| oc|uot|o| vo|uo||oo o| ||o do||ood booo||| p|oo bosod oo ltooc|od Uo|| Ctod|| Mo||od wos cott|od ou| os o|
Locobot 21, 2012. lo||ow|oq oto ||o s|qo|||coo| ossup||oos usod |o ||o vo|uo||oo.
L|scouo| |oc|ot usod [ pot ooou} 11.00 12.50
Lpoc|od |ooq |ot to|o o| to|uto oo p|oo osso|s
[ pot ooou} 12.50 12.00
Lpoc|od to|o o| |octooso |o so|oty [ pot ooou} 11.00 12.50
Noto| to||tooo| oqo [yoots} 60.00 0.00
Avotoqo too|o|oq wot||oq |||o o| op|oyoos [yoots} 14 1=
Lpoc|od coo|t|bu||oo |o ||o booo||| p|oo |ot ||o yoot ood|oq Locobot 21, 2012 |s ks. 1=.78 ||||oo [2012. ks. 10
||||oo}.
2012 2011
(Rupees in 000)
18.1.1 Balance sheet reconciliation
ltosoo| vo|uo o| do||ood booo||| ob||qo||oo oo|o 18.1.2 92,242 9,22
lo|t vo|uo o| p|oo osso|s oo|o 18.1.2 (89,704) [72,82}
Uotocoqo|sod oo| oc|uot|o| [|oss} , qo|o (2,538) 1,277
- [2,1=9}
18.1.2 Movement in present value of defined
benefit obligation
Opoo|oq bo|ooco 69,336 0,52
Cuttoo| sotv|co cos| 10,833 9,772
lo|otos| cos| 8,667 7,88
Ac|uot|o| [qo|o} , |oss oo do||ood booo||| ob||qo||oo 5,651 [2,278}
Ac|uo| booo||| po|d dut|oq ||o yoot (2,245) [5,=52}
C|os|oq bo|ooco 92,242 9,22
60
(Rupees in 000)
2012 2011
(Rupees in 000)
2012 2011
61
Opoo|oq bo|ooco 72,862 59,858
Lpoc|od to|uto oo p|oo osso|s 9,108 7,782
Coo|t|bu||oos odo 8,244 9,900
ooo||| po|d by ||o |uod (2,245) [5,=5=}
Ac|uot|o| qo|o oo p|oo osso|s 1,735 77
C|os|oq bo|ooco oo|o 18.1.5 89,704 72,82
18.1.4 Actual return on plan assets 10,843 8,558
18.1.5 Plan assets comprise of the following:
18.1.2 Movooo| |o |o|t vo|uo o| p|oo osso|s
oods 78,932 88% 9,5=2 95
Mu|uo| luods 5,000 6%
O||ots 5,772 6% 2,219 5
89,704 100% 72,82 100
2012
(Rupees
in '000)
%
(Rupees
in '000)
2011
%
Cuttoo| sotv|co cos| 10,833 9,772
lo|otos| cos| 8,667 7,88
Lpoc|od to|uto oo p|oo osso|s (9,108) [7,782}
10,392 9,859
18.1.7 Historical information
18.1.6 Charge for the year
2012 2011 2009 2008
(Rupees in 000)
Lo||ood booo||| ob||qo||oo 92,242 9,22 0,52 =9,718 =0,212
lo|t vo|uo o| p|oo osso|s (89,704) [72,82} [59,858} [=5,892} [22,50}
[Lo||c||} , Sutp|us (2538) 2,52 [8} [2,82} [7,752}
Lpot|ooco odus|oo| oo p|oo ||ob|||||os 5,651 [2,278} 19 [2,599} 80
Lpot|ooco odus|oo| oo p|oo osso|s 1,735 77 1,217 1,02 [2,577}
2010
(Rupees in 000)
62
19. FIXED ASSETS
19.1 Capital work-in-progress
2012 2011
Leasehold
Improve-
ments
Furniture,
fixture
and
fittings
Office
equipments
Computers Motor
Vehicles
Total
19.2 Tangible operating assets
(Rupees in 000)
Opoo|oq bo|ooco 12,408 1=,209
Add|||oos 177,526 7,879
Jtoos|ot |o |ooq|b|o opoto||oq osso|s (143,053) [78,80}
C|os|oq bo|ooco 46,881 12,=08
(Rupees in 000)
Net carrying value basis
Year ended December 31, 2012
Opoo|oq oo| boo| vo|uo [N\} 30,817 24,994 25,595 17,062 84,280 182,748
Add|||oos 39,748 27,962 21,083 32,318 43,589 164,700
L|sposo|s o| N\ oo|o 19.2 (96) (22) (227) (158) (3,620) (4,123)
Loptoc|o||oo c|otqo (10,789) (21,752) (11,590) (14,892) (23,248) (82,271)
C|os|oq N\ 59,680 31,182 34,861 34,330 101,001 261,054
Gross carrying value basis
At December 31, 2012
Cos| 86,413 111,926 91,553 89,724 167,739 547,355
Accuu|o|od doptoc|o||oo (26,733) (80,744) (56,692) (55,394) (66,738) (286,301)
N\ 59,680 31,182 34,861 34,330 101,001 261,054
No| cotty|oq vo|uo bos|s
oot oodod Locobot 21, 2011
Opoo|oq oo| boo| vo|uo [N\} 9,=9 1,=17 20,050 15,=9 71,2=5 122,820
Add|||oos 25,295 19,=91 1=,825 11,812 28,88 110,111
L|sposo|s o| N\ [=91} [77} [0} [,91} [8,789}
Loptoc|o||oo c|otqo [=,127} [10,=22} [8,02} [9,559} [18,92} [51,=0=}
C|os|oq N\ 20,817 2=,99= 25,595 17,02 8=,280 182,7=8
Otoss cotty|oq vo|uo bos|s
A| Locobot 21, 2011
Cos| =,71 8=,07 71,222 58,959 12=,115 295,1==
Accuu|o|od doptoc|o||oo [15,9==} [59,082} [=5,28} [=1,897} [=9,825} [212,29}
N\ 20,817 2=,99= 25,595 17,02 8=,280 182,7=8
Loptoc|o||oo to|o pot ooou 20 20 2022 20 20
63
Motor vehicles 1,750 263 1,487 1,487 Insurance Claim Jubilee General Insurance
Company Limited
1,200 280 920 1,200 Insurance Claim Jubilee General Insurance
Company Limited
591 89 502 502 Insurance Claim Jubilee General Insurance
Company Limited
1,005 826 179 156 Company Policy Mr. Adeel Ahmed Khan
House No. A-376
Gulberg, F.B. Area
Karachi
983 737 246 442 Company Policy Mr. Ejaz Ahmed Arshad
House No. 79
Shadman No. 1
Lahore
652 543 109 272 Company Policy Mr. Malik Amjad Mahboob
House No. 21
Dad Khan Colony
Chaklala Scheme 3
Rawalpindi
652 522 130 293 Company Policy Mr. Inam ul Haq
Village Nodeah Payan
Bara Road
Peshawar
6,833 3,260 3,573 4,352
Leasehold improvements 128 32 96 125 Negotiation Liberty Associates
1st Floor, City Centre
Shahi Road
Rahim Yar Khan
Net book value not exceeding
Rs. 50,000 each
Motor Vehicles 3,132 3,085 47 480
Office equipments 763 536 227 64
Furniture and Fixtures 112 90 22 3
Computers 1,553 1,395 158 171
12,521 8,398 4,123 5,195
Accumulated
depreciation
Net book
value
Mode of
disposal
Particulars of buyers Cost Sale
proceeds
19.3 Details of disposals of fixed assets
Disposal of fixed assets during the year having net book value (NBV) of Rs. 50,000 and above are as follows:
(Rupees in 000)
2012 2011
(Rupees in 000)
64
19.4 Intangible assets - computer software
2012 2011
(Rupees in 000)
No| cotty|oq vo|uo bos|s
oot oodod Locobot 21, 2012
Opoo|oq oo| boo| vo|uo [N\} 12,431 12,820
Add|||oos 7,775 7,027
Aot||so||oo c|otqo (7,599) [8,020}
L|sposo|s o| N\ (55) [=1}
C|os|oq N\ 12,552 12,=21
Otoss cotty|oq vo|uo bos|s
A| Locobot 21, 2011
Cos| 47,281 =0,118
Accuu|o|od oot||so||oo (34,729) [27,87}
C|os|oq N\ 12,552 12,=21
Aot||so||oo to|o pot ooou 30% 20
20. EXPENSES NOT ATTRIBUTABLE TO
STATUTORY FUNDS
So|ot|os, o||owoocos ood o||ot booo|||s 4,613 ,07=
Jtovo|||oq opoosos 2,690 1,91
Loqo| ood pto|oss|ooo| c|otqos 1,908 1,25
Wot|ots' Wo||oto luod 16,499 11,885
Looo||oos No|o 20.1 205 2
M|sco||oooous 3,981 9,819
29,896 21,15
The above expenses represent allocation in accordance with the advice of appointed actuary as approved by the Board of Directors.
20.1 None of the directors or their spouses had any interest in the donees.
21. TAXATION

Cuttoo|
|ot ||o yoot 253,898 205,890
pt|ot yoots 495
Lo|ottod 903 1,872
255,296 207,72
2012 2011
(Rupees in 000)
65
2012 2011
(Rupees in 000)
21.1 Relationship between tax expense and
accounting profit
lto||| bo|oto |o 808,669 582,25
Jo o| ||o opp||cob|o to|o o| 25 [2011. 25} 283,034 202,825
Jo o||oc| o| d|v|dood |ocoo bo|oq |oob|o o| |owot to|o [4,528) [2,822}
Jo o||oc| o| cop||o| |oss , [qo|o} bo|oq oop| (24,637) =,902
lt|ot yoots odus|oo| 495
L||oc| o| sutc|otqo oo |o poyob|o - 2,08
O||ots 932 [217}
Jo opooso |ot ||o yoot 255,296 207,72
22. BASIC AND DILUTED EARNING PER SHARE
J|oto |s oo d||u||vo o||oc| oo ||o bos|c ooto|oqs pot s|oto o| ||o copooy, w||c| |s bosod oo.
lto||| o||ot |o 552,272 27=,592
Wo|q||od ovotoqo oubot o| otd|ooty s|otos
ou|s|ood|oq os o| yoot ood 62,712 2,712
os|c ooto|oqs pot s|oto 8.82 5.97
(Number of shares in
'000)
(Rupees in 000)
23. CASH AND CASH EQUIVALENTS
Share
holders
Fund
Individual
Life
Unit Linked
Statutory Funds
Conven-
tional
business
Accident
& Health
2012 2011
Aggregate
Cos| o| boo|s
|o cuttoo| occouo|s 2,29 19,19 587 22,395 15,=8
|o sov|oqs occouo|s 208,127 258,519 9,=85 5,121 =,018 805,280 =20,55
210,7 277,88 70,072 5,121 =,018 827,675 ==,022
Jot dopos||s |ov|oq
o|ut||y o| ||too oo||s 2,998,000 2,998,000
Cos| ood s|ops |o |ood 220 ,200 85 59 6,764 =,120
211,08 2,281,988 70,157 5,190 =,018 3,832,439 =50,152
(Rupees in 000)
Overseas
group life
and health
business
Individual
Life
Unit Linked
Conven-
tional
business
Accident
& Health
2012 2011
(Rupees in 000)
Overseas
group life
and health
business
Statutory Funds Aggregate
24. BRANCH OVERHEADS
So|ot|os, o||owoocos ood
o||ot booo|||s 509,101 2=,119 11,=18 544,638 279,259
C|otqo |ot do||ood booo||| p|oo 2,=78 51 222 4,261 =,102
Coo|t|bu||oo |o do||ood
coo|t|bu||oo p|oo ,518 995 =2= 7,937 ,27
Ovott|d|oq co|ss|oo 122,212 123,212 81,02
Jtovo|||oq opoosos 15,297 1,188 2,007 18,492 12,=15
Advot||sooo|s 7,29 1,585 700 9,924 12,181
lt|o||oq ood s|o||oooty 22,5=2 1,911 2,7=0 28,194 25,711
Loptoc|o||oo 27,=9= 2,22 802 40,660 28,552
Aot||so||oo 1,02 11 = 1,224 92
koo|o| =1,7=8 2,852 951 45,552 =0,75
Loqo| ood pto|oss|ooo| c|otqos 888 110 8 1,084 1,227
U||||||os 17, 985 282 19,034 1,928
Lo|ot|o|ooo| 2,855 19= 92 4,142 2,987
\o||c|o tuoo|oq 27,089 2,=92 2,598 32,180 25,221
kopo|ts ood o|o|ooooco 8,90 55 210 9,781 7,77
Jto|o|oq opoosos -
los|oqo, |o|oqto ood |o|op|ooo 27,951 97 =82 39,409 27,=0
S|o|| wo||oto ,522 =0= 20= 7,140 5,90
M|sco||oooous opoosos ,057 28 252 6,948 2,90
877,02 =2,05 2=,720 943,812 92,827
66
2012 2011
(Rupees in 000)
25. AUDITORS REMUNERATION
Aud|| |oo 1,600 1,200
loo |ot tov|ow o| |o|| yoot|y ||oooc|o| |o|oto||oo
ood o||ot topot||oqs 1,000 800
loo |ot tov|ow o| opp||co||oo sys|o 1,800
Ou| o| poc|o| opoosos 517 21
4,917 2,21
26. RECOVERY OF EXPENSES FROM ASSOCIATED UNDERTAKING
J||s toptosoo|s tocovoty o| cooo opoosos |to Jub||oo Ooooto| losutooco L|||od oo ossoc|o|od uodot|o||oq oo occouo| o| o|o| bus|ooss
oc||v||os |o to|o||oo |o Acc|doo| ood |oo||| bus|ooss.
67
Moooqot|o| touooto||oo 9,856 111,412 8,227 89,278
lot|otooco boous 4,500 38,795 =,000 25,522
ko||tooo| booo|||s 1,529 17,288 1,272 12,991
Houso too| o||owooco 4,395 50,135 2,702 =0,220
U||||||os 986 11,141 822 8,928
Mod|co| - 2,207 22 2,19
Loovo possoqo - 2,813 500 2=8
O||ots - 6,834 5,105
21,266 240,625 18,=7 195,572
Nubot o| potsoos 1 81 1 =
2012
(Rupees in 000)
Chief
Executive
Executive Executive
Chief
Executive
2011
lo odd|||oo |o ||o obovo, |oo po|d |o |out ooooocu||vo d|toc|ots dut|oq ||o yoot oouo|od |o ks. 2.1 ||||oo [2011. ks. 0.92 ||||oo}.
J|o C||o| Locu||vo |s ptov|dod w||| copooy o|o|o|ood cots w|otoos ||o oocu||vos oto ptov|dod w||| cots |o occotdooco w||| copooy po||cy.
28. INFORMATION ABOUT MAJOR CUSTOMERS
J|o copooy coos|dots ||s o|otoo| cus|oots |o bo |od|v|duo|s ood qtoup po||cy|o|dots. Howovot, pto|u oqo|os| |od|v|duo| |||o uo|| ||o|od po||c|os
|to ooo o| ||o boocossutooco ottooqooo|s coos|||u|os 59 [2011. 55} o| ||o copooy's pto|u |to suc| po||c|os, pto|u oqo|os| qtoup |||o
po||c|os |to ||o soo boo| oouo|s |o 20 [2011. 18}. Motoovot, copooy's ovotsoos bus|ooss |to |wo po||c|os coos|||u|os 100 o| ||o Ovotsoos
qtoup |||o ood |oo||| bus|ooss.
29. TRANSACTIONS WITH RELATED PARTIES
J|o copooy |s coo|to||od by Aqo K|oo luod |ot Lcooo|c Lovo|opoo|, S.A Sw||zot|ood, w||c| owos 57.87 [2011. 57.87} o| ||o copooy's
s|otos. Assoc|o|od uodot|o||oqs |oc|udo Hob|b oo| L|||od bo|oq uodot cooo coo|to| o| ||o potoo| copooy. O||ot ossoc|o|od uodot|o||oqs oto
c|oss|||od duo |o cooo d|toc|ots||p.
J|o to|o|od pot||os copt|so to|o|od qtoup copoo|os, |oco| ossoc|o|od copoo|os, d|toc|ots o| ||o copooy, copoo|os w|oto d|toc|ots o|so |o|d
d|toc|ots||p, |oy oooqooo| op|oyoos, s|o|| to||tooo| |uods ood s|o|u|oty |uods.
27. REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES
27.1 J|o oqqtoqo|o oouo| c|otqod |o ||o ||oooc|o| s|o|ooo|s |ot touooto||oo |oc|ud|oq o|| booo|||s |o ||o C||o| Locu||vo, L|toc|ots ood
Locu||vos o| ||o copooy oto os |o||ows.
2012 2011
(Rupees in 000)
68
J|o do|o||s o| |toosoc||oos w||| to|o|od pot||os, o||ot ||oo ||oso w||c| |ovo booo spoc|||co||y d|sc|osod o|sow|oto |o ||o ||oooc|o| s|o|ooo|s oto os
|o||ows.
J|oso oto so|||od |o ||o otd|ooty coutso o| bus|ooss. J|o toco|vob|os ood poyob|os oto o|o|y uosocutod |o oo|uto ood boot oo |o|otos|.
|. lotoo| L|v|dood po|d 108,885 5=,==2
||. Assoc|o|od copoo|os
Otoup |osutooco pto|u 334,665 222,251
locuttod c|o|s oqo|os| |osutooco covot 269,075 199,29=
koo| o| bu||d|oq 24,784 21,0=5
loyoo| |ot pto|u oqo|os|
qoooto| |osutooco 8,506 ,181
C|o|s |odqod 3,799 7,29
lovos|oo| odv|soty sotv|cos 3,000 2,000
lod|v|duo| |||o uo|| ||o|od |osutooco
po||cy pto|u 14,013 12,522
Aqoocy co|ss|oo 1,262,451 895,8=2
lo|otos| |ocoo oo |ot dopos||s 190,607 8,820
L|v|dood toco|vod 13,890 1=,219
L|v|dood po|d 47,708 22,775
kocovoty o| opoosos 26,315
|||. S|o|| to||tooo| |uods
Lpooso c|otqod |ot to||tooo|
booo||| p|oos 29,629 25,297
loyoo|s |o to||tooo| booo||| p|oos 27,481 25,227
|v. Koy oooqooo|
potsoooo|
So|ot|os ood o||ot s|ot||ot
op|oyoo booo|||s 105,347 91,25=
los|op|oyoo| booo|||s 7,507 ,=85
Coos|doto||oo toco|vod |ot vo||c|o so|d 246 0
ko|o||oos||p w||| ||o Copooy koco|vob|o , [loyob|o}
Assoc|o|od copoo|os
oo| occouo| bo|ooco 699,991 258,80=
S|ot| |ot dopos||s 2,648,000 1,700,000
lovos|oo| |o s|otos 236,522 2=2,797
lo|otos| occtuod oo |ot dopos||s 13,177 9,281
Aqoocy co|ss|oo (280,406) [177,81}
C|o|s oqo|os| qoooto| po||cy 3,035 =2
Otoup pto|u 9,982 9,11
C|o|s |odqod & ou|s|ood|oq (40,525) [2,118}
ltopo|d |osutooco - 500
ltopo|d too| 11,263 9,015
Nature of transaction Relationship with
the Company
69
30. MANAGEMENT OF INSURANCE RISK AND FINANCIAL RISK
30.1 Insurance Risk
30.1.1 Individual life unit linked
J|o t|s| uodotwt|||oo |s o|o|y doo|| ood soo||os d|sob||||y ood,ot ct|||co| |||ooss. J|o t|s| o| doo|| ood d|sob||||y w||| voty |to toq|oo |o toq|oo.
J|o copooy oy qo| oposod |o poot t|s|s duo |o uoopoc|od opot|ooco |o |ots o| c|o| sovot||y ot |toquoocy. J||s coo bo o tosu|| o| oo||so|oc||oo,
|toudu|oo| c|o|s, o co|os|top|o ot poot pots|s|oocy. J|o copooy oy o|so |oco ||o t|s| o| poot |ovos|oo| to|uto, |o||o||oo o| bus|ooss opoosos ood
||qu|d||y |ssuos oo oo|os |ovos|od |o ||o |uod. J|o copooy |ocos ||o t|s| o| uodotpt|c|oq pot||cu|ot|y duo |o ||o |oc| ||o| ||oso coo|toc|s oto |ooq
|ot. Add|||ooo||y, ||o t|s| o| poot pots|s|oocy oy tosu|| |o ||o copooy bo|oq uoob|o |o tocovot opoosos |ocuttod o| po||cy ocqu|s|||oo.
J|o copooy oooqos ||oso t|s|s ||touq| ||s uodotwt|||oq, to|osutooco, c|o|s |ood||oq po||cy ood o||ot to|o|od coo|to|s. J|o copooy |os o wo||
do||ood od|co| uodotwt|||oq po||cy ood ovo|ds so|||oq po||c|os |o ||q| t|s| |od|v|duo|s. J||s pu|s o c|oc| oo oo||so|oc||oo. lto||| |os||oq |s cooduc|od
oo oo ooouo| bos|s |o oosuto toosooob|oooss o| pto|us c|otqod. ko|osutooco coo|toc|s |ovo booo putc|osod by ||o copooy |o |||| ||o o|u
oposuto oo ooy ooo po||cy|o|dot. J|o copooy |os o qood sptood o| bus|ooss ||touq|ou| ||o couo|ty ||otoby oosut|oq d|vots|||co||oo o| qooqtop||co|
t|s|s. Jo ovo|d poot pots|s|oocy ||o copooy opp||os quo|||y coo|to|s oo ||o s|oodotd o| sotv|co ptov|dod |o po||cy|o|dots ood |os p|ocod c|oc|s |o
cutb |sso|||oq ood |ptovooo| |o s|oodotd o| sotv|co ptov|dod |o ||o po||cy|o|dots. lot |||s, o toqu|ot btooc| w|so oo||ot|oq o| |opso||oo to|os |s
cooduc|od. Oo ||o c|o|s |ood||oq s|do, ||o copooy |os ptocodutos |o p|oco |o oosuto ||o| poyoo| o| ooy |toudu|oo| c|o|s |s ovo|dod. lot |||s,
C|o|s Co|||oos w||| vot|ob|o o|ot|o|||y ||||s tov|ow o|| c|o|s |ot vot|||co||oo ood spoc|||c ood do|o||od |ovos||qo||oo o| o|| oppotoo||y doub||u|
c|o|s [pot||cu|ot|y o| ||q| oouo|s} |s cooduc|od. J|o copooy o|o|o|os odoquo|o ||qu|d||y |o ooc| uo|| |uod |o co|ot |ot po|oo||o||y suddoo ood
||q| cos| toqu|tooo|. J|o copooy tosotvos ||o t|q|| |o tov|ow ||o c|otqos doduc||b|o uodot ||o coo|toc|s, ||us |||||oq ||o t|s| o| uodotpt|c|oq.
a) Frequency and severity of claims
J|o copooy oosutos coocoo|to||oo o| t|s| by qooqtop||co| otoo. Coocoo|to||oo o| t|s| |s oo| o |oc|ot o| coocoto duo |o sptood o| t|s|s
octoss vot|ous pot|s o| ||o couo|ty.
Howovot, uoduo coocoo|to||oo by oouo|s cou|d |ovo oo |poc| oo ||o sovot||y o| booo||| poyoo|s oo o pot||o||o bos|s.
J|o copooy c|otqos |ot ot|o|||y t|s| oo o oo|||y bos|s |ot o|| |osutooco coo|toc|s w|||ou| o ||od |ot. l| |os ||o t|q|| |o o||ot ||oso
c|otqos bosod oo ||s ot|o|||y opot|ooco ood |ooco |o||sos ||s oposuto |o ot|o|||y t|s|. Lo|oys |o |p|ooo||oq |octoosos |o c|otqos
ood ot|o| ot toqu|o|oty tos|to|o|s ovot ||o o|oo| o| ||o |octoosos oy toduco ||s |||qo||oq o||oc|. J|o copooy oooqos ||oso t|s|s ||touq|
||s uodotwt|||oq s|to|oqy ood to|osutooco ottooqooo|s.
J|o |ob|o bo|ow ptosoo|s ||o coocoo|to||oo o| |osutod booo|||s octoss ||vo boods o| |osutod booo|||s pot |od|v|duo| |||o ossutod. J|o booo|||
|osutod ||qutos oto s|owo qtoss ood oo| o| ||o to|osutooco coo|toc|s dosct|bod obovo. A| yootood, oooo o| ||oso |osutooco coo|toc|s |od
|t|qqotod o tocovoty uodot ||o to|osutooco |o|d by ||o copooy.
J|o oouo|s ptosoo|od oto s|ow|oq |o|o| oposuto o| ||o copooy |oc|ud|oq oposuto |o tospoc| o| t|dots o||oc|od |o ||o o|o po||c|os.
b) Sources of uncertainty in the estimation of future benefit payments and premium receipts
Uncertainty in the estimation of future benefit payments and premium receipts for long term unit linked insurance contracts arises
from the unpredictability of long-term changes in overall levels of mortality and variability in policyholders behaviour.
Factors impacting future benefit payments and premium receipts are as follows:
- Mortality: The company assumes the expected mortality at 95% of LIC (94-96) since the current experience for this line of
business is not credible.
- Persistency: The company conducts a periodic analysis on recent and historic experience and persistency is calculated by
applying statistical methods. Persistency rates vary by products and more importantly the sales distribution channel. An
allowance is then made for any trend in the data to arrive at best estimate of future persistency rates for each sales distribution
channel.
c) Process used to decide on assumptions
For long-term unit linked insurance contracts, assumptions are made in two stages. At inception of the contract, the company
determines assumptions on future mortality, persistency, administrative expenses and investment returns. At regular intervals, profit
testing is conducted on main policies. Assumptions used for profit testing of the main policies are as follows:
- Mortality: The expected mortality is assumed at 95% of LIC (94-96) since the current experience for this line of business is
not credible.
- Persistency: A periodic analysis of the companys recent and historic experience is performed and persistency is calculated
by applying statistical methods. Persistency rates vary by products and more importantly the sales distribution channel. An
allowance is then made for any trend in the data to arrive at best estimate of future persistency rates for each sales distribution
channel.
Rupees
in 000
% Rupees
in 000
%
0 - 200,000 1,595,148 0.74% 1,537,204 1.22%
200,001 - 400,000 10,702,041 4.98% 10,569,266 8.39%
400,001 - 800,000 24,524,142 11.42% 21,870,022 17.36%
800,001 - 1,000,000 16,379,634 7.62% 12,449,174 9.88%
More than 1,000,000 161,643,323 75.24% 79,550,427 63.15%
Total 214,844,288 100.00% 125,976,093 100.00%
Before reinsurance After reinsurance
Assured at the end of 2012
Total benefits assured
Rupees
kupoos
|o 000
kupoos
|o 000
0 - 200,000 804,059 0.50% 774,148 0.86%

200,001 - 400,000 6,052,418 3.82% 5,970,433 6.52%
400,001 - 800,000 15,840,046 10.00% 13,555,539 14.81%
800,001 - 1,000,000 9,876,697 6.24% 7,580,384 8.28%
More than 1,000,000 125,833,637 79.44% 63,622,693 69.53%
Total 158,406,857 100.00% 91,503,197 100.00%
o|oto to|osutooco A||ot to|osutooco
Assutod o| ||o ood o| 2011
Jo|o| booo|||s ossutod
Rupees
Benefits assured per life
70
- Expense levels and inflation: A periodic study is conducted on the companys current business expenses and future projections
to calculate per policy expenses. Expense inflation is assumed in line with assumed investment return.
- Investment returns: The investment returns are based on the historic performance of the fund.
d) Changes in assumptions
The valuation as at December 31, 2012, contains a change in reserving basis for the reserves maintained for individual life unit
linked Incurred But Not Reported (IBNR) claims.
A study was conducted to test the adequacy of the IBNRs held in respect of individual life unit linked business. The study indicated
that IBNR adequacy had been at acceptable levels, however, it was following decreasing trend. From further analysis it was deduced
that the IBNR adequacy for IBNRs held in respect of DSF policies was significantly different than that of bancassurance policies. In
view of this and to cater for changing business mix by sales channel and the difference in the claim lags of these two channels, the
IBNR basis has been bifurcated between DSF and Bancassurance.
The above change in valuation bases has resulted in increase in policyholders' liabilities by Rs. 0.16 million with corresponding
impact on revenue account of the respective statutory fund.
e) Sensitivity analysis
The table below indicates the level of the respective variable that will trigger an adjustment and then indicates the liability adjustment
required as a result of a further deterioration in the variable:
71
* Due to sufficient margins, liability adequacy test does not trigger at any value.
The above analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to
occur, and changes in some of the assumptions may be correlated for example, change in interest rate and change in market values; and
change in lapses and future mortality.
30.1.2 Conventional business
30.1.2.1 Individual life conventional business
The risk underwritten, i.e. the risk of death and critical illness will vary from region to region. The company may be exposed to the risk of
unexpected claim severity or frequency. This can be as a result of anti-selection and fraudulent claims. The company also faces a risk of
under-pricing due to long-term nature of the contract.
Trigger Change in Increase in loctooso |o
Variables level variable liability ||ob||||y
2012 2011
Rupees '000
Worsening of mortality rates for risk policies 241% +10% p.a. 67,800 41,100
Worsening of persistency rates for long term individual policies * - - - -
Increase in expense levels and inflation 256% +10% p.a. 22,200 14,200
Decrease in investment returns * - - - -
The company manages these risks through its underwriting, reinsurance, claims handling policy and other related controls. The
company has a well defined medical under-writing policy and avoids selling policies to high risk individuals, while critical illness
policies are rarely offered with effective screening of pre-existing conditions. This puts a check on anti-selection. Profit testing is
conducted on an annual basis to ensure adequacy of premiums charged. Reinsurance contracts have been purchased by the company
to limit the maximum exposure of any policyholder. The company has a good spread of business throughout the country thereby
ensuring diversification of geographical risks. On the claims handling side, the company ensures that payment of any fraudulent
claims is avoided. For this, a claims committee reviews all large claims for verification and conducts detailed investigation of all
apparently doubtful claims.
The company measures concentration of risk in terms of exposure by geographical area and by its exposure to catastrophic events.
Concentration of risk arising from geographical area is not a factor of concern due to spread of risks across various parts of the
country. To mitigate risk accumulation resulting from catastrophic events, the company maintains a catastrophe excess of loss
reinsurance cover which ensures that the companys liability in respect of catastrophic events remains within reasonable limits.
The table below presents the concentration of insured benefits across five bands of insured benefits per individual life assured. The
benefit insured figures are shown gross and net of the reinsurance contracts described above. At year-end, none of these insurance
contracts had triggered a recovery under the reinsurance held by the company.
The amounts presented are showing total exposure of the company including exposure in respect of riders attached to the main
policies.
72
Rupees
in 000
% Rupees
in 000
%
0 - 200,000 11,186 4.17% 3,357 4.67%
200,001 - 400,000 53,266 19.87% 14,347 19.96%
400,001 - 800,000 71,181 26.56% 17,010 23.66%
800,001 - 1,000,000 18,618 6.95% 9,793 13.62%
More than 1,000,000 113,797 42.45% 27,386 38.09%
Total 268,048 100.00% 71,893 100.00%
Rupees
kupoos
|o 000
kupoos
|o 000
0 200,000 107,559 2.71 20,998 2.8

200,001 =00,000 522,199 18.2= 15=,029 19.17
=00,001 800,000 727,82= 25.0 210,222 2.1
800,001 1,000,000 205,9=7 7.10 97,228 12.10
Moto ||oo 1,000,000 1,228,900 =5.79 211,112 28.71
Jo|o| 2,902,=29 100.00 802,10 100.00
Rupees
Uocot|o|o|y |o ||o os||o||oo o| |u|uto booo||| poyoo|s ood pto|u toco|p|s |ot |ooq |ot coovoo||ooo| |osutooco coo|toc|s ot|sos
|to ||o uoptod|c|ob||||y o| |ooq|ot c|ooqos |o ovoto|| |ovo|s o| ot|o|||y ood ct|||co| |||ooss |oc|dooco to|os.
Mot|o|||y to|os oto ossuod os LlU [1}. Ct|||co| l||ooss [Cl} |oc|dooco to|os oto |o|oo os o potcoo|oqo o| to|osutot's t|s| pto|u
to|o.
lot |ooq|ot coovoo||ooo| |osutooco coo|toc|s, ||o copooy do|ot|oos ossup||oos oo |u|uto ot|o|||y ood otb|d||y. A| toqu|ot
|o|otvo|s, |os|s oto cooduc|od oo o|o po||c|os. Assup||oos usod |o pto||| |os| ||o o|o po||c|os oto os |o||ows.
Mot|o|||y to|os oto ossuod os LlU [1}. Ct|||co| l||ooss [Cl} |oc|dooco to|os oto |o|oo os o potcoo|oqo o| to|osutot's t|s| pto|u
to|o.
J|oto |os booo oo c|ooqo |o ossup||oos.
J|o ovoto|| ||ob||||y |ot |||s bus|ooss s|oods o| |oss ||oo 2 o| ||o |o|o| po||cy|o|dot ||ob||||y |o|d |o ||o |uod. Luo |o ||s |o|ot|o|||y,
soos|||v||y ooo|ys|s |os oo| booo cooduc|od.
30.1.2.2 Group life
J|o o|o t|s| wt|||oo by ||o copooy |s ot|o|||y. J|o copooy oy bo oposod |o ||o t|s| o| uoopoc|od c|o| sovot||y ot |toquoocy. J||s
coo bo o tosu|| o| wt|||oq bus|ooss w||| ||q|ot ||oo opoc|od ot|o|||y [suc| os |o|oq ot o||ot |ozotdous |odus|t|os}, wt|||oq ||q| covot oouo|s
w|||ou| odoquo|o uodotwt|||oq, d||||cu||y o| vot|||co||oo o| c|o|s, |toudu|oo| c|o|s ot o co|os|top|o. J|o copooy o|so |ocos t|s| suc| os ||o|
o| uodotpt|c|oq |o ocqu|to bus|ooss |o o copo||||vo oov|toooo| ood o| oootoco|p| o| pto|u |o duo ||o. J|oto o|so o|s|s o po|oo||o| t|s|
o| osso| ||ob||||y |ot |so|c| duo |o ||ob|||||os bo|oq voty s|ot| |ot |o oo|uto.
J|o copooy oooqos ||oso t|s|s ||touq| uodotwt|||oq, to|osutooco, o||oc||vo c|o|s |ood||oq ood o||ot to|o|od coo|to|s. J|o copooy |os
o wo|| do||ood od|co| uodotwt|||oq po||cy ood ovo|ds wt|||oq bus|ooss |ot qtoups w||| ovot|y |ozotdous oposuto. lt|c|oq |s dooo |o ||oo
w||| ||o oc|uo| opot|ooco o| ||o copooy. J|o pto|u c|otqod |o|os |o|o occouo| ||o oc|uo| opot|ooco o| ||o c||oo| ood ||o oo|uto o|
ot|o|||y oposuto ||o qtoup |ocos. J|o to|os oto cot||||od by ||o oppo|o|od oc|uoty |ot |otqo qtoups. J|o copooy o|so o|o|o|os oo MlS
|o |toc| ||o odoquocy o| ||o pto|u c|otqod. ko|osutooco coo|toc|s |ovo booo putc|osod by ||o copooy |o |||| ||o o|u oposuto
o| ooy |||o. J|o copooy o|so |os o co|os|top|o ocoss o| |oss covot w||| tospoc| |o qtoup |||o. J|o |o|oo| o| ||o covot |s |o |||| ||o ||ob||||y
o| ||o copooy |o o s|oq|o |oppoo|oq ||o| tosu||s |o u|||p|o c|o|s. A| ||o soo ||o, duo cou||oo |s opp||od |o wt|||oq bus|ooss |o otoos o|
||q| ptobob||||y o| |ottot|s. J|o copooy oosutos wt|||oq bus|ooss w||| qood qooqtop||co| sptood ood |t|os |o o|o|o|o o coo|to||od oposuto
|o |otqo qtoups w||c| qoooto||y |ovo poot oposuto. Wt|||oq bus|ooss o| |oowo |ozotdous qtoups |s o|so ovo|dod. Oo ||o c|o|s |ood||oq
s|do, ||o copooy oosutos ||o| poyoo| o| ooy |toudu|oo| c|o|s |s ovo|dod. lot |||s, o c|o|s co|||oo tov|ows o|| |otqo c|o|s |ot vot|||co||oo.
S|t|c| oo||ot|oq |s |o p|oco o| ||o ootd o| L|toc|ots |ovo| |o otdot |o |oop ||o ou|s|ood|oq bo|oocos o| pto|u o| o |o|u, ospoc|o||y ||o
ooos ||o| oto duo |ot oto ||oo 90 doys. J|o bu|| o| ||o osso|s |o|d oqo|os| ||ob|||||os o| |||s ||oo o| bus|ooss |ovo o s|ot| duto||oo, ||us
|||qo||oq ||o t|s| o| osso| vo|uo do|ot|oto||oo.
73
J|o copooy oosutos coocoo|to||oo o| t|s| |o |ots o| oposuto by qooqtop||co| otoo ood by ||s oposuto |o co|os|top||c ovoo|s.
Coocoo|to||oo o| t|s| ot|s|oq |to qooqtop||co| otoo |s oo| o |oc|ot o| coocoto duo |o sptood o| t|s|s octoss vot|ous pot|s o| ||o
couo|ty. Jo |||qo|o t|s| occuu|o||oo tosu|||oq |to co|os|top||c ovoo|s, ||o copooy o|o|o|os o co|os|top|o ocoss o| |oss
to|osutooco covot w||c| oosutos ||o| ||o copooys ||ob||||y |o tospoc| o| co|os|top||c ovoo|s too|os w||||o toosooob|o ||||s.
J|o |o||ow|oq |ob|o ptosoo|s ||o coocoo|to||oo o| |osutod booo|||s octoss ||vo boods o| |osutod booo|||s pot |od|v|duo| |||o ossutod.
J|o booo||| |osutod ||qutos oto s|owo qtoss ood oo| o| ||o to|osutooco coo|toc|s dosct|bod obovo. A| yootood, oooo o| ||oso
|osutooco coo|toc|s |od |t|qqotod o tocovoty uodot ||o to|osutooco |o|d by ||o copooy.
J|o oouo|s ptosoo|od oto s|ow|oq |o|o| oposuto o| ||o copooy |oc|ud|oq oposuto |o tospoc| o| t|dots o||oc|od |o ||o o|o
po||c|os.
74
kupoos
|o 000
kupoos
|o 000
%
0 200,000 108,807,272 22.0 =5,122,72 2=.55
200,001 =00,000 =1,01,27 8.91 19,785,9=1 10.7
=00,001 800,000 59,5=2,2=9 12.91 25,520,=07 12.89
800,001 1,000,000 22,109,829 5.01 22,12,501 12.1
Moto ||oo 1,000,000 228,529,217 =9.57 70,199,258 28.19
Jo|o| =1,00,=95 100.00 182,801,879 100.00
Rupees
O||ot ||oo cooduc||oq o ||ob||||y odoquocy |ot Uoop|tod k|s| kosotvos [Ukk}, ||oto |s oo oood |o os||o|o ot|o|||y |ot |u|uto
yoots bocouso o| ||o s|ot| duto||oo o| ||o coo|toc|s.
Ao |ovos||qo||oo |o|o qtoups opot|ooco ovot ||o |os| |oo yoots wos pot|otod, ood s|o||s||co| o||ods oto usod |o odus| ||o to|os
|o o bos| os||o|o o| ot|o|||y. lot |||s putposo, ||o ctudo to|os woto odus|od |o to||oc| ||o s|opo |o ot|o|||y os pot lod|os ot|o|||y
|ob|o o| LlC [9=9}. W|oto do|o |s su|||c|oo| |o bo s|o||s||co||y ctod|b|o, ||o s|o||s||cs qoooto|od by ||o do|o |s oss|qood opptopt|o|o
ctod|b||||y |oc|ots |o occouo| |ot ||o qtoups opot|ooco.
Rupees
in 000
% Rupees
in 000
%
0 - 200,000 111,434,692 23.47% 43,701,327 22.24%
200,001 - 400,000 42,570,258 8.96% 22,764,211 11.59%
400,001 - 800,000 46,702,854 9.83% 25,975,083 13.22%
800,001 - 1,000,000 31,799,623 6.70% 16,043,152 8.16%
More than 1,000,000 242,387,679 51.04% 88,005,242 44.79%
Total 474,895,106 100.00% 196,489,015 100.00%
Rupees
J|o vo|uo||oo os o| Locobot 21, 2012, coo|o|os o c|ooqo |o tosotv|oq bos|s |ot ||o tosotvos o|o|o|ood
|ot qtoup |||o locuttod u| No| kopot|od [lNk} c|o|s.
C|o|s opot|ooco ovo||ob|o w||| ||o copooy |o tospoc| o| Otoup L||o ||oo o| bus|ooss wos ooo|yzod
ood |ouod |o bo odoquo|o. J|oto|oto, o ovo |owotds c|o|s bosod lNks |to pto|u bosod lNks
|os booo odo. Luo |o d|||otoocos |o c|o|s |oqs bo|wooo op|oyot , op|oyoo sc|oos ood dopos||ots
, |cto||oooco sc|oos, lNk |ot ||oso |wo co|oqot|os |os booo do|ot|ood sopoto|o|y. J|o c|o|s
dovo|opoo| |oc|ots do|ot|ood |ot op|oyot , op|oyoo sc|oos ood dopos||ots , |cto||oooco
sc|oos woto opptopt|o|o|y |oodod |o otdot |o bu||d |o opptopt|o|o otq|os |ot odvotso dov|o||oos.
J|o obovo c|ooqo |o vo|uo||oo bosos |os tosu||od |o doctooso |o po||cy|o|dots ||ob||||y by ks. 2.2 ||||oo
w| | | cottospood| oq | poc| oo tovoouo occouo| o| | |o tospoc| | vo s| o| u| oty | uod.
J|o |ob|o bo|ow s|ows ||o |ovo| o| tospoc||vo vot|o||oo |o ||ob|||||os |ot c|ooqo |o ooc| ossup||oo w|||o
|o|d|oq o|| o||ot ossup||oos coos|oo|.
75
J|o obovo ooo|ysos oto bosod oo o c|ooqo |o oo ossup||oo w|||o |o|d|oq o|| o||ot ossup||oos coos|oo|.
30.1.3 Accident & Health
J|o o|o t|s| wt|||oo by ||o copooy |s otb|d||y. J|o copooy oy bo oposod |o ||o t|s| o| uoopoc|od c|o| sovot||y ot |toquoocy. J||s coo bo o
tosu|| o| ||q| oposuto |o o pot||cu|ot qooqtop||co| otoo [M|ctolosutooco |o Not||oto Atoos}, od|co| opooso |o||o||oo, |toudu|oo| c|o|s ood
co|os|top||c ovoo|. J|o copooy po|oo||o||y |ocos ||o t|s| o| |oc| o| odoquo|o c|o|s coo|to| [suc| os |ot voty |otqo qtoups}. J|o copooy o|so |ocos
o t|s| o| uodotpt|c|oq |o ocqu|to bus|ooss |o o copo||||vo oov|toooo| ood o| oootoco|p| o| pto|u |o duo ||o.
J|o copooy oooqos ||oso t|s|s ||touq| ||s uodotwt|||oq, to|osutooco, c|o|s |ood||oq po||cy ood o||ot to|o|od coo|to|s. J|o copooy |os o wo||
do||ood od|co| uodotwt|||oq po||cy ood ovo|ds wt|||oq bus|ooss |ot qtoups w||| po|oo||o||y ||q| |oo||| to|o|od t|s| oposuto suc| os Oovotooo|
Sc|oos. Aoy ptoo|s||oq cood|||oos oto sctooood o| |||s s|oqo. lt|c|oq |s dooo os pot oc|uo| opot|ooco o| ||o copooys pot||o||o. J|o pto|u
c|otqod |o|os |o|o occouo| ||o oc|uo| opot|ooco o| ||o c||oo| ood oo MlS |s o|o|o|ood |o |toc| ||o odoquocy o| ||o pto|u c|otqod. J|o copooy
|os ptodo|ot|ood c|otqos |ot cot|o|o |||oossos w||| ||s pooo| |osp||o|s, ood |o |oop o c|oc| oo od|co| |o||o||oo, || coo||ouos |o ooqo||o|o ||oso to|os.
J|o pot||o||o |os o sptood octoss vot|ous qooqtop||co| toq|oos. Oo ||o c|o|s |ood||oq s|do, ||o copooy oosutos ||o| poyoo| o| ooy |toudu|oo|
c|o|s |s ovo|dod. lot |||s, ||o c|o|s oto tov|owod ood oooqod by |oc|o|co| s|o|| ood doc|ots w|||o oo oos||o oo||ot|oq ood c|oc||oq |s pot|otod.
S|t|c| oo||ot|oq |s |o p|oco o| ||o ootd o| L|toc|ots |ovo| |o otdot |o |oop ||o ou|s|ood|oq bo|oocos o| pto|u o| o |o|u, ospoc|o||y ||o ooos
||o| oto duo |ot oto ||oo 90 doys.
Change in Increase in loctooso |o
Variables variable liability ||ob||||y
2012 2011
Rupees '000
Wotsoo|oq o| ot|o|||y to|os |ot t|s| po||c|os +10 p.o. 7,200 2,200
loctooso |o topot||oq |oq +10 p.o. 7,200 2,200
Copooy oosutos t|s| occuu|o||oo |o |ots o| po|oo||o||y ||q| oposuto coocoo|to||oo |o o pot||cu|ot qooqtop||co| otoo [suc|
os |cto |osutooco po||cy |o oot||oto otoos}.
J|o |ob|o bo|ow ptosoo|s ||o coocoo|to||oo o| |osutod booo|||s octoss ||vo boods o| |osutod booo|||s pot |od|v|duo| |||o ossutod.
J|o booo||| |osutod ||qutos oto s|owo qtoss ood oo| o| ||o to|osutooco coo|toc|s dosct|bod obovo. A| yootood, oooo o| ||oso
|osutooco coo|toc|s |od |t|qqotod o tocovoty uodot ||o to|osutooco |o|d by ||o copooy.
po||c|os.
76
kupoos
|o 000
kupoos
|o 000

Rupees
0 200,000 9,=58,222 28.27 9,=58,222 28.27
200,001 =00,000 12,22=,791 2. 12,22=,791 2.
=00,001 800,000 10,7=5,251 22.22 10,7=5,251 22.22
800,001 1,000,000 70,582 0.21 70,582 0.21
Moto ||oo 1,000,000 8=5,=70 2.52 8=5,=70 2.52
Jo|o| 22,2==,=27 100.00 22,2==,=27 100.00
Rupees
in 000
% Rupees
in 000
%
Rupees
0 - 200,000 9,666,745 20.07% 9,666,745 20.07%
200,001 - 400,000 20,118,652 41.76% 20,118,652 41.76%
400,001 - 800,000 17,501,863 36.33% 17,501,863 36.33%
800,001 - 1,000,000 174,481 0.36% 174,481 0.36%
More than 1,000,000 714,597 1.48% 714,597 1.48%
Total 48,176,338 100.00% 48,176,338 100.00%
O||ot ||oo cooduc||oq o ||ob||||y odoquocy |ot Uoop|tod k|s| kosotvos [Ukk}, ||oto |s oo oood |o os||o|o otb|d||y |ot |u|uto
yoots bocouso o| ||o s|ot| duto||oo o| ||o coo|toc|s.
Ao |ovos||qo||oo |o|o qtoups opot|ooco |s pot|otod pot|od|co||y, ood s|o||s||co| o||ods oto usod |o odus| ||o to|os |o o bos|
os||o|o o| otb|d||y. lot |||s putposo, ||o opot|ooco |s odus|od os pot ||o |o|otoo||ooo| opot|ooco s|ud|os suc| os HllL. W|oto
do|o |s su|||c|oo| |o bo s|o||s||co||y ctod|b|o, ||o s|o||s||cs qoooto|od by ||o do|o oto oss|qood opptopt|o|o ctod|b||||y |oc|ots |o
occouo| |ot ||o qtoups opot|ooco.
J|o vo|uo||oo os o| Locobot 21, 2012, coo|o|os o c|ooqo |o tosotv|oq bos|s |ot ||o tosotvos o|o|o|ood |ot qtoup |oo||| locuttod
u| No| kopot|od [lNk} c|o|s.
J|o tov|sod lNk tosotv|oq o||odo|oqy |s |o do|ot|oo ||o c|o| |oq |oc|ots o| ooc| yootood us|oq ||o |os| |wo yoots c|o|s
do|o. J|o c|o| |oq |oc|ots so do|ot|ood oto ||oo opp||od |o do|ot|oo ||o lNks o| ||o yootood ood ||o subsoquoo| ||too
quot|otoods. lo otdot |o co|ot |ot t|s| o| po|oo||o| |octooso |o topot||oq |oq duo |o top|d qtow|| o| bus|ooss, oo opptopt|o|o otq|o
|os booo bu||| |o ||o lNk.
lot |cto|osutooco sc|oos, ||o lNk bos|s o| Locobot 21, 2012 |os booo c|ooqod so os |o |otqo| oo u|||o|o c|o|s to||o
o| 180 oo ||o ootood pto|u o| |os| 18 oo||s o| ||q| t|s| sc|oos ood 125 oo ||o ootood pto|u o| |os| 18 oo||s |ot
o||ot |cto|osutooco sc|oos.
J|o obovo c|ooqo |o vo|uo||oo bosos |os tosu||od |o doctooso |o po||cy|o|dots ||ob||||y by ks. 8.5 ||||oo w||| cottospood|oq
|poc| oo tovoouo occouo| o| ||o tospoc||vo s|o|u|oty |uod.
J|o |ob|o bo|ow s|ows ||o |ovo| o| tospoc||vo vot|o||oo |o ||ob|||||os |ot c|ooqo |o ooc| ossup||oo w|||o |o|d|oq o|| o||ot ossup||oos
coos|oo|.
77
Change in Increase in loctooso |o
Variables variable liability ||ob||||y
2012 2011
Rupees '000
Wotsoo|oq o| otb|d||y to|os |ot t|s| po||c|os +10 p.o. 5,000 2,00
loctooso |o topot||oq |oq +10 p.o. 5,000 2,00
loctooso |o ovotoqo c|o| oouo| +10 p.o. 5,000 2,00
30.1.4 Overseas group life and health business
J|o t|s| uodotwt|||oo by ||o copooy |s o|o|y ot|o|||y ood otb|d||y. J|o copooy oy bo oposod |o ||o t|s| o| uoopoc|od c|o| sovot||y
ood,ot |toquoocy. W||| toqotds |o ot|o|||y, ||o t|s| coo bo o tosu|| o| wt|||oq bus|ooss w||| ||q|ot ||oo opoc|od ot|o|||y [suc| os |ottot|s
|o ||o toq|oo}, wt|||oq ||q| covot oouo|s w|||ou| odoquo|o uodotwt|||oq, d||||cu||y o| vot|||co||oo o| c|o|s, |toudu|oo| c|o|s ot o co|os|top|o.
As |ot ||o otb|d||y, ||o t|s| oy s|o |to ||q|ot ||oo ossuod od|co| opoosos, |toudu|oo| c|o|s, |oodoquo|o c|o|s coo|to| ot co|os|top||c
ovoo|s [|oc|ud|oq |ottot|s}. J|o copooy o|so |ocos t|s| suc| os ||o| o| uodotpt|c|oq |o ocqu|to bus|ooss |o o copo||||vo oov|toooo| ood
o| oootoco|p| o| pto|u |o duo ||o.
J|o copooy oooqos ||oso t|s|s ||touq| uodotwt|||oq, to|osutooco, o||oc||vo c|o|s |ood||oq ood o||ot to|o|od coo|to|s. As pot| o| ||s t|s|
oooqooo| ||o copooy |os |o p|oco to|osutooco ottooqooo| |o |u||y covot ||o ot|o|||y ood otb|d||y t|s|s uodotwt|||oo. A| ||o soo ||o,
||o copooy |os o wo|| do||ood od|co| uodotwt|||oq po||cy ood ovo|ds wt|||oq bus|ooss |ot qtoups w||| ovot|y |ozotdous oposuto. lt|c|oq
|s dooo |o ||oo w||| ||o oc|uo| opot|ooco o| ||o copooy. J|o pto|u c|otqod |o|os |o|o occouo| ||o oc|uo| opot|ooco o| ||o c||oo| ood
||o oo|uto o| ot|o|||y ood otb|d||y oposuto ||o qtoup |ocos. J|o to|os oto cot||||od by ||o oppo|o|od oc|uoty |ot |otqo qtoups. J|o copooy
o|so o|o|o|os oo MlS |o |toc| ||o odoquocy o| ||o pto|u c|otqod. Oo ||o c|o|s |ood||oq s|do, ||o copooy oosutos ||o| poyoo| o|
ooy |toudu|oo| c|o|s |s ovo|dod. lot |||s, o c|o|s co|||oo tov|ows o|| |otqo c|o|s |ot vot|||co||oo. S|t|c| oo||ot|oq |s |o p|oco o| ||o ootd
o| L|toc|ots |ovo| |o otdot |o |oop ||o ou|s|ood|oq bo|oocos o| pto|u o| o |o|u, ospoc|o||y ||o ooos ||o| oto duo |ot oto ||oo 90 doys.
As pot| o| ||o t|s| oooqooo| ptocoss, ||o copooy |os |u||y to|osutod ||o uodotwt|||oo t|s|s ood |ooco ||o pt|oty t|s| |o w||c| ||o copooy
oy bo oposod |o |s ||o| o| to|osutot do|ou|||oq oo ||s ob||qo||oos. ltosoo||y os pot ||o toqu|tooo|s o| ||o S|o|o oo| o| lo||s|oo, ||o copooy
|s toqu|tod |o so|||o o|| c|o|s uodot |||s bus|ooss |to ||s to|osutooco tocovot|os.
J|o copooy oosutos coocoo|to||oo o| t|s| |o |ots o| oposuto by qooqtop||co| otoo ood by ||s oposuto |o co|os|top||c ovoo|s.
As ||o pot||o||o |ot |||s ||oo o| bus|ooss |s to|o||vo|y so||, coocoo|to||oo o| t|s| ot|s|oq |to qooqtop||co| otoo |s o soutco o| coocoto.
Jo |||qo|o |||s t|s| copooy o|o|o|os to|osutooco w||c| oosutos ||o| ||o copooys ||ob||||y |o tospoc| o| coocoo|to||oo o| t|s|
too|os w||||o toosooob|o ||||s.
J|o |o||ow|oq |ob|o ptosoo|s ||o coocoo|to||oo o| |osutod booo|||s octoss ||vo boods o| |osutod booo|||s pot |od|v|duo| |||o ossutod.
J|o booo||| |osutod ||qutos oto s|owo qtoss o| ||o to|osutooco coo|toc|s dosct|bod obovo. S|oco ||o copooy o|o|o|os o 100
to|osutooco, booo|||s |osutod oo| o| ||o to|osutooco coo|toc|s oto ptoc||co||y N||.
po||c|os.
78
Rupees
Rupees
in 000
% Rupees
in 000
%
0 - 200,000 - 0.00% - 0.00%
200,001 - 400,000 - 0.00% - 0.00%
400,001 - 800,000 - 0.00% - 0.00%
800,001 - 1,000,000 - 0.00% - 0.00%
More than 1,000,000 14,313,637 100.00% - 0.00%
Total 14,313,637 100.00% - 0.00%
Rupees
kupoos
|o 000
% kupoos
|o 000
%
0 200,000 0.00 0.00
200,001 =00,000 0.00 0.00
=00,001 800,000 0.00 0.00
800,001 1,000,000 0.00 0.00
Moto ||oo 1,000,000 0.00 0.00
Jo|o| 0.00 0.00
J|oto |s oo oood |o os||o|o ot|o|||y ood otb|d||y |ot |u|uto yoots bocouso o| ||o s|ot| duto||oo o| ||o coo|toc|s.
Ao |ovos||qo||oo |o|o qtoups opot|ooco |s pot|otod pot|od|co||y ood s|o||s||co| o||ods oto usod |o odus| ||o to|os |o o bos|
os||o|o o| ot|o|||y ood otb|d||y. lot |||s putposo, ||o ctudo to|os |ot oto|||y woto odus|od |o to||oc| ||o s|opo |o ot|o|||y os
pot lod|os ot|o|||y |ob|o o| LlC [9=9} w|||o |ot otb|d||y, |o|otoo||ooo| opot|ooco s|ud|os suc| os HllL oto usod. ko|osutooco
to|os ptov|dod by ||o to|osutot oto o|so |op| uodot coos|doto||oo.
J|o vo|uo||oo os o| Locobot 21, 2012, coo|o|os o c|ooqo |o tosotv|oq bos|s |ot ||o tosotvos o|o|o|ood
|ot Ovotsoos Otoup L||o ood Hoo||| locuttod u| No| kopot|od [lNk} c|o|s copotod |o ||o vo|uo||oo
os o| Juoo 20, 2012.
J|o Ovotsoos Otoup L||o ood Hoo||| |uod wos so|up w||| o||oc| |to Joouoty 1, 2012 ood ||oto woto
oo to|osutooco ottooqooo|s o| ||o copooy os o| Juoo 20, 2012. J|oto|oto oo opptopt|o|o lNk wos
|o|d |o ||o vo|uo||oo os o| Juoo 20, 2012. Howovot, os o| Locobot 21, 2012 ||o copooy |os |u||y
to|osutod ||o uodotwt|||oo t|s|s tosu|||oq |o oo toqu|tooo| o| lNk.
J|o obovo c|ooqo |o vo|uo||oo bosos |os tosu||od |o doctooso |o po||cy|o|dots ||ob||||y by
ks. 8.= ||||oo w||| cottospood|oq |poc| oo tovoouo occouo| o| ||o tospoc||vo s|o|u|oty |uod.
J|o copooy |os |u||y to|osutod ||s uodotwt|||oo t|s|s ood ||oto|oto o soos|||v||y ooo|ys|s |os oo| booo
cooduc|od.
30.2 Financial risk
Liquidity risk
L|qu|d||y t|s| |s ||o t|s| ||o| ||o copooy w||| bo uoob|o |o oo| ||s |uod|oq toqu|tooo|s. Jo quotd oqo|os| ||o t|s|,
||o copooy |os d|vots|||od |uod|oq soutcos ood osso|s oto oooqod w||| ||qu|d||y |o |od, o|o|o|o|oq o |oo|||y
bo|ooco o| cos| ood cos| oqu|vo|oo|s ood tood||y ot|o|ob|o socut|||os. J|o o|ut||y pto|||o |s oo||otod |o oosuto
||o| odoquo|o ||qu|d||y |s o|o|o|ood.
Interest rate risk
J|o copooy |ovos|s |o socut|||os ood |os dopos||s ||o| oto suboc| |o |o|otos| to|o t|s|. lo|otos| to|o t|s| |o ||o
copooy |s ||o t|s| o| c|ooqos |o ot|o| |o|otos| to|os toduc|oq ||o ovoto|| to|uto oo ||s |o|otos| boot|oq socut|||os.
J|o copooy ||||s |o|otos| to|o t|s| by oo||ot|oq c|ooqos |o |o|otos| to|os |o ||o cuttooc|os |o w||c| ||s cos| ood
|ovos|oo|s oto dooo|oo|od. J|o copooy's |o|otos| to|o soos|||v||y ood ||qu|d||y pos|||oos bosod oo o|ut|||os |s
q|voo |o oo|o 20.2.1
79
80
30.2.1Mismatch of interest rate sensitive assets and liabilities / yield / interest rate risk
On-balance sheet
financial instruments
Financial assets
Cash and others 6,764 - - - - - - - - - 6,764
Current and other accounts 7 827,675 805,280 - - - - - - - - 22,395
Deposits maturing within 12 months 8.60 - 10.25 3,748,000 898,000 2,100,000 650,000 100,000 - - - - - -
Unsecured advances to employees 6,806 - - - - - - - - - 6,806
Investments - net of provision 8.13.68 18,207,492 1,232,843 3,186,949 8,213,632 - 1,347,654 109,831 208,571 187,257 87,152 3,633,603
Premiums due but unpaid 134,636 - - - - - - - - - 134,636
Investment income due but outstanding 121 - - - - - - - - - 121
Investment income accrued 30,847 - - - - - - - - - 30,847
Amounts due from other insurers / reinsurers 153,768 - - - - - - - - - 153,768
Inter-fund receivable 18,451 - - - - - - - - - 18,451
Sundry receivable 33,465 - - - - - - - - - 33,465
23,168,025 2,936,123 5,286,949 8,863,632 100,000 1,347,654 109,831 208,571 187,257 87,152 4,040,856
Financial liabilities
Outstanding claims 642,375 - - - - - - - - - 642,375
Amounts due to other insurers / reinsurers 4,561 - - - - - - - - - 4,561
Amounts due to agents 494,130 - - - - - - - - - 494,130
Accrued expenses 388,831 - - - - - - - - - 388,831
Other creditors and accruals 76,902 - - - - - - - - - 76,902
Unclaimed dividend 2,640 - - - - - - - - - 2,640
Inter-fund payable 18,451 - - - - - - - - - 18,451
1,627,890 - - - - - - - - - 1,627,890
On-balance sheet gap 21,540,135 2,936,123 5,286,949 8,863,632 100,000 1,347,654 109,831 208,571 187,257 87,152 2,412,966
Off-balance sheet financial instruments
Commitments (117,879) - - - - - - - - - (117,879)
Off-balance sheet gap (117,879) - - - - - - - - - (117,879)
Total yield / interest rate risk sensitivity gap 2,936,123 5,286,949 8,863,632 100,000 1,347,654 109,831 208,571 187,257 87,152 2,295,087
Cumulative yield / interest rate risk sensitivity gap 2,936,123 8,223,072 17,086,704 17,186,704 18,534,358 18,644,189 18,852,760 19,040,017 19,127,169 2,295,087
Total Upto one
month
Over one
month to
three months
Over three
months to
six months
Over six
months to
one year
Over one
year to
two years
Over two
years to
three years
Over three
years to
five years
Over five
years to
ten years
Over
ten
years
Non-interest
bearing
financial
instruments
Effective
Yield/
Interest
rate %
2012
Exposed to Yield/ Interest rate risk
(Rupees in 000)
81
Oobo|ooco s|oo|
||oooc|o| |os|tuoo|s
l|oooc|o| osso|s
Cos| ood o||ots =,120 =,120
Cuttoo| ood o||ot occouo|s 7 ==,022 =20,55 15,=8
Lopos||s o|ut|oq w||||o 12 oo||s 11.512.5 1,800,000 1,800,000
Uosocutod odvoocos |o op|oyoos 8,981 8,981
lovos|oo|s oo| o| ptov|s|oo 815.22 12,980,197 521,=77 1,8,910 2,259,9=8 =,020,271 125,889 1,292,=2= 122,879 9,952 100,822 2,528,515
lto|us duo bu| uopo|d 115,571 115,571
lovos|oo| |ocoo duo bu| ou|s|ood|oq 102 102
lovos|oo| |ocoo occtuod 27,27 27,27
Aouo|s duo |to o||ot |osutots , to|osutots 111,898 111,898
lo|ot|uod toco|vob|o 2,527 2,527
Suodty toco|vob|o 19,25= 19,25=
15,550,221 952,0=2 1,8,910 2,259,9=8 5,820,271 125,889 1,292,=2= 122,879 9,952 100,822 2,88,07=
l|oooc|o| ||ob|||||os
Ou|s|ood|oq c|o|s 582,985 582,985
Aouo|s duo |o o||ot |osutots , to|osutots 15,175 15,175
Aouo|s duo |o oqoo|s 2=7,2=2 2=7,2=2
Acctuod opoosos 285,=72 285,=72
O||ot ctod||ots ood occtuo|s 20,0= 20,0=
Uoc|o|od d|v|dood 1,=2 1,=2
lo|ot|uod poyob|o 2,527 2,527
1,289,108 1,289,108
Oobo|ooco s|oo| qop 1=,21,212 952,0=2 1,8,910 2,259,9=8 5,820,271 125,889 1,292,=2= 122,879 9,952 100,822 1,578,9
O||bo|ooco s|oo| ||oooc|o| |os|tuoo|s
Co||oo|s [118,099} [118,099}
O||bo|ooco s|oo| qop [118,099} [118,099}
Jo|o| y|o|d , |o|otos| to|o t|s| soos|||v||y qop 952,0=2 1,8,910 2,259,9=8 5,820,271 125,889 1,292,=2= 122,879 9,952 100,822 1,=0,87
Cuu|o||vo y|o|d , |o|otos| to|o t|s| soos|||v||y qop 952,0=2 2,818,952 5,078,900 10,909,271 11,0=5,10 12,=27,59= 12,571,=72 12,581,=25 12,82,2=7 1,=0,87
Jo|o| Up|o ooo
oo||
Ovot ooo
oo|| |o
||too oo||s
Ovot ||too
oo||s |o
s| oo||s
Ovot s|
oo||s |o
ooo yoot
Ovot ooo
yoot |o
|wo yoots
Ovot |wo
yoots |o
||too yoots
Ovot ||too
yoots |o
||vo yoots
Ovot ||vo
yoots |o
|oo yoots
Ovot
|oo
yoots
Noo|o|otos|
boot|oq
||oooc|o|
|os|tuoo|s
L||oc||vo
|o|d,
lo|otos|
to|o
2011
Lposod |o |o|d, lo|otos| to|o t|s|
(Rupees in 000)
a) Sensitivity analysis - interest rate risk
J|o soos|||v||y ooo|ys|s |ot |o|otos| to|o t|s| |||us|to|os |ow c|ooqos |o ||o |o|t vo|uo ot |u|uto cos| ||ows
o| o ||oooc|o| |os|tuoo| w||| ||uc|uo|o bocouso o| c|ooqos |o ot|o| |o|otos| to|os o| ||o topot||oq do|o.
Lob| socut|||os |o|d |o o|ut||y oto occouo|od |ot o| oot||sod cos| ood ||o|t cotty|oq oouo|s oto oo| soos|||vo |o c|ooqos |o ||o |ovo| o|
|o|otos| to|os.
Moooqooo| oo||ots ||o soos|||v||y o| topot|od |o|otos| to|o ovooo|s pot|od|co||y by ossoss|oq ||o opoc|od c|ooqos |o ||o d|||otoo|
pot||o||os duo |o poto||o| ovooo|s o| 100 bos|s po|o|s |o o|| y|o|d cutvos.
Ao |octooso |o 100 bos|s po|o|s |o |o|otos| y|o|ds wou|d tosu|| |o o |oss o| ks. 59.2 ||||oo [2011. ks. =2.52 ||||oo}. J|o pot||oo o| |||s
|oss ||o| wou|d bo tocoqo|sod d|toc||y |o pto||| ood |oss occouo| |s ks. 0.08 ||||oo [2011. ks. 2.8 ||||oo}
A doctooso |o 100 bos|s po|o|s |o |o|otos| y|o|ds wou|d tosu|| |o o qo|o o| ks. 1=.20 ||||oo [2011. ks. =5.82 ||||oo}. J|o pot||oo o| |||s
qo|o ||o| wou|d bo tocoqo|sod d|toc||y |o pto||| ood |oss occouo| |s ks. 0.2 ||||oo [2011. ks. =.07 ||||oo}
b) Sensitivity analysis - currency risk
Lcop| |ot bus|ooss uodotwt|||oo |o Ovotsoos qtoup |||o ood |oo||| |uod, ||o copooy pt|ot||y uodotwt||os |osutooco coo|toc|s |o lo| kupoos
ood |ovos|s |o osso|s dooo|oo|od |o ||o soo cuttoocy, w||c| o|||oo|os ||o |oto|qo cuttoocy oc|ooqo to|o t|s| |ot ||oso opoto||oos.
31. FOREIGN CURRENCY RISK
As o| bo|ooco s|oo| do|o, ||oto oto oo o|ot|o| ||oooc|o| |os|tuoo|s dooo|oo|od |o |oto|qo cuttoocy. J|oto|oto, ||o copooy |s oo| o|ot|o||y oposod
|o t|s| |to |oto|qo cuttoocy oc|ooqo to|o ||uc|uo||oo.
32. MARKET RISK
Mot|o| t|s| |s ||o t|s| ||o| ||o vo|uo o| o ||oooc|o| |os|tuoo| w||| ||uc|uo|o os o tosu|| o| c|ooqos |o ot|o| pt|cos, w|o||ot ||oso c|ooqos oto cousod
by |oc|ots spoc|||c |o ||o |od|v|duo| socut||y, ot ||s |ssuot, ot |oc|ots o||oc||oq o|| socut|||os |todod |o ||o ot|o|.
J|o copooy |s oposod |o ot|o| t|s| w||| tospoc| |o ||s |ovos|oo|s.
J|o copooy ||||s ot|o| t|s| by o|o|o|o|oq o d|vots|||od pot||o||o ood by coo||ouous oo||ot|oq o| dovo|opoo|s |o Oovotooo| socut|||os, oqu||y,
opooood ood c|osodood u|uo| |uods ood |ot ||oooco cot||||co|os ot|o|s. lo odd|||oo, ||o copooy oc||vo|y oo||ots ||o |oy |oc|ots ||o| o||oc| ||o
uodot|y|oq vo|uo o| ||oso socut|||os.
33. CREDIT RISK AND CONCENTRATION OF CREDIT RISK
Ctod|| t|s| |s ||o t|s|, w||c| ot|sos w||| ||o poss|b||||y ||o| ooo pot|y |o o ||oooc|o| |os|tuoo| w||| |o|| |o d|sc|otqo ||s ob||qo||oo ood couso ||o o||ot
pot|y |o |ocut o ||oooc|o| |oss.
Coocoo|to||oo o| ctod|| t|s| ot|sos w|oo o oubot o| couo|otpot||os |ovo s|||ot |ypos o| bus|ooss oc||v|||os. As o tosu|| ooy c|ooqo |o ocooo|c, po||||co|
ot o||ot cood|||oos wou|d o||oc| ||o|t ob||||y |o oo| coo|toc|uo| ob||qo||oos |o o s|||ot oooot.
Moot ctod|| t|s| |s |o pto|us toco|vob|o, to|osutooco toco|vob|os, boo| bo|oocos ood |ovos|oo|s. J|o oooqooo| oo||ots oposuto |o ctod||
t|s| ||touq| toqu|ot tov|ow o| ctod|| oposuto ood ossoss|oq ctod|| wot|||ooss o| couo|ot pot||os.
82
2012 2011
(Rupees in 000)
2012 2011
(Rupees in 000)
83
(Rupees in 000)
Luo |o ||o oo|uto o| ||s bus|ooss ||o copooy |s oo| oposod |o coocoo|to||oo o| ctod|| t|s|.
J|o cotty|oq vo|uos o| ||oooc|o| osso|s w||c| oto oo|||ot pos| duo oot |po|tod oto os uodot.
AAA AA+ AA AA- A+ A A- BBB+ BBB- Not rated Total
December 31, 2012
Debt securities - - 169,863 272,678 - 58,402 - - - 13,972,871 14,473,814
Open-end mutual funds 53,552 35,843 322,035 411,430
Loans and receivables - - - 69,331 79,200 5,236 - - - 202,445 356,212
Cash and cash equivalents 3,811,341 - - 9,189 3,990 1,155 - - 6,764 3,832,439
- 3,811,341 223,415 342,009 88,389 67,628 36,998 - - 14,504,115 19,073,895
Locobot 21, 2011
Lob| socut|||os =,82 222,0=7 7=,80= 15,017 10,12=,979 10,=51,82
Opooood u|uo| |uods 100,000 150,000 2=,027 =,0= 228,=1
Looos ood toco|vob|os 19,27 28,=81 52,780 12,115 27=,012
Cos| ood cos| oqu|vo|oo|s ==5,872 11 =,120 =50,152
100,000 15=,82 222,0=7 9=,==1 =99,270 77,978 10,25,818 11,51=,=90
Cos| ood boo| dopos||s 4,582,439 2,250,152
Uosocutod odvoocos |o op|oyoos 6,806 8,981
lovos|oo| |ocoo duo bu| ou|s|ood|oq 121 102
lovos|oo| |ocoo occtuod 30,847 27,27
Suodty toco|vob|o 33,465 19,25=
J|o cotty|oq vo|uos o| ||oooc|o| osso|s w||c| oto pos| duo bu| oo| |po|tod oto os uodot.
2012 2011
(Rupees in 000)
J|o cotty|oq vo|uos o| ||oooc|o| osso|s w||c| oto pos| duo ood |po|tod oto os uodot.
34. REINSURANCE RISK
lo otdot |o |o||so ||o ||oooc|o| oposuto ot|s|oq |to |otqo c|o|s, ||o copooy, |o ||o ooto| coutso o| bus|ooss, oo|ots |o|o oqtoooo| w||| o||ot
to|osutots.
ko|osutooco codod doos oo| to||ovo ||o copooy |to ||s ob||qo||oo |o po||cy |o|dots ood os o tosu|| ||o copooy too|os ||ob|o |ot ||o pot||oo o|
ou| s| ood| oq c| o| s to| osutod | o | |o o| oo| | |o| to| osutot |o| | s | o oo| | |o ob| | qo| | oo uodot | |o to| osutooco oqtoooo| s.
lo otdot | o oooqo | || s t| s|, | |o copooy ob| o| os to| osutooco covot oo| y |to copoo| os w| | | souod || oooc| o| |oo| | |.
35. CAPITAL MANAGEMENT
J|o copooy's qoo|s ood oboc||vos w|oo oooq|oq cop||o| oto.
|o cop|y w||| ||o |o|u po|dup cop||o| toqu|tooo|s os ptosct|bod by SLCl w||c| |o tospoc| o| ||o cuttoo| ood oo| yoot |s ks. 500
||||oo [2011. ks 500 ||||oo},
|o so|oquotd ||o copooy's ob||||y |o coo||ouo os o qo|oq coocoto so ||o| || coo coo||ouo |o ptov|do to|utos |ot s|oto|o|dots ood booo|||s
|ot ||o o||ot s|o|o|o|dots',
|o ptov|do oo odoquo|o to|uto |o s|oto|o|dots by pt|c|oq |osutooco coo|toc|s cooosuto|o|y w||| ||o |ovo| o| t|s|,
o|o|o|o s|tooq to||oqs ood |o pto|oc| ||o copooy oqo|os| uoopoc|od ovoo|s , |ossos, ood
|o oosuto o s|tooq cop||o| boso so os |o o|o|o|o |ovos|ot, ctod||ot ood ot|o| coo||dooco ood |o sus|o|o |u|uto dovo|opoo| o| ||o bus|ooss.
As ptosct|bod by SLCl, copooy |s toqu|tod |o o|o|o|o ||o |o|u cop||o| ood |o cop|y w||| ||o so|voocy toqu|tooo|s bo|| |ot s|oto|o|dots'
ood s|o|u|oty |uods |o occotdooco w||| ||o losutooco Otd|oooco, 2000 ood SLC [losutooco} ku|os, 2002 os ooodod by S.k.O. 1 [1},2012 do|od
Joouoty 9, 2012, w||| w||c| ||o copooy |s |o cop||ooco.
36. FAIR VALUE OF FINANCIAL INSTRUMENTS
lo|t vo|uo |s oo oouo| |ot w||c| oo osso| cou|d bo oc|ooqod, ot o ||ob||||y so|||od, bo|wooo |oow|odqoob|o w||||oq pot||os |o oo ot's |ooq||
|toosoc||oo. Coosoquoo||y, d|||otoocos oy ot|so bo|wooo ||o cotty|oq vo|uos ood ||o |o|t vo|uos os||o|os.
As o| Locobot 21, 2012, ||o cotty|oq vo|uo o| o|| ||oooc|o| |os|tuoo|s |s os||o|od |o oppto|o|o ||o|t |o|t vo|uo, ocop| |ot |ovos|oo|s to|otob|o
|o ooo||o|od |uods, ||o ot|o| vo|uo o| w||c| ocoodod ||o cos| by ks. =0.57 ||||oo [2011. ks. =0.71 ||||oo} oo oo oqqtoqo|o pot||o||o bos|s.
37. ACCOUNTING ESTIMATES AND JUDGMENTS
J|o copooy o|os os||o|os ood ossup||oos ||o| o||oc| ||o topot|od oouo|s o| osso|s ood ||ob|||||os w||||o ||o oo| ||oooc|o| yoot. Ls||o|os ood
udqoo|s oto coo||ouo||y ovo|uo|od ood oto bosod oo ||s|ot|co| opot|ooco ood o||ot |oc|ots, |oc|ud|oq opoc|o||oos o| |u|uto ovoo|s ||o| oto bo||ovod
|o bo toosooob|o uodot ||o c|tcus|oocos. Ls||o|os to|o||oq |o |osutooco coo|toc|s oto bosod oo ||o odv|co o| ||o oppo|o|od oc|uoty. Soo o| ||o
ct|||co| occouo||oq os||o|os ood udqoo|s oto os |o||ows.
37.1 Policyholders' liabilities
37.1.1 Valuation discount rate
J|o vo|uo||oo o| po||cy|o|dots' ||ob|||||os |os booo bosod oo o d|scouo| to|o o| 2.75, w||c| |s |o ||oo w||| ||o toqu|tooo|s uodot ||o topoo|od losutooco
Ac|, 1928 ood |s coos|dotob|y |owot ||oo ||o oc|uo| |ovos|oo| to|uto ||o copooy |s oooq|oq oo ||s coovoo||ooo| pot||o||o. J|o d|||otooco ooc|
yoot bo|wooo ||o obovo ood ||o oc|uo| |ovos|oo| to|uto |s |o|oodod |o bo ovo||ob|o |o ||o copooy |ot oo||oq od|o|s|to||oo opooso ood ptov|do
otq|os |ot odvotso dov|o||oo.
84
37.1.2 Mortality assumption
lot ||o putposo o| vo|u|oq ||o |osutooco coo|toc|s, ||o ot|o|||y ossup||oo usod |s bosod oo LlU [1} |ob|o. J||s |ob|o |s coos|tuc|od oo ||o bos|s
o| LlU [1} |ob|o, odus|od |o to||oc| ||o ot|o|||y opoc|o||oo |o lo||s|oo. lo ||o op|o|oo o| oppo|o|od oc|uoty ||o odus|od |ob|o q|vos ||o c|osos|
o|c| |o ||o uodot|y|oq ot|o|||y o| ||o covotod popu|o||oo.
37.1.3 Claims provision
J|o co|cu|o||oo o| locuttod u| No| kopot|od C|o|s kosotvo |ot bo|| Otoup L||o uodot Coovoo||ooo| us|ooss ood Acc|doo| ood Hoo||| ||oos |os booo
bosod oo ||o ossup||oo ||o| ||o c|o|s |oq po||oto wou|d |o||ow ||o |tood opot|oocod ovot ||o pos| 2 yoots.
J|o tosotv|oq bos|s |os booo |otu|o|od oo ||o tocoo| c|o|s |oq po||oto ood opot|ooco o| ||o copooy |ot ooc| ||oo o| bus|ooss sopoto|o|y. Apptopt|o|o
otq|os |ovo booo oddod |o oosuto ||o| ||o tosotvo so| os|do |s tos|||oo| |o c|ooqos |o ||o opot|ooco.
37.1.4 Surrenders
lot ||o putposo o| vo|uo||oo o| coovoo||ooo| bus|ooss, oo ptov|s|oo |os booo odo |ot |opsos ood suttoodots. J||s q|vos ptudooco |o ||o vo|uo p|ocod
oo ||o ||ob||||y by oo| |o||oq ooy ctod||s |ot ||o pto|||s odo oo suttoodots.
37.2 Income taxes
lo o||oq ||o os||o|os |ot |ocoo |oos cuttoo||y poyob|o by ||o copooy, ||o oooqooo| |oo|s o| ||o cuttoo| |ocoo |o |ow ood ||o doc|s|oos
o| oppo||o|o ou||ot|||os oo d|spu|od |ssuos |o ||o pos|. Howovot, ||o copooy |os odo odoquo|o ptov|s|oo |o |||s tospoc|. J|oto|oto, oo oouo| |s
s|owo os o coo||oqoo| ||ob||||y o| ||o copooy.
37.3 Impairment in respect of listed securities
J|o copooy do|ot|oos ||o| ||s|od ovo||ob|o|otso|o socut|||os oto |po|tod w|oo ||oto |os booo o s|qo|||coo| doc||oo |o |o|t vo|uo bo|ow ||s cos|. lo
o||oq |||s udqoo|, ||o copooy ovo|uo|os oooq o||ot |oc|ots vo|o|||||y |o s|oto pt|cos |o ooto| coutso.
38. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
J|o ootd o| L|toc|ots |o ||s oo||oq |o|d oo lobtuoty 28, 2012 ptoposod o ||oo| cos| d|v|dood o| ks.=.50 pot s|oto [2011. ks. 2 pot s|oto} |ot ||o
yoot oodod Locobot 21, 2012 oouo||oq |o ks. 282.20 ||||oo [2011. ks. 188.1= ||||oo} |ot opptovo| o| ||o obots o| ||o |ot||co|oq Aoouo|
Ooooto| Moo||oq. J|oso ||oooc|o| s|o|ooo|s do oo| tocoqo|so |||s opptopt|o||oo w||c| w||| bo occouo|od |ot |o ||o ||oooc|o| s|o|ooo|s |ot ||o yoot
ood|oq Locobot 21, 2012.
39. DATE OF AUTHORISATION FOR ISSUE
J|oso ||oooc|o| s|o|ooo|s woto ou||ot|sod |ot |ssuo oo lobtuoty 28, 2012 by ||o ootd o| L|toc|ots o| ||o copooy.
85
NBTPPE!OPPSBOJ
Dibjsnbo
KBWFE!BINFE
Nbobhjoh!Ejsfdups!'
Ejsfdups
TIBIJE!N/!MPBO
Ejsfdups
86
Statement of Directors
(As per the requirement of section 46(6) and section 52(2)(c) of the Insurance Ordinance, 2000)
Section 46(6)
[o} lo out op|o|oo ||o ooouo| s|o|u|oty occouo|s o| ||o Jub||oo L||o losutooco Copooy L|||od so| ou| |o ||o |ots o||oc|od |o ||o s|o|ooo| |ovo booo
dtowo up |o occotdooco w||| ||o Otd|oooco ood ooy tu|os odo ||oto uodot,
[b} Jub||oo L||o losutooco Copooy L|||od |os o| o|| ||o ||os |o ||o yoot cop||od w||| ||o ptov|s|oos o| ||o Otd|oooco ood ||o tu|os odo ||oto uodot
to|o||oq |o po|dup cop||o|, so|voocy ood to|osutooco ottooqooo|s, ood
[c} As o| Locobot 21, 2012, Jub||oo L||o losutooco Copooy L|||od coo||ouos |o bo |o cop||ooco w||| ||o ptov|s|oos o| ||o Otd|oooco ood ||o tu|os
odo ||oto uodot to|o||oq |o po|dup cop||o|, so|voocy ood to|osutooco ottooqooo|s.
Section 52(2)(c)
[d} lo out op|o|oo, ooc| s|o|u|oty |uod o| Jub||oo L||o losutooco Copooy L|||od cop||os w||| ||o so|voocy toqu|tooo|s o| ||o losutooco Otd|oooco,
2000, ood ||o losutooco ku|os, 2002.
NAUMAN A. CHEEMA
Appointed Actuary of the Company
Fellow of Society of Actuaries (USA)
Fellow of Pakistan Society of Actuaries
In my opinion
[o} ||o po||cy|o|dots ||ob|||||os |oc|udod |o ||o bo|ooco s|oo| o| Jub||oo L||o losutooco Copooy L|||od os o| Locobot 21, 2012 |ovo booo do|ot|ood
|o occotdooco w||| ||o ptov|s|oos o| ||o losutooco Otd|oooco, 2000, ood
[b} ooc| S|o|u|oty |uod o| ||o Jub||oo L||o losutooco Copooy L|||od cop||os w||| ||o so|voocy toqu|tooo|s o| ||o losutooco Otd|oooco, 2000.
Statement by the Appointed Actuary
required under Section 52(2) a & b of the Insurance Ordinance, 2000.
Lo|oto. lobtuoty 28, 2012
NBTPPE!OPPSBOJ
Dibjsnbo
KBWFE!BINFE
Nbobhjoh!Ejsfdups!'
Ejsfdups
TIBIJE!N/!MPBO
Ejsfdups
SHAkLHOLLLkS lNlOkMAJlON
90
Notice of Annual General Meeting
No||co |s |otoby q|voo ||o| ||o 18|| Aoouo| Ooooto| Moo||oq o| ||o S|oto|o|dots o| Jub||oo L||o losutooco Copooy L|||od w||| bo |o|d os pot bo|ow oo||oood
sc|odu|o.
Lo|o ood ||o. Apt|| 15, 2012 [Moodoy} o| 11.00 o..
\oouo. Aud||ot|u, Hob|b oo| Jowot, J|ooo| Avoouo, ls|oobod
AGENDA
Ordinary Business
1. Jo coos|dot ood odop| ||o Aud||od l|oooc|o| S|o|ooo|s o| ||o Copooy |ot ||o yoot oodod Locobot 21, 2012 ood ||o L|toc|ots ood Aud||ots
kopot|s ||otooo.
2. Jo coos|dot ood opptovo poyoo| o| Cos| L|v|dood o| =5 [ks. =.50 pot otd|ooty s|oto o| ks. 10 ooc|} |ot ||o yoot oodod Locobot 21, 2012
os tocooodod by ||o L|toc|ots o| ||o Copooy.
2. Jo coos|dot ood opptovo ||o oppo|o|oo| o| Aud||ots |ot ||o yoot ood|oq 21 Locobot 2012 ood |o || ||o|t touooto||oo. J|o to||t|oq Aud||ots
Mossts. A.l. lotqusoo & Co. C|ot|otod Accouo|oo|s bo|oq o||q|b|o |ovo o||otod ||oso|vos |ot tooppo|o|oo|.
Special Business
=. Jo coos|dot ood opptovo ||o |o||ow|oq koso|u||oos os Spoc|o| koso|u||oos os toqu|tod uodot Soc||oo 208 o| ||o Copoo|os Otd|oooco, 198=.
(i) Investment in ordinary shares of Habib Bank Limited
Jo |ovos| o su o| up |o ks.150 ||||oo |ot ||o putc|oso o| otd|ooty s|otos o| Hob|b oo| L|||od.
[ii) Investment in London Bishkek Insurance Company Kyrgyz Republic
Jo |ovos| o su up |o US| ==0,088 |ot ocqu|s|||oo o| 19.50 s|oto|o|d|oq |o ||o otd|ooty s|otos o| Loodoo |s||o| losutooco Copooy
CJSC, Kytqyz kopub||c, suboc| |o o|| oocossoty toqu|o|oty opptovo|s.
(iii) J|o Moooq|oq L|toc|ot ood , ot C||o| l|oooc|o| O|||cot bo ood |otoby ou||ot|zod |o |o|o o|| oocossoty oc||oos os oy bo toqu|tod |o
|p|ooo| ood q|vo o||oc| |o ||o obovo oo||oood koso|u||oos ood |o cop|o|o o|| o||ot |oqo| |oto||||os. lUkJHLk kLSOL\LL ||o| ||o Spoc|o|
koso|u||oo bo ood |s |otoby possod |ot ||o putposo o| Soc||oo 208 o| ||o Copoo|os Otd|oooco, 198=.
5. Jo |toosoc| ooy o||ot otd|ooty bus|ooss os oy bo p|ocod bo|oto ||o oo||oq w||| ||o pot|ss|oo o| ||o C|o|t.
A s|o|ooo| o| Mo|ot|o| loc|s uodot Soc||oo 10[1}[b} o| ||o Copoo|os Otd|oooco, 198= pot|o|o|oq |o ||o o|otoso|d Spoc|o| us|ooss |s bo|oq soo|
|o ||o s|oto|o|dots o|ooq w||| ||o No||co o| Aoouo| Ooooto| Moo||oq.
By order of the Board
lobtuoty 28, 2012 Manzoor Ahmed
Kotoc|| Copooy Socto|oty
NOTES:
1. J|o S|oto |toos|ot boo|s o| ||o Copooy s|o|| too|o c|osod |to Apt|| 0, 2012 |o Apt|| 15, 2012 [bo|| doys |oc|us|vo}. Jtoos|ots toco|vod |o
otdot by out toq|s|tot, M,s Coo|to| Lopos||oty Copooy o| lo||s|oo, CLC S|oto koq|s|tot Sotv|co, CLC Houso, 99, |oc|, SMCHS, Mo|o S|oto
olo|so|, Kotoc||7==00, o| ||o c|oso o| bus|ooss oo Apt|| 05, 2012 w||| bo |too|od |o ||o |ot ||o putposo o| o||ood|oq ||o oo||oq.
2. A Mobot o| ||o copooy oo||||od |o o||ood ood vo|o o| |||s Moo||oq s|o|| bo oo||||od |o oppo|o| ooo||ot obot, os ||s,|ot ptoy |o o||ood, spoo|
ood vo|o |os|ood o| ||,|ot, ood o ptoy so oppo|o|od s|o|| |ovo suc| t|q||s, os tospoc|s o||ood|oq, spoo||oq ood vo||oq o| ||o Moo||oq os oto
ovo||ob|o |o o obot.
2. A Mobot s|o|| oo| bo oo||||od |o oppo|o| oto ||oo ooo ptoy |o o||ood ooy ooo oo||oq. l| ooy Mobot oppo|o|s oto ||oo ooo ptoy |ot ooy
ooo oo||oq ood oto ||oo ooo |os|tuoo|s o| ptoy oto dopos||od w||| ||o Copooy, o|| suc| |os|tuoo|s o| ptoy s|o|| bo toodotod |ovo||d.
=. lto|os, |o otdot |o bo o||oc||vo, us| bo toco|vod by , |odqod w||| ||o Copooy o| ||s koq|s|otod O|||co 2L, 2td ||oot, Kos||t l|ozo, J|ooo| Avoouo,
|uo Atoo, ls|oobod oo| |oss ||oo =8 |outs bo|oto ||o Moo||oq.
5. Mobots oto toquos|od |o |od|o|o|y oo|||y ooy c|ooqo |o ||o|t oddtossos.
. CLC Accouo| Ho|dots w||| |ut||ot |ovo |o |o||ow ||o uodot oo||oood qu|do||oos os |o|d dowo |o C|tcu|ot 1 do|od Joouoty 2, 2000 |ssuod by ||o
Socut|||os ood Lc|ooqo Co|ss|oo o| lo||s|oo.
7. lo putsuooco w||| ||o Socut|||os & Lc|ooqo Co|ss|oo o| lo||s|oo [SLCl} oo||||co||oo No. SkO 779[1},2011 do|od Auqus| 18, 2011 ood SkO.
821 [1},2012 do|od Ju|y 05, 2012, ||o s|oto|o|dots possoss|oq p|ys|co| s|otos oto toquos|od |o |od|o|o|y sood o copy o| ||o|t Copu|ot|zod
No||ooo| ldoo|||y Cotd [CNlC} |o out koq|s|tot O|||co, Coo|to| Lopos||oty Copooy o| lo||s|oo L|||od, CLC Houso, 99, |oc| , SMCHS, Mo|o
S|otoolo|so|, Kotoc|| |ot pt|o||oq , |osot||oo o| CNlC oubot oo tospoc||vo L|v|dood Wottoo|. lo coso o| oootoco|p| o| ||o copy o| vo||d CNlC
ood ooocop||ooco o| ||o obovo toqu|tooo|, ||o Copooy w||| bo coos|to|ood |o w||||o|d d|spo|c| o| L|v|dood Wottoo|s |o suc| s|oto|o|dots.
Cotpoto|o oo||||os oto o|so toquos|od |o sub|| ||o|t NJN o| ||o oddtoss o| out koq|s|tot os q|voo obovo.
A). FOR ATTENDING THE MEETING:
|} lo coso o| |od|v|duo|s, ||o occouo| |o|dot ot suboccouo| |o|dot ood , ot ||o potsoo w|oso socut|||os oto |o qtoup occouo| ood ||o|t toq|s|to||oo do|o||s
oto up|oodod os pot ||o koqu|o||oos, s|o|| ou||oo||co|o ||s , |ot |doo|||y by s|ow|oq ||s,|ot ot|q|oo| Copu|ot|zod No||ooo| ldoo|||y Cotd [CNlC}
ot ot|q|oo| posspot| o| ||o ||o o| o||ood|oq ||o oo||oq.
J|o s|oto|o|dots toq|s|otod oo CLC oto o|so toquos|od |o bt|oq ||o|t pot||cu|ots, l.L. oubots ood occouo| oubots |o CLS.
||} lo coso o| cotpoto|o oo|||y, ||o ootd o| L|toc|ots toso|u||oo,powot o| A||otooy w||| spoc|oo s|qoo|uto o| ||o oo|ooo s|o|| bo ptoducod [uo|oss ||
|os booo ptov|dod oot||ot} o| ||o ||o o| oo||oq.
B). FOR APPOINTMENT OF PROXIES:
|} lo coso o| |od|v|duo|, ||o occouo| |o|dot ot sub occouo| |o|dot ood , ot ||o potsoo w|oso socut|||os oto |o qtoup occouo| ood ||o|t toq|s|to||oo do|o||s
oto up|oodod os pot ||o koqu|o||oos, s|o|| sub|| ||o ptoy |ot os pot toqu|tooo| oo||||od by ||o copooy.
||} J|o ptoy |ot s|o|| bo w||oossod by |wo potsoos w|oso ooos, oddtossos ood CNlC oubots s|o|| bo oo||oood oo ||o |ot.
|||} A||os|od cop|os o| CNlC ot ||o posspot| o| ||o booo||c|o| owoots ood ||o ptoy s|o|| bo |uto|s|od w||| ||o ptoy |ot.
|v} J|o ptoy s|o|| ptoduco ||s , |ot ot|q|oo| CNlC ot ot|q|oo| posspot| o| ||o ||o o| ||o oo||oq.
v} lo coso o| cotpoto|o oo|||y bo|oq o Mobot, ||o ootd o| L|toc|ots toso|u||oo , powot o| o||otooy w||| spoc|oo s|qoo|uto o| ||o oo|ooo , o||otooy
s|o|| |ovo |o bo sub|||od [uo|oss || |os booo ptov|dod oot||ot} o|ooq w||| ||o ptoy |ot |o ||o Copooy.
.
91
92
STATEMENT OF MATERIAL FACTS
Pursuant to Section 160(1)(b) of the Companies Ordinance, 1984:
Agenda Item -4- Investments in Associates:
Special Resolution:
(i) Investment in ordinary shares of Habib Bank Limited
Jo |ovos| o su o| up |o ks. 150 ||||oo |ot ||o putc|oso o| otd|ooty s|otos o| Hob|b oo| L|||od.
(ii) Investment in London Bishkek Insurance Company Kyrgyz Republic
Jo |ovos| o su up |o US| ==0,088 |ot ocqu|s|||oo o| 19.50 s|oto|o|d|oq |o ||o otd|ooty s|otos o| Loodoo |s||o| losutooco Copooy CJSC,
Kytqyz kopub||c, suboc| |o o|| oocossoty toqu|o|oty opptovo|s.
a. Habib Bank Limited.
Sr. No. Description Status
1. Noo o| ossoc|o|od copooy ot ossoc|o|od uodot|o||oq Cooo L|toc|ots||p.
o|ooq w||| ct||ot|o bosod oo w||c| ||o ossoc|o|od
to|o||oos||p |s os|ob||s|od.
2. lutposo, booo|||s ood pot|od o| |ovos|oo|s Jo ooto d|v|dood |ocoo
Jo booo||| |to ||o opoc|od |u|uto qtow|| o| HL.
lot|od o| |ovos|oo| |s Looq |ot
2. Mo|u oouo| o| |ovos|oo| ks. 150 ||||oo
=. Mo|u pt|co o| w||c| socut|||os w||| bo ocqu|tod. Mot|o| pt|co o| ||o ||o o| putc|oso o| s|otos.
5. Mo|u oubot o| socut|||os |o bo ocqu|tod Nubot o| s|otos wou|d dopood upoo ||o ptovo|||oq ot|o|
pt|cos o| ||o ||o o| putc|oso o| s|otos.
. Nubot o| socut|||os ood potcoo|oqo ||otoo| |o|d bo|oto Before:
ood o||ot ||o ptoposod |ovos|oo|. Nubot o| socut|||os. 1,021,702
Jub||oo L||os s|oto|o|d|oq. 0.08
After:
Nubot o| socut|||os coooo| bo do|ot|ood o| |||s s|oqo os ||
w||| dopood oo ||o ot|o| pt|co ptovo|||oq o| ||o ||o ||o s|otos
oto ocqu|tod.
7. lo coso o| |ovos|oo| |o ||s|od socut|||os, ovotoqo o| ||o ks. 115.77 pot s|oto
ptocod|oq |wo|vo woo||y ovotoqo pt|co o| ||o socut||y
|o|oodod |o bo ocqu|tod.
8. lo coso o| |ovos|oo| |o uo||s|od socut|||os, |o|t ot|o| vo|uo No| opp||cob|o
o| suc| socut|||os do|ot|ood |o |ot o| toqu|o||oo [1}
9. too|up vo|uo o| socut|||os |o|oodod |o bo ocqu|tod oo ||o ks. 108.72
bos|s o| |o|os| oud||od ||oooc|o| s|o|ooo|s
10. Loto|oqs pot s|oto o| ||o ossoc|o|od copooy ot ossoc|o|od 2010. ks. 15.2
uodot|o||oq |ot ||o |os| ||too yoots. 2011. ks. 18.20
2012. ks. 18.2
93
11. Soutco o| |uod |to w||c| socut|||os w||| bo ocqu|tod. Copooys owo |uods.
12. W|oto ||o socut|||os oto |o|oodod |o bo ocqu|tod us|oq No| opp||cob|o
bottowod |uods
1. Jus||||co||oo |ot |ovos|oo| ||touq| bottow|oqs ood
2. Lo|o|| o| quotoo|oos ood osso|s p|odqod |ot
ob|o|o|oq suc| |uods.
12. So||oo| |oo|utos o| ||o oqtoooo|[s} || ooy, oo|otod |o|o No| opp||cob|o
w||| ||s ossoc|o|od copooy ot ossoc|o|od uodot|o||oq
w||| toqotds |o ||o ptoposod |ovos|oo|.
1=. L|toc| ot |od|toc| |o|otos| o| L|toc|ots, Spoosots, Cooo L|toc|ots||p.
Moot||y S|oto|o|dots ood ||o|t to|o||vos, || ooy,
|o ||o ossoc|o|od copooy ot ossoc|o|od uodot|o||oq J|o L|toc|ots |ovo oo d|toc| ot
ot ||o |toosoc||oo uodot coos|doto||oo. |od|toc| |o|d|oq |o |||s |ovos|oo|.
15. Aoy o||ot |pot|oo| do|o||s oocossoty |ot ||o obots No| opp||cob|o
|o uodots|ood ||o |toosoc||oo.
1. lo coso o| |ovos|oo| |o socut|||os o| o ptooc| o| oo No| opp||cob|o
ossoc|o|od copooy ot ossoc|o|od uodot|o||oq ||o|
|os oo| cooocod opoto||oos, |o odd|||oo |o ||o
|o|oto||oo to|ottod |o obovo, ||o |o||ow|oq |ut||ot
|o|oto||oo toqu|tod, ooo|y
l. Losct|p||oo o| ||o ptooc| ood ||s ||s|oty
s|oco coocop|uo||zo||oo,
ll. S|ot||oq ood opoc|od do|o o| cop|o||oo o| wot|,
lll. J|o by w||c| suc| ptooc| s|o|| bocoo
cootc|o||y opoto||ooo|, ood
l\. Lpoc|od ||o by w||c| ||o ptooc| s|o|| s|ot|
poy|oq to|uto oo |ovos|oo|.
b. London Bishkek Insurance Company CJSC, Kyrgyz Republic.
1. Noo o| ossoc|o|od copooy ot ossoc|o|od uodot|o||oq Loodoo |s||o| losutooco Copooy [LlC} CJSC,
o|ooq w||| ct||ot|o bosod oo w||c| ||o ossoc|o|od Kytqyz kopub||c.
to|o||oos||p |s os|ob||s|od.
J|o ossoc|o|od to|o||oos||p |s os|ob||s|od bosod oo ||o
cooo d|toc|ots||p.
2. lutposo, booo|||s ood pot|od o| |ovos|oo|s J||s |s o |ooq |ot s|to|oq|c |ovos|oo|.
J|o putposo |s |o os|ob||s| o s|tooq ot|o| pos|||oo |o o
dovo|op|oq |osutooco ot|o| o| Coo|to| As|o.
Jo booo||| |to opoc|od |ocoo ood o qtow|| o| ||o
|ovos|oo copooy.
2. Mo|u oouo| o| |ovos|oo| Up |o US Lo||ots ==0,088
=. Mo|u pt|co o| w||c| socut|||os w||| bo ocqu|tod. US Lo||ot 0.0=25 pot s|oto
94
5. Mo|u oubot o| socut|||os |o bo ocqu|tod. Up |o 10,10,92 Otd|ooty S|otos
. Nubot o| socut|||os ood potcoo|oqo ||otoo| |o|d bo|oto Before:
ood o||ot ||o ptoposod |ovos|oo|. Nubot o| socut|||os. NlL
Jub||oo L||os s|oto|o|d|oq. NlL
After:
Nubot o| socut|||os. 10,10,92
Jub||oo L||os s|oto|o|d|oq. 19.50
7. lo coso o| |ovos|oo| |o ||s|od socut|||os, ovotoqo o| ||o No| opp||cob|o os ||o copooy
ptocod|oq |wo|vo woo||y ovotoqo pt|co o| ||o socut||y |s oo| o ||s|od copooy
|o|oodod |o bo ocqu|tod.
8. lo coso o| |ovos|oo| |o uo||s|od socut|||os, |o|t ot|o| 100 s|oto|o|d|oq o| ||o Loodoo |s||o| losutooco Copooy
vo|uo o| suc| socut|||os do|ot|ood |o |ot o| toqu|o||oo [1} [LlC} |os booo ocqu|tod by ||o Kytqyz lovos|oo| ood Ctod||
oo| [KlC} o| o ooqo||o|od pt|co o| US| 0.0=25 pot otd|ooty
s|oto bosod oo o duo d|||qooco cott|od ou| by Lo|o|||o.
J|o oo| |o|oods |o so|| up |o 19.50 o| ||o s|oto|o|d|oq |o
LlC |o Jub||oo L||o losutooco Copooy L|||od o| ||o soo
pt|co o| US| 0.0=25 pot otd|ooty s|oto.
9. too|up vo|uo o| socut|||os |o|oodod |o bo ocqu|tod US| 0.020 pot s|oto
oo ||o bos|s o| |o|os| oud||od ||oooc|o| s|o|ooo|s
10. Loto|oqs pot s|oto o| ||o ossoc|o|od copooy ot 2010. US| 0.0005
ossoc|o|od uodot|o||oq |ot ||o |os| ||too yoots. 2011. US| [0.0007}
2012. US| 0.0015
11. Soutco o| |uod |to w||c| socut|||os w||| bo ocqu|tod Owo soutcos o| ||o copooy
12. W|oto ||o socut|||os oto |o|oodod |o bo ocqu|tod No| opp||cob|o
us|oq bottowod |uods
1. Jus||||co||oo |ot |ovos|oo| ||touq| bottow|oqs ood
2. Lo|o|| o| quotoo|oos ood osso|s p|odqod |ot
ob|o|o|oq suc| |uods.
12. So||oo| |oo|utos o| ||o oqtoooo|[s} || ooy, oo|otod |o|o No| opp||cob|o
w||| ||s ossoc|o|od copooy ot ossoc|o|od uodot|o||oq
w||| toqotds |o ||o ptoposod |ovos|oo|.
1=. L|toc| ot |od|toc| |o|otos| o| L|toc|ots, Spoosots, J|o L|toc|ots |ovo oo d|toc| ot |od|toc| |o|otos| |o ||o ptoposod
Moot||y S|oto|o|dots ood ||o|t to|o||vos, || ooy, |o ||o |ovos|oo| ocop| |o ||o o|oo| o| ||o|t s|oto|o|d|oq |o Jub||oo
ossoc|o|od copooy ot ossoc|o|od uodot|o||oq ot L||o losutooco copooy.
||o |toosoc||oo uodot coos|doto||oo.
15. Aoy o||ot |pot|oo| do|o||s oocossoty |ot ||o obots No| opp||cob|o
|o uodots|ood ||o |toosoc||oo.
1. lo coso o| |ovos|oo| |o socut|||os o| o ptooc| o| oo No| opp||cob|o
ossoc|o|od copooy ot ossoc|o|od uodot|o||oq ||o|
|os oo| cooocod opoto||oos, |o odd|||oo |o ||o
|o|oto||oo to|ottod |o obovo, ||o |o||ow|oq |ut||ot
|o|oto||oo toqu|tod, ooo|y
1. Losct|p||oo o| ||o ptooc| ood ||s ||s|oty s|oco
coocop|uo||zo||oo,
2. S|ot||oq ood opoc|od do|o o| cop|o||oo o| wot|,
2. J|o by w||c| suc| ptooc| s|o|| bocoo
cootc|o||y opoto||ooo|, ood
=. Lpoc|od ||o by w||c| ||o ptooc| s|o|| s|ot|
poy|oq to|uto oo |ovos|oo|.
95
Pattern of Shareholdings
Number of
Shareholders
125 1 |o 100 2,118
558 101 |o 500 2=0,025
20 501 |o 1000 17,095
2= 1001 |o 5000 978,555
82 5001 |o 10000 52,2=
21 10001 |o 15000 2=,920
20 15001 |o 20000 257,292
15 20001 |o 25000 251,=20
5 25001 |o 20000 129,22=
5 20001 |o 25000 159,020
2 25001 |o =0000 11,=00
2 =0001 |o =5000 82,000
2 =5001 |o 50000 95,050
2 50001 |o 55000 10,000
1 55001 |o 0000 0,000
2 0001 |o 5000 12,000
1 75001 |o 80000 77,=00
2 80001 |o 85000 15,500
1 90001 |o 95000 92,890
2 95001 |o 101000 200,500
1 110001 |o 115000 115,000
2 120001 |o 125000 2=7,500
1 1=5001 |o 150000 150,000
1 15001 |o 170000 15,0=
1 2=5001 |o 250000 2=,000
1 270001 |o 275000 271,=25
1 255001 |o 20000 25,000
1 =00001 |o =05000 =00,700
1 =20001 |o =25000 =20,890
1 =90001 |o =95000 =92,2=0
1 55001 |o 570000 57,972
1 25001 |o 20000 20,000
1 55001 |o 0000 0,000
1 920001 |o 925000 92=,95
1 970001 |o 975000 972,800
1 =020001 |o =025000 =,022,7
1 11250001 |o 11255000 11,255,000
1 2290001 |o 2295000 2,292,29=
1,422 62,712,000
Total
Shares held
Shareholdings Slab
From To
96
Pattern of Shareholdings
Categories of Shareholders
1. Directors, Chief Executive Officer, their spouse
and minor children: 8 395,215 0.63%
Mosood Nootoo| 271,=25
Jow||q Hob|b C||ooy 100,500
H|oo Jovod 20,500
Jovod A|od 780
Su||oo A|| A|bot A||ooo 500
S|o||d Mo|ood Looo 500
Jo|o Josop| Mo|co|| 500
A|y Noot Mo|ood ko||oosoy 500
2. Associated Companies, Undertakings & 5 52,195,000 83.23%
related parties:
*Aqo K|oo luod |ot Lcooo|c Lovo|opoo| S.A. Sw||zot|ood 2,292,29=
Hob|b oo| L|||od Jtoosuty L|v|s|oo 11,255,000
CLC Jtus|oo HL S|oc| luod 122,500
Jub||oo Ooooto| losutooco Copooy L|||od =,022,7
J|o Aqo K|oo Uo|vots||y louodo||oo =92,2=0
3. NIT and ICP 1 500
lovos|oo| Cotpoto||oo o| lo||s|oo 500
4. Public Sector Companies & Corporations -
5. Banks, Development Financial Institutions & 2 25,000 0.04%
Non Banking Financial Institutions
MC oo| L|||od 1,000
Sooot| oo| L|||od 9,000
6. Insurance Companies 2 925,465 1.48%
LlU Ooooto| losutooco L|||od 92=,95
J|o lto|ot losutooco Copooy o| lo||s|oo 500
7. Modarbas and Mutual Funds 4 399,400 0.64%
CLC Jtus|oo l|ts| Lowood Mu|uo| luod 25,000
CLC Jtus|oo JS loos|oo Sov|oqs luodLqu||y Accouo| 28,=00
CLC Jtus|oo All Lqu||y Sub luod 2,000
l|ts| Lqu||y Modotbo 2,000
8. Others 32 900,099 1.44%
9. Executives 5 24,521 0.04%
Mu|ood So|o|| lo||ot 20,000
2o||d ot|| 2,000
Mu|od Muoowot K|o||| 1,=00
Moozoot A|od 21
lo|so| 500
10. General Public - Local 1358 5,179,800 8.26%
Foreign 5 2,667,000 4.25%
ACAClA lot|oots Ll 972,800
ACAClA ll lot|oots Ll 20,000
ACAClA Coosotvo||oo luodO||s|oto L|d. =00,700
ACAClA los|||u||ooo| lot|oots Ll 0,000
Mo|ood ls|oq 2,500
TOTAL 1,422 62,712,000 100.00%
* Excluding 2,500 shares held by Nominee Directors
Number of
Shareholders
Shares
held
Percentage
97
lo||oto o| S|oto|o|d|oqs
11. Trading in shares by the Directors, CEO & Spouse
and Executive during the year 2012
Mosood Nootoo| L|toc|ot lutc|osod 50,000
H|oo Jovod [spouso o| ||o CLO} L|toc|ot lutc|osod 500
Moozoot A|od Copooy Socto|oty So|d 5,000
Designation Transaction
No. of
Shares
No. of
Shareholders
Shares
Held
Percentage
12. Catagories of Shareholders
as at December 31, 2012
lod|v|duo|s 1,271 5,599,52 8.92
losutooco Copoo|os 2 =,958,221 7.91
Jo|o| S|oc| Copoo|os 22 900,099 1.==
l|oooc|o| los|||u||oos 5 =7,572,89= 75.8
Modotbos & Mu|uo| luods 5 521,900 0.82
Noo kos|doo||o| S|oto|o|dots 5 2,7,000 =.25
O||ots 1 =92,2=0 0.79
JOJAL 1,=22 2,712,000 100.00
13. Shareholders holding 5% or more voting interest
Aqo K|oo luod |ot Lcooo|c Lovo|opoo| S.A. Sw||zot|ood 2,292,29= 57.87
Hob|b oo| L|||od Jtoosuty L|v|s|oo 11,255,000 17.95
Jub||oo Ooooto| losutooco Copooy L|||od =,022,7 .=2
100
NORTH REGION
Khyber Branch
2od l|oot, Sood l|ozo, Oppos||o OAl CNO,
Jo||o|, Uo|vots||y kood, los|owot.
[091} 585052022
University Road Branch
2od l|oot, Sood l|ozo, Oppos||o OAl CNO,
Jo||o|, Uo|vots||y kood, los|owot.
[091} 585052022
Lakki Marwat (Sub Office)
Mo|o Loot| Addo, Noot Kotqo| C|ow|,
Mo|o M|oowo|| kood, Lo|| Motwo|.
[099} 951200
Cantt Branch-1
UOO|||co = =22, =2=, =2, ==0, ==2
Mo|o Lobby Looos Jtodo Coo|to, los|owot Coo||.
[091} 52705 , 5270288
Cantt Branch-2
UOO|||co = =22, =2=, =2, ==0, ==2
Mo|o Lobby Looos Jtodo Coo|to,
los|owot Coo||.
[091} 52705 , 5270288
Deans Branch
UOO|||co = =22, =2=, =2, ==0, ==2
Mo|o Lobby Looos Jtodo Coo|to,
los|owot Coo||.
[091} 52705 , 5270288
Mardan (Sub Office)
Motdoo Jtodo Coo|to, Noot Aqo K|oo Lob,
S|os| kood, Motdoo.
[0927} 7870700
Chitral Branch
Jot|c||t \|ow Ho|o|, S|o|| O||o kood, C|||to|.
[09=2} =12=9
New Kohat Branch
A| Mod|oo l|ozo, lo|zo|| C|||ot|o|,
ooou kood, Ko|o|.
[0922} 519789
Twin City Branch
LL82, 1s| l|oot, M|o|os S|opp|oq l|ozo,
S|osobod,Muttoo kood, kowo|p|od|
[051} =57201 =
Haider Road Branch
LL82 1s| l|oot, M|o|os S|opp|oq l|ozo,
S|osobod, Muttoo kood, kowo|p|od|.
[051} =57201 =
Shamsabad Branch
LL82, 1s| l|oot, M|o|os S|opp|oq l|ozo,
[051} =57201 =
Mansehra Road Branch
1s| l|oot, C|v|c S|opp|oq Coo|to,
ooot Mood|oo, Mooso|to kood, Abo||obod.
[0992} 282257
Mirpur Branch
l|o| No.29, 1s| l|oot, Soc|ot 1,
A||oo lqbo| kood, oo| Squoto,
Nooq|, M|tput AJK.
[05827} ==5222 , ==5805
Muzaffarabad Branch
Az|z l|ozo,Oppos||o Oovotooo| O|t|s Co||oqo,
C.M.H kood, Muzo||otobod, Azod Kos||t.
[0582} 2==50=1
Pindi Road Kotli Branch
2od l|oot, Ou||s|oo l|ozo,
l|od| kood, Ko|||, Azod Kos||t.
[0582} ====75
Jinnah Avenue Road Branch
L2, 2td l|oot, Kos||t l|ozo,
J|ooo| Avoouo, ls|oobod.
[051} 220920
Islamabad Central Branch
[051} 2209201
Saddar Branch
[051} 2209201
Pamir Branch
Nos|t Mot|o|, Opp. lCNA, Noot SCO Soc|ot
O|||co, Ho||y C|oc|, Ju||o|, O||q||.
[05811} =50092=
Karakuram Branch
O|||co, Ho||y C|oc|, Ju||o|, O||q||.
[05811} =50092=
Hunza Branch
O|||co, Ho||y C|oc|, Ju||o|, O||q||.
[05811} =50092=
Karakuram-2 Branch
2.S. l|ozo, 2od l|oot,
Oppos||o kod|o lo||s|oo,
Mo|o S|o|tooOu|do Azo, Ju||o|, O||q||.
[05811} =5702=8
Hamalian's Branch
[05811} =5702=8
Ghizer Branch
[05811} =5702=8
Margalla Hills Branch
[051} 2209201
Rawal Branch
[051} 2209201
Service North Branch
LL82 1s| l|oot, M|o|os S|opp|oq l|ozo,
[051} =57201=
CENTRAL REGION
G.T. Road Branch-1
1s| l|oot, C|uq||o| Coo|to,
S|o|ooo Abod,
Mo|o O.J kood, Outoowo|o.
[055} 282=725
Paris Road Branch
2od l|oot, A| Aooo Coo|to,
Opp. S|o||o| C|obot o| Cootco & lodus|ty,
lot|s kood, S|o||o|.
[052} =2=878
Ravi Branch
1s|, 2od, & 2td l|oot,l|o| = 79,
Cootc|o| Atoo, O|||cots Hous|oq Sc|oo,
Covo|ty Otouod, Lo|oto.
[0=2} 219922=
Lahore Prime Branch
1s|, 2od, & 2td l|oot, l|o| = 79,
Cootc|o| Atoo, O|||cots Hous|oq Sc|oo,
Covo|ty Otouod, Lo|oto.
[0=2} 219922=
Lahore Regent Branch
=1, C|v|c Coo|to, ot|o| Mot|o|,
Oppo|s|o No||ooo| oo|, Lo|oto.
[0=2} 259=1897
Lahore Falcon Branch
=1, C|v|c Coo|to, ot|o| Mot|o|,
Oppo|s|o No||ooo| oo|, Lo|oto.
[0=2} 259=1897
Dawn Branch
1,2, 2od l|oot, KS lups u||d|oq,
S|t Aq|o K|oo kood, Lo|oto.
[0=2} 2208950
Lahore Pioneer Branch
[0=2} 2208950
Model Town Branch
l|o| No. 217218,
l OLSH Lo|oto,
1s| l|oot oo luoob oo|,
Modo| Jowo, L|o| kood, Lo|oto.
[0=2} 2597012722
Okara Branch
2od l|oot, Nos|t l|ozo,
Lopo|put C|ow|, O|oto.
[0==} 25210101
Jubilee Life Insurance Company Limited
Head Office: 74/1-A, Lalazar, M.T. Khan Road, Karachi - 74000 Tel: (021) 35611071-5, 35611802-8 Fax: (021) 35610959
CORPORATE DISTRIBUTION
Karachi . Jub||oo L||o u||d|oq, 7=,1A, Lo|ozot, M.J. K|oo kood, Kotoc|| 7=000 Jo|. [021} 25110715, L|. 222 lo. [021} 251221=
Lahore . 21L, Ou|botq lll, Mo|o lotozoput kood, Lo|oto. Jo| . [0=2} 258=1915, lo . [0=2} 258=1912
Faisalabad . So|oo| Jowot, 2od l|oot, LOtouod, lo|so|obod. Jo|. [0=1} 8712008, 8722179, 8717227, 872098=, 871=25, 8720=87 lo. [0=1} 8710101
Rawalpindi . LL79, Asod l|ozo, Mo|o Mutoo kood, S|osobod, kowo|p|od|. Jo|. [051} =5752=2, 1111155=
Gilgit . 2.S. l|ozo, 2od l|oot, Oppos||o kod|o lo||s|oo, Mo|o S|o|tooOu|doAzo, Ju||o| O||q||. Jo|. [05811} =5702=8
101
Lahore Mentor Branch
[0=2} 2208950
Lahore Tycoon Branch
[0=2} 2208950
Lahore Shaheen Branch
[0=2} 2208950
Muridke Branch
Jub||oo L||o u||d|oq, 2od l|oot,
Mo|o O. J. kood, Mut|d|o
Faisalabad City Branch
721,, 1s| l|oot, o|o|o Co|ooy,
So||ooo kood, lo|so|obod.
[0=1} 872098=
Faisalabad Lions Branch
721,, 1s| l|oot, o|o|o Co|ooy,
So||ooo kood, lo|so|obod.
[0=1} 872098=
Layalpur Branch-1
577, 2od l|oot, loop|os Co|ooy,
Mo|o So||ooo kood, Noot So|oo| C|ow|,
lo|so|obod.
[0=1} 855=8122
Satiana Road Branch
577, 2od l|oot, loop|os Co|ooy,
Mo|o So||ooo kood, Noot So|oo| C|ow|,
lo|so|obod.
[0=1} 855=8122
Chenab Branch
Otouod l|oot, Sod|q Coo|ot,
ko|oo S|o|ood kood, opp. Jo|o| lup, Outo|.
[052} 52115
Kotla A. A. Khan Branch
Otouod l|oot, Sod|q Coo|ot, ko|oo S|o|ood
kood, opp. Jo|o| lup, Outo|.
[052} 52115
Jalalpur Jattan Branch
1s| l|oot, C|tcu|ot kood,
Noot A|||od Hosp||o|, Jo|o|put Jo||oo,
Jos||| & L|s|t|c|, Outo|.
[052} 592277
Jhelum Buraq Branch
1s| & 2od l|oot, Sotooq l|ozo,
Noot MC oo|, O.J kood, Jodo, J|o|u.
Lahore Royal Branch
1,2, 2od l|oot , KS lups u||d|oq,
[0=2} 2208950
Hafizabad Branch
2od l|oot, Noz|t Coo|to,
O|d Ko|c|o|ty kood,
Noot J|ooo| lub||c Ho||, Ho||zobod.
Club Road Sargodha Branch
=05A, C|ub kood,
Opp. Coo|oooo| ootd, Sotqod|o.
[0=8} 278=89
Jhang (Sub Office)
C|ooob S|too| No. 1, Cooo| kood,
S|odob Co|ooy, Noot Cooo| kos| Houso,
L|s|t|c| J|ooq.
[0=77} 5188
Service Central Branch
[0=2} 2208950
MULTAN REGION
Rahim Yar Khan Branch
2=Modo| Jowo, l|ts| l|oot,
C||y C|ow| Hosp||o|,
Noot MC Modo| Jowo,
ko|| ot K|oo.
[08} 588701
Rahim Yar Khan City Branch
Noot MC Modo| Jowo,
ko|| ot K|oo.
[08} 588701
Sadiqabad Branch
Noot MC Modo| Jowo,
ko|| ot K|oo.
[08} 588701
Bahawalpur Branch
1s| l|oot, Ad|| Cop|o,
Opp. C|tcu|| Houso A|od lut kood,
o|owo|put.
[02} 287782
Dera Ghazi Khan Branch
A|owo l|ozo, l|ts| l|oot, oo| kood,
|oc| No. 1, LO K|oo.
[0=} 2=500 , 2=299= , 2=70892
Abdali Road Branch-1
2A NllCO Houso
[Nowo|oWoq| u||d|oq},
Abdo|| kood, Mu||oo.
[01} =57220102
Multan Royal Branch
Noot C||oo O||| Coo|to,
C|oboto kood, Loyyo|.
[00} =10911
Layyah Branch
Noot C||oo O||| Coo|to,
C|oboto kood, Loyyo|.
[00} =10911
Sahiwal Branch
l|ts| l|oot, Hob|b oo|, H|q| S|too|,
A|p|o Jowot, So||wo|.
[0=0} =220502
Muzaffargarh Branch
Oppos||o oo| o| looob,
J|ooq kood, Muzo||otqot|.
[0} 2=2277
Service Multan Branch
2A NllCO Houso
[Nowo|oWoq| u||d|oq},
Abdo|| kood, Mu||oo.
[01} =57220102
SOUTH REGION
Ayesha Manzil Branch
1 & 2 Aoot Ko|| Apot|oo|,
|oc| = 7 l. Atoo, Kotoc||.
[021} 2221=52=
Crown Branch, Karachi
1 & 2 Aoot Ko|| Apot|oo|,
|oc| = 7 l. Atoo, Kotoc||.
[021} 2221=52=
Gulshan-e-Iqbal Branch
l|o| = , l|o| = , |oc| = ,
KLA Sc|=2=, Ou|s|ooolqbo|, Kotoc||.
[021} 2=82=21=5
Nobel Branch
A||| kos|doocy, Mozzoo|oo l|oot,
S8, |oc| No. 2, Ou|s|ooolqbo|, Kotoc||.
[021} 2=99220=
Karachi Central Branch
A||| kos|doocy, Mozzoo|oo l|oot,
S8, |oc| No.2, Ou|s|ooolqbo|, Kotoc||.
[021} 2=99220=
Platinum Branch
O5, Adoowo||o Apot|oo|,
OkL 225,2, Ootdoo Los|, Kotoc||.
[021} 222595522
Garden East Branch
O5, Adoowo||o Apot|oo|,
OkL 225,2, Ootdoo Los|, Kotoc||.
[021} 222595522
Thandi Sarak Branch
1s| l|oot, |oc| CC1, C|v|c Coo|ot,
J|ood| Soto|, Hydotobod.
[022} 7819= , 785907
Hyderabad Indus Branch
1s| l|oot, |oc| CC1, C|v|c Coo|ot,
[022} 7819= , 785907
Hyderabad Metro Branch
1s| l|oot, |oc| CC1,
C|v|c Coo|ot,
[022 } 7819= , 785907
Hyderabad Cantt Branch
S|op No. 1 & 2, Otouod l|oot,
Soboto Jowot, o||od KlC,
Noot S|o|o L||o u||d|oq,
[022} 7201=122
102
Badin (Sub Office)
S|op No. 22 ood 2=, Nosoo C||y Coo|to,
NJl |oc|, Hyotobod kood, od|o.
[0297} 78120
Alpha Branch
1s| l|oot, O|||co=105A,10,
As|o loc|||c Jtodo Coo|to,
Opp. Lt|vo lo C|ooo,
Mo|o kos||d M|o|os kood, Kotoc||.
[021} 2=017=1=
Royal Branch
1s| l|oot, O|||co=105A,10,
[021} 2=017=1=
Liberty Branch
1s| l|oot, O|||co=105A,10,
[021} 2=017=1=
Civic Branch
1s| l|oot, O|||co No. 109,
[021} 2=2182=
Shaheen Branch
l|o| = 9, 2td l|oot,
A|zo| App|.
KLA Sc|oo = 1A,
S|od|u kood, Kotoc||.
[021} 2=1212=78 , 2=80229=5
Karachi Mehran Branch
l|o| = 9, 2td l|oot,
A|zo| App|.
KLA Sc|oo = 1A,
S|od|u kood, Kotoc||.
[021} 2=1212=78 , 2=80229=5
Pioneer Branch
Su|| No. 01, || l|oot,
ltoqtoss|vo Coo|to,
|oc| , l.L.C.H.S.,
Mo|o S|o|to|olo|so|, Kotoc||.
[021} 2=2928525
Khairpur City Branch
Oppos||o Soss|oo Cout|,
Ko|c|oty kood, K|o|tput.
[02=2} 271=872
Naushero City Branch
Noot Hob|b oo| L|d., Mo|o kood,
Nous|oto lotoz.
[02=2} 2==8=2= , 2=81222
Mehrabpur (Sub Office)
Ko|t| kood, Mo|tobput.
[02=} 2=20=
Sukkur City Branch
1s| l|oot, Lo|o Azo l|ozo,
Oppos||o Lc|so O|||co,
S|o||oo kood, Su||ut.
[071} 51=21 , 51=515
Panu Aqil Branch
Oppos||o Co||o lo|to| lup,
o|| C|ow|, No||ooo| H|q|woy,
loou Aq||.
[071} 5917178
Rohri Branch
1s| l|oot, u||d|oq No. 2181,,
Noot obo Kotbo|o, Mo|o O.J. kood, ko|t|.
[071} 5==7922
Station Road Ghotki Branch
Otooo Ho|o| u||d|oq, Mo|o C|ow|,
S|o||oo kood, O|o|||.
[0722} 200122
Mirpur Mathelo Branch
1s| l|oot, Jo l|ozo,
Noot lqbo| lo|to| lup,
M|tput Mo||o|o.
[0722} 252191
Kandhkot Branch
Noot Sobz| Mood|, Kos|ot kood,
Kood||o|.
[0722} 257021
Daharki Branch
OJ kood, Noot l|ts| M|cto l|oooco oo|,
Lo|ot||.
[0722} 2==217
Larkana City Branch
Lo| Mod|co| Lyo Coo|to, Noot C||y o|ots,
Nowo|o| Mu|o||o, Lot|ooo.
[07=} =057=87
Larkana Royal Branch
Lo| Mod|co| Lyo Coo|to,
Noot C||y o|ots,
[07=} =057=87
Larkana Central Branch
Noot C||y o|ots,
[07=} =057=87
Mehar City Branch
Noot Uo||od oo| L|||od,
Mo|ot L|s|t|c| Lodu.
[025} =720=02
Station Road Larkana Branch
Noot C||y o|ots,
Nowo |o| Mu|o||o, Lot|ooo.
[07=} =057=87
Larkana Indus Branch
Noot C||y o|ots,
[07=} =057=87
Shahbaz Branch
Noot Uo||od oo| L|||od,
Mo|ot L|s|t|c| Lodu.
[025} =720=02
Shikarpur (Sub Office)
Noot Modo| lub||c Sc|oo|,
O|d Sodot, S|||otput.
[072} 521907
Khipro Branch
Oppos||o lotos| O|||co,
Sooq|ot kood K||pto.
[0225} 87999
Khipro Lucky Branch
Oppos||o lotos| O|||co,
Sooq|ot kood K||pto.
[0225} 87999
Mirpurkhas City Branch
Uot|o| kood,
Noot A|| Mod|coto Hosp||o|,
M|tput||os.
[0222} 87210 , 875=71
Lavish City Branch
Su|| No. 01, || l|oot,
Lov|s| C||y, ltoqtoss|vo Coo|to,
|oc| , l.L.C.H.S.,
[021} 2=29285255
Defence Branch
O|||co = 202 & 202,
2td l|oot, Atob us|ooss Coo|ot,
l|o|= 05, |oc|= 2,
Kotoc|| Coopoto||vo Hous|oq Soc|o|y,
Mo|o o|odutobod C|owtooq|,
A|oqoot kood, Kotoc||.
[021} 2=1222257
Zamzama Branch
1s| l|oot, 20C, Looo 12,
O|| K|oyoboool||o|od, l|oso ll,
L|oos|oo, LHA, Kotoc|| 75500.
[021} 25291588
Service South Branch
Su|| No. 01, || l|oot,
Lov|s| C||y, ltoqtoss|vo Coo|to,
|oc| , l.L.C.H.S.,
[021} 2=29285255
Proxy Form
l,Wo o| [|u|| oddtoss}
bo|oq obot[s} o| Jub||oo L||o losutooco Copooy L|||od ood |o|dot o|
otd|ooty s|otos os pot s|otos toq|s|ot |o||o No. CLC lot||c|poo| lL
CLC Accouo| No. |otoby oppo|o| Mt.,Mts.,M|ss
o| [|u|| oddtoss}
ot |o|||oq ||,|ot o| ot |o|||oq || , |ot
o| os y ptoy |o o||ood, spoo| ood vo|o |ot o ood oo y bo|o|| o| ||o
Aoouo| Ooooto| Moo||oq o| ||o Copooy |o bo |o|d oo Apt|| 15, 2012 [Moodoy} o| 11.00 o.. o| Aud|o|t|u, Hob|b oo| |owot, J|ooo| Avoouo ls|oobod
ood o| ooy odoutooo| ||otoo|.
lo w||ooss w|otoo|, l |ovo p|ocod y,out |ood[s} |||s doy o| Apt|| 2012.
S|qood by
lo ptosooco o|
l|ooso o|||
S|qoo|uto kovoouo S|op
Noo.
Addtosoo.
losspot| , NlC No.
S|qoo|uto o| Mobot[s}
A obot oo||||od |o o||ood ood vo|o o| ||o Aoouo| Ooooto| Moo||oq oy oppo|o| ooo||ot obot os ptoy |o o||ood, spoo| ood vo|o |os|ood o| ||.
J|o |os|tuoo| oppo|o||oq o ptoy s|o|| bo |o wt|||oq uodot ||o |ood o| ||o oppo|o|ot ot o| ||s o||otooy du|y ou||ot|zod |o wt|||oq, || ||o oppo|o|ot |s o
cotpoto||oo, uodot ||s cooo soo| ot ||o |ood o| oo o|||cot ot o||otooy du|y ou||ot|zod.
J|o |os|tuoo| oppo|o||oq o ptoy, |oqo||ot w||| ||o powot o| o||otooy || ooy uodot w||c| || |s s|qood ot o oo|ot|o| cot||||od copy ||otoo|, s|ou|d bo dopos||od
o| ||o koq|s|otod O|||co oo| |oss ||oo =8 |outs bo|oto ||o ||o o| |o|d|oq ||o oo||oq.
AlllX
COkkLCJ
lOSJAOL
lo|d . Hoto lo|d . Hoto
lo|d . Hoto lo|d . Hoto
l| uodo||votod, p|ooso to|uto |o.
Jub||oo L||o losutooco Copooy L|||od
7=,1A, Lo|ozot, M. J. K|oo kood, Kotoc||7=000
l|ooo . [0092} [21} 251107175, 251180208
lo . [0092} [21} 251022

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01

0 - 200,000 804,059 0.50% 774,148 0.86%

0 200,000 107,559 2.71 20,998 2.8

o|oto to|osutooco A||ot to|osutooco

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