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CONTENTS

Vision 1

Core Values 2

Company Information 3

Directors’ Report on Unconsolidated Financial Statements 5

Unconsolidated Financial Statements 6

Directors’ Report on Consolidated Financial Statements 38

Consolidated Financial Statements 39

Our will is to Explore, Innovate and Differentiate.Our passion is to provide leadership tothe Insurance Industry.

VISION

THE POWEROF VISION

THE POWEROF BELIEF

At Adamjee Insurance its our belief that commitment, passion and a thirst foruncompromising quality leads you to the excellence that we today are recognized for.

CORE VALUES

Integrity: Transparency and Honesty without CompromiseHumility: Empathy, Self Esteem and Respect in all relationshipsFun at Workplace: Work Life BalanceCorporate Social Responsibility: Service to Humanity

COMPANY INFORMATION

Board of Directors

Umer Mansha ChairmanAhmed Ebrahim Hasham DirectorAli Munir DirectorAlman Aslam DirectorFredrik Coenrard De Beer DirectorHassan Mansha DirectorIbrahim Shamsi DirectorKhalid Qadeer Qureshi DirectorMuhammad Usman Ali Usmani DirectorS. M. Jawed DirectorManzar Mushtaq Managing Director

& CEO

AdvisorMian Muhammad Mansha

Audit CommitteeUmer Mansha ChairmanAhmed Ebrahim Hasham MemberAli Munir MemberIbrahim Shamsi MemberS. M. Jawed Member

Human Resource CommitteeHassan Mansha ChairmanIbrahim Shamsi MemberUmer Mansha MemberManzar Mushtaq Member

Risk Management CommitteeS. M. Jawed ChairmanAli Munir MemberUmer Mansha Member

Strategic CommitteeUmer Mansha ChairmanAlman Aslam MemberS. M. Jawed MemberManzar Mushtaq Member

SecretaryTameez-ul-Haque,F.C.A.

03QUARTERLY REPORTSEPTEMBER, 2011

Chief Financial OfficerMudassar Zubair Ahmed Mirza,F.C.A., A.C.M.A. (UK)

Head of Internal AuditRehan Ahmed Khan,F.C.A., A.C.M.A.

Executive DirectorJehangir Bashir Nawaz

AuditorsM/s Riaz Ahmad & Co.Chartered Accountants, Karachi

Shares RegistrarTechnology Trade (Pvt.) LimitedDagia House, 241-C, Block-2, P.E.C.H.S.,Off Shahrah-e-Quaideen, KarachiPhone: (92-21) 34391316-7, 34387960-1Fax: (92-21) 34391318

BankersAskari Bank LimitedBank Alfalah LimitedBank Al-Habib LimitedBarclays Bank PLC, PakistanCitibank N.A.Habib Bank LimitedHSBC Bank Middle East LimitedKASHF Microfinance Bank LimitedMCB Bank LimitedNational Bank of PakistanNIB Bank LimitedOman International Bank S.A.O.G.Rozgar Microfinance Bank LimitedSoneri Bank LimitedStandard Chartered Bank (Pakistan) LimitedTameer Micro Finance Bank LimitedUnited Bank LimitedZarai Taraqiati Bank Limited

Registered Office1st Floor, ISE Tower,55-B, Jinnah Avenue,Blue Area, IslamabadUAN: (92-51) 111-242-111Fax: (92-51) 2894109, 2894110E-mail: [email protected]: www.adamjeeinsurance.com

04 QUARTERLY REPORTSEPTEMBER, 2011

05

DIRECTOR'S REPORT TO THE MEMBERS ONUNCONSOLIDATED FINANCIAL STATEMENTSFOR THE NINE MONTHS ENDED 30 SEPTEMBER 2011

QUARTERLY REPORTSEPTEMBER, 2011

On behalf of the Board, I am pleased to present the unconsolidated financial statements of the Companyfor the nine months ended 30 September 2011:

The highlights for the period under review are as under:

30 September 30 September2011 2010

(Rupees in thousand)

Gross Premium 8,903,242 8,445,598Net Premium 5,370,441 5,049,611Underwriting Results 355,868 223,011Investment Income 935,261 335,991Profit Before Tax 494,358 231,960Profit After Tax 369,218 133,317

Earning per Share (Rupees) 2.98 1.08

The Gross Premium of the Company has increased by 5% where as the Net Premium has increased by6%. Net Claims and Net Commission have increased by 3% and 5% respectively over the correspondingperiod of last year.

The investment income of the Company has increased by 178% as compared to last year and the ProfitBefore and After Tax have increased by 113 % and 177 % respectively from the same period of thelast year.

We thank our shareholders, valued customers, employees and development staff for their sustained supportin ensuring the continued success of our Company and trusting Adamjee Insurance as their brand of firstchoice. We are also grateful to the Insurance Division, Security Exchange Commission of Pakistan for theircontinued guidance and assistance.

On Behalf of Board of Directors

Lahore: 27 October 2011 Manzar MushtaqManaging Director and Chief Executive

THE POWEROF ACCURACY

At Adamjee Insurance we don’t make mistakes, we can’t afford to. In a business thatprides itself in numbers, accuracy becomes the name of the game. Each number eachvalue is checked and vetted on multiple levels and that’s what defines our quest forexcellence.

Unconsolidated CondensedInterim Financial Statements (Unaudited)For the Nine Months Ended 30 September 2011

07

UNCONSOLIDATED CONDENSEDINTERIM BALANCE SHEET (UNAUDITED)AS AT 30 SEPTEMBER 2011


(Unaudited) (Audited)Note 30 September 31 December

2011 2010 –––––––(Rupees in thousand)––––––

Share capital and reservesAuthorized share capital 1,500,000 1,500,000

Paid-up share capital 1,237,045 1,237,045

Retained earnings 8,694,062 8,634,106Reserves 1,192,624 1,163,848

9,886,686 9,797,954

TOTAL EQUITY 11,123,731 11,034,999

Underwriting provisionsProvision for outstanding claims (including IBNR) 5,902,696 7,980,409Provision for unearned premium 5,056,968 5,017,435Commission income unearned 459,119 305,434

Total underwriting provisions 11,418,783 13,303,278

Deferred liabilitiesDeferred taxation 115,016 68,353Staff retirement benefits 22,528 17,326

137,544 85,679

Creditors and AccrualsPremiums received in advance 86,498 75,329Amounts due to other insurers / reinsurers 470,662 1,581,965Accrued expenses 122,920 147,995Taxation - provision less payments - -Other creditors and accruals 1,829,316 1,520,732

2,509,396 3,326,021

BorrowingsLiabilities against assets subject to finance lease 67,871 107,637

Other liabilitiesUnclaimed dividends 31,819 29,121

TOTAL LIABILITIES 14,165,413 16,851,736

CONTINGENCIES AND COMMITMENTS 6

TOTAL EQUITY AND LIABILITIES 25,289,144 27,886,735

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




Cash and bank depositsCash and other equivalents 1,669 59,393Current and other accounts 1,208,224 1,060,597Deposits maturing within 12 months 978,149 1,584,827

2,188,042 2,704,817

LoansTo employees 13,961 22,086

Investments 7 9,421,631 9,406,998

Current assets - othersPremiums due but unpaid 8 4,393,076 4,546,222Amounts due from other insurers / reinsurers 9 620,590 993,584Salvage recoveries accrued 184,224 99,636Premium and claim reserves retained by cedants 23,252 23,252Accrued investment income 59,051 33,445Reinsurance recoveries against outstanding claims 4,186,822 6,253,202Taxation - payments less provision 27,064 43,697Deferred commission expense 582,638 512,222Prepayments 2,397,002 1,829,112Sundry receivables 202,362 317,071

12,676,081 14,651,443

Fixed Assets - Tangible & Intangible 10

OwnedLand and buildings 215,913 281,472Furniture and fixtures 73,906 62,289Motor vehicles 229,576 197,252Machinery and equipment 273,885 316,190Computers and related accessories 56,315 52,270Intangible asset - computer software 40,794 48,475

890,389 957,948

LeasedMotor vehicles 99,040 143,443

TOTAL ASSETS 25,289,144 27,886,735

Umer ManshaChairman

S.M. JawedDirector

Manzar MushtaqManaging Director & Chief Executive Officer

Ahmed Ebrahim HashamDirector

09

UNCONSOLIDATED CONDENSED INTERIMPROFIT AND LOSS ACCOUNT (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011


Revenue accountNet premium revenue 915,616 711,526 2,257,065 1,486,234 5,370,441 5,049,611Net claims (561,524) (373,052) (1,522,681) (1,205,114) (3,662,371) (3,565,445)Expenses (170,017) (131,265) (391,176) (276,239) (968,697) (895,100)Net commission (76,739) (123,424) (190,303) 6,961 (383,505) (366,055)

Underwriting result 107,336 83,785 152,905 11,842 355,868 223,011

Investment income 935,261 335,991Rental income 476 882Other income 119,463 108,187

1,411,068 668,071General and administration expenses (906,531) (421,271)Exchange gain-net 428 15Finance charges on lease liabilities (10,607) (14,855)

Profit before tax 494,358 231,960

Provision for taxation - Current (78,476) (89,556)- Deferred (46,664) (9,087)

Profit after tax 369,218 133,317

Balance at the commencement of the year 8,634,106 8,520,042Profit after tax for the period 369,218 133,317Final dividend for the year ended 31 December 2010 Rupee 1.5 per share (2009: Rupees. 1.5/- per share) (185,558) (168,688)Issue of bonus shares for the year ended 31 December 2010 NIL percent (2009: 10% ) - (112,459)Interim dividend @10% (Re.1/- per share) (2010 : Re. 1/- per share) (123,704) (123,704)

Balance unappropriated profit at the end of the period 8,694,062 8,248,508

(Rupees)

Earnings per share - basic 2.98 1.08


Fire andPropertyDamage

Motor

Nine monthsended

30 September2011

Nine monthsended

30 September2010


MiscellaneousMarine,

Aviation andTransport

Revenue accountNet premium revenue 266,625 200,612 731,730 450,899 1,649,866 1,618,525Net claims (129,100) (140,014) (413,640) (465,487) (1,148,241) (1,378,170)Expenses (54,149) (40,812) (141,620) (91,190) (327,771) (293,482)Net commission (26,501) (38,424) (59,093) 6,494 (117,524) (116,135)

Underwriting result 56,875 (18,638) 117,377 (99,284) 56,330 (169,262)


578,016 (19,316)General and administration expenses (513,785) (129,820)Exchange gain-net 177 (192)Finance charges on lease liabilities (735) (4,632)

Profit before tax 63,673 (153,960)

Provision for taxation- Current (30,230) 9,165- Deferred 17,916 (20,579)

Profit/ (loss) after tax 51,359 (165,374)

(Rupees)

Earnings per share - basic 0.42 (1.34)


MotorQuarter ended30 September

2011

Quarter ended30 September

2010


MiscellaneousMarine,


Umer ManshaChairman

S.M. JawedDirector




10

BUSINESS UNDERWRITTEN INSIDE PAKISTAN




2011


2010


MiscellaneousMotorMarine,


Revenue accountNet premium revenue 262,279 192,045 500,339 445,964 1,400,627 1,272,893Net claims (127,312) (141,923) (262,755) (464,977) (996,967) (1,223,285)Expenses (53,382) (39,217) (100,257) (90,324) (283,180) (256,068)Net commission (26,264) (37,738) (40,560) 6,669 (97,893) (89,441)

Underwriting result 55,321 (26,833) 96,767 (102,668) 22,587 (295,901)


537,520 (154,456)

General and administration expenses (462,729) (119,246)Exchange gain/ (loss) -net 177 (192)Finance charges on lease liabilities (735) (4,632)

Profit/ (loss) before tax 74,233 (278,526)

Revenue accountNet premium revenue 902,114 678,798 1,498,226 1,471,229 4,550,367 4,091,059Net claims (558,971) (373,856) (1,032,702) (1,203,624) (3,169,153) (3,086,013)Expenses (168,022) (126,429) (279,050) (274,022) (847,523) (789,428)Net commission (77,104) (118,894) (117,807) 7,685 (306,120) (297,478)

Underwriting result 98,017 59,619 68,667 1,268 227,571 (81,860)


1,260,249 341,303

General and administration expenses (813,509) (374,236)Exchange gain 425 15Finance charges on lease liabilities (10,607) (14,855)

Profit/ (loss) before tax 436,558 (47,773)



Nine monthsended

30 September2011

Nine monthsended

30 September2010




Umer ManshaChairman

S.M. JawedDirector





2011


2010




Revenue accountNet premium revenue 4,346 8,567 231,391 4,935 249,239 345,632Net claims (1,788) 1,909 (150,885) (510) (151,274) (154,885)Expenses (767) (1,595) (41,363) (866) (44,591) (37,414)Net commission (237) (686) (18,533) (175) (19,631) (26,694)


Investment income - -Rental income - -Other income 6,753 8,501

40,496 135,140

General and administration expenses (51,056) (10,574)Exchange gain-net - -Finance charges on lease liabilities - -

(Loss) / Profit before tax (10,560) 124,566

Revenue accountNet premium revenue 13,502 32,728 758,839 15,005 820,074 958,552Net claims (2,553) 804 (489,979) (1,490) (493,218) (479,432)Expenses (1,995) (4,836) (112,126) (2,217) (121,174) (105,672)Net commission 365 (4,530) (72,496) (724) (77,385) (68,577)


Investment income - -Rental income - -Other income 22,522 21,897

150,819 326,768

General and administration expenses (93,022) (47,035)Exchange gain -net 3 -Finance charges on lease liabilities - -

Profit before tax 57,800 279,733


Nine monthsended

30 September2011

Nine monthsended

30 September2010




11


BUSINESS UNDERWRITTEN OUTSIDE PAKISTAN


Umer ManshaChairman

S.M. JawedDirector



UNCONSOLIDATED CONDENSED INTERIMSTATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011


(Unaudited) (Unaudited) (Unaudited) (Unaudited)Nine months Nine months Quarter Quarter

ended ended ended ended30 September 30 September 30 September 30 September

2011 2010 2011 2010


Profit/Loss for the period 369,218 133,317 51,359 (165,374)

Other comprehensive income:

Effect of translation of net investment inforeign branches 28,776 32,226 26,879 10,169

Total comprehensive income for the period 397,994 165,543 78,238 (155,205)


Umer ManshaChairman

S.M. JawedDirector



13

UNCONSOLIDATED CONDENSED INTERIMSTATEMENT OF CHANGES IN EQUITY (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011


Share Capital Capital Reserves Revenue Reserves

Issued,subscribedand paid-up

Reserve forissue of bonus

shares

Reserve forexceptional

losses

Exchangetranslation

reserve

Investmentfluctuation

reserve

Generalreserve

Retainedearnings

Total


Balance as at 31 December 2009 1,124,586 - 22,859 173,424 3,764 936,500 8,520,042 10,781,175

Total comprehensive incomefor nine months ended30 September 2010 - - - 32,226 - - 133,317 165,543

Final dividend for the year ended31 December 2009 @ 15%(Rupees 1.5/- per share) - - - - - - (168,688) (168,688)

Transfer to Reserve for Issue ofBonus shares - 112,459 - - - - (112,459) -

Issue of bonus shares for the yearended 31 December 2008 112,459 (112,459) - - - - - -

Interim dividend @10% (Re.1/- per share) - - - - - - (123,704) (123,704)

Balance as at 30 September 2010 1,237,045 - 22,859 205,650 3,764 936,500 8,248,508 10,654,326

Balance as at 31 December 2010 1,237,045 - 22,859 200,725 3,764 936,500 8,634,106 11,034,999

Total comprehensive incomefor nine months ended30 September 2011 - - - 28,776 - - 369,218 397,994

Final dividend for the year ended31 December 2010 @ 15%(Rupees 1.5/- per share) - - - - - - (185,558) (185,558)

Interim dividend @10% (Re.1/- per share) - - - - - - (123,704) (123,704)

Balance as at 30 September 2011 1,237,045 - 22,859 229,501 3,764 936,500 8,694,062 11,123,731


Umer ManshaChairman

S.M. JawedDirector




UNCONSOLIDATED CONDENSED INTERIMSTATEMENT OF CASH FLOWS (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011

Nine months Nine monthsended ended

30 Septeber 2011 30 September 2010 –––––––(Rupees in thousand)––––––

Operating Cash Flows

a) Underwriting activitiesPremiums received 9,101,033 8,419,091Reinsurance premiums paid (5,104,054) (3,081,240)Claims paid (7,965,737) (4,573,856)Surrenders paid (32,546) (98,603)Reinsurance and other recoveries received 4,580,439 889,367Commissions paid (1,033,568) (783,822)Commissions received 733,332 546,981Other underwriting payments (1,157,000) (916,480)

Net cash flow from underwriting activities (878,101) 401,438

b) Other operating activitiesIncome tax (paid)/refund (61,844) (85,664)General and other expenses paid (372,163) (306,300)Loans disbursed (25,117) (24,884)Loan repayments received 22,085 26,263Other receipts 3,727 10,804

Net cash flow from other operating activities (433,312) (379,781)

Total cash flow from all operating activities (1,311,413) 21,657

Investment activitiesProfit / return received 107,922 99,896Dividends received 671,787 351,979Investments purchased (4,074,083) (3,851,710)Proceeds from disposal of investments 4,265,679 4,007,068Fixed capital expenditure (78,166) (211,485)Proceeds from disposal of fixed assets 111,359 29,605Income received on Rent 476 3,249Income received on PIBS 9,085 9,555Income received on TFC 13,384 14,950

Total cash flow from investing activities 1,027,443 453,107

Financing activitiesLease rentals paid (49,945) (33,244)Dividends paid (182,860) (167,372)

Total cash flow from financing activities (232,805) (200,616)

Net cash (outflow) / inflow from all activities (516,775) 274,148Cash at the beginning of the period 2,699,993 2,152,653

Cash at the end of the period 2,183,218 2,426,801

15





Reconciliation to Profit and Loss AccountOperating cash flows (1,311,413) 21,657Depreciation expense (139,368) (139,210)Provision for gratuity (5,202) (3,248)Other income-bank deposits 94,643 95,220Profit on disposal of fixed assets 21,093 2,177Financial charges on lease obligations (10,606) (14,855)Rental income 476 882Increase/(Decrease) in assets other than cash (1,995,480) 4,070,955(Increase)/Decrease in liabilities other than running finance 2,890,434 (3,725,557)

(455,423) 308,021

OthersProfit on sale of investments 333,347 92,529Amortization expense (12,446) (8,765)Increase in unearned premium (39,533) (487,572)Amortization of income on Government Securities - net 1,636 2,160Profit on Pakistan Investment Bonds 7,221 11,554Increase/ (decrease) in loans 3,022 (1,379)Income tax paid/(refund) 61,844 85,664Reversal for diminution in value of investments (131,229) (165,341)Dividend, investment and other income 701,696 376,460Income on T Bills 6,531 -Income on TFCs 17,692 18,629

949,781 (76,061)

Profit before taxation 494,358 231,960

Definition of cash:

Cash comprises of cash in hand, bank balances excluding Rs.4.824 million (2010: Rs 4.451 million) held under lienand other deposits which are readily convertible to cash and which are used in the cash management function on aday- to-day basis.



Cash for the purposes of the Statement of Cash Flows consists of:

Cash and other equivalentCash in hand 1,669 3,103

Current and other accountsCurrent and saving accounts 1,208,224 889,644

Deposits maturing within 12 monthsFixed and term deposits accounts 973,325 1,534,054

Total cash and cash equivalents 2,183,218 2,426,801


Umer ManshaChairman

S.M. JawedDirector




16





a) Underwriting activities

Premiums received 8,040,263 7,066,959Reinsurance premiums paid (4,697,996) (2,678,321)Claims paid (7,137,873) (3,815,956)Surrenders paid (30,653) (96,996)Reinsurance and other recoveries received 4,295,291 627,508Commissions paid (935,344) (646,957)Commissions received 679,242 491,359Other underwriting payments (1,079,483) (840,040)


b) Other operating activities

Income tax (paid)/refund (61,844) (85,664)General and other expenses paid (289,851) (262,194)Loans disbursed (18,775) (22,449)Loan repayments received 14,142 22,400Other receipts 2,402 8,475


Total cash flow from all operating activities (1,220,479) (231,876)

Investment activitiesProfit / return received 85,468 88,169Dividends received 671,787 351,979Investments purchased (4,074,083) (3,851,710)Proceeds from disposal of investments 4,265,679 4,007,068Fixed capital expenditure (76,884) (208,031)Proceeds from disposal of fixed assets 111,359 28,798Income received on Rent 476 3,249Income received on PIBS 9,085 9,555Income received on TFC 13,384 14,950

Total cash flow from investing activities 1,006,271 444,027

Financing activitiesLease rentals paid (49,945) (33,244)Dividends paid (182,860) (167,372)

Total cash flow from financing activities (232,805) (200,616)

Net cash (outflow) / inflow from all activities (447,013) 11,535Cash at the beginning of the period 1,536,471 1,240,605


17





Reconciliation to Profit and Loss AccountOperating cash flows (1,220,479) (231,876)Depreciation expense (137,102) (136,765)Provision for gratuity - - Other income-bank deposits 73,446 75,526Profit on disposal of fixed assets 21,093 2,303Financial charges on lease obligations (10,606) (14,855)Rental income 476 882Increase/(Decrease) in assets other than cash (2,243,079) 3,878,815(Increase)/Decrease in liabilities other than running finance 3,103,851 (3,539,736)

(412,400) 34,294

OthersProfit on sale of investments 333,347 92,529Amortization expense (12,446) (8,765)Increase in unearned premium (138,754) (495,006)Amortization of income on Government Securities - net 1,636 2,160Profit on Pakistan Investment Bonds 7,221 11,554Decrease in loans 1,420 49Income tax paid/(refund) 61,844 85,664Reversal for diminution in value of investments (131,229) (165,341)Dividend, investment and other income 701,696 376,460Income on T Bills 6,531 -Income on TFCs 17,692 18,629

848,958 (82,067)

(Loss) / Profit before taxation 436,558 (47,773)

Definition of cash:

Cash comprises of cash in hand, bank balances excluding Rs.4.824 million (2010: Rs 4.451 million) held under lienand other deposits which are readily convertible to cash and which are used in the cash management function on aday- to-day basis.




Cash and other equivalentCash in hand 1,432 2,868

Current and other accountsCurrent and saving accounts 1,082,731 745,381

Deposits maturing within 12 monthsFixed and term deposits accounts 5,295 503,891



Umer ManshaChairman

S.M. JawedDirector




18






a) Underwriting activitiesPremiums received 1,060,770 1,352,132Reinsurance premiums paid (406,058) (402,919)Claims paid (827,864) (757,900)Surrenders paid (1,893) (1,607)Reinsurance and other recoveries received 285,148 261,859Commissions paid (98,224) (136,865)Commissions received 54,090 55,622Other underwriting payments (77,517) (76,440)


b) Other operating activitiesIncome tax (paid)/refund - -General and other expenses paid (82,312) (44,106)Loans disbursed (6,342) (2,435)Loan repayments received 7,943 3,863Other receipts 1,325 2,329


Total cash flow from all operating activities (90,934) 253,533

Investment activitiesProfit / return received 22,454 11,727Dividends received - -Investments purchased - -Proceeds from disposal of investments - -Fixed capital expenditure (1,282) (3,454)Proceeds from disposal of fixed assets - 807Income received on Rent - -Income received on PIBS - -Income received on T Bills - -Income received on TFC - -

Total cash flow from investing activities 21,172 9,080

Financing activitiesLease rentals paid - -Dividends paid - -

Total cash flow from financing activities - -

Net cash (outflow) / inflow from all activities (69,762) 262,613Cash at the beginning of the period 1,163,522 912,048


19





Reconciliation to Profit and Loss AccountOperating cash flows (90,934) 253,533Depreciation expense (2,266) (2,445)Provision for gratuity (5,202) (3,248)Other income-bank deposits 21,197 19,694Loss on disposal of fixed assets - (126)Financial charges on lease obligations - -Rental income - -Increase in assets other than cash 247,599 192,140Increase in liabilities other than running finance (213,417) (185,821)

(43,023) 273,727

OthersProfit on sale of investments - -Amortization expense - -Decrease in unearned premium 99,221 7,434Amortization of income on Government Securities - net - -Profit on Pakistan Investment Bonds - -(Increase)/Decrease in loans 1,602 (1,428)Income tax paid/(refund) - -Reversal for diminution in value of investments - -Dividend, investment and other income - -Income on TFCs - -

100,823 6,006


Definition of cash:

Cash comprises of cash in hand, bank balances excluding Rs.Nil (2010: Rs Nil) held under lien and other depositswhich are readily convertible to cash and which are used in the cash management function on a day- to-day basis.




Cash and other equivalentCash in hand 237 235

Current and other accountsCurrent and saving accounts 125,493 144,263

Deposits maturing within 12 monthsFixed and term deposits accounts 968,030 1,030,163



Umer ManshaChairman

S.M. JawedDirector



UNCONSOLIDATED CONDENSED INTERIMSTATEMENT OF PREMIUMS (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011


Direct and facultative

Fire and property damage 1,873,255 1,794,848 2,524,698 1,143,405 1,507,280 1,214,677 1,845,177 876,780 266,625 270,525

Marine, aviation and transport 211,103 93,785 67,655 237,233 30,535 19,684 13,598 36,621 200,612 208,948

Motor 772,063 1,682,633 1,628,085 826,611 83,292 158,886 147,297 94,881 731,730 829,299

Miscellaneous 453,136 1,035,062 836,530 651,668 208,347 260,358 267,936 200,769 450,899 309,753

Total 3,309,557 4,606,328 5,056,968 2,858,917 1,829,454 1,653,605 2,274,008 1,209,051 1,649,866 1,618,525

Grand Total 3,309,557 4,606,328 5,056,968 2,858,917 1,829,454 1,653,605 2,274,008 1,209,051 1,649,866 1,618,525

Class Premiumswritten

Unearned premiumreserve

Opening Closing

Premiumsearned

Reinsuranceceded

Reinsuranceexpense

Prepaid reinsurancepremium ceded

Net premiumrevenue


2011


2010


Opening Closing


Fire and property damage 3,871,040 1,977,580 2,524,698 3,323,922 2,882,273 1,371,210 1,845,177 2,408,306 915,616 851,294


Motor 2,412,356 1,760,996 1,628,085 2,545,267 260,169 175,330 147,297 288,202 2,257,065 2,522,752

Miscellaneous 1,684,918 1,220,871 836,530 2,069,259 635,175 215,786 267,936 583,025 1,486,234 975,830

Total 8,903,242 5,017,435 5,056,968 8,863,709 3,992,751 1,774,525 2,274,008 3,493,268 5,370,441 5,049,611

Grand Total 8,903,242 5,017,435 5,056,968 8,863,709 3,992,751 1,774,525 2,274,008 3,493,268 5,370,441 5,049,611




Opening Closing

Premiumsearned

Reinsuranceceded

Reinsuranceexpense


Net premiumrevenue

Nine monthsended

30 September2011

Nine monthsended

30 September2010


Opening Closing

Umer ManshaChairman

S.M. JawedDirector



21







Motor 441,664 986,155 920,348 507,471 6,897 1,356 1,121 7,132 500,339 503,268

Miscellaneous 448,418 1,008,341 814,660 642,099 205,980 246,850 256,695 196,135 445,964 307,219

Total 2,950,761 3,822,016 4,271,031 2,501,746 1,734,766 1,444,571 2,078,218 1,101,119 1,400,627 1,272,893

Grand Total 2,950,761 3,822,016 4,271,031 2,501,746 1,734,766 1,444,571 2,078,218 1,101,119 1,400,627 1,272,893



Opening Closing

Premiumsearned

Reinsuranceceded

Reinsuranceexpense


Net premiumrevenue


2011


2010


Opening Closing




Motor 1,485,785 955,232 920,348 1,520,669 21,267 2,297 1,121 22,443 1,498,226 1,627,508

Miscellaneous 1,652,342 1,204,439 814,660 2,042,121 618,330 209,257 256,695 570,892 1,471,229 965,381

Total 7,853,275 4,132,277 4,271,031 7,714,521 3,691,035 1,551,337 2,078,218 3,164,154 4,550,367 4,091,059

Grand Total 7,853,275 4,132,277 4,271,031 7,714,521 3,691,035 1,551,337 2,078,218 3,164,154 4,550,367 4,091,059




Opening Closing

Premiumsearned

Reinsuranceceded

Reinsuranceexpense


Net premiumrevenue

Nine monthsended

30 September2011

Nine monthsended

30 September2010


Opening Closing

Umer ManshaChairman

S.M. JawedDirector




22




Fire and property damage 19,436 45,903 46,603 18,736 15,649 35,074 36,333 14,390 4,346 5,578

Marine, aviation and transport 4,243 15,210 9,727 9,726 277 2,922 2,040 1,159 8,567 11,489

Motor 330,399 696,478 707,737 319,140 76,395 157,530 146,176 87,749 231,391 326,031

Miscellaneous 4,718 26,721 21,870 9,569 2,367 13,508 11,241 4,634 4,935 2,534

Total 358,796 784,312 785,937 357,171 94,688 209,034 195,790 107,932 249,239 345,632

Grand Total 358,796 784,312 785,937 357,171 94,688 209,034 195,790 107,932 249,239 345,632



Opening Closing

Premiumsearned

Reinsuranceceded

Reinsuranceexpense


Net premiumrevenue


2011


2010


Opening Closing




Motor 926,571 805,764 707,737 1,024,598 238,902 173,033 146,176 265,759 758,839 895,244

Miscellaneous 32,576 16,432 21,870 27,138 16,845 6,529 11,241 12,133 15,005 10,449

Total 1,049,967 885,158 785,937 1,149,188 301,716 223,188 195,790 329,114 820,074 958,552

Grand Total 1,049,967 885,158 785,937 1,149,188 301,716 223,188 195,790 329,114 820,074 958,552




Opening Closing

Premiumsearned

Reinsuranceceded

Reinsuranceexpense


Net premiumrevenue

Nine monthsended

30 September2011

Nine monthsended

30 September2010


Opening Closing

Umer ManshaChairman

S.M. JawedDirector



23

UNCONSOLIDATED CONDENSED INTERIMSTATEMENT OF CLAIMS (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011



2011


2010


Class Total claimspaid

Outstanding claims

Opening Closing

Claimsexpenses

Reinsuranceand otherrecoveriesreceived

Reinsuranceand otherrecoveriesrevenue

Reinsurance and otherrecoveries in respect of

outstanding claims

Net claims expense

Opening Closing


Fire and property damage 1,883,228 4,736,133 3,107,960 255,055 1,907,955 4,285,790 2,503,790 125,955 129,100 346,817


Motor 509,987 1,626,923 1,690,458 573,522 89,131 1,177,330 1,248,081 159,882 413,640 573,907

Miscellaneous 386,566 400,015 631,974 618,525 47,082 279,725 385,681 153,038 465,487 361,972

Total 2,919,106 7,173,031 5,882,364 1,628,439 2,046,930 5,937,778 4,371,046 480,198 1,148,241 1,378,170

Treaty

Proportional - 20,332 20,332 - - - - - - -

Total - 20,332 20,332 - - - - - - -

Grand Total 2,919,106 7,193,363 5,902,696 1,628,439 2,046,930 5,937,778 4,371,046 480,198 1,148,241 1,378,170

Nine monthsended

30 September2011

Nine monthsended

30 September2010



Outstanding claims

Opening Closing

Claimsexpenses




outstanding claims

Net claims expense

Opening Closing




Motor 1,904,802 1,540,738 1,690,458 2,054,522 278,913 995,153 1,248,081 531,841 1,522,681 1,705,513

Miscellaneous 1,807,204 1,099,317 631,974 1,339,861 605,939 856,873 385,681 134,747 1,205,114 821,399

Total 7,965,737 7,960,077 5,882,364 5,888,024 4,207,445 6,352,838 4,371,046 2,225,653 3,662,371 3,564,985

Treaty

Proportional - 20,332 20,332 - - - - - - 460

Total - 20,332 20,332 - - - - - - 460

Grand Total 7,965,737 7,980,409 5,902,696 5,888,024 4,207,445 6,352,838 4,371,046 2,225,653 3,662,371 3,565,445

Umer ManshaChairman

S.M. JawedDirector




2011


2010



Outstanding claims

Opening Closing

Claimsexpenses




outstanding claims

Net claims expense

Opening Closing




Motor 264,921 408,866 390,665 246,720 4,913 81,676 60,728 (16,035) 262,755 420,304

Miscellaneous 384,930 399,043 630,129 616,016 45,772 279,573 384,840 151,039 464,977 361,105

Total 2,669,242 5,939,676 4,510,179 1,239,745 1,961,362 4,839,870 3,121,286 242,778 996,967 1,223,285

Treaty

Proportional - 20,332 20,332 - - - - - - -

Total - 20,332 20,332 - - - - - - -

Grand Total 2,669,242 5,960,008 4,530,511 1,239,745 1,961,362 4,839,870 3,121,286 242,778 996,967 1,223,285

Nine monthsended

30 September2011

Nine monthsended

30 September2010



Outstanding claims

Opening Closing

Claimsexpenses




outstanding claims

Net claims expense

Opening Closing




Motor 1,095,643 468,010 390,665 1,018,298 6,339 81,471 60,728 (14,404) 1,032,702 1,234,214

Miscellaneous 1,800,401 1,098,068 630,129 1,332,462 600,495 856,497 384,840 128,838 1,203,624 820,497

Total 7,137,873 6,869,240 4,510,179 4,778,812 3,922,297 5,433,924 3,121,286 1,609,659 3,169,153 3,085,553

Treaty

Proportional - 20,332 20,332 - - - - - - 460

Total - 20,332 20,332 - - - - - - 460

Grand Total 7,137,873 6,889,572 4,530,511 4,778,812 3,922,297 5,433,924 3,121,286 1,609,659 3,169,153 3,086,013



24



Umer ManshaChairman

S.M. JawedDirector




2011


2010



Outstanding claims

Opening Closing

Claimsexpenses




outstanding claims

Net claims expense

Opening Closing


Fire and property damage 48 2,429 63,673 61,292 40 2,102 61,566 59,504 1,788 7

Marine, aviation and transport 3,114 11,897 6,874 (1,909) - - - - (1,909) 408

Motor 245,066 1,218,057 1,299,793 326,802 84,218 1,095,654 1,187,353 175,917 150,885 153,603

Miscellaneous 1,636 972 1,845 2,509 1,310 152 841 1,999 510 867

Total 249,864 1,233,355 1,372,185 388,694 85,568 1,097,908 1,249,760 237,420 151,274 154,885

Treaty

Proportional - - - - - - - - - -

Total - - - - - - - - - -

Grand Total 249,864 1,233,355 1,372,185 388,694 85,568 1,097,908 1,249,760 237,420 151,274 154,885

Nine monthsended

30 September2011

Nine monthsended

30 September2010



Outstanding claims

Opening Closing

Claimsexpenses




outstanding claims

Net claims expense

Opening Closing



Marine, aviation and transport 3,513 11,193 6,874 (806) - 2 - (2) (804) 6,047

Motor 809,159 1,072,728 1,299,793 1,036,224 272,574 913,682 1,187,353 546,245 489,979 471,299

Miscellaneous 6,803 1,249 1,845 7,399 5,444 376 841 5,909 1,490 902

Total 827,864 1,090,837 1,372,185 1,109,212 285,148 918,914 1,249,760 615,994 493,218 479,432

Treaty

Proportional - - - - - - - - - -

Total - - - - - - - - - -

Grand Total 827,864 1,090,837 1,372,185 1,109,212 285,148 918,914 1,249,760 615,994 493,218 479,432


25




Umer ManshaChairman

S.M. JawedDirector



UNCONSOLIDATED CONDENSED INTERIMSTATEMENT OF EXPENSES (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011



2011


2010


Class Commissionspaid orpayable

Deferred commission

Opening Closing

Netcommission

expense

Othermanagement

expenses

Underwritingexpense

Net underwriting expenseCommission

fromreinsurer

Treaty

Fire and property damage 277,238 290,411 391,804 175,845 54,149 229,994 149,344 80,650 76,524

Marine, aviation and transport 23,886 15,894 152 39,628 40,812 80,440 1,204 79,236 89,282

Motor 54,601 154,965 135,370 74,196 141,620 215,816 15,103 200,713 196,512

Miscellaneous 35,041 54,032 55,312 33,761 91,190 124,951 40,255 84,696 47,299

Total 390,766 515,302 582,638 323,430 327,771 651,201 205,906 445,295 409,617

Grand Total 390,766 515,302 582,638 323,430 327,771 651,201 205,906 445,295 409,617

Nine monthsended

30 September2011

Nine monthsended

30 September2010



Deferred commission

Opening Closing

Netcommission

expense

Othermanagement

expenses

Underwritingexpense


fromreinsurer




Motor 209,459 162,226 135,370 236,315 391,176 627,491 46,012 581,479 585,937

Miscellaneous 99,578 78,490 55,312 122,756 276,239 398,995 129,717 269,278 159,796

Total 1,033,568 512,222 582,638 963,152 968,697 1,931,849 579,647 1,352,202 1,261,155

Grand Total 1,033,568 512,222 582,638 963,152 968,697 1,931,849 579,647 1,352,202 1,261,155


Umer ManshaChairman

S.M. JawedDirector




2011


2010



Deferred commission

Opening Closing

Netcommission

expense

Othermanagement

expenses

Underwritingexpense


fromreinsurer



Marine, aviation and transport 23,662 14,979 (126) 38,767 39,217 77,984 1,029 76,955 86,542

Motor 34,906 80,637 74,654 40,889 100,257 141,146 329 140,817 133,635

Miscellaneous 34,608 52,271 53,914 32,965 90,324 123,289 39,634 83,655 47,551

Total 368,851 430,240 514,393 284,698 283,180 567,878 186,805 381,073 345,509

Grand Total 368,851 430,240 514,393 284,698 283,180 567,878 186,805 381,073 345,509

Nine monthsended

30 September2011

Nine monthsended

30 September2010



Deferred commission

Opening Closing

Netcommission

expense

Othermanagement

expenses

Underwritingexpense


fromreinsurer



Marine, aviation and transport 121,633 9,004 (126) 130,763 126,429 257,192 11,869 245,323 253,228

Motor 124,143 69,412 74,654 118,901 279,050 397,951 1,094 396,857 424,699

Miscellaneous 97,331 76,871 53,914 120,288 274,022 394,310 127,973 266,337 160,092

Total 935,344 406,206 514,393 827,157 847,523 1,674,680 521,037 1,153,643 1,086,906

Grand Total 935,344 406,206 514,393 827,157 847,523 1,674,680 521,037 1,153,643 1,086,906


27




Umer ManshaChairman

S.M. JawedDirector




2011


2010



Deferred commission

Opening Closing

Netcommission

expense

Othermanagement

expenses

Underwritingexpense


fromreinsurer


Fire and property damage 1,563 8,058 5,853 3,768 767 4,535 3,531 1,004 (1,257)

Marine, aviation and transport 224 915 278 861 1,595 2,456 175 2,281 2,740

Motor 19,695 74,328 60,716 33,307 41,363 74,670 14,774 59,896 62,877

Miscellaneous 433 1,761 1,398 796 866 1,662 621 1,041 (252)

Total 21,915 85,062 68,245 38,732 44,591 83,323 19,101 64,222 64,108

Grand Total 21,915 85,062 68,245 38,732 44,591 83,323 19,101 64,222 64,108

Nine monthsended

30 September2011

Nine monthsended

30 September2010



Deferred commission

Opening Closing

Netcommission

expense

Othermanagement

expenses

Underwritingexpense


fromreinsurer


Fire and property damage 7,888 8,925 5,853 10,960 1,995 12,955 11,325 1,630 (1,354)

Marine, aviation and transport 2,773 2,658 278 5,153 4,836 9,989 623 9,366 14,661

Motor 85,316 92,814 60,716 117,414 112,126 229,540 44,918 184,622 161,238

Miscellaneous 2,247 1,619 1,398 2,468 2,217 4,685 1,744 2,941 (296)

Total 98,224 106,016 68,245 135,995 121,174 257,169 58,610 198,559 174,249

Grand Total 98,224 106,016 68,245 135,995 121,174 257,169 58,610 198,559 174,249



28



Umer ManshaChairman

S.M. JawedDirector



29

UNCONSOLIDATED CONDENSED INTERIMSTATEMENT OF INVESTMENT INCOME (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011


Nine months Nine months Quarter Quarterended ended ended ended

30 September 30 September 30 September 30 September2011 2010 2011 2010


Income from non-trading investments

Available-for-sale

Return on fixed income securities - 2,160 - -Return on Term Finance Certificates 17,692 18,629 5,769 6,144Return on Pakistan Investment Bonds 7,222 11,554 731 4,080Return on Treasury bills 6,531 - 3,686 -

Dividend income

- associated undertakings 500,553 205,693 324,734 73,226- others 201,144 170,767 69,634 57,755

701,697 376,460 394,368 130,981

733,142 408,803 404,554 141,205

Gain/ (Loss) on sale of ‘available-for-sale’ investments

- associated undertakings 129,580 62,755 112,017 3,881- others 203,768 29,774 30,048 3,345

333,348 92,529 142,065 7,226

1,066,490 501,332 546,619 148,431

(Charge) / Reversal for impairment in value ofavailable-for-sale' investments (131,229) (165,341) (56,963) (35,823)

Net investment income 935,261 335,991 489,656 112,608


Umer ManshaChairman

S.M. JawedDirector



UNCONSOLIDATED CONDENSED INTERIMNOTES TO THE FINANCIAL INFORMATION (UNAUDITED)FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2011

30

1. THE COMPANY AND ITS OPERATIONS

Adamjee Insurance Company Limited (the company) is a public limited company incorporated in Pakistan on28 September 1960 under the Companies Act, 1913 (now the Companies Ordinance, 1984). The company islisted on all the stock exchanges in Pakistan and is engaged in the non-life insurance business.

The registered office of the Company is situated at Islamabad Stock Exchange Building, Islamabad.

1.1 The Company also operates branches in the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA)and the Export Processing Zone (EPZ). The branch in the KSA has closed down its operations and is in “run-off” status with effect from 01 October 2003. During the period, the Company has opened its new branch officein Abu-Dhabi to extend its operations.

2. BASIS OF PREPARATION

a) Statement of Compliance

This unconsolidated condensed interim financial report of the company for the nine months period ended30 September 2011 has been prepared in accordance with the requirements of the International AccountingStandard 34 - Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance,1984, the Insurance Ordinance, 2000 and SEC (Insurance) Rules, 2002. In case where requirements differ, theprovisions of or directives of Companies Ordinance, 1984 the Insurance Ordinance, 2000 and SEC (Insurance)Rules, 2002 shall prevail.

The SECP has allowed insurance companies to defer the application of International Accounting Standard -39(IAS - 39) 'Financial Instruments: Recognition and Measurement' in respect of "Investment available -for- sale"until suitable amendments have been made in the law. Accordingly, the requirements of IAS - 39, to the extentallowed by the SECP, have not been considered in the preparation of this unconsolidated interim condensedfinancial information.

b) Basis of Presentation

These unconsolidated condensed interim financial information represents separate unconsolidated condensedinterim financial information of Adamjee Insurance Company Limited, prepared in accordance with the formatprescribed by Insurance Division of SECP in its Circular No. 7 of 2003 dated 27 August 2003. The consolidatedcondensed interim financial information of the group is being issued separately.

3. BASIS OF MEASUREMENT

This unconsolidated condensed interim financial information has been prepared under the historical costconvention except that obligations under certain employee benefits are measured at present value.

4. ACCOUNTING POLICIES AND COMPUTATION METHODS

The accounting policies and the methods of computation adopted in the preparation of this unconsolidatedcondensed interim financial information are the same as those applied in the preparation of the unconsolidatedfinancial statements for the year ended 31 December 2010.

5. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Judgments and estimates made by the management in the preparation of this unconsolidated condensed interimfinancial information are the same as those applied to the preceding annual published financial statements ofthe company for the year ended 31 December 2010.


31


6. CONTINGENCIES AND COMMITMENTS

6.1 Contingencies

The income tax assessments of the company have been finalized up to and including the tax year 2009. However,the company has filed appeals in respect of certain assessment years mainly on account of following:

(i) The Deputy Commissioner of Income Tax (DCIT) has finalized assessments for the assessment year1999-2000 by taxing capital gains at the full rate of 33%. The aggregate tax liability assessed by the DCITamounted to Rupees 48.205 million against which the company has made a total provision of Rupees44.141 million resulting in a shortfall of Rupees 4.064 million. The company filed appeals with theCommissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal (ITAT) which were decidedagainst the company. Consequently the company has filed an appeal before the Honorable High Courtof Sindh and the petition is fixed for regular hearing;

ii) The Additional Commissioner / Taxation Officer has reopened assessments for the assessment years2000-2001 and 2001-2002 by taxing bonus shares received by the company during the above mentionedperiods resulting in an additional tax liability of Rupees 14.907 million. An appeal was filed before theCommissioner of Income Tax (Appeals) who cancelled the amended order passed by the AdditionalCommissioner and allowed relief to the company but the Tax Department had filed an appeal before theITAT against the order of the Additional Commissioner, which has been decided in favour of the company.However, the company again received a notice from Additional Commissioner for reassessment of thecase. The company has filed a constitutional petition in Sindh High Court against such order.

iii) While finalizing the assessment for the assessment year 2002-2003, DCIT has reduced the businessloss for the year by Rupees 88.180 million by adjusting the dividend income against this loss. The companymaintains that it is entitled to carry the gross loss forward for adjustment against the future taxable incomeand dividend income for the year should be taxed separately at reduced rate. The appeals of the companyin this respect have been rejected by the Commissioner of Income Tax (Appeals), the ITAT and the SindhHigh Court. The company has now filed a reference application with the Supreme Court of Pakistan. Themanagement is confident that the matter will eventually be decided in favor of the company and hasconsequently not made any provision against the additional tax liability of Rupees 26.455 million whichmay arise in this respect.

iv) The Tax Authorities have also amended the assessments for tax years 2003 to 2007 on the ground thatthe company has not apportioned management and general administration expenses against capital gainand dividend income. The company has filed constitution petition in the High Court of Sindh against theamendment in the assessment order. The company may be liable to pay Rupees 5.881 million in theevent of decision against the company, out of which Rupees 2.727 million has been provided by thecompany resulting in a shortfall of Rupees 3.154 million.

v) The Taxation Officer has passed an order in the tax year 2005 and 2006 under section 221 of the IncomeTax Ordinance, 2001 (the Ordinance) levying minimum tax liability aggregating to Rupees 38.358 million.An appeal had been filed before the Commissioner of Income Tax (Appeals) who upheld the order ofthe Taxation Officer. The Company has filed an appeal before ITAT which is pending to be heard.

vi) The company received a notice from Additional Commissioner Inland Revenue pertaining to the assessmentof tax year 2008. Among others, the Additional Commissioner raised issues pertaining to avoidance oftax on capital gains on listed securities. However, the company filed a constitutional petition in Sindh HighCourt against such order and the Court has granted stay in this regard.

Pending resolution of the above-mentioned appeals filed by the company, no provision has been made in thisunconsolidated condensed interim financial information for the aggregate amount of Rupees 86.938 million (31December 2010: 88.201 million) as the management is confident that the eventual outcome of the above matterswill be in favor of the company.

6.2 Commitments

There were no capital or other commitments as at 30 September 2011(31 December 2010: Nil).




Note 30 September 31 December2011 2010

–––––––(Rupees in thousand)––––––

7. INVESTMENTS

In related parties

Available-for-sale

Marketable securities 5,918,826 5,724,324 Less: Provision for impairment in value of investments (43,269) -

5,875,557 5,724,324

Investment in subsidiary - Adamjee Life Assurance Company Limited 294,065 294,065

Investment in Associates

- Lalpir Power Limited 412,796 412,796 - Pakgen Power Limited 355,448 412,796

768,244 825,592

6,937,866 6,843,981

Others

Available-for-sale

Marketable securities 2,856,620 2,973,083 Less: Provision for impairment in value of investments (498,024) (410,066)

2,358,596 2,563,017

Fixed income investments 125,169 -

2,483,765 2,563,017

9,421,631 9,406,998

8. PREMIUMS DUE BUT UNPAID - Unsecured

Considered good 4,393,076 4,546,222Considered doubtful 541,954 199,015

4,935,030 4,745,237Less: Provision for doubtful balances 8.1 (541,954) (199,015)

4,393,076 4,546,222

8.1 Reconciliation of provision for doubtful balances

Opening provision 199,015 119,530Exchange loss - 274Charge for the period 481,726 86,867Written off during the period / year (137,047) (7,656)Bad debts recovered (1,740) -

Closing provision 541,954 199,015



9. AMOUNTS DUE FROM OTHER INSURERS/ REINSURERS - Unsecured

Considered good 620,590 993,584Considered doubtful 52,327 30,000

672,917 1,023,584Less: Provision for doubtful balances 9.1 (52,327) (30,000)

620,590 993,584


Opening provision 30,000 30,000Charge for the period / year 40,000 -Written off during the period / year (17,673) -


10. FIXED ASSETS

10.1 The following capital expenditure was incurred during the period / year:

Owned

Building 7,706 116,039Furniture and fixtures 12,947 39,914Motor vehicles 34,672 80,004Machinery and equipment 10,352 34,750Computer and related accessories 6,403 21,355

72,080 292,062Intangible asset - computer software 4,467 23,152

Leased

Motor vehicles - -

76,547 315,214

10.2 The following are the written down values of fixed assets disposed of during the period / year:

Owned

Building 2,633 618Furniture and fixtures 567 616Motor vehicles 7,404 40,536Machinery and equipment 1,141 1,555Computer and related accessories 11,204 123

Leased

Motor vehicles 30,271 22,999

53,220 66,447

33







Premium underwritten 1,282,096 715,580

Premium received 1,080,206 716,061

Premium ceded 2,788 403

Claims paid 3,093,205 330,772

Rent paid 6,152 12,225

Dividends received 492,933 205,693

Dividend paid 66,157 60,126

Number of shares

Bonus shares received 2,326,338 2,114,852

Bonus shares issued - 4,008,442

Following balances are due to / from staff retirement benefit funds:

Receivable from Staff Gratuity Fund 43,818 53,818(Payable) to/ Receivable from Employees Provident Fund (1,845) 1,737

11. TRANSACTIONS WITH RELATED PARTIES

The company has related party relationships with its subsidiary company, associates, employee benefit plans,key management personnel and other parties. Transactions are entered into with such related parties for theissuance of policies to and disbursements of claims incurred by them and payments of rentals for the use ofpremises rented from them. There are no transactions with key management personnel other than their termsof employment.

Investment in related parties have been disclosed in note 7 to the financial statements. Other transactions withrelated parties are summarised as follows:

35



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14. AUTHORIZATION FOR ISSUE

This unconsolidated condensed interim financial information has been approved and authorized for issue on27 October 2011 by the Board of Directors of the company.

15. CORRESPONDING FIGURES

Corresponding figures have been rearranged and reclassified, wherever necessary, for the purpose of comparison.However no significant reclassification has been made during the period.

16. GENERAL

Figures have been rounded off to the nearest thousand of Rupees unless otherwise stated.

Umer ManshaChairman

S.M. JawedDirector



THE POWEROF ACCURACY

At Adamjee Insurance we don’t make mistakes, we can’t afford to. In a business thatprides itself in numbers, accuracy becomes the name of the game. Each number eachvalue is checked and vetted on multiple levels and that’s what defines our quest forexcellence.

Consolidated CondensedInterim Financial Statements (Unaudited)For the Nine Months Ended 30 September 2011


On behalf of the Board, I am pleased to present the consolidated financial statements of Adamjee InsuranceCompany Limited and its subsidiary, Adamjee Life Assurance Company Limited for the nine months ended30 September 2011.

The following appropriation of profit has been recommended by Board of Directors:



Profit Before Tax 429,146 316,979

Taxation (128,222) (102,301)

Profit After Tax 300,924 214,678

Profit attributable to minority interest (5,803) (5,355)

Profit attributable to ordinary share holders 295,121 209,323

Unappropriated profit brought forward 8,736,251 8,522,098

Profit available for appropriation 9,031,372 8,731,421

Appropriation

Final dividend for the year ended 31 December 2010@15% (Rs 1.5/share) [2009 @15% (Rs. 1.5/- per share)] (185,558) (168,688)

Issue of bonus shares for the year ended 31 December 2009 - (112,459)

Interim Dividend (123,704) (123,704)

Profit after appropriation 8,722,110 8,326,570

Earnings Per Share

The Nine months consolidated financial statements reflect Rs. 2.39 (30 September 2010; Rs. 1.69) earningper share for the period under review.

On Behalf of Board of Directors

Lahore: 27 October 2011 Manzar MushtaqManaging Director and Chief Executive

DIRECTOR'S REPORT TO THE MEMBERS ONCONSOLIDATED FINANCIAL STATEMENTSFOR THE NINE MONTHS ENDED 30 SEPTEMBER 2011

39

CONSOLIDATED CONDENSEDINTERIM BALANCE SHEET (UNAUDITED)AS AT 30 SEPTEMBER 2011




Share capital and reservesAuthorized share capital 1,500,000 1,500,000

Paid-up share capital 1,237,045 1,237,045

Retained earnings 8,722,110 8,736,251Reserves 1,016,824 1,047,106

9,738,934 9,783,357

Equity attributable to equity holders of the parent 10,975,979 11,020,402Non-controlling interest 109,927 152,444

Total equity 11,085,906 11,172,846

Balance of statutory funds 345,740 99,479

Underwriting provisionsProvision for outstanding claims (including IBNR) 5,925,805 7,989,823Provision for unearned premium 5,056,968 5,017,435Commission income unearned 459,119 305,434

Total underwriting provisions 11,441,892 13,312,692

Deferred liabilitiesDeferred taxation 107,679 58,375Staff retirement benefits 26,684 19,585

Creditors and AccrualsPremiums received in advance 91,057 77,174Amounts due to other insurers / reinsurers 495,477 1,599,650Accrued expenses 124,313 151,051Taxation - provision less payments - -Other creditors and accruals 1,902,648 1,564,460

2,613,495 3,392,335

BorrowingsLiabilities against assets subject to finance lease 67,871 107,637

Other liabilitiesUnclaimed dividends 31,819 29,121

TOTAL LIABILITIES 14,289,440 16,919,745

CONTINGENCIES AND COMMITMENTS 6

TOTAL EQUITY AND LIABILITIES 25,721,086 28,192,070

The annexed notes form an integral part of this condensed interim consolidated financial information.




Cash and bank depositsCash and other equivalents 1,941 59,453Current and other accounts 1,360,145 1,098,285Deposits maturing within 12 months 978,149 1,584,827

2,340,235 2,742,565

LoansTo employees 13,961 22,086

Investments 7 9,620,309 9,607,857

Current assets - othersPremiums due but unpaid 8 4,403,568 4,554,824Amounts due from other insurers/ reinsurers 9 620,590 993,584Salvage recoveries accrued 184,224 99,636Premium and claim reserves retained by cedants 23,252 23,252Accrued investment income 61,841 41,389Reinsurance recoveries against outstanding claims 4,186,822 6,253,202Taxation - payments less provision 31,683 45,873Deferred commission expense 582,638 512,222Prepayments 2,405,200 1,835,054Sundry receivables 206,042 316,635

12,705,860 14,675,671

Fixed Assets - Tangible & Intangible 10

OwnedLand and buildings 215,913 281,472Furniture and fixtures 80,748 70,212Motor vehicles 235,889 203,650Capital work-in-progress 276,526 -Machinery and equipment 62,675 318,224Computers and related accessories 11,450 60,455Intangible asset - computer software 58,480 66,435

941,681 1,000,448

LeasedMotor vehicles 99,040 143,443

TOTAL ASSETS 25,721,086 28,192,070

Umer ManshaChairman

S.M. JawedDirector



41

CONSOLIDATED CONDENSED INTERIMPROFIT AND LOSS ACCOUNT (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011


General Insurance


Marine,Aviation

andTransport

Motor Miscellaneous

Life Insurance

ConventionalBusiness

Non-unitizedInvestment

LinkedBusiness

Total

Quarterended

30 September2011

Quarterended

30 September2010


Accident andHealth

Business

Revenue accountNet premium revenue 266,625 200,612 731,730 450,899 25,092 201,532 11 1,876,501 1,746,498Net claims (129,100) (140,014) (413,640) (465,487) (7,454) 153 - (1,155,542) (1,380,724)Expenses (54,149) (40,812) (141,620) (91,190) (10,690) (27,806) (239) (366,506) (333,624)Net commission (26,501) (38,424) (59,093) 6,494 (3,717) (77,600) (2) (198,843) (182,095)Net Investment income - statutory fund - - - - 1,975 8,006 2 9,983 1,813Add: Policyholder's liabilities at beginning of the year - - - - - - - - -Less: Policyholder's liabilities at end of the year - - - - (10,925) (83,310) 59 (94,176) (58,575)Capital contribution from shareholder's fund - - - - - - 169 169 37,446Surplus / deficit of policyholder funds - - - 5,719 (20,975) - (15,256) (5)

Underwriting result 56,875 (18,638) 117,377 (99,284) - - - 56,330 (169,266)

Investment income - other 258,353 118,509Rental income 146 164Other income 31,884 36,966

346,713 (13,627)General and administration expenses (516,716) (133,250)Exchange (loss) / gain 177 (192)Finance charge on lease liabilities (735) (4,632)Share of profit of associated companies 11,216 62,652Loss before tax (159,345) (89,049)Provision for taxation (13,226) (11,981)

Loss after tax (172,571) (101,030)

Profit attributable to:Equity holders of the parent (174,150) (101,792)

Non-controlling interest 1,579 762

Rupees Rupees

Earnings per share - basic and diluted (1.41) (0.82)

General Insurance


Marine,Aviation

andTransport

Motor Miscellaneous

Life Insurance

ConventionalBusiness

Non-unitizedInvestment

LinkedBusiness

Total

Nine monthsended

30 September2011

Nine monthsended

30 September2010


Accident andHealth

Business

Revenue accountNet premium revenue 915,616 711,526 2,257,065 1,486,234 61,489 436,096 19 5,868,045 5,217,938Net claims (561,524) (373,052) (1,522,681) (1,205,114) (23,449) (257) - (3,686,077) (3,573,136)Expenses (170,017) (131,265) (391,176) (276,239) (27,067) (88,769) (285) (1,084,818) (1,000,616)Net commission (76,739) (123,424) (190,303) 6,961 (16,029) (226,119) (6) (625,659) (455,012)Net Investment income - statutory fund - - - - 5,375 17,879 6 23,260 2,765Add: Policyholder's liabilities at beginning of the year - - - - 20,034 79,386 59 99,479 11,499Less: Policyholder's liabilities at end of the year - - - - (36,038) (280,390) (95) (316,523) (78,732)Capital contribution from shareholder's fund - - - - 23,927 83,149 302 107,378 123,315Surplus / deficit of policyholder funds - - - - (8,242) (20,975) - (29,217) (25,015)

Underwriting result 107,336 83,785 152,905 11,842 - - - 355,868 223,006

Investment income - other 694,298 360,320Rental income 476 882Other income 119,463 108,187

1,170,105 692,395General and administration expenses (915,870) (430,041)Exchange gain 428 15Finance charge on lease liabilities (10,607) (14,855)Share of profit of associated companies 185,090 69,465Profit before tax 429,146 316,979Provision for taxation (128,222) (102,301)

Profit after tax 300,924 214,678

Profit attributable to:Equity holders of the parent 295,121 209,323

Non-controlling interest 5,803 5,355

Profit and loss appropriation accountBalance at the commencement of the year 8,736,251 8,522,098Profit after tax for the period 295,121 209,323Final dividend for the year ended 31 December 2010 @15% (Rs.1.5/- per share) [2009:@15%(Re. 1.5/- per share)] (185,558) (168,688)Reserve for issue of bonus shares (112,459)Interim dividend @10%(Re.1/- per share) (2010 : 1/- per share) (123,704) (123,704)

Balance unappropriated profit at the end of the period 8,722,110 8,326,570

Rupees Rupees

Earnings per share - basic and diluted 2.39 1.69The annexed notes form an integral part of this condensed interim consolidated financial information.

Umer ManshaChairman

S.M. JawedDirector



CONSOLIDATED CONDENSED INTERIMSTATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011


(Unaudited) (Unaudited) (Unaudited) (Unaudited)Nine months Nine months Quarter Quarter

ended ended ended ended30 September 30 September 30 September 30 September

2011 2010 2011 2010


Profit for the period 300,924 214,678 (172,571) (101,030)

Other comprehensive income:

Effect of translation of net investment in foreign branches 28,776 32,226 26,879 10,169

Capital contribution to statutory funds (107,378) (123,315) (169) (37,446)

Total comprehensive income for the period 222,322 123,589 (145,861) (128,307)

Comprehensive income attributeable to:

Equity holders of the parent 264,839 173,726 (147,364) (112,218)

Non-controlling interest (42,517) (50,137) 1,503 (16,089)

222,322 123,589 (145,861) (128,307)


Umer ManshaChairman

S.M. JawedDirector



43

CONSOLIDATED CONDENSED INTERIMSTATEMENT OF CHANGES IN EQUITY (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011


Share Capital Capital Reserves Revenue Reserves

Equityattributable

to equityholders ofthe parent

Non-controlling

interest

TotalIssued,

subscribedand paid-up

Reserve forissue ofbonusshares

Reserve forexceptional

losses

Exchangetranslation

reserve

Capitalcontributionto statutory

funds

Investmentfluctuation

reserve

Generalreserve

Retainedearnings


Balance as at 31 December 2009 1,124,586 - 22,859 173,424 (31,840) 3,764 936,500 8,522,098 10,751,391 216,230 10,967,621

Total comprehensive income for the

nine months ended 30 September 2010 - - - 32,226 (67,823) - - 209,323 173,726 (50,137) 123,589

Final dividend for the year ended

31 December 2009 @ 15%

(Rupees 1.5/- per share) - - - - - - - (168,688) (168,688) - (168,688)

Transfer to Reserve for Issue of

Bonus shares - 112,459 - - - - - (112,459) - - -

Issue of bonus shares for the year ended

31 December 2009 @ 10 percent

(Rupee 1.0/- per share) 112,459 (112,459) - - - - - - - - -

Interim dividend @10% (Re.1 per share) - - - - - - - (123,704) (123,704) - (123,704)

Balance as at 30 September 2010 1,237,045 - 22,859 205,650 (99,663) 3,764 936,500 8,326,570 10,632,725 166,093 10,798,818

Balance as at 31 December 2010 1,237,045 - 22,859 200,725 (116,742) 3,764 936,500 8,736,251 11,020,402 152,444 11,172,846

Total comprehensive income for the

nine months ended 30 September 2011 - - - 28,776 (59,058) - - 295,121 264,839 (42,517) 222,322

Final dividend for the year ended

31 December 2010 @ 15%

(Rupees 1.5 per share) - - - - - - - (185,558) (185,558) - (185,558)

Interim dividend @10% (Re.1 per share) - - - - - - - (123,704) (123,704) - (123,704)

Balance as at 30 September 2011 1,237,045 - 22,859 229,501 (175,800) 3,764 936,500 8,722,110 10,975,979 109,927 11,085,906

Umer ManshaChairman

S.M. JawedDirector




CONSOLIDATED CONDENSED INTERIMSTATEMENT OF CASH FLOWS (UNAUDITED)FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2011




a) Underwriting activitiesPremiums received 9,611,008 8,649,911Reinsurance premiums paid (5,120,751) (3,087,325)Claims paid (8,024,431) (4,613,269)Surrenders paid (32,546) (98,603)Reinsurance and other recoveries received 4,580,439 889,367Commissions paid (1,253,211) (862,409)Commissions received 733,332 546,981Other underwriting payments (1,157,000) (916,480)


b) Other operating activitiesIncome tax (paid) / refund (64,730) (96,691)General and management expenses paid (491,574) (434,985)Loans advanced (25,117) (24,884)Loan repayments received 22,085 26,263Other receipts 65,030 10,804

Net cash used in other operating activities (494,306) (519,493)

Total cash flow from all operating activities (1,157,466) (11,320)

Investment activitiesProfit/ return received 133,644 119,585Return on Pakistan Investment Bonds 9,085 9,555Income received on TFCs 13,384 14,950Dividends received 672,682 352,627Income received on rent 476 3,249Payments for investments (4,945,565) (4,273,750)Proceeds from disposal of investments 5,085,264 4,452,180Fixed capital expenditure (92,453) (218,421)Proceeds from disposal of fixed assets 111,424 30,765

Total cash flow from investing activities 987,941 490,740

Financing activitiesDividends paid (182,860) (167,372)Payments on finance lease (49,945) (33,244)

Total cash used in financing activities (232,805) (200,616)

Net cash inflow from all activities (402,330) 278,804Cash at the beginning of the period 2,737,741 2,168,705


45

UNCONSOLIDATED CONDENSED INTERIMSTATEMENT OF CASH FLOWS (UNAUDITED)FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2011




Reconciliation to Profit and Loss AccountOperating cash flows (1,157,466) (11,320)Depreciation expense (145,923) (145,269)Provision for gratuity (5,202) (3,248)Other income - bank deposits 94,643 95,220Profit / Loss on disposal of fixed assets 20,805 2,298Finance charge on lease rentals (10,606) (14,855)Share of profit of associated companies 185,090 69,465 Rental income 476 882Increase / (Decrease) in assets other than cash (1,973,814) 4,065,748(Increase) / Decrease in liabilities other than running finance 2,582,212 (3,798,976)

(409,785) 259,945

OthersProfit on sale of investments 349,025 98,372Amortization expense (16,034) (12,095)Capital contribution from shareholders' fund 107,379 98,304Increase in unearned premium (39,533) (487,572)Amortisation of income on Government Securities - net 1,636 2,160Return on Pakistan Investment Bonds 7,221 11,554Decrease in loans 3,022 (1,379)Income tax paid / (refund) 61,844 96,691(Provision) / reversal for diminution in value of investments (125,624) (166,194)Dividend, investment and other income 465,772 398,564Other income - TFCs and T Bills 24,223 18,629

838,931 57,034


Definition of cash

Cash comprises of cash in hand, bank balances excluding Rupees 4.824 million (2010: Rupees 4.451 million) heldunder lien, and other deposits which are readily convertible to cash and which are used in the cash management functionon a day-to-day basis.




Cash and other equivalent 1,941 3,564

Current and other accounts 1,360,145 909,891

Deposits maturing within 12 months 973,325 1,534,054


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

Umer ManshaChairman

S.M. JawedDirector



CONSOLIDATED CONDENSED INTERIMSTATEMENT OF PREMIUMS (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011




Opening Closing

Premiumsearned

Reinsuranceceded

Reinsuranceexpense


Net premiumrevenue


2011


2010


Opening Closing

General insurance:




Motor 772,063 1,682,633 1,628,085 826,611 83,292 158,886 147,297 94,881 731,730 829,299

Miscellaneous 453,136 1,035,062 836,530 651,668 208,347 260,358 267,936 200,769 450,899 309,753

3,309,557 4,606,328 5,056,968 2,858,917 1,829,454 1,653,605 2,274,008 1,209,051 1,649,866 1,618,525

Total 3,309,557 4,606,328 5,056,968 2,858,917 1,829,454 1,653,605 2,274,008 1,209,051 1,649,866 1,618,525

Life insurance:

Conventional Business 76,311 - - 76,311 51,219 - - 51,219 25,092 20,058

Non-unitized Investment Linked Business 202,880 - - 202,880 1,348 - - 1,348 201,532 107,904

Accident and Health Business 13 - - 13 2 - - 2 11 11

Total 279,204 - - 279,204 52,569 - - 52,569 226,635 127,973

Grand Total 3,588,761 4,606,328 5,056,968 3,138,121 1,882,023 1,653,605 2,274,008 1,261,620 1,876,501 1,746,498



Opening Closing

Premiumsearned

Reinsuranceceded

Reinsuranceexpense


Net premiumrevenue

Nine monthsended

30 September2011

Nine monthsended

30 September2010


Opening Closing

General insurance:




Motor 2,412,356 1,760,996 1,628,085 2,545,267 260,169 175,330 147,297 288,202 2,257,065 2,522,752

Miscellaneous 1,684,918 1,220,871 836,530 2,069,259 635,175 215,786 267,936 583,025 1,486,234 975,830

8,903,242 5,017,435 5,056,968 8,863,709 3,992,751 1,774,525 2,274,008 3,493,268 5,370,441 5,049,611

Total 8,903,242 5,017,435 5,056,968 8,863,709 3,992,751 1,774,525 2,274,008 3,493,268 5,370,441 5,049,611

Life insurance:

Conventional Business 127,739 - - 127,739 66,250 - - 66,250 61,489 36,376

Non-unitized Investment Linked Business 444,491 - - 444,491 8,395 - - 8,395 436,096 131,753

Accident and Health Business 23 - - 23 4 - - 4 19 198

Total 572,253 - - 572,253 74,649 - - 74,649 497,604 168,327

Grand Total 9,475,495 5,017,435 5,056,968 9,435,962 4,067,400 1,774,525 2,274,008 3,567,917 5,868,045 5,217,938


Umer ManshaChairman

S.M. JawedDirector



47

CONSOLIDATED CONDENSED INTERIMSTATEMENT OF CLAIMS (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011



2011


2010



Outstanding claims

Opening Closing

Claimsexpenses




outstanding claims

Net claims expense

Opening Closing

General insurance:




Motor 509,987 1,626,923 1,690,458 573,522 89,131 1,177,330 1,248,081 159,882 413,640 573,908

Miscellaneous 386,566 400,015 631,974 618,525 47,082 279,725 385,681 153,038 465,487 361,972

2,919,106 7,173,031 5,882,364 1,628,439 2,046,930 5,937,778 4,371,046 480,198 1,148,241 1,378,171

Treaty

Proportional - 20,332 20,332 - - - - - - -

- 20,332 20,332 - - - - - - -

Total 2,919,106 7,193,363 5,902,696 1,628,439 2,046,930 5,937,778 4,371,046 480,198 1,148,241 1,378,171

Life insurance:

Conventional Business 15,883 14,545 22,282 23,620 16,166 - - 16,166 7,454 2,494

Non-unitized Investment Linked Business 49 1,386 827 (510) (357) - - (357) (153) 59

Accident and Health Business - - - - - - - - - -

Total 15,932 15,931 23,109 23,110 15,809 - - 15,809 7,301 2,553

Grand Total 2,935,038 7,209,294 5,925,805 1,651,549 2,062,739 5,937,778 4,371,046 496,007 1,155,542 1,380,724

Nine monthsended

30 September2011

Nine monthsended

30 September2010



Outstanding claims

Opening Closing

Claimsexpenses




outstanding claims

Net claims expense

Opening Closing

General insurance:




Motor 1,904,802 1,540,738 1,690,458 2,054,522 278,913 995,153 1,248,081 531,841 1,522,681 1,705,513

Miscellaneous 1,807,204 1,099,317 631,974 1,339,861 605,939 856,873 385,681 134,747 1,205,114 821,399

7,965,737 7,960,077 5,882,364 5,888,024 4,207,445 6,352,838 4,371,046 2,225,653 3,662,371 3,564,985

Treaty

Proportional 20,332 20,332 - - - - - - 460

- 20,332 20,332 - - - - - - 460

Total 7,965,737 7,980,409 5,902,696 5,888,024 4,207,445 6,352,838 4,371,046 2,225,653 3,662,371 3,565,445

Life insurance:

Conventional Business 58,646 9,395 22,282 71,533 48,084 - - 48,084 23,449 7,632

Non-unitized Investment Linked Business 49 19 827 857 600 - - 600 257 59

Accident and Health Business - - - - - - - - - -

Total 58,695 9,414 23,109 72,390 48,684 - - 48,684 23,706 7,691

Grand Total 8,024,432 7,989,823 5,925,805 5,960,414 4,256,129 6,352,838 4,371,046 2,274,337 3,686,077 3,573,136


Umer ManshaChairman

S.M. JawedDirector



CONSOLIDATED CONDENSED INTERIMSTATEMENT OF EXPENSES (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011



2011


2010



Deferred commission

Opening Closing

Netcommission

expense

Othermanagement

expenses

Underwritingexpense


fromreinsurers

General insurance:




Motor 54,601 154,965 135,370 74,196 141,620 215,816 15,103 200,713 196,511

Miscellaneous 35,041 54,032 55,312 33,761 91,190 124,951 40,255 84,696 47,298

390,766 515,302 582,638 323,430 327,771 651,201 205,906 445,295 409,615

Total 390,766 515,302 582,638 323,430 327,771 651,201 205,906 445,295 409,615

Life insurance:

Conventional Business 3,717 - - 3,717 10,690 14,407 - 14,407 16,904

Non-unitized Investment Linked Business 78,410 - - 78,410 27,806 106,216 810 105,406 87,759

Accident and health business 2 - - 2 239 241 - 241 1,441

Total 82,129 - - 82,129 38,735 120,864 810 120,054 106,104

Grand Total 472,895 515,302 582,638 405,559 366,506 772,065 206,716 565,349 515,719

Nine monthsended

30 September2011

Nine monthsended

30 September2010



Deferred commission

Opening Closing

Netcommission

expense

Othermanagement

expenses

Underwritingexpense


fromreinsurers

General insurance:




Motor 209,459 162,226 135,370 236,315 391,176 627,491 46,012 581,479 585,937

Miscellaneous 99,578 78,490 55,312 122,756 276,239 398,995 129,717 269,278 159,796

1,033,568 512,222 582,638 963,152 968,697 1,931,849 579,647 1,352,202 1,261,155

Total 1,033,568 512,222 582,638 963,152 968,697 1,931,849 579,647 1,352,202 1,261,155

Life insurance:

Conventional Business 16,029 - - 16,029 27,067 43,096 - 43,096 81,757

Non-unitized Investment Linked Business 228,258 - - 228,258 88,769 317,027 2,139 314,888 109,463

Accident and health business 6 - - 6 285 291 - 291 3,253

Total 244,293 - - 244,293 116,121 360,414 2,139 358,275 194,473

Grand Total 1,277,861 512,222 582,638 1,207,445 1,084,818 2,292,263 581,786 1,710,477 1,455,628


Umer ManshaChairman

S.M. JawedDirector



General insurance:Income from non-trading investmentsAvailable-for-sale

Return on fixed income securities - 2,160 - -Return on Term Finance Certificates 17,692 18,629 5,769 6,144Return on Pakistan Investments Bonds 7,222 11,554 731 4,080Return on Treasury bills 6,531 - 3,686 -Dividend income - associated undertakings 234,273 205,693 86,079 73,226 - others 201,144 170,767 69,634 57,755

435,417 376,460 155,713 130,981 466,862 408,803 165,899 141,205

Gain on sale of ‘available-for-sale’ investments - associated undertakings 129,580 62,755 112,017 3,881 - others 203,768 29,774 30,048 3,345

333,348 92,529 142,065 7,226800,210 501,332 307,964 148,431

(Provision) / Reversal for impairment in value ofavailable-for-sale' investment (131,229) (165,341) (56,963) (35,823)

668,981 335,991 251,001 112,608Life insurance:Share holders' fundAppreciation in value of quoted securities 86 (853) 78 (719)Return on Government Securities 11,678 18,707 3,847 5,132Return on bank deposit 503 488 261 35Dividend income 895 588 228 70Gain on sale of non trading investments 10,506 5,399 1,802 1,383Reversal of impairment in the value of

available for sale investments 1,649 - 1,136 - 25,317 24,329 7,352 5,901

Statutory FundsConventional BusinessReturn on Government Securities 3,012 1,058 986 793Investment income on bank deposits 833 371 571 52Gain on sale of units of open end mutual funds 1,138 444 131 94Loss on sale of Government securities (2) - - -Reversal for impairment in value of'

'available-for-sale investment 394 - 287 - 5,375 1,873 1,975 939

Non-unitized Investment Linked BusinessUnrealised mark to market gain on held for

trading Government securities 5,253 - 4,419 -Unrealised mark to market gain on held for

trading mutual funds 266 - 148 -Return on Government Securities 6,665 530 1,888 530Investment income on bank deposits 1,658 359 669 343Gain on sale of units of open end mutual funds 64 - 21 -Gain on sale of government securities 3,973 - 861 -

17,879 889 8,006 873Accident and Health BusinessReturn on Government Securities - - - -Investment income on bank deposits 6 3 2 1Gain on sale of units of open end mutual funds - - - -

6 3 2 1Net investment income 717,558 363,085 268,336 120,322

Net investment income - statutory fund 23,260 2,765 9,983 1,813Net investment income - other 694,298 360,320 258,353 118,509

717,558 363,085 268,336 120,322


49

CONSOLIDATED CONDENSED INTERIMSTATEMENT OF INVESTMENT INCOME (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011


Nine months Nine months Quarter Quarterended ended ended ended

30 September 30 September 30 September 30 September2011 2010 2011 2010


Umer ManshaChairman

S.M. JawedDirector



CONSOLIDATED CONDENSED INTERIMNOTES TO THE FINANCIAL INFORMATION (UNAUDITED)FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2011

50

1. THE GROUP AND ITS OPERATIONS

The group consists of:

Holding companyAdamjee Insurance Company Limited

Subsidiary company Percentage holding of Adamjee Insurance Company LimitedAdamjee Life Assurance Company Limited 55%

Adamjee Insurance Company Limited (holding company)

Adamjee Insurance Company Limited (holding company) is a public limited company incorporated in Pakistanon 28 September 1960 under the Companies Act, 1913 (now the Companies Ordinance, 1984). The companyis listed on all the stock exchanges in Pakistan and is engaged in the non-life insurance business.

The registered office of the Company is situated at Islamabad Stock Exchange Building, Islamabad.

The Company also operates branches in the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA)and the Export Processing Zone (EPZ). The branch in the KSA has closed down its operations and is in “run-off” status with effect from October 01, 2003.

Adamjee Life Assurance Company Limited (subsidiary company)

Adamjee Life Assurance Company Limited (Subsidiary Company) was incorporated in Pakistan on 4 August2008 as a public unlisted company under the Companies Ordinance, 1984 and started its operations from 24April 2009. The registered office of the Company is located at MCB Building, Jinnah Avenue, Blue Area, Islamabadwhile its principal place of business is located at Third Floor, The Forum, Khayaban-e-Jami, Clifton, Karachi.The Company is a subsidiary of Adamjee Insurance Company Limited and an associate of IVM Intersurer B.V.who have a holding of 55% and 45% respectively in the share capital of the Company. IVM Intersurer B.V. hasnominated Hollard Life Assurance Company Limited (HLA), a subsidiary of IVM Intersurer B.V., to act on itsbehalf. HLA is South Africa's largest private sector insurance company.

The Company is engaged in life assurance business carrying on non-participating business only. In accordancewith the requirements of the Insurance Ordinance, 2000, the Company has established a shareholders' fundand the following statutory funds in respect of its each class of life assurance business:

- Conventional Business - Accident and Health - Non-unitized Investment Linked Business

2. BASIS OF PREPARATION

a) Statement of Compliance

This consolidated condensed interim financial report of the company for the nine months period ended30 September 2011 has been prepared in accordance with the requirements of the International AccountingStandard 34 - Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance,1984, the Insurance Ordinance, 2000 and SEC (Insurance) Rules, 2002. In case where requirements differ, theprovisions or directives of Companies Ordinance, 1984, Insurance Ordinance, 2000 and SEC (Insurance) Rules,2002 shall prevail.

The SECP has allowed insurance companies to defer the application of International Accounting Standard - 39(IAS - 39) 'Financial Instruments: Recognition and Measurement' in respect of "Investment available-for-sale"untill suitable ammendments have been made in the law. Accordingly, the requirements of IAS - 39, to the extentallowed by SECP, have not been considered in the preparation of this consolidated condensed financial information.

b) Basis of presentation

This consolidated condensed interim financial information comprises the consolidated financial information ofAdamjee Insurance Company Limited and its subsidiary company, Adamjee Life Assurance Company Limited,as at 30 September 2011. The condensed interim financial information of the subsidiary companies has beenconsolidated on line by line basis. All inter company balances and transaction have been eliminated.


51


3. BASIS OF MEASUREMENT

This consolidated condensed interim financial information has been prepared under the historical cost conventionexcept that obligations under certain employee benefits are measured at present value.

4. ACCOUNTING POLICIES AND COMPUTATION METHODS

The accounting policies and the methods of computation adopted in the preparation of this consolidated condensedinterim financial information are the same as those applied in the preparation of the consolidated financialstatements for the year ended 31 December 2010.

5. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Judgments and estimates made by the management in the preparation of this consolidated condensed interimfinancial information are the same as those applied to the preceding annual published financial statements ofthe company for the year ended 31 December 2010.

6 CONTINGENCIES AND COMMITMENTS

6.1 Contingencies

The income tax assessments of the holding company have been finalized up to and including the tax year 2009.However, the holding company has filed appeals in respect of certain assessment years mainly on account offollowing:

i) The Deputy Commissioner of Income Tax (DCIT) has finalized assessments for the assessment year1999-2000 by taxing capital gains at the full rate of 33%. The aggregate tax liability assessed by the DCITamounted to Rupees 48.205 million against which the holding company has made a total provision ofRupees 44.141 million resulting in a shortfall of Rupees 4.064 million. The holding company filed appealswith the Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal (ITAT) which weredecided against the holding company. Consequently the holding company has filed an appeal before theHonorable High Court of Sindh and the petition is fixed for regular hearing;

ii) The Additional Commissioner / Taxation Officer has reopened assessments for the assessment years2000-2001 and 2001-2002 by taxing bonus shares received by the holding company during the abovementioned periods resulting in an additional tax liability of Rupees 14.907 million. An appeal was filedbefore the Commissioner of Income Tax (Appeals) who cancelled the amended order passed by theAdditional Commissioner and allowed relief to the holding company but the Tax Department filed anappeal before the ITAT against the order of the Additional Commissioner, which has been decided infavour of the holding company. However, the holding company again received a notice from AdditionalCommissioner for reassessment of the case.The holding company has filed a constituitional petion inSindh High Court against such order.

iii) While finalizing the assessment for the assessment year 2002-2003, DCIT has reduced the businessloss for the year by Rupees 88.180 million by adjusting the dividend income against this loss. The holdingcompany maintains that it is entitled to carry the gross loss forward for adjustment against the futuretaxable income and dividend income for the year should be taxed separately at reduced rate. The appealsof the holding company in this respect have been rejected by the Commissioner of Income Tax (Appeals),the ITAT and the Sindh High Court. The holding company has now filed a reference application with theSupreme Court of Pakistan. The management is confident that the matter will eventually be decided infavour of the holding company and has consequently not made any provision against the additional taxliability of Rupees 26.455 million which may arise in this respect.

iv) The Tax Authorities have also amended the assessments for tax years 2003 to 2007 on the ground thatthe holding company has not apportioned management and general administration expenses againstcapital gain and dividend income. The holding company has filed constitution petition in the High Courtof Sindh against the amendment in the assessment order. The holding company may be liable to payRupees 5.881 million in the event of decision against the holding company, out of which Rupees 2.727million has been provided by the holding company resulting in a shortfall of Rupees 3.154 million.




v) The Taxation Officer has passed an order in the tax year 2005 and 2006 under section 221 of the IncomeTax Ordinance, 2001 (the Ordinance) levying minimum tax liability aggregating to Rupees 38.358 million.An appeal had been filed before the Commissioner of Income Tax (Appeals) who upheld the order ofthe Taxation Officer. The holding company has filed an appeal before ITAT which is pending to be heard.

vi) The holding company received a notice from Additional Commissioner Inland Revenue pertaining to theassessment of tax year 2008. Among others, the Additional Commissioner raised issues pertaing toavoidance of tax on capital gains on listed securities. However, the holding company filed a constitutionalpetition in Sindh High Court against such order and the Court has granted stay in this regard.

Pending resolution of the above-mentioned appeals filed by the holding company, no provision has been madein this consolidated condensed interim financial information for the aggregate amount of Rupees 86.938 million(31 December 2010: 88.201 million) as the management is confident that the eventual outcome of the abovematters will be in favour of the holding company.

6.2 Commitments

Holding company

There were no capital or other commitments as at 30 September 2011 (31 December 2010: Nil).

Subsidiary company

Commitments in respect of leased assets - not later than one year is Rupees 0.228 million (31 December 2010:2.996) and intangible assets not later than one year is Rupees 2.550 million (31 December 2010: 2.550 million).

30 September 31 December2011 2010


7. INVESTMENTS

Available-for-sale

In related parties

Marketable securities 6,748,034 6,699,828 Less: Provision for impairment in value of investments (43,269) -

6,704,765 6,699,828

Others

Marketable securities 3,071,867 3,264,744 Less: Provision for impairment in value of investments (498,847) (412,931)

2,573,020 2,851,813 Fixed income investments 125,169 -

2,698,189 2,851,813

At fair value through profit or loss

Listed equity securities 7,990 853 Government securities 209,365 55,363

217,355 56,216

9,620,309 9,607,857

53





8. PREMIUMS DUE BUT UNPAID - Unsecured

Considered good 4,403,568 4,554,824Considered doubtful 541,954 199,015

4,945,522 4,753,839Less: Provision for doubtful balances 8.1 (541,954) (199,015)

4,403,568 4,554,824


Opening provision 199,015 119,530Exchange loss - 274Charge for the period 481,726 86,867Written off during the period / year (137,047) (7,656)Bad debts recovered (1,740) -


9. AMOUNTS DUE FROM OTHER INSURERS/ REINSURERS - Unsecured

Considered good 620,590 993,584Considered doubtful 52,327 30,000

672,917 1,023,584Less: Provision for doubtful balances 9.1 (52,327) (30,000)

620,590 993,584


Opening provision 30,000 30,000Charge for the period / year 40,000 -Written off during the period / year (17,673) -


10 FIXED ASSETS

10.1 The following capital expenditure was incurred during the period / year:

Building 7,706 116,039Furniture and fixtures 12,947 40,014Motor vehicles 36,241 80,085Machinery and equipment 11,798 34,917Computer and related accessories 7,912 28,773Intangible Assets 4,467 45,602

81,071 345,430

Leased

Motor vehicles - -

81,071 345,430



30 September 31 December2011 2010


10.2 The following are the written down values of fixed assets disposed off during the period:

Building 2,633 618Furniture and fixtures 567 616Motor vehicles 7,404 41,553Machinery and equipment 1,494 1,555Computer and related accessories 11,204 695

23,302 45,037

Leased

Motor vehicles 30,271 22,999

53,573 68,036



Subsidiary company

Associated undertakings

Premium written 70,102 -Claims expense 34,600 18,132Commission and other incentives in respect of Bancassurance 224,803 86,764Profit on bank deposits 2,094 -Investment advisor fee 105 -Custodian fee 149 -Technical support fee 9,679 10,149Bank charges 51 -

Holding Company

Premium underwritten 1,282,096 715,580Premium received 1,080,206 716,061Premium ceded 2,788 403Claims paid 3,093,205 330,772Rent paid 6,152 12,225Dividend received 492,933 205,693Dividend paid 66,157 60,126

Number of shares

Bonus shares received 2,326,338 2,114,852Bonus shares issued - 4,008,442

11. TRANSACTIONS WITH RELATED PARTIES

The company has related party relationships with its subsidiary company, associates, employee benefit plans,key management personnel and other parties. Transactions are entered into with such related parties for theissuance of policies to and disbursements of claims incurred by them and payments of rentals for the use ofpremises rented from them. There are no transactions with key management personnel other than their termsof employment.

Investment in related parties have been disclosed in note 7 to the financial statements. Other transactions withrelated parties are summarised as follows:

55



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ER IN

FORM

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-

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1,57

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ets

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681,

317

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645

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,235

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,428

16,

919,

745



13. GENERAL

Figures have been rounded off to the nearest thousand of rupees.

14. AUTHORIZATION FOR ISSUE

These condensed interim consolidated financial information have been authorized for issue on 27 October 2011by the Board of Directors of the Company.

Umer ManshaChairman

S.M. JawedDirector



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