precautionmoeez karim faisal khan haider ali syed matin ahmed (secretary) bankers allied bank...

Quarterly ReportMarch 31, 2015

PrecautionOver Caution

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SERVING YOU SINCE 1953

1

Table of Contents

IGI INSURANCE FIRST QUARTER REPORT 2015

Shareholder’s Information

Pattern of Shareholding

Directors’ Report to the Shareholders on Unconsolidated

Unconsolidated Condensed Interim Financial Information

Condensed Interim Financial Information

Directors’ Report to the Shareholders on Consolidated

Consolidated Condensed Interim Financial Information

Condensed Interim Financial Information

Company Information2 -

3 -

5 -

22 -

23 -

40 -

41 -

Company Information

2

AuditorsA.F. Ferguson & Co.Chartered Accountants

Internal AuditorsErnst & Young Ford RhodesSidat HyderChartered Accountants

Legal AdvisorsRamday Law AssociatesHassan & HassanLari & Company

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

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

Standard Chartered Bank(Pakistan) LimitedFaysal Bank LimitedNational Bank of PakistanHabib Metropolitan BankNIB Bank Limited

Re-Insurance &Co-Insurance Committee

(Chairman)

Syed Hyder Ali (Chairman)

Tahir MasaudFaisal Khan (Secretary)

Human Resources &Compensation Committee

Syed Yawar Ali (Chairman)

Syed Shahid AliSyed Hyder AliTahir MasaudKaifee Siddiqui (Secretary)

Strategy CommitteeSyed Babar Ali (Chairman)

Shamim Ahmad KhanSyed Yawar AliSyed Hyder AliTahir Masaud (Secretary)

Enterprises RiskManagement Committee

Tahir Masaud (Chairman)

Faisal KhanUsman Saifi (Secretary)

Board of DirectorsSyed Babar Ali (Chairman)

Shamim Ahmad KhanSyed Kamal AliSyed Yawar AliSyed Shahid AliSyed Hyder AliTahir Masaud

Chief Executive OfficerTahir Masaud

Chief Financial OfficerUsman Saifi

Company SecretaryHaider Raza

Audit CommitteeShamim Ahmad Khan (Chairman)

Syed Yawar AliSyed Hyder AliHaider Raza (Secretary)

Investment CommitteeSyed Hyder Ali (Chairman)

Shamim Ahmad KhanSyed Kamal AliSyed Yawar AliTahir MasaudUsman Saifi (Secretary)

Claims Committee

Shamim Ahmad Khan (Chairman)

Tahir MasaudMoeez KarimUsman SaifiMir Mehmood Ali (Secretary)

Underwriting CommitteeSyed Hyder Ali (Chairman)

Tahir MasaudMoeez KarimFaisal KhanHaider AliSyed Matin Ahmed (Secretary)

BankersAllied Bank LimitedHabib Bank LimitedJS Bank LimitedKASB Bank LimitedMCB Bank Limited

ContactUAN: 111-308-308Toll Free No: 0800-2-34-34FAX: 92-21-35301772

3

Directors’ Report to the Shareholders on Unconsolidated CondensedInterim Financial Information


For and on behalf of the Board

Syed Babar AliChairman

Karachi: April 22, 2015

The Directors of IGI Insurance take pleasure in presenting their review together with the unconsolidated

condensed interim financial information (un-audited) for the quarter ended March 31, 2015.

During the current period, your Company achieved growth in gross written premium of 12%, Rs 834 million

as compared to Rs 746 million in the corresponding period of 2014. There was a reduction in net claims

by 12%in the current period. Underwriting profitability was Rs 86 million in the current period as compared

to the Rs 83 million in the corresponding period of 2014. Due to provision for impairment on account of

temporary decline in the share prices of some of the quoted investments, the Company posted a loss

before taxation amounting to Rs 54 million during the current period. However, core fundamentals of the

business remain robust and the management is confident of continuing to deliver strong underwriting

results in the coming quarters.

We cherish the support and patronage extended by our business partners and all stakeholders and

appreciates the dedicated and sincere efforts of our employees.

UNCONSOLIDATED

Condensed InterimFinancial Informationfor the Quarter Ended

March 31, 2015

Unconsolidated Condensed Interim Balance Sheet

6

Share capital and reserves

Authorised share capital[200,000,000 (2014: 200,000,000) Ordinary

shares of Rs.10/- each]

Issued, subscribed and paid up share capitalUnappropriated profit Reserves

2,000,000

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

2,000,000

1,226,8952,174,6858,102,711

11,504,291 11,579,146Underwriting provisions

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

Creditors and accruals

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

BorrowingsShort term finance - securedLong term finance - secured

Other LiabilitiesUnclaimed dividend

TOTAL EQUITY AND LIABILITIES

CONTINGENCIES 7

640,512648,17172,750

1,361,433

571,767929,551108,617

1,609,935

330350,027117,584316,834

330513,28899,896

331,029

8,675

3,115,849

944,543 784,775

TOTAL LIABILITIES

14,620,140 14,490,090

-550,000550,000

79,830675,000754,830

8,676

2,910,944

The annexed notes 1 to 14 form an integral part of these condensed Interim unconsolidated financial statements.

2,696Deferred liabilities

Deferred taxation 1,230

31 March2015

31 December2014

Note(Rupees in thousand)

Principal Officerand Chief Executive

DirectorDirectorChairman

Un-audited Audited

Cash and bank deposits

Cash and other equivalentsCurrent and other accountsDeposits maturing within 12 months

Investments

Investment property

7

as at March 31, 2015 (Un-audited)


Fixed assets

TangibleFurniture, fixtures and office equipmentsBuildingsMotor vehicles

IntangiblesComputer softwares

Current assets - others

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

TOTAL ASSETS



8

21546,539

377,000423,754

12,089,230

124,379

43156

315,000315,199

12,196,544

127,363

31 March2015

31 December2014

Note(Rupees in thousand)

10

406,598

387,0853,736

292,118

468,53619,90280,56589,390

1,747,930

24,122155,19951,900

231,221

3,626

275,139

474,76627,784

336,040

309,85819,51995,45072,250

1,610,806

25,468157,05553,333

235,856

4,322

14,620,140 14,490,090

Un-audited Audited

8

Unconsolidated Condensed Interim Profit and Loss Account for the First Quarter Ended March 31, 2015 (Un-audited)

Revenue accountNet premium revenueNet claimsManagement ExpensesNet commission

Underwriting result

Net investment incomeRental incomeReturn on bank balancesOther incomeFinancial chargesGeneral and administrative expenses

(Loss) / Profit before taxationTaxationLoss after taxationOther comprehensive incomeTotal comprehensive (Loss) / income

Balance of unappropriated profit at commencement of the period


(Loss) / protif after taxationOther comprehensive incomeTransferred from general reserve

Profit and loss appropriation account

Balance of unappropriated profit at end of the period

(Loss) / Earnings per share - basic and diluted

276,312(131,611)

(84,734)25,702

85,669

25,854(17,835)

(6,780)1,986

3,225

24,835(21,970)

(5,310)(825)

(3,270)

144,940(71,588)(27,429)(16,264)

29,659

54,952(16,999)(11,178)

10,728

37,503

25,731(3,219)

(34,037)30,077

278,491(149,386)

(83,060)37,114

83,159

2015Aggregate

Marine,aviation and

Transport

Health Miscella-neous

2014Aggregate

Motor Fire andPropertyDamage

Rupees in thousand

9

Note

13

-----------Rupees-----------

(102,107)947

5,543193

(15,399)(28,629)

(139,452)

(53,783)(21,072)(74,855)

-(74,855)

(74,855)-

368,069293,214

2,174,685

1,881,471

(0.61)

3,0201,1267,2674,824

(7,319)(41,663)(32,745)

50,414(31,162)

19,252-

19,252

19,252-

167,304186,556

1,249,810

1,063,254

0.16



18,552

Quarter Ended

Balance as at January 1, 2014

Profit after taxation for the period

Other comprehensive income for the periodTotal comprehensive income for the quarter ended March 31, 2014

Transfer from general reserve to unappropriated profit

Transfer from general reserve to reserve for bonus sharesBalance as at March 31, 2014

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

Other comprehensive income for the period- Re-measurement of post employment benefit obligations - net of taxTotal comprehensive income for the nine month ended December 31, 2014

Transactions with owners, recorded directly in equity

Final dividend for the year ended December 31, 2013 - Rs. 1.5 per shareBonus shares issued for the year ended December 31, 2013

Balance as at December 31, 2014

Loss after taxation for the period

Other comprehensive income for the periodTotal comprehensive loss for the quarter ended March 31, 2015


Balance as at March 31, 2015


9

Unconsolidated Condensed Interim Statement of Changes in Equity for the First Quarter Ended March 31, 2015 (Un-audited)


GeneralReserve

Unappro-priatedProfits

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

Reserves

Issued,subscribedand paid-up sharecapital

Premiumon Issueof Shares

OtherCapital

Reserves

Capital Reserves RevenueReserves

TotalReserve

for BonusShares

1,115,359

-

--

-

-1,115,359

-

--

-111,536111,536

1,226,895

-

--

-

1,226,895

35,762

-

--

-

-35,762

-

--

---

35,762

-

--

-

35,762

-

-

--

-

111,536111,536

-

--

-(111,536)(111,536)

-

-

--

-

-

33,267

-

--

-

-33,267

-

--

---

33,267

-

--

-

33,267

8,680,591

-

--

(167,304)

(111,536)8,401,751

-

--

---

8,401,751

-

--

(368,069)

8,033,682

1,063,254

19,252

-19,252

167,304

-1,249,810

803,549

(4,584)798,965

(167,304)-

(167,304)

1,881,471

(74,855)

-(74,855)

368,069

2,174,685

10,928,233

19,252

-19,252

-

-10,947,485

803,549

(4,584)798,965

(167,304)-

(167,304)

11,579,146

(74,855)

-(74,855)

-

11,504,291



Unconsolidated Condensed Interim Statement of Cash Flows

10

Operating activities

Premiums receivedReinsurance premiums paidClaims paidReinsurance and other recoveries receivedCommissions paidCommissions received

a) Underwriting activities

Income tax paidGeneral management expenses paidOperating payments - net

b) Other operating activities

Total cash generated from all operating activities

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

Total cash generated from investing activities

Financing activities

Dividends paidLoan repaidFinancial charges paid

Total cash used in financing activities

Net cash generated from all activities

Cash at beginning of the period

Cash at the end of the period

589,241(72,359)

(175,939)50,848

(29,831)85,900

447,860

(6,886)(125,266)(41,783)

(173,935)

19,9713,915

(2,341)(27,943)

8,046

(1,046)-

(14,456)

273,925

1,648

(15,502)

260,071

(75,509)

184,562

Net cash generated from underwriting activities

Net cash used in other operating activities


702,255(183,758)(284,653)

128,219(32,301)

94,004423,766

(4,721)(103,887)(13,809)

(122,417)

33,4302,998

-(5,822)

2,335

-(125,000)(20,905)

301,349

32,941

(145,905)

188,385

235,369

423,754

2015 2014(Rupees in thousand)



Restated

Quarter Ended

11







Reconciliation to profit and loss account

Operating cash flows

Depreciation expense

Financial charges

Gain on disposal of fixed assets

Increase in other assets

Increase in liabilities other than term finances

Provision for impairment in the value of

available for sale investments

Dividend and other investment income

(Loss) / Profit after taxation

273,925

(10,201)

(7,319)

4,823

116,802

(371,627)

(1,920)

14,769

19,252

301,349

(11,986)

(15,399)

193

161,172

(415,250)

(107,421)

12,487

(74,855)

Cash comprises of cash in hand, policy stamps, bank balances and short term finance.

Definition of cash

Current and other accounts - Current accounts - Saving accounts

Short term running finance

Deposits maturing within 12 months

40484

488

255,000

8146,458

-423,754

377,000

46,539

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

Cash and other equivalents - cash in hand 214215

(71,140)184,562

Quarter Ended

12

Unconsolidated Condensed Interim Statement of Premiums for the First Quarter Ended March 31, 2015 (Un-audited)




Prepaid ReinsurancePremium Ceded

Business underwritten inside Pakistan

Direct and facultative

Fire and Property Damage

Marine, Aviation and Transport

Motor

Health

Miscellaneous

Total

Class

370,897

121,810

231,054

36,067

73,886

833,714

276,469

18,177

231,206

40,391

81,928

648,171

432,652

31,553

316,197

51,623

97,526

929,551

214,714

108,434

146,063

24,835

58,288

552,334

336,382

59,492

4,306

-

34,521

434,701

245,743

9,767

226

-

54,121

309,857

393,142

15,777

3,409

-

56,208

468,536

188,983

53,482

1,123

-

32,434

276,022

25,731

54,952

144,940

24,835

25,854

276,312

22,879

55,535

128,394

50,504

21,180

278,491

Net Premium Revenue

PremiumsWritten

Unearned PremiumsReserve

Opening Closing

PremiumsEarned

ReinsuranceCeded

Opening Closing

ReinsuranceExpense 31 March

201531 March

2014

(Rupees in thousand)

13

Unconsolidated Condensed Interim Statement of Claims for the First Quarter Ended March 31, 2015 (Un-audited)






Motor

Health

Miscellaneous

Total

Class

78,828

55,791

76,057

20,963

53,014

284,653

214,057

158,427

127,291

37,273

103,464

640,512

169,519

138,380

122,822

38,280

102,766

571,767

34,290

35,744

71,588

21,970

52,316

215,908

70,238

23,833

-

-

34,148

128,219

181,486

61,513

14,687

-

78,354

336,040

142,319

56,425

14,687

-

78,687

292,118

31,071

18,745

-

-

34,481

84,297

3,219

16,999

71,588

21,970

17,835

131,611

14,806

5,328

80,456

42,354

6,443

149,386

Net Claims Expense Claimspaid Outstanding Claims

Opening Closing

Claimsexpense

Reinsuranceand otherrecoveriesreceived

Opening Closing

Reinsuranceand otherrecoveriesrevenue

31 March2015

31 March2014


Reinsurance andother recoveriesin respect of out-standing claims




14

Unconsolidated Condensed Interim Statement of Expenses for the First Quarter Ended March 31, 2015 (Un-audited)






Class



Motor

Health

Miscellaneous

Total


-

-

-

-

-

-

-

-

-

-

-

-

2,133

7,277

16,264

825

5,936

32,435

36,170

18,455

43,693

6,135

12,716

117,169

34,037

11,178

27,429

5,310

6,780

84,734

(115)

1,446

37,789

5,199

1,627

45,946

3,960

450

43,693

6,135

4,794

59,032

32,210

18,005

-

-

7,922

58,137

2,133

7,277

16,264

825

5,936

32,435

31 March2014

CommissionsPaid or

Payable

DeferredCommission

Opening Closing 31 March2015

NetCommission

Expenses

OtherManagement

Expenses Underwriting

Expense

*Commissionsfrom

ReinsurersNet underwriting

expense

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

15

Unconsolidated Condensed Interim Statement of Investment Income for the First Quarter Ended March 31, 2015 (Un-audited)



Income from non-trading investments

Return on Government Securities

Dividend income on available for sale investments

Provision for impairment in value of investments - net

Less: Investment related expenses

Net investment income


3,946

2,998

(107,421)

(1,630)

(102,107)

3,587

3,915

(1,920)

(2,562)

3,020



Quarter Ended

16

Notes to the Condensed Interim Financial Information

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

During the preceding year, the Company acquired control of ALICO Pakistan by acquiring 34,838,687 ordinary shares(representing 69.677% of the issued and paid up capital) of ALICO Pakistan on April 10, 2014. ALICO Pakistan becamea subsidiary of the Company as at the aforementioned date and its name has been changed to IGI Life Insurance Limited(IGI Life). The remaining 6,148,003 shares (representing 12.293 % of the issued and paid up capital) of IGI Life willbe acquired on the third anniversary of the acquisition date or earlier as per the terms and conditions of Share PurchaseAgreement (SPA).

STATUS AND NATURE OF BUSINESS1.

These condensed interim unconsolidated financial statements are un-audited and are being submitted to the shareholdersin accordance with the listing regulations of Karachi, Lahore and Islamabad Stock Exchanges and section 245 of theCompanies Ordinance, 1984. These condensed interim unconsolidated financial statements of the Company have beenprepared in accordance with the approved accounting standards as applicable in Pakistan for interim financial reportingand in the format prescribed by the Securities and Exchange Commission of Pakistan in its circular No. 7 of 2003.

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

BASIS OF PRESENTATION2.

The accounting policies and methods of computation adopted in the preparation of these condensed interim unconsolidationfinancials statements are the same as those applied in the preparation of the annual financial statements for the yearended 31 December 2014.

ACCOUNTING POLICIES3.

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

In preparing these condensed interim unconsolidated financial statements, the significant judgements made by managementin applying the Company's accounting policies and the key sources of estimating uncertainty were the same as thoseapplied to the annual financial statements for the year ended 31 December 2014.

SIGNIFICANT ESTIMATES AND JUDGEMENT4.

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

FINANCIAL AND INSURANCE RISK MANAGEMENT5.

17

for the First Quarter Ended March 31, 2015 (Un-audited)


No provision has been made in respect of premium deficiency reserve as the unearned premium reserve for each classof business as at period end is adequate to meet the expected future liability, after reinsurance, from claims and otherexpenses, expected to be incurred after the balance sheet date in respect of policies in force at the balance sheet date.

PREMIUM DEFICIENCY RESERVE6.

There is no change in the status of contingencies as disclosed in the annual financial statements of the Company forthe year ended 31 December 2014.

CONTINGENCIES - TAXATION7.

INVESTMENTS8.

Investments in subsidiary

Investments in associates

Held to maturity investments

Available for sale

- Quoted

- Unquoted

31 March2015


31 December2014

The investments comprise of the following:

8.1

8.1

8.1

729,846

3,641,515

124,215

7,477,890

115,764

7,593,654

12,089,230

729,846

3,710,955

124,109

7,476,837

154,797

7,631,634

12,196,544

Market value of investments as at 31 March 2015 is Rs. 62,254 million (31 December 2014 : Rs. 62,770 million).8.1

During the current period, the Board of Directors of certain companies, in which the Company holds investment, haverecommended final dividend which is subject to approval of shareholders of such companies in their respective AnnualGeneral Meetings scheduled to be held in the subsequent period. Once approved by the shareholders of these companies,the Company will receive dividend income of Rs. 596 million in the subsequent period.

INVESTMENT INCOME9.

Opening book valueAdditions during the period / yearNet book value of disposal during the period / yearDepreciation for the period / yearClosing book value

31 March2015

31 December2014

18


235,8565,821

(2,151)(8,305)

231,221


216,93662,983(9,861)

(34,202)235,856

Related parties comprises associated undertakings, other related companies, directors of the Company andpost employment benefit plans. The Company in the normal course of business carries out transactions withvariuos related parties. All transactions with related parties have been carried out on commercial terms andconditions.

TRANSACTIONS WITH RELATED PARTIES11.

FIXED ASSETS - Tangible10.

46,7767,710

19,89011,555,245

-1,8321,452

10,5936,289

31,618

Premium receivableCommission payableProfit receivable on certificate of depositInvestment in sharesPayable for administrative servicesPayable to retirment benefit fund(Payable) to / receivable from provident fundPrepaid rentSecurity DepositOther receivables

Period-end balances:

Un-audited31 March

2015

Audited31 Deccember

2014

96,68610,838-

11,485,8052,0002,051

(1,243)5,6536,289

36,241

Premium underwrittenPremium collectedClaims expenseCommission paidCommission expenseRental incomeRent expenseDonationPurchase of fixed assetDisposal of fixed assetInvestment in shares - net of provision for impairmentCharge for administrative servicesCharge in respect of gratuity fundCharge in respect of provident fundKey management personnel compensationProfit on certificate of deposit

Transactions

31 March2015

31 March2014

275,273266,27121,8362,117

506947

4,940100

-112

(69,440)2,0002,0082,354

20,782 -

232,440224,38531,5822,915

3951,1264,160-

15,5982,044

(2,257)-

1,6472,129

16,7187,273

Un-audited



19



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

SEGMENT REPORTING12.

Segment wise assets and liabilities as of March 31, 2015 are as follow:

March 31, 2015 (Un-audited)

Fire andpropertydamage


928,317

-

-

1,065,262

-

-

Marine,aviation and

transport

201,223

-

-

301,178

-

-

262,829

-

-

673,103

-

-

Motor Health

38,202

-

-

126,443

-

-

Miscellaneous

213,156

-

-

288,595

-

-

Total

1,643,727

12,976,413

14,620,140

2,454,581

661,268

3,115,849

Segment assets

Unallocated assets

Consolidated assets

Segment liabilities

Unallocated liabilities

Consolidated total liabilities

December 31, 2014 (Audited)

Fire andpropertydamage


727,301

-

-

742,075

-

-

Marine,aviation and

transport

218,746

-

-

276,814

-

-

225,706

-

-

495,941

-

-

Motor Health

45,818

-

-

107,539

-

-

Miscellaneous

218,864

-

-

360,125

-

-

Total

1,436,435

13,053,655

14,490,090

1,982,494

928,450

2,910,944

Segment assets

Unallocated assets

Consolidated assets

Segment liabilities

Unallocated liabilities

Consolidated total liabilities

20


EARNINGS PER SHARE13.

Basic earnings per share

(Loss) / profit for the period

(Loss) / earnings per share

DATE OF AUTHORISATION FOR ISSUE14.

These unconsolidated condensed interim financial statements have been authorized for issue on 22April, 2015 by the Board of Directors of the Company.

(0.61)

Weighted average number of ordinary shares

Quarter ended March


(74,855)

122,689,532

0.16

19,252

122,689,532

(Rupees)



22

Directors’ Report to the Shareholders on Consolidated CondensedInterim Financial Information

For and on behalf of the Board

Syed Babar AliChairman

Karachi: April 22, 2015

The Directors of IGI Insurance take pleasure in presenting their review together with the consolidated

condensed interim financial information (un-audited) of IGI Insurance Limited and its subsidiary, IGI

Life Insurance Limited for the quarter and three months ended March 31, 2015.

The consolidated condensed interim financial information reflects Rs 1.44 (March 31, 2014: Rs 2.03)

earnings per share for the period under review.

We cherish the support and patronage of our business partners and all stakeholders and appreciate

the dedicated and sincere efforts of our employees.

CONSOLIDATED

Condensed InterimFinancial Informationfor the Quarter Ended

March 31, 2015

Consolidated Condensed Interim Balance Sheet

24

The annexed notes 1 to 14 form an integral part of these condensed interim consolidated financial statements.

March 31,2015

December 31,2014Note

(Rupees in thousand)Share capital and reserves

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

Ordinary shares of Rs.10/- each]

Issued, subscribed and paid up share capitalUnappropriated profit Reserves

Underwriting provisions

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

Creditors and accruals

Premium received in advanceAmounts due to other insurers / reinsurersExperience refund payableAccrued expensesSundry creditors

Borrowings

Short term finance - securedLong term finance - secured

Other LiabilitiesUnclaimed dividend

TOTAL LIABILITIES

Equity attributable to the equity holders of the parent

Non-controlling interest

Total Equity

Deferred liabilitiesDeferred taxation

2,000,000

1,226,8951,874,9308,582,316

11,684,141

850,726648,17172,750

1,571,647

41,375374,19641,749

197,938492,068

8,703

13,976,941

1,147,326

79,830675,000754,830

250,314

11,934,455

39,167

Balance of Statutory Funds 10,455,268

TOTAL EQUITY AND LIABILITIES

CONTINGENCIES AND COMMITMENTS 7

25,911,396



(Unaudited) (Audited)

26,237,372

2,000,000

1,226,8952,415,5598,214,247

11,856,701

772,024929,551108,617

1,810,192

55,329527,89850,607

164,638463,295

8,702

14,127,132

1,261,766

-550,000550,000

253,538

12,110,240

60,738

10,435,734

25



8

Note

Rupees in thousand

10

1,376408,906377,000787,283

136,103

22,424,377

124,380

505,287453,075190,305292,118

468,53655,989

257,90321,451

118,936

41,613164,68969,7043,292

279,298

26,237,372

23269292

2,363,599

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

Cash and bank deposits

Cash and other equivalentsCurrent and other accountsDeposits maturing within 12 months

Investments

Investment property

Current assets - others

Fixed assets

TangibleFurniture, fixtures and office equipmentBuildingMotor vehiclesCapital work in progress

Intangibles

Computer softwares

Goodwill

TOTAL ASSETS

Loans secured against other assets- To employees- To agents

Loans secured against life insurance policies

5,069

116,971



506596,291315,000911,797

134,350

21,954,935

127,363

395,945525,344417,496336,040

309,85850,704

234,08123,31689,217

42,337166,54566,7822,003

277,667

25,911,396

92269361

2,382,001

5,951116,971

March 31,2015

31 December2014

(Unaudited) (Audited)

Consolidated Condensed Interim Profit and Loss Account for the First Quarter Ended March 31, 2015 (Un-audited)

26


Revenue accountNet premium revenueNet claimsExpensesNet commissionNet investment income - Statutory FundOther income-netAdd: Policyholders' liabilities at the beginning of the periodLess: Policyholders' liabilities at the end of the period(Surplus) / deficit taken to statutory fund

Underwriting result

Investment income (Note 9)Rental incomeReturn on bank balancesOther incomeFinancial chargesGeneral and administrative expenses

Taxation

Profit after taxation

Share of profit of associate

Equity holders of the parentNon-controlling interest

Earnings per share - basic and diluted (Note 13)

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

Total comprehensive income

Total comprehensive income attributable to:

25,854(17,835)

(7,067)1,986--

-

--

2,938

24,835(21,970)

(3,450)(825)--

-

--

(1,410)

144,939(71,588)(28,324)(16,264)

--

-

--

28,763

54,952(16,999)(11,651)

10,728--

-

--

37,030

25,731(3,218)

(35,474)30,076

--

-

--

17,115

Marine,aviation

andTransport

Health MiscellaneousMotor Fire andPropertyDamage

Rupees in thousand

14,772(19,848)

(4,753)(4,012)31,084

681

1,098,827

(1,114,028)(2,723)-

LifeParticipating

278,491(149,386)

(83,060)37,114

--

-

--

83,159

March 31,2015

4,569(14,226)

(331)-

1,911131

70,259

(62,514)201

-

PensionBusiness

Fund

924,041(922,222)(181,192)

(69,418)298,346

14,762

9,594,542

(9,609,726)35,30384,436

March 31,2014

Quarter ended

Aggregate Aggregate

Life Non-Participating

159,896(560,580)

(17,647)(24,633)170,575

913

4,253,665

(4,012,704)30,515-

InvestmentLinked

Business

207,533(78,546)(40,378)(55,306)

85,2333,529

3,936,955

(4,083,503)24,483-

Individual

76,271(23,243)(11,732)

(3,506)5,528

885

65,374

(101,558)(8,019)

-

Group

Accident and Health Business

3,213(1,104)

(743)(2,948)

1,10473

22,770

(21,085)(1,280)

-

Individual

181,476(93,065)(19,642)

(4,714)2,9118,550

146,692

(214,334)(7,874)

-

Group

NON-LIFE INSURANCE LIFE INSURANCE

175,785

(14,793)947

6,811193

(15,399)(31,900)(54,142)

172,5603,225

223,036

(46,414)

176,622

1.44

192,742

(837)

175,785

249,357

3,0201,1267,2674,824

(7,319)(41,663)(32,745)

249,357-

272,281

(22,924)

249,357

2.03

221,867

-

249,357



Profit before taxation

27

Consolidated Condensed Interim Statement of Changes in Equity for the First Quarter Ended March 31, 2015 (Un-audited)


10,693,037

249,357

-249,357

-

-

10,942,394

266,715

986,051

6,083(4,584)

1,499987,550

(94,900)

-(167,304)

11,934,455

176,622

(837)175,785

-

12,110,240

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

Reserves

Issued,Subscribedand Paid-up

Share Capital

Premiumon Issueof Shares

OtherCapital

Reserves GeneralReserve

Unapprop-riatedProfits

Capital Reserves RevenueReserves

Total

Balance as at January 1, 2014 (audited)

Profit after taxation for the period ended March 31, 2014

Other comprehensive income for the periodTotal comprehensive income for the Quarter ended March 31, 2014


Transfer from general reserve to reserve for bonus shares


Transactions with owners, recorded directly in equityNon-controlling interest acquired on acquisition of IGI Life Insurance Limited

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

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

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

Transactions with owners, recorded directly in equity

Capital contribution to statutory funds during the year

Bonus shares issued for the year ended December 31, 2013 -Re. 1 per shareFinal dividend for the year ended December 31, 2013 - Rs. 1.5 per share

Balance as at December 31, 2014

Profit after taxation for the period ended March 31, 2015

Other comprehensive loss for the periodTotal comprehensive income for the Quarter ended March 31, 2015



Reservefor Bonus

Shares

EquityAttributable

to equityholders

of the parent

Non-controlling

Interest

1,115,359

-

--

-

-

1,115,359

-

-

--

--

-

111,536-

1,226,895

-

--

-

1,226,895

35,762

-

--

-

-

35,762

-

-

--

--

-

--

35,762

-

--

-

35,762

-

-

--

-

111,536

111,536

-

-

----

-

(111,536)-

-

-

--

-

-

33,267

-

--

-

-

33,267

-

-

----

-

--

33,267

-

--

-

33,267

8,792,127

-

--

(167,304)

(111,536)

8,513,287

-

-

----

-

--

8,513,287

-

--

(368,069)

8,145,218

716,522

249,357

-249,357

167,304

-

1,133,183

-

973,676

6,083(4,584)

1,499975,175

-

-(167,304)

1,941,054

173,397

(837)172,560

368,069

2,481,683

10,693,037

249,357

-249,357

-

-

10,942,394

-

973,676

6,083(4,584)

1,499975,175

(66,124)

-(167,304)

11,684,141

173,397

(837)172,560

-

11,856,701

-

-

--

-

-

-

266,715

12,375

---

12,375

(28,776)

--

250,314

3,225

-3,225

-

253,538


Capitalcontributedto statutory

funds

-

-

--

-

-

-

-

-

----

(66,124)

--

(66,124)

-

--

-

(66,124)



Consolidated Condensed Interim Statement of Cash Flows

28

Quarter endedMarch 31,

2015March 31,

2014

(Rupees in thousands)

1,412,210(238,486)(448,009)(653,535)

139,852(119,439)

115,895208,488

(48,665)(292,329)

(1,638)69

(342,563)

485,7332,998

(643,763)405,139(15,857)(1,289)

2,335

-(20,905)

(125,000)

(134,075)

235,296

(145,905)

(44,684)

831,967

787,283

589,241(72,359)

(175,939) -

50,848(29,831)

85,900447,860

(6,886)(167,049)

- -

(173,935)

19,9713,915

(2,341) -

(27,943) -

8,046

(1,046)(14,456)

-

273,925

1,648

(15,502)

260,071

(75,509)

184,562

Operating activities

Premiums receivedReinsurance premiums paidClaims paidSurrenders paidReinsurance and other recoveries receivedCommissions paidCommissions receivedNet cash generated from underwriting activities

a) Underwriting activities

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

b) Other operating activities

Total cash (used in) / generated from operating activities

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

Total cash generated from investing activities

Financing activities

Dividends paidFinancial charges paidLoan paid

Total cash used in financing activities

Net cash generated from all activities

Cash at the beginning of the period

Cash at the end of the period



29



Profit after taxation

Reconciliation to profit and loss account

Operating cash flows

Depreciation / amortisation

Financial charges

Gain on disposal of fixed assets

Increase in assets other than cash

Increase in liabilities

Provision for impairment in the value of available for sale investments - net

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

placements with banks and short term running finance

Definition of cash

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

Others

Surplus of Statutory funds

Dividend and other investment income

Share of profit of associate

Return on bank balances

176,622

(134,075)

(17,230)

(15,399)

193

203,925

(389,412)

(37,980)

249,357

273,925

(10,201)

(7,319)

4,823

124,937

(371,524)

(1,920)

35,303

323,163

192,742

15,392

-

7,502

221,867

7,267




Quarter endedMarch 31,

2015March 31,

2014


Cash and other equivalents

Current and other accounts

Deposits maturing within 12 months

Short term running finance

1,376

408,906

377,000

-

787,283

214

488

255,000

(71,140)

184,562

Consolidated Condensed Interim Statement of Premiums for the First Quarter Ended March 31, 2015 (Un-audited)

30



Non-Life Insurance:


370,897121,810231,054

36,06773,886

833,714

276,46918,177

231,20640,39181,928

648,171

432,65231,553

316,19751,62397,526

929,551

214,714108,434146,063

24,83558,288

552,334

336,38259,492

4,306 -

34,521434,701

245,7439,767

227-

54,121309,858

393,14215,777

3,409 -

56,208468,536

188,98353,482

1,124 -

32,434276,023

25,73154,952

144,93924,83525,854

276,311

22,87955,535

128,39450,50421,180

278,491

Fire and Property Damage Marine, Aviation and TransportMotorHealth MiscellaneousTotal



Net Premium Revenue

PremiumsWritten



Opening ClosingPremiums

EarnedReinsurance

Ceded Opening Closing

Prepaid ReinsurancePremium Ceded Reinsurance

ExpenseMarch 31,

2015March 31,

2014

For the quarter ended March 31, 2015

Quarter ended

Life Insurance:

17,017213,621

87,927163,573

4,707182,469

4,569673,883

1,507,597

--------

648,171

--------

929,551

17,017213,621

87,927163,573

4,707182,469

4,569673,883

1,226,217

2,2456,088

11,6563,6771,494

993-

26,153

460,854

--------

309,858

--------

468,536

2,2456,088

11,6563,6771,494

993-

26,153

302,176

14,772207,533

76,271159,896

3,213181,476

4,569647,730

924,041

--------

278,491

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

Grand Total

Net Premium Revenue

PremiumsWritten



Opening ClosingPremiums

EarnedReinsurance

Ceded Opening Closing

Prepaid ReinsurancePremium Ceded Reinsurance

ExpenseMarch 31,

2015March 31,

2014


Quarter ended

31

Consolidated Condensed Interim Statement of Claims for the First Quarter Ended March 31, 2015 (Un-audited)






Life Insurance:

22,14478,54625,593

561,6384,104

93,06514,226

799,316

1,083,968

--------

640,512

--------

571,767

22,14478,54625,593

561,6384,104

93,06514,226

799,316

1,015,223

2,296-

2,3501,0583,000--

8,704

136,923

--------

336,040

--------

292,118

2,296-

2,3501,0583,000

--

8,704

93,001

19,84878,54623,243

560,5801,104

93,06514,226

790,612

922,222

--------

149,386


Grand Total

Net claims expense

Claims paid


Outstandingclaims

Opening ClosingClaims

expense

Reinsuranceand otherrecoveriesreceived Opening Closing

Reinsuranceand other

recoveries inrespect of

outstanding claims


March 31, 2015

March 31, 2014


Quarter ended


Non-Life Insurance:

78,82755,79176,05720,96353,014

284,652

214,057158,427127,291

37,273103,464640,512

169,519138,380122,822

38,280102,766571,767

34,29035,74471,58821,97052,316

215,907

70,23823,833

--

34,148128,219

181,48661,51314,687

-78,354

336,040

142,31956,42514,687

-78,687

292,118

31,07118,745

--

34,48184,297

3,21816,99971,58821,97017,835

131,610

14,8065,328

80,45642,354

6,443149,386


Net claims expense

Claims paid


Outstandingclaims

Opening ClosingClaims

expense

Reinsuranceand otherrecoveriesreceived Opening Closing

Reinsuranceand other

recoveries inrespect of

outstanding claims


March 31, 2015

March 31, 2014


Quarter ended

Consolidated Condensed Interim Statement of Expenses for the First Quarter Ended March 31, 2015 (Un-audited)

32


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




Life Insurance:

4,03455,577

5,84824,860

2,9484,728-

97,995

130,430

--------

-

--------

-

4,03455,577

5,84824,860

2,9484,728-

97,995

130,430

4,75340,37811,73217,647

74319,642

33195,226

181,193

8,78795,95517,58042,507

3,69124,370

331193,221

311,623

8,76595,68415,23842,280

3,69124,356

331190,345

250,610

--------

45,946


Grand Total

22271

2,342227-

14-

2,876

61,013

Net underwriting expense

Commissionspaid orpayable


Deferredcommission

Opening Closing

Netcommission

expense

Othermanagement

expensesUnderwriting

expense

*Commissionsfrom

reinsurers March 31, 2015

March 31, 2014


Quarter ended


Non-Life Insurance:

2,1337,277

16,264825

5,93632,435

------

------

2,1337,277

16,264825

5,93632,435

35,47411,65128,325

3,4507,067

85,967

37,60718,92844,589

4,27513,003

118,402

32,21018,005

--

7,92258,137

5,397923

44,5894,2755,081

60,265

(115)1,446

37,7895,1991,627

45,946


Net underwriting expense

Commissionspaid orpayable


Deferredcommission

Opening Closing

Netcommission

expense

Othermanagement

expensesUnderwriting

expense

*Commissionsfrom

reinsurers March 31, 2015

March 31, 2014


Quarter ended

Non-Life Insurance:

Income from non-trading investmentsReturn on government securitiesDividend income on available for sale investments(Provision) for diminution / reversal of impairment in value of investmentsLess: Investment related expenses

Life Insurance:

Shareholders' fundReturn on government securitiesRealised gain on sale of investments held as 'available for sale'

Statutory Funds

Life ParticipatingReturn on government securitiesUnrealised gain on revaluation of available-for-sale investmentsGain on sale of investments classified as available-for-sale

Life Non-Participating (Individual)Return on government securitiesUnrealised gain on revaluation of available-for-sale investmentsGain on sale of investments classified as available-for-sale

Life Non-Participating (Group)Return on government securitiesGain on sale of investments classified as available-for-sale

Investment LinkedReturn on government securitiesUnrealised gain on revaluation of available-for-sale investmentsGain on sale of investments classified as available-for-sale

Accident and Health (Individual)Return on government securitiesGain on sale of investments classified as available-for-sale

Accident and Health (Group)Return on government securities(Loss) on sale of investments classified as available-for-sale

Pension Business FundReturn on government securities

Net investment income

Net investment income-statutory fundsNet investment income-other

33

Consolidated Condensed Interim Statement of Investment Income for the First Quarter Ended March 31, 2015 (Un-audited)



March 31, 2015

March 31, 2014

Quarter ended


3,9462,998

(37,980)(1,630)

(32,666)

17,425448

17,873

37,568(7,346)

86231,084

102,857(19,967)

2,34385,233

5,386142

5,528

71,68993,6575,229

170,575

1,08321

1,104

2,85061

2,911

1,911

283,553

298,346(14,793)283,553

3,5873,915

(1,920)(2,562)

3,020

---

----

---

--

----

--

--

-

3,020

-3,0203,020



34

Notes to Consolidated Condensed Interim Financial Information

The "Group" consist of:

STATUS AND NATURE OF BUSINESS1.

1.1

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

- Subsidiary Company

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

Holding Company1.2

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

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

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

The Company is engaged in life insurance, carrying on both participating and non-participating business.In accordance with the requirements of the Insurance Ordinance, 2000, the Company established aShareholders’ Fund and Separate Statutory Funds, in respect of each class of life insurance business. TheStatutory Funds established by the Company, in accordance with the advice of the Appointed Actuary areas follows:

Subsidiary Company1.3

35



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

BASIS OF PRESENTATION2.

These condensed interim consolidated financial statements are un-audited and are being submitted tothe shareholders in accordance with the listing regulations of Karachi, Lahore and Islamabad StockExchanges and section 245 of the Companies Ordinance, 1984. These condensed interim consolidatedfinancial statements of the Company have been prepared in accordance with the approved accountingstandards as applicable in Pakistan for interim financial reporting and in the format prescribed by theSecurities and Exchange Commission of Pakistan in its circular No. 7 of 2003.

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

ACCOUNTING POLICIES3.

The accounting policies and methods of computation adopted in the preparation of these condensedinterim consolidated interim financials statements are the same as those applied in the preparation ofthe annual financial statements for the year ended 31 December 2014.

SIGNIFICANT ESTIMATES AND JUDGEMENT4.

The preparation of the condensed interim consolidated financial statements requires management tomake judgements, estimates and assumptions that affect the application of accounting policies and thereported amounts of assets and liabilities, income and expenses. Actual results may differ from theseestimates.

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

FINANCIAL AND INSURANCE RISK MANAGEMENT5.

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

PREMIUM DEFICIENCY RESERVE6.

No provision has been made in respect of premium deficiency reserve as the unearned premium reservefor each class of business as at period end is adequate to meet the expected future liability, afterreinsurance, from claims and other expenses, expected to be incurred after the balance sheet date inrespect of policies in force at the balance sheet date.

36


CONTINGENCIES - TAXATION7.

There is no change in the status of contingencies as disclosed in the annual financial statements of theCompany for the year ended 31 December 2014.

INVESTMENTS8.

The investments comprise of the following:

Investments in associatesHeld to maturity investmentsAvailable for saleAt fair value through profit or loss

(Un-audited)March, 31

2015


(Audited)December, 31

2014Note

3,890,989124,109

17,298,910640,927

21,954,935

8.1

8.1

4,082,778124,215

17,600,567616,817

22,424,377

Market value of investments as at 31 March 2015 is Rs. 64,855 million (31 December 2014 : Rs. 63,100million).

8.1

INVESTMENT INCOME9.

During the current period, Board of Directors of certain companies, in which the Holding Company holdsinvestment, have recommended final dividend which is subject to approval of shareholders of suchcompanies in their respective Annual General Meetings scheduled to be held in the subsequent period.Once approved by the shareholders of these companies, the Company will receive dividend income ofRs. 596 million in the subsequent period.

FIXED ASSETS - Tangible10.

Opening book value

Additions during the period / year

Net book value of disposal during the period / year

Depreciation for the period / year

Closing book value


2015



2014

277,667

17,142

(2,151)

(13,360)

279,298

216,936

122,890

(13,891)

(48,268)

277,667

37



TRANSACTIONS WITH RELATED PARTIES11.

Related parties comprises associated undertakings, other related companies, directors of the Companyand post employment benefit plans. The Company in the normal course of business carries out transactionswith variuos related parties. All transactions with related parties have been carried out on commercialterms and conditions.

Premium underwritten

Premium collected

Claims expense

Commission paid

Commission expense

Rental income

Rent expense

Donation

Purchase of fixed asset

Disposal of fixed asset

Investment in shares - net of provision for impairment

Charge in respect of gratuity fund

Charge in respect of provident fund

Key management personnel compensation

Profit on certificate of deposit

Transactions-Holding Company

Premium received

Claims paid

Brokerage charges

Charge for administrative services provided

Contribution made to provident fund

Contribution made to gratuity fund

Remuneration paid

Mark-up on loan

Premium received

Transactions - Subsidiary Company


2015


2014


5,728

2,702

20

163

2,740

2,544

22,763

1

171

-

-

-

-

-

-

-

-

-

273,709

265,197

21,679

2,117

506

947

4,940

100

-

112

-

2,008

2,354

20,782

-

232,440

224,385

31,582

2,915

395

1,126

4,160

-

15,598

2,044

(2,257)

1,647

2,129

16,718

7,273

Premium receivable

Commission payable

Profit receivable on certificate of deposit

Investment in shares

Payable to retirment benefit fund

(Payable) to / receivable from provident fund

Prepaid rent

Security Deposit

Other receivables

Period-end balances - Holding Company

Payable to provident fund

Payable to gratuity fund

Loans receivable

Period-end balances - Subsidiary Company

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

SEGMENT REPORTING12.


2015


2014


96,180

10,838

-

11,197,222

2,051

(1,243)

5,653

6,289

33,009

46,776

7,710

19,890

11,005,317

1,832

1,452

10,593

6,289

30,917

965

873

23 -

38


-

-

39



Assets and liabilities, wherever possible, have been assigned to the following segments based on specific identificationor allocated on the basis of gross premium written by the segments.

Segment assetsUnallocated assetsConsolidated total assetsSegment liabilitiesUnallocated liabilitiesConsolidated total liabilities

145,673 -

217,531 -

71,110 -

106,187 -

455,540 -

680,258 -

240,157 -

358,627 -

731,252-

1,091,978-

Rupees in thousand

1,531,656 -

1,559,967 -

69,494 -

69,494 -

12,662,39813,574,97426,237,37213,399,369

727,76314,127,132

4,313,011 -

4,221,747 -

4,355,685 -

4,358,694 -

323,737 -

309,803 -

51,438 -

51,438 -

373,645 -

373,645 -

GENERAL INSURANCE LIFE INSURANCE

March 31, 2015 (Un-audited)

Segment assetsUnallocated assetsConsolidated total assetsSegment liabilitiesUnallocated liabilitiesConsolidated total liabilities

218,864-

236,325-

45,818-

97,910-

225,706-

451,642-

218,746-

245,823-

727,301-

679,014-

Rupees in thousand

1,549,404-

1,549,404-

75,122-

75,122-

12,367,71913,543,67725,911,39612,736,898

1,240,04313,976,941

4,508,235-

4,508,235-

4,262,397-

4,295,497-

258,032-

258,032-

53,238-

54,738-

224,856-

285,156-

GENERAL INSURANCE LIFE INSURANCE

December 31, 2014 (Audited)

EARNINGS PER SHARE13.

2015 2014


Quarter ended March

Basic earnings per share

Profit for the period

Weighted average number of ordinary shares

176,622

122,689,532

249,357

122,689,532

(Rupees)1.44 2.03Earnings per share

DATE OF AUTHORIZATION FOR ISSUE14.

These condensed interim consolidated financial statements have been authorized for issue on 22 April, 2015by the Board of Directors of the Company.

Marine,aviation

andTransport


LifeParticipating

PensionBusiness

Fund

AggregateTotal

Life Non-Participating InvestmentLinked

BusinessIndividual Group


Individual Group

Marine,aviation

andTransport


LifeParticipating

PensionBusiness

Fund

AggregateTotal

Life Non-Participating InvestmentLinked

BusinessIndividual Group


Individual Group

40

Shareholder’s Information for the First Quarter Ended March 31, 2015 (Un-audited)

Shareholders Category No. ofShareholder

No. ofShares Held Percentage

Directors, Chief Executive Officer, spouse

Associated Companies, undertakings and related parties

17

2

38,354,683

33,876,059

31.26

27.61

6

12

3

1,731

-

85

2,529,032

3,474,387

60,755,519

22,924,685

-

13,973,111

2.06

2.83

49.52

18.69

-

11.39

Banks Development Financial Institutions,

Insurance Companies

Modarabas and Mutual Funds

Share holders holding 10%

General Public :

a. Local

b. Foreign

Others

Non Banking Financial Institutions. 10 7,557,578 6.16

and minor children

41

Pattern of Shareholding for the First Quarter Ended March 31, 2015 (Un-audited)


1,863

Number of Shareholders350399249416184

4526241817

66563136531421111313131111211111211322121111211112112211111111111111111111111111

Total Number of Shares Held13,523

118,570198,108

1,021,3231,370,972

557,153457,485544,657503,120549,835222,395256,473239,334319,139172,954

64,900203,264434,347411,017261,200

91,000400,000205,660108,984112,074118,468123,022411,086148,415457,610164,852512,922182,200191,261200,000215,000440,000224,571226,235230,008239,004243,000508,934255,600285,489895,179605,946644,865334,547735,952371,606379,966401,900420,000885,485488,678500,000514,230528,130

1,101,498563,269578,758

1,161,5431,174,457

660,000667,142752,065759,000773,000814,000861,000940,800988,240997,720

1,027,1401,058,7351,063,2071,167,9161,214,4751,226,8011,676,6771,719,1461,946,3642,214,8803,076,7284,586,3855,241,419

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

122,689,532

To100500

1,0005,000

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

100,000105,000110,000115,000120,000125,000140,000150,000155,000165,000175,000185,000195,000200,000215,000220,000225,000230,000235,000240,000245,000255,000260,000290,000300,000305,000325,000335,000370,000375,000380,000405,000420,000445,000490,000500,000515,000530,000555,000565,000580,000585,000590,000660,000670,000755,000760,000775,000815,000865,000945,000990,000

1,000,0001,030,0001,060,0001,065,0001,170,0001,215,0001,230,0001,680,0001,720,0001,950,0002,215,0003,080,0004,590,0005,245,000

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

From1

101501

1,0015,001

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

100,001105,001110,001115,001120,001135,001145,001150,001160,001170,001180,001190,001195,001210,001215,001220,001225,001230,001235,001240,001250,001255,001285,001295,001300,001320,001330,001365,001370,001375,001400,001415,001440,001485,001495,001510,001525,001550,001560,001575,001580,001585,001655,001665,001750,001755,001770,001810,001860,001940,001985,001995,001

1,025,0011,055,0011,060,0011,165,0011,210,0011,225,0011,675,0011,715,0011,945,0012,210,0013,075,0014,585,0015,240,001

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

precautionmoeez karim faisal khan haider ali syed matin ahmed (secretary) bankers allied bank...

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