| MUSLIM INSURANCE COMPANY LIMITED |
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| ANNUAL
REPORT 1997 |
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| CORPORATE |
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| MISSION
STATEMENT |
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| 1.
Muslim Insurance Company Limited while |
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| maintaining
its Entrepreneurial Posture will stay in |
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| the
forefront of innovation and technological |
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| development
in the Insurance Industry in Pakistan. |
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| 2.
Muslim Insurance Company Limited will achieve |
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| Corporate
success through an unwavering |
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| commitment
to provide its Policyholders high quality |
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| products
and services to their ultimate satisfaction. |
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| 3.
Muslim Insurance Company Limited will |
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| vigorously
promote and safeguard the interest of its |
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| employees,
shareholders, Reinsurers and all other |
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| business
associates. |
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| CONTENTS |
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| Group
Executive Committee |
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| Group
Personnel Committee |
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| Group
Audit Committee |
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| Company
Information |
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| Fifteen
Years Growth at a Glance |
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| Chairman's
Review |
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| Directors'
Report |
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| Auditors'
Report |
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| Balance
Sheet |
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| Profit
& Loss Account |
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| Consolidated
Revenue Account |
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| Fire
Insurance Business Revenue Account |
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| Marine
Insurance Business Revenue Account |
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| Motor
and Misc. Insurance Business Revenue Account |
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| Cash
Flow Statement |
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| Classified
Summary of Assets in Pakistan |
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| Notes
to the Accounts |
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| Pattern
of Shareholdings |
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| Notice
of Meeting |
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| Company
Offices |
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| Atlas
Group Companies |
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| GROUP
EXECUTIVE COMMITTEE |
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| Chairman |
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Yusuf H. Shirazi |
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| Members |
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Jawaid Iqbal Ahmed |
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Frahim Ali Khan |
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Iftikhar H. Shirazi |
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Aamir H. Shirazi |
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Saquib H. Shirazi |
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| Secretary |
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Amjad Hussain |
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| GROUP
PERSONNEL COMMITTEE |
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| Chairman |
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Yusuf H. Shirazi |
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| GROUP
AUDIT COMMITTEE |
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| Chairman |
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Sanaullah Qureshi |
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| COMPANY
INFORMATION |
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| Chairman |
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Yusuf H. Shirazi |
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| Directors |
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Muhammad Faruque |
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Jawaid Iqbal Ahmed |
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Frahim Ali Khan |
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Iftikhar H. Shirazi |
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Saquib H. Shirazi |
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S.C. Subjally |
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| Chief
Executive |
S.C. Subjally |
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| General
Manager |
Arshad P. Rana |
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| Auditors |
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Ford Rhodes Robson Morrow |
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Chartered Accountants |
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| Registered
Office |
3 - Bank Square, |
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Shahrah-e-Quaid-e-Azam,
Lahore. |
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| FIFTEEN
YEARS GROWTH AT A GLANCE |
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| (Rupees
in million) |
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1997 |
1996 |
1995 |
1994 |
1993 |
1992 |
1991 |
1990 |
1989 |
1988 |
1987 |
1986 |
1985 |
1984 |
1983 |
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| Gross
Premium |
137.10 |
117.70 |
93.50 |
74.10 |
93.50 |
85.90 |
75.90 |
75.50 |
76.40 |
72.50 |
72.4 |
61.3 |
53.2 |
46.30 |
39.00 |
| Net Premium |
|
73.80 |
62.90 |
54.80 |
35.20 |
48.90 |
42.90 |
41.90 |
40.80 |
40.70 |
38.50 |
36.7 |
32.7 |
28.9 |
22.50 |
20.00 |
| Gross
Claims Paid |
108.20 |
271.10 |
27.10 |
27.20 |
32.70 |
25.10 |
30.60 |
27.90 |
27.80 |
28.70 |
18.10 |
19.80 |
15.00 |
12.40 |
9.90 |
| Net
Claims Paid |
17.40 |
17.00 |
11.50 |
11.40 |
14.90 |
10.30 |
12.30 |
11.00 |
9.20 |
8.50 |
7.70 |
7.80 |
6.10 |
4.00 |
4.30 |
| Underwriting
Profit |
11.40 |
12.10 |
6.00 |
3.30 |
6.50 |
6.50 |
3.30 |
5.50 |
5.20 |
4.90 |
5.60 |
5.50 |
4.50 |
4.10 |
2.90 |
| investment
Income |
8.00 |
7.10 |
10.00 |
10.4 |
9.90 |
7.50 |
6.50 |
3.30 |
3.10 |
3.30 |
2.50 |
0.90 |
0.80 |
1.10 |
1.70 |
| Profit
Before Tax |
15.40 |
16.20 |
13.50 |
11.60 |
13.60 |
11.20 |
7.20 |
6.70 |
6.70 |
6.30 |
5.90 |
4.50 |
3.50 |
3.70 |
3.20 |
| Profit
After Tax |
18.60 |
10.70 |
7.30 |
7.00 |
9.60 |
7.70 |
5.30 |
5.00 |
5.00 |
4.60 |
4.20 |
3.00 |
2.10 |
2.20 |
2.10 |
| Cash
Dividend |
7.50 |
5.70 |
2.90 |
4.00 |
3.20 |
2.60 |
1.90 |
1.30 |
2.40 |
2.00 |
2.50 |
1.50 |
0.90 |
1.00 |
0.70 |
| Bonus
Shares |
7.50 |
4.80 |
2.90 |
2.70 |
5.40 |
3.60 |
2.00 |
2.00 |
1.80 |
2.00 |
1.00 |
1.50 |
1.50 |
1.00 |
1.30 |
| Investment
at Cost |
49.4 |
45.30 |
66.00 |
63.30 |
57.50 |
48.90 |
39.40 |
33.50 |
27.80 |
26.50 |
21.40 |
14.50 |
10.10 |
9.30 |
9.30 |
| Total
Assets |
154.80 |
143.30 |
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127.2112.5 |
112.30 |
89.70 |
78.70 |
70.70 |
62.80 |
58.30 |
57.20 |
45.10 |
37.70 |
35.40 |
32.70 |
| Free
Reserves |
28.20 |
22.90 |
20.70 |
18.30 |
19.50 |
16.50 |
13.50 |
11.10 |
9.20 |
8.10 |
5.40 |
6.00 |
5.80 |
5.00 |
4.70 |
| Paid-up
Capital |
37.30 |
32.40 |
29.50 |
26.80 |
21.40 |
17.90 |
15.80 |
13.80 |
12.00 |
10.00 |
10.00 |
7.50 |
6.00 |
5.00 |
3.70 |
| Equity |
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65.50 |
55.30 |
50.10 |
45.10 |
41.00 |
34.40 |
29.30 |
24.90 |
21.20 |
18.10 |
15.40 |
13.50 |
11.80 |
10.00 |
8.40 |
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| CHAIRMAN'S
REVIEW |
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| I
have great pleasure in presenting to you the |
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| 63rd
Annual Report along with audited accounts |
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| of
your company for the year ended 31 December |
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| 1997. |
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| THE ECONOMY |
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| The
fiscal year 1996-97 was one of the most |
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| difficult
years in the economic history of Pakistan. |
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| Most
economic indicators showed a declining |
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| trend.
The GDP growth rate of 3.1%, showing a |
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| decline
from 6.4% of the preceding year, was only |
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| slightly
above the population growth rate |
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| implying
virtually no improvement in per capita |
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| income.
This sharp decline in the GDP growth |
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| was
shared by the commodity production sectors |
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| of
agriculture and manufacturing. |
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| Agriculture,
the largest contributing sector, showed |
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| a
negligible growth of 0.7% as against 5.7% in |
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| the
previous year. While a nominal growth of 1.8% |
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| was
registered in the manufacturing sector |
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| compared
with 4.4% during the last year, there |
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| was
a fall of 1.4% in the large scale manufacturing. |
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| Heavy
taxation, high prices of raw materials, |
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| escalating
cost of loans and high utility charges |
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| coupled
with unrestricted import of finished items |
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| were
the main reasons which impeded the growth |
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| of
manufacturing sector. |
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| Despite
imposition of additional taxes of Rs. 40.8 |
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| billion
in the budget 1996-97 and a further |
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| Rs.
13.0 billion through another tax package |
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| announced
in October 1996, the fiscal deficit |
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| widened
to 6.2% of GDP as against the budget |
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| target
of 4.0%. Inflation during the year rose to |
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| 11.8%
against the target of 8.5%. The rupee has |
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| already
been devalued by 15% and is further |
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| depreciating
gradually, utility tariffs increased by |
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| 6.25%
and revision in sales tax from 15% to 18% |
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| -
all these increased the cost of production. The |
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| high
deficit financing at 6.3% had corresponding |
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| inflationary
impact of 11.8%. As a result the |
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| Balance
of Payment came under pressure during |
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| the
year. The exports decreased by 5.4%, imports |
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| decreased
by 1.47% and the trade deficit |
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| increased
to $ 3.37 billion. |
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| The
slow down of the economy was reflected in |
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| the
quantum index numbers for import of |
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| machinery
and transport equipment in the first |
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| three-quarters
of 1995-96, the index numbers |
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| were
344.5, 206.6 and 247.3 for the respective |
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| quarters.
These figures were drastically down for |
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| 1996-97
and stood at 191.1, 186.4 and 146.5 |
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| respectively.
The general wholesale price index |
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| and
the general consumer price index kept rising |
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| and
stood at 207.76 and 196.96 respectively with |
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| the
base year 1990-91, reflecting a drastic decline |
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| in
the consumers' purchasing power. |
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| THE
GROUP PERFORMANCE |
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| The
Atlas Group of which your company is a |
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| constituent
member relies more on intellectual |
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| capital
than on monetary capital. Harmonizing |
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| human
capital, owners capital and market capital- |
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| the
Group's image at the government, business |
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| and
international levels remaining within the |
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| bounds
of law, morality and good practices - is |
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| our
entrepreneurial brand equity. |
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| The
Atlas Group is a diversified group dealing in |
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| engineering,
financial services, trading, office |
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| equipment
and information technology. It consists |
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| of
seven public limited companies quoted on the |
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| stock
exchanges in Pakistan and seven private |
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| limited
companies. Pioneer in forming successful |
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| joint
venture companies with the collaboration of |
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| well
renowned international companies, Atlas |
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| shareholders'
equity has grown to Rs. 2 billion |
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| over
the years; assets have increased to over |
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| Rs.
8 billion; personnel strength is over 2500 and |
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| sales
have crossed the Rs. 8 billion mark. The |
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| Group
paid taxes of Rupees 2.4 billion being 30% |
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| of
the total turnover. |
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| The paid-up
capital of 7 listed companies stood |
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| at
Rupees 855 million and free reserves and |
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| surplus
at Rs. 903 million. The breakup value per |
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| rupee
10/- worked out to Rs. 20.56. Out of these |
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| seven
companies two companies have been rated |
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| 'A+'
and three 'A' by the credit rating and other |
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| evaluating
agencies. Your company, beside being |
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| one
of the 'A' rated companies, is among the top |
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| seven
insurance companies and rated 23rd among |
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| 205
Financial Sector Companies listed on |
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| Karachi
Stock Exchange. |
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| Your
company has also been given Financial |
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| Performance
Rating of 7 (Strong) on a rating scale |
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| of
1-9 by A.M. Best Co. (USA), the leading |
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| International
Rating Agency for Insurance |
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| Companies. |
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| The
seven quoted Group companies, set-up at |
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| different
times - the earliest in 1963 with a paid- |
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| up
capital of Rupees 2 million and the latest in |
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| 1993
with a paid-up capital of Rs. 400 million - |
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| have
paid cash dividend of Rs. 244.28 million and |
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| bonus
at Rs. 166.55 million (market value |
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| Rs.
404.43 million) against the paid-up capital of |
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| Rs.
855.15 million up to the year under review. |
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| Your
company having been taken-over by Atlas |
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| Group
in 1979 has made a turn-around from past |
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| trend
of accumulating losses and has made a |
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| steady
progress as its equity has grown from |
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| Rs.
1.6m in 1979 to Rs. 65.5m in 1997 while total |
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| assets
increased from Rs. 17.0m to Rs. 147.2m. |
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| INSURANCE
INDUSTRY |
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| The
Insurance Industry in Pakistan comprises 57 |
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| General
Insurers and five life insurers. The state |
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| owned
PIC and NIC are in addition. The total |
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| gross
direct premium during the year 1996 was |
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| at
Rs. 7.2 billion reflecting a growth of 16.24% |
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| from
the previous year. |
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| Though
the general insurance business is growing |
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| at
an annual rate of 15%, vast potential still |
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| remains
untapped primarily due to a general lack |
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| of
awareness about the importance of insurance, |
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| low
saving rate, high inflation and stagnancy of |
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| economy.
An Insurance company provides vital |
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| service
to all the sectors of the economy by bearing |
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| the
risk of huge and unforeseen losses. To meet |
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| the
needs of a growing economy, it is essential |
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| that
the Insurance Companies should be |
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| provided
incentives so that they can increasingly |
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| contribute
to the Capital formation in the Country. |
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| The
Government, having duly recognized the |
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| vitality
of the insurance sector for a vibrant |
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| economy,
had constituted a Task Force to suggest |
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| reforms
for this sector. It is a matter of pleasure |
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| that
the Task Force has finalized its |
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| recommendations,
which will soon be |
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| implemented.
Certain issues will however still |
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| need
urgent attention of the Government. One of |
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| these
issues is the 20% Statutory Cession of |
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| business
to PIC. Among other issues is the recent |
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| withdrawal
of exemption of Capital Gains, as |
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| allowed
to other financial institutions and |
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| restoration
of Exceptional Loss Reserve withdrawn |
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| in 1979. |
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| LIFE
BUSINESS |
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| State
Life Insurance Company enjoyed complete |
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| monopoly
of the life business till 1990. Among |
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| the
most important economic decisions taken by |
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| Government
in recent years have been the |
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| demonopolisation
of life insurance business in |
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| the
country and opening-up of this sub-sector to |
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| the
private and foreign investment. At present |
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| four
life insurers, two local and two foreign are |
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| operating
in the country besides SLIC. |
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| Your
company's application for permission to write |
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| the
life business is under active consideration of |
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| the
Government as all the formalities to the |
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| complete
satisfaction of the Government have |
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| been
fulfilled. |
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| OPERATING
RESULTS |
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| The
overall performance of the company for the |
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| year
ending December 31 st 1997 was quite |
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| satisfactory.
Gross Premium for the year was |
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| Rs.
137.1m against Rs. 117.7m in 1996, up |
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| 16.48%.
The net premium at Rs. 73.8m was up |
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| 17%.
The Underwriting profit of Rs.11.4m was |
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| slightly
lower than Rs.12.1m of the last year as |
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| we
felt prudent to strengthen our technical |
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| reserves.
The profit before tax was Rs15.4m |
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| against
preceding year's profit of Rs.16.7m. The |
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| profit
after tax stood at Rs.18.662m against |
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| Rs.10.744
million of the previous year. Due to |
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| unprecedented
depressed stock market conditions |
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| we
have strengthened our financial reserves by |
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| appropriating
Rs.3.0m towards investment |
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|
|
| fluctuation
reserve. The paid-up capital has grown |
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| to
Rs. 37.3m. The reserve and surplus stood at |
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| Rs.28.2m
and total equity at Rs.65.5 million. |
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| INVESTMENT |
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| In
our business investment income has to be a |
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| significant
revenue stream and hence the need |
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| to
optimize the investment returns. Unfortunately, |
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| the
capital markets did not show any visible |
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| recovery
from the unprecedented depression |
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| resulting
from worldwide stock market crash |
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| together
with our own depressed economic |
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| conditions.
This left us with no option but to keep |
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| our
investment strategy on hold to ensure |
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| maximum
security, even though our liquidity had |
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| a
low return. |
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|
| HUMAN
RESOURCE |
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| We
attach highest value to investment in the |
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| development
of Human Resource. In Atlas it is |
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| an
act of faith. We send our men for higher |
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| education
and training to such institutions as |
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| Harvard
Business School, Stanford, The Wharton |
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| School
of Finance and Economics, INSTEAD, |
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| Claremont,
IMD, Notre Dame, Eton college, IDA, |
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| LUMS,
PIM, etc. Most members of our senior |
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| management
team have had exposure to these |
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| institutions.
Others have had exposure to various |
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| other
institutions of related field of interest in and |
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| outside
the Country. |
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|
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| The
Group manpower includes 152 employees |
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| with
service of over 25 years, 232 with over 20 |
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| years,
575 with over 15 years, and 753 with 10 |
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| years
service. Among them, 153 are post |
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| graduates,
493 graduates and the rest diploma |
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| holders,
intermediates, matriculates and skilled |
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| workers.
Group employees' turnover is around |
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| 5%.
We pride in qualified, trained and loyal |
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| personnel
who are indeed our most important |
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| assets.
Our return on management-ROM- is one |
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| of
the highest. |
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| The
continued training of our personnel at various |
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| levels
improves the quality of management and |
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| results
in the creation of a great resource, which |
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| we
can use elsewhere within the Group as well. |
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| FUTURE
OUTLOOK |
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| The
fiscal year 1996-97 encompasses a period |
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| of
three Governments. The effects of the measures |
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| announced
by the present Government are yet |
|
| to
reflect on the economic performance. In October |
|
| 1997,
there has been devaluation of 8.71%, the |
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| single
largest during the last 25 years. It seems, |
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| as
long as Pakistan sustains high inflation, |
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| devaluation
from time to time will remain inevitable. |
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| The
devaluation has brought little fruits as the |
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| Country's
exportable surplus is small with too little |
|
| value
added exports while import content is heavy. |
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| Unless
inflation is brought down to around 3%- |
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| an
acceptable figure-with a corresponding |
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|
|
| reduction
in the interest rates, the law and order |
|
|
| situation
and overall good governance ushers in |
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|
| the
investment activity is bound to remain sluggish |
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|
| and
foreign investment too will continue to be a |
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|
| far cry. |
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| A
take off from the existing stagnation in the |
|
|
| economy
would crucially depend on realization |
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|
|
| of
revenue targets on a sustained basis, improved |
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|
| performance
of public sector corporations, |
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|
|
| agriculture,
manufacturing strict control on non- |
|
|
| essential
expenditure, adoption of bold initiatives |
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|
| for
encouragement of savings and investments |
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|
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| and
intensification of pro-export policies. |
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| Business
and economic climate of the country |
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|
|
| will
only improve as soon as the various reforms, |
|
|
| incentives
and packages already announced are |
|
|
|
| implemented
with consistency and transparency. |
|
|
|
|
|
|
|
| The
Country's overall economy has inherent |
|
|
|
| strength.
The entrepreneurship in the Country is |
|
|
| dynamic.
The bureaucracy with all its alleged |
|
|
|
| failing
is one of the best in the world. What is |
|
|
| needed
is the political will and leadership. |
|
|
|
| Whenever
the political will and leadership has |
|
| harmonized,
the results have been rewarding. |
|
| The
situation seems to be emerging in that |
|
| direction
guaranteeing a better future. |
|
|
|
| Muslim
Insurance Co. Ltd. has poised itself to |
|
| meet
the challenges of rapidly changing |
|
| environment
and the millennium ahead. An |
|
| aggressive
long term strategy has been evolved |
|
| which
would crucially require investment in human |
|
| capital,
expansion of branch net-work, re-viewing |
|
| underwriting
policies with strict emphasis on quality |
|
| business
and spread of risk, improvement in |
|
| operating
environment, optimal mix of various |
|
| types
of capital, and re-assessment of the |
|
| investment
portfolio with the objectives of gaining |
|
| further
diversification and high quality. |
|
|
| ACKNOWLEDGMENT |
|
| I
like to take this opportunity to thank your CEO |
|
| Mr.
S.C. Subjally and his team and all the staff |
|
| members
of the Company without whose untiring |
|
| efforts,
dedication, and sincerity of purpose, |
|
| achieving
the remarkable results would not have |
|
| been
possible. I also like to thank our valued |
|
| clients
for the confidence reposed by them in us. |
|
| I
must also thank the Pakistan Insurance |
|
| Corporation
and all other re-insurers, our valued |
|
| clients,
banks and the shareholders for their |
|
| continued
help, support and trust reposed in the |
|
| management. |
|
|
|
| DIRECTORS'
REPORT |
|
|
| Your
Directors are pleased to present their report together with Accounts and
Auditors' Report for the |
|
| year
ending 31st December, i 997. |
|
|
| The
net premium income during the year under review was Rs. 73.777 million as
against |
|
| Rs.
62.888 million in 1996. The overall business figures are: |
|
|
|
|
|
1997 |
1996 |
|
|
|
|
|
(Rupees in Million) |
|
|
|
|
| Net Premium |
|
|
|
73.78 |
62.89 |
|
| Gross
Direct Claims |
|
|
|
108.20 |
271.09 |
|
| Net Claims |
|
|
|
17.38 |
17.03 |
|
| Interest
& Other Income |
|
|
9.55 |
8.66 |
|
| Net
Commission |
|
|
|
0.90 |
(1.834) |
|
| Expenses
of Management-Net |
|
|
45.32 |
36.41 |
|
| Balance
of Fire, Marine, Motor, |
|
|
|
|
| and
Miscellaneous Accounts |
|
|
29.51 |
25.16 |
|
|
|
|
| BUSINESS
RESULTS: |
|
|
|
|
|
|
| The
financial results of the Company for the year under review |
|
| are
as under: |
|
|
|
|
|
|
| Profit
for the year after tax |
|
|
18.66 |
10.74 |
|
| Add:
Balance B/F from previous year |
|
0.04 |
0.03 |
|
| Profit
available for Appropriation |
|
|
18.70 |
10.77 |
|
| Transferred
to Investment Fluctuation Reserve |
|
3.00 |
- |
|
| Proposed
Dividend @ 20% (1996 @ 17.50%) |
|
7.45 |
5.67 |
|
| Bonus
Shares @ 20% (1996 @ 15%) |
|
|
7.45 |
4.86 |
|
| Transferred
to General Reserve |
|
|
0.70 |
0.20 |
|
| Balance
Carried Forward |
|
|
0.10 |
0.04 |
|
|
| DIVIDEND |
|
| The
Directors have recommended a Cash Dividend @ 20% and issue of Bonus Shares @
20% i.e. one |
|
| Share
for every five shares of Rs.10/= each held by the members of the Company. |
|
|
| We
express our deep appreciation and thanks to our valued clients, Bankers,
Reinsurers, P.I.C. and |
|
| the
Controller of Insurance for the cooperation extended to us. |
|
|
| We
also commend the dedicated services rendered by Muslim's Officers, Staff and
Field Force. |
|
|
|
| AUDITORS'
REPORT TO THE SHAREHOLDERS |
|
|
| We
have audited the annexed Balance Sheet of Muslim Insurance Company Limited as
at 31st |
|
| December,
1997 and the annexed Fire, Marine, Motor and Miscellaneous Insurance Revenue |
|
