| American Life Insurance Company (Pakistan)
Limited |
|
|
|
|
|
| Annual
Report 2001 |
|
|
|
| CONTENTS |
|
|
| Corporate
Information |
|
| Financial
Highlights |
|
| Report
of the Directors |
|
| Pattern
of Shareholding |
|
| Auditors'
Report to the Members |
|
| Balance Sheet |
|
| Revenue
Account for Life Business Only |
|
| Revenue
Account for Other Class of Business Only |
|
| Profit
and Loss Account and, Profit and Loss Appropriation Account |
|
| Statement
of Changes in Equity |
|
| Cash
Flow Statement |
|
| Notes
to the Accounts |
|
| Classified
Summary of the Assets |
|
| Notice
of Annual General Meeting |
|
|
|
| CORPORATE
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| Arif
Sultan Mufti |
Chairman & Chief
Executive Officer |
Chartered Accountant |
|
| Abbas Khalaf |
|
Director |
|
|
Business Executive |
|
| Bruce
Emmitt Dozier |
Director |
|
|
Attorney |
|
| Ehsan
Ahmad Nomani |
Director |
|
|
Advocate |
|
| Khalid
Anis-ur-Rehman |
Director |
|
|
Advocate |
|
| Khurshid Malik |
|
Director |
|
|
Business Executive |
|
| Robinson
K Nottingham |
Director |
|
|
Business Executive |
|
| Saiyid
Saeed Akhtar |
Director |
|
|
Actuary |
|
| Simon Rattray |
|
Director |
|
|
Insurance Executive |
|
|
| COMPANY
SECRETARY |
|
| Muhammad
Tariq |
Chartered Accountant |
|
|
| BANKERS |
|
| Muslim
Commercial Bank Limited |
|
| Standard
Chartered Grindlays Bank Limited |
|
| Hong
Kong Shanghai Banking Corporation |
|
| Habib
Bank Limited |
|
|
| LEGAL
ADVISORS |
|
| Surridge
and Beecheno |
|
|
| AUDITORS |
|
| A.F.
Ferguson & Co - Chartered Accountants |
|
|
| SHARES
REGISTRARS |
|
| THK
Associates (Private) Limited |
|
| Ground
Floor, Shaikh Sultan Trust Building No 2, |
|
| Beaumont
Road, Karachi. |
|
| Phone:
5686658, 5689021 |
|
| Fax:
+92-21-5685095 |
|
|
| REGISTERED
OFFICE |
|
| Lakson
Square Building No 1, |
|
| 11th
Floor, Sarwar Shaheed Road |
|
| Karachi |
|
| Phone:
111-111-711 |
|
| Fax:+92-21-5688042 |
|
|
| BRANCH
NETWORK |
|
|
|
| Karachi |
Lahore |
Faisalabad |
Multan |
|
| Hyderabad |
Quetta |
Sargodah |
Jhang |
|
|
|
| FINANCIAL
HIGHLIGHTS |
|
|
|
|
|
Rupees in thousands |
|
|
|
|
DEC 31, |
DEC 31, |
DEC 31, |
|
| BALANCE
SHEET |
|
2001 |
2000 |
1999 |
|
|
| Authorised
Capital |
|
500,000 |
500,000 |
500,000 |
|
| Issued,
Subscribed and Paid up Capital |
325,000 |
325,000 |
325,000 |
|
| Shareholders'
Equity |
|
382,580 |
349,430 |
308,867 |
|
| Total Assets |
|
449,235 |
384,068 |
357,489 |
|
| Investments |
|
249,097 |
236,701 |
220,662 |
|
| Cash
and Bank Balances |
|
43,504 |
35,225 |
37,170 |
|
| Proposed
Dividend |
|
16,250 |
-- |
-- |
|
|
|
|
|
| REVENUE
ACCOUNT |
|
| Net
Premium Income |
|
149,470 |
101,945 |
89,400 |
|
| Interest
and Other Income |
|
50,870 |
42,310 |
36,499 |
|
| Net Claims |
|
22,983 |
18,899 |
12,923 |
|
| Net
Commissions & Acquisition Cost |
36,970 |
18,103 |
23,823 |
|
| Expenses
of Management (including taxes) |
80,441 |
63,522 |
64,294 |
|
| Net
Profit for the Year |
|
49,400 |
40,563 |
22,412 |
|
|
| FINANCIAL
INDICATORS |
|
| Market
Price Per Share (March 5, 2002) |
23.70 |
14.50 |
15.00 |
|
| Growth
in Premiums (Amount) |
|
47,525 |
12,545 |
25,147 |
|
| Growth
in Premiums (%age) |
|
47% |
14% |
39% |
|
| Increase
in Net Claims |
|
4,084 |
5,976 |
5,300 |
|
| Claims Ratio |
|
15% |
19% |
14% |
|
| Increase
in Acquisition Cost |
|
18,867 |
(5,720) |
3,296 |
|
| Acquisition
Cost Ratio |
|
25% |
18% |
27% |
|
| Increase
in Management Expenses |
16,919 |
(772) |
(2,549) |
|
| Management
Expense Ratio (over total revenue) |
40% |
44% |
51% |
|
|
|
| REPORT
OF THE DIRECTORS |
|
|
| Your
Directors take pleasure in presenting to you the Seventh Annual Report of the
Company along |
|
| with
the audited financial statements for the year ended December 31, 2001. |
|
|
| ECONOMY |
|
| The
year 2001 was marked by major global events changing the political and
economic shape of the |
|
| world.
Pakistan's economy has been suffering from poor growth rate, low per capita
income and |
|
| double
digit inflation for some years. The changing economic scenario has put extra
pressure on |
|
| economic
growth and has brought new challenges for the business sector. Your Company
was not only, |
|
| able
to sustain the economic downturn but was able to attain targeted growth while
responding to new |
|
| challenges. |
|
|
| ALICO
Pakistan and its ultimate holding Company, American International Group (AIG)
have come |
|
| out
even stronger after the crisis that shook the world. This is evidenced by an
increase in the market |
|
| value
of the shares of both entities. |
|
|
| The
Country's economic indicators are now showing some signs of progress after
the reduction of |
|
| hostilities.
The present Government's timely decision to participate in the global
alliance against |
|
| terrorism
has started yielding its economic benefits. The upward trend in the stock
exchange is |
|
| evidence
of a positive future outlook. Your Company is ready to meet all new
challenges and is looking |
|
| forward
to cater a broader market. |
|
|
| REVIEW
OF OPERATIONS |
|
| Your
Company has marked its SEVENTH
year of operation and the results for the year 2001 are |
|
| indicative
of our focus on gradual and sustained growth. Net premium income has reached
a level of |
|
| Rs.
149 million, a growth of 47% over the previous year. |
|
|
| As
explained by the following diagram, a large portion of premiums came from
individual |
|
| policyholders,
which provides a strong base for future growth since individual life business
has a high |
|
| persistency. |
|
|
| The
Company's focus on building agencies and developing a team of dedicated
career agents has |
|
| brought
positive results with our full time workforce strength growing to 83l at year
end, which reflects |
|
| a
growth of 257% over last year. |
|
|
| The
market sentiment remains positive and continues to welcome our various unique
products |
|
| reflecting
the increasing popularity of the Company's products across a wide range of
income groups. |
|
|
| ORDINARY
LIFE |
|
| The
ordinary life First Year premiums have shown a remarkable growth of 73%,
which is attributable |
|
| to
the hard work put in by our direct sales units through their qualified and
well trained agents. |
|
|
| Ordinary
life total premium income during 2001 amounted to Rs. 102 million recording a
growth of |
|
| 42% over 2000. |
|
|
| The
first year renewal persistency stood at 85% which is considered excellent in
the current socio- |
|
| economic
scenario. |
|
|
| The
above facts reflect the advantage enjoyed by ALICO in the market, which is
due to nature of the |
|
| products
being offered and the financial stability of the Company and its Sponsor
Group (i.e. AIG). |
|
|
| Ordinary
Life premium includes those of Ordinary Life and Accident & Health
Riders. |
|
|
| The
year 2001 started with ALICO Pakistan adopting a three-tiered agency
development strategy. The |
|
| entire
market has been segmented. Field force and products are being developed
within the three tiered |
|
| agency
distribution to capture the respective markets. All team members are assigned
specific job |
|
| targets
with focus and accountability along with intense micro management,
performance management |
|
| and
relentless follow-up. |
|
|
| Despite
the slow economic growth your Company continued to progress steadily with new
branches |
|
| opening
in up-country and expansion of existing branches, under new marketing
strategy thus inviting |
|
| higher
production and stronger growth. |
|
|
| GROUP |
|
| Group
premiums amounted to Rs.47.2 million showing a tremendous growth of 60% for
the year under |
|
| review
compared to Rs.29.4 million in the previous year. |
|
|
| Group
Life has witnessed a significant increase in proposal activity, and activity
per Group Sales |
|
| Representative
rose by 60%. As a result of closer control and effective management of the
PPO |
|
| network,
loss ratios on medical benefits remained under control. Credit Life that was
introduced last |
|
| year
has contributed positively to the group life sales. |
|
|
| CLAIMS |
|
| ALICO
Pakistan takes pride in the processes it has established for risk selection,
quality |
|
| underwriting,
better service to policyholders and prompt payment of claims. |
|
|
| To
cover claims beyond our local retention limits ALICO Pakistan has
re-insurance treaties |
|
| with
Hannover Re, which is part of a group consisting of 100 subsidiaries and
representative offices |
|
| in
20 countries. The American rating agencies Standard & Poor's and A.M.
Best have awarded |
|
| Honnover
Re, the fifth largest re-insurer in the world, their second best ratings AA
(very strong) |
|
| and
A+ (superior) respectively. |
|
|
| INVESTMENTS |
|
| Total
Investment Income amounted to Rs.49.2 million compared to investment income
of Rs.41.1 million |
|
| in
the previous year. The increase in investment income, despite drop in yield
triggered by |
|
| reduced
discount rates by State Bank of Pakistan, is the result of careful use of
additional funds |
|
| and
a good selection of investments in high yielding Government Securities and
quality |
|
| Corporate
Bonds. |
|
|
| OPERATING
RESULTS |
|
| Net
income amounted to Rs.49.4 million compared to Rs.40.5 million recorded in
the previous year. |
|
|
| Life
Assurance is a long term business that provides a service to its clients over
their life time. The |
|
| Company
is still growing and a negative life fund is expected in the growth phase of
a new life |
|
| insurance
company. As we build our portfolio and continue to grow, the life insurance
fund will soon |
|
| become
positive. |
|
|
| DIVIDEND |
|
| The
Directors recommend a cash dividend of 5% for the year. |
|
|
| AGENCY
DEVELOPMENT |
|
| The
main objective and prime focus have been dedicated to agency buildup at full
speed. |
|
|
| The
Direct Sales Training School which was introduced in 1998 continued during
the year with the |
|
| help
of ALICO's regional personnel to provide intensive training of agency
recruits, to better prepare |
|
| them
to cope with ongoing marketing challenges and to accelerate their start into
life insurance sales. |
|
| This
initiative proved to be a valuable aid in launching products, development of
agents and equipping |
|
| them
with the necessary selling skills. Graduates of this program are now the
mainstay of the agency |
|
| force. |
|
|
| During
the year 2001 ALICO Pakistan aggressively pursued Direct Marketing
initiatives and the |
|
| marketing
of Bancassurance Products. |
|
|
| OUTLOOK
FOR THE FUTURE |
|
| The
management will continue its policy of focusing on quality underwriting and
direct sales through |
|
| qualified
trained agents. With the addition of new products in both the individual and
group life |
|
| business,
the Company is providing a more attractive selection of benefits for a wider
variety of clients. |
|
| Most
recently introduced were the CIRCLES OF PROTECTION policies. These policies offer |
|
| Worldwide
Protection in the event of accidental loss of life, major disability coverage
and 24 hour |
|
| protection
on or off the job, along with claims processing facility in 130 countries. We
expect to add a |
|
| further
range of products in 2002 allowing us to better serve the needs of the
market. |
|
|
| ALICO
Pakistan looks ahead to a year of Agency Building and High Productivity in
2002, a year of |
|
| engaging
challenge! |
|
|
| HUMAN
RESOURCES AND TRAINING |
|
| The
Company continued to recruit staff on merit and provide training for desired
skills. |
|
|
| The
management continues to provide training at local as well as regional level
in all spheres of |
|
| business
activities, including technical and operational support. |
|
|
| The
Company provides full financial assistance and encourages employees to appear
in insurance |
|
| diploma
exams of Life Office Management Association. So far we have FOUR employees
who have |
|
| attained
the FLMI designation and more are to follow in the year 2002. |
|
|
| PARENT
COMPANY |
|
| American
Life Insurance Company (ALICO) incorporated in the United States of America
having its |
|
| registered
office at ONE ALICO PLAZA, Wilmington, State of Delaware, 19899, U.S.A. is
the |
|
| sponsor
and holding company of American Life Insurance Company (Pakistan) Limited. |
|
|
| PATTERN
OF SHAREHOLDING |
|
| The
pattern of Shareholding in the Company as at December 31, 2001 is included
with the report. |
|
| American
Life Insurance Company holds 51% while local shareholders hold 49% of the
Company's |
|
| total
shareholding. |
|
|
| SUBSEQUENT
EVENTS |
|
| There
have been no material changes since December 31, 2001 and the company has not
entered into |
|
| any
commitment which could affect the financial position of the company between
the end of the |
|
| financial
year and the date of this report. |
|
|
| AUDITORS |
|
| Our
present auditors M/s. A.F. Ferguson & Co., Chartered Accountants have
offered |
|
| themselves
for appointment as auditors for the next year. The Board has considered their
offer and |
|
| recommended
to appoint them auditors for the year 2002. |
|
|
| GRATITUDE |
|
| We
take this opportunity to express our appreciation to the Government of
Pakistan, Ministry of |
|
| Commerce
and Department of Insurance under Securities and Exchange Commission of
Pakistan for |
|
| their
invaluable assistance, support and guidance. |
|
|
| The
Board of Directors would like to express their sincere thanks and wish to
record their appreciation |
|
| for
the remarkable contribution made by the Company's officers, field force,
sales consultants and staff |
|
| towards
the Company's present achievements during this difficult year. |
|
|
| Lastly,
our thanks go to thousands of shareholders and policyholders whose
confidence, continued |
|
| commitment
and support for the Company has been a source of encouragement and
inspiration. |
|
|
|
|
On behalf of the Board of Directors. |
|
|
|
|
|
|
|
ARIF S. MUFTI |
|
| March 5, 2002 |
|
|
Chairman & CEO |
|
|
|
| PATTERN
OF SHAREHOLDING |
|
| AS
OF DECEMBER 31, 2001 |
|
|
| No. of |
Having
Shares |
Shares Held |
Percentage |
|
| Share Holders |
From |
To |
|
|
|
| 93 |
1 |
100 |
7,800 |
0.024% |
|
| 317 |
101 |
500 |
144,350 |
0.444% |
|
| 31 |
501 |
1000 |
27,850 |
0.086% |
|
| 67 |
1001 |
5000 |
128,400 |
0.395% |
|
| 6 |
5001 |
10000 |
50,750 |
0.156% |
|
| 4 |
10001 |
15000 |
52,100 |
0.160% |
|
| 4 |
15001 |
20000 |
76,250 |
0.235% |
|
| 16 |
20001 |
25000 |
391,600 |
1.205% |
|
| 1 |
25001 |
30000 |
27,850 |
0.086% |
|
| 2 |
45001 |
50000 |
96,500 |
0.297% |
|
| 1 |
55001 |
60000 |
58,750 |
0.181% |
|
| 1 |
65001 |
70000 |
67,500 |
0.208% |
|
| 1 |
85001 |
90000 |
86,100 |
0.265% |
|
| 1 |
180001 |
185000 |
184,000 |
0.566% |
|
| 1 |
1210001 |
1215000 |
1,213,000 |
3.732% |
|
| 1 |
2095001 |
2100000 |
2,100,000 |
6.462% |
|
| 1 |
2310001 |
2315000 |
2,314,000 |
7.120% |
|
| 1 |
2495001 |
2500000 |
2,500,000 |
7.692% |
|
| 1 |
3120001 |
3125000 |
3,125,000 |
9.615% |
|
| 1 |
3280001 |
3285000 |
3,281,950 |
10.098% |
|
| 1 |
16565001 |
16570000 |
16,566,250 |
50.973% |
|
| ------------------ |
|
------------------ |
------------------ |
|
| 552 |
|
32,500,000 |
100.000% |
|
| ========== |
|
========== |
========== |
|
|
| CATEGORIES
OF SHAREHOLDERS |
|
| AS
OF DECEMBER 31, 2001 |
|
|
| Particulars |
|
Shareholders |
Shareholding |
Percentage |
|
|
| INDIVIDUAL |
|
543 |
11,234,600 |
34.568% |
|
| INSURANCE
COMPANIES |
|
1 |
1,000 |
0.003% |
|
| JOINT
STOCK COMPANIES |
|
3 |
1,398,500 |
4.303% |
|
| FINANCIAL
INSTITUTIONS |
|
4 |
3,299,650 |
10.153% |
|
| FOREIGN
COMPANIES |
|
1 |
16,566,250 |
50.973% |
|
|
|
------------------ |
------------------ |
------------------ |
|
| COMPANY
TOTAL |
|
552 |
32,500,000 |
100.000% |
|
|
========== |
========== |
========== |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of American Life Insurance Company
(Pakistan) Limited as at |
|
| December
31, 2001 and the related revenue account, profit and loss account, profit and
loss appropriation account, |
|
| statement
of changes in equity and cash flow statement together with the notes forming
part thereof, for the year |
|
| then
ended and we state that we have obtained all the information and explanation
which, to the best of our |
|
| knowledge
and belief, were necessary for the purposes of our audit. |
|
|
| It
is the responsibility of the Company's management to establish and maintain a
system of internal control, and |
|
| prepare
and present the above said statements in conformity with the approved
accounting standards and the |
|
| requirements
of the Insurance Ordinance, 2000. Our responsibility is to express an opinion
on these statements |
|
| based
on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards |
|
| require
that we plan and perform the audit to obtain reasonable assurance about
whether the above said |
|
| statements
are free of any material misstatement. An audit includes examining, on a test
basis, evidence |
|
| supporting
the amounts and disclosures in the above said statements. An audit also
includes assessing the |
|
| accounting
policies and significant estimates made by management, as well as, evaluating
the overall |
|
| presentation
of the above said statements. We believe that our audit provides a reasonable
basis for our |
|
| opinion
and, after due verification, we report that: |
|
|
| (a)
in our opinion, proper books of accounts have been kept by the Company as
required by the Companies |
|
| Ordinance, 1984; |
|
|
|
|
|
|
| (b)
in our opinion: |
|
|
|
|
|
|
| (i)
the balance sheet, revenue account, profit and loss account, profit and loss
appropriation account, |
|
| statement
of changes in equity and cash flow statement together with the notes thereon,
have been |
|
| drawn
up in conformity with the provisions of the Insurance Ordinance, 2000, and
are in agreement |
|
| with
the books of accounts and are further in accordance with the accounting
policies |
|
|
| consistently
applied; |
|
|
|
|
| ii)
the expenditure incurred during the year was for the purpose of the Company's
business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
|
| accordance
with the objects of the Company; |
|
|
|
|
| (c)
we have verified the cash and bank balances and the securities relating to
the Company's loans and |
|
| investments
by actual inspection or by production of certificates, from the loanees,
custodians of |
|
| investment
and Company's bankers; |
|
|
|
|
| (d)
no part of the assets of Life Insurance Fund bas been directly or indirectly
applied in contravention of the |
|
| provisions
of the Insurance Ordinance, 2000, relating to the applications and investment
of Life |
|
| Insurance Fund; |
|
|
|
|
| (e)
in our opinion and to the best of our information and according to the
explanations given to us and as |
|
| shown
by the books of the Company, the balance sheet, revenue account, profit and
loss account, profit |
|
| and
loss appropriation account, statement of changes in equity and cash flow
statement, together with the |
|
| notes
forming part thereof conform with the approved accounting standards as
applicable in Pakistan, |
|
| and
give the information required by the Insurance Ordinance, 2000, in the manner
so required, and |
|
| respectively
give a true and fair view of the state of the Company's affairs as at
December 31, 2001 and |
|
| of
the profit, changes in equity and its cash flows for the year then ended; and |
|
|
| (f)
in our opinion no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| Without
qualifying our opinion we draw attention to note 2.3 regarding the policy
followed by the Company in |
|
| respect
of actuarial valuation of the Life Insurance Fund and non-recognition of the
liability resulting therefrom. |
|
|
|
|
|
A.F. Ferguson & Co. |
|
| Karachi:
March 7, 2002 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT DECEMBER 31, 2001 |
|
|
|
|
|
2001 |
|
2000 |
|
|
|
Note |
Life |
Other |
Total |
Total |
|
|
|
Rupees |
|
|
| CAPITAL
AND LIABILITIES |
|
|
|
|
| SHARE
CAPITAL |
|
|
|
|
| Authorised |
|
|
|
|
| 50,000,000
ordinary shares of Rs. 10 each |
-- |
500,000,000 |
500,000,000 |
500,000,000 |
|
|
|
|
|
|
| Issued,
Subscribed & Paid-up |
|
|
|
| 32,500,000
ordinary shares of Rs. 10 |
|
|
| each
fully paid up in cash |
3 |
-- |
325,000,000 |
325,000,000 |
325,000,000 |
|
|
|
|
| Profit
and loss account and |
|
| Profit
and loss appropriation account |
-- |
111,284,432 |
111,284,432 |
88,345,371 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
-- |
436,284,432 |
436,284,432 |
413,345,371 |
|
|
|
|
| BALANCE
OF LIFE INSURANCE FUND |
2.3 |
(53,704,675) |
-- |
(53,704,675) |
(63,915,455) |
|
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
|
(53,704,675) |
436,284,432 |
382,579,757 |
349,429,916 |
|
|
|
| DEFERRED
LIABILITY |
|
| Staff Gratuity |
|
|
3,981,378 |
-- |
3,981,378 |
3,077,844 |
|
|
|
|
| LOANS
FROM OTHER CLASS OF BUSINESS |
|
|
|
| AS
PER CONTRA |
|
139,539,296 |
-- |
139,539,296 |
125,250,848 |
|
|
|
|
|
|
| ESTIMATED
LIABILITY IN RESPECT OF OUTSTANDING |
|
|
| CLAIMS,
WHETHER DUE OR INTIMATED |
19,300,117 |
-- |
19,300,117 |
9,582,754 |
|
|
|
|
|
|
| AMOUNT
DUE TO OTHER PERSONS OR BODIES |
|
|
| CARRYING
ON INSURANCE BUSIN ESS |
2,437,010 |
-- |
2,437,010 |
3,610,503 |
|
|
|
|
| SUNDRY
CREDITORS (including outstanding and |
|
| accruing
expenses) |
4 |
13,346,443 |
-- |
13,346,443 |
11,236,353 |
|
|
|
|
| PREMIUM
AND OTHER DEPOSITS |
9,360,232 |
-- |
9,360,232 |
6,053,706 |
|
| AGENTS'
BALANCES |
|
1,980,121 |
-- |
1,980,121 |
1,077,356 |
|
| PROPOSED
DIVIDEND |
|
-- |
16,250,000 |
16,250,000 |
-- |
|
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
136,239,922 |
452,534,432 |
588,774,354 |
509,319,280 |
|
|
|
========== |
========== |
========== |
========== |
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
| We Certify that |
|
|
| a)
The investments shown in the Balance Sheet are at cost or market value
whichever is lower and the market value of |
|
| investments
are ascertained from published market report and quotations of December 31,
2001. |
|
|
| b)
The value of all the assets in Pakistan have been reviewed as at December 31,
2001 and in our belief the assets set forth in the Balance |
|
| Sheet
are shown in the aggregate amounts not exceeding their realizable market
value under the several headings given therein. |
|
|
| No
part of the assets of the Life Insurance Fund has been directly or indirectly
applied in contravention of the provisions of |
|
| the
Insurance Ordinance, 2000, relating to the application and investment of Life
Insurance Fund. |
|
|
|
|
|
2001 |
|
2000 |
|
|
|
Note |
Life |
Other |
Total |
Total |
|
|
|
