Welcome to PakSearch.com Pakistan's Premier Business Information
Service


For business information, annual reports, laws, ordinances, regulations and articles.




Google
 
Web Paksearch.com
Adamjee Insurance Company Limited
Annual Report 1999
BOA RD OF DIRECTORS
MOHAMED HANIF ADAMJEE Chairman
ABDUL HAMID ADAMJEE Director
ABDUL RAZAK ADAMJEE Director
IQBAL ADAMJEE Director
I.A. RAFIQUI Director
AKHTAR  K. ALAVI Director
MIAN ASIF SAID Director
SAAD M. ALI Director
MOHAMMED CHOUDHURY Managing Director & Chief Executive
Secretary/General Manager A. AZIZ CHASHMWALA B.Com.,  LL.B.
Executive Director (Finance) SYED ZIAUDIN AHMED, M.Com.,
General Manager l. A, RAFIQUI
AKHTAR K. ALAVI,  A.C.I.I. (London)
M. U. MOHAMMADI
MOIEZ M. SHAIKHALI
SULTAN A. SIDDIQI, B.A.
MOHAMMED NASEEM, A.C.I.I. (London)
JABBAR AKHTAR, M.A., LL.B., F.C.I.I. (London)
MIRZA ALI MAHMOOD., B.E. (Mech. & Elec.)
SAL1M RAFIK SIDIKI, B.A. (Hons.), M.A. (Eco.)
KHAWAJA KHALID MUSTAFA, M.A.
CAPT. MAHMOOD SULTAN, Master Mariner, F.I.C.S. (London), F.C.I.I. (London),
Chattered Ship Broker Chattered Insurer
ABDUL RAZAK RAHIMTULLAH BRAMCHARI
MOHAMMED ANWAR ABDULLA, A.C.I.I. (London), Chartered Insurer
SYED BASIT HUSSAN, B. Corn.
TAHIR AHMED, B.E. (Met.), M.B.A., A.C.I.I. (London), Chattered Insurer
JAMEEL KHAN, M.A., LL.B.
General Manager (Car Clinic) MOHAMMED SALEEM
General Managers (Development) ABDUL AZIZ KHADELI, B.Com.
SHAMSUL ARFEEN QURESHI, B. Corn.
Joint General Managers AHSAN MAHMOOD ALVI, F.C.A. (England & Wales)
M. JAHANGIR CHUGHTAI, M.A.
ABDUL HAMID, B. Com., F.C.I.I. (London), Chattered Insurer
IQBAL MOHAMMAD, B.A.
SHAMSUL HAQUE, A.C.I.I. (London)
M. IQBAL VAKIL., B.Com.
S.M.M. RIZVI, B.A.
T.A. ABBASI, B.Com.
AUSTEN B. FREITAS
MOHAMMED EUSOPH JAMAL, M.B.A.
TINKU 1. JOHNSON, B.E. (Mech.), M.B.A.
Jt. General Managers MAHMOOD A. WAHAB, B.A.
(development MAZHAR SALEEM
ZERSIS RUSTOM BIRDIE
ALTAF A. KARIM, B.A.
AUDITORS FORD, RHODES, ROBSON, MORROW
Chartered Accountants, Karachi.
HEAD OFFICE Adamjee House
R O. Box No.4850
I. I. Chundrigar Road, Karachi
Phone :PABX 2412623 (4 Lines)
Fax : (92-21) 2412627
Telex :21594 & 29719 AIC PK
Gable : ADAMJINSUR
E-mail : info@adamjeeinsurance.com
Website: www. Adamjeeinsurance.com
DEPUTY GENERAL MANAGERS SYED KHADIM ALI, B.Com., LL.B.
M. QASIM KAZMI, B.A.
EDRIS H.M. GOAWALA, B.Com., A.C.I.I. (London), Chartered Insurer
SAEED JAN AWAN, M.Com.
SYED AGHA HAIDER, M.A.
MOHD YOUSUF, B.Com
SYED ABDUL KHALIQUE, M.A. (Eco.)
RAMESH MULRAJ BHERWANI, B.A.
SALEEM TARIQ AHMED
NAQI ZAMIN ALI, B.Sc. (Hons)
ATEEQ AHMED KHAN, M.Sc. (Agri. Eco.)
SYED KAISER ABBAS
ABDUL HAMEED BHURI
M. BASHIR SEJA, B. Com.
A. SATTAR MOHAMMAD, B.A.
GHULAM ABBAS
JALALUDDIN ALVI, M.A.
CAPT. SALEEM AHMED, Master Mariner,  M.I.C.S. (London),
M.C.I.T. (London), A.C.I.I. (London)
A. RAHIM A. GHANI, B.Com.
A. G. NAWAZ
PARVAIZ SIDDIQ, M.B.A., F.C.I.I. (London), Chattered Insurer
IMTIAZ AHMED PIRACHA, B.Sc.
DEPUTY GENERAL MANAGERS ALI MOHD. DADA
(DEVELOPMENT) ABDULLAH HAMID
A, W. KARIM
ASST. GENERAL MANAGERS NADEEM AHMED
SHAHID A. ZAIDI
SYED YOUSUF HUSSAIN, B. Corn.
SHAHEEN H. SUMAR (Mrs.), MA. (Eco.)
KHALID M. MIRZA, B.Com.
MOHD. IBRHIM KAPADIA, M.B.A. (USA), A.C.I.1. (London)
IRFAN CHOUDHURY B.Sc. Hon. (England)
CAPT. AZHAR EHTESHAM AHMED, Master Mariner
KHALID HAMID, B.E. (Elec.), A.C.I.I. (London), Chartered Insurer
SALIM RAZAK BRAMCHARI, B.Com., A.C.I.I. (London)
QAMAR AHMED, B.A.
JAWAD AHMED JAFRI, M.A. (Eco.), A.C.I.1. (London), Chartered Insurer
MOHAMMAD IQBAL DADA. MA. (Eco.), A.C.I.I. (London)
MOHAMMAD AMIN GHANI
AKBAR ALI RAJAN
JAVED ASLAM A. REHMAN, B.A.
MUHAMMAD MAZHAR SHAH, B.A.
MIAN FAISAL USMAN, M.B.A., A.C.I.I. (London)
ASS. GENERAL MANAGERS SYED ALI JAFFERY
(DEVELOPMENT) ABDUL KARM WAQAR, B.Com.
ARSHAD HUSSAIN
ABDUL SATTAR A. ABDULLAH
MOHAMMAD UMER MEMON
ALI MOHD. SHEKHA, B.A.
MOHAMMAD IBRAHIM
MOHD. SALEEM KHAN
SULEMAN LAKHANI
JAWAD USMANI
ASGHAR JALIL
ALI MOHD. HAJI RAHIMTULLAH
TABASSUM ELAHI
MOHD YOUNUS, B. Com.
ABDUL WAHID
ANJUM SALEEM, B. Com.
NAJMA NAEEM (Mrs.)
NOTICE OF THE THIRTY-NINTH ANNUAL GENERAL MEETING
NOTICE is hereby given that the Thirty-ninth Annual General Meeting of the Company will be held at the Raffia Choudri Memorial
Centre, Sidco Avenue Centre (Ground Floor), Stratchen Road, 264 - R.A. Lines, Karachi on Wednesday the June 28, 2000 at 11.00 a.m..
to transact the following business:-
1. To receive and adopt Directors' and Auditors' Reports and Statement of Account for the year ended December 31, 1999.
2. To approve the final dividend recommended by the Directors.
3. To consider and if thought fit to pass the following resolution as Ordinary Resolution:
RESOLVED:-
i) "That a sum of Rs. 42,940,890 out of the Company's Reserve for issue of Bonus Shares be capitalised and applied in paying
up in full to issue at par 4,294,089 fully paid Ordinary Shares of Rs. 10 each to be allotted as Bonus Shares to and 
amongst the holders of the Ordinary Shares of the Company whose names appear in the Register of Members of the Company
at the close of business on June 12, 2000 in the proportion of one Ordinary Shares for every ten Ordinary Shares held
and that  such new shares shall rank pari passu as regards future dividends and in all other respects with the existing
Ordinary shares of the company."
ii) "That all fractions of Bonus Shares arising on such allotment be consolidated and sold through the Company's broker and
that the net proceeds thereof be distributed pro-rata to the members entitled thereto."
iii) "That for the purpose of giving effect to the foregoing, the directors be and are hereby authorized to give such directions
as may be necessary  and to settle any questions or difficulties that may arise in regard to the distribution of the Bonus
Shared or the sale proceeds of the fractions as the directors in their discretion shall deem fit."
4. To appoint Auditors and fix their remuneration.
5. Special Business:
To consider and, if thought fit, to pass the following resolution as Special Resolution.
RESOLVED:
i) "Thin the Authorised Share Capital of the Company be increased from Rs. 500,00,000 divided into 50,000,000 shares of
Rs. 10 each to Rs. 1,500,000,000 divided into 150,000,000 shares of Rs, 10 each."
ii) "That consequent upon the said increase in Authorized Share Capital of the Company, Clause 5 of the Memorandum of
Association' and Article 4 of the 'Articles of Association' of the Company be and are hereby amended to read as follows:
CLAUSE 5 OF THE MEMORANDUM OF ASSOCIATION
The Authorised Share Capital of the Company is Rs. 1,500,000,000 divided into 150,000,000 shares of Rs. 10 each, with
rights, privileges and conditions attaching thereto as arc provided by the regulations of the Company for the time being with
power to increase and reduce the Capital of the Company in such manner as may for the time being be provided by the reg-
ulations of the Company,
ARTICLE 4 OF THE ARTICLES OF ASSOCIATION
The Authorised Share Capital of the Company is Rs. 1,500,000,000 divided into 150,000,000 shares of Rs. 10 each."
(See annexed a statement under Section 160 of the Companies Ordinance, 1984 in respect of above mentioned Special Business)
By Order of the Board
Karachi: May 16, 2000 A. AZIZ CHASHMAWALA
Notes: (a) The Shares Transfer Books of the company will remain closed from June 13, 2000 to June 28, 2000 (both days
inclusive).
(b) A member entitled to attend and vote at the General Meetings entitled to appoint another member as a proxy to attend and vote
instead of him.
(c) The instrument appointing a proxy must be received at the Registered Office of the company not less than 48 hours
before the time appointed for the Meeting. A member shall not be entitled to appoint more than one proxy. If a member 
appoints more than one proxy and more than one instruments of proxy are deposited by member with the Company,
all such instrument of proxy shall be rendered invalid.
(d) CDC shareholders are requested to bring with them their original Passport or National Identity Card along with the 
Participant's ID number and their account number at the time of attending the Annual General Meeting in order to facilitate identification
of the respective shareholders.
STATEMENT UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984
 Regarding item 5 of the annexed Notice of General Meeting
The Authorised Share Capital of the Company is being increased from  Rs. 500,000,000 to Rs. 1,500,000,000 to enable 
the company to expand its capital base to facilitate the issue of further capital, commensurate with the company's business
as the directors may deem necessary from time to time.
20 YEARS' PROFIT APPROPRIATION AT A GLANCE
1980 TO 1999
(In Million of Rupees)
YEAR ENDED DIVIDEND BONUS SHARES
General Gross Retained Profit
December 31, Rate Amount Rate Amount Reserve Premium Premium After Tax
% Rs % Rs RS Rs Rs
1980 40.0 4.07 20.0 2.03 5.00 185.44 138.96 1,087
1981 50.0 6.10 25.0 3.05 5.00 223.04 150.33 14.40
1982 45.0 6.87 33.3 5.09 8.00 276.55 185.l 7 20.42
1983 40.0 8.14 40.0 8.14 7.50 317.26 222.48 23.23
1984 35.0 9.97 30.0 8.55 9.50 350.89 248.62 27.75
1985 55.0 20.38 30.0 11.12 6.00 405.46 246.03 37.50
1986 37.5 18.07 20.0 9.63 8.50 504.76 306.49 36.25
1987 37.5 21.68 20.0 11.56 16.50 65,297 377.98 50.04
1988 40.0 27.75 15.0 10.4 5.00 78,934 461.01 43.38
1989 45.0 35.90 10.0 7.97 8.00 82,251 510.37 52.05
1990 40.0 35.11 10.0 8.77 10.00 942.32 610.11 53.67
1991 50.0 48.27 15.0 14.48 39.00 1,096.03 675.25 101.65
1992 40.0 44.41 20.0 22.2 60.00 1,399.83 788.86 126.35
1993 40.0 53.29 20.0 26.64 75.00 1,750.78 1,140.48 155.09
1994 40.0 63.95 25.0 39.97 72.00 2045.05 1,210.37 176.08
1995 35.0 69.95 25.0 49.96 67.00 2,458.22 1,536.85 186.55
1006 33.0 87.44 25.0 62.45 72.00 2,855.83 1,894.00 221.87
1997 35.0 109.3 25.0 78.07 103.00 3,123.26 2,208.49 290.50
1998 30.0 117.11 10.0 39.04 40.00 3,220.12 2,142.08 196.40
1990 22.5 96.62 10.0 42.94 44.00 3511.13 2,417.96 183.50
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total 792.5 884.38 428 462.06 661 26.840.79 17,471.89 2,007.55
Average 39.60% 44.22 21.40% 23.10 33.05 1,342.04 873.59 100.38
Appropriation over 20 years
on average profit basis 44.1% 23.0% 32.9% = 100%
THIRTY-NINTH REPORT OF THE DIRECTORS
FOR THE YEAR ENDED DECEMBER 31, 1999
THE SHAREHOLDERS
ADAMJEE INSURANCE COMPANY LIMITED
We take pleasure in presenting to you our 39th Annual
Report and Accounts for the year 1999. The country con.
tinues to suffer from economic stagnation as a result of
monetary sanctions imposed by the World Bank, IMF,
ADB etc, consequent upon the nuclear blasts in May 1998,
As such, there was no growth in 1999 in the premium
income written in Pakistan. The overseas premium
income, however, recorded some improvement. The
Company's premium income, in the aggregate, rose by 9%
over 1998.
Despite difficult conditions, your Company has been able
to produce reasonable profit which is evident from the fol-
lowing table:-
1999 1998
Rupees Rupees
Gross Direct Premium 3,511,128,226 3,220,121,720
Premium Retained 2,417,957,292 2,142,076,783
Net Claims Paid and Outstanding 1,446,996,961 1,525,285,300
Commission and Discount 142,979,012 163,095,615
Expenses of Management 552,481,998 508,600,698
Premium Reserve Strain (net charge)  112,474,445 (26,827,233)
Pre-tax Profit 260,500,377 207,398,135
UNDERWRITING PERFORMANCE
As will be noticed from the above table, there has been
some improvement in all areas, namely premium retained,
claims  paid and outstanding and commission/discount
over the previous year. The expenses of management
increased from Rs. 508 million in 1998 to Rs. 552 million
during the year, largely due to normal annual increase and
impact of inflation. The pre-tax profit increased from
Rs, 207 million in 1998 to Rs. 260 million during the year
under review.
FIRE BUSINESS
The gross direct premium increased modestly to Rs. 899
million in 1999 from Rs. 860 million in 1998. Fortunately,
the Company did not suffer any major losses, resulting in
a 1ower claims ratio of46% compared to 56% in 1998. The
underwriting profit increased from Rs. 63 million in 1998
to Rs. 99 million in 1999 or 5.7% higher than the last year.
The expenses of management together with commission
amounted to Rs. 160 million in 1999 as against Rs. 174
million in 1998.
MARINE BUSINESS
The marine cargo gross premium increased from Rs. 451
million in 1998 to Rs. 512 million in 1999. The lower
claims ratio of 36% to the retained premium enabled the
Company earn a profit of Rs. 131 million compared to
Rs. 96 million in 1998.
Because of adverse claims experience in hull business in
the preceding years, your Company wrote a lower
premium income of Rs. 81 million compared to Rs, 125
million last year. The Company suffered an underwriting
loss of Rs. 71 million in 1999 against Rs. 30 million in
1998.
The marine business, in the aggregate, therefore produced
a lower profit of Rs. 60 million in 1999 against Rs. 66
million in 1998.
MOTOR BUSINESS
The gross direct premium income increased from
RS, 1.119 billion in 1998 to Rs. 1.368 billion in 1999.
Because of highly adverse claims experiences in the
proceeding ycara7 abundant caution is being exercised in the
acceptance of business and claim settlements. As a
consequence, claims ratio declined to 65% from 88% last
year, After sustaining losses of Rs, 31 million and Rs, 95
million in 1997 and 1998 respectively, the Company
earned a small profit of Rs. 14  million in 1999.
MISCELLANEOUS BUSINESS
Miscellaneous business consists of engineering bonding
and surety, bankers' insurance, burglary and theft, kidnap
& ransom, medical insurance etc. The direct premium
income, in the aggregate, amounted to Ks, 650 million in
1999 compared to Rs. 664 million last year. Nevertheless,
due to improvement in the claims and management
expense ratios this year, the profit increased to Rs. 78
million compared to Rs. 57 million in 1998.
OVERSEAS OPERATIONS
The premium income from our overseas branches in U.A.E.
and Saudi Arabia aggregated to Rs. 783 million in 1999
compared to Rs. 618 million in the preceding year. Since
motor business constitutes 70% of the total business, efforts
are being made to develop other lines of business to produce
larger profits, Experience has shown motor business 
generally less profitable compared to other classes of
business.
INVESTMENT AND MONEY MANAGEMENT
The stock market which had shown declining trend in
1998 started recovering from the beginning of the current
year. The Karachi Stock Exchange Index which stood at
952.42 points on January 2, 1999 rose to 1,054.67 points
on June 30, 1999 and 1,408.91 points on December 30,
1999. This improvement in stock exchange which
occurred in the later part of the year was not quite enough
to enable your Company book adequate capital gains.
In the above backdrop, in order to avert diminution in the
value of its investments in stocks/shares, as witnessed in
1998, your Company invested during the year most of its
surplus funds in the Government Securities. Of the total
investments of Rs. 81,159,073, a sum of Rs. 60 million
alone was invested in Defence Savings Certificates, which
now stand at around Rs. 357 million. The overall invest-
merits stand at Rs. 1.586 billion in 1999 compared to
Rs. 1.505 billion in 1998.
During the year, the investment income from dividends,
bonus shares, interest, capital gains etc. aggregated to
Ks. 222 million compared to Rs. 237 million in 1998. Due
to adverse stock market conditions, capital gains of Rs. 17
million only could be realised compared to Rs. 56 million
in 1998.
PROFIT FOR THE YEAR
Due to improvement in the underwriting operations, your
Company earned a pre-tax profit of Rs. 260 million corm-
pared to Rs. 207 million in 1998. Through Finance Act,
1999, tax rate was raised from 30% to 33% in the case of   
insurance companies.
The dividend income which was subject to 5% tax only,
now attracts much higher tax rate of 33%. The tax provi-
sion for the year has thus increased considerably to Rs. 77
million against a provision of Rs. 11 million in 1998. The
after-tax profit, as a result, declined to Rs. 183 million in
1999 compared to Rs. 196 million last year. As the
Government has not so far refunded large income tax
refunds due to the Company, interest on such tax refunds
amounting to Rs. 57 million, has been included in income
as provided in the Income Tax Ordinance, 1979.
ALLOCATION OF PROFIT
The profit for the year (inclusive of the balance of profit of
Rs. 418,787 brought forward from last year) aggregated to
Rs. 183,919,164 after making all such provisions as are
required under various statutes, in particular, in respect of
income tax, depreciation, employees' old-age benefits,
staff bonus/gratuity etc. Your directors propose
appropriation of the profit in the following manner:-
Rupees
i) Interim dividend (already paid) (3 15% 64,411,329
ii) Proposed final dividend @ 7.5% 32,205,665
iii) Reserve for issue of bonus shares in the
ratio of one ordinary share for every
ten ordinary shares held (10%) 42,940,890
iv) General Reserve 44,000,000
v) Balance to be carried forward 361,280
-----------
Total: 183,919,164
==========
PAID-UP CAPITAL AND RESERVES
As you are aware, your Company all along has been a
growth-oriented Company, following a very firm policy
with regard to development of capital-base, financial and
technical reserves etc. to achieve growth in business. It
may be of interest to point out here that the paid-up
capital together with financial and technical reserves
which stood at Rs. 1,374 million in 1994 increased to
Rs. 2,669 million in 1999 or 94% increase over 5 years' period.
 Following capitalisation through bonus shares and
allocation of profit to the General Reserve, the overall
position of the shareholders' equity and reserves emerges as
follows :-
1999 1998
Rupees Rupees
a) Paid-up Capital:
2,500,000 2,500,000
i) Initial Capital
ii) Capitalisation through issue
of bonus shares 426,908,860 387,871,690
----------- -----------
429,408,860 390,371,690
========== ==========
b) Reserves:
i) FINANCIAL RESERVES
Reserve for issue of
bonus shares 42,940,890 39,037,170
General Reserve 671,000,000 627,000,000
Reserve for Exceptional Losses  22,859,514 22,859,514
Investment Fluctuation Reserve 3,763,625 3,763,625
Unappropriated profit carried
forward 361,280 418,787
----------- -----------
Sub Total (i) 740,925,309 693,079,096
----------- -----------
ii) TECHNICAL RESERVES
Premium Reserve 978,003,284 865,528,839
Reserve for Outstanding Claims  520,861,689 523,886,068
----------- -----------
Sub total (ii) 1,498,864,973 1,389,414,907
----------- -----------
Total Reserves b (i+ii) 2,239,790,282 2,082,494,003
----------- -----------
Grand Total (a+b) 2,669,199,142 2,472,865,693
========== ==========
CORPORATE EXCELLENCE AWARD
The Company over the years has earned Top 25
Companies' Awards from the Karachi Stock Exchange
(Guarantee) Ltd for 17 times and FPCCI Export Trophy
Awards from the Federation of Pakistan Chambers of
Commerce & lndustry for 15 times. It is for the first time
that your Company has been declared the winner of the
prestigious Corporate Excellence Award for the year 1997
by the Management Association of Pakistan. It is, indeed,
a great honour as your Company has been selected for this
award from amongst banks, insurance companies, leasing
companies, modaraba companies and all other institutions
in the financial sector.
Messrs. Ford, Rhodes, Robson, Morrow, Chartered
Accountants, retire and being eligible, offer themselves for
reappointment as auditors of your Company for the year
2000.
We are thankful to our executives, officers, field officers,
staff and agents for their efficiency, hard work and loyalty,
without which, achievement of such satisfactory results
was not possible.
We would like to place on record our appreciation of
assistance provided by our leading reinsurers, i.e., Swiss
Reinsurance Company, Munich Reinsurance Company,
Hannover Ruck, ARIG Reinsurance Company and leading
brokers, namely Benfield Greig Ltd, Willis Limited,
Marsh Limited and AON Group Ltd.
In the end, we would like to thank the Controller of
Insurance, Pakistan Insurance Corporation and the State
Bank of Pakistan for their continued cooperation, under-
standing and encouragement they have been extending to
your Company.
For the Board of Directors
MOHAMED HANIF ADAMJEE
Chairman
Karachi: May 16, 2000
REPORT OF THE AUDITORS' TO THE MEMBERS
We have audited the annexed Balance Sheet of ADAMJEE INSURANCE COMPANY LIMITED as at December 31,
1999 and the annexed Fire, Marine, Motor and Miscellaneous Insurance Revenue Accounts, the Profit and Loss Account
and the Profit and Loss Appropriation Account and the Statement of Changes in Financial Position (Cash Flow Statement),
together with the Notes forming part thereof, for the year then ended and we state that we have obtained all the informa-
tion and explanations which to the best of our knowledge and belief were necessary for the purposes of the audit and, after
due verification thereof, we report that:
1. In our opinion:
(a) proper books of account as required by the Companies Ordinance, 1984 have been kept by the Company;
(b) the annexed Balance Sheet, Revenue Accounts, the Profit and Loss Account and the Profit and Loss
Appropriation Account have been drawn up in conformity with the provisions of the Insurance Act, 1938 and
are in agreement with the books of account and are further in accordance with the accounting policies consis-
tently applied;
(c) the expenditure incurred during the year was for the purpose of the Company's business;
(d) the business conducted, investments made and expenditure incurred during the year were in accordance with
the objects of the Company;
(e) zakat deductible at source, under the Zakat and Ushr Ordinance, 1980 was deducted by the Company and
deposited in the Central Zakat Fund established under Section 7 of that Ordinance.
2. The Company has not adopted the Technical Releases issued by the Institute of Chartered Accountants of Pakistan
in respect of bonus shares received and permanent impairment in the value of investments in shares, for reasons
given in note l i to the financial statements.
3. In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet,
Fire, Marine, Motor and Miscellaneous Insurance Revenue Accounts, the Profit and Loss Account, the Profit and
Loss Appropriation Account and the Statement of Changes in Financial Position (Cash Flow Statement), together
with the Notes forming part thereof, give the information required by the law in the manner so required and, except
for the matters referred to in para 2 above and the possibility of an underprovision for income tax of an estimated
amount of Rs. 75 million, as explained in Note 2, respectively give a true and fair view of the state of the Company's
affairs as at December 31, 1999 and of the profit and the changes in financial position (cash flow) for the year then
ended.
4. We further report that:
(a) we have verified the Cash in Hand and with Banks, and the Company's loans and investments, by actual inspec-
tion or by the production of certificates or other documents with the exception of investments of
Rs. 50,000;
(b) as per Section 40c(2) of the Insurance Act, 1938, read with Notes la, 1b, 1c and 1j all Expenses of
Management wherever incurred whether directly or indirectly, in respect of Fire, Marine, Motor and
Miscellaneous Insurance Business transacted in Pakistan have been fully debited in the respective Revenue
Accounts as expenses;
(c) as per regulation 11 of Part 1 of the Third Schedule of the Insurance Act, 1938, read with Note 1 a, the Company
has not paid to any person any commission in any form outside Pakistan in respect of the insurance business
transacted by the Company in Pakistan and that the Company has not received outside Pakistan from any per-
son any commission in any form in respect of any business, reinsured abroad.
FORD, RHODES, ROBSON, MORROW
Karachi: May 16, 2000 Chartered Accountants
GROWTH AT A GLANCE
(In Million of Rupees)
Year 1961 1970 1980 1990 1994 1995 1996 1997 1998 1999
Paid-up Capital 2.50 2.50 10.18 87.78 159.90 199.87 249.84 312.30 390.37 429.41
Reserves & Funds 0.87 18.87 151.57 507.71 1,213.64 1,416.10 1,717.04 2,168.47 2,082.49 2,239.79
Investments, Land/Buildings & Loans 2.98 14.77 59.24 405.05 986.21 1,119.67 1,276.01 1,444.08 1,571.92 1,659.10
Cash on Deposit with Banks 0.10 5.50 67.90 79.08 223.02 262.36 312.61 307.37 255.18 218.86
Cash in Hand/Banks on Current A/Cs 0.27 1.78 20.35 60.18 179.10 261.82 330.74 421.62 249.04 248.11
Interest, Dividend & Rent Income 0.10 1.04 12.30 55.08 126.14 129.8 142.85 155.39 171.72 186.08
Administrative Fixed Assets 0.15 1.05 5.74 34.49 104.72 121.17 135.74 142.66 144.77 146.21
Total Property & Assets 4.77 38.63 250.02 771.75 1,891.86 2,201.81 2,708.44 3,269.91 3,295.24 3,400.47
Direct Premium 3.79 25.69 185.45 942.33 2,045.06 2,458.22 2,855.83 3,123.26 3,220.12 3,511.13
Retained Premium 1.15 15.41 138.96 610.11 1,210.38 1,536.85 1,894.00 2,208.50 2,142.08 2,417.96
Net Losses Paid & Outstanding 0.34 6.69 67.20 360.35 695.79 812.15 1,077.71 1,450.90 1,525.29 1,447.00
Profit after Tax 0.04 1.29 20.87 53.68 176.08 186.55 221.87 290.50 196.4 183.5
Dividend declared -- Cash -- 60.00% 40.00% 40.00% 40.00% 35.00% 35.00% 35.00% 30.00% 22.50%
Stock -- 40.00% 20.00% 10.00% 25.00% 25.00% 25.00% 25.00% 10.00% 10.00%
CONSOLIDATED INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 1999
December 31, December 31,
1999 1998
Rupees Rupees
CLAIMS UNDER POLICIES, LESS
REINSURANCES--
Paid during the year--
In Pakistan 1,048,410,284 1,147,236,025
Outside Pakistan 401,611,056 438,408,283
---------- ----------
1,450,021,340 1,585,644,308
Estimated Liability in respect of
Outstanding Claims at the end of the
year, whether due or intimated--
In Pakistan 400,240,941 391,451,183
Outside Pakistan 120,620,748 132,434,885
---------- ----------
520,861,689 523,886,068
1,970,883,029 2,109,530,376
Less-Outstanding at the end of
the previous year--
In Pakistan 391,451,183 383,760,004
Outside Pakistan 132,434,885 200,485,072
---------- ----------
523,886,068 584,245,076
---------- ----------
1,446,996,961 1,525,285,300
EXPENSES OF MANAGEMENT
(less administrative surcharge) 552,481,998 508,600,698
COMMISSION AND DISCOUNT 142,979,012 165,098,618
PROFIT TRANSFERRED TO THE
PROFIT AND LOSS ACCOUNT 250,858,094 90,935,017
BALANCE OF ACCOUNT--
At the end of the year as shown in
the Balance Sheet--
Reserve for Unexpired Risks being 50%
for Marine Hull and 40% for other businesses
of the Premium Income of the year 978,003,284 865,528,839
---------- ----------
TOTAL Rs. 3,371,319,349 3,155,448,472
========== ==========
BALANCE OF ACCOUNT AT THE BEGINNING
OF THE YEAR-
Reserve for Unexpired Risks 865,528,839 892,356,072
PREMIUMS, LESS REINSURANCES-
In Pakistan 1,790,869,422 1,747,845,672
Outside Pakistan 627,087,870 394,231,111
---------- ----------
2,417,957,292 2,142,076,783
INTEREST, DIVIDENDS AND RENTS 77,981,873 73,439,423
Less--Income-tax thereon 414,828 726,965
---------- ----------
77,567,045 72,712,458
EXCHANGE GAIN 10,266,173 48,303,159
---------- ----------
TOTAL Rs. 3,371,319,349 3,155,448,472
========== ==========
Karachi: May 16, 2000
MOHAMED HANIF ADAMJEE Chairman
ABDUL HAMID ADAMJEE Director
ABDUL RAZAK ADAMJEE Director
SYED ZIAUDDIN AHMED     AKHTAR K. ALAVI Director
Executive Director (Finance) MOHAMMED CHOUDHURY Managing Director &
FIRE INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 1999
December 31, December 31,
1999 1998
Rupees Rupees
CLAIMS UNDER POLICIES, LESS
REINSURANCES--
Paid during the year--
In Pakistan 214,232,531 210,985,715
Outside Pakistan 5,150,830 17,674,505
---------- ----------
219,383,361 228,660,220
Estimated Liability in respect of
Outstanding Claims at the end of the
year, whether due or intimated-
In Pakistan 65,695,835 84,870,283
Outside Pakistan 16,376,662 17,396,282
---------- ----------
82,072,497 102,266,565
---------- ----------
301,455,858 330,926,785
Less--Outstanding at the end of the previous year--
In Pakistan 84,870,283 64,171,551
Outside Pakistan 17,396,282 15,221,724
---------- ----------
102,266,565 79,393,275
---------- ----------
199,189,293 251,533,510
EXPENSES OF MANAGEMENT
(less administrative surcharge) 165,967,216 135,780,006
PROFIT TRANSFERRED TO THE
PROFIT AND LOSS ACCOUNT 98,967,203 62,837,862
BALANCE OF ACCOUNT--
At the end of the year as shown in the Balance Sheet--
Reserve for Unexpired Risks being 40%
of the Premium Income of the year 173,514,898 180,764,400
---------- ----------
TOTAL Rs. 637,638,610 630,915,778
========== ==========
BALANCE OF ACCOUNT AT THE BEGINNING
OF THE YEAR--
Reserve for Unexpired Risks 180,764,400 191,652,097
PREMIUMS, LESS REINSURANCES-
In Pakistan 416,684,149 435,490,863
Outside Pakistan 17,103,095 16,420,137
---------- ----------
433,787,244 451,911,000
Commission and Discount 6,338,807 (38,242,259)
INTEREST, DIVIDENDS AND RENTS 14,986,103 15,558,500
Less--Income-tax thereon 79,720 154,011
---------- ----------
14,906,383 15,404,489
EXCHANGE GAIN 1,841,776 10,190,451
---------- ----------
TOTAL Rs. 637,638,610 630,915,778
========== ==========
To be read in conjunction with the annexed notes.
As per our report annexed.
We certify that all expenses of management wherever incurred, whether directly or indirectly, and all charges incurred
in respect of Fire Insurance business transacted by the Company in Pakistan have been fully debited in the above
Revenue Account as expenses.
MOHAMED HANIF ADAMJEE Chairman
FORD, RHODES, ROBSON, MORROW SYED ZIAUDDIN AHMED  ABDUL HAMID ADAMJEE Director
Chartered Accountants Executive Director (Finance) ABDUL RAZAK ADAMJEE Director
AKHTAR K. ALAVI Director
Karachi: May 16, 2000 MOHAMMED CHOUDHURY Managing Director &
Chief Executive
MARINE INSURANCE REVENUE ACCOUNT FOR
December 31, December 31,
Marine Marine 1999 1998
Cargo Hull Total Total
Rupees Rupees Rupees Rupees
CLAIMS UNDER POLICIES, LESS
REINSURANCES--
Paid during the year--
188,810,535 63,056,671 251,867,206 223,496,957
(21,247,729) 18,308,895 (2,938,834) 35,055,156
----------- ----------- ----------- -----------
167,562,806 81,365,566 248,928,372 258,552,113
Estimated Liability in respect of
Outstanding Claims at the end of the
year, whether due or intimated-
In Pakistan 35,655,780 155,096,169 190,751,949 144,614,643
Outside Pakistan 11,366,982 24,513,722 35,880,704 30,069,402
----------- ----------- ----------- -----------
47,022,762 179,609,891 226,632,653 174,684,045
----------- ----------- ----------- -----------
214,585,568 260,975,457 475,561,025 433,236,158
Less-- Outstanding at the end of
the previous year-
In Pakistan 54,912,545 89,702,098 144,614,643 162,917,050
Outside Pakistan 7,296,275 22,773,127 30,069,402 20,593,728
----------- ----------- ----------- -----------
62,208,820 112,475,225 174,684,045 183,510,778
----------- ----------- ----------- -----------
152,376,748 148,500,232 300,876,980 249,725,380
EXPENSES OF MANAGEMENT
(less administrative surcharge) 87,534,518 21,046,584 108,581,102 123,533,263
COMMISSION AND DISCOUNT 51,477,631 3,224,289 54,701,920 51,720,002
PROFIT TRANSFERRED TO THE
PROFIT AND LOSS ACCOUNT 130,609,358 (70,613,000) 59,996,358 66,716,425
BALANCE OF ACCOUNT--
At the end of the year as shown in
the Balance Sheet--
Reserve for Unexpired Risks
being 40% for Marine Cargo and
50% for Marine Hull of the Premium
Income of the year 167,476,522 54,101,836 221,578,358 198,910,481
------------ ------------ ------------ ------------
TOTAL Rs. 589,474,777 156,259,941 745,734,718 690,605,551
========== ========== ========== ==========
BALANCE OF ACCOUNT AT THE
BEGINNING OF THE  YEAR
Reserve for Unexpired Risks 155,419,850 43,490,631 198,910,481 188,333,773
PREMIUMS, LESS REINSURANCES--
In Pakistan 382,245,952 99,937,410 482,183,362 417,619,669
Outside Pakistan 36,445,354 8,266,262 44,711,616 57,911,218
---------- ---------- ---------- ----------
418,691,306 108,203,672 526,894,978 457,530,887
INTEREST, DIVIDENDS AND RENTS 13,658,598 4,128,186 17,786,784 16,177,962
Less--Income-tax thereon 72,658 21,960 94,618 160,143
---------- ---------- ---------- ----------
13,585,940 4,106,226 17,692,166 16,017,819
1,777,681 459,412 2,237,093 10,723,072
---------- ---------- ---------- ----------
Total 589,474,777 156,259,941 745,734,718 690,605,551
========== ========== ========== ==========
To be read in conjunction with the annexed notes.
As per our report annexed.
We certify that all expenses of management wherever incurred, whether directly or indirectly, and all charges incurred
in respect of Fire Insurance business transacted by the Company in Pakistan have been fully debited in the above
Revenue Account as expenses.
MOHAMED HANIF ADAMJEE Chairman
FORD, RHODES, ROBSON, MORROW SYED ZIAUDDIN AHMED  ABDUL HAMID ADAMJEE Director
Chartered Accountants Executive Director (Finance) ABDUL RAZAK ADAMJEE Director
AKHTAR K. ALAVI Director
Karachi: May 16, 2000 MOHAMMED CHOUDHURY Managing Director &
Chief Executive
MOTOR INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 1999
December 31, December 31,
1999 1998
Rupees Rupees
CLAIMS UNDER POLICIES, LESS
REINSURANCES--
Paid during the year--
In Pakistan 436,360,374 540,625,086
Outside Pakistan 393,048,193 382,539,364
----------- -----------
829,408,567 923,164,450
Estimated Liability in respect of
Outstanding Claims at the end of the
year, whether due or intimated-
In Pakistan 98,374,264 114,964,174
Outside Pakistan 61,117,833 79,028,139
----------- -----------
159,492,097 193,992,313
----------- -----------
988,900,664 1,117,156,763
Less--Outstanding at the end of
the previous year--
In Pakistan 114,964,174 103,437,592
Outside Pakistan 79,028,139 150,729,769
----------- -----------
193,992,313 254,167,361
----------- -----------
794,908,351 862,989,402
EXPENSES OF MANAGEMENT
(less administrative surcharge) 215,820,213 176,401,137
COMMISSION AND DISCOUNT 139,521,292 115,385,040
PROFIT TRANSFERRED TO THE PROFIT AND LOSS ACCOUNT 14,170,376 (95,221,815)
BALANCE OF ACCOUNT--
At the end of the year as shown in
the Balance Sheet--
Reserve for Unexpired Risks being 40%
of the Premium Income of the year 488,159,537 390,048,542
----------- -----------
TOTAL Rs. 1,652,579,769 1,449,602,306
========== ==========
BALANCE OF ACCOUNT AT THE BEGINNING
OF THE YEAR
Reserve for Unexpired Risks 390,048,542 419,026,029
PREMIUMS, LESS REINSURANCES-
In Pakistan 670,370,784 692,539,488
Outside Pakistan 550,028,059 282,581,867
----------- -----------
1,220,398,843 975,121,355
INTEREST, DIVIDENDS AND RENTS 37,148,423 33,800,830
Less--Income-tax thereon 197,613 334,589
----------- -----------
36,950,810 33,466,241
EXCHANGE GAIN 5,181,574 21,988,681
----------- -----------
TOTAL Rs. 1,652,579,769 1,449,602,306
========== ==========
To be read in conjunction with the annexed notes.
As per our report annexed.
We certify that all expenses of management wherever incurred, whether directly or indirectly, and all charges incurred
in respect of Fire Insurance business transacted by the Company in Pakistan have been fully debited in the above
Revenue Account as expenses.
MOHAMED HANIF ADAMJEE Chairman
FORD, RHODES, ROBSON, MORROW SYED ZIAUDDIN AHMED  ABDUL HAMID ADAMJEE Director
Chartered Accountants Executive Director (Finance) ABDUL RAZAK ADAMJEE Director
AKHTAR K. ALAVI Director
Karachi: May 16, 2000 MOHAMMED CHOUDHURY Managing Director &
Chief Executive
MISCELLANEOUS INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 1999
December 31, December 31,
1999 1998
Rupees Rupees
CLAIMS UNDER POLICIES, LESS
REINSURANCES--
Paid during the year--
In Pakistan 145,950,173 172,128,267
Outside Pakistan 6,350,867 3,139,258
----------- -----------
152,301,040 175,267,525
Estimated Liability in respect of
Outstanding Claims at the end of the
year, whether due or intimated-
In Pakistan 45,418,893 47,002,083
Outside Pakistan 7,245,549 5,941,062
----------- -----------
52,664,442 52,943,145
----------- -----------
204,965,482 228,210,670
Less--Outstanding at the end of
the previous year--
In Pakistan 47,002,083 53,233,811
Outside Pakistan 5,941,062 13,939,851
----------- -----------
52,943,145 67,173,662
----------- -----------
161,037,008 152,022,337
EXPENSES OF MANAGEMENT
(less administrative surcharge) 72,886,292 62,113,467
PROFIT TRANSFERRED TO THE PROFIT AND LOSS ACCOUNT 56,602,545 77,724,157
BALANCE OF ACCOUNT--
At the end of the year as shown in
the Balance Sheet--
Reserve for Unexpired Risks being 40%
of the Premium Income of the year 94,750,491 95,805,416
----------- -----------
TOTAL Rs. 386,610,452 386,331,261
========== ==========
BALANCE OF ACCOUNT AT THE BEGINNING
OF THE YEAR-
Reserve for Unexpired Risks 95,805,416 93,344,173
PREMIUMS, LESS REINSURANCES-
In Pakistan 221,631,127 202,195,652
Outside Pakistan 15,245,100 37,317,889
----------- -----------
236,876,227 239,513,541
COMMISSION AND DISCOUNT 44,905,393 40,248,683
INTEREST, DIVIDENDS AND RENTS 8,060,563 7,902,131
Less--Income-tax thereon 42,877 78,222
----------- -----------
8,017,686 7,823,909
EXCHANGE GAIN 1,005,730 5,400,955
----------- -----------
TOTAL Rs. 386,610,452 386,331,261
========== ==========
To be read in conjunction with the annexed notes.
As per our report annexed.
We certify that all expenses of management wherever incurred, whether directly or indirectly, and all charges incurred
in respect of Fire Insurance business transacted by the Company in Pakistan have been fully debited in the above
Revenue Account as expenses.
MOHAMED HANIF ADAMJEE Chairman
FORD, RHODES, ROBSON, MORROW SYED ZIAUDDIN AHMED  ABDUL HAMID ADAMJEE Director
Chartered Accountants Executive Director (Finance) ABDUL RAZAK ADAMJEE Director
AKHTAR K. ALAVI Director
Karachi: May 16, 2000 MOHAMMED CHOUDHURY Managing Director &
Chief Executive
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 1999
December 31, December 31,
1999 1998
Rupees Rupees
EXPENSES OF MANAGEMENT
(not applicable to any particular Fund or Account) 47,458,251 28,340,405
BONUS TO STAFF 103,890,256 90,503,674
DIRECTORS' FEES 3,500 1,500
DEPRECIATION ON ADMINISTRATIVE FIXED ASSETS 30,873,931 30,589,799
STAFF GRATUITY 22,500,000 10,000,000
PROVISION FOR TAXATION - Current year 77,000,000 11,000,000
- Prior years' adjustment -- (108,892,760)
----------- -----------
77,000,000 (97,892,760)
COMPULSORY LEVY OF ZAKAT 2,866,633 7,886,061
PROFIT FOR THE YEAR CARRIED DOWN TO
THE APPROPRIATION ACCOUNT 183,500,377 196,398,135
----------- -----------
TOTAL Rs. 468,092,948 265,826,814
========== ==========
INTEREST, DIVIDENDS AND RENTS 108,098,863 98,282,022
Less--Income-tax thereon 575,039 972,877
----------- -----------
107,523,824 97,309,145
NET CAPITAL GAIN ON SALE OF INVESTMENTS 17,089,860 55,635,911
BONUS SHARES RECEIVED (FACE VALUE) 18,491,310 10,018,205
PROFIT ON SALE OF FIXED ASSETS 6,731,965 2,068,996
INTEREST ON TAX REFUNDS 57,111,839 --
PROVISION FOR DOUBTFUL ASSETS WRITTEN-BACK 2,415,546 --
NET MISCELLANEOUS INCOME 7,870,510 9,859,540
PROFIT/(LOSS) TRANSFERRED FROM INSURANCE REVENUE ACCOUNTS--
Fire revenue Account 98,967,203 62,837,862
Marine Cargo revenue Accounts 130,609,358 96,453,986
Marine Hull Revenue Accounts (70,613,000) (29,737,561)
Motor Revenue Account 14,170,376 (95,221,815)
Miscellaneous Revenue Account 77,724,157 56,602,545
----------- -----------
250,858,094 90,935,017
----------- -----------
TOTAL Rs. 468,092,948 265,826,814
========== ==========
PROFIT AND LOSS APPROPRIATION ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 1999
December 31, December 31,
1999 1998
Rupees Rupees
INTERIM DIVIDEND 64,411,329 58,555,753
PROPOSED FINAL DIVIDEND 32,205,665 58,555,753
RESERVE FOR ISSUE OF BONUS SHARES 42,940,890 39,037,170
TRANSFER TO GENERAL RESERVE 44,000,000 40,000,000
BALANCE CARRIED TO THE BALANCE SHEET 361,280 418,787
----------- -----------
TOTAL Rs. 183,919,164 196,567,463
========== ==========
BALANCE BROUGHT DOWN FROM LAST YEAR 418,787 169,328
NET PROFITR FOR THE YEAR BROUGHT DOWN
FORM THE PROFIT AND LOSS ACCOUNT 183,500,377 196,398,135
----------- -----------
183,919,164 196,567,463
========== ==========
To be read in conjunction with the annexed notes.
As per our report annexed.
MOHAMED HANIF ADAMJEE Chairman
FORD, RHODES, ROBSON, MORROW SYED ZIAUDDIN AHMED  ABDUL HAMID ADAMJEE Director
Chartered Accountants Executive Director (Finance) ABDUL RAZAK ADAMJEE Director
AKHTAR K. ALAVI Director
Karachi: May 16, 2000 MOHAMMED CHOUDHURY Managing Director &
Chief Executive
BALANCE SHEET AS AT DECEMBER 31, 1999
CAPITAL AND LIABILITIES December 31, December 31,
1999 1998
Rupees Rupees
AUTHORISED CAPITAL-
50,000,000 (1998: 50,000,000) Ordinary Shares of Rs. 10/- each 500,000,000 500,000,000
========== ==========
ISSUED, SUBSCRIBED AND PAID-UP CAPITAL-
250,000 Ordinary Shares of Rs. 10/- each fully paid 2,500,000 2,500,000
42,690,886 (1998: 38,787,169) Ordinary Shares of
Rs. 10/- each issued as fully paid Bonus Shares 426,908,860 387,871,690
----------- -----------
429,408,860 390,371,690
RESERVES AND CONTINGENCY ACCOUNTS--
General Reserve--
Balance brought forward from last year 627,000,000 587,000,000
Transfer from the Profit and Loss Appropriation Account 44,000,000 40,000,000
----------- -----------
671,000,000 627,000,000
Reserve for Issue of Bonus Shares 42,940,890 39,037,170
Reserve for Exceptional Losses 22,859,514 22,859,514
Investment Fluctuation Reserve 3,763,625 3,763,625
----------- -----------
740,564,029 692,660,309
PROFIT AND LOSS APPROPRIATION ACCOUNT--
Balance as per annexed Account 361,280 418,787
BALANCE OF FUNDS AND ACCOUNTS--
Fire Insurance Business Account 173,514,898 180,764,400
Marine Cargo Insurance Business Account 167,476,522 155,419,850
Marine Hull Insurance Business Account 54,101,836 43,490,631
Motor Insurance Business Account 488,159,537 390,048,542
Miscellaneous Insurance Business Account 94,750,491 95,805,416
----------- -----------
978,003,284 865,528,839
LIABILITIES AND PROVISIONS--
Estimated Liability in respect of Outstanding
Claims, whether due or intimated 520,861,689 523,886,068
Amounts due to other persons or bodies
carrying on Insurance Business 267,391,102 313,064,644
Sundry Creditors (including outstanding or
accruing commissions or expenses) 283,949,054 324,218,632
Provision for Doubtful Assets 3,713,283 6,852,524
Premium and Other Deposits 132,948,709 111,388,242
Outstanding Dividends 11,066,570 8,295,233
Proposed Final Dividend 32,205,665 58,555,753
----------- -----------
1,252,136,072 1,346,261,096
----------- -----------
TOTAL Rs. 3,400,473,525 3,295,240,721
========== ==========
PROPERTY AND ASSETS
LOANS--
On mortgage of property within Pakistan 22,389,322 17,469,763
INVESTMENTS (In Pakistan)-
Government Securities
Deposited with the State Bank of Pakistan--
15-1/2% Sindh Loan, 2002 350,000 350,000
Others
Defence Savings Certificates 356,780,000 296,780,000
16% Sindh Loan, 2003 125,000 125,000
---------- ----------
356,905,000 296,905,000
---------- ----------
357,255,000 297,255,000
Shares and Debentures of entities incorporated in Pakistan-
Debentures 120,000 120,000
Shares (including term-m finance and modaraba certificates) 969,116,293 947,957,220
National Investment Trust (Units) 175,750,316 175,750,316
Investment Corporation of Pakistan--Mutual Funds 84,146,695 84,146,695
---------- ----------
1,229,133,304 207,974,231
---------- ----------
1,586,388,304 1,505,229,231
LAND AND BUILDINGS 50,318,205 49,222,319
CURRENT ASSETS--
Agents' Balances and Outstanding Premiums 340,507,394 313,428,272
Interest, Dividends and Rents Accrued or Receivable 157,629,461 75,288,990
Amounts due from other persons or bodies carrying on Insurance Business 240,266,973 273,188,132
Advances, Deposits and Sundry Debtors 143,904,519 151,648,011
Income-tax Payments less Provision 241,623,438 256,574,999
Cash Balances--
Cash on Deposit Accounts with Banks 218,860,146 255,180,161
Cash (and cheques) in Hand, in transit and at Banks on Current Accounts 248,105,701 249,044,075
Stamps in Hand 1,921,377 1,858,994
---------- ----------
468,887,224 506,083,230
Stationery and Other Stocks 2,352,369 2,341,273
---------- ----------
1,595,171,378 1,578,552,907
ADMINISTRATIVE FIXED ASSETS-
(At cost less Depreciation)-
Vehicles 68,563,485 68,846,907
Furniture and Fixtures 20,515,009 19,838,933
Equipment 57,127,822 56,080,661
---------- ----------
146,206,316 144,766,501
---------- ----------
TOTAL Rs. 3,400,473,525 3,295,240,721
========== ==========
This Balance Sheet should be read in
conjunction with the annexed notes.
As per our report annexed.
Certificate of the Directors and Principal Officer required under Regulation7(a) and (b) of Part I of the First Schedule of the Insurance Act, 1938.
We certify that:
1. Investments have been stated in the Balance Sheet at cost except shares/certificates of listed entities which have been stated at moving average cost
determined after accounting for bonus shares/certificates at face values.
The market value of Investments in Government Securities, and Shares and Debentures, have been ascertained from published quotations as on
December 3 l, 1999 and where market quotations were not available these have been valued at cost.
2. The market value of Land and Buildings have been taken at cost, or at estimated realisable value by reference to valuation reports by licenced
architects where these were obtained.
3. The value of all the assets has been reviewed as at December 31, 1999, and that in our belief, the Assets set forth in the Balance Sheet are shown in
the aggregate at amounts not exceeding their market or realisable values under the several headings enumerated therein.
MOHAMED HANIF ADAMJEE Chairman
FORD, RHODES, ROBSON, MORROW SYED ZIAUDDIN AHMED  ABDUL HAMID ADAMJEE Director
Chartered Accountants Executive Director (Finance) ABDUL RAZAK ADAMJEE Director
AKHTAR K. ALAVI Director
Karachi: May 16, 2000 MOHAMMED CHOUDHURY Managing Director &
Chief Executive
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 1999
1. Significant Accounting Policies-
(a) The amounts relating to foreign inward treaty business (included in these accounts as, In Pakistan), have been accounted for quar-
terly on the basis of statements upto December 31, 1999 received from ceding companies, in respect of business underwritten by them
as at the aforesaid date. The rates applied for translation to Pakistan Rupees of foreign currency figures given in the statements, are
the simple average of the rates of exchange applicable as at the end of each month of the quarter in which these are accounted for.
(b) PIC retrocession business has been accounted for on the basis of statements upto December 31, 1998 received from PIC, with the
exception of cash and bank transactions which have been accounted for currently.
(c) The income and expense amounts relating to the Company's business derived from its branches/agencies in the United Kingdom, the
United Arab Emirates, Saudi Arabia and Export Processing Zone which have been accounted for on the basis of statements received
from the respective branches/agencies have been translated to Pakistan Rupees at the simple average of the rates of exchange applic-
able at the end of each month of 1999.
(d) In respect of business emanating from the Company's Middle East and Export Processing Zone branches/agencies, whereas premi-
ums and claims are stated as Outside Pakistan, all other amounts in respect thereof are included with the Company's business In
Pakistan. The branch in the United Kingdom has closed its operations and is in "runoff" status with effect from January 1, 1998.
Claims relating to the United Kingdom branch are stated as Outside Pakistan.
(e) Foreign currency liability and asset account balances (including claims outstanding and those arrived at under la above) as at
December 31, 1999 have been translated to Pakistan Rupees at the rates of exchange applicable as at that date, or a date as near there-
to as possible. The resultant differential has been accounted for, and included under Exchange Gain/Loss.
(f) The liability for claims outstanding, subject to Notes 1 a, 1 b and 1 e, reflects the amounts intimated or assessed pertaining to the peri-
od as of the end of the relevant financial year, including those under litigation but excluding such claims as have been repudiated by
the Company.
(g) Profit/interest on Government Securities and Term Finance Certificates of listed entities is recognised taking into account the income
realisable at year-end and a pro-rata for the income applicable to the next income realisable date.
(h) Dividends and bonus entitlements (where applicable) are recorded, in the case of listed companies as on the dates of the respective
investee companies' annual general meetings for final dividends and book closure for interim dividends and in the case of modarabas,
mutual funds and NIT Units as on the commencement of the respective book closure dates.
(i) The Company's investments in shares, modaraba certificates, units and mutual funds of listed entities are carried in the accounts at
moving average cost. Moving average cost is determined after accounting for bonus shares and modaraba certificates received, at
their respective face values. The face values of bonus shares and certificates, are recorded as investments, with the corresponding
credit in respect thereof being taken to income. Other investments are carried at cost. Gains and losses on sale of investments are
taken to income currently. The Institute of Chartered Accountants of Pakistan has issued Technical Releases which requires that no
monetary effect be given in the accounts by the recipient of bonus shares and that impairment other than temporary in investments
in shares be determined on the basis of certain specified criteria. The Company does not agree with the treatment suggested by the
aforestated Technical Releases and considers that it is not binding on the Company and that the treatment accorded by the Company
to bonus shares received and determining permanent impairment in share investments are appropriate practices.
(j) Expenses of Management, Exchange Gain/Loss, Interest, Dividend and Rent income and the tax deducted at source thereon, have been
allocated by the Management to the various Revenue Accounts and to the Profit and Loss Account on a basis which appeared to them to
be equitable.
(k) Encashable leave is charged as and when availed/disbursed.
(1) The Company operates a funded gratuity scheme in respect of its employees in Pakistan to which the Company makes periodic con-
tributions. Last year, the Company revised its employees' salary structure to provide additional retirement benefits to its employees.
As a consequence of this, substantial contributions were to be made in the fund amounting to approximately Rs. 30 million, which
the Company made during the previous year. However, since the contribution was disproportionately large because of the afore-
mentioned revision of salary structure, Rs. 10 million of this was charged in the accounts for 1998, Rs. 10 million in the account for
the current year and the balance of Rs. 10 million has been carried forward as deferred cost (included under Advances, Deposits and
Sundry debtors) which will be charged in the following years' accounts. The amount available in the fund together with the provi-
sion as at the year end is sufficient to meet the liability as of that date calculated in respect of employees in Pakistan who have com-
pleted the minimum qualifying period of service as at that date. The Company's employees in the United Arab Emirates are entitled
to gratuity as per the requirements of legislation applicable in the United Arab Emirates, for which the Company makes appropriate
provisions in its books of accounts. The Company also has a Contributory Provident Fund.
(m) Subject to Note Administrative Fixed Assets are stated at historical cost, less depreciation calculated on the reducing balance
method at the following rates--
Vehicles 20% Furniture and Fixtures 10%
EDP Equipment 20% Other Equipment 15%
Full year's depreciation is charged in the year of acquisition and no depreciation is charged in the year of disposal.
(n) Provision for taxation is based on taxable income or turnover, whichever is applicable. Tax deducted at source applicable to Interest,
Dividends and Rents is separately shown as a deduction from such income.
2. In the Company's Income tax original assessment relating to the accounting year ended December 31 st, 1998, the net tax liability assessed
was Rs. 48 million against a provision in the accounts of Rs. 11 million. This shortfall has arisen essentially due to the assessing officer
taxing the excess expenses of management under the amendment made in 1999 in Rule 5 of the Fourth Schedule of the Income Tax
Ordinance, 1979 and taxing Dividend Income and Capital Gains at the full rate of 33%. No further provision has been made in the finan-
cial statements by the Company in respect of this shortfall of Rs. 37 million as the Company has filed a constitutional petition in the High
Court of Sindh in respect of these matters and the management of the Company is of the firm view that they will be successful on these
issues and that no further provision is required in respect thereof. In the event that these issues are decided against the Company the esti-
mated overall further tax liability to be provided for the years ended December 31, 1998 and 1999 would amount to approximately Rs. 75
million.
Tax refunds relating to the years upto December 31 st, 1989 and from 1992 to 1997 have become due to the company, which have not been
fully adjusted/received. Under the provisions of the Income Tax Ordinance, 1979, if no payment is made by the Income Tax Department
within three months of the due date of refunds, compensation (~I 5% of refunds due can be claimed by the assessee from the expiry of the
three months. Consequently the company has claimed this compensation on the basis of the date of the relevant original assessment order
(or revised assessment order as appropriate) to December 31, 1999 and accounted for this compensation which amounts approximately to
Rs 57 million as income in the current year under "Interest on Income tax refunds" (and provided income tax theron at the current rate of tax)
and included this under "Income Tax Payment less Provisions" in the Balance Sheet.
3. Details of Investments:
I--  SHARES AND DEBENTURES OF ENTITIES INCORPORATED IN PAKISTAN
No. of Shares/Certificates Book Value
December   December Face Name of Entity December December
31, 1998 31, 1999 value 31, 1999 31, 1998
Rs. Rs. Rs.
A: ASSOCIATED UNDERTAKINGS--
ORDINARY SHARES--LISTED
109,807 109,807 10 Mehran Jute Mills Limited 1,150,465 1,150,465
B: OTHER--LISTED COMPANIES, MODARABAS & TERM FINANCE CERTIFICATES
i) Ordinary Shares LEASING COMPANIES 772,970 772,970
41,817 41,817 10 Asian Leasing Corporation Limited 828,734 745,034
55,800 64,170 10 Pakistan Industrial & Commercial Leasing Limited 8,694,314 8,694,314
316,872 316,872 10 Saudi Pak Leasing Co. Ltd.
INVESTMENT COMPANIES/BANKS
322,309 322,309 10 Askari Commercial Bank Limited 6,025,620 6,025,620
22,500 22,500 10 Atlas Investment Bank Limited 406,350 406,350
357,323 471,666 10 Bank A1-Habib Limited 10,547,242 9,403,812
211,315 211,315 10 Bankers Equity Limited 2,428,918 2,428,918
129,980 152,076 10 Crescent Investment Bank Limited 2,298,407 2,077,451
186,000 186,000 10 Faysal Bank Limited 4,730,320 4,730,320
43,125 43,125 10 Fidelity Investment Bank Limited 426,300 426,300
10,800 10,800 10 Indus Bank Limited 185,195 185,195
28,183 28,183 10 Islamic Investment Bank Limited 532,520 532,520
49,000 49,000 10 Jahangir Siddiqui Investment Bank Limited (formerly 2,353,440 2,578,350
Citicorp Investment Bank Pakistan Limited)
17,664 17,664 10 Jahangir Siddiqui & Co. Limited 792,226 792,226
16,500 24,750 10 Khadim Ali Shah Bukhari & Co. Limited 1,088,750 1,006,250
211,125 281,500 10 Metropolitan Bank Limited 6,611,034 5,907,284
248,024 357,024 10 Muslim Commercial Bank Limited 9,744,259 6,751,319
63,000 63,000 10 Orix Investment Bank Limited 723,835 723,835
1,055,543 1,055,543 10 P.I.C.I.C. 16,619,969 16,619,969
74,835 74,835 10 Prime Commercial Bank Limited 1,939,070 1,939,070
353,555 353,555 10 Soneri Bank Limited 8,256,775 8,256,775
94,921 94,921 10 Union Bank Limited 1,798,643 1,798,643
INSURANCE
18,216 36,432 10 Central Insurance Company Limited 440,136 257,976
157,333 157,333 5 Habib Insurance Company Limited 2,027,261 2,027,261
39,520 48,412 10 International Gen. lns. Co. of Pakistan Limited 1,181,474 1,092,554
1,000 1,200 5 New Jubilee Insurance Co. Limited 18,158 17,158
3,744 3,744 100 Pakistan Insurance Corporation 444,105 444,105
186,616 223,939 5 Premier Insurance Company of Pakistan Limited 1,375,475 1,188,860
TEXTILE SPINNING
75,000 75,000 10 Accord Textiles Limited 748,125 748,125
25,490 25,490 5 Annoor Textile Mills Limited 573,182 573,182
119,200 119,200 10 Apollo Textile Mills Limited 1,301,114 1,301,114
50 50 10 Babri Cotton Mills Limited 800 800
142,833 142,833 10 Bilal Fibres Limited 1,754,419 1,754,419
41,720 41,720 10 Central Cotton Mills Limited 587,080 587,080
20,000 20,000 10 Chakwal Spinning Mills Limited 400,940 400,940
59,535 65,488 10 Dewan Khalid Textile Mills Limited 2,228,543 2,169,041
11,895 13,084 10 Dewan Mushtaq Textile Mills Limited 219,626 207,756
350 385 10 Dewan Textile Mills Limited 13,340 12,990
43,200 43,200 10 Din Textile Mills Limited 992,757 992,757
451,914 451,914 10 Fazal Cloth Mills Limited 5,474,578 5,474,578
500 500 10 Gulistan Spinning Mills Limited 7,500 7,500
31,625 31,625 10 Gulshan Spinning Mills Limited 746,900 746,900
7,900 7,900 10 Ishtiaque Textile Mills Limited 110,363 110,363
35,000 35,000 10 J.A. Textile Mills Limited 417,615 417,615
100,000 100,000 10 Landmark Spinning Ind. Limited 996,500 996,500
33,000 33,000 10 Naveed Textile Mills Limited 490,530 490,530
50,925 50,925 10 Paramount Spinning Mills Limited 1,710,938 1,710,938
320,600 320,600 10 Reliance Cotton Spinning Mills Limited 3,195,180 3,195,180
81,000 81,000 10 Sally Textile Mills Limited 897,075 897,075
78,000 78,000 10 Service Industries (Textile) Limited 1,388,100 1,388,100
4,140 4,140 10 Shaheen Cotton Mills Limited 154,009 154,009
124,200 124,200 10 Shahzad Textile Mills Limited 1,538,900 1,538,900
3,916 3,916 10 Sunshine Cotton Mills Limited 58,588 58,588
171,267 171,267 10 Umer Fabrics Limited 3,299,164 3,299,164
TEXTILE WEAVING
20,100 20,100 10 ICC Textile Mills Limited 258,472 258,472
20,000 20,000 10 Yousuf Weaving Mills Limited 234,450 234,450
TEXT1LE COMPOSITE
25,200 25,200 10 Burewala Textile Mills Limited 1,249,571 1,249,571
421,415 442,485 10 Crescent Textile Mills Limited 7,470,043 7,259,353
436,100 436,100 10 Dannemann Fabrics Limited 4,361,000 4,361,000
93,078 93,078 10 Dawood Cotton Mills Limited 4,003,134 4,003,134
20,400 20,400 10 Ghazi Fabrics Limited 307,238 307,238
107,239 107,239 10 Gul Ahmed Textile Mills Limited 1,892,875 1,892,875
107,014 107,014 10 Husein Industries Limited 1,886,051 1,886,051
110,651 110,651 10 Jubilee Spinning & Weaving Mills Limited 1,270,407 1,270,409
10,917 10,917 10 Kohinoor Industries Limited 239,383 239,383
28,566 28,566 10 Kohinoor Textile Mills Limited 525,806 525,806
1,000 1,000 10 Mian Textile Mills Limited 10,000 10,000
223,960 223,960 10 Mohammad Farooq Textile Mills Limited 3,800,631 3,800,631
551,447 551,447 10 Nishat Mills Limited 13,252,177 13,252,177
18,000 18,000 10 Shams Textile Mills Limited 540,199 540,199
2,095 2,095 10 Star Textile Mills Limited 42,084 42,091
14,437 14,437 10 Zahur Textile Mills Limited 209,810 209,810
WOOLLEN
40,000 40,000 10 International Floor Coverings Limited 426,906 426,906
124,600 124,600 10 Lawrencepur Woollen & Textile Mills Limited 3,192,704 3,192,704
4,760 4,760 10 Moonlite Pakistan Limited 57,495 57,495
SYNTHETIC AND RAYON
101,349 101,349 10 Bengal Fibre Industries Limited 1,463,037 1,463,037
511,925 575,915 10 Dewan Salman Fibres Limited 28,769,482 28,129,598
10,017 10,017 10 Dilon Limited 132,883 132,883
145,610 145,610 10 Gatron (Industries) Limited 6,189,006 6,189,006
311,400 311,400 10 Pakistan Synthetics Limited 3,114,000 3,114,000
36,837 36,837 5 Polypropylene Products Limited 387,357 387,357
37,500 37,500 10 Rupali Polyester Limited 2,124,439 2,124,439
30,400 30,400 10 Tristar Polyester Limited 1,009,512 1,009,512
JUTE
21,150 21,150 10 Amin Fabrics Limited 472,906 472,906
263,366 263,366 10 Crescent Jute Products Limited 5,093,379 5,093,379
52,204 52,204 10 Indus Jute Mills Limited 747,013 747,013
301,395 301,395 5 Thai Jute Mills Limited 2,660,030 2,660,030
100,000 70,000 10 United Jute Mills Limited 696,500 995,000
SUGAR AND ALLIED
31,700 31,700 10 Al-Asif Sugar Mills Limited 373,499 373,499
95,726 95,726 10 AI-Noor Sugar Mills Limited 1,936,868 1,936,868
138,000 138,000 10 Ansari Sugar Mills Limited 1,375,000 1,375,000
84,163 84,163 10 Baba Farid Sugar Mills Limited 1,168,188 1,168,188
147,002 154,352 10 Bawany Sugar Mills Limited 3,879,675 3,806,177
270,254 270,254 10 Crescent Sugar Mills & Distillery Limited 3,969,867 3,969,872
158,840 174,724 10 Dewan Sugar Mills Limited 6,894,618 6,735,778
86,996 86,996 10 Faran Sugar Mills Limited 1,625,281 1,625,28l
38,874 38,874 10 Fecto Sugar Mills Limited 476,955 476,955
241,077 241,077 5 Habib Sugar Mills Limited 3,805,848 3,805,848
15,911 15,911 10 Husein Sugar Mills Limited 309,145 309,152
8,956 8,956 10 Hamza Sugar Mills Limited (formerly Hyesons Sugar Mills Ltd.) 83,584 83,584
73,827 73,827 10 Mehran Sugar Mills Limited 2,293,279 2,293,279
146,236 146,236 10 Mirpurkhas Sugar Mills Limited 3,116,045 3,116,045
56 56 10 Noon Sugar Mills Limited 233 233
5,800 5,800 10 Pangrio Sugar Mills Limited 82,426 82,426
132,000 132,000 10 Sakrand Sugar Mills Limited 1,320,000 1,320,000
50,380 50,380 10 Sanghar Sugar Mills Limited 1,026,353 1,026,353
2,862 2,862 10 Shahmurad Sugar Mills Limited 46,179 46,179
113,044 113,044 10 Shahtaj Sugar Mills Limited 2,626,037 2,626,037
100,000 100,000 10 Tandlianwala Sugar Mills Limited 997,500 997,500
26,418 26,418 10 Thai Industries Corporation Limited 617,613 617,613
24,000 24,000 10 United Sugar Mills Limited 466,315 466,315
CEMENT
805,376 805376 10 Cherat Cement Limited 11,436,584 11,436,584
25,750 25 750 10 Dadabhoy Cement Industries Limited 534,500 534,500
63,080 63.08 10 Dadex Eternit Limited 1,063,624 1,063,624
780,208 780. 208 10 D.G. Khan Cement Company Limited 30,901,359 30,901,359
56,870 62.56 10 Essa Cement Industries Limited 1,544,150 1,487,280
299,750 299.75 10 Gharibwal Cement Limited 4,868,524 4,868,524
7,420 7.42 10 Javedan Cement Limited 102,025 102,025
80,900 80. 900 10 Lucky Cement Co. Limited 1,632,100 1,632,100
74,569 74 569 10 Maple Leaf Cement Factory Limited 3,758,568 3,758,568
825,000 825.00 10 Pakland Cement Limited 8,250,000 8,250,000
100,000 100.00 5 Punjab Building Products Limited 930,602 930,602
100,000 100.00 10 Saadi Cement Limited 1,000,000 1,000,000
32,182 32.18 10 Zeal-Pak Cement Factory Limited 1,188,312 1,188,312
TOBACCO
69,709 76,679 10 Lakson Tobacco Company Limited 1,599,071 1,529,371
412,374 412,374 10 Pakistan Tobacco Company Limited 8,564,812 8,564,812
FUEL AND ENERGY
24,750 24,750 10 Burshane (Pakistan) Limited 532,850 532,850
75,000 75,000 10 D.G. Khan Electric Co. Limited 1,500,000 1,500,000
599,500 599,500 10 Hub Power Co. Limited 27,539,295 27,539,295
331,450 331,450 10 Karachi Electric Supply Corporation Limited 4,685,644 4,685,644
658,040 658,040 10 National Refinery Limited 7,217,659 7,217,659
123,318 147,981 10 Pakistan Oilfields Limited 10,900,653 10,654,023
283,501 283,501 10 Pakistan Refinery Limited 12,408,829 12,408,829
1,046,218 1,255,461 10 Pakistan State Oil Company Limited 73,150,027 71,057,771
192,057 191,057 10 Shell Pakistan Limited 16,085,243 15,261,022
76,000 76,000 10 Sitara Energy Limited 1,155,970 1,155,970
1,147,457 1,517,511 10 Sui Northern Gas Pipelines Limited 20,188,253 16,487,713
1,228,239 1,553,721 10 Sui Southern Gas Company Limited 20,011,004 16,756,184
ENGINEERING
10,000 10,000 10 Abbas Engineering Industries Limited 139,300 139,300
30,417 30,417 10 Crescent Steel Industries Limited 375,470 375,470
152,048 152,048 10 International Industries Limited 3,333,084 3,333,084
116,220 116,220 10 KSB Pumps Co. Ltd. 1,204,618 1,204,618
225,502 225,502 10 Metropolitan Steel Corporation Limited 3,440,700 3,440,700
AUTO AND ALLIED ENGINEERING
70,285 70,285 5 Agriauto Industries Limited            641,850 641,850
216,015 378,026 5 AI-Ghazi Tractors Limited 3,073,817 2,263,762
2,018 2,018 10 Allwin Engineering Industries Limited 23,044 23,044
144,544 144,544 10 Exide Pakistan Limited 4,371,883 4,371,891
66,893 66,893 10 Ghandhara Nissan Diesel Limited 2,110,640 2,110,640
77,000 77,000 10 Indus Motors Limited 2,974,250 2,974,250
58,080 58,080 10 Millat Tractors Limited 2,552,260 2,552,260
51,500 51,500 10 National Motors Limited 1,280,169 1,280,169
193,200 193,200 10 Pak Suzuki Motor Company Limited 8,673,169 8,673,169
CABLES AND ELECTRICAL GOODS
1,050 1,050 10 Climax Engineering Company Limited 18,612 18,612
42,981 42,981 10 Johnson & Phillips (Pakistan) Limited 757,860 757,860
28,261 28,261 10 Pakistan Cables Ltd. 958,647 958,647
176,346 176,346 10 Pak Elektron Limited 7,592,481 7,592,481
6,740 6,740 10 PEL Appliances Limited 152,237 152,237
10,750 10,750 10 Pioneer Cables Limited 170,775 170,775
234,048 234,048 10 Philips Electrical Industries of Pakistan Limited 4,847,222 4,847,222
114,895 114,895 10 Refrigerators Manufacturing Co. Pakistan Limited 2,223,274 2,223,274
273,330 273,330 10 Siemens (Pakistan) Engineering Co. Limited 3,944,586 3,944,586
TRANSPORT AND COMMUNICATION
47,400 47,400 10 Pan Islamic Steamship Company Limited 456,655 456,655
29,947 29,947 10 Pakistan International Airlines Corporation 369,156 369,156
45,000 50,000 10 Pakistan Telecommunication Co. Limited 1,580,680 1,487,080
CHEMICAL AND PHARMACEUTICAL
302,758 348,171 10 BOC Pakistan Limited 5,614,543 5,160,469
10,000 10,000 10 Buxly Paints Limited 133,320 133,320
43,949 51,541 10 Clariant Pakistan Limited 1,150,368 1,084,468
58,131 58,131 5 Dyno Pakistan Limited 517,466 517,466
1,841,608 2,126,949 10 Engro Chemical Pakistan Limited 92,725,775 92,661,217
193,000 193,000 10 FFC Jordan Fertilizer Co. Limited 3,269,265 3,269,265
515,500 515,500 10 Fauji Fertilizer Company Limited 39,960,390 39,960,390
555 555 10 Fcrozsons Laboratories Limited 5,966 5,966
421,323 456,323 10 Glaxo Wellcome (Pakistan) Limited 9,475,478 8,298,428
5,196,766 5,175,766 10 ICI Pakistan Limited Rs.8,006,198 58,241,608
289,900 289,900 10 Knoll Pharmaceuticals Limited 22,485,715 22,485,715
6,300 6,300 10 Pak Gum & Chemicals Limited 282,989 282,989
771,732 771,732 10 Reckitt & Colman of Pakistan Limited 34,570,260 34,570,260
4,878 -- 10 Sandoz Pakistan Limited - 86,243
42,296 52,341 10 Searle Pakistan Limited 1,180,821 1,080,371
106,411 106,411 10 Sind Alkalis Limited 1,753,381 1,753,381
42,750 42,750 10 Sitara Chemicals Co. Limited 1,374,066 1,374,066
300 300 10 Smith Kline & French of Pakistan Limited 41,804 41,804
48,375 48,375 10 Wah Nobel Chemicals Limited 1,227,798 1,227,798
PAPER AND BOARD
3,601 3,601 10 Adamjee Paper & Board Mills Limited 44,990 44,990
102,300 102,300 5 Baluchistan Particle Board Limited 567,630 567,630
108,700 108,700 10 Cherat Papersack Limited 3,959,305 3,959,305
196,131 196,131 10 Crescent Board Limited 2,950,367 2,950,367
171,941 196,941 10 Packages Limited 5,371,758 4,393,520
118,292 118,292 5 Pakistan Papersack Corporation Limited 1,131,472 1,131,472
466,078 466,078 10 Security Papers Limited 9,466,830 9,466,840
VANASPATI AND ALLIED INDUSIR1ES
17,480 17,480 10 Associated Industries Limited 1,133,658 1,133,658
12,200 12,200 10 Kakakhel Pakistan Limited 338,238 338,238
42,750 42,750 10 Wazir All Industries Limited 859,618 859,618
LEATHER AND TANNERIES
57,884 57,884 10 Bata Pakistan Limited 991,279 991,279
18,350 18,350 10 Service Industries Limited (Shoes) 304,513 304,521
FOOD AND ALLIED
8,900 8,900 10 Bari Rice Mills Limited 104,244 104,244
61,600 61,600 10 Ismail Industries Limited 1,196,381 1,196,381
19,396 19,396 50 Lever Brothers Pakistan Limited 8,632,046 8,632,046
151,118 151,118 10 Murree Brewery Company Limited 5,229,257 5,229,257
175,568 175,568 10 National Foods Limited 3,954,874 3,954,878
21,722 32,583 10 Nestle Milkpak Limited 831,311 722,701
36,580 -- 10 Rafhan Best Food Limited -- 1,932,590
54,870 54,870 10 Rafhan Maize Products Limited (formerly CPC Rafhan Ltd) 2,898,885 2,898,885
GLASS AND CERAMICS
93,490 93,490 5 Baluchistan Glass Limited 1,294,683 1,294,683
68,482 68,482 10 Emco Industries Limited 1,630,169 1,630,169
100,000 100,000 10 Frontier Ceramics Limited 997,500 997,500
26,831 26,831 10 Medi Glass Limited 416,582 416,582
31,676 31,676 5 Prince Glass Works Limited 814,833 814,833
MISCELLANEOUS
17,364 17,364 10 Hashimi Can Company Limited 212,136 212,136
4,125 4,125 10 Pakistan Services Limited 74,639 74,639
60,000 60,000 10 Transpak Corporation Limited 838,607 838,607
34,122 34,122 10 Treet Corporation Limited 516,021 516,021
75,840 75,840 10 United Distributors Pakistan Limited 2,306,037 2,306,037
1,644 1,644 10 Zulfiqar Industries Limited 16,440 16,440
ii) Modaraba Certificates MODARABAS
632 632 10 Al-Zamin Leasing Modaraba 6,320 6,320
998,101 998,101 10 B.R.R.International Modaraba 12,380,965 12,380,965
123,653 123,653 10 First Crescent Modaraba 2,142,592 2,142,592
158,322 158,322 10 First Fidelity Leasing Modaraba 2,125,125 2,125,125
655,563 655,563 10 First Grindlays Modaraba 14,650,209 14,650,209
45,926 45,926 10 First Habib Bank Modaraba 548,863 548,863
38,052 38,052 5 First Habib Modaraba 203,509 203,509
388,368 388,368 10 First Professional Modaraba 3,883,680 3,883,680
27,918 27,918 10 Modaraba Al-Tijarah 457,875 457,875
42,071 42,071 10 Second Prudential Modaraba 512,938 512,938
68,600 68,600 10 Trust Modaraba 1,347,600 1,347,600
iii) Term Finance Certificates
TERM FINANCE CERTIFICATES
20 20 -- Gatton Industries Ltd. 1,998,800 1,999,600
-- 30 -- Dewan Salman Fibres Ltd. 2,999,400 --
C: UNLISTED/DELISTED SHARES AND DEBENTURES
i) Ordinary Shares
38,500 38,500 5 Madina Textile Mills Limited 192,500 192,500
37,000 37,000 10 Mehran Bank Limited 1,251,320 1,251,320
ii) Debentures
12 Certificates of Rs. 10,000 each Tariq Cotton Mills Limited 120,000 120,000
D: OTHER INVESTMENTS--NIT UNITS/ICP MUTUAL FUNDS
i) N.L T. Units
13,412,540 13,412,540 10 N.I.T. Units 175,750,316 175,750,316
ii) ICP Mutual Funds
276,000 276,000 10 1st ICP Mutual Fund 2,981,560 2,981,560
189,500 189,500 10 2rid ICP Mutual Fund 2,402,855 2,402,855
277,850 277,850 10 3rd ICP Mutual Fund 3,511,698 3,511,698
308,999 308,999 10 4th ICP Mutual Fund 3,779,190 3,779,190
80,350 80,350 10 5th ICP Mutual Fund 986,296 986,296
295,900 295,900 10 6th ICP Mutual Fund 3,035,836 3,035,836
99,350 99,350 10 7th ICP Mutual Fund 1,200,695 1,200,695
1,083,000 1,083,000 10 8th ICP Mutual Fund 11,532,345 11,532,345
1,022,500 1,022,500 10 9th ICP Mutual Fund 10,582,573 10,582,573
541,800 541,800 10 10th ICP Mutual Fund 5,848,399 5,848,399
860,000 860,000 10 11th ICP Mutual Fund 9,271,838 9,271,838
479,500 479,500 10 12th ICP Mutual Fund 4,861,272 4,861,272
229,000 229,000 10 13th ICP Mutual Fund 2,478,351 2,478,351
247,600 247,600 10 14th ICP Mutual Fund 3,138,469 3,138,469
37,600 37,600 10 15th ICP Mutual Fund 636,613 636,613
14,700 14,700 10 16th ICP Mutual Fund 252,486 252,486
76,900 76,900 10 17th ICP Mutual Fund 1,214,901 1,214,901
95,800 95,800 10 18th ICP Mutual Fund 1,661,101 1,661,101
47,600 47,600 10 19th ICP Mutual Fund 869,342 869,342
66,300 66,300 10 20th ICP Mutual Fund 1,224,736 1,224,736
14,000 14,000 10 21st ICP Mutual Fund 156,580 156,580
121,000 121,000 10 22nd ICP Mutual Fund 2,063,120 2,063,120
20,500 20,500 10 23rd ICP Mutual Fund 188,885 188,885
9,000 9,000 10 24th ICP Mutual Fund 79,380 79,380
791,300 791,300 10 ICP (State Enterprises) Mutual Fund 10,188,174 10,188,174
II- GOVERNMENT SECURITIES Description of Securities
Sindh Loan 15-1/2% 2002 350,000 350,000
Sindh Loan 16%    2003 125,000 125,000
Defence Savings Certificates 356,780,000 296,780,000
----------- -----------
Total Book Value as on December 31 Rs. 1,586,388,304 1,505,229,231
========== ==========
Total Market Value as on December 31 Rs. 1,840,277,259 1,29,2,570,450
========== ==========
The market value of the Company's investments listed on the stock exchange has been shown at the rates given in the Ready Board Quotation of the
Karachi Stock Exchange for the last business day of the year. Market value of other investments has been taken at cost.
4. LAND AND BUILDINGS Description of Properties
Adamjee Insurance Building, Karachi 2,391,090 2,391,090
Business Centre Premises, Karachi 5,789,827 5,789,827
Uni Centre Premises, Karachi 734,155 734,155
Gul Tower Premises, Karachi 1,483,998 1,483,998
Business Arcade Premises, Karachi 850,320 850,320
Japan Plaza Premises, Karachi 483,600 483,600
Faiyaz Centre Premises, Karachi 3,019,644 3,019,644
EPZ Premises, Karachi 1,516,189 1,484,037
Adeel Shopping Centre Premises, Karachi 1,404,948 1,404,948
Shaheen Centre Premises, Karachi 1,762,813 1,762,813
Hajra Mansion Premises, Karachi 1,734,854 1,721,120
Shahwar Trade Centre Premises, Karachi 2,393,858 2,393,858
Suleman Centre Premises, Karachi 1,200,000 1,200,000
Ambar Estate Premises, Karachi 2,292,676 2,292,676
Al-Ameen Towers Premises, Karachi 1,703,672 1,703,672
North Nazimabad Branch, Karachi 1,050,000 --
Business Plaza, Karachi 2,816,573 2,816,573
Latif Centre Premises, Lahore 1,100,663 1,100,663
Hafeez Centre Premises Lahore 1,282,650 1,282,650
Associated House Premises, Lahore 2,607,500 2,607,500
Glamour Plaza Premises, Lahore 1,065,107 1,065,107
Shan Arcade Premises, Lahore 1,477,400 1,477,400
Eden Centre Premises, Lahore 6,661,922 6,661,922
Abbas Centre, Islamabad 1,947,573 1,947,573
Agha Siraj Complex, Quetta 1,547,173 1,547,173
----------- -----------
Total Book Value as on December 31 Rs. 50,318,205 49,222,319
----------- -----------
Total Market Value as on December 31 Rs. 133,926,660 136,892,025
========== ==========
The renewal of the lease from the respective Government agencies in respect of the Company's land at Karachi, upon which the Company's build-
ing (Adamjee Insurance Building) is located, has as yet to be granted to the Company. However, all formalities known to the Management for obtain-
ing the lease have been completed.
No depreciation is being charged in respect of buildings.
5. The amounts of Agents' Balances and Outstanding Premiums, Advances, Deposits and Sundry Debtors the commission due and deposits received
by the Company, and the balances due From and To Other Persons or Bodies Carrying on Insurance Business, are not confirmed. However, the same
is considered by Management to have been recorded accurately in the Company's books of account.
6. Cash on Deposits with Banks includes, fixed deposits amounting to Rs. 67,138,753 (DHS. 4,807,128) deposited in accordance with the United Arab
Emirates Insurance Regulations for carrying on business in that territory. In addition, there are liens against cash deposits of Rs. 5,731,460
(DI-IS 410,372) with banks outside Pakistan, Rs. 2,287,30l (with banks in Pakistan) and NIT Units of Rs. 50,000, essentially in respect of guaran-
tees for claims not acknowledged as debts.
7. Remuneration (excluding fees for meetings), Allowances and Perquisites paid to the Chief Executive, Directors and Other Executives
(excluding overseas executives) whose Basic Salary for the calendar year exceeded Rs. 100,000-
December 31, 1999 December 31, 1998
Chief
Executive Director Executive Total Executives Director Executive Total
Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees
Remuneration 3,327,000 1,760,250 114,175,466 119,262,716 3,129,000 805,900 73,033,110 76,968,010
Allowances and Perquisites  2,109,470 2,508,151 85,498,590 90,116,211 1,745,339 560,497 66,936,915 69,242,751
----------- ----------- ----------- ----------- ----------- ----------- -----------
5,436,470 4,268,401 199,674,056 209,378,927 4,874,339 1,366,397 139,970,025 146,210,761
========== ========== ========== ========== ========== ========== ========== ==========
Number of persons 1 2 422 425 1 1 250 252
In addition, the Chief Executive, Directors and Executives are also provided with free use of company cars.
8. REMUNERATION OF AUDITORS
1999 1998
Rupees Rupees
Audit Fee 545,000 495,000
Other certifications, advisory and income-tax fees 180,000 165,000
Out-of-pocket expenses 86,294 72,365
----------- -----------
811,294 732.37
========== ==========
9. Previous year's figures have been re-arranged wherever necessary for the purpose of comparison.
FORM "AA"
CLASSIFIED SUMMARY OF THE ASSETS
AS AT DECEMBER 31, 1999
Class of Assets Book Value Market Value Remarks
Rupees Rupees
Loans 22,389,322 22,389,322 Realisable value.
Government Securities 357,255,000 357,255,000 The Market Value of Investments
in Government Securities,
Debentures 120,000 120,000 Debentures, Shares, Term
Finance Certificates and
Shares (including TFCs & Modaraba Certificates)  969,116,293 1,256,388,290 Modaraba Certificates NIT
Units and ICP Mutual Funds
NIT Units and ICP Mutual Funds 259,897,011 226,513,969 have been ascertained from
published quotations as on
December 31, 1999 and where
market quotations were not
available these have been val-
ued at cost.
Land and Buildings 50,318,205 133,926,660 The Market Value of Land and
Buildings have been taken at
cost, or at estimated realisable
value by licenced architects
where these were obtained.
Agents' Balances and
Outstanding Premiums 340,507,394 340,507,394 Realisable value.
Interest, Dividends and Rents
Accrued or Receivable 157,629,461 157,629,461 Realisable/accrued value.
Amounts due from other persons or
bodies carrying on Insurance Business 240,266,973 240,266,973 Realisable value.
Advances, Deposits and
Sundry Debtors 143,904,519 143,904,519 Realisable value.
Income tax Payments less Provision 241,623,438 241,623,438 Realisable value.
Cash on Deposit Accounts
with Banks 218,860,146 218,860,146 Realisable value.
Cash (and cheques) in Hand, in transit
and at Banks on Current Accounts
and Stamps in Hand 250,027,078 250,027,078 Realisable value.
Stationery and Other Stocks 2,352,369 2,352,369 At cost.
Furniture and Fixtures,
Office Equipment and Vehicles 146,206,316 146,206,316 At cost less depreciation.
To be read in conjunction with the annexed notes.
MOHAMED HANIF ADAMJEE Chairman
ABDUL HAMID ADAMJEE Director
ABDUL RAZAK ADAMJEE Director
SYED ZIAUDDIN AHMED AKHTAR K. ALAVI Director
Executive Director  (Finance) MOHAMMED CHOUDHURY Managing Director &
Chief Executive
Karachi: May 16, 2000
STATEMENT OF CHANGES IN FINANCIAL POSITION
(CASH FLOW STATEMENT)
FOR THE YEAR ENDED DECEMBER 31, 1999
1999 1998
Rupees Rupees
Cash flows from operating activities:
Profit for the year before provision for taxation 260,500,377 98,505,375
Adjustments for:
Depreciation on Administrative Fixed Assets 30,873,931 30,589,799
Gain on Disposal of Administrative Fixed Assets (6,731,965) (2,068,996)
Gain on Sale of Investments (17,089,862) (55,635,911 )
Bonus Shares (face value) (18,491,310) (10,018,205)
Interest on Tax Refunds (57,111,839) --
Increase/(Decrease) in Reserve for Unexpired Risks 112,474,445 (26,827,233)
----------- -----------
43,923,400 (63,960,546)
----------- -----------
304,423,777 34,544,829
(Increase)/decrease in operating assets:
Agents' Balances and Outstanding Premium (27,079,122) (30,184,744)
Interest, Dividends and Rents Accrued or Receivable (82,340,471) (25,572,544)
Amounts due from other persons or bodies carrying
on insurance business 32,921,159 30,209,233
Advances, Deposits and Sundry Debtors 7,743,492 8,595,394
Stationery and Other Stocks (11,096) 89,349
----------- -----------
(68,766,038) (16,863,312)
lncrease/(decrease) in operating, liabilities:
Outstanding Claims (3,024,379) (60,359,008)
Sundry Creditors (40,269,578) 15,451,317
Provision for doubtful debts (3,139,241) --
Premium and Other Deposits 21,560,467 (2,314,846)
Amounts due to other persons or bodies
carrying on insurance business (45,673,542) 35,991,503
---------- ----------
(70,546,273) (11,231,034)
Net cash from operating activities before income-tax 165,111,466 6,450,483
Income-tax paid (4,936,600) (5,299,843)
---------- ----------
Net cash from operating activities 160,174,866 1,150,640
Cash flows from investing activities:
Acquisition of Investments (82,126,066) (233,698,445)
Investment sales proceeds 35,452,279 174,846,678
Purchase of Administrative Fixed Assets (45,830,975) (41,550,895)
Administrative Fixed Assets sale proceeds 20,249,194 10,921,440
Net (increase)/decrease in Loans on Mortgage of Property (4,919,559) (3,334,324)
---------- ----------
Net cash used in investing activities (77,175,127) (92,815,546)
Cash flows from financing activities:
Payment of Dividend (120,195,745) (133,004,974)
---------- ----------
Net increase/(decrease) in cash and cash equivalents (37,196,006) (224,669,880)
Cash and cash equivalents at the beginning of the period 506,083,230 730,753,110
---------- ----------
Cash and cash equivalents at the end of the period 468,887,224 506,083,230
=========== ===========
MOHAMED HANIF ADAMJEE Chairman
ABDUL HAMID ADAMJEE Director
ABDUL RAZAK ADAMJEE Director
SYED ZIAUDDIN AHMED AKHTAR K. ALAVI Director
Executive Director  (Finance) MOHAMMED CHOUDHURY Managing Director &
Chief Executive
Karachi:  May 16. 2000
PATTERN OF HOLDING OF THE SHARES
HELD BY THE SHAREHOLDERS
AS AT DECEMBER 31, 1999
No. of Shareholders Shareholding Total Shares held
888 Holding from 1 to 100 Shares 36,079
1,194 -do- 101 " 500 " 314,399
638 -do- 501 " 1,000 " 463,274
1,166 -do- 1,001 " 5,000 " 2,708,204
297 -do- 5,001 " 10,000 " 2,061,845
101 -do- 10,001 " 15,000 " 1,224,678
46 -do- 15,001 " 20,000 " 801,201
29 -do- 20,001 " 25,000 " 654,741
22 -do- 25,001 " 30,000 " 606,682
10 -do- 30,001 " 35,000 " 325,693
16 -do- 35,001 " 40,000 " 600,689
14 -do- 40,001 " 45,000 " 592,635
13 -do- 45,001 " 50,000 " 626,633
6 -do- 50,001 " 55,000 " 313,272
8 -do- 55,001 " 60,000 " 468,083
2 -do- 60,001 " 65,000 " 125,552
5 -do- 65,001 " 70,000 " 337,696
2 -do- 70,001 " 75,000 " 145,151
8 -do- 75,001 " 80,000 " 620,738
4 -do- 85,001 " 90,000 " 347,021
2 -do- 95,001 " 100,000 " 193,126
2 -do- 100,001 " 105,000 " 203,872
3 -do- 125,001 " 130,000 " 386,493
2 -do- 135,001 " 140,000 " 273,623
2 -do- 140,001 " 145,000 " 288,159
4 -do- 150,001 " 155,000 " 606,083
2 -do- 155,001 " 160,000 " 312,759
1 -do- 160,001 " 165,000 " 162,704
1 -do- 165,001 " 170,000 " 168,100
2 -do- 170,001 " 175,000 " 345,779
1 -do- 175,001 " 180,000 " 175,400
2 -do- 200,001 " 205,000 " 408,849
1 -do- 215,001 " 220,000 " 216,664
3 -do- 225,001 " 230,000 " 680,980
2 -do- 230,001 " 235,000 " 463,858
1 -do- 235,001 " 240,000 " 237,500
1 -do- 240,001 " 245,000 " 241,288
1 -do- 255,001 " 260,000 " 256,000
2 -do- 260,001 " 265,000 " 526,655
2 -do- 265,001 " 270,000 " 531,597
2 -do- 270,001 " 275,000 " 549,184
1 -do- 275,001 " 280,000 " 275,200
1 -do- 285,001 " 290,000 " 288,225
3 -do- 315,001 " 320,000 " 954,719
1 -do- 340,001 " 345,000 " 343,345
2 -do- 370,001 " 375,000 " 742,590
1 -do- 395,001 " 400,000 " 395,698
1 -do- 400,001 " 405,000 " 400,405
1 -do- 430,001 " 435,000 " 432,500
1 -do- 450,001 " 455,000 " 452,077
1 -do- 540,001 " 545,000 " 542,983
1 -do- 555,001 " 560,000 " 558,820
1 -do- 595,001 " 600,000 " 600,000
1 -do- 630,001 " 635,000 " 633,350
1 -do- 655,001 " 660,000 " 657,554
1 -do- 680,001 " 685,000 " 682,834
1 -do- 695,001 " 700,000 " 696,668
1 -do- 730,001 " 735,000 " 731,400
1 -do- 735,001 " 740,000 " 736,990
1 -do- 760,001 " 765,000 " 762,025
1 -do- 875,001 " 880,000 " 876,913
1 -do- 1,070,001 " 1,075,000 " 1,070,669
1 -do- 1,200,001 " 1,205,000 " 1,204,818
1 -do- 1,370,001 " 1,375,000 " 1,372,002
1 -do- 2,040,001 " 2,045,000 " 2,042,193
1 -do- 2,065,001 " 2,070,000 " 2,066,261
1 -do- 2,815,001 " 2,820,000 " 2,817,708
--------- ----------
4,537 Total 42,940,886
========== ==========
Categories of Shareholders Number Share held Percentage
Individuals 4,369 21,128,683 49.21
Investment Companies 54 6,227,744 14.50
Insurance Companies 11 887,697 2.07
Joint Stock Companies 37 1,871,845 4.36
Financial Institutions 10 4,815,174 11.21
Modaraba Companies 9 854,713 1.99
Others--See below 47 7,155,030* 16.66
---------- ---------- ----------
Total 4,537 42,940,886 100.00
========== ========== ==========
The Administrator, Abandoned Properties Organisation 682,834
Adamjee Foundation 2,817,708
Habib Co-operative Credit Society Ltd. 2
Pakistan Memon Educational & Welfare Society 143,743
Mobarak Begum Charitable Trust 42,779
Amina Bai A. Majid Bawany Foundation 407
Ebrahim Bawany Foundation 31,572
AAL Bawany Foundation 7,905
AL-Khair Welfare Society 100
Thirty-eight foreign companies/organizations/individuals (on renatriable basis) 3,427,980
-----------
7,155,030*
==========
MANAGERS- HEAD OFFICE
CHIEF MANAGERS GHOLAM MURTAZA, B.Com.
AKHTAR ALI BAIG, B.Com., A.C.I.I. (London)
SUNNU F. GOLWALLA(Mrs.), B.A.
EMMANUEL MEHR, B.Com.
MOINUDDIN KHAN, M.Sc., A.C.I.I. (London), Chartered Insurer
ABDUL RAZIQ NOMANI, B.A.
M. SAQIB KIDWAI, B.E. (Mech.), M.S. (Mech. Eng) U.S.A.
SYED SADIQ ALI JAFRI, B.A.
CAPT. M. IQBAL A. QURESHI, Master Mariner
DEPUTY CHIEF MANAGERS GUL MUNAWAR KHAN, B.Com., LL.B.
SYED FARMAN KAZMI, B. Com.
REHAN AHMED, B.A.
MOHAMMED H. HAROON, B.Com.
MOHAMMAD ISHAQUE KASIM, B.A.
MOHAMMED SARWAR AZAM, B.Sc.
ASIF JABBAR, B. COM., A.C.I.I. (London)
FIRDOUS MOHD. KHAN
MUHAMMED SALEEM, B. Com.
ZAHIA TAUFIQ (Mrs.), B. Com.
HASEEB M. KHAN, A.C.A.
MANAGERS NIZAMUDDIN SAIYED
RAUF USMAN
S. NIZAMUDD1N AHMED, B.Com.
ABDUL SATTAR SHEIKH, M.Sc., LL.B.
ABDUL HAMID, B. Com.
MOHAMMAD ARIF SHARIF, B.Sc.
BADAR MAHMOOD, M.A.
MUHAMMAD TAWHEED ALAM, B.E. (Civil), M.B.A.
DEPUTY MANAGERS MOHAMMED HANIF M.Z..
QAISER RAZA, B.Com.
SYED OMER KARIM
ANWAR KAMAL, B.A., LL.B.
MUHAMMED NAIM ULLAH, B.Com.
M.A.K. YOUSUF ZAI, B.A.
MOHD. ANWAR A. LATIF
MOHD. AFZAL, B.Com.
SYED WASIM ASHRAF, B.Com.
MOHAMMED SABIR, B.A.
MOHD. IQBAL, B.Com.
MOHD. HANIF, B.Sc.
SHAILA HUSSAIN (Miss), B.Sc.
SYED MOHAMMED ALI RIZVI, B.Com., M.B.A.
WALI MOHD. LAKHANI, B.A.
MOHAMMED ISHAQUE, B.Com.
MAHMOOD ZAKARIA, B.Com.
IRFAN UL AZEEM, B.Com.
NADEEM AHMED, B.A.
ZIA UL ISLAM, B.E. (Mech.)
DR. MUHAMMAD RAZI MASOOD, M.B.B.S., M.B.A.
KHAWAJA GHOUSE MOHIUDDIN, B.Sc.
AMNA SARFRAZ KHAN (Mrs.), M.A. (Eco.)
RASHID ANWAR SIDDIQUI, B. Com.
RUBY C. COLACO (Mrs.)
MOHD. SALAHUDD1N, B.A.
KHALID IKRAM, M.A. (Eco.), LL.B.
AQEEL QADRI, M.Sc.
IMRAN AHMED, B. Com.
SINDH AND BALOCHISTAN
KARACHI (Zonal Office)
Mackinnons Building (5th Floor)
P.O. Box No. 5380, I.I. Chundrigar Road
Phone: 2410791, 2416762, 2412073, 2418932, 2423791,
2411630, 2427537, 2413668, 2427110 & 2427112
(9 Lines)
Fax:     (92-21) 2414017
Telex: 29719 & 21594 AIC PK Cable: ADAMJINKAR
Director & Gen. Manager: Akhtar K. Alavi, A.C.I.I. (London)
General Manager: Tahir Ahmed, B.E. (Met.), M.B.A.,
A.C.I.I. (London), Chartered Insurer
Dy. Gen.. Manager: Ghulam Abbas
Chief Manager: Mohammad Saleem Abrahani, B. Com.
Dy. Chief Managers: Naseeruddin Humayun, B.E.(Met.), M.B.A.
Azhar Ali, B. Com.
Dy. Chief Manager Khalil Raziur Rehman, B.A.
(Training):
Managers: Mohd. Arif Ayoob
Menija N. Messman (Mrs.), B. A.
Mohammad Amin Memon, B. Com.
Dinyar F. Engineer, B.E. (Mech.)
Dy. Managers: Syed Javed Ahmed, B.A.
Shamshuddin Poonjani, B.Com.
Mohd. Rafiq Kapadia
Mohammad Rehan, B.Com.
Syed Sohail Ahmed, B.Com.
Azfar Arshad, B.E. (Mech.)
Mohd. Fahimuddin
M. Rafique Sidique, B. Com.
Usman Ghani, B. Com.
KARACHI (Main Branch)
Mackinnons Building (4th Floor)
P.O. Box No. 5380, I.I. Chundrigar Road
Phone: 2413584, 2418895, 2426470, 2414016, 2429615,
2413687, 2418589, 2427110 & 2427112 (9 Lines)
Fax: (92-21) 2424687 Cable: ADAMJ1NKAR
General Manager: Salim Rafik Sidiki,
B.A. (Hons.), M.A. (Eco.)
Jt. General Manager: Abdul Hamid, B.Com, F.C.I.I. (London),
Chartered Insurer
Dy. Gen. Manager: A. Rahim A. Ghani, B.Com.
Chief Manager: Rakhshanda Qureshi (Mrs.),
M.Sc. (Zoology), A.C.I.I. (London)
Chartered Insurer
Dy. Chief Managers: Mohammed Hanif Dhedhy
Mohammad ArifA.K.
Managers: Mohammed Hussain
Rafat Ali, B.A.
Saud Pervaiz, B.A.
Rashid Jameel Khan, B.Sc.,
A.C.I.I. (London), Chartered Insurer
Masuma Hassan (Mrs.), B.Com.,
A.C.I.I. (London), Chartered Insurer
Deputy Managers: Badar Rahat Siddiqui, B.Com.
Aziz Muhammad Khoja, B. Corn., M.B.A.
Qamarunnisa (Mrs.), B.A.
Ali Ghufran Siddiqui, B.A.
Saleem Haroon
Sh. Zaheeruddin Babar, B. Com.
CORPORATE DIVISION, KARACHI
Business Centre (1st Floor)
Mumtaz Hasan Road, Off: I.I. Chundrigar Road
Phone: 2428306, 2411280, 2422368, 2412135, 2421915,
2435723, 2414052 & 2413090 (4 Lines)
Fax: (92-21) 2423866
General Manager: Capt. Mahmood Sultan, Master Mariner,
F.I.C.S. (London), F.C.I.I. (London),
Chartered Ship Broker, Chartered Insurer
Chief Manager: Najib Nasir Syed, M.B.A. (U.S.A.)
Dy. Chief Managers: Rubina Qureshi (Miss), M.A. (Eco.),
A.C.I.I. (London)
Muhammad Javed Anwar, B.Com.
Manager: Syed Qudratullah Quadri, B.Sc.
NEW UNIT BRANCH, KARACHI
Adamjee Insurance Bldg. (6th Floor)
I.I. Chundrigar Road
Phone: 2414919, 2419433, 2414948, 2416064, 2418563, 2422430,
2424784, 2415335 (5 Lines) & 2417936 (5 Lines)
Fax: (92-2 l) 2418579
General Manager: M.U. Mohammadi
Dy. General Manager: A. Sattar Mohammadi, B.A.
Chief Managers: Syed Mohd. Iqbal, B. Com.,
A.C.I.I. (London), Chartered Insurer
Noman Kadri, M.Sc. (Maths.)
Dy. Chief Manager: Mohd. Iqbal A.K., B. Com.
Manager: Inayat Hussain
Dy. Manager: Manzoor Hussain, B.A.
CAR CLINIC, KARACHI
Plot No.8-A, West Wharf Road,
Phone: 2312249, 2311716, 2312294, 2312190, 2312257,
2316094-6, 2310271-4
Fax: (92-21) 2312389
General Manager: Mohammed Saleem
Chief Manager: Shakeel Ahmed, A.M.I.M.I. (U.K.)
Managers: Muhammad Owais, B.Com.
Mahmood Hassan Khan,
D.A.E. (Auto & Diesel)
Dy. Manager: Abdul Khaliq Bhatti, B.A.
Dy. Service Manager: S. Atif Mehmood Pasha, B.Sc.
MOTOR U/W & CLAIMS CONTROL DEPTT.
Phone: 2316283, 2312250, 2311891, 2316281, 2312023
Fax: (92-21) 2316284, 2312389
General Manager: Mohammed Naseem, A.C.I.I. (London)
Dy. Gen. Manager: Abdul Hameed Bhuri
Managers: Nadeem Shaikh, B.E. (Mech.)
M.B.A., (U.S.A.)
Khursheed Bano (Mrs.), B.A.
Dy. Managers: Mehmood Ali Shah, B.A., L.L.B.
Syed Abdul Rahim, B. Com.
RECOVERY CELL (CAR CLINIC)
Phone: 2316285
Fax: (92-21) 2316284
Dy. General Manager: Jalaluddin Alvi, M.A.
Manager: Amaan Sabir Khan, B. Com.
ADAM CHAMBER BRANCH, KARACHI
Haji Adam Chambers (2nd Floor)
Altaf Husain Road, New Challi
Phone: 2415125 & 2415779
Fax: (92-21) 2411402
Chief Manager: M. Yacoob Haroon, B.A., B.S(Eco) U.S.A.
Dy. Manager: Shahzad Zakaria, B. Com.
ADAMJEE BUILDING BRANCH, KARACHI
Adamjee Insurance Building (1 st Floor)
I.I. Chundrigar Road,
Phone: 2414018, 2424782, 2415335 (5 Lines)
Fax: (92-21) 2426596
& 2417936 (5 Lines)
Dy. General Manager: Naqi Zamin Ali, B.Sc. (Hons.)
Manager: Mohd. Arif Khan, B.Com.
Dy. Manager: Kamran Arif, B.Com.
ALLAMA IQBAL ROAD BRANCH, KARACHI
Shahwar Trade Centre (1 st Floor)
72/S, Block 2, P.E.C.H.S., Allama Iqbal Road
Phone: 4551213, 4541403, 4559468 & 4550708
Fax: (92-21) 4557408
Asst. Gen. Manager: Mohammad Iqbal Dada, M.A. (Eco.),
A.C.I.I. (London)
Chief Manager: Syed AusafAli, B.Sc.
Dy. Manager: Bahroze M. Khudadadi, B.E. (Mech.)
AL-YOUSUF BRANCH, KARACHI
30, A1-Yousuf Chambers (6th Floor)
Shahrah-e-Liaquat
Phone: 2627499, 2627490, 2212395 & 2218489
Fax: (92-21) 2627490
Asst. Gen. Manager: Syed Yousuf Hussain, B.Com.
Manager: Amanullah Khan, B.Com.
ADAMJEE HOUSE BRANCH, KARACHI
4th Floor, Adamjee House
I. I. Chundrigar Road
Phone: 2416931, 2416932, 2416933 & 2428211
Fax: (92-21) 2427690
Asst. Gen. Manager: Nadeem Ahmed
Dy. Chief Manager: Nelofer A. Malik (Mrs.) M.A. (Eco.)
Dy. Manager: Syed Tanzeemu! Hassan, B.E. (Mech.)
BUNDER ROAD CENTRAL BRANCH, KARACHI
Capital Building (1 st Floor)
Opp: Khaliq Dina Hall, M.A. Jinnah Road
Phone: 2629742, 2626108 & 2621118
Fax: (92-21) 2625577
Dy. Gen. Manager: Mohd. Yousuf, B.Com.
Dy. Managers: Khubaib Ahmed, B.Com.
Bashiruddin, M.Sc. (Maths)
A. Rauf Patel, B.Com.
BURNS ROAD BRANCH, KARACHI
Habib Market (1st Floor)
Opp: Eidgah, M.A. Jinnah Road
Phone: 2627333, 2627334 & 2627335
Fax: (92-21) 2628041
Chief Manager: Azmatullah Sheikh, B.A.
BUSINESS CENTRE BRANCH, KARACHI
1101-1102, Business Centre, Mumtaz Hassan Road,
Off: I. I. Chundrigar Road
Phone: 2427780, 2423669 & 2427573
Fax: (92-21) 2427781
Joint. Gen. Manager: Shamsul Haque, A.C.I.I. (London)
Asst. Gen. Manager: Jawad Ahmed Jafari, M.A. (Eco.),
A.C.I.I. (London), Chartered Insurer
Dy. Manager: Syed Ameer Hasan, B.E. (Mech.)
BUSINESS PLAZA BRANCH, KARACHI
Office No. 502 (5th Floor), Business Plaza,
Mumtaz Hassan Road, Off: I. I. Chundrigar Road
Phone: 2400833 & 2400834
Fax: (92-21) 2400835
Chief Manager: Mohammad Idrees, B.Com.
CAMPBELL STREET BRANCH, KARACHI
Az-Zainab Court (2nd Floor), Campbell Street
Phone: 2626527, 2626109 & 2638584
Fax: (92-21) 2626096
Dy. Gen. Manager: Ramesh Mulraj Bherwani, B.A.
Dy. Chief Manager: Shaikh A. Rasheed, B.A.
CIVIC CENTRE BRANCH, KARACHI
Office No. 206, Business Arcade
Chandni Chowk, Main University Road
Phone: 4940139, 4936668 & 4936574
Fax: (92-21) 4932261
Asst. Gen. Manager: Shahid A. Zaidi
Dr. Managers: Ghulam Mustafa, B.Com.
Maswood-ul-Haque
CLIFTON BRANCH, KARACHI
404, 405 & 406 Shaheen Centre (4th Floor)
Block 7, K.D.A. Scheme No. 5, Clifton
Phone: 5866516, 5865714, 5831780 & 5834202
Fax: (92-21) 5830575
Joint Gen. Manager:  Austen B. Freitas
Dy. Manager: Arif Saeed Kashani, B.Com.
DELTA BRANCH, KARACHI
Seedat Chambers (3rd Floor), Dr. Ziauddin Ahmed Road
Phone: 5672562 & 5674071 (5 Lines)
Fax: (92-21) 5672628
Chief Manager: Abdul Rehman Mohammadi, B.Com.
Manager: Mohammad Umer Panwara
Dy. Managers: Aziz Ali Surani, B.Com.
Hafeez-ur-Rehman
DENSO HALL BRANCH, KARACHI
Karimjee Building (3rd Floor)
Opp: Habib Bank Ltd., North Napier Road
Phone: 7732220 & 7732221
Fax: (92-21) 7773960
Dy. Chief Manager:     Mohammed Ghazali Farooqi
EIDGAH BRANCH, KARACHI
Room No. 57, Noor Chambers (3rd Floor)
Robson Road
Phone: 2626214 & 2628501 (3 Lines)
Fax: (92-21) 2620416
Dy. Gen. Manager: Syed Khadim All, B.Com., LL.B.
Manager: Munirul Haq, M.Sc. (Geology)
Dy. Manager: Syed Shahbuddin, B.Com.
GUL TOWER BRANCH, KARACHI
Gul Tower (8th Floor), I.I. Chundrigar Road
Phone: 2418290, 2418107, 2418117, 2424102
2418117 & 2418119
Fax: (92-21) 2425305
Chief Manager: M.A. Basit, A.C.I.I (London)
Dy. Managers: Azizul Islam, B.A.
A. Sattar Shaheen, B.A.
GULSHAN-E-IQBAL BRANCH, KARACHI
207, A!-Amin Towers, NIPA Chowrangi, Main University Road
Phone: 4978114, 4978115
Fax: (92-21) 4978116
Dy. Chief Manager: Mohammed Qamamddoja, B.Sc. (Hons.),
B.E. (Elect.)
Manager: Saleem-ul-Haque, B.Sc.
Dy. Manager: Suleman Faisal, B. Corn.
HABIB SQUARE BRANCH, KARACHI
State Life Building No. 6-A, (3rd Floor), M.A. Jinnah Road
Phone: 2424666, 2424777, 2422050, 2422058
& 2422059
Fax: (92-21) 2428475
Joint Gen. Manager: T.A. Abbasi, B.Com.
Dy. Chief Manager: Zakaria Aba Umer, B.Com.
Manager: Ghulam Qadir
Dy. Manager: Lal Mohd. Khan, B.A.
JAPAN PLAZA BRANCH, KARACHI
Room Nos. 604 & 605, Japan Plaza (6th Floor)
M.A. Jinnah Road
Phone: 7724511, 7720425 & 7766839
Fax: (92-21) 7724511
Asst. Gen. Manager:  Qamar Ahmad, B.A.
Dy. Manager: Muhammad Rizwan, B.Com.
JODIA BAZAR BRANCH, KARACHI
Suleman Centre, Rambharti Street, Jodia Bazar
Phone: 2437353 & 2439831 (5 Lines)
Fax: (92-21) 2417235
Joint Gen. Manager: M. Iqbal Vakil, B.Com.
Manager: Mushtaq Hussain Jaffery
Deputy Managers: Habib Hussain
M. Amin Haroon, B.Com.
KARIMABAD BRANCH, KARACHI
4th Floor, Adeel Shopping Centre, Block 1, Federal 'B' Area
Phone: 6314855, 6324701 & 6330433
Fax: (92-21) 6330432
Dy. Gen. Manager: Syed Abdul Khalique, M.A.(Eco.) Syed Aboobaker, B. Com.
Dy. Manager: M. Yusuf Khan, B.A.
KHORI GARDEN BRANCH, KARACHI
Room Nos. 18-23, (2nd Floor), Waqar Centre,
Rambharti Street, Jodia Bazar
Phone: 2417236 & 2417237
Fax: (92-21) 2420559
Chief Manager: Mohammad Hanif
KORANGI INDUSTRIAL AREA BRANCH, KARACHI
Korangi Association of Trade & Industry Building
Plot No. St-4/2, Sector 23, Korangi Industrial Area
Phone: 5060651, 5060652 & 5060653
Fax: (92-21) 5060654
Manager: M. Munir Khan
K.P.T. BRANCH, KARACHI
K.D.L.B. Building, (5th Floor)
58, West Wharf Road
Phone: 2311021 (5 Lines)
Fax: (92-21) 2311026
General Manager: A. Razzak Rahimtullah Bramchari
Asst. Gen. Manager: Salim Razzak Bramchari, B.Com,
A.C.I.I. (London)
Dy. Managers: Abdul Majid, B.Com.
S. Jawaid Hassan, M.Com.
KUTCHERY ROAD BRANCH, KARACHI
Seedat Chambers (3rd Floor)
Dr. Ziauddin Ahmed Road
Phone: 5672560, 5672561 & 5674071 (5 Lines)
Fax: (92-21) 5672559
Special Representative:  Mustafa Haider
Chief Manager: Farooq Usman Kothawala, B.Com.
Dy. Chief Managers: Syed Mazhar Hussain Shah, B.A., LL.B.
Mohammed Ismail, B.E. (Chem.), M.B.A.
Manager: Muhammad Akbar Raja, B.Com.
Dy. Managers: Mohd. Haroon, B.Com.
Muhammad Ashraf, B.Com.
MEREWEATHER TOWER BRANCH, KARACHI
State Life Building No. 7 (1st Floor), G. Allana Road
Phone: 2314382, 2314106, 2314107 & 2314095
Fax;    (92-21) 2310046
Dy. Gen. Manager:     Ateeq Ahmed Khan, M.Sc. (Agri. Eco.)
Manager: Yousuf Jamal, B.Com. LL.B.
A.C.I.I. (London)
MUHAMMADI HOUSE BRANCH, KARACHI
Muhammadi House (1 st Floor), I. I. Chundrigar Road
Phone: 2416840 & 2426591 (5 Lines)
Fax: (92-21) 2411535
General Manager: Syed Basit Hussain, B. Corn.
Dy. Chief Manager: Mohammed Shoaib, M.A.
Manager: Sajjad Haider Barlas, B. Pharm.
Dy. Manager: Mohd. Ashraf Rizwan, B.Com
Muhammad Jamil Shaikh
Mohammad Saleem Khan
Masood Akhtar Khan, B.A.
Aijazul Hasan, B.A.
NAZIMABAD BRANCH, KARACHI
7/2, (2nd Floor), Saeed Chambers,
above Allied Bank Ltd, Firdous Colony,
1 st Chowrangi, Nazimabad
Phone: 6684328, 6684546 & 6689708
Fax:     (92-21) 6689705
Manager: Syed Aboobaker, B. Com
NORTH NAZIMABAD BRANCH, KARACHI
Muhammadi Manzil (2nd Floor), Plot No. SB-1, Block 'K',
North Nazimabad
Phone: 6626208 & 6626209
Fax: (92-21) 6626209
Manager: Saeed Muzaffar Zuberi, B.A.,
A.C.I.I. (London)
NEW CHALLI BRANCH, KARACHI
Haji Adam Chambers (5th Floor), New Challi
Phone: 2414160, 2414178 & 2414169
Fax: (92-21) 2424133
Dy. General Manager: Saleem Tariq Ahmed
Manager: Mohammed Iqbal Noor Mohd., B.Com.
Dy. Managers: Rashid Ahmed
Hatim Khan
Rafiq All Muhammed, B.A.
P.I.D.C. HOUSE BRANCH, KARACHI
P.I.D.C. House (6th Floor), Dr. Ziauddin Ahmed Road
5680909, 5689131, 5688658, 5683586 & 5684468
(92-21) 5683480
Asst. Gen. Manager: Mohd. Ebrahim Kapadia,
M.B.A. (U.S.A.), A.C.I.I. (London)
Manager: Mohammed Naeem Shaikh, B.Com.,
A.C.I.I. (London), Chartered Insurer
Dy. Manager: Nadeem Ali Shaikh, B.Com.
PLAZA BRANCH, KARACHI
Rehman Centre (1st Floor), M.A. Jinnah Road
Phone: 7763853, 7763741, 7721486, 7725940 & 7730101
Fax: (92-21) 7760067
Jt. General Manager: S.M.M. Rizvi, B.A.
Dy. Chief Manager: Munawar Ali, B. Com.
Manager: A. Setter M. Ebrahim, M.A. (Eco.)
Dy. Managers: Abdul Qayyum Khan, B. A.
Mohd. Farooq
SADDAR BRANCH, KARACHI
Hajra Mansion (1 st Floor), Zaibun-Nisa Street
Phone: 5670417, 5670418, 5675632, 5675633, 5670436,
Fax: 5670423 & 5675600
(92-21) 5687628
Dy. Gen. Manager: Edris H. M. Goawala, B.Com.,
A.C.I.I. (London), Chartered Insurer
Chief Manager: A. Rehman A. Shakoor, B. Com.
Dy. Chief Manager: Riaz Ali, B.Com.
Manager: Percy Rustom Bharucha, M.B.A.
Dy. Managers: Zafar Ahmed Qazi, B. Sc.
Mohd. Yaseen, B. Com.
Nabil Husain Naqvi, B.A.
Muhammad Yousuf
SHAFI COURT BRANCH, KARACHI
Shaft Court (1st Floor), Mereweather Road
Phone: 5684982, 5684985, 5688643 & 519619
Fax: (92-21) 5688643
Asst. Gen. Manager: Akber All Rajah
Manager: Mohd. Yousuf M.K., B.Com.
Dy. Manager: Kassim Ali Parmar, B.Com.
SHAHEED-E-MILLAT ROAD BRANCH, KARACHI
502-503 Amber Estate,
Comer Shaheed-e-Millat Road & Corner Faisal
Phone: 4520196, 4520198, 4541925 & 4542903
Fax: (92-21) 4529218
Asst. Gen. Manager:  Khalid M. Mirza, B.Com.
SHAREA FAISAL BRANCH, KARACHI
Faiyaz Centre (1st Floor), Room Nos. 101 & 102, 3-A, S.M.C.H.S.
Phone: 4553372, 4540466 & 4556103 (3 Lines)
Fax: (92-21) 4551822
Jt. General Manager: M. Jahangir Chughtai, M.A.
Chief Manager: Riffat Raza (Mrs.), M.A.
A.C.I.I. (London)
Manager: Saleemullah Khan, B.A.
Dy. Managers: Abdul Salam Moton, B.Com.
Muhammad Asif, B.Com.
S.I.T.E. BRANCH, KARACHI
Allied Plaza (1st Floor), S.I.T.E.
Phone: 2570832, 2570806 & 2570785
Fax: (92-21) 2570785
Dy. Chief Manager:     Syed Hasan Ali
Dy. Manager: Masood Pervez, B.Sc.
TARIQ ROAD BRANCH, KARACHI
Samien Centre (1st Floor), 172/P/2, P.E.C.H.S.
Phone: 4524758, 4531482 & 4536708
Fax: (92-21) 4543117
Chief Manager: Ahmed Hussain Zuberi, B. Corn.
TIMBER MARKET BRANCH, KARACHI
Panjetani House (1st Floor)
Siddiq Wahab Road
Old Haji Camp
Phone: 7725888, 7735480 & 7777594
Fax: (92-21) 7764429
Chief Manager: Mohd. Siddique, M.A. (Eco.), LL.B.
Dy. Chief Manager: Mohammad Hashim Habib, B.A.
UNI CENTRE BRANCH, KARACHI
Uni Centre (1 st Floor), I.I. Chundrigar Road
Phone: 2424543, 2400250 & 2412577 (3 Lines)
Fax: (92-21) 2424543
Dy. Gen. Manager: Syed Kaiser Abbas
Dy. Chief Manager: Syed Hashim Ali, B.A.
Dy. Managers: Wasayuddin Burney, B.A.
A. Sattar Liliya, B.A.
WEST WHARF BRANCH, KARACHI
A & K Chamber (2nd Floor)
14, West Wharf Road
2311746, 2311738 & 2315646
(92-21) 2315645
Dy. Chief Manager:     Syed M. Alim Kazmi
Deputy Manager: Syed Jafar Ali, B. A.
EXPORT PROCESSING ZONE BRANCH, KARACHI
Extension Landhi Industrial Area,
Mehran Highway, Landhi,
P.O. Box No. 17016
Phone: 5082027 & 5082028
Chief Manager: Syed Sadiq Ali Jafri, B.A.
HYDERABAD BRANCH
Tilak Incline
Phone: 615518 & 618852
Fax: (92-0221) 610227
Dy. Chief Manager:     Mohd. Yacoob Memon, M.A.
NAWABSHAH (SUB-OFFICE)
Tayyaba Shopping Centre,
(1 st Floor), Kutchery Road
Phone: (0241) 64342
Fax: (0241) 64342
Deputy Manager (Dev.): Mohammad Saleem Rao, B.A.
MIRPURKHAS (SUB-OFFICE)
1st Floor, Building No. P-15, C.S. No. 646 to 650 Ward 'B'
M.A. Jinnah Road
Phone: (0231) 2490
Fax: (023 l) 2490
Executive Officer (Dev.): S. Akhtar H. Jillani, B.A., LL.B.
TANDO ADAM (SUB-OFFICE)
Jugnoo Manzil (1 st Floor)
M.A. Jinnah Road,
Phone: (02221) 3869
Fax: (02221) 3869
Executive Officer: Ghulam Akber Memon
SUKKUR BRANCH
Shaft Chamber,
Jama Masjid Road
Phone: (071) 24985
Fax: (071) 24958
Dy. Chief Manager:     Syed Rafique All
QUETTA BRANCH
Agha Siraj Complex (2nd Floor)
Circular Road,
Phone: (081) 844966 & 820260
Fax: (081) 844955
Dy. Gen. Manager:     M. Bashir Seja, B.Com.
Dy. Manager:  Saleem Raza, B. Com.
BRANCH OFFICES PUNJAB & N.W.F.P.
LAHORE (Director & General Manager's Office)
Suite No. 217 (2nd floor), Eden Centre,
43, Ghaus-U1-Azam (Jail Road), P.O. Box No. 220
Phone: 7571523, 7567597, 7578831, 7593961 & 7560001-4
Fax: (042) 7576024
Cable: ADAMJ1NSUR
Director & General Manager:  I.A. Rafiqui
Dy. Chief Managers: Ch. Mushtaq Ahmed, B.Com.
Ch. Manzoor Hussain, B.A.
Manager: Farhat Ullah Sheikh, B. Com., LL.B.
Dy. Managers: Saleem Ahmed, B.A.
Asghar Hussain Rana, B.A.
MAIN BRANCH, LAHORE
M.C.B. Building, Bank Square,
Phone: 7222478-3, 7238036, 7357070 & 7314155
Fax: (042) 7122615
Cable: ADAMJINSUR
Chief Manager: Naeem ud Din, M.B.A.
Dy. Chief Manager: M. Iqbal Butt, A.C.I.I. (London)
Dy. Manager: Henry Marks, B.A.
CANAL VIEW BRANCH, LAHORE
Suite No. 302 (3rd Floor), Eden Centre,
43, Ghaus-ul-Azam (Jail Road),
Phone: 7569204, 7569205 & 7565744                        
Fax: (042) 7565744
Chief Manager: Satwat Mahmood Butt, M.B.A. (U.S.A.)
Dy. Manager: S. Asim Saeed Zaidi, B.A.
CAR CLINIC, LAHORE
Al-Noor Building, Bank Square
Phone: (042) 7244596
Pager: 5713130 (1496 & 1497)
Service Manager:       Manzoor Ahmed Khan, D.A.E. (Auto)
Dy. Service Manager:  Muhammad Sarfaraz, D.A.E. (Auto)
CITY BRANCH, LAHORE
Al-Noor Building, 43 - Bank Square
Phone: 7244568 & 7124779
Fax: (042) 7238271
Dy. Chief Manager:    Abdul Hayee Mughal, M.B.E.            
CORPORATE BRANCH, LAHORE
Apartment No. T-17, 3rd Floor,
A1-Hafiz Centre, 74-75/E-I,
Main Boulevard, Gulberg-III
Phone: 5752420, 873986, 5716294 & 5716295
Fax: (042) 5758607
Asst. Gen. Manager: Mian Faisal Usman,
M.B.A., A.C.I.I. (London)
Manager: Syed Mohammad Kausar Ali
Dy. Manager: Yasin Ali Khan
EGERTON ROAD BRANCH, LAHORE
Associated House, Building No. 2
(2nd Floor) 7, Kashmir/Egerton Road,
Phone: 6370462, 6278965 & 6302660
Fax: (042) 6303474
Dy. General Manager Syed Agha Haider, M.A.
Manager: I.U. Nasim, B.A., LL.B.
EMPRESS ROAD BRANCH, LAHORE
Empress House (2nd Floor), 28-Empress Road
Phone: 6364365, 6372602 & 6371611
Fax: (042) 6374684
Dy. Chief Manager:     Mohammed Arif Khan, B.A., LL.B.
GARDEN TOWN BRANCH, LAHORE
Flat No. 10, (1 st Floor), Shah Arcade, Civic Centre,
Barker Market, New Garden Town
Phone: 5830243, 5880229 & 5862281
Fax: (042) 5830243
Dy. General Manager: Imtiaz Ahmed Piracha, B. Sc.
GHAUSIA BRANCH, LAHORE
23, Patiala Ground, Link Mcleod Road
Phone: 7238751 & 7230657
Fax: (042) 7239030
Asst. Manager: Nadeem Mushtaq, B.A.
KOT LAKHPAT BRANCH, LAHORE
Phone: 5111033, 5151587 & 5151588
Fax: (042) 5111087
Asst. Gen. Manager:  Syed Muhammed Mazhar Shah, B.A.
Manager:  Muhammad Akram Cheema
LATIF CENTRE BRANCH, LAHORE
106, Latif Centre, 99/101, Ferozepur Road
Phone: 7572655, 7576944 & 7569875
(042) 7572655
Chief Manager: M. Najeeb Anwar, B.A.
Manager:  Rashid Ahmed
NAWA-E-WAQT HOUSE BRANCH, LAHORE
Nawa-e-Waqt Building, Shahtab-e-Fatima Jinnah
Phone: 6303913 & 6303914
Fax: (042) 6303914
Dy. Chief Manager:     Asif Mahmood Malik, B.B.A. (U.S.A.)
SERVICE CENTRE, NEW UNIT, LAHORE
23-B, F.C.C. Syed Muratab All Road, Gulberg-IV,
Phone: 5750207, 5750218, 5750870 & 5750871
(042) 5750857
Dy. Chief Manager:     Imran Mughal, B.Com.
VENUS PLAZA BRANCH, LAHORE
Venus Plaza (2rid Floor) 7/E, Egerton Road
Phone: 6375752 & 6375754
Fax: (042) 6375754
Manager: Waseem Muneer Ghauri, Master Mariner
GUJRANWALA OFFICE
A1-Azhar Arcade, (I st Floor),
Opp. Iqbal High School, G.T. Road
Phone: 710629 & 267767       
Fax: (0431) 710629
Dy. Chief Manager:     Ch. Ghulam Murtaza
SIALKOT OFFICE
Shiraz Plaza, Railway Road
Phone: 581236 & 596584
Fax: (0432) 581236
Executive Officer: Mushtaq Ahmed Awan
RAWALPINDI (Divisional Office)
43-C, 1 st Floor, Kirpa Ram Compound,
P.O. Box No. 92, Bank Road
Phone: 567849, 517332, 517335, 519802 & 566920
Fax: (051) 517336
General Manager: Kh. Khalid Mustafa, M.A.
Chief Manager: Muhammad Yaseen, B.Sc.
ISLAMABAD OFFICE
Office No. 4, Block 87-West
Abbas Centre, (1st Floor)
Fazal-ul-Haq Road, Blue Area
Phone: 270516-8 & 273871
Fax: (051) 270519
Manager: Abdur Rauf, B.A.
TERBELA BRANCH
Mini Plaza, G.T. Road,
District Attock Kamra
Phone: 640621
Fax: (0597) 640622
Branch Manager: Shamshair H. Khan, M.A.
PESHAWAR BRANCH
State Life Bldg. (6th Floor),
34-The Mall, P.O. Box No. 45
Phone: 273635, 276235 & 272310
Fax: (091) 274076
Dy. Gen. Manager: Saeed Jan Awan, M.Com.
Dy. Manager: Muhammad Yaqoob Khan
MARDAN OFFICE
Adjacent to Railway Agency, Bank Road,
Phone: (0932) 72082
Officer-in-Charge: Mohammad Abdul Rehman
FAISALABAD (Regional Office)
P-834, (1st Floor), Bilal Plaza, Liaquat Road, P.O. Box No. 32
Phone: 643788, 644810, 648368 & 614810
Fax: (041) 648368
Jt. Gen. Manager: Iqbal Mohammad Ch., B.A.
PEOPLE'S COLONY BRANCH, FAISALABAD
1st Floor, Arsalan Plaza, P-63/D, Kotwali Road,
Phone: (041) 623532
Fax: (041) 623504
Manager: Mohammad Sohail
CLOCK TOWER BRANCH, FAISALABAD
1st Floor, Arsalan Plaza, P-63/D, Kotwali Road
Phone: 623504 & 623532
Fax: (041) 623504
JHANG OFFICE
Session Chowk, Katchery Road,
Near D C House, Jhang Saddar,
Phone: (0471) 622587
Deputy Manager (Dev.): Sh. Tahir Abbas
SAHIWAL OFFICE
Room No. 11 & 12, (1st Floor), Sattar Complex,
Stadium Road, P.O. Box No. 1
Phone: (0441) 67015
Deputy Manager: S. Wilayat Ali, B.A.
MULTAN (Zonal Office)
F-l, Hassan Arcade
Nusrat Road, P.O. Box No. 93
Phone: 589848, 548614 & 543976
Fax: (061) 545978
Chief Manager: Malik Nazir Ahmed
Dy. Manager: Amir Imtiaz, M.B.A.
RAHIM YAR KHAN OFFICE
18, Shahi Road, P.O. Box No. 61
Phone: (0731) 77198
Executive Officer (Dev.):  Ch. Muhammad Rafique
BHAWALPUR OFFICE
House No. 2703/B-III, Siraj-ud-Din Road, I/S Moori Gate,
P.O. Box No. 85
Phone: 877232
Fax:  (0621)  877232
Manager: Muhammad Rafique
OVERSEAS OFFICES
UNITED ARAB EMIRATES
General Manager for Middle East: Mohammed Anwar Abdulla, A.C.I.I. (London), Chartered Insurer
DUBAI (Zonal Office for Middle East)
Deira Tower, Suit No. 0307
Post Box No. 4256, Deira Dubai
Phone: 971-4-224098, 227389 & 2285295
Fax: 971-4-2285600
Telex: 47357 AIC EM
Cable: ADAMJINSUR
General Manager: Mohammed Anwar Abdulla,
A.C.I.I. (London), Chartered Insurer
Manager: Babu Sachendran
Dy. Managers: Tanvir Ejaz Dar
Helen Botelho
SHARJAH BRANCH
Union National Bank Building
(4th Floor), Flat No. 44,
Bank Street, Post Box No. 4521,
Sharjah
Phone: 971-6-535709 & 3529572
Fax: 971-6-3546202
Telex: 47357 AIC EM
Cable: ADAMJINSUR
Asst. Managers:  S. Riazuddin Ahmed
S. Murtaza Ali, B.A.
JEBEL ALI  FREE ZONE OFFICE
Ahmadi House, Office No. 03
Jebel All
Phone: 971-4-836063
Fax: 971-4-835483
KINGDOM OF SAUDI ARABIA
JEDDAH BRANCH
Adamjee Insurance Company Limited
Sponsors: M/s Gulf Orbit Trading Establishment
308 - Saudi Business Centre, Madina Road, Post Box No. 17092
Jeddah-21484
Phone: 966-2-6428890, 6430550, 6524669 & 6524675
Fax: 966-2-6445871 & 6524722
Dy. Gen. Manager: Parvaiz Siddiq, M.B.A., F.C.I.I. (London),
Chartered Insurer
Dy. Manager:             Aliuddin Misbahuddin       
AL-KHOBAR BRANCH
Adamjee Insurance Company Limited
Sponsors: M/s Gulf Orbit Trading Establishment
Post Box No. 31151
A1-Khobar-31952
Phone: 966-3-8643228, 8995873, 8976188 & 8976190
Fax: 966-3-8643229
Asst. Gen. Manager: Javed Aslam Abdul Rehman, B.A.
Dy. Manager:       Shamsul Haq
RIYADH OFFICE
Adamjee Insurance Company Limited
Sponsors: M/s Gulf Orbit Trading Establishment
Office# 302, 3rd Floor,
A1-Akariya Bldg. No. 2, Olaya Area
P.O. Box No.19592,
Riyadh- 11445
Saudi Arabia
Phone: 966-1-4601127
Fax: 966-1-4601136
Manager:  Shaikh Mohammed Saleem, B. Sc., LL.B.
LONDON CONTACT OFFICE
The City Business Centre
Suit No. 36-38, 2 London Wall Building
London Wall, London EC2M 5PP
United Kingdom
Phone: 44-20-74485220 & 74485223
Fax: 44-20-74485224
Dy. General Manager:  M. Qasim Kazmi, B.A.
Dy. Manager:     Kh. Ghulam Wajahat, B.Sc.
Google
 
Web Paksearch.com




Home | About Us | Contact | Information Resources