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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.

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