| Askari General Insurance Company Limited |
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| Annual
Report 1999 |
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| Contents |
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| Corporate
Information |
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| Management
& Branch Network |
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| Notice
of Meeting |
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| Directors'
Report |
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| Auditors'
Report |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Consolidated
Insurance Revenue Account |
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| Fire
Insurance Revenue Account |
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| Marine
Insurance Revenue Account |
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| Motor
Insurance Revenue Account |
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| Miscellaneous
Insurance Revenue Account |
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| Statement
of Changes in Financial Position |
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| Notes
to the Accounts |
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| Form A A |
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| Pattern
of Shareholding |
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| Corporate
Information |
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| Chairman |
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Lt. Gen. Mohammad Afsar
(Retd.) |
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| Directors |
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Brig. Mohammad Shiraz
Baig (Retd.) |
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Brig. Ikram-uI-Hasan
(Retd.) |
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Mr. Javed Ahmad Noel |
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Brig. Asmatullah Khan
Niazi (Retd.) |
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Mr. Taimur Afzal |
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Mr. Nasier A. Sheikh |
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| President/Chief
Executive |
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Mr. Mohammad Jamaluddin |
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| Company
Secretary |
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Mr. Inam-ur-Rahman Khan |
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| Auditors |
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Taseer Hadi Khalid &
Company |
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Chartered Accountants |
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| Legal Advisor |
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Mr. Farrukh Karim Qureshi |
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| Bankers |
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Askari Commercial Bank
Limited |
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National Bank of Pakistan |
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Emirates Bank
International |
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ANZ Grindlays Bank |
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| Registrar
and Shore Transfer Office |
Askari Associates
(Private) Limited, |
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6th Floor, AWT Plaza, The
Mall, |
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P.O. Box. 678, Rawalpindi
Cantt. |
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Tel: (051)
514370-71,516108 |
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Fax: (051) 516109 |
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e.mail:
askari@isb.compol.com |
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| Registered
Office/Head Office |
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4th Floor, AWT Plaza, The
Mall, Rawalpindi- Pakistan. |
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Tel: (051) 522102-4, Fax:
(051) 522120 |
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Web Site:
www.agico.com.pk |
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e.mail:
agicoho@agico.com.pk |
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| MANAGEMENT |
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| President
& Chief Executive |
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Assistant Vice Presidents |
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| Mr.
Mohammad Jamaluddin |
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Mr. Waseemullah
(Accounts) |
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Mr. Muhammad Iqbal
(Askari Health) |
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Engr. Ehtesham Malik
(Engineering & MIS) |
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| Vice Presidents |
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Managers |
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| Mr.
Muhammad Afzal |
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Maj. Muhammad Ajmal Khan
(Retd.) |
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| Mr.
Ashraf Hussain Shah, A.C.I.I |
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Mr. Shah Rukh |
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|
Mr. Munem Shamsi |
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| BRANCH
NETWORK |
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| Rawalpindi
Branch |
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Faisalabad Branch |
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| National
Business Center, |
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2nd Floor, Platinum
Centre, |
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| Murree
Road, Rawalpindi. |
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Kotwali Road, Faisalabad. |
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| Ph: 411976 |
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Ph: 645802-4, Fax: 645801 |
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| e-mail:
agicorwp@agico.com.pk |
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e-mail:
agicofsd@agico.com.pk |
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| Lahore Branch |
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Multan Branch |
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| 3rd
Floor, AI Malik Plaza, |
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2nd Floor, Jalil centre, |
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| 19
Davis Road, Lahore. |
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Abdali Road, Multan. |
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| Ph:
6308633-4, Fax: 6308635 |
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Ph: 547842, Fax: 547862 |
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| e-mail:
agicolhr@agico.com.pk |
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e-mail:
agicomtn@agico.com.pk |
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| Gujranwala
Branch |
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Islamabad Branch |
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| 1st
Floor, Al-Azhar Plaza, |
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1 -E, 2nd Floor, All
Plaza, |
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| Opp.
Iqbal High School, |
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Jinnah Avenue, Blue Area,
Islamabad. |
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| Ghala
Mandi, G.1-. Road, |
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Ph: 279565, 827452,
827398, 827418 |
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| Gujranwala |
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Fax: 279566 |
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| Ph:
226324, Fax: 26632.5 |
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e-mail:
agicoisb@agico.com.pk |
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| e-mail:
agicogrw@agico.com.pk |
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e-mail:
agicohealth@agico.com.pk |
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Quetta Branch |
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1st Floor, Taj Centre, |
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| Karachi Branch |
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Jinnah Road, Quetta. |
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| 3rd
Floor, AWT Plaza, |
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Ph: 837922, Fax: 837944 |
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| I.I.
Chundrigar Road, Karachi. |
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e-mail:
agicoqta@agico.com.pk |
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| Ph:
2639818-9, 2638363 |
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| Fax: 2638362 |
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Sialkot Branch |
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| e-mail:
agicokch@agico.com.pk |
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1st Floor, Oberoi
Cooperative Building, |
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Paris Road, Sialkot. |
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Ph: 582381 , Fax: ,582382 |
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e-mail:
agicoslt@agico.com.pk |
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| Peshawar
Branch |
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| 6th
Floor, State Life Building, |
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Jhelum Branch |
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| The
Mall, Peshawar Cantt. |
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1st Floor, Soldier Plaza, |
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| Ph: 284768 |
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Civil Lines, Jhelum. |
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| Fax: 284769 |
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Ph: 2765 |
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| e-mail:
agicopsc@agico.com.pk |
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e-mail:
agicojlm@agico.com.pk |
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| NOTICE
OF 7HE FIFTH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Fifth Annual General Meeting of askari general
insurance company Ltd. |
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| will
be held on Saturday June 24, 2000 at 9.00 a.m. in Blue Lagoon Complex,
Opposite Pearl |
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| Continental
Hotel outward gate, Rawalpindi to transact the following business:- |
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| ORDINARY
BUSINESS: |
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| 1.
To confirm the minutes of the 4th Annual General Meeting of the company held
on June 25, 1999. |
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| 2.
To receive, consider and adopt the audited accounts together with Directors'
and Auditors' Reports |
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| thereon
for the period ended December 31, 1999. |
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| 3.
To appoint Auditors of the Company for the year ending December 31, 2000. |
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| SPECIAL
BUSINESS: |
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| 4.
To consider and if thought fit to pass the following resolutions, with or
without modification (s) |
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| as
ordinary resolution: "Resolved that a sum of Rs. 8,625,000/- out of the
current year's profit |
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| be
capitalized and applied to the issue of 862,500/- ordinary Shares of Rs. 10/-
each and |
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| allotted
as fully paid up Bonus Shares to the members who are registered in the books
of the |
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| company
on , June 10, 2000 in proportion of fifteen new shares for every 100 existing
ordinary |
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| shares
held and that such new shares shall rank pari-passu with the existing
ordinary shares of |
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| the Company." |
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By order of the Board |
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| May 20, 2000 |
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|
Inam-ur-Rahman Khan |
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| Rawalpindi |
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|
Company Secretary |
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| NOTES: |
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| 1.
The Share Transfer Books of the Company will be closed from June 12, 2000 to
June 24, |
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| 2000
(both days inclusive). No transfers will be accepted for registration in the
names of |
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| transferees
during this period. |
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| 2.
All members are entitled to attend and vote at the meeting. |
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| 3.
A member entitled to attend and vote at the meeting is entitled to appoint a
proxy to attend |
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| speak
and vote for him/her. A proxy must be a member of the company. Forms of
proxies in |
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| order
to be valid must be deposited at the company's registered office not less
than 48 hours |
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| before
the time of the meeting. |
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| 4.
Members are requested to promptly notify any chanc4e of their registered
address to our |
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| Registrar,
Askari Associates (Private) Limited, 6th Floor, AWT Plaza , The Mall,
Rawalpindi. |
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| 5.
For Identification, CDC account holders should present the Participant's
National Identity |
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| Card
and CDC Account Number |
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| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
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| The
Directors have great pleasure in presenting to you the 5th Annual Report on
the operational results of your company |
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| for
the year ended December 31, 1999 together with the financial statements. |
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| REVIEW
OF OPERATIONS: |
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| The
economic difficulties with which the country was confronted during 1998
persisted in 1999. In fact, the situation |
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| aggravated
during the year under review mainly because of stagnant economic activity. As
a result, the insurance |
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| industry
as a whole was adversely affected. Industrial activity remained extremely
limited causing no growth situation in |
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| the
volume of Fire and Marine insurance. Foreseeing this trend, your Company had
decided to market a new product, |
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| namely,
Health insurance during 1998, so as to make up the deficiency resulting from
possible decrease in the Fire and |
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| Marine
business. By the grace of Allah, this effort has brought the desired result.
Although Motor business grew in terms |
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| of
the premium income, it did not produce good results due to higher claim ratio
attributed mainly to the greater |
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| incidence
of snatching & theft of vehicles under the prevailing law & order
situation. Despite these adversities, your |
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| Company
managed to achieve satisfactory overall results during the year under review
as will be seen from the following |
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| comparative
operational figures: |
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| KEY
OPERATIONAL FIGURES: |
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1999 |
1998 |
% |
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|
(Rupees in
Million) |
Increase |
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| Gross Premium |
|
152.00 |
108.20 |
41 |
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| Retained
Premium |
|
88.10 |
62.00 |
42 |
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| Underwriting
Profit |
|
15.91 |
15.65 |
2 |
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| Income
from Investments |
|
14.67 |
11.50 |
28 |
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| Profit before Tax |
|
15.84 |
13.25 |
20 |
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| Profit after Tax |
|
10.17 |
9.28 |
10 |
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| General
Reserves |
|
6.50 |
5.00 |
30 |
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| Reserves
for Un-expired Risks |
|
35.24 |
24.78 |
42 |
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| Total Assets |
|
150.00 |
131.00 |
14 |
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| Class-wise
insurance results are as follows: |
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1999 |
1998 |
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|
(Rs.'000) |
(Rs.'000) |
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| FIRE |
|
|
|
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| Gross Premium |
|
|
29,847 |
26,570 |
|
| Retained
Premium |
|
|
6,587 |
9,016 |
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| Net Claims |
|
|
1,434 |
961 |
|
| Underwriting
Profit |
|
|
6,429 |
6,304 |
|
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| MARINE |
|
|
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| Gross Premium |
|
|
18,422 |
16,892 |
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| Retained
Premium |
|
|
7,648 |
7,031 |
|
| Net Claims |
|
|
2,087 |
1,583 |
|
| Underwriting
Profit |
|
|
5,341 |
4,067 |
|
|
|
|
| MOTOR |
|
|
|
| Gross Premium |
|
|
72,033 |
49,909 |
|
| Retained
Premium |
|
|
54,559 |
39,367 |
|
| Net Claims |
|
|
31,162 |
14,201 |
|
| Underwriting
Profit |
|
|
2,318 |
4,194 |
|
|
|
|
| MISC
(INCLUDING HEALTH) |
|
|
|
| Gross Premium |
|
|
31,301 |
14,864 |
|
| Retained
Premium |
|
|
19,314 |
6,550 |
|
| Net Claims |
|
|
10,332 |
3,157 |
|
| Underwriting
Profit |
|
|
1,821 |
1,082 |
|
|
| The
Gross Premium of the Company rose from Rs 108 million during 1998 to Rs. 152
million during the year under |
|
| review
registering an increase of 41%. Similarly, the Retained Premium increased by
42% from Rs. 62 million in 1998 to |
|
| Rs.
88 million during 1999. The overall loss ratio works out to 51% during the
period under review as against 32% |
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| during
the previous year. In the Fire Department, the loss ratio went up to 21.77%
compared to 10.67% during the |
|
| previous
year. The loss ratio in Marine & Misc. departments increased by 5% in
each case which was however |
|
| commensurate
with the increase in the premium income under these classes during 1999. The
underwriting profit for |
|
| Motor
business has declined due to the higher loss ratio of 57% as compared to 36%
for the previous year. This, as |
|
| stated
above, was due to greater number of car snatching & theft during the year
under report. The number of vehicles |
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| snatched/stolen
during 1999 was 52 as against 15 during the previous year. The loss ratio is,
however, within the |
|
| manageable
limits keeping in view the trend generally prevailing in the country for the
Motor insurance business. The |
|
| above
factors forced a marginal increase of 2% in the overall Underwriting Profit
over the previous year. |
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|
| BUSINESS
DEVELOPMENT: |
|
| askari
health: As already mentioned, this product was introduced
by the Company during 1998 and the premium |
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| for
the period ended 31 -12-1998 amounted to Rs. 7.37 million. You will be glad
to know that the premium income rose |
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| to
Rs. 23.754 million during 1999, registering an increase of 222%. The loss
ratio under this sub class of business was 45%. |
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| INVESTMENTS: |
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| Investments
of the Company, at face value, stood at Rs. 81.47 million as at December 31,
1999 which was 35% higher |
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| than
Rs. 60.47 million in 1998. In addition, an amount of Rs. 12.00 million have
been invested in term deposits with |
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| various
banks. Return on investments was 27.5% higher being Rs. 14.67 million as at
December 31, 1999 & |
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| Rs
11.50 million at the end of previous year despite reduction in the bank rate
and in the rate of profit on investments in |
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| National
Savings Schemes. Due to volatile stock exchange and depressed economic
conditions, the Company continued |
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| to
invest mainly in Govt. securities and Certificates of Investment so as to
ensure maximum security of funds despite |
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| comparatively
lower rate of return. However, the Government decision to disallow
institutional investment in the Defence |
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| Saving
Certificates and reduced bank rates will inevitably affect the return on our
investment for the year 2000. |
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|
| REINSURANCE: |
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| The
Company continued to enjoy the best possible reinsurance arrangements during
the year under report. Munich |
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| Reinsurance
Co. of Germany led our treaties as in the past, followed by Pakistan
Insurance Corporation, Assicurazioni |
|
| Generali
and ECO Reinsurance Pool. This fully reflects the confidence of the
reinsurers in your Company. |
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|
| STOCK
DIVIDEND: |
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| Your
Directors take pleasure in recommending 15% bonus shares in the proportion of
fifteen new shares for every |
|
| hundred
existing ordinary shares held. |
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|
| AUDITORS: |
|
| Our
Auditors M/s Taseer Hadi Khalid & Co., retire and being eligible, offer
themselves for reappointment as Auditors of |
|
| the
Company for the year 2000. |
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|
| ACKNOWLEDGMENTS: |
|
| We
are sure that you will find the progress during the year satisfactory in the
given conditions. This was possible only due |
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| to
the untiring efforts of the Company's-executives, officers and field force.
The Directors would like to express their |
|
| appreciation
for their loyalty, dedication and hard work of the entire team. We also owe
our special thanks to our valued |
|
| clients
for their continued confidence and patronage. |
|
|
| We
are grateful to the Controller of Insurance, Pakistan Insurance Corporation,
State Bank of Pakistan, Munich |
|
| Reinsurance
Company, Assicurazioni Generali and Eco Reinsurance Pool for their continued
assistance guidance and |
|
| support
whenever sought. |
|
|
| We
are also grateful to our Shareholders for their valuable investment in the
shares of the Company. |
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|
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|
For and on behalf of the Board |
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|
|
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| May 20, 2000 |
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|
Lt. Gen. Mohammad Afsar (Retd.) |
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| Rawalpindi |
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|
Chairman |
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|
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| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of askari general insurance company
limited as at 31 December 1999; the |
|
| Fire,
Marine, Motor and Miscellaneous Insurance Revenue Accounts, Profit and Loss
Account, Profit and Loss |
|
| Appropriation
Account and the Statement of Changes in Financial Position (cash flow)
together with the notes forming |
|
| part
thereof for the year then ended, and we state that we have obtained all the
information and explanations which to |
|
| the
best of our knowledge and belief were necessary for the purpose of our audit
and after due verification thereof, we |
|
| report that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the Company as
required by the Companies |
|
| Ordinance, 1984. |
|
|
|
|
| (b)
in our opinion: |
|
|
|
|
|
|
| (i)
the Balance Sheet, the Fire, Marine, Motor and Miscellaneous Insurance
Revenue Accounts, Profit and |
|
| Loss
Account and the Profit and Loss Appropriation Account together with notes
thereto 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
consistently applied; |
|
|
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the Company's
business; |
|
|
|
|
| (iii)
the business conducted, investments made and expenditure incurred during the
year were in |
|
| accordance
with the objects of the Company; |
|
|
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us and as shown by |
|
| the
books of the Company, the Balance Sheet, the Fire, Marine, Motor and
Miscellaneous Insurance Revenue |
|
| Accounts,
Profit and Loss Account, the Profit and Loss Appropriation Account and the
Statement of Changes in |
|
| the
Financial Position together with the notes forming part thereof give the
information required by the Insurance |
|
| Act,
1938, in the manner so required and the Balance Sheet, Profit and Loss
Account and the Statement of |
|
| Changes
in Financial Position (cash flow) give, respectively, a true and fair view of
the state of the Company's |
|
| affairs
as at 31 December 1999 and of the Profit and the Changes in the Financial
Position for the year then |
|
| ended; |
|
|
|
|
|
|
| (d)
we have verified the cash and bank balances and investments by actual
inspection or by the production of |
|
| certificates; |
|
|
|
|
| (e)
we certify that all expenses of management wherever incurred, whether
directly or indirectly and all charges |
|
| incurred
in respect of Fire, Marine, Motor and Miscellaneous Insurance Business
transacted by the Company in |
|
| Pakistan
have been fully debited to the respective revenue accounts as expenses; |
|
|
|
|
| (f)
we certify that the Company has not paid to any person any commission in any
form outside Pakistan in respect |
|
| of
insurance business transacted by the Company in Pakistan and that the Company
has not received outside |
|
| Pakistan
from any person any commission in any form in respect of any business
reinsured abroad, and; |
|
|
|
|
| (g)
in our opinion no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| May 20, 2000 |
|
|
TASEER HADI KHALID & CO. |
|
| Islamabad |
|
|
CHARTERED ACCOUNTANTS |
|
|
|
| BALANCE
SHEET AS AT 31 DECEMBER 1999 |
|
|
| CAPITAL
AND LIABILITIES |
|
|
1999 |
1998 |
|
|
|
|
(Rupees) |
(Rupees) |
|
|
|
|
|
|
|
| AUTHORIZED
CAPITAL |
|
|
|
| 10,000,000
Ordinary Shares of Rs. 10/- each |
|
|
100,000,000 |
100,000,000 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| ISSUED
SUBSCRIBED AND PAID-UP CAPITAL |
|
|
| 5,000,000
(1998: 5,000,000) Ordinary |
|
|
| shares
of Rs. 10/-each issued for cash |
|
50,000,000 |
50,000,000 |
|
|
|
|
| 750,000
(1998: Nil) Ordinary Shares of Rs. 10 each |
|
|
| issue
as bonus shares |
|
|
7,500,000 |
-- |
|
|
|
------------------ |
------------------ |
|
|
|
57,500,000 |
50,000,000 |
|
|
|
|
| GENERAL
RESERVE |
|
6,500,000 |
5,000,000 |
|
| RESERVE
FOR ISSUE OF BONUS SHARES |
|
8,625,000 |
7,500,000 |
|
| PROFIT
AND LOSS APPROPRIATION |
|
|
| ACCOUNT
BALANCE |
|
3,628,232 |
3,580,743 |
|
|
|
|
|
|
|
| BALANCE
OF FUNDS AND ACCOUNTS |
|
|
| Fire
Insurance Business Account |
|
2,634,895 |
3,606,429 |
|
| Marine
Insurance Business Account |
|
3,059,285 |
2,812,438 |
|
| Motor
and Miscellaneous Insurance Business Account |
|
29,549,413 |
18,366,806 |
|
|
|
------------------ |
------------------ |
|
|
|
35,243,593 |
24,785,673 |
|
|
|
|
|
| LIABILITIES
AGAINST ASSETS SUBJECT |
|
|
| TO
FINANCE LEASE |
|
2,734,650 |
3,547,195 |
|
|
|
|
|
|
| OTHER
LIABILITIES |
|
|
|
| Estimated
Liability in respect of outstanding |
|
|
| claims
whether due or intimated |
|
11,439,486 |
6,044,278 |
|
| Amount
due to other persons or bodies |
|
|
| carrying
on insurance business |
|
13,807,414 |
16,403,984 |
|
| Sundry
creditors (including outstanding |
|
|
| and
accrued expenses) |
|
2,586,076 |
4,221,875 |
|
| Premium
and other deposits |
|
2,907,073 |
4,273,698 |
|
| Provision
for taxation |
|
5,424,915 |
5,943,688 |
|
|
|
------------------ |
------------------ |
|
|
|
36,164,964 |
36,887,523 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
150,396,439 |
131,301,134 |
|
|
|
|
========== |
========== |
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| INVESTMENTS
(At book Value) |
|
|
|
| Deposited
with State Bank of Pakistan |
|
|
| Defence
Saving Certificates |
|
|
350,000 |
350,000 |
|
| Certificates
of Investment |
|
|
45,578,057 |
34,576,770 |
|
| Term
Deposit Receipts |
|
|
| Under
lien favouring Controller of Insurance |
|
|
1,900,000 |
1,900,000 |
|
| Defence
Saving Certificates |
|
|
33,650,000 |
23,650,000 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Agents'
balances and outstanding premium |
|
|
11,147,014 |
6,780,879 |
|
| Amounts
due from other persons or bodies |
|
|
| carrying
on insurance business |
|
|
5,395,591 |
2,411,762 |
|
| Interest accrued |
|
|
5,706,941 |
4,954,010 |
|
| Advances,
deposits and prepayments |
|
|
8,155,010 |
3,326,264 |
|
| Cash Balances: |
|
|
| Cash
on Deposit accounts with banks |
|
|
13,170,093 |
26,468,332 |
|
| Cash
(and cheques) in hand and at bank |
|
|
| on
Current accounts |
|
|
7,681,122 |
9,230,340 |
|
| Stamps in hand |
|
|
10,452 |
5,141 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
20,861,667 |
35,703,813 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
51,266,223 |
53,176,728 |
|
|
|
|
|
|
| ADMINISTRATIVE
FIXED ASSETS |
|
|
| (At
cost less depreciation) |
|
|
|
|
|
|
| Owned |
|
|
|
| Furniture
and fixtures |
|
4,516,413 |
4,610,762 |
|
| Computer
and office equipment |
|
3,508,693 |
2,929,347 |
|
| Vehicles |
|
3,894,789 |
4,149,490 |
|
|
|
|
| Leased |
|
|
|
| Computer
and office equipment |
|
411,840 |
514,800 |
|
| Vehicles |
|
4,700,547 |
4,203,480 |
|
|
|
------------------ |
------------------ |
|
|
|
17,032,282 |
16,407,879 |
|
| DEFERRED
COSTS |
|
619,877 |
1,239,757 |
|
|
|
------------------ |
------------------ |
|
|
|
150,396,439 |
131,301,134 |
|
|
|
|
========== |
========== |
|
| Certificate
of Directors and Principal officers required under regulation 7 (a) and (b)
of part 1 of the First schedule of Insurance Act, 1938 |
|
|
| 1)
Investments have been stated in the Balance Sheet at cost. |
|
| 2)
The valu |
