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Contents
Company Information 02
Director’s Report 03
Condensed Interim Balance Sheet 04
Condensed Interim Pro�t & Loss Account 06
Condensed Interim Statement of Comprehensive Income 07
Condensed Interim Statement of Changes in Equity 08
Condensed Interim Statement of Cash Flow 09
Condensed Interim Statement of Premiums 11
Condensed Interim Statement of Claims 12
Condensed Interim Statement of Expenses 13
Condensed Interim Statement of Investment Income 14
Notes to the Condensed Interim Financial Statements 15
Reliance Insurance Company Limited02
Company Information
BOARD OF DIRECTORS
DIRECTORS
CHIEF EXECUTIVE & MANAGING DIRECTOR
A. RAZAK AHMED
HAROON A. SHAKOOR
AUDIT COMMITTEE
INVESTMENT COMMITTEE
CHAIRMANISMAIL H. ZAKARIA
MOHAMMED AMIN AHMED BAWANYA. AZIZ AYOOBIRFAN ZAKARIA BAWANYMUHAMMAD OMER BAWANYZOHAIR ZAKARIAAHMED ALI BAWANYNOOR M. ZAKARIAYASIN SIDDIKABDUL JABBAR
CHIEF ACCOUNTANT AND COMPANYSECRETARY
ABDUL JABBAR CHAIRMANIRFAN ZAKARIA BAWANY MEMBERZOHAIR ZAKARIA MEMBER
IRFAN ZAKARIA BAWANY CHAIRMANZOHAIR ZAKARIAAHMED ALI BAWANYA. RAZAK AHMED
MEMBERMEMBERMEMBER
HUMAN RESOURCE &REMUNERATION COMMITTEE
ZOHAIR ZAKARIA CHAIRMANIRFAN ZAKARIA BAWANYA. RAZAK AHMED
MEMBERMEMBER
AUDITORS
BDO EBRAHIM & CO.CHARTERED ACCOUNTANTS
LEGAL ADVISOR
BANKERS
REGISTERED OFFICE
HEAD OFFICE
SHARES REGISTRAR
ABDUL SATTAR PINGAR
HABIB BANK LIMITEDMCB BANK LIMITEDALLIED BANK LIMITEDSTANDARD CHARTERED BANK (PAKISTAN) LIMITEDBANK ALFALAH LIMITEDNATIONAL BANK OF PAKISTANUNITED BANK LIMITEDTHE BANK OF PUNJABFAYSAL BANK LIMITEDHABIB METROPOLITAN BANK LIMITEDNIB BANK LIMITEDJS BANK LIMITED
96-A, Sindhi Muslim Co-operativeHousing Society, Karachi.
Reliance Insurance House,181-A, Sindhi Muslim Co-operative HousingSociety,P . O . Box No. 13356,Karachi-74400.Phone : 34539415-17Fax : 92-21-34539412E-mail : reli-ins@cyber.net.pkric-re@cyber.net.pk.Website: www.relianceins.com
M/s. C&K Management Associates (Pvt.) Ltd.404-Trade Tower, Abdullah Haroon Road,Near Hotel Metropole, Karachi-75530.Tel: (021) 35687839 & 35685930
CREDIT RATING
A ( SINGLE A ) BY JCR-VISOUTLOOK “STABLE”
Directors’ Report
The Shareholders,
Your Directors are pleased to present before you the un-audited Accounts for the First quarter ended March 31, 2015 During the period under review by the grace of ALLAH, your Company has been able tounderwrote a Gross Premium of Rs.253.52 million as compared to last year’s First Quarter Premium of Rs.234.60 million – showing an increase of 8.06%, while Net Premium Income increased from Rs.69.38 million to Rs.80.06 million – showing an increase of 15.40% over the previous year. Net claims incurred have decreased from Rs.24.05 million to Rs.20.11 million showing decrease of 16.38% over thecorresponding period of last year.
Investment income has also increased from Rs.28.23 million to Rs.32.66 million registering an increase of 15.69%, over the corresponding period of last year.
Profit before tax stood at Rs.39.67 million compared to Rs.26.81 million of last year - an increaseof 47.98%. Earnings per share stood at Rs.0.86 against Rs.0.62 of previous year.
Your Management looks forward to the future with confidence and is optimistic that the economic scenario would improve in view of the government’s firm resolve of tackling the energy crisis and improving the law and order situation in the country.
By order of the Board
A. RAZAK AHMEDChief Executive & Managing Director
Karachi: 29th April, 2015.
Quarterly Report 2015 03
Reliance Insurance Company Limited04
Condensed Interim Balance Sheet (Un Audited)As At March 31, 2015
Share Capital and Reserves Authorised share capital ( 50,000,000 Ordinary Shares of Rs.10/-- each) Paid-up share capital Retained earnings Reserves
Underwriting provisions Provision for outstanding claims (including IBNR) Provision for unearned premium Commission income unearned Total Underwriting Provisions
Creditors and accruals Amounts due to other insurers/reinsurers Accrued expenses Taxation - provision less payments Other Creditors and Accuruals
Other liabilities Unclaimed dividend
TOTAL EQUITY AND LIABILITIES CONTINGENCIES AND COMMITMENTS
The annexed notes from 1 to 15 form an integral part of these financial statements.
500,000,000
403,458,750 176,431,013 180,000,000
759,889,763
284,113,202 460,280,462 30,477,714
774,871,378
51,940,734 2,105,502 3,726,188
52,829,958
110,602,382
899,045
1,646,262,568
500,000,000
403,458,750
141,760,248 180,000,000
725,218,998
273,401,444 461,012,732 30,420,729
764,834,905
37,994,635 2,851,602
- 64,133,847
104,980,084
909,995
1,595,943,982
(Un Audited)As at March 31,
2015
(Audited)As at Dec.31
2014(Rupees)
9
10
Notes
Quarterly Report 2015 05
Karachi: 29th April, 2015.
Mohammad Omer BawanyDirector
Ismail H. ZakariaChairman
A. Razak AhmedChief Executive & Managing Director
A. Aziz AyoobDirector
Cash and bank deposits Cash and other equivalent Current and other accounts Deposit maturing within 12 months
Loans ( secured ) To employees Investments
Current assets-others Premiums due but unpaid Amounts due from other insurers/reinsurers Accrued investment income Reinsurance recoveries against outstanding claims Deferred commission expense Prepaid reinsurance premium ceded Taxation - provision less payments Trade deposits and prepayments Sundry receivables
Fixed assets
Tangible
Land and buildings Furniture, fixtures and office equipment Motor vehicles
TOTAL ASSETS
11
1,305,647
72,650,658 25,984,164
99,940,469
1,418,410
602,259,052
199,767,701 26,873,978 8,358,207
241,929,995 53,666,559
332,090,746 -
774,945 1,021,805
864,483,936
9,983,561 5,844,717
62,332,423
78,160,701
1,646,262,568
145,274 78,369,734 25,984,164
104,499,172
1,534,110
584,867,636
174,899,743 27,209,800 3,234,955
230,576,451 54,078,582
332,117,483 129,804 701,819 442,509
823,391,146
10,239,550 6,028,890
65,383,478
81,651,918
1,595,943,982
(Un Audited)As at March 31,
2015Notes
(Audited)As at Dec.31
2014(Rupees)
FORM GA
Condensed Interim Balance Sheet (Un Audited)As At March 31, 2015
Reliance Insurance Company Limited06
Condensed Interim Profit & Loss Account (Un Audited)Financial Period Ended March 31, 2015
Revenue AccountNet Premium RevenueNet ClaimsExpensesNet Commission
Underwriting result
Investment IncomeOther Income (Profit on Sale of Fixed Assets)General and administration expensesProfit before tax during the quarter
Provision for Taxation : Current
Profit after tax during the quarter
Profit and Loss Appropriation AccountBalance at Commencement of the yearProfit after tax during the quarter
Balance Unappropriated profit at the end of the periodEarnings per Share - Basic and Diluted (Note No. 13)
The annexed notes from 1 to 15 form an integral part of these financial statements.
27,214,201 (2,583,085) (9,433,787) (7,966,793)
7,230,536
14,561,073 (2,831,499) (5,047,587) (2,915,706)
3,766,281
36,244,887 (14,425,233) (12,564,268) (3,519,333)
5,736,053
2,045,322 (272,122) (709,010) (201,035)
863,155
80,065,483 (20,111,939) (27,754,652) (14,602,867)
17,596,025
32,659,948 556,176
(11,141,384) 39,670,765
(5,000,000)
34,670,765
141,760,248 34,670,765
176,431,013 0.86
69,378,224
(24,051,863) (26,712,412) (10,522,150)
8,091,799
28,231,546 673,139
(10,188,233) 26,808,251
(1,850,000)
24,958,251
126,637,528 24,958,251
151,595,779 0.62
Marine Aviation &Transport
Motor Misc. 2015Aggregate
2014Aggregate
Fire&
Property
FORM GB
(Rupees)
Karachi: 29th April, 2015.
Mohammad Omer BawanyDirector
Ismail H. ZakariaChairman
A. Razak AhmedChief Executive & Managing Director
A. Aziz AyoobDirector
Quarterly Report 2015 07
Condensed Interim Statement of Comprehensive Income (Un Audited)Financial Period Ended March 31, 2015
Profit after tax
Other comprehensive income
Total comprehensive income for the quarter
The annexed notes from 1 to 15 form an integral part of these financial statements.
2015 2014(Rupees)
34,670,765
-
34,670,765
24,958,251
-
24,958,251
Karachi: 29th April, 2015.
Mohammad Omer BawanyDirector
Ismail H. ZakariaChairman
A. Razak AhmedChief Executive & Managing Director
A. Aziz AyoobDirector
Reliance Insurance Company Limited08
Balance as at January 01, 2014 Total comprehensive income for the period
Balance as at March 31, 2014
Balance as at January 01, 2015Total comprehensive income for the period
Balance as at March 31, 2015
The annexed notes from 1 to 15 form an integral part of these financial statements.
366,780,680
- 366,780,680
403,458,750 -
403,458,750
Share capital
General reserves
Unappro-priated profit
Total
(Rupees)
160,000,000
- 160,000,000
180,000,000 -
180,000,000
126,637,528 24,958,251
151,595,779
141,760,248 34,670,765
176,431,013
653,418,208 24,958,251
- 678,376,459
725,218,998 34,670,765
759,889,763
Condensed Statement of Changes in Equity (Un Audited)Financial Period Ended March 31, 2015
Karachi: 29th April, 2015.
Mohammad Omer BawanyDirector
Ismail H. ZakariaChairman
A. Razak AhmedChief Executive & Managing Director
A. Aziz AyoobDirector
Quarterly Report 2015 09
Condensed Interim Statement of Cash Flows (Un Audited)Financial Period Ended March 31, 2015
Operating Cash Flow a) Underwriting activities Premium received Reinsurance premium paid Claims paid Reinsurance and other recoveries received Commission paid Commission received Net cash flow from underwriting activities b) Other operating activities Income tax paid General and management expenses paid Other operating payments Loans advanced / repayments received Other payments on operating assets Other receipts in respect of operating assets Net cash flow from other operating activities Total cash flow from all operating activities Investment activities Interest / Dividend received Payments for Investments Proceeds from disposal of investments Fixed Capital Expenditures Proceeds from disposal of fixed assets Total cash flow from Investing activities
227,316,473 (159,874,960) (47,843,982) 27,090,257 (26,235,636) 13,434,177
33,886,329
(1,144,008) (27,754,652) (8,195,491)
115,700 (12,049,989)
(652,422)
(49,680,862)
(15,794,533)
10,462,629 (1,170,635)
853,286 (148,500) 1,250,000
11,246,780
231,368,751 (173,040,427) (60,287,429) 40,751,496 (21,185,515) 15,509,646
33,116,522
(1,670,776) (26,712,412) (7,574,644)
77,179 (15,289,649)
(872,960)
(52,043,262)
(18,926,740)
14,648,737 (13,268,350)
9,959,012 (5,201,680) 1,432,500
7,570,219
January to March2015 2014
(Rupees)
FORM GC
Reliance Insurance Company Limited10
Karachi: 29th April, 2015.
Mohammad Omer BawanyDirector
Ismail H. ZakariaChairman
A. Razak AhmedChief Executive & Managing Director
A. Aziz AyoobDirector
Condensed Interim Statement Of Cash Flows (Un Audited)Financial Period Ended March 31, 2015
Financing activities Unclaimed Dividend paid Financial ChargesTotal cash flow from financing activities Net cash Inflow/outflow from all activities Cash & cash equivalent at the beginning of the year Cash & cash equivalent at the end of the period Reconciliation to profit and loss Account Operating cash flow Depreciation expense Profit/(loss) on disposal of fixed assets Increase/(decrease) in assets other then cash (Increase)/decrease in liabilities other then running finance Investment Income Profit after tax as per profit & loss account. Definition of Cash Cash in hand and at Bank, Stamps in hand and short term placements with banks cash for the purposes of the Statement of Cash Flows Consists of: Cash and Equivalents Current and other account Deposits Maturing Within 12 Month
The annexed notes from 1 to 15 form an integral part of these financial statements.
(10,950) -
(10,950)
(4,558,703)
104,499,172
99,940,469
(15,794,533) (2,945,893)
556,176 35,853,838
(15,658,771) 32,659,948
34,670,765
1,305,647 72,650,658 25,984,164 99,940,469
99,940,469
(274)
(274)
(11,356,795)
103,078,929
91,722,134
(18,926,740) (2,613,589)
673,139 (9,111,154)
26,705,049 28,231,546
24,958,251
924,321 65,045,976 25,751,837 91,722,134
91,722,134
January to March2015 2014
(Rupees)
FORM GC
Cond
ense
d In
terim
Sta
tem
ent o
f Pre
miu
ms
(Un
Audi
ted)
Fina
ncia
l Per
iod
Ende
d M
arch
31,
201
5
FORM
GD
Busi
ness
und
erw
ritte
n in
side
Pak
ista
n.
Une
arne
d Pr
emiu
mCl
ass
Ope
ning
Clos
ing
Ope
ning
Clos
ing
Prep
aid
Rein
s Pr
emiu
m
Dir
ect
and
facu
ltativ
e
Fire
and
pro
perty
dam
age
Mar
ine,
avi
atio
n an
d tra
nspo
rt
Mot
or
Mis
cella
neou
s
Gra
nd T
otal
66,1
24,13
5
143,3
75,33
5
38,9
20,16
6
5,09
7,195
253
,516,8
31
147
,937,5
26
239,7
64,46
7
59,54
1,406
13,76
9,333
461
,012,7
32
148
,661,9
34
236,5
49,32
1
61,2
84,03
5
13,7
85,17
2
460
,280,4
62
65,3
99,72
7
146,5
90,48
1
37,17
7,537
5,081
,356
254
,249,1
01
39,0
72,09
2
130,9
20,87
8
598,6
32
3,565
,279
174
,156,8
81
92,7
33,90
9
231,3
69,00
6
1,70
3,010
6,31
1,558
332
,117,4
83
93,6
20,47
5
230,2
60,47
6
1,36
8,992
6,84
0,803
332
,090,7
46
38,1
85,52
6
132,0
29,40
8
932
,650
3,036
,034
174
,183,6
18
27,2
14,20
1
14,56
1,073
36,24
4,887
2,04
5,322
80,0
65,48
3
26,4
77,71
2
14,5
74,64
3
25,6
11,67
6
2,71
4,193
69,3
78,22
4
2014
Net
Pre
miu
mre
venu
e
2015
Net
Pre
miu
mre
venu
e
Rein
sura
nce
expe
nses
Rein
sura
nce
cede
dPr
emiu
mea
rned
Prem
ium
writ
ten
Rupe
es
The
anne
xed
note
s fro
m 1
to 1
5 fo
rm a
n in
tegr
al p
art o
f the
se fi
nanc
ial s
tate
men
ts.
Kara
chi:
29th
Apr
il, 2
015.
Moh
amm
ad O
mer
Baw
any
Dire
ctor
Ism
ail H
. Zak
aria
Chai
rman
A. R
azak
Ahm
edCh
ief E
xecu
tive
& M
anag
ing
Dire
ctor
A. A
ziz
Ayoo
bD
irect
or
Quarterly Report 2015 11
Kara
chi:
29th
Apr
il, 2
015.
Moh
amm
ad O
mer
Baw
any
Dire
ctor
Ism
ail H
. Zak
aria
Chai
rman
A. R
azak
Ahm
edCh
ief E
xecu
tive
& M
anag
ing
Dire
ctor
A. A
ziz
Ayoo
bD
irect
or
Cond
ense
d In
terim
Sta
tem
ent o
f Cla
ims
(Un
Audi
ted)
Fina
ncia
l Per
iod
Ende
d M
arch
31,
201
5
The
anne
xed
note
s fro
m 1
to 1
5 fo
rm a
n in
tegr
al p
art o
f the
se fi
nanc
ial s
tate
men
ts.
FORM
GE
Busi
ness
und
erw
ritte
n in
side
Pak
ista
n.
Out
stan
ding
cla
ims
Clas
s
Ope
ning
Clos
ing
Ope
ning
Clos
ing
Rein
sura
nce
and
othe
rre
cove
ries
in re
spec
t of
outs
tand
ing
clai
ms
Dir
ect
and
facu
ltativ
e
Fire
and
pro
perty
dam
age
Mar
ine,
avi
atio
n an
d tra
nspo
rt
Mot
or
Mis
cella
neou
s
Gra
nd T
otal
17,8
76,11
4
16,60
9,032
12,92
2,048
436
,788
47,8
43,98
2
126
,591,4
34
134,9
84,94
0
8,93
0,661
2,89
4,409
273,4
01,44
4
141
,663,7
21
127,2
29,48
1
11,19
8,306
4,021
,694
284,1
13,20
2
32,9
48,40
1
8,853
,573
15,18
9,693
1,564
,073
58,55
5,740
15,0
90,33
0
11,61
2,826
15,35
0
371,7
51
27,09
0,257
108
,691,4
96
119,3
77,12
4
405
,514
2,102
,317
230,5
76,45
1
123
,966,4
82
113,7
86,37
2
1,154
,624
3,022
,517
241,9
29,99
5
30,3
65,31
6
6,022
,074
764
,460
1,29
1,951
38,4
43,80
1
2,58
3,085
2,831
,499
14,42
5,233
272,1
22
20,11
1,939
4,36
6,976
4,699
,211
14,8
68,37
1
117
,305
24,05
1,863
2015
Net
Cla
ims
expe
nses
2014
Net
Cla
ims
expe
nses
Rein
sura
nce
and
othe
rre
cove
ries
reve
nue
Rein
sura
nce
and
othe
rre
cove
ries
rece
ived
Clai
ms
expe
nses
Clai
ms
paid
Rupe
es
Reliance Insurance Company Limited12
FORM
GF
Busi
ness
und
erw
ritte
n in
side
Pak
ista
n.
Dir
ect
and
facu
ltativ
e
Fire
and
pro
perty
dam
age
Mar
ine,
avi
atio
n an
d tra
nspo
rt
Mot
or
Mis
cella
neou
s
Gra
nd T
otal
16,8
16,86
6
6,031
,340
3,793
,500
926
,330
27,5
68,03
6
38,6
78,93
9
3,796
,614
8,931
,211
2,671
,818
54,0
78,58
2
38,8
62,24
2
2,938
,146
9,192
,605
2,673
,566
53,6
66,55
9
16,6
33,56
3
6,889
,808
3,532
,106
924
,582
27,9
80,05
9
9,43
3,787
5,047
,587
12,56
4,268
709
,010
27,7
54,65
2
26,0
67,35
0
11,93
7,395
16,09
6,374
1,63
3,592
55,7
34,71
1
8,66
6,770
3,974
,102
12,7
73
723,5
47
13,3
77,19
2
17,4
00,58
0
7,963
,293
16,08
3,601
910
,045
42,3
57,51
9
15,1
08,76
7
8,434
,819
12,54
3,841
1,14
7,135
37,2
34,56
2
Clas
s
2015
Net
unde
rwrit
ing
exp
ense
2014
Net
unde
rwrit
ing
exp
ense
Com
mis
sion
from
rein
sure
rs
Und
erw
rittin
gEx
pens
es
Oth
erM
anag
emen
tEx
pens
es
Net
com
mis
sion
Expe
nse
Clos
ing
Def
erre
dco
mm
issi
on
Ope
ning
Def
erre
dco
mm
issi
on
Com
mis
sion
spa
id o
rpa
yabl
e
Rupe
es
Cond
ense
d In
terim
Sta
tem
ent o
f Exp
ense
s(U
n Au
dite
d)
Fina
ncia
l Per
iod
Ende
d M
arch
31,
201
5
The
anne
xed
note
s fro
m 1
to 1
5 fo
rm a
n in
tegr
al p
art o
f the
se fi
nanc
ial s
tate
men
ts.
Kara
chi:
29th
Apr
il, 2
015.
Moh
amm
ad O
mer
Baw
any
Dire
ctor
Ism
ail H
. Zak
aria
Chai
rman
A. R
azak
Ahm
edCh
ief E
xecu
tive
& M
anag
ing
Dire
ctor
A. A
ziz
Ayoo
bD
irect
or
Quarterly Report 2015 13
Karachi: 29th April, 2015.
Mohammad Omer BawanyDirector
Ismail H. ZakariaChairman
A. Razak AhmedChief Executive & Managing Director
A. Aziz AyoobDirector
Income from Non-Trading Investments Held to maturity Return on Government Securities Return on other fixed income, securities and deposits Available for sale Dividend Income Gain on sale of Available for sale investment Impairment in the value of Investment Income from Trading Investments Held for Trading Dividend Income Gain on sale of Investments Unrealized gain on re-measurement of Investments held for trading less: Investment related expenses Net Investment Income transferred to P&L A/c.
Condensed Interim Statement of Investment Income (Un Audited) Financial Period Ended March 31, 2015
4,087,764 308,024
4,395,788
18,329 -
(509,075)
11,177,592 49,620
17,533,522
(5,828)
32,659,948
2,759,757 408,437
3,168,194
- -
247,004
10,264,666 1,984,130
12,596,071
(28,519)
28,231,546
2015 2014(Rupees)
FORM GG
The annexed notes from 1 to 15 form an integral part of these financial statements.
Reliance Insurance Company Limited14
Notes to the Condensed Interim Financial Statements (Un Audited)Financial Period Ended March 31, 2015
1. STATUS AND NATURE OF BUSINESS
The Reliance Insurance Company Limited was incorporated in Pakistan as a Public Limited Company on 4th November 1981 and is engaged in General Insurance Business. The shares of the Company are quoted on Stock Exchanges of Karachi and Lahore. The registerd Office of the Company is situated at 96-A, Sindhi Muslim Co-Operative Housing Society, Karachi.
2. BASIS OF PRESENTATION
2.1 These condensed interim financial statements are un-audited and presented in condensed form in accordance with the requirement of international Accounting Standard 34 “Interim Financial Reporting”.
The disclosures made in these condensed interim financial statements have been limited based on the formats prescribed by the insurance rules, 2002 and approved accounting standards as applicable in Pakistan for interim financial reporting. These condensed financial statements do not include all the information required for full financial statement and should be read in conjunction with the financial statements of the company for the year ended December 31, 2014.
2.2 These condensed interim financial statements have been presented in Pak Rupees, which is the functional and presentation currency of the company.
3. BASIS OF MEASUREMENT
Theses condensed interim financial statement have been prepared under the historical cost convention except for certain financial assets and liabilities which are stated at fair value or amortized cost as applicable.These condensed interim financial statements have been prepared under the accrual basis of accounting except for cash flow information.
4. SUMMARY OF SIGNIFICANTING ACCOUNTING POLICIES
The significant accounting policies adopted in the preparation of these condensed interim financial statements are in line with the audited annual accounts for the year ended December 31, 2014.
5. FINANCIAL RISK MANAGEMENT
The Company’s financial risk management objectives and policies are consistent with those disclosed in the annual financial statements for the year ended 31 December 2014.
6. TAXATION
The provision for taxation for the period ended 31 March, 2015 has been made using the estimated effective tax rate applicable to expected total annual earnings.
7. TRANSACTIONS WITH RELATED PARTIES
Related parties comprise of associted companies, entitles under common control, entites with common directors, major shareholders and key management personnel of the Company. Tranctions with related parties are carried out at am's length prices determined under "Comparable uncontrolled price method". Transactions with related parties are as follows.
Quarterly Report 2015 15
Notes to the Condensed Interim Financial Statements (Un Audited)Financial Period Ended March 31, 2015
8. OPERATING FIXED ASSETS AND DEPRECIATION
These are stated at cost less accumulated depreciation. Depreciation is charged to profit and loss account using the reducing balance method.
Depreciation on assets is charged from the month of addition while no depreciation is charged for the month in which, assets are disposed off .
Maintenance and repaires are charged to profit and loss account as and when incurred Major renewals and improvements are capaitalized and the assets so replaced, if any are retired.
Premium UnderwrittenPremium CollectedClaims PaidDividend receivedPremium due but unpaidProvision for outstanding claimsKey management personnelStaff retirement benefits
9. SHARE CAPITAL Issued, subscribed and paid up capital
(Number of shares)
1,156,680
39,189,195
40,345,875
Ordinary shares of Rs. 10 each issued as fully paid in cash
Ordinary shares of Rs. 10 each issued as fully paid bonus shares
1,156,680
39,189,195
40,345,875
31st March2015
31st December 2014
10. CONTINGENCIES AND COMMITMENTS
10.1 There are no material contingencies existing at the Balance Sheet date.
11. INVESTMENTS
The investments comprise of the following: Held to maturity Available for sale Provision for impairment Held for trading
March 31,2015
December 31,2014
(Rupees)
7,807,943 7,998,050 1,093,409
18,329 44,591,380 29,289,855 5,156,986
578,649
6,608,568 3,533,860 1,535,754
- 50,039,474 14,531,951 4,436,761
521,833
March 31,2015
March 31, 2014
(Rupees)
11.1
11.2
11,566,800
391,891,950
403,458,750
11,566,800
391,891,950
403,458,750
80,384,631
148,906,571 (3,104,751)
145,801,820
376,072,601 602,259,052
80,801,294
148,906,571 (2,595,675)
146,310,896
357,755,446 584,867,636
Reliance Insurance Company Limited16
Note
Notes to the Condensed Interim Financial Statements (Un Audited)Financial Period Ended March 31, 2015
11.1 The Pakistan Investment Bonds (PIB) of Rs.15.629 million and GOP Ijara sukuk for the face value of Rs25.569 Million are placed as statutory deposit with State Bank of Pakistan in accordance with the requirement of Section 29(2)(a) of Insurance Ordinance 2000.
11.2 The market value of investment in shares & securities (AFS) as on 31 st March. 2015, was Rs.154.906 million (as at 31st December 2014 Rs.153.044 million).
12. SEGMENT REPORTING
Class of business wise revenue and results have been disclosed in the profit and loss account prepared in accordance with the requirements of Insurance Ordinacne, 2000 and the SEC (Insurance) Rules, 2002. The following table presents information regarding segment assets, liablities as at March 31, 2015,and March,2014 unallocated capital expenditure and non-cash expenses during the period:
SEGEMENT ASSETS Segment assets
Unallocated corprate assets
Consolidated corporate assets SEGEMENT LIABILITIES Segment liabilities
Unallocated corporate liabilities
Consolidated corporate liabilities
CAPITAL EXPENDITURE
Uncollected capital expenditure Consolidted capital expenditure Unallocated depreciation/Amortization
In Rupees 178,119,120
300,971,904
178,152,695
296,119,657
95,303,386
161,036,286
98,064,060
162,998,913
237,225,681
400,845,598
172,325,657
286,434,142
13,386,796
22,619,972
18,262,182
30,354,809
-
1,122,227,585
899,045
-
988,028,507
549,121
524,034,983
1,122,227,585
1,646,262,568
885,473,760
899,045
886,372,805
148,500 148,500
2,945,893
466,804,594
988,028,507
1,454,833,101
775,907,521
549,121
776,456,642
5,201,680 5,201,680 2,613,589
13.1 No figure for diluted earnings per share has been presented as the Company has not issued any instrument which would have an impact on earnings per share when exercised.
14. DATE OF AUTHORIZATION FOR ISSUE
These financial statements have been authorized for issue on 29th April, 2015 by the Board of Directors of the Company.
15. GENERAL
Figures have been rounded off to the nearest rupee.
13. EARNINGS PER SHARE –BASIC AND DILUTED
Profit after tax for the period Weighted average number of ordinary shares Earnings per share-basic and diluted
34,670,765 40,345,875
0.86
24,958,251 40,345,875
0.62
March 31, 2015
March 31, 2014
(Rupees)
Mohammad Omer BawanyDirector
Ismail H. ZakariaChairman
A. Razak AhmedChief Executive & Managing Director
A. Aziz AyoobDirector
Karachi 29 April, 2015
Quarterly Report 2015 17
Offices
Reliance Insurance House PABX : 34539415-17181-A, Sindhi Muslim Co-operative Fax : 34539412Housing Society, E-mail : reli-ins@cyber.net.pk.Karachi. ric-re@cyber.net.pk. Web : www.relianceins.com
Mr. A. Razak Ahmed Direct : 34539413, 34539414Chief Executive & Managing Director Extension : 204
Mr. Haroon A. Shakoor Direct : 34539409Chief Accountant & Extension : 203Company Secretary
Mr. Syed Rizwan Akhtar Direct : 34304067Executive Vice President (Operations) Extension : 210
Mr. M. Amin Bawany Direct : 34557079Vice President (Marine & Accident) Extension : 201
Mr. Muhammad Ishaque Azim Direct : 34304068Vice President (Fire) Extension : 212
Mr. Sadruddin Hussain Direct : 34550403Vice President (Claims) Extension : 208
Mr. Ghulam Mujaddid Extension : 205Chief Manager (Accounts)
Mr. Abdul Rahim Patni Direct : 34539411Deputy Chief Manager (Reinsurance) Extension : 215
Mr. Muhammad Saleem Memon Extension : 214Deputy Chief Manager (Investment/shares)
Mr. Muhammad Masood Ali Extension : 202Deputy Chief Manager (I.T. Deptt.)
Mr. Muhammad Masood Alam Direct : 34539411Manager (Administration) Extension : 206
Mr. Mahmood Shuja Baig Extension : 209Manager (Internal Auditor)
South Zone Offices & Branches
Business Plaza Branch407, 4th floor, Business Plaza, Mr. Muhammad Iqbal Dhedhi Ph (021) 32419581, 32419582Off. I.I.Chundrigar Road, Karachi. Executive Vice President Fax (021) 32421314, 32421317
Tariq Road BranchRoom No. A-2 & A-3, Mr. Zafar A. Pasha Ph (021) 34527806, 345324271st Floor, Rahat Jo Daro, Executive Vice President 34525376, 34322642Plot No.172/L, Block-2, PECHS, Fax (021) 34522829Main Tariq Road, Karachi.
Namco Centre Branch1-A, 5th Floor, Campbell Street, Mr. Iqbal Umer Bawany Ph (021) 32625716, 32624427Karachi. Vice President Fax (021) 32624783
Reliance Insurance Company Limited18
Offices
Land Mark Plaza Branch405, 4th Floor, Land Mark Plaza, Mr. Muhammad Reza Rajani Ph (021) 32628777, 32628778Off. I. I. Chundrigar Road, Assistant Vice President Fax (021) 32628779Karachi.
M. A. Jinnah Road Branch101, Japan Plaza, Mr. Rizwan Ahmed Khan Ph (021) 32727076, 32729961M. A. Jinnah Road, Karachi. Branch Manager Fax (021) 32722601
Hyderabad Branch1st Floor, Al-Falah Chamber, Mr. Abdullah Ahmed Ph (022) 2615774Tilak Road, Hyderabad. Regional Manager Fax (022) 2623029
North Zone Offices & Branches
Zonal Office, Lahore (North Zone)4th Floor, Gardee Trust Building. No.2, Mr. Hassan Sabih PABX (042) 37239063, 37353292Napier Road, Lahore. Chief Manager 37234255, 37351353 Direct (042) 37354689 Fax (042) 37312526 Regional Office, Lahore90-A/3, 1st Floor, Canal Park, Mr. Fahd Barlas Ph (042) 35761077, 35761078Gulberg-II, Lahore. Vice President 35763446, 35763447 Fax (042) 35761235Gulberg BranchHouse No.17-A, Block-E/1, Mr. Tehseen Ahmed Khan Ph (042) 35752245, 35752989Gulberg-III, Lahore. Executive Vice President 35751971, 35756557 Fax (042) 35756217
Al-Rehman Branch2nd Floor, Al-Rehman Building , Mr. Nisar Ahmed Chughtai Ph (042) 37323113, 37322473Regal Cinema Lane, 65, The Mall, Senior Vice President 37354848Lahore. Fax (042) 37247925 Garden Town BranchSuit No.17, 1st Floor, Shan Arcade, Mr. Basit Anwar Butt Ph (042) 35889258, 35889259New Garden Town, Lahore. Executive Vice President Fax (042) 35889260
Eden Centre Branch321, Eden Centre, Mr. Ch. H.S. Asghar Ph (042) 37423613, 3742361443 Ghausal Azam Road, (Jail Road) Vice President Fax (042) 37425649Lahore.
Empress Tower BranchRoom No.18,1st Floor, Mr. S.Azhar Ali Shah Ph (042) 36297253, 36297254Empress Tower, Senior Vice President Fax (042) 3629725546 Empress Road, Lahore.
Khan Plaza Branch4th Floor, Khan Plaza, Mr. Sohailuddin Zafar Ph (055) 4215422, 4216422G. T. Road, Gujranwala. Assistant Vice President Fax (055) 4448139
Gujrat BranchMarhaba Tower (Top Floor) Opp. Mr. Muhammad Nawaz Ph (053) 3522127Ram Piary Mahal Near Fawara Chawk,. Gujrat.
Faisal Complex Branch3rd Floor, Faisal Complex, Mr. A. Majeed Abid Ph (041) 2611938, 2611939Bilal Road, Civil Lines, Faisalabad. Senior Vice President 2626480 Fax (041) 2621033
Quarterly Report 2015 19
Offices
Taj Plaza BranchRoom No.16, 2nd Floor, Taj Plaza, Mr. Muhammad Akhlaq Ph (041) 2617277, 2622182Kotwali Road, Faisalabad. Vice President 2615922 Fax (041) 2412010United Plaza Branch3,3rd Floor, United Plaza, Mr. Abdul Karim Siddiqi Ph (051) 4854200Shamsabad, Murree Rd. Rawalpindi. Vice President Fax (051) 4580008
Royal Plaza Branch8, 1st Floor, Royal Plaza, Mr. Aamir Manzoor Ph (051) 4423944, 44239556th Road, . Rawalpindi. Vice President Fax (051) 4421969
Peshawar BranchT-3 & 4, Bilour Shopping Plaza, - Ph (091) 5274617, 52773283rd Floor, Saddar Road, . Fax (091) 5284683 Peshawar Cantt.
Regional Office Multan1st Floor, 5-Commercial Plaza, Mr. Syed Mohsin Bukhari Ph (061) 4517349Opp. Civil Hospital, Abdali Road, Assistant Manager Fax (061) 4510049Multan.
Khanpur BranchOld Ghalla Mandi, Khanpur, Mr. Abdul Razzak Choudhry Ph (068) 5572772Distt. Rahimyar Khan. Vice President Fax (068) 5572772
Hasilpur Branch27-B, 1st Floor, Main Bazar, Mr. Muhammad Shafi Anjum Ph (062) 2442473Hasilpur. Senior Vice President Fax (062) 2448073
Sialkot BranchRoom No.4 & 5, 1st Floor, Mr. Ghulam Rasool Farrukh Zahidi Ph (052) 4296075, 4296076 Mughal Plaza, Kutchery Road, Branch Manager Fax (052) 4296077Sialkot.
Gojra BranchP-132, Post Office Road, Mrs. Shahnaz Akhtar Ph (046) 3511917Gojra. Branch Manager Fax (046) 3513111
Rahimyar KhanGulshan-e-Iqbal Mr. Shahid Razzak Resident Representative Cell 0301-7619190
SukkurMinara Road, Sukkur. Mr. Anees Memon Ph (071) 5622619 Resident Representative Cell 0300-3138090
Reliance Insurance Company Limited20
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