1st Quarter Report 2018 (Akmal) - SPI Insurance Company ... · Mufti Muhammad Umar Ashraf Mr. Faisal Rashid Mr. Muzammil Bashir (ACII) Mr. Muhammad Ali 4. Banks Al-Baraka Bank (Pakistan)

1st Quarter Report 2018

Company Information 03

Key Management Personnel 04

Banks 05

Directors’ Review Report to the Members (English) 06

Directors’ Review Report to the Members (Urdu) 07

FINANCIAL STATEMENTS (Conventional)

Condensed Interim Statement of Financial Position

Condensed Interim Profit and Loss Account

Condensed Interim Statement of Comprehensive Income

Condensed Interim Statement of Cash Flows

Condensed Interim Statement of Changes in Equity

Notes To The Condensed Interim Financial Statements

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FINANCIAL STATEMENTS (Window Takaful Operations)

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Condensed Interim Statement of Financial Position

Condensed Interim Profit and Loss Account

Condensed Interim Statement of Comprehensive Income

Condensed Interim Statement of Cash Flows

Condensed Interim Statement of Changes in Funds

Notes To The Condensed Interim Financial Statements

Content

SPI Insurance Company Limited1st Quarter Report 2018

Company Information

ChairmanMr. Aziz Ullah Memon

Managing Director & Chief ExecutiveMian M. A. Shahid

DirectorsMr. Mohammad AsgharMr. Abdul MajeedMr. Uzman Naveed ChaudharyMr. Muhammad Saleem SheikhMr. Khurram Khan

Underwriting CommitteeMr. Muhammad Akram Shahid (Chairman)Mr. Abdul Majeed (Member)Mr. Fasail Akbar (Member)

Mr. Mohammad Asghar (Member)

Mr. Imtiaz Ali (Secretary)

Claim Settlement Committee:Mr. Uzman Naveed Chaudhary (Chairman)Mr. Muhammad Akram Shahid (Member)Mr. Naeem Tariq (Member/Secretary)

Reinsurance & Co-insurance Committee:Mr. Muhammad Akram Shahid (Chairman)Mr. Abdul Majeed (Member)Mr. Faisal Akbar (Member/Secretary)

Risk Management & Compliance Committee:Mr. Uzman Naveed Chaudhary (Chairman)Mr. Azizullah Memon (Member)

Mr. Naeem Tariq (Member)Mr. Faisal Akbar (Secretary)

Chief Financial OfficerMr. Naeem Tariq

Company Secretary Mr. Noshad Ahmed

Chief Internal AuditorMian Mohsin Aslam

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Ethics, Human Resource & Remuneration Committee:Mr. Muhammad Saleem Sheikh (Chairman)Mr. Muhammad Akram Shahid (Member)Mr. Mohammad Asghar (Member)Mr. Shahid Malik (Secretary)

Nominations CommitteeMr. Azizullah Memon (Chairman)Mr. Muhammad Akram Shahid (Member)Mr. Abdul Majeed (Member)

Mr. Muhammad Saleem Sheikh (Member)

Mr. Noshad Ahmed (Secretary)

Investment CommitteeMr. Muhammad Akram Shahid (Chairman)

Mr. Azizullah Memon (Member)Mr. Naeem Tariq (Member/ Secretary)

Audit CommitteeMr. Mohammad Asghar (Chairman)Mr. Muhammad Saleem Sheikh (Member)

Mian Mohsin Aslam (Secretary)Mr. Khurram Khan (Member)

AuditorsM/s RSM Avais Hyder Liaquat NaumanChartered Accountants

Tax ConsultantM/s Muhammad Bilal & CompanyChartered Accountants

Legal AdvisorsM/s Kilam LawM/s Mandviwala & Zafar

Registered OfficeSuite # 204-A, Second Floor,Madina City Mall, Abdullah Haroon Road,Karachi.Phone # (021) 35221805Fax # (021) 35221806

Head OfficeUIG House,6 - D, Upper Mall, Lahore.Phone # (042) 35776561-62-67-68, 35756563Fax # (042) 35776560E-mail: [email protected]: www.spiinsurance.com.pk

SPI Insurance Company Limited


Key Management Personnel

Conventional Business

Managing Director & Chief Executive Officer

Deputy Managing Director

Advisor

General Manager Re-Insurance

General Manager Health Business

Chief Manager Underwriting

Chief Manager Claims / Motor

Chief Manager Accounts

Manager Claims / Non Motor

Assistant General Manager I.T

Assistant General Manager Administration

Manager Travel

Window Takaful Operations

Shariah Advisor

Chief Operating Officer & Head of WTO

Head of Underwriting

Manager Accounts

Mian M. A. Shahid

Mr. Shaheryar Akbar Raja

Maj. Gen. (R) Asif Duraiz Akhter

Mr. Faisal Akbar (FCA)

Mr. Nasir Abbas Khan

Mr. Imtiaz Ali

Mr. Khalid Nazeer Bajwa

Mr. Saleem Akhter (FCMA)

Mr. Naveed ul Haq Nomani

Mr. Saquib Obaid ur Rehman

Mr. Shahid Malik

Mr. Iqbal Hashmi

Mufti Muhammad Umar Ashraf

Mr. Faisal Rashid

Mr. Muzammil Bashir (ACII)

Mr. Muhammad Ali

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Banks

Al-Baraka Bank (Pakistan) Limited

Allied Bank Limited

Apna Microfinance Bank Limited

Bank Al-Falah Limited

Bank Al-Habib Limited

Bank Islami Pakistan Limited

Faysal Bank Limited

Finca Microfinance Bank Limted

Habib Bank Limited

JS Bank Limited

Meezan Bank Limited

National Bank of Pakistan

MCB Bank Limited

SILKBANK Limited

Sindh Bank Limited

Soneri Bank Limited

State Bank of Pakistan

Tameer Microfinance Bank Limited

The Bank Of Punjab

United Bank Limited

Zarai Taraqiati Bank Limited



Directors’ Review Report to the MembersReport of the Directors to the members

On behalf of the Board of Directors, I am pleased to present the quarterly review report of the SPI Insurance Company Limited together with the un-audited Financial Statements along with Window Takaful Operations for the rst quarter ending March 31, 2018.

Financial Highlights

The Company’s performance during the rst quarter of 2018 was satisfactory and company has strived for sustainable growth. The premium written stood at Rs.154.92 million as against Rs.170.85 million for the same period of last year which shows a decrease of 9.33%. The net premium registered at Rs.122.61 million as against Rs.135.54 million in the preceding period of year shows a decrease of 9.54%.The net claims reduced by 27.91% to Rs.39.23 million as on March 31, 2018 from Rs.54.42 million on March 31, 2017. Net commission expenses posted at Rs.15.47 million as against Rs.7.76 million in the preceding period of last year. The management and other expenses reduced by 0.57% as compared to last year. The underwriting prot posted at Rs.4.46 million as against Rs.11.44 million for the corresponding period of last year. Accordingly, pretax prot posted at Rs.7.09 million as compared to prot of Rs.11.91 million earned by Company for the same period last year as a result the earning per share remained Rs.0.12 as compared to Rs.0.18 in the corresponding period 2017.

The written contribution under the Window Takaful Operations for the rst quarter ended March 31, 2018 was Rs.59.25 million as against Rs.69.72 million in the preceding year shows a decrease of 15.02% while net contribution revenue was Rs.11.88 million as compared to Rs.12.98 million in last year. The net claims expenses Rs.12.65 million as on March 31, 2017 as against Rs.23.30 million on March 31, 2017 shows a reduction of 45.69%. Net commission expenses posted at Rs.12.07 million as against Rs.11.60 million in the preceding period of last year. The management expenses registered a decline of 28.60% as compared to last year. Prot arising from operators fund was Rs.0.164 million as against prot of Rs.0.210 million preceding period of last year. Accordingly, the participants’ takaful fund registered a surplus of Rs.4.15 million as against decit of Rs.7.05 million in the preceding period of last year.

Significant increase/(decrease) from last year in operating results

Conventional Insurance: Premium Written 154,920 170,854 (9.33)Net Premium revenue 122,617 135,541 (9.54)Net Claims 39,232 54,423 (27.91)Net Commission 15,475 7,762 99.37Management & other expenses 65,968 66,343 (0.57)Underwriting Results 4,464 11,449 (61.01)Investment and other Income 4,992 4,693 6.37Profit before tax 7,099 11,916 (40.43)

Window Takaful Operations:Contribution Written 59,253 69,729 (15.02)Net Contribution revenue 11,885 12,981 (8.44)Wakala Fee 29,626 34,864 (15.03)Net Claims 12,659 23,308 (45.69)Net Commission 12,079 11,606 4.08Management expenses 17,390 24,356 (28.60)Investment and other Income 41 105 (61.13)Benefits paid/ Payable to Participants 4,151 (7,055) 158.84 Surplus / (Deficit) in PTF 4,151 (7,055) 158.84 Profit/(loss) in OPF 164 210 (21.90)

Consolidated ResultsProfit before tax 7,099 11,916 (40.43)Profit after tax 5,394 7,578 (28.82)E.P.S. 0.12 0.18 (33.33)

Credit RatingThe Company is rated “A “with (stable outlook) by the Pakistan Credit Rating Agency (PACRA).

ISO 9001:2015 CertificationDue to overall performance during the year 2017 ISOQAR Limited has approved ISO 9001:2015 in compliance with their requirement and has issued the said certicate of registration.

Future OutlookThe current quarter results have shown some decline. However the management is optimistic to increase the business and protability. There is also need to decrease the expenses by minimizing the unproductive staff. WTO management expenses have been reduced due to senior staff resignations. Anyhow there is a need to induct marketing staff with higher productivity.

Appreciation and AcknowledgementI would like to express my sincere gratitude to The Securities and Exchange Commission of Pakistan, State Bank of Pakistan, our Reinsurers and Bankers for their continued guidance and assistance. I would also like to take this opportunity to extend our thanks to valued customers and the shareholders for reposing their condence. We also appreciate the efforts of the management and employees for their hard work and dedication towards the consistent growth of the Company.

For and on behalf of the Board of Directors

Muhammad Akram ShahidDirector & Chief ExecutiveKarachi: April 30, 2018

(Rupees in thousand)March 31, 2018 March 31, 2017 Inc. / (Dec.) in %

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FINANCIAL STATEMENTS For the quarter ended March 31, 2018

Condensed Interim Statement of Financial Position (Un-audited)As At March 31, 2018

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Chief Executive Officer DirectorDirectorChairman

Condensed Interim Profit and Loss Account (Un-audited)for the quarter ended March 31, 2018




Condensed Interim Statement of Comprehensive Income (Un-audited)for the quarter ended March 31, 2018

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Condensed Interim Statement of Changes in Equity (Un-audited)for the quarter ended March 31, 2018




Condensed Interim Statement of Cash Flows (Un-audited)for the quarter ended March 31, 2018

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Notes To The Condensed Interim Financial Statements (Un-audited)for the quarter ended March 31, 2018




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Notes To The Condensed Interim Financial Statements (Un-audited)for quarter ended March 31, 2018




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April 30, 2018


SPI INSURANCE COMPANY LIMITED- WINDOW TAKAFUL OPERATIONS

FINANCIALSTATEMENTS

For the quarter ended March 31, 2018

Condensed Interim Statement of Financial Position (Un-audited)As At March 31, 2018

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Condensed Interim Profit and Loss Account (Un-audited)for the quarter ended March 31, 2018

1st Quarter Report 2018 23

SPI Insurance Company LimitedWindow Takaful Operations


Condensed Interim Statement of Comprehensive Income (Un-audited)for the quarter ended March 31, 2018

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Condensed Interim Statement of Changes in Funds (Un-audited)for the quarter ended March 31, 2018





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Notes

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Documents

1st Quarter Report 2018 (Akmal) - SPI Insurance Company ... · Mufti Muhammad Umar Ashraf Mr. Faisal Rashid Mr. Muzammil Bashir (ACII) Mr. Muhammad Ali 4. Banks Al-Baraka Bank (Pakistan)