Half Yearly Report - PGI Mail for web.pdf · Rahman Sarfraz Rahim Iqbal Rafiq Chartered Accountants Kamran & Co. Chartered Accountants Rating Companies: PACRA and JCR VIS Rating:

Half Yearly ReportFor the Period Ended

June 30, 2016

Company Information

Board of Directors;

Chief Executive Officer

Chief Financial Officer

Company Secretary

Audit Committee

Investment Committee

Human Resources Committee

Claims Committee

Reinsurance and Coinsurance Committee

Legal Advisor

Nasir Ali Ch. Zahoor Ahmed (Chief Executive Officer)Ather Zahoor Ghulam MustafaRaees-ud-DinRehan Beg Amal Usman

Ch. Zahoor Ahmed

Azhar Hafeez Ch.

Mazhar Zahoor

Rehan Beg (Chairman)Raees-ud-DinAther Zahoor

Rais-ud-Din (Chairman)Ch. Zahoor Ahmed Rehan Beg

Athar Zahoor (Chairman)Amal UsmanNasir Ali

Ghulam Mustafa (Chairman)Usman AliMian Muhammad Iqbal (Secretary)

Nasir Ali (Chairman) Muhammad Maqsood PerachaGhulam Mustafa

M. Javed Iqbal (Advocate Supreme Court)Ch. M. Maqsood (Advocate Supreme Court)

(Chairman)Auditors

Tax Consultants

IFS Rating

Share Registrars

Registered and Head Office

Contacts

Rahman Sarfraz Rahim Iqbal RafiqChartered Accountants

Kamran & Co.Chartered Accountants

Rating Companies: PACRA and JCR VISRating: A-

Corplink (Private) Limited

Cooperative Bank House5 Bank Square, Shahrah e Quaid e AzamLahore

Tel.: +92 (42) 3732-4404; 3722-3224Fax: +92 (42) 3723-0895; 3723-0634Email: [email protected]: www.pgi.com.pk

The Pakistan General Insurance Company Limited 01

The Pakistan General Insurance Company Limited02

Directors’ Report to the Shareholders

The Board of Directors of “The Pakistan General Insurance Company Limited” ('the Company') is pleased to present the un-audited but reviewed (limited) condensed interim financial statements for the half year ended June 30, 2016.

The operational performance of the Company during first half of 2016 is satisfactory; the comparative analysis of the half yearly results at a glance is as under –

Jun 30 / 2016 Jun 30 / 2015 Increase / (Decrease)Rupees Rupees

Rupees % age

Underwriting

Net premiums 135,905,503

8,141,646 6.37%

Net claims expenses

67,556,069 5,806,670

9.72%

Underwriting profit

23,431,997 (13,277,519)

-36.17%Claim ratio 48.24% 3.14%

Investments In shares 24,364,931 (10,550,953)

-30.22%

In short-term bank placements 238,500,000 20,000,000

9.15%In properties 40,605,193 (1,041,159)

-2.50%

Investment income

7,871,618 (8,518,729) -51.97%Rental income

2,060,750 (1,406,560) -40.57%

Profitability / Equity

Share capital 400,012,500 -

-

0.00%Underwriting profits

23,431,997 (13,277,519)

-36.17%Profit before tax 19,609,225 (19,300,659) -49.60%Other expenses 51,419,366

127,763,85759,749,39936,709,516

46.77%

34,915,884218,500,000

41,646,35216,390,347

3,467,310

400,012,50036,709,51638,909,88438,205,854 13,213,512 34.59%

Net premiums had increased by 6.37% from Rs. 127.764 million in 2015 to Rs. 135.906 million in 2016, primarily due to decrease in reinsurance expenses as the reinsurance treaties were changed from proportional to excess of loss basis. Net claims have increased by 9.72% which resulted in an increase in claims ration of 3.14% closing at 48.24% from 46.77% as compared to the corresponding period. The above results reflect the effective risk management, firm underwriting guidelines and philosophy, good decision making and tireless efforts of the management and field staff of the Company.

The Company is conscious of the challenges which are being faced by the economy due to spiraling inflation and rising energy crises have crippled the already affected economy of the country. We are striving hard to sustain our performance under these circumstances. We also hope that the macro economic challenges will be addressed soon to enable conducive environment for the growth of industry.

The Company maintains a visible record of good corporate governance which is periodically monitored by the audit committee. We thank our business partners for their continued patronage and the Company staff for their dedicated efforts.

For and on behalf of the Board

Nasir AliChairman

Lahore.August 30, 2016

The Pakistan General Insurance Company Limited

Auditors' Report to the Members on Review of Interim Financial Information

Introduction

We have reviewed the accompanying condensed interim balance sheet of The Pakistan General Insurance Company Limited as at 30 June 2016 and the related

i) condensed interim statement of comprehensive income (profit and loss account),ii) condensed interim statement of changes in equity,iii) condensed interim statement of cash flows,iv) condensed interim statement of premiums,v) condensed interim statement of claims,vi) condensed interim statement of expenses,vii) condensed interim statement of investment income, and

notes to the accounts for the half year then ended (here-in-after referred to as the “interim financial information”). Management is responsible for the preparation and presentation of this interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting.

Other Matter Paragraph

The figures of the condensed interim financial information for the quarter ended 30 June 2016 have not been reviewed as we are required to review only cumulative figures for the half year ended on that date.

Rahman Sarfaraz Rahim Iqbal RafiqCHARTERED ACCOUNTANTSEngagement Partner: A. Rahman MirLahore: August 30, 2016

03


Jun 30 / 2016 Jun 30 / 2015 Increase / (Decrease)Rupees Rupees Rupees % age

Underwriting Net premiums 135,905,503

8,141,646 6.37%

Net claims expenses 67,556,069 5,806,670

9.72%Underwriting profit 23,431,997 (13,277,519)

-36.17%

Claim ratio 48.24% 3.14%

Investments

In shares 24,364,931 (10,550,953)

-30.22%In short-term bank placements 238,500,000 20,000,000

9.15%In properties 40,605,193 (1,041,159)

-2.50%Investment income 7,871,618 (8,518,729) -51.97%Rental income 2,060,750 (1,406,560) -40.57%

Profitability / Equity

Share capital 400,012,500 -

-

0.00%Underwriting profits 23,431,997 (13,277,519) -36.17%Profit before tax 19,609,225 (19,300,659) -49.60%Other expenses 51,419,366

127,763,85759,749,39936,709,516

46.77%

34,915,884218,500,000

41,646,35216,390,347

3,467,310

400,012,50036,709,51638,909,88438,205,854 13,213,512 34.59%


2016/ /30

¶46.77%

~2015 ì��48.24% »Z��ZìXZk�wæg3 3.14% æg3~


Condensed Interim Balance Sheet As at June 30, 2016

(Un-Audited)

EQUITY AND LIABILITIES

Share capital and reserves

Authorized share capital50,000,000 (Dec. 31, 2015: 50,000,000) ordinary shares of Rs. 10 each 500,000,000 500,000,000

Issued, subscribed and paid-up share capital 5 400,012,500 400,012,500General reserves 114,987,500 114,987,500Un-appropriated profit 109,867,448 123,767,700Total equity 624,867,448 638,767,700

Surplus on revaluation of fixed assets 6 9,459,102 9,586,146

Underwriting provisions

Provision for outstanding claims (including IBNR) 57,945,264 44,509,457Provision for unearned premium 164,758,642 204,517,465Commission income unearned 6,054,407 21,205,556Total underwriting provisions 228,758,313 270,232,478

Deferred liability

Deferred taxation 2,056,710 2,662,815

Creditors and accruals

Amounts due to other insurers / reinsurers 31,386,024 31,139,980Accrued expenses 649,105 1,300,425Taxation - provision less payments 12,753,827 9,673,789Other creditors 20,393,820 11,770,534

65,182,776 53,884,728

Other liabilities

Unpresented dividend warrants 405,316 235,913405,316 235,913

Total liabilities 296,403,115 327,015,934

Total equity and liabilities 930,729,665 975,369,780

Contingencies and commitments 7

The annexed notes from 1 to 16 form an integral part of this condensed interim financial information.

Un - audited Audited

June 30, 2016 Dec. 31, 2015

Note --------------Rupees--------------

Director(Ather Zahoor)

Director(Ghulam Mustafa)

Chief Executive / Principal Officer(Ch. Zahoor Ahmed)

Chairman(Nasir Ali)


Condensed Interim Balance Sheet As at June 30, 2016

(Un-Audited)

ASSETS

Cash and bank deposits

Cash and other equivalentsCurrent and other accountsDeposits maturing within 12 monthsDeposits maturing after 12 months

Loans - unsecured; considered good

To employees

Investments

Investment properties

Current assets - others

Premiums due but unpaid - unsecuredAmount due from other insurers / reinsurers - unsecuredAccrued investment incomeReinsurance recoveries against outstanding claimsDeferred commission expensesPrepaid reinsurance premium cededPrepaymentsAdvance for purchase of buildingSundry receivables

Fixed assets

Tangible fixed assets - Owned - land and buildings - furniture, fixtures and office equipment - vehicles

Total assets


252,311 166,30942,185,448 39,229,427

238,500,000 218,500,00040,858,423 39,800,000

321,796,182 297,695,736

4,387,460 4,401,410

8 24,364,931 34,915,884

40,605,193 41,646,352

299,433,202 338,559,47511,984,782 13,665,871

1,639,820 1,639,8202,022,612 2,022,612

20,929,359 23,600,99946,438,795 113,866,968

297,039 537,99156,400,000 -

5,927,261 4,469,945445,072,870 498,363,681

966,197,565 67,894,938

5,201,301 5,475,05423,104,163 24,976,72594,503,029 98,346,717

930,729,665 975,369,780


June 30, 2016 Dec. 31, 2015

Note --------------Rupees--------------




Chairman(Nasir Ali)

Condensed Interim Profit and Loss Account /Statement of Comprehensive Income (Un-Audited)For the Half Year Ended June 30, 2016


Aggregate Aggregate

June 30, 2016 June 30, 2015

Revenue account

Net premium revenue 57,149,386 57,597,971 7,325,941 13,832,205 135,905,503 127,763,857Net claims (38,040,850) (27,608,068) 92,849 - (65,556,069) (59,749,399)Expenses (18,516,313) (13,889,645) (1,357,921) (3,898,581) (37,662,460) (20,543,351)Net commission (3,332,265) (4,573,600) (735,756) (613,356) (9,254,977) (10,761,591)Underwriting result (2,740,042) 11,526,658 5,325,113 9,320,268 23,431,997 36,709,516

Investment income 7,871,618 16,390,347Rental income 2,060,750 3,467,310Other income 1,766 5,214Finance cost (200,764) (179,238)General and administration expenses (13,556,142) (17,483,265)

(3,822,772) 2,200,368

Profit before tax 19,609,225 38,909,884Provision for taxation

- current (4,242,626) (11,655,860)- deferred 606,105 (1,214,862)

(3,636,521) (12,870,722)

Profit after tax 15,972,704 26,039,162

Other comprehensive income for the period

Items that may not be subsequently reclassified to profit and loss acount:Incremental depreciation on revalued assets 127,044 133,731Items that may be subsequently reclassified to profit and loss acount: -Total other comprehensive income for the period 127,044 133,731

Total comprehensive income for the period 16,099,748 26,172,893

Profit and loss appropriation account

Balance at beginning of the period 123,767,700 56,860,719Total comprehensive income for the period 16,099,748 26,172,893Final dividend for the year 2015 - @ Rs. 0.75 per share (30,000,000) -Balance at end of the period 109,867,448 83,033,612

Earnings per share - basic and dilutive - note 13 0.40 0.65


------------------------------------------------------------- Rupees -------------------------------------------------------------

Motor Others

Fire and

property

damage

Marine,

aviation and

transport

Half Year Ended




Chairman(Nasir Ali)


Condensed Interim Profit and Loss Account /Statement of Comprehensive Income (Un-Audited)For the Quarter Ended June 30, 2016

Aggregate Aggregate

June 30, 2016 June 30, 2015

Revenue account

Net premium revenue 14,249,047

23,702,529

3,492,248

9,613,306

51,057,130

88,885,755Net claims (25,926,500)

(12,737,004)

-

320,000

(38,343,504)

(40,637,100)Expenses (2,629,518)

(2,040,459)

225,343

(2,388,753)

(6,833,387)

(10,703,915)Net commission 688,174

(2,388,776)

(555,867)

(63,702)

(2,320,171) (11,459,566)Underwriting result (13,618,797)

6,536,290

3,161,724

7,480,851

3,560,068

26,085,174

Investment income 4,430,060

8,078,029Rental income 1,544,850 1,891,395Other income 518

4,524Finance cost (96,237)

(14,660)General and administration expenses (3,281,744)

(6,290,443)

2,597,447

3,668,845

Profit before tax 6,157,515 29,754,019Provision for taxation

- current (3,852,589) (11,497,474)- deferred 606,105

(1,214,862)

(3,246,484) (12,712,336)

Profit after tax 2,911,031

17,041,683

Other comprehensive income for the period

Items that may not be subsequently reclassified to profit and loss acount:Incremental depreciation on revalued assets 63,521 66,865Items that may be subsequently reclassified to profit and loss acount: -

Total other comprehensive income for the period 63,521

66,865

Total comprehensive income for the period 2,974,552

17,108,548

Earnings per share - basic and dilutive - note 13 0.07

0.43


Quarter Ended

------------------------------------------------------------- Rupees -------------------------------------------------------------

Fire and

property

damage

Marine,

aviation and

transport

Motor Others




Chairman(Nasir Ali)


Condensed Interim Statement of Changes in Equity (Un-Audited)For the Half Year Ended June 30, 2016

Balance as at December 31, 2014 375,000,000

140,000,000

56,860,719

571,860,719

Total comprehensive income for the period -

-

26,172,893

26,172,893Bonus shares issued during the period 25,012,500

(25,012,500)

-

-

Balance as at June 30, 2015 400,012,500

114,987,500

83,033,612

598,033,612

Total comprehensive income for the period -

-

40,734,088

40,734,088

Balance as at December 31, 2015 400,012,500 114,987,500 123,767,700 638,767,700

Total comprehensive income for the period - - 16,099,748 16,099,748Final dividend for the year 2015 - @ Rs. 0.75 per share (30,000,000)

(30,000,000)

Balance as at June 30, 2016 400,012,500 114,987,500 109,867,448 624,867,448


--------------------------------- Rupees---------------------------------

Total

Equity

Share

Capital

Un-

appropriated

profit

General

Reserves




Chairman(Nasir Ali)

Condensed Interim Statement of Cash Flow (Un-Audited)For the Half Year Ended June 30, 2016


June 30, 2016 June 30, 2015

NoteOperating cash flows

a) Underwriting activities 10 117,108,033 104,891,634b) Other operating activities

Income taxes paid (1,162,588) (1,972,116)General and management expenses paid (33,319,597)

(32,417,395)Other operating receipts 7,406,922

70,444Net cash generated (used in) other operating activities (27,075,263)

(34,319,067)Total cash flow from all operating activities (a+b) 90,032,770

70,572,567

Investing activities

Profit / return received 7,064,651

14,439,308Dividends received 12,133

181,301Rentals received 2,060,750

3,467,310Other income received 1,766

5,214Proceeds from disposal of investments 24,677,622

-Payment for acquisition of investments (13,331,835)

-Advance for purchase of buildings (56,400,000)

Fixed capital expenditure -

(314,620)Total cash (out) / in flow from investing activities (35,914,913)

17,778,513

Financing activities(Loans issued) / repayments received - net 13,950 18,426Financial charges paid (200,764)

(179,238)

Dividends paid (29,830,597)

-

Total cash used in financing activities (30,017,411)

(160,812)

Net cash inflow from all activities 24,100,446 88,190,268Cash at the beginning of the period 297,695,736

329,261,852Cash at the end of the period 321,796,182

417,452,120

Reconciliation to profit and loss account

Operating cash flows 90,032,770

70,572,567Depreciation expense (4,884,847)

(6,238,861)Gain / (loss) on remeasurement of investments 171,537

(276,543)Finance cost (200,764)

(179,238)Investment income 7,064,651

16,485,589Rental income 2,060,750

3,467,310Dividend income 12,133

181,301Other income 1,766

5,214Gain on disposal of investments 623,297

-(Increase) in assets other than cash (109,690,811)

(77,346,852)Increase in liabilities other than running finance 30,782,222 19,368,675Profit after taxation 15,972,704 26,039,162

Definition of cash

Cash for the purpose of the statement of cash flows consists of:Cash and other equivalents 252,311 867,499Current and other accounts 42,185,448 99,084,621Deposits maturing within 12 months 238,500,000 280,000,000Deposits maturing after 12 months 40,858,423 37,500,000

321,796,182 417,452,120


----------Rupees---------




Chairman(Nasir Ali)


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Ch

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(Na

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Ali)


Statement of Investment Income For the First Quarter Ended March 31, 2016

(Un-Audited)

Quarter ended

June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015

Income from non - trading investments

Available for saleDividend income 12,133

161,850

12,133

181,301Gain on disposal of available for sale investment 623,297

-

623,297

-

Held to maturityReturn on government securities 1,280,394 - 1,805,394Profit on bank deposits 3,735,091 7,024,181 7,099,431 14,705,869

Reversal / (Provision) for impairmentAvailable for sale investments 73,095 (378,200)

171,537

(276,543)

Investment related expenses (13,556) (10,196) (34,780)

(25,674)

Net investment income 4,430,060

8,078,029

7,871,618

16,390,347


Half year ended

-----------Rupees----------------------Rupees-----------




Chairman(Nasir Ali)

Selected Explanatory Notes to the Condensed Interim Financial Information For Half Year and Quarter Ended June 30, 2016

(Un-Audited)

1 Status and nature of operations

2 Statement of compliance

3

4 Accounting policies


June 30, 2016 Dec. 31, 2015

5 Issued, subscribed and paid-up share capital

20,000,000 fully paid ordinary shares of Rs. 10 each 200,000,000

200,000,00020,001,250 fully paid bonus shares of Rs. 10 each 200,012,500

200,012,500400,012,500

400,012,500

6 Surplus on revaluation of fixed assets

Balance at beginning of the period / year 9,586,146

9,853,609Less: Incremental depreciation transferred to un-appropriated profit (127,044)

(267,463)

Balance at end of the period / year 9,459,102 9,586,146

7 Contingencies and commitments

This condensed financial information does not include all the information and disclosures required in the complete set of financialstatements, and should be read in conjunction with the Company's annual financial statements for the year ended December 31, 2015.

--------------Rupees--------------

The Pakistan General Insurance Company Limited "the Company" was incorporated in Pakistan as a public limited company on July 26,1947 under the Companies Act, 1913 (now Companies Ordinance, 1984) and was listed on Pakistan Stock Exchange (formerly Karachi,Lahore and Islamabad Stock Exchanges) on July 25, 1995. The Company is engaged in providing General Insurance Services in spheresof Fire and property damage, Marine, aviation and transport, Motor and Miscellaneous in Pakistan. The registered office of the Companyis situated at Cooperative Bank House, 5 Bank Square, Lahore, Pakistan.

Accounting estimates and judgments

The preparation of these condensed interim financial statements are in conformity with approved accounting standards which requires themanagement to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts ofassets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed interim financialinformation, the significant judgments made by management in applying the Company’s accounting policies and the key sources ofestimation uncertainty were the same as those that applied to the financial statements as at and for the year ended December 31, 2015.

There have been no significant changes in the contingencies and commitments as disclosed in the annual financial statements of theCompany for the year ended December 31, 2015.

The accounting policies and the methods of computation adopted in preparation of this condensed interim financial information are thesame as those applied in preparation of financial statements for the year ended December 31, 2015.

This condensed interim financial information of the Company for the six months period ended June 30, 2016 has been prepared inaccordance with the requirements of the International Accounting Standard 34 - Interim Financial Reporting and provisions of anddirectives issued under the Companies Ordinance, 1984, the Insurance Ordinance, 2000 and SEC (Insurance) Rules 2002. In caserequirements differ, the provisions of or directives issued under the Companies Ordinance, 1984, Insurance Ordinance, 2000 and SEC(Insurance) Rules, 2002 have been followed.




June 30, 2016 Dec. 31, 20158 Investments

Available for sale- Marketable securities 25,390,049 36,112,539 - Less: Fair value adjustments 1,025,118 1,196,655

24,364,931 34,915,884 24,364,931 34,915,884

9 Fixed assets

Book value at beginning of the period / year 98,346,717

97,386,955Additions during the period / year - note 9.1 -

9,074,471Disposal during the period / year -

(120,586)Depreciation charge for the period / year (3,843,688)

(7,994,123)Carrying amount at end of the period / year 94,503,029 98,346,717

9.1 Additions during the period / year

Furniture and fixtures -

22,370 Office equipment -

661,301 Vehicles -

8,390,800 -

9,074,471

Un - audited Un - audited

June 30, 2016 June 30, 2015

10 Underwriting activities

Premiums received 209,691,270 253,540,169Reinsurance premiums paid (18,728,489)

(79,807,410)

Claims paid (52,131,512)

(104,924,627)Reinsurance and other recoveries received 11,250

45,642,920

Commissions paid (21,880,736)

(24,897,858)

Commissions received 146,250

15,338,440Net cash from underwriting activities 117,108,033

104,891,634

11 Transactions with related parties

Remuneration paid to executives, directors and chief executive officer 1,702,275

1,768,651Contribution paid to provident fund 45,880 48,975

All transaction with related parties have been carried out on commercial term and conditions.12 Segment reporting

For the period ended

--------------Rupees--------------

The related parties comprise holding company, subsidiaries and associated undertakings, other related group companies, directors of theCompany, key management personnel and post employment benefit plans.

--------------Rupees--------------

Class of business wise revenue and results have been disclosed in the statement of premium and profit and loss account, respectively,prepared in accordance with the requirement of Insurance Ordinance, 2000 and the SEC (Insurance) Rules, 2002.

13 Earnings per share

13.1 Basic earning per share

June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015

Profit after tax for the period Rs. 2,911,031 17,041,683 15,972,704 26,039,162(re-stated) (re-stated)

Weighted average number of outstanding shares No. 40,001,250

40,001,250

40,001,250 40,001,250

Basic earning per share Rs. 0.07 0.43 0.40 0.65

Six months period ended Three months period ended

Basic earning per share are calculated by dividing the net profit for the period by weighted average number of shares as at theperiod end as follows:


(Un-Audited)


13.2 Diluted earnings per share

No figure for diluted earnings per share has been presented as the company has not issued any instrument which would have animpact on earnings per share when exercised.

14. Financial Instruements - fair values

The additional disclosures due to the adoption of IFRS 13 Fair value measurement are as follows:

Loans and

receivables

Other financial

liabilitiesTotal Level 1 Level 2 Level 3

On-balance sheet financial instruements Note

30 June 2016 (Un-audited)Financial assets measured at fair value

Investments - Available for sale

- - --

- -

-- -

-- -

Financial assets not measured at fair value 14.1

Cash and other equivalents 252,31124,364,931 24,364,931

-

-

252,311 -

-

-

-

-

-

Current and other accounts 42,185,448 -

42,185,448

-

- -Deposits maturing within 12 months 238,500,000 -

238,500,000

-

- -Deposits maturing after 12 months 40,858,423 -

40,858,423

-

- -Loans - unsecured; considered good 4,387,460 -

4,387,460

-

- -Premiums due but unpaid - unsecured 299,433,202 -

299,433,202

-

- -Amount due from other insurers / reinsurers 11,984,782 -

11,984,782

-

- -Accrued investment income 1,639,820 -

1,639,820

-

Reinsurance recoveries against outstanding claims 2,022,612 -

2,022,612

-

- -Sundry receivables 5,927,261 -

5,927,261

-

- -

671,556,250 671,556,250

-

-

- -

Financial liabilities measured at fair value -

-

-

- - -

Financial liabilities not measured at fair value 14.1Provision for outstanding claims (including IBNR) - 57,945,264 57,945,264Amounts due to other insurers / reinsurers - 31,386,024 31,386,024Accrued expenses - 649,105 649,105Other creditors - 20,393,820 20,393,820 - - -Unpresented dividend warrants - 405,316 405,316 - - -

- 110,779,529 110,779,529 - - -

14.1

Carrying Amount Fair Value

---------------------------------------------------Rupess---------------------------------------------------

15. Date of authorization of issue

16. General

Functional and presentation currency

Financial and insurance risk management

Re-classification and re-arrangements

This condensed interim financial information have been approved by the Board of Directors of the Company and authorized for issue on August 30, 2016.

These financial statements are presented in Pak Rupees, which is the Company's functional and presentation currency. All financial information presented in Pak Rupees has been rounded off to nearest Pak Rupee, unless otherwise stated.

The Company's financial insurance risk management objectives and policies are consistent with those disclosed in the annual financial statements as at and for the year ended December 31, 2015.

The corresponding figures are rearranged wherever necessary for the purpose of comparison and are rounded off to nearest rupee. Appropriate disclosure is given in relevant note in case of material rearrangements.



(Un-Audited)

The investments have been valued at lower of cost or fair value as per requirement of insurance ordinance, 2000 and the SEC (Insurance) Rules, 2002. The management considers the carrying amount of all financial assets and liabilities not measured at fair value at the end of the reporting period to approximate their fair value as at thereporting date.



Chairman(Nasir Ali)

Documents

Half Yearly Report - PGI Mail for web.pdf · Rahman Sarfraz Rahim Iqbal Rafiq Chartered Accountants Kamran & Co. Chartered Accountants Rating Companies: PACRA and JCR VIS Rating: