1 Quarter Report January - March

20151st Quarter Report January - March

1 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

02

Corp

orat

e In

form

atio

n03

Br

anch

Net

wor

k04

D

irect

ors’

Rep

ort

to t

he S

hare

hold

ers

05

Cond

ense

d In

terim

Bal

ance

She

et (U

naud

ited)

06

CondensedInterimProfit&LossAccount/StatementofComprehensiveIncome(Unaudited)

07

Cond

ense

d In

terim

Sta

tem

ent

of C

ash

Flow

s (U

naud

ited)

08

Cond

ense

d In

terim

Sta

tem

ent

of P

rem

ium

s (U

naud

ited)

09

Cond

ense

d In

terim

Sta

tem

ent

of C

laim

s (U

naud

ited)

10

Cond

ense

d In

terim

Sta

tem

ent

of E

xpen

ses

(Una

udite

d)11

CondensedInterimStatementofInvestmentIncome(Unaudited)

12

Cond

ense

d In

terim

Sta

tem

ent

of C

hang

es in

Equ

ity (U

naud

ited)

13

Not

es t

o th

e Co

nden

sed

Inte

rim F

inan

cial

Info

rmat

ion

(Una

udite

d)

2 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Chai

rman

LtGenKhalidRabbani(Retd)

President&CE

Mr.AbdulWaheed

Boar

d of

Dire

ctor

sMajGenSyedTaqiNaseerRizvi(Retd)

BrigIrfanAzam(Retd)

BrigM.IbrahimKhan(Retd)

Mr.FarrukhIqbalKhan

Mr.M.A.GhazaliMarghoob

Mr.AbdulHaiMahmoodBhaimia

Mr.ShahidHussainSyed

ChiefFinancialOfficer&CompanySecretary

Mr.SulemanKhalid

HeadofInternalAudit

Mr.RizwanSaeed

ExecutiveCommittee

MajGenSyedTaqiNaseerRizvi(Retd)

C

hairm

anBrigM.IbrahimKhan(Retd)

Member

Mr.AbdulWaheed

Member

AuditCommittee


C

hairm

anBrigIrfanAzam(Retd)

Member

Mr.FarrukhIqbalKhan

Member

HumanResourceandRe

mun

erat

ion

(HR&R)Committee

BrigIrfanAzam(Retd)

C

hairm

anMr.FarrukhIqbalKhan

Member

Mr.AbdulWaheed

Member

Und

erw

ritin

g Co

mm

ittee


C

hairm

anMr.AbdulWaheed

Member

Mrs.SaminaKhan

Member

Clai

m S

ettle

men

t Co

mm

ittee

Mr.M.A.GhazaliMarghoob

C

hairm

anMr.AbdulWaheed

Member

Dr.M.AbbasZaidi

Member

Mr.AtharAlam

Member

Reinsurance&

Co-In

sura

nce

Com

mitt

eeMajGenSyedTaqiNaseerRizvi(Retd)

C

hairm

anMr.AbdulWaheed

Member

Mr.SohailKhalid

Member

ExternalAuditors

KPMGTaseerHadi&Co.

CharteredAccountants

Islamabad

LegalAdvisors

HassanKaunainNafees

Bank

ers

AskariBankLtd.

AskariIslamicBankLtd.

HabibBankLtd.

BankIslamiLtd.

BankAlfalahLtd.

SummitBankLtd.

SoneriBankLtd.

SilkBankLtd.

FaysalBankLtd.

Registrar&ShareTransferOffice

THKAssociates(Private)Limited

GroundFloor,StateLifeBuildingNo.3

Dr.ZiaudDinAhmadRoad,

Karachi75530,POBox8533

Ph

: +92

-21-

111

000

322

Fa

x: +

92-2

1-35

6555

95

RegisteredOffice/HeadOffice

3rdFloor,AWTPlaza,TheMall,

Rawalpindi,Pakistan.

Ph

: +92

-51-

9028

101-

2

Fax:

+92

-51-

9272

424

Em

ail:

info

@ag

ico.

com

.pk

Corp

orat

e In

form

atio

n

3 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Bran

ch N

etw

ork

HeadOffice

Askarigeneralinsurancecoltd

3rdFloor,AWTPlaza

TheMall,Rawalpindi

Tel.No.051-9028101&102

Fax

No.

051

-927

2424

agic

oho@

agic

o.co

m.p

k

Abbottabad


RoomNo.10&11,2ndFloor

SilkPlaza,MansehraRoad,Abbottabad.

TelNo.0992-342439

Fax

No.

099

2-34

2440

[email protected]

Baha

wal

pur


2ndFloor,ShahabPlaza,ChowkOneUnit,

Baha

wal

pur

TelNo.062-2284201

Fax

No.

062

-228

4203

[email protected]

Faisalabad-I


2ndFloor,PlatinumCentre,KotwaliRoad,

Faisalabad

TelNo.041-2412302-5

Fax

No.

041

-241

2301

agic

ofsd

@ag

ico.

com

.pk

Faisalabad-II


OfficeNo.13-16,1stFloor,KohinoorOnePlaza

JaranwalaRoad,Faisalabad

TelNo.041-8501862-4

Fax

No.

041

-850

1861

agic

ofsd

2@ag

ico.

com

.pk

Faisalabad-III


OfficeNo.401,3rdFloor,BusinessCenter

Civillines,Faisalabad.

TelNo.041-2408561-2

Fax

No.

041

-240

8563

[email protected]

Gujranwala


1stFloor,Al-AzharPlaza,Opp.IqbalHighSchool

GhallahMandi,GTRoad,Gujranwala

TelNo.055-3856324

Fax

No.

055

-385

6325

agic

ogrw

@ag

ico.

com

.pk

Hyderabad


1stFloor,GulCentre,ThandiSarak,Hyderabad

TelNo.022-2729689

Fax

No.

022

-278

3976

agic

ohyd

@ag

ico.

com

.pk

Islamabad


11-WestJinnahAvenue,BlueArea,Islamabad

TelNo.051-2270471-3

Fax

No.

051

-227

9566

[email protected]

Karachi(Corporate)


OfficeNo.G-167,MezzanineFloor,Marium

Cen

ter

KhalidBinWaleedRoad,Karachi.

TelNo.0213-34323541-3

Karachi-I


OfficeNo.G-167,MezzanineFloor,Marium

Cen

ter

KhalidBinWaleedRoad,Karachi.

TelNo.0213-4306701-6

Fax

No.

021

3-43

0670

9ag

icok

ch@

agic

o.co

m.p

k

Karachi-II


3rdFloor,AWTPlaza,I.I.ChundrigarRoad,

Karachi

TelNo.0213-2273513-5

Fax

No.

021

3-22

1433

2ag

icok

ch2@

agic

o.co

m.p

k

Karachi-III


Clif

ton

Bran

ch401,4thFloor,ShaheenCentre

NearSchoneCircle,Clifton

Karachi.

TelNo.0213-5308112-4

Lahore-I


75-d/1,LowerGround,LahoreLagoon

MainBoulevard,Gulberg-III,Lahore

TelNo.0423-5782971-3

Fax

No.

042

3-57

8297

0ag

icol

hr@

agic

o.co

m.p

k

Lahore-III


OfficeNo.106,1stFloor,LateefCentre,Ichra

100-FerozpurRoad,Lahore

TelNo.0423-7502327-9

Fax

No.

042

3-75

0233

[email protected]

Mul

tan


GoldenHeights,NusratRoad,Multan

TelNo.061-4547842

Fax

No.

061

-454

7862

agic

omtn

@ag

ico.

com

.pk

Pesh

awar


6thFloor,StateLifeBuilding

TheMall,PeshawarCantt

TelNo.091-5284768

Fax

No.

091

-528

4769

agic

opsc

@ag

ico.

com

.pk

Raw

alpi

ndi-

IIAskarigeneralinsurancecoltd

2ndFloor,NationalBusinessCentre,Murree

Road

Shamsabad,Rawalpindi

TelNo.051-9292082-5

Fax

No.

051

-929

2086

agic

orw

p@ag

ico.

com

.pk

Raw

alpi

ndi-

IIIAskarigeneralinsurancecoltd

1stFloor,FerozSonsBuildingHardingRoad

Saddar,Rawalpindi

TelNo.051-9273661-3

Fax

No.

051

-927

3660

agic

orw

p3@

agic

o.co

m.p

k

Sial

kot


1stFloor,OberoiCooperativeBuilding,Paris

Road,Sialkot

TelNo.052-4582381

Fax

No.

052

-458

2382

agic

oslt

@ag

ico.

com

.pk

4 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

TheDirectorsarepleasedtopresenttheun-auditedcondensedinterim

financialstatementsoftheCompanyforthefirstquarterended31st

Mar

ch 2

015.

Duringtheperiod,theCompany’sresultsarebetterthanthesimilar

periodlastyear.Acomparisonofkeyperformanceindicatorsisas

follo

ws:

31st

Mar

ch

2015

2014

(Rup

ees

in M

illio

ns)

Grosspremiumwritten

520

432

Netpremiumrevenue

260

237

UnderwritingProfit

6056

Investmentandotherincome

4527

Profitbeforetax

6749

Profitaftertax

5740

Earn

ings

per

sha

re (R

s.)

1.46

1.03

TheCompanyachievedgrowthof20%inGrosspremiumswritten.

It’sProfitafterTaxesandEarningsperShareroseby41%.

Withanincreaseof8%,yourCompany’sinvestmentportfolioreached

Rs.1.1billion.Allclassofbusinesscontributedtotheoperational

profitsearnedduringtheperiod.

Futu

re O

utlo

ok:

Afterachievingconsiderablegrowthinallperformanceindicators,

weareconfidenttomaintainthesameovertheyear.

Acknowledgements:

WewouldliketotakethisopportunitytothankourRegulators,the

InsuranceAssociationofPakistanfortheircontinuedsupport,and

ourvaluedreinsurersandotherstakeholdersforposingtrustand

confidenceinus.

ForandonbehalfoftheBoard

Lt.Gen.KhalidRabbani(Retd.)

Chai

rman

Raw

alpi

ndi

April23,2015

Dire

ctor

s’ R

epor

t to

the

Sha

reho

lder

sFo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

5 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Cond

ense

d In

terim

Bal

ance

She

et (U

naud

ited)

Asat31March2015.

Un-

audi

ted

Audited

March31,

December31,

2015

20

14

Not

e Ru

pees

ShareCapitalandReserves

Authorizedsharecapital

100,000,000(2014:100,000,000)ordinary

sh

ares

of

Rs. 1

0 ea

ch

1,000,000,000

1,000,000,000

Pa

id u

p sh

are

capi

tal

388,344,030

388,344,030

Re

tain

ed e

arni

ngs

373,311,342

316,533,388

Reserves

74,657,681

74,657,681

836,313,053

779,535,099

UnderwritingProvisions

Provisionforoutstandingclaims(includingIBNR)

287,924,831

357,316,088

Provisionforunearnedpremium

949,647,765

895,425,878

Co

mm

issi

on in

com

e un

earn

ed

82,318,469

92,027,582

1,319,891,065

1,344,769,548

DeferredLiability

StaffCompensatedAbsences

15,658,171

15,131,659

CreditorsandAccruals

Premiumreceivedinadvance

17,919,321

16,159,369

Amountsduetootherinsurers/reinsurers

111,971,897

164,533,889

Accruedexpenses

21,748,517

18,984,895

O

ther

cre

dito

rs a

nd a

ccru

als

8 174,374,960

144,064,638

326,014,695

343,742,791

OtherLiabilities

Unclaimeddividend

830,102

830,102

O

ther

s

15,224,559

13,939,232

16,054,661

14,769,334

TOTALLIABILITIES

1,677,618,591

1,718,413,332

TOTALEQUITYANDLIABILITIES

2,513,931,644

2,497,948,431

CONTINGENCIESANDCOMMITMENTS

13

Theannexednotes1to17formanintegralpartofthesefinancialstatements.

Un-

audi

ted

Audited

March31,

December31,

2015

20

14

Not

e Ru

pees

Ca

sh a

nd B

ank

Dep

osits

Cashandotherequivalents

914,791

1,061,753

Cu

rren

t an

d ot

her

acco

unts

13,191,728

132,907,149

TotalCashandBank

14,106,519

133,968,902

AdvancestoEmployees

2,377,819

1,586,168

Investments

9

1,099,647,584

1,014,303,858

InvestmentProperty

10

46,723,333

47,050,833

DeferredTaxation

3,941,089

3,941,089

CurrentAssets-Others

Premiumduebutunpaid-unsecured,

c

onsi

dere

d go

od

11

437,064,104

425,640,272

Amountsduefromotherinsurers/

reinsurers-unsecured,consideredgood

154,729,413

149,668,630

Salvagerecoveriesaccrued

8,543,687

9,632,405

Accruedinvestmentincome

1,482,881

2,582,632

Reinsurancerecoveriesagainstoutstanding

claims-unsecured,consideredgood

114,606,666

146,801,825

Taxation-paymentlessprovision

6,380,300

6,799,955

D

efer

red

com

mis

sion

exp

ense

62,249,854

59,330,003

Pr

epay

men

ts

479,493,105

421,647,149

Sundryreceivables

28,036,142

25,673,724

1,292,586,152

1,247,776,595

FixedAssets

12

Furnitureandfixtures

7,556,644

7,588,337

Computerandofficeequipment

7,576,001

6,623,712

Motorvehicles

3,793,759

3,993,430

Trackingdevices

21,313,601

15,630,042

Leaseholdimprovements

2,280,285

2,485,324

So

ftw

are

licen

se

2,151,192

2,460,541

Ca

pita

l wor

k in

pro

gres

s

9,877,666

10,539,600

54,549,148

49,320,986

TOTALASSETS

2,513,931,644

2,497,948,431

Abdu

l Wah

eed

Pres

iden

t & C

hief

Exe

cutiv

eBr

ig M

Ibra

him

Kha

n (R

etd)

Dire

ctor

Maj

Gen

Sye

d Ta

qi N

asee

r Riz

vi (R

etd)

Dire

ctor

Lt G

en K

halid

Rab

bani

(Ret

d)Ch

airm

an

6 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

CondensedInterimProfitandLossAccount/StatementofComprehensiveIncome(Unaudited)

For

the

perio

d en

ded

31 M

arch

201

5.

Fireand

Marine,

Motor

Accidentand

Miscellaneous

2015

20

14

PropertyDamage

Aviationand

Health

Aggregate

Aggregate

Transport

RevenueAccount

Not

e Ru

pees

Netpremiumrevenue

13,108,044

17,992,706

167,051,336

38,581,017

23,432,821

260,165,924

236,642,985

Netclaims

(7,301,647)

(7,646,926)

(85,802,617)

(40,363,099)

(13,653,992)

(154,768,281)

(138,218,712)

Expenses

(2,685,001)

(3,685,556)

(42,704,153)

(7,902,787)

(4,799,889)

(61,777,386)

(60,324,266)

Netcommission

9,502,213

(273,747)

(10,675,144)

11,170,607

6,157,265

15,881,194

18,163,341

Und

erw

ritin

g Re

sults

12,623,609

6,386,477

27,869,422

1,485,738

11,136,205

59,501,451

56,263,348

Oth

er In

com

e an

d Ex

pens

es

Investmentincome

40,389,248

21,863,335

Rent

al in

com

e

521,913

745,272

Oth

er in

com

e

19,298

735,528

Profitonbankdeposits

1,631,389

1,785,031

Shareofprofitinassociatedcompany

2,861,144

2,307,867

Generalandadministrationexpenses

(37,451,093)

(34,325,323)

7,971,899

(6,888,290)

Profitbeforetax

67,473,350

49,375,058

Provisionfortaxation

(10,695,396)

(9,218,613)

Profitaftertax

56,777,954

40,156,445

Othercomprehensiveincomefortheperiod

-

-

Totalcomprehensiveincomefortheperiod

56,777,954

40,156,445

Profitandlossappropriationaccount

Bala

nce

at c

omm

ence

men

t of

the

per

iod

316,533,388

155,473,689

Profitaftertaxfortheperiod

56,777,954

40,156,445

Balanceofunappropriatedprofitatendoftheperiod

373,311,342

195,630,134

Earningpershare-basicanddiluted

16

1

.46

1

.03


Abdu

l Wah

eed

Pres

iden

t & C

hief

Exe

cutiv

eBr

ig M

Ibra

him

Kha

n (R

etd)

Dire

ctor

Maj

Gen

Sye

d Ta

qi N

asee

r Riz

vi (R

etd)

Dire

ctor

Lt G

en K

halid

Rab

bani

(Ret

d)Ch

airm

an

7 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Cond

ense

d In

terim

Sta

tem

ent

of C

ash

Flow

s (U

naud

ited)

For

the

perio

d en

ded

31 M

arch

201

5.

March31,

March31,

2015

20

14O

pera

ting

Cash

Flo

ws

Ru

pees

a)Underwritingactivities:

Premiumreceived

499,909,140

340,673,749

Re

insu

ranc

e pr

emiu

m p

aid

(130,018,007)

(15,838,013)

Cl

aim

s pa

id

(322,138,274)

(227,539,902)

Reinsuranceandotherrecoveriesreceived

308,357

1,538,288

Co

mm

issi

on p

aid

(30,141,597)

(21,345,893)

Commissionreceived

969,836

329,996

O

ther

und

erw

ritin

g pa

ymen

ts (m

anag

emen

t ex

pens

es)

(56,346,560)

(60,470,253)

Netcashflowfromunderwritingactivities

(37,457,105)

17,347,972

b)Otheroperatingactivities:

In

com

e ta

x pa

id

(10,275,741)

(3,917,080)

Generalmanagementexpensespaid

(36,483,088)

(36,252,158)

Otheroperatingreceipts/(payments)

16,730,511

(7,807,998)

Advancestoemployees

(791,651)

(900,038)

Netcashusedinotheroperatingactivities

(30,819,969)

(48,877,274)

Totalcashflow(usedin)alloperatingactivities

(68,277,074)

(31,529,302)

Investmentactivities:

Profit/returnreceived

4,284,576

2,285,471

Dividendsreceived

324,750

405,819

Paymentsforinvestments

(261,917,957)

(62,867,827)

Proceedsfromdisposalofinvestments

217,946,437

54,165,735

Fi

xed

capi

tal e

xpen

ditu

re

(12,243,115)

(2,594,167)

Proceedsfromdisposaloffixedassets

20,000

25,832

Totalcashusedininvestingactivities

(51,585,309)

(8,579,137)

Totalcashusedinfinancingactivities

-

-

Netcash(usedin)allactivities

(119,862,383)

(40,108,439)

Cashatbeginningoftheperiod

133,968,902

119,602,483

Cash

at

end

of t

he p

erio

d

14,106,519

79,494,044


March31,

March31,

2015

20

14ReconciliationtoProfitandLossAccount:

Ru

pees

Operatingcashflows

(68,277,074)

(31,529,302)

D

epre

ciat

ion

expe

nse

(7,292,853)

(7,042,059)

(Loss)/profitondisposaloffixedassets

(29,601)

(8

76)

In

crea

se in

ass

ets

othe

r th

an c

ash

47,120,614

8,213,565

Increaseinliabilitiesotherthanrunningfinance

40,794,741

49,860,418

Unrealizedgainoninvestments,heldfortrading

26,599,723

18,660,800

Dividendincome

324,750

405,819

Investmentincome

13,091,810

2,205,791


1,631,389

1,785,031


2,861,144

2,307,867

Incometaxprovision

(10,695,396)

(9,218,613)

Gainontrading

372,966

590,924

Taxpaid

10,275,741

3,917,080

Profitaftertaxation

56,777,954

40,156,445

Definitionofcash:

Cashcomprisesofcashinhand,bankbalances,stampinhandandshorttermplacementswithbankswhichreadily

convertibletocashinhandandwhichareusedinthecashmanagementfunctiononaday-to-daybasis.

Cashforthepurposeofthestatementofcashflowsconsistof:

Cashandotherequivalents

Ca

sh in

han

d

886,754

135,543

St

amp

in h

and

28,037

22,416

914,791

157,959

Cu

rren

t an

d ot

her

acco

unts

On

curr

ent

acco

unts

9,224,960

17,572,852

O

n de

posi

t ac

coun

ts

3,966,768

61,763,233

13,191,729

79,336,085

Total

14,106,519

79,494,044


Abdu

l Wah

eed

Pres

iden

t & C

hief

Exe

cutiv

eBr

ig M

Ibra

him

Kha

n (R

etd)

Dire

ctor

Maj

Gen

Sye

d Ta

qi N

asee

r Riz

vi (R

etd)

Dire

ctor

Lt G

en K

halid

Rab

bani

(Ret

d)Ch

airm

an

8 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Cond

ense

d In

terim

Sta

tem

ent

of P

rem

ium

s (U

naud

ited)

For

the

perio

d en

ded

31 M

arch

201

5.

Busi

ness

und

erw

ritte

n in

side

Pak

ista

n

M

arch

31

Mar

ch 3

1

Premiums

Unearnedpremiumreserve

Premiums

Reinsurance

Prepaidreinsurance

Reinsurance

2015

20

14

writ

ten

Ope

ning

Cl

osin

g ea

rned

ce

ded

prem

ium

ced

ed

expe

nse

Net

pre

miu

m

Net

pre

miu

mCl

ass

of B

usin

ess

O

peni

ng

Clos

ing

revenue

revenue

Ru

pees

Directandfacultative

Fireandpropertydamage

75,073,182125,952,375136,799,305

64,226,25258,212,881104,189,834111,284,507

51,118,208

13,108,04412,352,598

Marine,aviationandtransport

36,917,00921,311,32616,630,17641,598,15921,319,23012,511,62210,225,39923,605,45317,992,70620,954,491

Motor

207,098,563328,840,418359,368,520176,570,461

7,182,563

20,303,51617,966,954

9,519,125167,051,336145,673,175

Accidentandhealth

49,726,545242,032,504195,887,805

95,871,24429,588,712145,275,840117,574,325

57,290,22738,581,01735,180,464

Miscellaneous

151,150,312177,289,255240,961,959

87,477,608140,571,672128,235,682204,762,567

64,044,78723,432,82122,482,257

Grandtotal

519,965,611895,425,878949,647,765465,743,724256,875,058410,516,494461,813,752205,577,800260,165,924236,642,985


Abdu

l Wah

eed

Pres

iden

t & C

hief

Exe

cutiv

eBr

ig M

Ibra

him

Kha

n (R

etd)

Dire

ctor

Maj

Gen

Sye

d Ta

qi N

asee

r Riz

vi (R

etd)

Dire

ctor

Lt G

en K

halid

Rab

bani

(Ret

d)Ch

airm

an

9 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Cond

ense

d In

terim

Sta

tem

ent

of C

laim

s (U

naud

ited)

For

the

perio

d en

ded

31 M

arch

201

5.

Busi

ness

und

erw

ritte

n in

side

Pak

ista

n

Mar

ch 3

1 M

arch

31

Cl

aim

s

Out

stan

ding

cla

ims

Clai

ms

Re

insu

ranc

e

Rei

nsur

ance

and

oth

er

Rei

nsur

ance

20

15

2014

paid

Opening

Closing

expense

andother

recoveriesinrespectof

andother

Net

cla

ims

Net

cla

ims

recoveries

outstandingclaims

recoveries

expe

nse

expe

nse

received

Opening

Closing

revenue

Clas

s of

Bus

ines

s Ru

pees



25,451,54045,192,87339,518,86719,777,53416,828,79134,825,00730,472,10312,475,887

7,301,647

5,341,684


30,943,21939,355,55232,040,55123,628,21821,450,90731,448,74825,979,13315,981,292

7,646,926

6,676,228

Motor

103,358,969136,610,800120,007,424

86,755,593

(936,753)

833,889

2,723,618

952,976

85,802,61789,240,121

Accidentandhealth

113,573,799

51,614,13538,948,083100,907,747

68,144,27930,968,48123,368,85060,544,64840,363,09936,752,760

Miscellaneous

48,810,74784,542,72857,409,90621,677,92524,686,67148,725,70032,062,962

8,023,933

13,653,992

207,919

Grandtotal

322,138,274357,316,088287,924,831252,747,017130,173,895146,801,825114,606,666

97,978,736154,768,281138,218,712


Abdu

l Wah

eed

Pres

iden

t & C

hief

Exe

cutiv

eBr

ig M

Ibra

him

Kha

n (R

etd)

Dire

ctor

Maj

Gen

Sye

d Ta

qi N

asee

r Riz

vi (R

etd)

Dire

ctor

Lt G

en K

halid

Rab

bani

(Ret

d)Ch

airm

an

10 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Cond

ense

d In

terim

Sta

tem

ent

of E

xpen

ses

(Una

udite

d)Fo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

Busi

ness

und

erw

ritte

n in

side

Pak

ista

n

M

arch

31

Mar

ch 3

1

Com

mis

sion

D

efer

red

com

mis

sion

N

et

Oth

er

Und

erw

ritin

g

Com

mis

sion

20

15

2014

Paidorpayable

Opening

Closing

commission

management

expense

from

Net

N

et

expe

nse

expe

nse

re

insu

rers

* un

derw

ritin

g un

derw

ritin

g

ex

pens

e ex

pens

eCl

ass

of B

usin

ess

Rupe

es



9,935,325

16,994,566

18,380,668

8,549,223

2,685,001

11,234,22418,051,436

(6,817,212)

(5,005,040)


6,832,213

3,259,326

2,687,873

7,403,666

3,685,556

11,089,222

7,129,919

3,959,303

4,264,614

Motor

14,230,335

25,156,701

27,483,623

11,903,413

42,704,153

54,607,566

1,228,269

53,379,29748,195,358

Accidentandhealth

1,704,204

7,131,223

5,451,345

3,384,082

7,902,787

11,286,86914,554,689

(3,267,820)

(2,197,685)

Miscellaneous

5,523,958

6,788,187

8,246,345

4,065,800

4,799,889

8,865,689

10,223,065

(1,357,376)

(3,096,322)

Grandtotal

38,226,035

59,330,003

62,249,854

35,306,184

61,777,386

97,083,57051,187,37845,896,19242,160,925

*Commissionfromreinsurersisarrivedataftertakingtheimpactofopeningandclosingunearnedcommission.


Abdu

l Wah

eed

Pres

iden

t & C

hief

Exe

cutiv

eBr

ig M

Ibra

him

Kha

n (R

etd)

Dire

ctor

Maj

Gen

Sye

d Ta

qi N

asee

r Riz

vi (R

etd)

Dire

ctor

Lt G

en K

halid

Rab

bani

(Ret

d)Ch

airm

an

11 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

CondensedInterimStatementofInvestmentIncome(Unaudited)

For

the

perio

d en

ded

31 M

arch

201

5.

March31,

March31,

20

15

2014

Ru

pees

Incomefromtradinginvestments

Gainontrading

372,966

590,924

Dividendincome

-

255,069

372,966

845,993

Incomefromnon-tradinginvestments

Returnongovernmentsecurities

1,149,658

937,672

Returnonotherfixedincomesecurities

403,778

518,604

1,553,436

1,456,276

Availableforsaleinvestments

Dividendincome

324,750

150,750

Gainonsaleofinvestments

11,538,374

787,698

11,863,124

938,448

Unrealizedprofitonre-measurement

ofinvestmentsheldfortrading

26,599,72218,660,800

InvestmentrelatedExpense

-

(38,183)

Netinvestmentincome

40,389,24821,863,334


Abdu

l Wah

eed

Pres

iden

t & C

hief

Exe

cutiv

eBr

ig M

Ibra

him

Kha

n (R

etd)

Dire

ctor

Maj

Gen

Sye

d Ta

qi N

asee

r Riz

vi (R

etd)

Dire

ctor

Lt G

en K

halid

Rab

bani

(Ret

d)Ch

airm

an

12 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Cond

ense

d In

terim

Sta

tem

ent

of C

hang

es in

Equ

ity (U

naud

ited)

For

the

perio

d en

ded

31 M

arch

201

5.

Sharecapital

Reserves

Total

Total

Issued,

Capitalreserve

Revenuereserve

reserves

equity

subscribedand

Share

General

Retained

paidup

premium

reserve

earnings

Ru

pees

Balanceasat01January2014

388,344,030

4,657,681

70,000,000

155,473,689

74,657,681

618,475,400


Profitfortheperiod

-

-

-

40,156,445

-

40,156,445


-

-

-

-

-

-


-

-

-

40,156,445-

-

40,156,445

Balanceasat31March2014

388,344,030

4,657,681

70,000,000

195,630,134

74,657,681

658,631,845

Ba

lanc

e as

at

01 J

anua

ry 2

015

388,344,030

4,657,681

70,000,000

316,533,388

74,657,681

779,535,099


Profitfortheperiod

-

-

-

56,777,954

-

56,777,954


-

-

-

-


-

-

-

56,777,954

-

56,777,954

Balanceasat31March2015

388,344,030

4,657,681

70,000,000

373,311,342

74,657,681

836,313,053


Abdu

l Wah

eed

Pres

iden

t & C

hief

Exe

cutiv

eBr

ig M

Ibra

him

Kha

n (R

etd)

Dire

ctor

Maj

Gen

Sye

d Ta

qi N

asee

r Riz

vi (R

etd)

Dire

ctor

Lt G

en K

halid

Rab

bani

(Ret

d)Ch

airm

an

13 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Not

es t

o th

e Co

nden

sed

Inte

rim F

inan

cial

Info

rmat

ion

(Una

udite

d)Fo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

1THECOMPANYANDITSBUSINESS

askarigeneralinsurancecompanylimited(“theCompany”)wasincorporatedundertheCompaniesOrdinance,1984asapubliclimitedcompanyon12April1995.TheCompany

isengagedinnon-lifeinsurancebusinesscomprisingoffire,marine,motor,healthandmiscellaneous.TheCompanycommenceditscommercialoperationson15October1995.

SharesoftheCompanyarequotedonKarachi,LahoreandIslamabadStockExchanges.TheregisteredofficeandprincipalplaceofbusinessoftheCompanyislocatedatAWT

Plaza,Rawalpindi.TheCompanyhas19branchesinPakistan.ArmyWelfareTrust(AWT)directlyandindirectlyholdsasignificantportionoftheCompany’sequity.

2BASISOFPREPARATION

ThiscondensedinterimfinancialinformaitonoftheCompanyforthreemonthsperiodended31March2015hasbeenpreparedinaccordancewiththerequirementsofthe

InternationalAccountingStandard34-InterimFinancialReportingandprovisionsofanddirectivesissuedundertheCompaniesOrdinance,1984andInsuranceOrdinace,2000

andSEC(Insurance)Rules,2002.Incasewhererequirementsdiffer,theprovisionsofordirectivesissuedundertheCompaniesOrdinance,1984andInsuranceOrdinance,2000

andSEC(Insurance)Rules,2002havebeenfollowed.

ThiscondensedinterimfinancialinformationisbeingsumittedtotheshareholdersinaccordancewiththelistingregulationsofKarachi,LahoreandIslamabadStockExchange

andSection245oftheCompaniesOrdinance,1984andbeingpresentedincondensedforminaccordancewiththerequirementsofInternationalAccountingStandard-34

“InterimFinancialReporting”andintheformatprescribedbyInsuranceDivisionofSecuritiesandExchangeCommissionofPakistan(SECP)videitscircularNo.7of2003dated

27August2003.

Thiscondesedinterimfinancialinformationdoesnotincludealloftheinformationanddisclosuresrequiredforannualfinancialstatementsandshouldbereadinconjunction

withtheannualauditedfinancialstatementsoftheCompanyfortheyearended31December2014.Comparitivebalancesheetisextractedfromannualfinancialstatements

fortheyearended31December2014whereascomparativeforcondensedinterimprofitandlossaccount,condensedinterimstatementofcomprehensiveincome,condensed

interimstatementofchangesinequity,condensedinterimstatementofcashflows,condensedinterimstatementofpremiums,condensedinterimstatementofclaims,condensed

interimstatementofexpensesandcondensedinterimstatementofinvestmentincomearestatedfromunauditedcondensedinterimfinancialinformationforthreemonths’

perio

d en

ded

31 M

arch

201

4.

3BASISOFMEASUREMENT

Thiscondensedinterimfinancialinformationhasbeenpreparedunderthehistoricalcostconventionexceptforcertainfinancialinstrumentswhicharecarriedattheirfairvalues

andobligationsundercertainemployeebenefitswhicharemeasuredattheirpresentvalues.Figureshavebeenroundedofftothenearestrupee.

4ACCOUNTINGPOLICIESANDCOMPUTATIONMETHOD

Theaccountingpoliciesandmethodsofcomputationadoptedinthepreparationofthiscondensedinterimfinancialinformationarethesameasthoseappliedinthepreparation

ofthefinancialstatementsfortheyearended31December2014.

14 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Not

es t

o th

e Co

nden

sed

Inte

rim F

inan

cial

Info

rmat

ion

(Una

udite

d)Fo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

5FINANCIALRISKMANAGEMENT

TheCompany’sfinancialriskmanagementobjectivesandpoliciesareconsistentwiththosedisclosedinthefinancialstatementsfortheyearended31December2014.

6SIGNIFICANTACCOUNTINGESTIMATESANDJUDGMENTS

Thepreparationofcondensedinterimfinancialinformationrequiresmanagementtomakejudgments,estimatesandassumptionsthataffecttheapplicationofaccounting

policiesandthereportedamountsofassetsandliabilities,incomeandexpense.Actualresultsmaydifferfromtheseestimates.

Inpreparingthiscondensedinterimfinancialinformation,thesignificantjudgmentmadebymanagementinapplyingtheCompany’saccountingpoliciesandthekeysourcesof

estimationuncertaintywerethesameasthosethatappliedinthepreparationofthefinancialstatementsfortheyearended31December2014.

7PREMIUMDEFICIENYRESERVE

Duringtheperiod,managementhasreviewedtheresultsofeachclassofbusinessandconsidersthatnoadditionalreserveisrequiredtobecreatedastheunearnedpremium

reserveforeachclassofbusinessasattheperiodendisadequatetomeettheexpectedfutureliabilityafterreinsurancefromclaimsandotherexpenses,expectedtobeincurred

afterthebalancesheetdateinrespectofthepoliciesinforceatthebalancesheetdate.

8OTHERCREDITORSANDACCRUALS

Un-

audi

ted

Audited

March31,

December31,

2015

20

14

Not

e Ru

pees

Agents’commissionpayable

71,492,949

62,505,650

Securitydepositagainstbondinsurance

40,435,760

41,437,342

Payabletostaffgratuityfund

8,966,927

7,729,028

Payabletostaffprovidentfund

1,126,643

-

Taxdeductedatsource

3,528,109

2,019,144

Federalexciseduty/Federalinsurancefee

41,073,195

23,022,097

Workers’welfarefund

2,753,318

2,753,318

Payableagainsttrackerdevicesandmonitoringexpenses

4,998,059

4,598,059

174,374,960

144,064,638

15 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

9INVESTMENTS

U

n-au

dite

dAudited

March31,

December31,

2015

20

14

Not

e Ru

pees

Heldtomaturity-Governmentsecurities

9.1

40,254,588

40,254,588

Loansandreceivables-Certificateofinvestments

34,963,916

34,527,066

Provisionforimpairment

(16,218,442)

(16,218,442)

18,745,474

18,308,624

Investmentsatfairvaluethroughprofit

andloss-Heldfortrading(equitysecurities)

720,665,718

749,223,047

Availableforsale-Quoted

9.2

236,232,999

125,629,938

Investmentinassociatedcompanies

83,748,805

80,887,661

1,099,647,5841,014,303,858

9.1

GovernmentSecuritiesincludePakistanInvestmentBonds(PIBs)ofRs.40.25million(31December2014:Rs.40.25million)withmarketvalueofRs.44.16millionasat31March

2015(31December2014:Rs44.15million).PIBsaredepositedwiththeStateBankofPakistantocomplywiththerequirementsoftheSection29(2)oftheInsuranceOrdinance,

2000

.

9.2

At31March2015,thefairvalueofavailable-for-salesecuritieswasRs.207.45million(31December2014:Rs.127.65million).Asperthecompany’saccountingpolicy,available-

for-saleinvestmentsarestatedatlowerofcostormarketvalue(marketvaluebeingtakenaslowerifthefallisotherthantemporary).However,InternationalAccountingStandards

(IASs)39,“FinancialInstruments:Recognitionandmeasurements”dealingwiththerecognitionandmeasurementoffinancialinstrumentsrequiresthattheseinstrumentsshould

bemeasuredatfairvalue.Accordingly,hadtheseinvestmentsbeenmeasuredatfairvalue,theircarryingvalueason31March2015wouldhavebeenlowerbyRs.28.78million

(31December2014:HigherbyRs.2.02million).

Not

es t

o th

e Co

nden

sed

Inte

rim F

inan

cial

Info

rmat

ion

(Una

udite

d)Fo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

16 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Not

es t

o th

e Co

nden

sed

Inte

rim F

inan

cial

Info

rmat

ion

(Una

udite

d)Fo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

10INVESTMENTPROPERTY

ThisrepresentsthecarryingamountoftwoofficesinIslamabadStockExchangebuilding,classifiedasinvestmentpropertybasedonthemanagementintentiontoholdthe

propertyforearningrentalincomeand/orcapitalappreciation.

Un-

audi

ted

Audited

March31,

December31,

2015

20

14

Ru

pees

Cost

52,400,000

52,400,000

D

epric

iatio

n

Balanceatbeginningoftheyear

5,349,167

4,039,167

Depreciationfortheperiod/year

327,500

1,310,000

5,676,667

5,349,167

Carryingvalue

46,723,333

47,050,833

11PREMIUMDUEBUTUNPAID-unsecured,consideredgood

Cons

ider

ed g

ood

437,064,104

425,640,272

Considereddoubtful

9,036,933

9,036,933

446,101,037

434,677,205

Less:Provisionagainstdoubtfulbalance

(9,036,933)

(9,036,933)

437,064,104

425,640,272

17 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

12FIXEDASSETS

Un-

audi

ted

Audited

March31,

December31,

2015

20

14

Ru

pees

TangibleandIntangible

Openingwrittendownvalue

38,781,386

52,931,822

Additionsduringtheperiod/year

-Furniture,fixturesandofficeequipment

1,857,991

3,688,577

-Motorvehicles

-

1,646,963

-Leaseholdimprovements

-

238,827

- S

oftw

are

licen

ses

-

253,761

-Trackingdevices

11,047,058

8,577,173

12,905,049

14,405,301

51,686,435

67,337,123

Writtendownvalueofdisposals

(49,601)

(1,525,519)

Deprecationfortheperiod/year

(6,965,352)

(27,030,218)

44,671,482

38,781,386

Capi

tal w

ork

in p

rogr

ess

9,877,666

10,539,600

Closingwrittendownvalue

54,549,148

49,320,986

13CONTINGENCIESANDCOMMITMENTS

ThereisnochangeincontingenciesandcommitmentasreportedintheannualfinancialstatementsoftheCompanyfortheyearended31December2014.

Not

es t

o th

e Co

nden

sed

Inte

rim F

inan

cial

Info

rmat

ion

(Una

udite

d)Fo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

18 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Not

es t

o th

e Co

nden

sed

Inte

rim F

inan

cial

Info

rmat

ion

(Una

udite

d)Fo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

14TRANSACTIONSANDBALANCESWITHRELATEDPARTIES

Bala

nces

at

end

of t

he p

erio

d

Un-

audi

ted

Audited

Associates:

March31,

December31,

2015

20

14

Ru

pees

Prem

ium

due

:

Balanceatbeginningoftheperiod/year

47,943,696

44,738,721

Insurancepremiumwritten(includinggovernment

levies,administrativesurchargeandpoliciesstamps)

33,438,293308,824,677

Receiptsduringtheperiod/year

(23,292,508)(305,619,702)

Balanceatendoftheperiod/year

58,089,481

47,943,696

Balanceinbankaccountsatendoftheperiod/year

4,420,501

77,373,808

Investmentsatendoftheperiod/year

83,748,805

80,887,661

Otherbalancesdue

18,779

4,239,583

Un-

audi

ted

Un-

audi

ted

Transactionsduringtheperiod

March31,

March31,

Associates:

2015

20

14

Ru

pees

Insurancepremiumwritten(includinggovtlevies,administrativesurchargeandpoliciesstamps)

33,438,293

43,818,977

Profitondepositaccounts

593,582

471,814

Bank

cha

rges

360,431

168,245

Insu

ranc

e cl

aim

s pa

id

25,193,807

3,432,499

Purchaseoflistedsecuritiesincludingbrokeragefee

50,647,274

-

Saleoflistedsecuritiesincludingbrokeragefee

45,682,345

-

Servicesacquired

3,212,962

5,975,933

Contributiontoemployees’funds

3,268,768

2,309,466

19 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Not

es t

o th

e Co

nden

sed

Inte

rim F

inan

cial

Info

rmat

ion

(Una

udite

d)Fo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

15

SEGMENTREPORTING

(AmountsinRupees)

Thefollowingtablepresentsrevenueandprofitinformationregardingsegmentsfortheperiodended31March,2015and31December2014andestimatedinformationregardingcertainassetsandliabilitiesofthesegmentsasat31March2015

and31December2014.

Fireandproperty

Marine,aviation

Motor

AccidentandHealth

Miscellaneous

TOTAL

da

mag

e an

d tr

ansp

ort

U

naud

ited

Audited

Una

udite

dAudited

Una

udite

dAudited

Una

udite

dAudited

Una

udite

dAudited

Una

udite

dAudited

REVENUE

31-M

ar-1

5 31

-Dec

-14

31-M

ar-1

5 31

-Dec

-14

31-M

ar-1

5 31

-Dec

-14

31-M

ar-1

5 31

-Dec

-14

31-M

ar-1

5 31

-Dec

-14

31-M

ar-1

5 31

-Dec

-14

Netpremiumrevenue

13,108,04449,996,12117,992,70659,612,440167,051,336621,372,495

38,581,017150,659,512

23,432,82189,809,533260,165,924971,450,101

Segm

ent

resu

lt 12,623,60948,836,977

6,386,477

26,071,06827,869,42276,205,854

1,485,738

(259,406)

11,136,20558,947,55359,501,451209,802,046

Investmentincome

40,389,248125,959,037

Rent

al in

com

e

521,913

3,069,158

Oth

er in

com

e

19,298

3,166,613


1,631,389

7,897,020


2,861,144

10,440,997

Una

lloca

ted

gene

ral a

nd a

dmin

istr

atio

n ex

pens

es

(37,451,093)(158,117,552)

7,971,899

(7,584,727)

Profitbeforetax

67,473,350202,217,319

Provisionfortaxation

(10,695,396)(38,801,950)

Profitaftertax

56,777,954163,415,369

OTHERINFORMATION

Se

gmen

t as

sets

167,685,527186,809,436

73,575,96383,943,842486,991,777464,891,662238,563,874276,189,090301,052,461239,076,5851,267,869,6021,250,910,615

Una

lloca

ted

corp

orat

e as

sets

1,246,062,0421,247,037,816

Cons

olid

ated

tot

al a

sset

s

2,513,931,6442,497,948,431

Segmentliabilities

217,114,832211,514,637

68,601,66680,565,420642,423,175643,292,210300,842,118372,142,915378,800,453349,510,7721,607,782,2441,657,025,954

Unallocatedcorporateliabilities

69,836,34761,387,378

Consolidatedtotalliabilities

1,677,618,5911,718,413,332

Capi

tal e

xpen

ditu

re

650,200

299,947

892,495

357,640

8,286,272

8,653,922

1,913,740

903,868

1,162,342

538,804

12,905,04910,754,181

Una

lloca

ted

capi

tal e

xpen

ditu

re

Depreciationandamortization

30,418

146,569

41,754

174,761

5,751,159

20,987,721

89,531

441,675

54,378

263,287

5,967,240

22,014,013

Non

-cas

h ex

pens

es o

ther

thandepriciation/amortization

-

303,048

-

361,337

-

3,766,409

-

913,213

-

544,375

-

5,888,381

Unallocateddepreciationandamortization

1,325,614

6,326,210

20 -

ask

ari g

ener

al in

sura

nce

co.

ltd

.

Not

es t

o th

e Co

nden

sed

Inte

rim F

inan

cial

Info

rmat

ion

(Una

udite

d)Fo

r th

e pe

riod

ende

d 31

Mar

ch 2

015.

16EARNINGSPERSHARE-BASICANDDILUTED

3

1 M

arch

201

5

31 M

arch

201

4

Profitaftertax(Rupees)

56,777,95440,156,445

Weightedaveragenumberofshares

38,834,40338,834,403

Earn

ings

per

sha

re (R

upee

s)

1

.46

1

.03

17DATEOFAPPROVAL

Thiscondensedinterimfinancialinformationhasbeenauthorizedforissueon23April2015bytheBoardofDirectorsoftheCompany.

Abdu

l Wah

eed

Pres

iden

t & C

hief

Exe

cutiv

eBr

ig M

Ibra

him

Kha

n (R

etd)

Dire

ctor

Maj

Gen

Sye

d Ta

qi N

asee

r Riz

vi (R

etd)

Dire

ctor

Lt G

en K

halid

Rab

bani

(Ret

d)Ch

airm

an

Documents

1 Quarter Report January - March