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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
10
11
12
13
14
15
FINANCIAL STATEMENTS (Window Takaful Operations)
22
23
24
25
26
28
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
2
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
31st Quarter Report 2018
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
4
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
SPI Insurance Company Limited
51st Quarter Report 2018
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 %
6
SPI Insurance Company Limited
71st Quarter Report 2018
FINANCIAL STATEMENTS For the quarter ended March 31, 2018
Condensed Interim Statement of Financial Position (Un-audited)As At March 31, 2018
10
Chief Executive Officer DirectorDirectorChairman
Condensed Interim Profit and Loss Account (Un-audited)for the quarter ended March 31, 2018
SPI Insurance Company Limited
111st Quarter Report 2018
Chief Executive Officer DirectorDirectorChairman
Condensed Interim Statement of Comprehensive Income (Un-audited)for the quarter ended March 31, 2018
12
Chief Executive Officer DirectorDirectorChairman
Condensed Interim Statement of Changes in Equity (Un-audited)for the quarter ended March 31, 2018
SPI Insurance Company Limited
131st Quarter Report 2018
Chief Executive Officer DirectorDirectorChairman
Condensed Interim Statement of Cash Flows (Un-audited)for the quarter ended March 31, 2018
14
Chief Executive Officer DirectorDirectorChairman
Notes To The Condensed Interim Financial Statements (Un-audited)for the quarter ended March 31, 2018
SPI Insurance Company Limited
151st Quarter Report 2018
Notes To The Condensed Interim Financial Statements (Un-audited)for the quarter ended March 31, 2018
16
Notes To The Condensed Interim Financial Statements (Un-audited)for quarter ended March 31, 2018
SPI Insurance Company Limited
171st Quarter Report 2018
Notes To The Condensed Interim Financial Statements (Un-audited)for the quarter ended March 31, 2018
18
Notes To The Condensed Interim Financial Statements (Un-audited)for the quarter ended March 31, 2018
SPI Insurance Company Limited
191st Quarter Report 2018
April 30, 2018
Chief Executive Officer DirectorDirectorChairman
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
22
Chief Executive Officer DirectorDirectorChairman
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
Chief Executive Officer DirectorDirectorChairman
Condensed Interim Statement of Comprehensive Income (Un-audited)for the quarter ended March 31, 2018
24
Chief Executive Officer DirectorDirectorChairman
Condensed Interim Statement of Changes in Funds (Un-audited)for the quarter ended March 31, 2018
1st Quarter Report 2018 25
SPI Insurance Company LimitedWindow Takaful Operations
Chief Executive Officer DirectorDirectorChairman
Condensed Interim Statement of Cash Flows (Un-audited)for the quarter ended March 31, 2018
26
Chief Executive Officer DirectorDirectorChairman
Condensed Interim Statement of Cash Flows (Un-audited)for the quarter ended March 31, 2018
1st Quarter Report 2018 27
SPI Insurance Company LimitedWindow Takaful Operations
Chief Executive Officer DirectorDirectorChairman
Notes To The Condensed Interim Financial Statements (Un-audited)for the quarter ended March 31, 2018
28
Notes To The Condensed Interim Financial Statements (Un-audited)for the quarter ended March 31, 2018
1st Quarter Report 2018 29
SPI Insurance Company LimitedWindow Takaful Operations
Notes To The Condensed Interim Financial Statements (Un-audited)for the quarter ended March 31, 2018
30
Notes To The Condensed Interim Financial Statements (Un-audited)for the quarter ended March 31, 2018
1st Quarter Report 2018 31
SPI Insurance Company LimitedWindow Takaful Operations
Chief Executive Officer DirectorDirectorChairman
Notes
32