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Half Yearly Accountsfor the Period Ending
June 30th, 2013(Un-Audited)
Founder Chairman of our group, late Mr. Unus Khan, was born on December 27, 1927 in a respectableand cultured family. He received his basic education in Quetta and after graduation in Aeronauticsand Meteorology in Great Britain, he adopted the field of Civil Aviation as his profession andremained associated with it for over 20 years. Subsequently, he took up the field ofcommerce/business in 1965 and a few years thereafter proceeded to the United States of Americaalong with his family.
In the 70s, besides other ventures, he was associated with the field of insurance in the MiddleEast. He returned to Pakistan in 1982 and founded East West Insurance Company Limited, oursister concern, in 1983. Throughout the remaining years of his life, he remained dedicated todevelopment of East West. He organized and strengthened the company on modern lines and,at the same time, encouraged the executives, field and office personnel of the company to facethe challenges of the market with courage, sincerity and hard work. It was for his determinedleadership, untiring efforts, honesty and sincerity of purpose that Almighty Allah gifted him withsuch an outstanding success that the company became one of the largest insurance companiesof Pakistan during his lifetime.
After taking East West Insurance Company Limited to such heights, it was his desire to developan insurance company for the life assurance sector so that East West Group of Companies couldcater to all insurance related needs of every Pakistani. Unfortunately, private life insurancecompanies were not allowed to operate in the country during his lifetime. However, when thegovernment permitted operation of life insurance companies in the private sector, the sponsorsof East West Insurance Company Limited immediately applied for a license and commencedoperations of The Metropolitan Life Assurance Company of Pakistan Limited in March of 1993.In 2008, the company changed its name to East West Life Assurance Company Limited in orderto give a unified look of a group with a substantial financial base and to service the best interestof policyholders as well as shareholders. Today, by the Grace of Allah, East West Group of Companieshave become symbols of security for thousands of their policyholders and livelihood for theirhundreds of hard-working personnel.
Mr. Unus Khan was endowed with piety, simplicity, sincerity, diligence and affection. He will alwaysbe remembered for his selfless devotion to the cause of combining profound cultural values ofthe EAST with the modern technological developments of the WEST. In order to give perpetuityto the late Chairman of our group, all of us have pledged to adopt his practices as guidelines forthe future. Our beloved Chairman left us to join his heavenly abode on July 27, 1988. May Allahrest his soul in eternal peace. Ameen!
LATE MR. UNUS KHANFounder Chairman, East West Group of Companies
01 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
HALF YEARLY FINANCIAL REPORTFOR THE PERIOD ENDING JUNE 30, 2013
CONTENTS
Board of Directors & Company Information
Management & Bankers
Committees
Our Mission, Vision and Principle Values
Directors' Review to the Shareholders
Auditors’ Report to the Members of East West Life Assurance Company Limited.
Condensed Interim Balance Sheet
Condensed Interim Profit and Loss Account
Condensed Interim Statement of Comprehensive Income
Condensed Interim Statement of Changes in Equity
Condensed Interim Statement of Cash Flows
Condensed Interim Revenue Account
Condensed Interim Statement of Premiums
Condensed Interim Statement of Claims
Condensed Interim Statement of Expenses
Condensed Interim Statement of Investment Income
Notes to the Condensed Interim Financial Statements
Branch Network
02
03
04
05
06
08
09
11
12
12
13
15
16
17
18
19
20
26
02Half Yearly Financial Report 2013Email: [email protected]
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
BOARD OF DIRECTORS AND COMPANY INFORMATION
Chairman
Managing Director and Chief Executive
Directors
Company Secretary
Appointed Actuary
Consulting Actuaries
Legal Advisor
Auditor
Share Registrar
Registered Office
Head Office
Website
Chief Justice (R) Mian Mahboob Ahmad
Maheen Yunus, CPCU
A. K. M. SayeedJaved Yunus
Pervez YunusNaved Yunus
Omar P. Yunus
Sohail Nazeer
Shujat Siddiqui, MA, FIA, FPSA
Akhtar & Hasan (Private) Limited
Saiyed Younus Saeed
BDO Ebrahim & CompanyChartered Accountants
Bema Associates (Private) Limited515 EFU House, M. A. Jinnah Road,
Karachi., PakistanPhone: (021) 32316087Fax: (92-21) 32316187
28 Regal Plaza, M. A. Jinnah Road,Quetta, Pakistan.
Phone: (081) 2822913, 2821397Fax: (92-81) 2821460
310 EFU House, M. A. Jinnah Road,Karachi, Pakistan.
Phone: (021) 32311662/5, 32310726,32310904, 32310375, 32315723
Fax: (92-21) 32311667
www.eastwestlifeco.com
03 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
Maheen Yunus, CPCU
Imran Ali Dodani
Sohail Nazeer
Raja Gustasab KhanSheikh Khalid Mehmood
Dr. Muhammad AslamMBBS, MD(USA), FCCPS (Part 1)
Dr. Syed Kashif Hamid, MBBSDr. Muhammad Abu Bakar Rashid, MBBS
Dr. Muhammad Saleem Somroo, MBBS
Nadeem AkhtarNauman Mughal
Aqeel AnsariSana-ul-Haq Hashmi
Tanveer IqbalNaveed AshrafAnjum GhazaliKashif NaeemAjaz Hussain
Allied Bank LimitedSummit Bank Limited
MCB Bank LimitedThe Bank of PunjabHabib Bank LimitedAskari Bank Limited
NIB Bank LimitedBank Al-Habib Limited
JS Bank LimitedThe Karakuram Co-Operative Bank Ltd.
Standard Chartered Bank (Pakistan) Ltd.Apna Microfinance Bank Limited
Citibank N.A. PakistanBank Al-Falah Limited
Sindh Bank Limited
Managing Director and Chief Executive
Chief Operating Officer (COO)
Chief Financial Officer (CFO)and Company Secretary
Zonal Heads
Chief Medical Officer (CMO)
Medical Officers
Deputy General Managers
Assistant General Managers
Bankers
MANAGEMENT AND BANKERS
COMMITTEES
Executive Committee
Pervez YunusMaheen Yunus, CPCUNaved YunusJaved YunusSohail Nazeer, Secretary
Audit Committee
Chief Justice (R) Mian Mahboob AhmadNaved YunusPervez YunusA. K. M. SayeedNadeem Akhtar, Secretary
Underwriting Committee
Pervez YunusA. K. M. SayeedJaved YunusShahnaz Parveen, Secretary
Claim Committee
Javed YunusNaved YunusA. K. M. SayeedKashif Naeem, Co-SecretarySaleha Usman, Co-Secretary
Reinsurance Committee
Naved YunusMaheen Yunus, CPCUA. K. M. SayeedSana-ul-Haq Hashmi, Secretary
Investment Committee
A. K. M. SayeedNaved YunusMaheen Yunus, CPCUSohail Nazeer, Secretary
Human Resource & Remuneration Committee
Naved YunusPervez YunusMaheen Yunus, CPCUImran Ali DodaniAnjum Ghazali, Secretary
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
04Email: [email protected] Half Yearly Financial Report 2013
OUR MISSION, VISION AND PRINCIPLE VALUES
OUR MISSION
To provide high quality, competitive insurance products and services through qualified, professionaland committed salespersons.
To maintain financial strength for the benefit of our corporate and individual insurers, shareholders,agents/salespersons and employees.
To earn and protect public trust of the communities where we live and work by supporting goodworks and contributing to charities.
To create a challenging environment and develop a sense of accomplishment for our employeesthrough tools and training to achieve personal growth and contribute to our organization.
To serve the nation by increasing the rate of literacy through our East West Life Educational SecuritySchemes for children and their parents.
To provide the right solutions that are in tune with our customer's needs, while facing up to theemerging challenges in the industry.
To help individuals and families financially realize their hopes and dreams and be there when theyneed us most.
To develop awareness of insurance need, build confidence in the insurance industry and also todevelop the concept of saving.
To innovate and develop ideas to design new products for our valued corporate and individual clientsto effectively meet their ever-changing needs.
OUR VISIONOur vision is to be the number one provider of wide-ranging insurance solutions to all of
Pakistan, a goal we will attain while observing the principal values
that have served us well since inception.
OUR PRINCIPLE VALUES
Safety and Security through expansion, development and profitability.
Exceptional and flexible product-line to meet the needs of our clients.
Respect and consideration for our policyholders, agents and employees.
Vision as well as action to achieve our mission.
Integrity and honesty in every aspects of our organization.
Community improvement through participation.
Excellent service.
05 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
DIRECTORS’ REVIEW TO THE SHAREHOLDERS
The Board of Directors of East West Life Assurance Company Limited are pleased to present theun-audited accounts for the period ended June 30, 2013
The after tax profit for the period ended June 30, 2013 amounts to Rs. 6,684,982 compared tothe loss of (Rs. 14,716,230) during the corresponding period of 2012. This after tax profit/loss hasbeen calculated after taking into account the results of both Shareholders' Fund and StatutoryFunds as detailed hereunder:
06Email: [email protected] Half Yearly Financial Report 2013
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
The profit of nearly Rs. 6.7 million shown above is primarily due to reduction in claims by 25½% asresult of improved niche underwriting and better claims review methodologies utilized by the company'sclaim personnel. Moreover, the management expenses of the company continue to decline in thereporting period by almost 5½% as compared to the corresponding 2012 period. Besides this, aturnaround of more than Rs. 16.5 million in policyholders' liability movement has also contributed verypositively to the bottom-line results of the company. As a result of the improved operational resultsof the company, it has not been necessary to transfer any amount to the statutory funds of the companyduring the reporting period, which is a very encouraging development and achievement for themanagement.
The Board of Directors of the company had approved a right shares issue in their May 10th, 2013meeting. The said right shares issue has been completed successfully and the company has adequatesolvency margins in the shareholders' fund and each statutory fund.
As its ongoing strategy, your company closely monitors the market situation and believes that itsbusiness model and product risk management practice, coupled with a strong customer based anddeep client relationship will give it a sustainable long term competitive advantage. The companyalways aggressively pursues new opportunities and ensures adequate internal preparedness to takemaximum advantage of such opportunities.
OPERATING INCOMEPremium Less ReinsuranesNet Investment Income
Total Net Income
OPERATING EXPENSESClaims, Including Bonuses, Net of Reinsurance RecoveriesManagement Expenses Less Recoveries
Total Claims & ExpenditureExcess of Income Over Claims and Expenditure
Movement in Policyholder’s Liability
Profit/(Loss) Before TaxationTaxation
Profit/(Loss) After Taxation
Rupees Rupees
April to June
2013 2012
Rupees Rupees
January to June
2013 2012
)
)
83,740,26511,383,028
95,123,293
63,275,87936,889,955
100,165,834
(5,042,541
13,029,043
7,986,502(1,301,520
6,684,982
)
))
)
28,961,3446,104,810
35,066,154
35,813,91420,615,571
56,429,485
(21,363,331
16,787,801
(4,575,530(596,969
(5,172,499
)
)
46,130,6414,216,953
50,347,594
22,056,34421,719,837
43,776,181
6,571,413
(3,072,841
3,498,572(610,993
2,887,579
)
)
))
)
95,867,87718,453,399
114,321,276
84,949,01438,999,297
123,948,311
(9,627,035
(3,517,137
(13,144,172(1,572,058
(14,716,230
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
07 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
We take this opportunity to express our appreciation to Government of Pakistan, Ministry of Commerce,and Securities & Exchange Commission of Pakistan (SECP) for their invaluable assistance andguidance. Your directors would also like to place on record their appreciation for the tremendouscontribution made by the officers, staff and field force towards the development of the company.Finally, we would like to thank our clients for their confidence reposed in your company.
For and on behalf of the Board of Directors,
Dated: August 30, 2013
Maheen Yunus, CPCUManaging Director and Chief Executive
08Email: [email protected] Half Yearly Financial Report 2013
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
AUDITORS’ REPORT TO THE MEMBERS OFEAST WEST LIFE ASSURANCE COMPANY LIMITED
Introduction
We have reviewed the annexed financial statements comprising of:
BDO EBRAHIM & CO.CHARTERED ACCOUNTANTSEngagement Partner: Zulfikar Ali Causer
KarachiDated: August 30, 2013
together with the explanatory notes of EAST WEST LIFE ASSURANCE COMPANY LIMITED (“theCompany”) as at and for the six months period ended June 30, 2013 (here-in-after referred to asthe “condensed interim financial information”). Management is responsible for the preparation andpresentation of this interim financial information in accordance with approved accounting standardsas applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusionon this interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standards on Review Engagements2410, “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 responsiblefor financial and accounting matters and applying analytical and other review procedures. A reviewis substantially less in scope than an audit conducted in accordance with the International Standardon Auditing and consequently does not enable us to obtain assurance that we would become awareof all significant matters that might be identified in an audit. Accordingly, we do not express an auditopinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanyinginterim financial information as at and for the six months period ended June 30, 2013 is not prepared,in all material respects, in accordance with approved accounting standards as applicable in Pakistanfor interim financial reporting.
Emphasis of Matter
Without qualifying our opinion, we draw attention to note 1.2 to the condensed interim financialstatements.
Other Matter
The figures for the quarters ended June 30, 2013 and June 30, 2012 in the accompanying interimfinancial information have not been reviewed and we do not express a conclusion on them.
– condensed interim balance sheet;– condensed interim profit and loss account;– condensed interim statement of comprehensive income;– condensed interim statement of changes in equity;– condensed interim statement of cash flows;– condensed interim revenue account;– condensed interim statement of premiums;– condensed interim statement of claims;– condensed interim statement of expenses; and– condensed interim statement of investment income
09 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
Share Capital and ReservesAuthorized Share Capital60,000,000 (December 31, 2012:60,000,000) Ordinary Sharesof Rs.10 Each
Issued, Subscribed And Paid Up Share CapitalAccumulated (Deficit)
NET SHAREHOLDERS' EQUITY
Advance Against Equity
Balance of Statutory Fund[Including Policyholders’ Liabilities June, 2013: Rs.219.528 Million (December 31, 2012: Rs.231.972 Million) ]
Deferred LiabilitiesOutstanding Gratuity
Creditors and AccrualsOutstanding ClaimsPremiums Received in AdvanceTaxationAmount Due to Other Insurers / ReinsurersAccrued ExpensesAgent's BalancesOther Creditors and Accruals
TOTAL LIABILITIES
CONTINGENCIES ANDCOMMITMENTS
TOTAL EQUITY ANDLIABILITIES
Dated: August 30, 2013
CONDENSED INTERIM BALANCE SHEETAS AT JUNE 30, 2013 (UN-AUDITED)
Note Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Statutory Funds
Figures in Rupees
June 30,2013
Dec. 31,2012
Aggregate
7
8
9
AuditedUn-Audited
-
--
-
-
25,901,540
81,495
31,607,482--
-4,479,980
-357,622
36,445,084
62,428,119
62,428,119
-
--
-
-
188,366,221
-
20,385,27612,121,934
-
760,0794,337,938
990,49491,066
38,686,787
227,053,008
227,053,008
-
--
-
-
24,711,624
-
2,535,807--
-539,571
-107,426
3,182,804
27,894,428
27,894,428
)
600,000,000
500,456,000(418,832,002
81,623,998
90,498,790
-
9,055
--
5,278,519
-1,552,878
-113,136
6,944,533
6,953,588
179,076,376
)
600,000,000
500,456,000(418,832,002
81,623,998
90,498,790
238,979,385
90,550
54,528,56512,121,934
5,278,519
760,07910,910,367
990,494669,250
85,259,208
324,329,143
496,451,931
)
600,000,000
500,456,000(411,900,536
88,555,464
24,000,000
238,391,980
90,550
28,026,62012,842,569
4,313,298
3,544,47811,495,422
1,844,381765,175
62,831,943
301,314,473
413,869,937
Cash and Bank DepositsCash in HandCurrent and Other AccountsDeposits Maturing Within 12 Months
Loans Secured AgainstLife Insurance Policies
Unsecured LoansTo Employees
InvestmentsGovernment SecuritiesOther Fixed Income SecuritiesListed Equities
Current Assets - OtherPremiums Due But UnpaidAmount Due from Other Insurer and ReinsurerPrepaymentsSundry ReceivablesInvestment Income AccruedStationery
Fixed AssetsTangibleFurniture, Fixtures, OfficeEquipment and VehiclesIntangible AssetsSoftware
TOTAL ASSETS
10Email: [email protected] Half Yearly Financial Report 2013
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
Note
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Statutory Funds
Figures in Rupees
June 30,2013
Dec. 31,2012
Aggregate
11
AuditedUn-Audited
10,25182,049,963
54,000,000136,060,214
7,944,088
644,914
200,865,591888,768280,518
202,034,877
22,800,650
2,510,104705,000
6,001,5451,862,760
499,14134,379,200
32,504,579
302,065
413,869,937
-90,897,284
-90,897,284
-
57,768
54,708,988-
280,51854,989,506
-
-675,000
-1,288,110
373,8032,336,913
30,507,697
287,208
179,076,376
84723,437,802
-23,438,649
4,338,397
458,947
22,965,807--
22,965,807
2,713,185
7,225,683-
1,196,60090,851-
11,226,319
-
-
62,428,119
17,71830,004,274
61,000,00091,021,992
3,899,704
-
125,066,440--
125,066,440
3,540,389
--
2,897,439627,044
-7,064,872
-
-
227,053,008
-399,267
-399,267
-
56,968
11,477,445--
11,477,445
13,458,148
--
2,502,600--
15,960,748
-
-
27,894,428
18,565144,738,627
61,000,000205,757,192
8,238,101
573,683
214,218,680-
280,518214,499,198
19,711,722
7,225,683675,000
6,596,6392,006,005
373,80336,588,852
30,507,697
287,208
496,451,931
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
11 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
Note
Figures in Rupees
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
Investment Income NotAttributable to Statutory Funds
Return on Government Securities Return on Other Fixed IncomeSecurities and Deposits Amortization of Discount/Premium Relative to ParGain on Sale of Investment
Net Investment Income
Expenses Not Attributable to Statutory Funds
Loss Before Tax
Taxation
Loss After Tax
Loss Per Share -Basic and Diluted
June 30,2013
Half Year Ended
June 30,2012
June 30,2013
Quarter Ended
June 30,2012
)
)
)
)
)
3,077,665
12,010
345,970-
3,435,645
(9,065,591
(5,629,946
(1,301,520
(6,931,466
(0.14
)
)
)
)
)
4,023,438
212,923
522,065228,325
4,986,751
(7,972,680
(2,985,929
(1,572,058
(4,557,987
(0.091
)
)
)
)
)
1,445,578
-
160,746-
1,606,324
(5,439,805
(3,833,481
(610,993
(4,444,474
(0.089
)
)
)
)
)
1,910,371
-
360,878995,045
3,266,294
(4,272,744
(1,006,450
(596,969
(1,603,419
(0.032
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
12Email: [email protected] Half Yearly Financial Report 2013
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
Note
Figures in Rupees
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
Loss for the Period
Other Comprehensive Income
Total Comprehensive Loss for the Period
June 30,2013
Half Year Ended
June 30,2012
June 30,2013
Quarter Ended
June 30,2012
)
)
(4,444,474
-
(4,444,474
)
)
(6,931,466
-
(6,931,466
)
)
(4,557,987
-
(4,557,987
)
)
(1,603,419
-
(1,603,419
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
Figures in Rupees
Share Capital
Net Accumulated Surplus/(Deficit)
TotalAccumulated
Deficit
CapitalContributed toStatutory Fund
NetAccumulated
Deficit
Balance as atJanuary 01, 2012
Comprehensive Lossfor the Period
Capital Contributionto Statutory Funds
Balance as at June30, 2012
Balance as atJanuary 01, 2013
Comprehensive Lossfor the Period
Balance as at June30, 2013
500,456,000
-
-
500,456,000
500,456,000
-
500,456,000
)
)
)
)
)
)
(111,360,187
(4,557,987
-
(115,918,174
(118,775,110
(6,931,466
(125,706,576
)
)
)
)
)
(264,970,426
-
(7,020,000
(271,990,426
(293,125,426
-
(293,125,426
)
)
)
)
)
)
)
(376,330,613
(4,557,987
(7,020,000
(387,908,600
(411,900,536
(6,931,466
(418,832,002
)
)
)
124,125,387
(4,557,987
(7,020,000
112,547,400
88,555,464
(6,931,466
81,623,998
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
13 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
Operating Cash Flows
a) Underwriting Activities
Premium Received Net Reinsurance Premium Paid Claims Paid Surrenders Paid Commission Paid
Net Cash Generatedfrom Underwriting Activities
b) Other Operating Activities
Income Tax Paid General Management Expenses Paid
Net Cash (Used In)Other Operating Activities
Total Cash Generated/(used in)From All Operating Activities
Investment Activities
Profit/Return Received Payments for Investments Proceeds From Disposal of Investments Fixed Capital Expenditure
Total Cash Flow FromInvesting Activities
Shareholders’Fund
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds
Figures in Rupees
June 30,2013
June 30,2012
Aggregate
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
)
)
)
)
)
-----
-
(336,298
(7,022,627
(7,358,925
(7,358,925
2,521,499(9,999,683
18,253,971-
10,775,787
)
)
)
)
)
)
33,296,82112,821,646
(25,050,817-
(1,965,274
19,102,376
-
(3,945,573
(3,945,573
15,156,803
64,979(22,943,921
14,246,609-
(8,632,333
))))
)
)
)
)
)
11,473,858(1,586,246(2,268,139(2,365,873(1,038,885
4,214,715
-
(9,328,975
(9,328,975
(5,114,260
618,833(95,632,078
93,428,443-
(1,584,802
)
)
)
)
)
)
65,328,210-
(46,363,280-
(5,934,467
13,030,463
-
(9,333,122
(9,333,122
3,697,341
225,644(11,466,487
7,499,420-
(3,741,423
))))
)
)
)
)
)
110,098,88911,235,400
(73,682,236(2,365,873(8,938,626
36,347,554
(336,298
(29,630,297
(29,966,595
6,380,959
3,430,955(140,042,169
133,428,442-
(3,182,771
))))
)
)
)
)
)
)
131,615,056(1,199,710
(116,171,847(4,227,309(5,605,927
4,410,263
(340,551
(29,644,663
(29,985,214
(25,574,951
3,450,478(157,860,803
167,135,794(136,904
12,588,565
Financing Activities
Advance Against Equity Received - Net Dividend Paid
Total Cash Flow FromFinancing Activities
Net Cash Generated/(Used In) from all Activities
Cash at the Beginningof the Period
Cash at the Endof the Period
Reconciliation to Profit and Loss Account
Operating Cash flows Depreciation Expense Investment Income Increase / (Decrease) in Assets Other Than Cash Decrease in Liabilities Other Than Running Finance (Deficit) / Surplus of Statutory Funds
Loss After Taxation
14Email: [email protected] Half Yearly Financial Report 2013
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Statutory Funds
Figures in Rupees
June 30,2013
June 30,2012
Aggregate
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
66,498,790-
66,498,790
69,915,652
20,981,632
90,897,284
--
-
6,524,470
16,914,179
23,438,649
)
--
-
(6,699,062
97,721,054
91,021,992
)
--
-
(44,082
443,349
399,267
)
))
)
66,498,790-
66,498,790
69,696,978
136,060,214
205,757,192
6,380,959(2,011,7399,424,7972,289,189
(9,398,224(13,616,448
(6,931,466
)
)
)
))
))
)
-(326
(326
(12,986,712
154,862,123
141,875,411
(25,574,951(2,555,90318,453,399(3,083,833(1,954,94210,158,243
(4,557,987
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
15 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
CONDENSED INTERIM REVENUE ACCOUNT (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
IncomePremiums Less ReinsurancesNet Investment Income
Total Net Income
Claims and ExpenditureClaims, Including Bonuses, Net of Reinsurance RecoveriesManagement Expenses Less Recoveries
Total Claims and Expenditure
Excess/(Deficit) of Income OverClaims and Expenditure
Add: Policyholders’ Liabilities at Beginning of PeriodLess: Policyholders’ Liabilities at End of Period
Surplus/(Deficit)
Movement in Policyholders’ Liabilities
Transfer To or From Shareholders' Fund -Capital Contribution From Shareholders' Fund
Balance of Statutory Fund at Beginning of the Year
Balance of Statutory Funds at End of Period
Represented by:
Capital Contributed by Shareholders’ FundAccumulated (Deficit)
Policyholders’ Liabilities
BALANCE OF STATUTORY FUND
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2013 June 30, 2012
Quarter Ended
June 30, 2012June 30, 2013
Note Half Year Ended
10
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
)
)
)
)
28,961,3442,838,516
31,799,860
35,813,91416,342,827
52,156,741
(20,356,881
248,760,253
231,972,45216,787,801
(3,569,080
(16,787,801
2,600,000
256,517,485
238,760,604
271,990,426(265,202,274
6,788,152
231,972,452
238,760,604
)
)
)
)
6,669,163510,455
7,179,618
6,491,3914,172,930
10,664,321
(3,484,703
27,043,676
25,390,2271,653,449
(1,831,254
(1,653,449
-
29,386,243
25,901,540
137,630,426(137,119,113
511,313
25,390,227
25,901,540
)
)
)
11,151,5686,974,950
18,126,518
10,821,2088,760,549
19,581,757
(1,455,239
189,628,267
185,238,2614,390,006
2,934,767
(4,390,006
-
189,821,460
188,366,221
120,200,000(117,072,040
3,127,960
185,238,261
188,366,221
)
)
65,919,534461,978
66,381,512
45,963,28014,890,885
60,854,165
5,527,347
15,885,036
8,899,4486,985,588
12,512,935
(6,985,588
-
19,184,277
24,711,624
35,295,000(19,482,824
15,812,176
8,899,448
24,711,624
)
)
83,740,2657,947,383
91,687,648
63,275,87927,824,364
91,100,243
587,405
232,556,979
219,527,93613,029,043
13,616,448
(13,029,043
-
238,391,980
238,979,385
293,125,426(273,673,977
19,451,449
219,527,936
238,979,385
)
)
)
)
95,867,87713,466,648
109,334,525
84,949,01431,026,617
115,975,631
(6,641,106
228,455,315
231,972,452(3,517,137
(10,158,243
3,517,137
7,020,000
238,381,710
238,760,604
271,990,426(265,202,274
6,788,152
231,972,452
238,760,604
)
)
46,130,6412,610,629
48,741,270
22,056,34416,280,032
38,336,376
10,404,894
216,455,095
219,527,936(3,072,841
7,332,053
3,072,841
-
228,574,491
238,979,385
293,125,426(273,673,977
19,451,449
219,527,936
238,979,385
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2013 June 30, 2012
Quarter Ended
June 30, 2012June 30, 2013
Half Year Ended
16Email: [email protected] Half Yearly Financial Report 2013
CONDENSED INTERIM STATEMENT OF PREMIUMS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
Gross Premiums
Regular Premium Individual Policies* First Year Second Year Renewal Subsequent Year Renewal Single Premium Individual PoliciesGroup Policies
Total Gross Premiums
Less: Reinsurance Premiums Ceded
On Individual Life First Year Business On Individual Life Second Year Business On Individual Life Renewal Business On Group Policies
Net Premiums
* Individual policies are those underwritten on an individual basis and includes joint life policies underwritten.
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
))))
)
725,045715,148
8,050,887550,000
37,845,751
47,886,831
(3,997(52,249
(508,679(18,360,562
(18,925,487
28,961,344
))))
)
1,113,6142,789,792
13,588,161550,000
112,213,566
130,255,133
(6,024(150,689(642,762
(33,587,781
(34,387,256
95,867,877
)
)
----
30,168,569
30,168,569
---
(23,499,406
(23,499,406
6,669,163
)))
)
1,055,7071,141,6669,739,133
--
11,936,506
(7,862(9,562
(767,514-
(784,938
11,151,568
----
65,919,534
65,919,534
----
-
65,919,534
))))
)
1,055,7071,141,6669,739,133
-96,088,103
108,024,609
(7,862(9,562
(767,514(23,499,406
(24,284,344
83,740,265
))))
)
730,726453,351
4,846,144-
48,520,504
54,550,725
(5,903(7,636
(566,139(7,840,406
(8,420,084
46,130,641
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
17 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
CONDENSED INTERIM STATEMENT OF CLAIMS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
Gross Claims
Claims Under Individual Policies by Death by Insured Event Other than Death by Maturity by Surrender
Total Gross Individual Policy Claims
Claims Under Group Policies by Death by Insured Event Other Than Death
Total Gross Group Policy Claims
Total Gross Claims
Less: Reinsurance Recoveries On Group Life Claims
Net Claims
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2013 June 30, 2012
Quarter Ended
June 30, 2012June 30, 2013
Half Year Ended
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
)
508,269-
1,971,7293,107,525
5,587,523
24,246,02524,345,709
48,591,734
54,179,257
(18,365,343
35,813,914
)
958,587-
3,757,8415,704,345
10,420,773
53,045,62861,449,587
114,495,215
124,915,988
(39,966,974
84,949,014
)
----
-
45,337,933427,633
45,765,566
45,765,566
(39,274,175
6,491,391
1,733,82012,857
3,167,7085,906,823
10,821,208
--
-
10,821,208
-
10,821,208
----
-
-45,963,280
45,963,280
45,963,280
-
45,963,280
)
1,733,82012,857
3,167,7085,906,823
10,821,208
45,337,93346,390,913
91,728,846
102,550,054
(39,274,175
63,275,879
)
377,807-
1,914,4382,375,384
4,667,629
17,463,97714,402,796
31,866,773
36,534,402
(14,478,058
22,056,344
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
18Email: [email protected] Half Yearly Financial Report 2013
CONDENSED INTERIM STATEMENT OF EXPENSES (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
Acquisition Costs
Remuneration to Insurance Intermediarieson Individual Policies: Commission on First Year Premiums Commission on Second Year Premiums Commission on Subsequent Renewal Premiums Other Benefits to InsuranceRemuneration to Insurance Intermediaries onGroup Policies: Commission
Branch Overhead:Other Acquisition Cost Policy Stamps
Total Acquisition Cost
Administration ExpensesSalaries and Other BenefitsTravelling ExpensesAuditors RemunerationActuary's FeesMedical FeesAdvertisementsPrinting and StationaryRental
Other Management Expenses
Gross Management Expenses
Commission From Reinsurers
Net Management Expenses
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2013 June 30, 2012
Quarter Ended
June 30, 2012June 30, 2013
Half Year Ended
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
)
660,195119,275
128,994
29,000
4,204,4945,141,958
1,045,594
5,100
6,192,652
7,000,578529,345124,959280,500127,675
9,00097,213
222,9638,392.233
3,155,190
17,740,075
(1,397,248
16,342,827
)
793,554164,147
177,407
241,180
6,004,5247,380,812
2,411,278
5,100
9,797,190
13,620,708956,158124,959701,250273,960
25,000615,131420,756
16,737,922
7,038,337
33,573,449
(2,546,832
31,026,617
)
196,79525,666
93,635
-
5,795,1236,111,219
1,246,846
5,100
7,363,165
5,582,662235,752107,901423,000
26,13073,32962,901
372,6426,884,317
2,640,264
16,887,746
(607,714
16,280,032
)
343,61669,221
185,424
98,781
7,387,6978,084,739
2,061,061
5,100
10,150,900
12,240,808567,878107,901843,750
48,18086,329
368,451558,965
14,822,262
4,638,517
29,611,679
(1,787,315
27,824,364
--
-
-
5,450,5445,450,544
-
-
5,450,544
7,485,242139,048
35,96756,250-
24,443136,425
35,6007,912,975
1,527,366
14,890,885
-
14,890,885
)
343,61669,221
185,424
98,781
-697,042
2,061,061
5,100
2,763,203
2,729,622275,404
35,967731,250
7,28024,443
118,290286,418
4,208,674
1,813,531
8,785,408
(24,859
8,760,549
)
--
-
-
1,937,1531,937,153
-
-
1,937,153
2,025,944153,426
35,96756,25040,90037,443
113,736236,947
2,700,613
1,297,620
5,935,386
(1,762,456
4,172,930
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
19 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
CONDENSED INTERIM STATEMENT OF INVESTMENT INCOME (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
Investment Income
On Government Securities On Other Fixed Income Securities and Deposits Amortization of Premium Amortization of Discount On Policy Loan Other Miscellaneous Income
Gain on Sale of Investments
Total Investment Income
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2013 June 30, 2012
Quarter Ended
June 30, 2012June 30, 2013
Half Year Ended
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
)
5,933,804
757,020(9,5314,619
28,347202,975
6,917,234
6,549,414
13,466,648
)
2,534,774
76,475(4,7523,347
25,697202,975
2,838,516
-
2,838,516
484,125
26,330----
510,455
-
510,455
252,584
----
209,394461,978
-
461,978
)
2,111,257
291,658(3,1941,514-
209,3942,610,629
-
2,610,629
)
5,227,858
555,748(7,9083,011
6432,168,0317,947,383
-
7,947,383
)
4,491,149
529,418(7,9083,011
6431,958,6376,974,950
-
6,974,950
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
20Email: [email protected] Half Yearly Financial Report 2013
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2013
1.
1.1
1.2
2.
STATUS AND NATURE OF BUSINESS
East West Life Assurance Company Limited (the company) was incorporated in Pakistan onAugust 18, 1992 as a public limited company under the Companies Ordinance, 1984. Its sharesare quoted on Karachi Stock Exchange. The company commenced life insurance operationson February 22, 1993 after registration with Controller of Insurance on February 14, 1993. Theaddresses of its registered and principal office are 57 Regal Plaza, M.A. Jinnah Road, Quettaand 310 EFU House, M.A. Jinnah Road Karachi, respectively. The company is engaged in lifeinsurance business. In accordance with the requirements of Insurance Ordinance, 2000. Thecompany has established shareholders’ fund and following statutory funds in respect of itseach class of life insurance business:
Ordinary life;Universal life; and Accident and health.
In accordance with SEC (Insurance) Rules, 2002 ("Rules") amended vide SRO 16(1)/2012dated January 09, 2012, Life Insurance Companies are required to maintain a solvency marginin addition to policyholders' liabilities in each statutory fund as stipulated in the Rules. Duringthe period, Board of Directors in their meeting dated May 10, 2013, approved the right sharesissue of Rs. 93.835 million to meet the solvency margin requirements which have been issuedsuccessfully. As at June 30, 2013, the solvency margin portion of the statutory funds has beenmaintained in the shareholders’ fund. In this regard, management has written as per Rule 12(2)to Securities and Exchange Commission of Pakistan (SECP) for getting permission to maintainthe solvency margin requirements against shareholders’ fund and each statutory funds inaggregate in the shareholders’ fund instead of maintaining it in each statutory funds separately.We have been informed by management that no response has been received from the SECPto their letter upto the date of issue of financial statements.
BASIS OF PRESENTATION
These condensed interim financial statements are presented in condensed form in accordancewith the requirements of International Accounting Standard 34 "Interim Financial Reporting".
The disclosures made in these condensed interim financial statements have been limited basedon the formats prescribed by the Insurance Rules, 2002 and approved accounting standardsas applicable in Pakistan for interim financial reporting.
These condensed financial statements do not include all of the information required for fullfinancial statements and should be read in conjunction with the financial statements of thecompany for the year ended December 31, 2012.
These financial statements have been presented in Pak Rupees, which is the functional andpresentation currency of the Company.
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
21 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
3.
4.
5.
6.
BASIS OF MEASUREMENT
The financial statements have been prepared under the historical cost convention except forcertain financial assets and liabilities which are stated at fair value or amortized cost as applicable.
The financial statements have been prepared under the accrual basis of accounting except forcash flow information.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies adopted in the preparation of these financial statementsare in line with the audited annual accounts for the year ended December 31, 2012.
USE OF ESTIMATES AND JUDGEMENTS
Preparation of the condensed interim financial statements requires management to makejudgements, estimates and assumptions that effect the application of accounting policies andthe reported amounts of assets and liabilities, income and expenses. Actual results may differfrom these estimates.
In preparing the condensed interim financial statements, the significant judgments made bythe 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 atand for the year ended December 31, 2012.
FINANCIAL AND INSURANCE RISK MANAGEMENT
The Company's financial and insurance risk management objectives and policies are consistentwith those disclosed in the annual financial statements as at and for the year ended December31, 2012.
7. ANALYSIS OF ACCUMULATED SURPLUS/(DEFICIT)AS SHOWN IN BALANCE SHEET
Accumulated Deficit inStatement of Changes in EquityIgnoring Effect of Capital Transfersat Start of Period
Add: Deficit in Profit and Loss Account for the Period
Less: Accumulated Net Capital Transferred in Statutory Funds
Total Accumulated Deficit as Shown in Balance Sheet
Un-AuditedJune 30, 2013
AuditedDec 31, 2012
Rupees Rupees
)
)
)
)
)
(111,360,187
(7,414,923
(118,775,110
(293,125,426
(411,900,536
)
)
)
)
)
(118,775,110
(6,931,466
(125,706,576
(293,125,426
(418,832,002
22Email: [email protected] Half Yearly Financial Report 2013
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
8.
9.
ADVANCE AGAINST EQUITY
This represents amount received from directors and sponsors of the company against rightissue of shares offered by the Company (December 31, 2012 : Rs 24.000 million.). Subsequentto the balance sheet date the amount has been allotted on July 31, 2013.
CONTINGENCIES AND COMMITMENTS
There are no contingencies and commitments as at June 30, 2013 (December 31, 2012: nil).
Ordinary LifeUniversal
LifeAccidental &
Health
Statutory Funds
Un-AuditedJune 30, 2013
Un-AuditedJune 30, 2012
Aggregate
Policyholder Liabilities
Balance at Beginningof the Period
Increase / (Decrease)During the Period
Balance at End of the Period
Capital Contributed ByShareholders' Fund
Balance at the Beginningof the Period
Capital Contributed Duringthe Period
Balance at End of the Period
Accumulated (Deficit)
Balance at the Beginningof the Period
Surplus/(Deficit) Allocated inRespect of the Period
Balance at End of the Period
(Rupees)
MOVEMENTS IN STATUTORY FUNDS10.
)
)
)
228,455,315
3,517,137
231,972,452
264,970,426
7,020,000
271,990,426
(255,044,031
(10,158,243
(265,202,274
)
)
)
232,556,979
(13,029,043
219,527,936
293,125,426
-
293,125,426
(287,290,425
13,616,448
(273,673,977
)
)
)
15,885,036
(6,985,588
8,899,448
35,295,000
-
35,295,000
(31,995,759
12,512,935
(19,482,824
)
)
)
189,628,267
(4,390,006
185,238,261
120,200,000
-
120,200,000
(120,006,807
2,934,767
(117,072,040
)
)
)
)
27,043,676
(1,653,449
25,390,227
137,630,426
-
137,630,426
(135,287,859
(1,831,254
(137,119,113
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
23 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
INVESTMENTS11.
Note Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Un-AuditedJune 30,
2013
AuditedDecember 31,
2012
Statutory Funds
(Rupees)
Government Securities
Other Fixed Income Securities
Listed Equities
Government Securities
Held to Maturity
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
12 Months Treasury Bills
12 Months Treasury Bills
12 Months Treasury Bills
11.1
11.1
11.2
11.3
The particulars of investments are as follows:
Held to Maturity10 Years Pakistan Investment Bonds10 Years Pakistan Investment Bonds10 Years Pakistan Investment Bonds10 Years Pakistan Investment Bonds10 Years Pakistan Investment Bonds10 Years Pakistan Investment Bonds10 Years Pakistan Investment Bonds10 Years Pakistan Investment Bonds12 Months Treasury Bills12 Months Treasury Bills12 Months Treasury Bills
Total
April 2014April 2014October 2013May 2016August 2018July 2020August 2021July 2020July 2013October 2013November 2013
On MaturityOn MaturityOn MaturityOn MaturityOn MaturityOn MaturityOn MaturityOn MaturityOn MaturityOn MaturityOn Maturity
8%8%8%
9.6%12%12%12%12%
9.05%8.70%8.72%
Semi-AnnuallySemi-AnnuallySemi-AnnuallySemi-AnnuallySemi-AnnuallySemi-AnnuallySemi-AnnuallySemi-Annually
On MaturityOn MaturityOn Maturity
Maturity PrincipalRepayment
CouponPercentage
CouponPayment
Amount inRupees
54,708,988
-
280,518
54,989,506
5,000,000
-
-
18,409,886
1,974,620
3,728,813
15,586,453
-
-
10,009,216
-
54,708,988
22,965,807
-
-
22,965,807
-
-
-
-
-
-
-
-
-
17,977,720
4,988,087
22,965,807
125,066,440
-
-
125,066,440
-
2,999,914
598,799
-
-
-
-
1,189,536
24,560,261
80,705,239
15,012,691
125,066,440
11,477,445
-
-
11,477,445
-
-
-
-
-
-
-
-
-
-
11,477,445
11,477,445
214,218,680
-
280,518
214,499,198
5,000,000
2,999,914
598,799
18,409,886
1,974,620
3,728,813
15,586,453
1,189,536
24,560,261
108,692,175
31,478,223
214,218,680
200,865,591
888,768
280,518
202,034,877
5,000,000
2,999,863
596,573
18,136,821
1,972,185
3,709,781
15,535,015
1,188,802
23,506,394
128,220,157
-
200,865,591
5,000,0002,999,914
598,79918,409,886
1,974,6203,728,813
15,586,4531,189,536
24,560,261108,692,175
31,478,223
214,218,680
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
24Email: [email protected] Half Yearly Financial Report 2013
Listed Equities11.3
Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Un-AuditedJune 30, 2013
AuditedDec. 31, 2012
Statutory Funds
(Rupees)
Available for Sale
Listed Equities 280,518
280,518
280,518
280,518
-
-
-
-
-
-
280,518
280,518
Other Fixed Income Securities11.2
Held to MaturityTerm Finance Certificate
Pakistan Mobile Communication Limited
Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Un-AuditedJune 30, 2013
AuditedDec. 31, 2012
Statutory Funds
(Rupees)
- - -- - 888,768
TRANSACTIONS WITH RELATED PARTIES
The related parties comprises of East West Insurance Company Limited (Associated Company),Directors of the company, key management personnel, associated undertakings, entitieswith common directors, statutory funds and employees' funds. Following are the balancesand transactions with related parties.
12.
---
--
--
---
--
--
Directors KeyManagement
Personnel
AssociatedCompanies &
CommonDirectorship
June 30, 2013 December 31, 2012
Directors KeyManagement
Personnel
AssociatedCompanies &
CommonDirectorship
Transactions Premium received Premium paid Claims paid
Investments Sales Purchases
Balances Premium receivable Investment
---
--
--
---
--
--
(Rupees)
---
--
-280,518
-222,809
-
13,329,9332,726,754
-280,518
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
25 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
13.
14.
DATE OF ISSUE
These financial statements are authorised for issue on August 30, 2013 by the Board ofDirectors of the Company.
CORRESPONDING FIGURES
Previous figures have been rearranged and reclassified wherever necessary for the purposeof comparison.
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
A.K.M. SAYEEDDirector
NAVED YUNUSDirector
26Half Yearly Financial Report 2013Email: [email protected]
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
Lahore
Zonal Office*
2nd Floor, Naqi Arcade,
71-Shahrah-e-Quaid-e-Azam, Lahore.
Tel. : (042) 36370181, 36370717
Fax: (92-42) 36370711
E-Mail: [email protected]
Sahiwal
1st Floor, Mansha Plaza,
Lahore Commercial Centre,
Near General Bus Stand, G. T. Road, Sahiwal.
Mobile: (0322) 7854248
Multan
2nd Floor, Ghaffar Plaza, Bohra Street,
Multan Cantt., Multan.
Tel. : (061) 4504345, 4504346
Fax : (061) 4504348
Sialkot
1st Floor, Yazdani Autos,
Opposite M. F. Elahi Building,
Kashmir Road, Sialkot.
Tel. : (052) 4297420
Layyah
1st Floor of Khan Plaza,
Main Choubara Road, Layyah.
Tel. : (060) 6410371
Rawalpindi
Zonal Office*
55-A, Bank Road, Rawalpindi Cantt., Rawalpindi.
Tel. : (051) 5514322 Fax: (92-51) 5564809
E-Mail: [email protected]
Gujrat
Near Grid Station / Police Chowki,
Sargodha Road, Gujrat.
Tel. : (053) 3538067, 3535658
Fax: (92-53) 3538071
E-Mail: [email protected]
Chakwal
1st Floor,
Bait-ul-Mukarram Masjid,
Talagang Road, Chakwal.
Tel. : (0543) 553226
Mobile: (0300) 5814289
Jhelum
F-1, 3rd Floor, Shabbir Plaza,
Shandar Chowk, Jhelum.
Tel. : (0544) 623231, 623261
Fax : (0544) 720631
Havelian
Railway Road,
Main Bazar, Havelian.
Tel. : (0992) 810323, 810896
Pindi Gheb
Gulf Plaza,
Banhora Chowk, Pindi Gheb.
Tel. : (0572) 350608
Muzaffarabad (Azad Kashmir)
Flat No. 4, Azam Plaza,
Opp.: PSO Petrol Pump,
Chehla Neelum Road,
Muzaffarabad (A.K.).
Mobile: (0300) 9111787
BRANCH NETWORK
27 Half Yearly Financial Report 2013 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
Note: Besides the company’s head office (stated on pagenumber 2), corporate (group life and group health)insurance services are also offered at the above individuallife sales offices marked with an asterisk (*).
Mirpur (Azad Kashmir)
1st Floor, 23 Ayub Plaza, Mian Muhammad Road,
Mirpur (Azad Kashmir).
Tel. : (058610) 35491, 92898
Bhimber (Azad Kashmir)
Ch. Barkat Plaza,
Samahni Road,
Bhimber (A.K.).
Tel. : (058650) 43551
BRANCH NETWORK
Rawlakot (Azad Kashmir)
Near C.M.H.,
Rawlakot (A.K.).
Tel. : (058710) 43554
Peshawar
Zonal Office*
Room No. 1 & 2, 1st Floor,
Sughra Building, 8-Saddar Road,
Opposite State Bank of Pakistan ,
Peshawar Cantt., Peshawar.
Tel. : (091) 5284725, Fax: (92-91) 5273874
E-Mail: [email protected]