EFU Life Window Takaful Operations (EFU Life-WTO) Has Achieved Significant Successes, Details of Which Are As Follow
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POWER THROUGH ANNUAL REPORT 2020 Resilient This year brought a wind of change in our lives, transforming the way we do things while truly putting our resolve to test. With every challenge, EFU Life emerged resilient, powering through the year with great strength, perseverance and, endurance. With all hands on deck, our commitment, teamwork, and determination shielded us from the obstacles that befell on our path, like a shell that protects the life inside by encasing it securely within itself. EFU LIFE ASSURANCE LTD. ISO 9001: 2015 Certified | Rated AA + by VIS www.efulife.com Table of Contents Introduction Chairman’s Review 67 Vision & Mission 4 Urdu Translation of Chairman’s Review 70 Strategic Objectives 6 Report of the Directors to the Members 71 Core Values 8 Urdu Translation of Report of the Directors to the Members 94 Key Financial Highlights 10 Risk and Opportunity Report 95 Technology 12 Stakeholder's Information Distribution Footprint 14 CSR Initiatives 16 DuPont Analysis For the year 2020 97 Products & Solutions 18 Summary of Cash Flow 98 Our Team 20 Segment - Wise Review 99 Performance at a Glance 100 Corporate Information Share Price Sensitivity Analysis 102 Directors Profile 22 Variation in Quarterly Reports 102 Leadership Team 24 Key Financial Data for the Last Six Years 103 Journey through the year 26 Key Operating and Financial Data 104 Sustainability & CSR 28 Graphical Analysis 105 Organogram 29 Vertical Analysis 108 Management 30 Horizontal Analysis 108 Committees 31 Revenue Application 110 Company Information 32 Statement of Compliance with the Shariah Principles 111 Access to Reports & Enquiries 33 Shariah Advisory Report to the Board of Directors / Profile of Shariah Advisor 112 Company Profile 34 Independent Reasonable Assurance Report to the Board of Directors Performance Evaluation of the Board & CEO 35 on the Statement of Management's Assessment of Compliance Role of the Chairman and the CEO 36 with the Shariah Principles 114 Stakeholder Engagement / Quality Assurance 37 Statement of Compliance with the Code of Corporate Governance 116 Significant Plans / Forward looking Statement 38 Review Report to the Members on Corporate Governance 121 Stakeholders’ Engagement Process 39 Independent Auditors' Report 122 Whistle Blowing Policy 40 Statement of Financial Position 127 Decisions Taken at the last AGM 43 Profit & Loss Account 128 Code of Conduct 44 Statement of Comprehensive Income 129 Internal Control Framework 46 Cash Flow Statement 130 Financial Calendar 47 Statement of Changes in Equity 131 Notice of Meeting 48 Disclosures Liquidity Management Strategy 54 Management Objectives & Strategies 55 Notes to and Forming Part of the Financial Statements 132 Key performance indicator 56 Window Takaful Operations - Financial Statements 183 Business Continuity Plan / Disaster Recovery Plan 57 Statement under Section 52(2) 201 Investor Grievance Policy / Human Resource Development / Other Information Avoiding Conflict of Interest 58 Pattern of Shareholding 202 Resources, Capital & Changes in Financial Positions / Donations 59 Glossary 204 Management Review and Representations Group Benefit - Offices 206 Sustainability Report 60 Bancassurance - Offices 206 IT Governance 61 Individual Life - Offices 207 Audit Committee- Terms of Reference 63 Window Takaful Offices 217 Report of the Audit Commitee 64 Form of Proxy Pandemic Recovery Plan 66 Form of E-Voting Bank Mandate Form 02 03 VISION & MISSION VISION Our Vision is to make EFU Life one of the most respected and successful financial services organisation in the world. Our strategy to achieve our vision is: build our core capabilities, serve our clients beyond their expectations, adhere to our core values and be a good corporate citizen. MISSION We shall together build EFU Life into a dynamic and financially sound institution by: Working together as a team Continually improving our client services Creating an empowered and self-fulfilling culture Developing innovative products Adopting leading technology Foresight We believe wisdom is in acting with prudence and taking decisions proactively and strategically. Where the world finds it difficult to see ahead, our vision and mission enable us to navigate with resilience and confidence. STRATEGIC OBJECTIVES LEAD THE INDUSTRY Be the leading provider of insurance and financial planning solutions by achieving growth in existing and new markets. VALUE OF SHAREHOLDERS Achieve a sustainable level of profitability and continuously create value for shareholders. BRAND EQUITY Enhance our brand equity through continuous investments in communication channels and market education. INNOVATIVE SOLUTIONS Continually innovate and deliver a comprehensive range of insurance and savings products meeting the needs of all market segments. DISTRIBUTION FOOTPRINT Strengthen and expand our distribution footprint by connecting to all segments of the market where there is a need for financial planning and protection. CUSTOMER OBSESSION Build a customer–centric culture by not only excelling in caring for our customers and delivering on our promises but also delighting them at every step of the way. Purpose EMBRACE TECHNOLOGY Stars light up the sky and help us navigate towards our destination. Our strategic objectives pave our way and direct us to move forward Adopt leading technology, deeply entwined with business functions to create optimisation across the organisation. confidently and steadily towards achieving our goals. CORE VALUES CHARACTER Our business principles for achieving exceptional success are a belief that our corporate conduct should be based on uncompromising integrity, ethics and honesty. PRIDE We believe that people want to excel and that extraordinary results can be achieved if given the right support and work climate. SERVICE Our clients are the reason for being in business. We shall deliver to them the highest quality of flawless service to win and keep their loyalty. COMMITMENT We nurture and develop our people to be good human beings, work together as a team to achieve our organisational objectives and obligations, while at the same time fulfill their aspirations. CULTURE Embed a high performance culture that points the organisation towards the common good and intense passion for achievement at all levels. Commitment Our values bind us and enable us to swim together through rough waters with a common purpose. No matter the challenge, our values steer us to serve our stakeholders with commitment and integrity. KEY FINANCIAL HIGHLIGHTS Rs. 6.2 Billion SHAREHOLDER EQUITY Rs. 3.21 Billion Total Claims Paid Rs. 17.84 Earnings Per Share Rs. 1784 Million Return on equity PROFIT AFTER TAX 150% 28.9% Cash Dividend GROSS PREMIUM Rs. 138 Billion Rs. 32.5 Funds Under Management Billion Stability Our financial discipline gives us stability and enables us to move Strong Asset Base forward. Just as the mountain terrain keeps the earth stable and balanced, our business acumen and transparency in our business practices keep us anchored to our success and drive our future hopes, Rs.154 Billion dreams, and progress. TECHNOLOGICAL Advancement In today’s fast changing world, the only way to stand out and make a difference is by breaking the mould. Much like a firefly, that produces light through its own innovative process, our products and services PROGRESS uniquely place us ahead of others in the modern world. DISTRIBUTION FOOTPRINT Growth With each passing year, our roots strengthen, and we spread our network to reach out to more and more people with our financial planning solutions. We band together much like the interlocked roots of a tree that grow steadily and flourish to provide shade to many. CSR INITIATIVES Prosperity Going forward in life is linked with giving back to life. We drive our strength and purpose from nurturing our society and serving the community for collective prosperity. PRODUCTS& SOLUTIONS Passion When it comes to our products and solutions, we go above and beyond to give you the best. Just as the lotus flower grows gracefully and magically in murky waters, it’s our passion that drives our efforts to serve you, no matter the challenges and hurdles that come our way. OUR TEAM Harmony Together we soar high in the sky, leaving the hurdles behind. Our people are driven by their commitment and ownership towards a common goal, flying against all odds to ensure progress and prosperity. Director’s Profile Mr. Rafique R. Bhimjee has a B.Sc (Hons) in Management Science from the University of Warwick and Mr. Daanish Bhimjee has been working in the financial services sector for over 15 years. His most an M.B.A in Finance from City University, London. He is also a Certified Director from Pakistan recent position was with Standard Chartered Bank, where he was a Managing Director in charge of “ ” Institute of Corporate Governance. Financial Institutions Investment Banking for Africa and Middle East. Prior to that he was with Barclays Investment Bank and Rothschild in the UK. He has worked overseas in Merrill Lynch Asset Management, New York and Abu Dhabi Investment Authority. Mr. Daanish has advised insurance, bank and government clients on a wide variety of M&A, strategic advisory and capital raising projects across Europe, Middle East and Africa. He has worked on projects Mr. Rafique R. Bhimjee was the Chairman of EFU General Insurance Ltd. from February 1999 to July in over 20 countries and advised on transactions with aggregate valuations in excess of $150 billion. 2011 and became Chairman of EFU Life Assurance Ltd. in