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Annual Report 2011

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Annual Report 2011 Moving Beyond ANNUAL REPORT 2011 Jubilee General Insurance Company Limited (formerly New Jubilee Insurance Company Limited) Contents 03 Company Information 21 Shareholders' and Investors' Information 27 Financial Highlights 37 Corporate Governance 55 Financial Statements 106 Executives 107 Branch Network Proxy Form Annual Report 2011 02 Jubilee General is the only top Pakistani insurer with the distinction of being assigned “AA” rating with “Positive Outlook” by both PACRA and JCR-VIS Jubilee General Insurance Company Limited 03 Company Information 04 Corporate Information 05 Board of Directors 08 Vision 09 Mission 10 Values 11 Strategic Objectives 12 Company Profile 14 Insurance Products 16 Management Team 19 Organisation Structure 20 Ethics and Business Practices Annual Report 2011 04 Corporate Information Chairman of the Board of Directors Towfiq H. Chinoy (Non-Executive Director) Directors Akbarali Hashwani (Non-Executive Director) Sadruddin Hashwani (Non-Executive Director) Masood Noorani (Non-Executive Director) Akbarali Pesnani (Non-Executive Director) John Joseph Metcalf (Non-Executive Director) R. Zakir Mahmood (Non-Executive Director) Aly Noormahomed Rattansey (Non-Executive Director) President & Managing Director Tahir Ahmed (Executive Director) (Chief Executive) Company Secretary Atiq Anwar Mahmudi Auditors Ernst & Young Ford Rhodes Sidat Hyder Legal Advisor Surridge & Beecheno Bankers Habib Bank Limited Standard Chartered Bank (Pakistan) Ltd. United Bank Limited Soneri Bank Limited Faysal Bank Limited Bank Alfalah Limited MCB Bank Limited Share Registrar THK Associates (Pvt) Ltd Ground Floor, State Life Building No. 3, Dr. Ziauddin Ahmed Road, Karachi. Tel: 35689021, 35686658 Head Office / Registered Office 2nd Floor, Jubilee Insurance House I.I. Chundrigar Road, Karachi, Pakistan UAN : (92-21) 111 - 654 - 111 Tel : (92-21) 32416022-26 Fax : (92-21) 32416728, 32438738 E-Mail : [email protected] Website : www.jubileegeneral.com.pk Jubilee General Insurance Company Limited 05 Board of Directors Towfiq H. Chinoy Tahir Ahmed Akbarali Hashwani Chairman Managing Director & Director Chief Executive Director since: 27-08-1997 Director since: 09-07-2005 Director since: 17-11-1979 Other engagements: Other engagements: Other engagements: Chairman Vice Chairman Chief Executive / Proprietor Pakistan Cables Limited Pakistan Insurance Institute Landmark Spinning Industries Ltd Packages Limited Syndicate Trading Company Managing Director / Director Chief Executive Regent Textile Industries Ltd International Steels Limited Ittehad Cement Industries Ltd Hassan Ali & Co. Cotton (Pvt) Ltd Director / Trustee Coronet Enterprises (Pvt) Ltd Linde Pakistan Ltd Hashwani Construction Jubilee Life Insurance Company Ltd Company (Pvt) Ltd IGI Investment Bank Ltd Beaumont Enterprises (Pvt) Ltd HBL Asset Management Ltd Marvel Enterprises (Pvt) Ltd Pakistan Centre for Philanthropy Stonyx (Pvt) Ltd Mohatta Palace Gallery Trustee Periclase (Pvt) Limited Annual Report 2011 06 Board of Directors Sadruddin Hashwani Masood Noorani Akbarali Pesnani Director Director Director Director since: 17-11-1979 Director since: 28-01-1982 Director since: 15-08-2002 Other engagements: Other engagements: Other engagements: Chairman & Chief Executive Chairman/Director Chairman Hashwani Hotels Ltd Jubilee Life Insurance Company Ltd Aga Khan Cultural Services Pakistan Zaver Petroleum Corporation Ltd Sole Proprietor Greentech Solution (Pakistan) Ltd Ocean Pakistan Ltd Noorani Associates The First Micro Finance Bank Ltd Chairman/Director Director Gelcaps (Pakistan) Ltd Cherat Cement Co. Ltd Hassan Ali & Co. (Pvt) Ltd Cherat Packaging Ltd Hassan Ali (Grains) (Pvt) Ltd Mirpurkhas Sugar Mills Ltd Hashoo Limited Greaves Pakistan (Private) Ltd Hashoo Holdings (Pvt) Ltd Greaves CNG (Private) Ltd Hashoo International (Pvt) Ltd Air Asia Ltd Noor Properties (Pvt) Ltd Air Safira Ltd Zaver Chemicals Ltd Industrial Promotion Services Zaver Mining Company (Pvt) Ltd (Pakistan) Ltd Pakistan Services Ltd Pearl Continental Hotels (Pvt) Ltd Trans Air Travels (Pvt) Ltd Pearl Tours & Travels (Pvt) Ltd Zaver Power (Pvt) Ltd O P I Gas (Pvt) Ltd Zaver Oils Ltd Pakistan Services (Azad Kashmir) Ltd Jubilee General Insurance Company Limited 07 John Joseph Metcalf R. Zakir Mahmood Aly Noormahomed Rattansey Director Director Director Director since: 28-02-2007 Director since: 25-06-2008 Director since: 25-06-2008 Other engagements: Other engagements: Other engagements: Director President & Chief Executive Chairman Jubilee Life Insurance Company Ltd Habib Bank Limited Aga Khan Rural Support Programme Jubilee Holding, Kenya Jubilee Insurance Company, Kenya Chairman Director Jubilee Insurance, Tanzania Habib Bank Financial Services Rural Support Programme Network Jubilee Insurance, Uganda (Pvt) Ltd Askari Bank Limited Jubilee Insurance, Mauritius Habib Allied International Bank Jubilee Life Insurance Company Ltd Plc, UK Habib Finance International Bank Limited, Hong Kong Director First Women Bank Limited Khushhali Bank Member Pakistan Banks Association Council Member Institute of Banker’s Pakistan Annual Report 2011 08 Vision To enable people overcome uncertainty Jubilee General Insurance Company Limited 09 Mission Provide solutions to protect the future Annual Report 2011 10 Values Teamwork Integrity Excellence Passion Jubilee General Insurance Company Limited 11 Strategic Objectives Jubilee General is a growth-oriented leading insurance company of Pakistan. Our strategic objective is to increase our market share without compromising on level of service to our customers and profitability. We aim to achieve our objective by diversifying our portfolios, relying on niche areas by developing new products, sustaining profitable growth through employee training and continuously improving service to our customers. Annual Report 2011 12 Company Profile Jubilee General Insurance Company Limited, Network, Aga Khan Fund for Economic established in 1953, is one of the most reputed Development and Hashoo Group. Jubilee and brightest names in the insurance sector. General, with its Head Office in Karachi, has an The Company has changed its corporate name extensive and dynamic branch network in all from "New Jubilee Insurance Company Limited" major cities and towns of Pakistan that to "Jubilee General Insurance Company guarantees prompt service at the customer’s Limited" from October 17, 2011 to create a doorstep. strong brand identity. Sustained growth over half a century has secured Jubilee General a Jubilee General is the only company to secure place among the “Big Three” Pakistani insurers and sustain an Insurer Financial Strength in terms of gross direct premium and financial Rating of “AA” both with “Positive Outlook” by base. Jubilee General is listed on the Karachi PACRA and JCR-VIS. During the last six years and Lahore Stock Exchanges. Major Jubilee General has grown at double the shareholders include, Aga Khan Development industry average growth rate. Jubilee General Insurance Company Limited 13 In 2003, Jubilee General became the first General continues to develop new, flexible and Pakistani insurance company to acquire a customised plans to suit the diverse needs of foreign company when it took over the Pakistan our many blue chip Pakistani companies and operations of CGU International Insurance plc. multinational clients. Jubilee General has recently modified its health insurance products The company prides itself in its long-standing with better coverage and scalable limits. reinsurance arrangements and relationships Jubilee General continues to innovate in terms with internationally renowned reinsurers such of product development and distribution as Swiss Re, SCOR, Lloyds, Hannover Re and channels, as well as customer service which is Mitsui Sumitomo Re. The company is also the corner stone of our business philosophy. In supported by internationally acclaimed this regard, during the last couple of years we reinsurance brokers including AON Group, have introduced numerous value-added Willis, Marsh and UIB. services, including: With a broad spectrum of services available, - Comprehensive Free Tracker Package for Jubilee General’s client-base comprises Auto Insurance Customers prominent national and multinational - SMSCare - Claims Alert Service corporations operating in Pharmaceutical, Chemical, Textile, Cement, Services (Hospitals - Online Claim Intimation Services & Hotels), Oil & Energy, Manufacturing, FMCG, - Online Complaint Handling and Feedback Engineering, Banking and Financial sectors. Service At Jubilee General, diversity is maintained - Online Premium Calculators through underwriting all classes of general - Online Proposal Forms insurance including property, marine, motor, engineering, health and general accident. The true test of the soundness of insurance Jubilee General not only offers wide risk coverage is the duration of client relationships. coverage, but also provides related risk This is proven by the fact that many valued management services delivered by highly clients have been with us for over 40 years. qualified and experienced risk managers. Clients are satisfied knowing that Jubilee Jubilee General has developed unique and General is their best security. innovative insurance solutions to meet the growing consumer financing trends of the Jubilee General’s business philosophy can be economy. From auto financing to personal summed up as Customer Protection, Customer loans, mortgages to plastic cards, and trade Satisfaction and Customer Trust. This is finance to
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