Our Pledge Resolution passed by the Board of EFU Life Assurance Ltd. on August 31st 1992. Saifuddin N. Rafique R . Bhimjee Taher G. Sachak Zoomkawala (Chairman, (Managing Director (Chairman, EFU EFU Life Assurance & CEO, EFU Life General Insurance Ltd.) Assurance Ltd.) Ltd.) On the occasion of Twenty Five Years of EFU November 18, 1992 marks the rebirth of EFU As one who has had a rather long association Life, I would like to congratulate and thank Life operations. It has been 25 years, since the with the EFU Group of Insurance Services everyone associated with the Company, and then regulator, controller of insurance, granted providers, I have also had a priceless especially our policy holders, clients and EFU Life the license to commence business. opportunity to benefit from the vision of Mr. bancassurance partners for the trust and Whilst, EFU Life is now 25 years young, the Roshen Ali Bhimjee, the founder of EFU Life confidence they have reposed in us. EFU brand of course, has a much longer history. who was a visionary extra-ordinaire. Eastern Federal Union Insurance Company (as Eastern Federal Union, as the company was Profit is the motive behind every commercial EFU Life was known then) was formed 85 then known was established in 1932 in Calcutta venture. Mr. Bhimjee had chosen insurance as years ago as the first Muslim owned insurance by prominent Muslims leaders. By 1961, the a vocation because he believed that one can entity in pre-partition India and EFU is perhaps EFU brand had become the largest insurance also and always do good while earning one's the oldest local brand in any industry in company in South East Asia, excluding Japan. daily bread. Essentially, what Life Insurance Late Roshen Ali Bhimjee Pakistan today. The company received a great In 1972, the life insurance industry was does is guarantee a family's daily bread and Founding Chairman - EFU Life Assurance Ltd. set back in 1972 when its life insurance business nationalized, and EFU operated solely as a dignity, whether the bread earner is present or has moved on. was nationalised. However in 1992 the doors General insurance company. were once again opened for the private sector We sell policies, but the product to our and life insurance business of Eastern Federal In the early 1990's, the government allowed customers is an assurance that their quality was re-born as EFU Life Assurance Limited. the private sector to enter the market, and We shall always remain true to our ideal of providing of life and their dignity will be sustained, no The vision and ethos of EFU Life as conceived EFU Life was reborn. the people of Pakistan with an organisation that will matter what comes their way. With this by its founders, main shareholders and senior assurance comes peace of mind and render the best possible service in the field of life It's been a privilege to have been given the management at the time was not merely to responsibility to lead a brand like EFU with happiness. Every policy we sell contributes to insurance. create a profit maximising business entity but such a rich history and heritage. I have been the present and future well-being of our an institution that would balance the interest We shall endeavour to relieve our policyholders and a part of this amazing journey since the customers. of all its stake holders, i.e. policy holders, beginning, and nothing makes me prouder to Today, I am a happy person twice over. With their families of financial hardships caused by early management, field force, shareholders and see the EFU Life brand moving forward, and you, I rejoice that EFU Life enters its 25th year death, critical illness and retirement. the society as a whole. This has been achieved going from strength to strength. contributing to the overall peace of mind and by introducing the innovative life insurance We shall consistently strive to ensure that the charges Today, EFU Life is not only a leading life insurer happiness of its customers and their loved plans at reasonable rates, providing a for all our policies are fair and reasonable. in Pakistan, but has been instrumental in ones. professional working environment for training transforming the industry, pioneering new and nurturing the best life insurance talent in I look forward to EFU Life reaching many such We shall be guided by the principle of providing fair concepts and financial solutions, such as the industry both in the management cadre milestones in the times to come. returns to our shareholders but at the same time introducing the concept of unit-linked policies and in the field force. EFU Life has been paying Congratulations on a job done well. making the company sound and financially strong. in Pakistan for the first time, along with consistent dividends to its shareholders and products focused on living benefits, and We shall give top priority to claimants and deal with has supported causes dedicated to the bringing computerized illustrations of benefits them with a sense of urgency and understanding. improvement of health, education and physical for clients, which are now considered as norm environment in the country. in the industry. EFU Life looks forward to serving Pakistan Our journey of success has been partnered and its people with even greater spirit and through support from our staff, investors, dedication in the years to come. clients, and regulators. Thank you for the trust that you have placed in us and we commit to being your financial partner in the years to come. EFU Life - Expanding the reach through EFU Life - Embracing Technology, Alternative Distribution Channels Embracing Future!

'May you live in interesting times!' - this needs. The app, available for both Android Venturing into unexplored segments of the famous ironic saying often used as a curse and IOS platforms, also features a Need Pyramid - Tahaffuz Sab Ke Liye reminds me so much of technology these Analysis Tool that actually guides them in days. In essence, we are living in a world opting for a suitable financial plan. A similar EFU Life marked its beginning 25 years channel. EFU Life has collaborated with where there is nothing ironic about app was simultaneously launched for our ago in the unsaturated life insurance various such platforms to reach out to interesting times. This age is characterized sales consultants, helping them in the sales industry of Pakistan. The strong brand masses through nano-insurance by such fast-paced technological acquisition and tracking process. presence built over the years has products as well as provide a paperless revolution that 'interesting' seems a lesser Last year we partnered with Monet, enabled EFU Life to establish a trusted and convenient mechanism for word. What was interesting just yesterday to provide smartphone connectivity for our name in providing an entire spectrum customer journey, including acquisition is history today, and what is interesting clients to pay premium via debit/credit of financial planning solutions. and payments. today might not even matter tomorrow. cards. We also collaborated with Easypaisa, Technology has created an upheaval in JazzCash, and e-Sahulat platforms, enabling EFU Life has focused on developing The Micro and Small Medium Enterprise our daily lives, but with disruption, it has clients to conveniently pay through alternative distribution channels and sector constitutes nearly 90% of all the brought opportunity! Zain Ibrahim JazzCash retailers and Easypaisa/e-Sahulat touch points that can impact the masses enterprises in Pakistan; employs 78% Life insurance business has not remained Executive Director & shops. To provide even greater ease, we resulting in their social upliftment. An of the non-agricultural labor force; and Chief Operations Officer insulated from such a revolution. As also teamed up with 1-Link, allowing our impetus to this strategy was given by their share in the annual GDP is more technology is reshaping how we think, perceive and clients to pay premium online while remaining within the GoP's “National Financial Inclusion than 30%. EFU Life has tapped into this Mohammed Ali Ahmed act, it is shaking the very foundations of the traditional their personal banking portals. Strategy” (NFIS) which considers sector via the retailer segment offering Executive Director & flexible insurance solutions tailored to business model life insurers follow. It is time to move We continue to expand our state-of-the-art Point of insurance as an essential pillar of Chief Strategy Officer from just being an insurance company to being the financial inclusion. Hence, EFU Life with the needs of this segment. Sales system into bancassurance, banca-takaful and 'InsurTech' company. In fact for insurers, 'InsurTech', family takaful operations. The system optimizes the its objective of strengthening its distribution foot Digitization can deliver significant value along the not orange, is the new black! print aligned with the NFIS entire life insurance business model as today it has sales process at branches utilizing a live back-end strategy, exploring several influenced the way Insurers can make no mistake - technology must be environment. In addition, our two-way SMS facility alternative platforms consumers now purchase leveraged to make the life insurance acquisition and launched five years ago has now been extended to such as Mobile Network products and services. service process easier, hassle-free, and more efficient. lead generation as well. Operators (MNOs), Keeping in view the New business models must be embraced, offering Life Insurance business is about people and it is about Branchless Banks (BB), growing acceptance to distant, low-touch relationships with clients. Digital data! The industry stands in an ideal position to utilize Micro Small Medium online purchases fueled transformation must be hugged so that it can usher in sophisticated analytical tools for data refinement in Enterprises (MSMEs), by the retail sector fresh opportunities to deliver unprecedented value to order to offer continuously improved products and customers anytime, anywhere. Microfinance e-commerce, EFU Life is services and thereby enriching people's lives even Institutions (MFIs), actively developing an I am pleased to report that EFU Life isn't missing the more. EFU Life took the lead in the Business Intelligence Online/Digital Channel. integrated digital sales technology boat; in fact, it is steering it! (BI) arena by becoming one of the first life companies platform to target the We are a company that has always envisioned to successfully implement the 'QlikView' tool in 2013. With the NFIS strategy in tech-savvy generation of technology as our core competency and viewed This year we further expanded our BI platform by place, EFU Life has included tomorrow, offering a wide budgets spent on acquiring technology as an embedding the latest tool, 'QlikSense', in our back-end inclusive insurance as one of the key pillars of its range of financial planning investment, rather than an expense. operations and on the front-end information Strategy with the aim of increasing the number of solutions with ease and visualization dashboards for senior management and Six years ago we became the first insurance company insured lives under the insurance net and to have convenience. our partners. a parallel social impact. in Pakistan to successfully implement the IBM's The above touch points Enterprise Content Management (ECM) solution; Moving forward, we have set our eyes on harnessing As part of the vision to collaborate and contribute create an opportunity of thereby creating a 'paperless' workflow environment. the next generation of technology like Big Data, AI, to the development of inclusive insurance, EFU a remote non face-to-face This investment revolutionized our efficiency, made Cloud computing, Blockchain, to explore ways they Life has been enrolled as a member of the Mutual interaction with the our processes more secure, enabled us to save can be used to extract greater insight from our Exchange Forum on Inclusive Insurance, (MEFIN), potential target market; tremendous resources in storage capacity and with all customers' behavior and provide greater security, a collegial body of insurance policy makers and thus the product strategy of that, afforded us the opportunity to increase our transparency and more customer-centric solutions. regulators in Asia with the aim to promote an also needs to reflect this. client's satisfaction manifold by serving them We realize that the future is here! With products such as Nano-term life, personal efficient and effective collaboration with the expeditiously. Laurie Anderson once famously said, 'Technology is accidental and Hospital Cash Assistance, the key insurance industry. Supported by GIZ (German the campfire around which we tell our stories' - EFU aspects of the strategy are: (i) Simple product In 2014, we became the first company in the life Government), the forum includes Indonesia, Nepal, Life remains committed to being a company whose proposition considering that masses are being insurance industry in Pakistan to launch a smartphone Mongolia, Philippines, Vietnam, Sri Lanka and success story is and will continue to be written around targeted having a limited level of financial app 'EFU Life PlanIT' for clients, offering them Pakistan. EFU Life is the first insurance industry technology. player from any of these 7 countries to be accepted awareness. (ii) simplification of customer acquisition convenient, on-the-go features for all their servicing as a member of the network. process, making the whole experience digital and instant., (iii) ease of claims intimation (paperless) Groupe Speciale Mobile Association (GSMA) recent and seamless turn-around time for payments, (iv) research titled 'The Mobile Economy' suggests that minimal (or no) underwriting, limited exclusions, 72% of mobile subscribers are from ten countries, this is an area where EFU Life has successfully which includes Pakistan. It is anticipated that by changed its underwriting strategy to account for 2020, an additional 17 million subscribers will be this market segment. The crux of the strategy lies added to the current base of 137 million. Each new in constant monitoring of the claims ratio and mobile subscription is a massive opportunity for making amendments in the structure and price of expanding financial inclusion through an increase products as and when necessary. EFU Life has in the number of mobile wallets. Viewing this as a successfully embedded this factor into its inclusive viable growth opportunity, EFU Life has partnered insurance strategy. with all three Telco-led branchless banks for The best offering is not just the product but a providing simple and affordable financial solutions complete combination - from understanding the for their customers. needs of the segment, designing a solution, keeping Digitization is evolving at a fast pace and various the process robust, digital and most importantly payment platforms have emerged which make it selecting the right channel - all resulting in a positive convenient to make nano-payments via a digital social impact on the masses! Bringing financial planning solutions to your doorstep! Celebrating

EFU is a household name in Pakistan; the foundation of the EFU brand was laid in Calcutta in 1932 by the Sales Spirit at EFU Life prominent Muslims of the country. Today, EFU Life is a leading private life insurance provider in Pakistan. It is part of the EFU Group, comprising of EFU General, the largest general insurance company & Allianz EFU Health, the only specialized health insurance Company in Pakistan. Together the three companies form the largest insurance group of Pakistan having a history of over 85 years of caring & sharing. The EFU Group provides insurance coverage for all aspects of one's life, general and health insurance. The EFU Life brand has grown from strength to strength over the last 25 years, with over 2.2 million lives falling under the EFU Life insurance net. Today the EFU Life brand stands strong in almost all cities of Pakistan, through its large network of dedicated branches nationwide for both its Conventional and Hemayah Takaful solutions, Bancassurance partnerships with over 20 banks, a dedicated Group Life set up covering over a 1000 corporate entities through more than 3200 policies, and partnerships with multiple Branchless Banking networks and Telco's that have penetrated the EFU Life brand into the smallest of towns across the nation.

Being the first employee of EFU Individual Life Channel started Life, I take immense pride in in 1994, with a handful of having seen the Group Life consultants, and today we have portfolio grow from a zero base the largest field force in the to a remarkable market private life insurance leading annual premium industry. We have been in excess of Rs.2.8 billion. investing in growing We insure around 1.7 our manpower and million lives through increasing our branch 3200 plus schemes in the network throughout the corporate, public and country for both our micro insurance sectors. conventional products This marques us as Mustafa Hussain Oonwala S. Ali Raza Zaidi and Takaful solutions. the largest insurer of National Sales Executive Director, For us the edge does Group Benefits Group Life products in Director- Sales Force the private insurance not only lie in our industry, offering a comprehensive range of manpower numbers, but in developing the quality products including and skills of our workforce. Our consultants go conventional group life, GROUP BENEFITS through a rigorous training process before they salary continuation, officially become our registered sales agents, and Over 1000 that training is continuous, extending into advance provident fund, critical corporate clients illness, medical expense, courses that keep them abreast of the new products group savings and Over 3200 policies and services offered by the company. retirement plans to I take great pride in the fact that EFU Life has the name a few. Excellence Over 1.7 million insured lives highest number of Million Dollar Round Table in services has been our (MDRT) qualifiers. In 2017, we had 180 MDRT’s, 2 hallmark since day one, and our vision is to Top of the Table (TOT), 9 court of the table (COT), continue to play a major role in the growth of and 19 Life Members representing the company insurance business in Pakistan. and our country on the global forum. The sales driven environment and the team dynamics that INDIVIDUAL LIFE EFU Life commenced its EFU Life encourages is SALES Bancassurance business in not only conducive to 2005 with just 2 partner banks career progression but Over and a handful of people. In has been extremely 200 Branches 2008 this distribution supportive to our female Over 5000 feet channel generated nearly consultants. Last year, on street 50% of the Company's the sales race was led Over 100 cities total new regular by women who not only premium business. We were our two top sales performers in EFU Life, but have come a long way in they also qualified for Top of the Table (TOT) 12 years and today we internationally. have over 20 bank Husein Sachek I have been with the company since 1997, and I Head of Bancassurance partners and dedicated consider myself lucky to have seen the company’s manpower in excess of 2000 providing both, progression to becoming the industry leader. My Conventional and Islamic team is my pride, and I’m confident that we will BANCASSURANCE solutions to our partners. continue to lead the industry with the dynamic individuals that we have in our EFU Life family. On 20 partner banks for Bancassurance is, the company’s 25th year of operations, I renew my Insurance Products therefore, here to stay and and Takaful Solution pledge to take the company to new heights. As I am sure it will continue the late Mr. Roshen Ali Bhimjee sahab envisioned Over 4500 Bank to play a crucial role in for EFU Life, our mandate is to see every Pakistani Branches across the Company's future insured, and the EFU Life brand a part of every Pakistan growth and success. household in Pakistan.

EFU Hemayah Takaful EFU Group Revolutionizing Takaful in Pakistan Pakistan’s Largest Insurer

An Overview to the Takaful Industry EFU Hemayah Takaful aims to provide ethical and Eastern Federal Union Insurance Co. Ltd. (EFU) serve them and take care of them with utmost Shariah compliant financial planning solutions was founded by the Muslims of India with financial sincerity and honesty. Our corporate conduct is Takaful is the Islamic alternative of conventional with a keen focus on value to its participating assistance from late Aga Khan Saheb and late Nawab based on uncompromising integrity, ethics and insurance, where the concept of Takaful is used members. of Bhopal in 1932. honesty. We endeavor to win and retain the loyalty as a risk management tool, to cover the losses or of our clients by providing them the highest quality EFU Group is the largest insurance group in Pakistan. As one of the leading fund managers in the of service. hazards of uncertainty of people participating. It EFU General is rated as AA+ with stable outlook by is based on the concept of mutual help and group country, EFU Life has set up a dedicated Shariah JCR VIS and PACRA. When we induct employees, we look for spark in responsibility. compliant unit linked fund for members the individual. When hiring we do certainly look EFU commenced writing Shariah-complaint Takaful comprising of Shariah Compliant investments. at the candidates education level, aptitude and Takaful Industry has grown significantly and products in Pakistan from 2015. We at EFU are The objective of the fund is to maximize capital potential. However where we find some evolved from being a regional Customer driven and hence take care of them with growth by investing in a weaknesses but if (s)he has good family business to a global one. With our expert guidance. portfolio spread across a background we hire them and then groom them a current annual growth rate wide range of investments such EFU Group has three separate Insurance Companies: to our desired requirements. Spark is a must. of 20-25% and more than 130 We provide environment in which all the team as Islamic mutual funds, 1. EFU General Insurance Limited Takaful insurance companies members work together in complete harmony and approved equities, term in operation worldwide, the 2. EFU Life Assurance Limited without egos influencing their decisions. All deposits in Islamic banks and Takaful sector is booming. The 3. Allianz EFU Health Insurance Limited employees are provided stress free working Sukuk bonds. traditional (re)insurance environment and enjoy their work with full freedom In spite of the fact that we are a nation of more to perform. market has jumped on board, Three years into the launch, than 200 million people, our level of insurance with global reinsurance giants EFU Hemayah Takaful has penetration is one of the lowest in the region. One EFU endeavors to contribute to the development such as Munich Re, Swiss Re become one of the fastest of the major reasons is the lack of documentation of the civilized and prosperous Pakistan in which and Hannover Re, all forming growing Takaful operators, with in the country. Insurance is a documented industry, all the people live in harmony. To fulfill our obligations, we act responsibly to make a difference independent units providing over 310,000 lives covered and higher the documentation higher will be the by contributing to these activities that have the Re-Takaful services to under the umbrella of EFU growth of insurance penetration in the country. Moreover, the fate of insurance business is linked greatest visible impact on the betterment of the traditional takaful operators. Hemayah Family Takaful to the general state of economy in the country. society with emphasis on education and health. through its various channels, Predictably, given their large When the rate of inflation is low, the purchasing including Individual Family Muslim population, the Middle power of people improves and provides room to Takaful, Bancatakaful and East and South East Asia are common man to purchase insurance. The interest Group Takaful. rates being low at present has enabled people to driving the sector. Malaysia and Gulf countries buy vehicles at affordable costs. With more cars Currently, our dedicated individual takaful sales are key players in the global Takaful market with on the road, motor insurance business is showing a significant share. force comprises of nearly 600 individuals significant growth. Lack of awareness among the nationwide, with these numbers growing steadily. masses about the potential benefits of insurance is How the Takaful Model works Additionally, we have strategic partnerships with also a major cause of hindrance in the growth of The current Takaful model prevalent in Pakistan, over 9 Banks for our Banca Takaful solutions; our insurance industry. and which has been vetted and approved by Group Takaful area is offering Takaful solutions EFU is not just a commercial organization, it is an Shariah scholars is the Wakalah Waqf model. Here, to over 60 corporate entities. institution in itself. Those who join EFU, soon the takaful operator serves as the Wakeel, or develop an emotional attachment with it on manager, of a pool of funds into which participants “EFU Hemayah Takaful' is a complete Shariah account of the family-like atmosphere within the organization. As we take care of them and try to pay takaful contributions. These funds are compliant solution providing comprehensive protection to fulfil an individual's needs solve all their problems, they soon develop a sense managed by the takaful operator for a Wakala of ownership and begin to feel that the organization fee, and benefits to participants are paid out from throughout the course of life. 'Hemayah' is is theirs. The employee turn-over rate is almost these funds. In case of surplus remaining in the backed by EFU Life's years of experience, deep zero and very rarely people who work with us fund, or excess of contributions over benefit rooted local insights, strong IT Infrastructure leave. We have an open and friendly culture, where payments, a portion of the surplus is paid back and an impeccable financial base, that has been people can freely share their problems and to the participants of the fund in line with Shariah instrumental in establishing this brand. I see exchange their ideas. Trust is at the heart of all EFU Life House, Karachi concepts. The remaining surplus may be retained 'Hemayah' growing, and building its presence our transactions. Our customers trust us as we in the fund to cater to future benefit payments. across Pakistan in line with our company's In addition to managing the Waqf fund, the takaful nationwide presence, and ultimately providing operator also invests additional contributions paid protection to every household in the country.” by participants in Shariah-compliant avenues on their behalf. Mr. Rehman Fayyaz Head of Window Takaful Operations EFU Life - Window Takaful Operations After permission from the Securities Exchange Future Outlook Commission of Pakistan, EFU Life Assurance Ltd. The Window Takaful Operations of EFU Life were became the first Window Takaful Operator in launched with a view of creating a significant Pakistan, to launch its Window Family Takaful impact on the family Takaful landscape of Pakistan. operations under the brand name 'Hemayah'. Boasting the largest sales force in the private 'Hemayah' means protection in Arabic and is sector, and a strong financial asset base, EFU Life encapsulated in the line 'Aap ki Khushiyon ka has proven to be a leader in providing financial Saibaan' signifying the protection that is offered solutions to the public. With a dedicated focus by EFU Life's Family Takaful products to support on promoting Takaful in Pakistan, EFU Life hopes an individual's needs and security of his or her to be the premier Takaful provider in the near family's future at every step of life. The product future, while at the same time being a catalyst in range under the Hemayah brand caters to the the continued progress of the Takaful industry in needs of both Individuals and Corporates. Pakistan. EFU House, Karachi EFU House, Lahore