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Annual Report 2013 ANNUAL REPORT 2013 Building Upon Our Strengths EFU GENERAL INSURANCE LTD. BUILDING UPON OUR STRENGTHS EFU HAS THE STRENGTH TO POWER ITS PROGRESS. DURING OUR EIGHTY YEARS WE HAVE SEEN MANY CHANGES TAKING PLACE; GLOBALLY, IN OUR OWN COUNTRY, AND IN OUR INDUSTRY. WE HAVE OURSELVES UNDERGONE MANY TRANSFORMATIONS – EXPANDING, IMPROVING, RISING TO HIGHER LEVELS. THE ONE THING ABOUT US THAT HAS NOT CHANGED IS THE PASSION TO DO THINGS RIGHT. IT HAS MANY DIMENSIONS, WHICH WE CALL OUR PILLARS OF STRENGTH. EACH OF THESE PILLARS COMPLEMENTS THE VITALITY AND VIBRANCY OF ALL THE OTHERS. IT IS THESE PILLARS OF OUR STRENGTH THAT HAVE EMPOWERED US TO BE IN THE FOREFRONT OF PAKISTAN'S INSURANCE INDUSTRY, CARRYING US FORWARD YEAR AFTER YEAR, WITH CONTINUED SUCCESS AND ACHIEVEMENT. Key Information Contents Customer Trust - Our Greatest Strength 03 The Strength to Deliver on What We Promise 05 The Strength of Leadership 07 Rating: The Strength to Innovate 09 Insurer Financial Strength The Strength to Invest in Superior Human Resource 11 The Strength to Remain at the Leading Edge of Technology 13 The Strength to Sustain Growth 15 Vision & Mission 16 AA+ Strategic Objectives 17 Risk Identification, Evaluation and Management 18 Product Portfolio 20 Written Premium Policy and Procedure for Stakeholder Engagement 21 Share Price Sensitivity Analysis 22 13 882 Whistle Blowing Policy 22 Million SWOT Analysis 23 Access to Reports and Enquiries 24 Earned Premium Company Information 25 Directors’ Profile 26 13 270 Organisation Chart 28 Million Management 29 Financial Calendar 33 Notice of Meeting 34 Net Premium Revenue Report of the Directors to Members 39 Key Financial Data 47 6 342 Vertical Analysis of Balance Sheet & Income Statement 48 Million Horizontal Analysis of Balance Sheet & Income Statement 50 Cash Flow Summary and Financial Ratios 52 Statement of Value Added 54 Underwriting Result Analysis of Financial Statements 55 Analysis of Variation in Results Reported in Quarterly Accounts 59 Statement of Compliance 60 772 Review Report by Auditors on Corporate Governance 62 Million Auditors’ Report to the Members 63 Balance Sheet 64 Breakup Value Profit and Loss Account 66 Statement of Comprehensive Income 67 95.26 Statement of Changes in Equity 68 Rupees Statement of Cash Flows 69 Statement of Premiums 70 Statement of Claims 71 Shareholders Equity Statement of Expenses 72 Statement of Investment Income 73 11 908 Notes to the Financial Statements 74 Million Pattern of Shareholding 111 Glossary 113 Offices 116 Form of Proxy An insurer is carried forward by customers 02 EFU GENERAL INSURANCE LTD. Annual Report 2013 CUSTOMER TRUST - OUR GREATEST STRENGTH The business of insurance eventually crystallizes to credibility and trust. Your Company, since inception, places the highest value on customer trust. All that we do is always aimed at enhancing the trust and confidence our customers invest us with. With over eight decades and millions of interactions down the road, earning and enhancing customer trust is the keystone of our corporate culture. This is the guiding light that illuminates the path ahead for everyone in the EFU family when transacting with both existing customers and new prospects. Our success with this practice is evidenced by two very important facts. Many of our customers insure with us in multiple classes of business. Secondly, many of our customers happily refer us to their associates and acquaintances. Insurance isn't an off-the-shelf product. Every policy that we sell envisages a relationship for a certain time-frame. Our philosophy and practice is to endeavour to extend these relationships beyond the time-frames mandated by the policy contracts. Over eight decades of being the first choice insurer for knowledgeable customers is testimony that we build trustworthy and trusted relationships as we go about building our business. EFU GENERAL INSURANCE LTD. 03 Insurers who deliver on promises keep moving to the next higher level 04 EFU GENERAL INSURANCE LTD. Annual Report 2013 THE STRENGTH TO DELIVER ON WHAT WE PROMISE The ability to deliver on promises is key for any insurance services provider. It is a question of the strength of the insurer's asset base and the quality of the insurer's strategic alliances with re-insurers. At EFU we constantly enhance our asset base, maintain a liquidity ratio above that mandated by statutory requirements and have standing treaties with the finest and most highly regarded re-insurers in the world. Our assets, financial strength and single-minded management focus on being credible enable us to take advantage of the growth trends that are transforming our industry. We are always in a position to execute our growth strategies in an increasingly complex and competitive marketplace. Based on this solid foundation, our company consistently delivers on our promises to customers and all stakeholders. EFU GENERAL INSURANCE LTD. 05 The position of market leader should be treated as a platform for improved performance 06 EFU GENERAL INSURANCE LTD. Annual Report 2013 THE STRENGTH OF LEADERSHIP Where leadership brings onerous responsibilities, it is also a source of strength to your company's management and field force alike. We are Pakistan's most recognized and acknowledged insurance brand, at home and abroad. This gives us an edge in the market, and in some ways eases the way for our people on the sales front. We treat our position of market leader as a platform to serve our customers and community still better. The strength of leadership enables us to be constantly in an upgrade mode. We keep abreast with the most recent advances in our field worldwide, adopting or adapting all that is applicable in our environment. This, inter alia, empowers us to continuously hone our skills, add to our expertise, to better equip ourselves to face the challenges of the future. EFU GENERAL INSURANCE LTD. 07 Being the market leader demands of an insurer to blaze new trails 08 EFU GENERAL INSURANCE LTD. Annual Report 2013 THE STRENGTH TO INNOVATE Our leadership position also gives us the strength to innovate; to help improve the operational climate for the entire industry in general. With our fingers on the pulse of development, we continue to evolve new products as we foresee new needs for insurance protection. These, over time, become industry standards. We were the first to define risk management as an independent discipline of insurance practice. Our risk managers work closely with clients to survey and assess potential risks. Their determinations on the gravity of possible hazards and their advice enable clients to institute first response systems and procedures. These, in turn result in a safer society. EFU GENERAL INSURANCE LTD. 09 An insurer must continuously enhance the quality of its human resource 10 EFU GENERAL INSURANCE LTD. Annual Report 2013 THE STRENGTH TO INVEST IN SUPERIOR HUMAN RESOURCE An insurance company, as a service provider relies very heavily on its human resource to transform promises into perceivable benefits for customers. Human resource needs to be continuously replenished and enhanced. Recruiting the finest talent available and grooming them into top of the line professional practitioners requires financial strength, stability and sustained effort. Your company was the first to institute formal training regimes for staff, and still retains leadership in skills sets development for insurance practitioners. It is no surprise that in addition to being the first choice insurance company for customers, we are also the first choice employer for those who desire to make a career of insurance. We could not be more proud of the quality of our people. We are confident that the skills and expertise, resourcefulness and commitment they demonstrate daily in the field will see us mastering the competitive challenges of the future and propel us to even greater achievements. One of our abiding goals is to set the standards for performance in our industry as the future transforms into the present. This is possible only when a company operates from a position of indubitable strength. EFU GENERAL INSURANCE LTD. 11 It is necessary for an insurer to enhance easy interaction between customer and company 12 EFU GENERAL INSURANCE LTD. Annual Report 2013 THE STRENGTH TO REMAIN AT THE LEADING EDGE OF TECHNOLOGY The world is moving into the e-economy at a breakneck speed. Pakistan, perforce, needs to keep abreast with these developments in this era of globalization. At EFU General, we view technology as a facilitator of interactions between company and customers. Everything else that we do can be subsumed under this head. Our robust financial health enables us to continue investing in superior technological solutions. The outcome is a seamless flow of information both within the company and between company and customers. We believe that shorter turnaround times and enhanced quality of information extend our ability to serve all stakeholders better. The final outcome is customer satisfaction. Satisfied customers mean business growth. EFU GENERAL INSURANCE LTD. 13 Continuity of success for an insurer means sustaining growth without compromising quality of product and service 14 EFU GENERAL INSURANCE LTD. Annual Report 2013 THE STRENGTH TO SUSTAIN GROWTH Sustainability is a key issue of size and scale. As business expands, quantity engenders changes in quality. Success lies in sustaining the rate of growth without compromising on the quality of product and service. Over eighty years of growth and leadership demonstrate our strength to absorb challenges, provide appropriate responses and be able to do it without hiccups. Over and above that, it also testifies to our capacity to adapt to changing paradigms. Shifts in the global political and economic environment will always impact business, wherever business is pursued. Our strength to sustain our leadership flows from the unique bank of customer trust, that we carry forward into our 82nd year of superior service.
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