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NJI Annual 2007 Final.FH10

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NJI Annual 2007 Final.FH10 CONTENTS Corporate Information 6 Vision & Mission 8 Directors Report to the Shareholders 9 Key Operating and Financial Highlights 12 Statement of Compliance with the Code of Corporate Governance 14 Review Report to the Members 16 Auditors Report to the Members 17 Balance Sheet 18 Profit & Loss Account 20 Statement of Changes in Equity 21 Cash Flow Statement 22 Revenue Account 23 Statement of Premiums 24 Statement of Claims 25 Statement of Expenses 26 Statement of Investment Income 27 Notes to the Financial Statements 28 Statement of Directors 55 Statement of Appointed Actuary 55 Pattern of Shareholding 56 Compliance Status of the Code of Corporate Governance Listing Regulation 37 58 Notice of Annual General Meeting 60 Proxy Form CORPORATEinformation BOARD OF DIRECTORS Masood Noorani Chairman Javed Ahmed Chief Executive Officer / Managing Director Towfiq H. Chinoy Director Sultan Allana Director Shahid Mahmood Loan Director Xavier Gwenael Lucas Director John Joseph Metcalf Director COMPANY SECRETARY Manzoor Ahmed BOARD COMMITTEES MANAGEMENT COMMITTEES AUDIT CLAIMS Towfiq H.Chinoy Chairman Javed Ahmed Chairman Shahid Mahmood Loan Members Manzoor Ahmed Member John Joseph Metcalf Member Zahid Barki Member/Secretary Xavier Gwenael Lucas Member FINANCE REINSURANCE Masood Noorani Chairman Javed Ahmed Chairman Javed Ahmed Member Zahid Barki Member John Joseph Metcalf Member Jabran Noor Member/Secretary Manzoor Ahmed Member/Secretary HUMAN RESOURCE UNDERWRITING Towfiq H. Chinoy Chairman Javed Ahmed Chairman Masood Noorani Member Syed Ali Ameer Rizvi Member John Joseph Metcalf Member Zahid Barki Member/Secretary TECHNICAL John Joseph Metcalf Chairman Javed Ahmed Member Xavier Gwenael Lucas Member 06 MANAGEMENT Javed Ahmed Chief Executive Officer / Managing Director Manzoor Ahmed Chief Financial Officer Syed Ali Ameer Rizvi Sales and Marketing - Individual Life Faisal Shahzad Abbasi Sales and Marketing - Bancassurance Mohammed Sohail Fakhar Sales and Marketing - Group Zahid Barki Customer Service Faisal Qasim Information Technology Jabran Noor Actuarial Munawar Khalil Shah HR and Administration HEAD OFFICE REGISTERED OFFICE 74/1-A, Lalazar, M. T. Khan Road, Karachi -74000 16/2, KSB Pumps Building, Ph:(0096)(21) 5611071-75, 5611802-08 Sir Aga Khan Road, Lahore Fax:(0096)(21) 5610959 Ph:(0096)(42)6308956-65 Web: www.njilife.com Fax:(0096)(42)6308963 E-mail: [email protected] REGISTRAR & SHARE TRANSFER OFFICE LEGAL ADVISORS THK Associates (Pvt) Ltd. Kabraji & Talibuddin Ground floor, State Life Building No. 3 Advocate & Legal Counsellors Dr. Ziauddin Ahmed Road, Karachi- 75530 64-A/I, Gulshan-e-Faisal, Bath Island, Karachi-75530 Ph:(0096)(021)111000322 Ph: (0096) (21) 5838874, 5838876 Fax: (0096) (21) 5838871 Fax:(0096)(21)5655595 E-mail:[email protected] AUDITORS APPOINTED ACTUARY KPMG Taseer Hadi & Co. Nauman A. Cheema Chartered Accountants Nauman Associates, 7-B, Block F, Gulberg III, Lahore Ist Floor, Shaikh Sultan Trust Building No. 2 Ph:(0096)(42)5760204, 5754036 Beaumont Road, Karachi 75530 Fax:(0096)(42)5757867 Ph: (0096)(21) 5685847 E-mail: [email protected] Fax:(0096)(21) 5685095 BANKERS HBL Bank Limited Standard Chartered Bank (Pakistan) Limited 07 Directors Report Report to the toShareholders the Shareholders The Directors are pleased to present the Annual Report and the Audited Financial Statements of the Company for the year ended December 31, 2007 together with Auditor's Report thereon. Business review The Company has achieved good progress during the year 2007. An overview of the results as compared with the performance of 2006 is given below: 2007 2006 Increase (Rs. In million) Gross premium income 2,978.9 2,291.2 30% Net premium income 2,777.1 2,077.6 34% Investment & other income 749.2 342.0 119% Net claims 1,001.0 627.8 59% Movement in Policyholders' liability 1,628.1 1,197.8 36% Management expenses 726.5 477.7 52% Profit before tax 150.0 94.8 58% Profit after tax 125.5 82.7 52% Sector-wise Performance The growth of premium (net of reinsurance) in all sectors of the business remained satisfactory as indicated below: 2007 2006 Increase (Rs. In million) Individual Life Unit Linked 2,090.9 1,562.8 34% Conventional (Group Life & Term) 462.1 344.3 34% Group Pension 51.7 41.8 24% Accident & Health 172.4 128.7 34% Investments Gross investment income including unrealized gain / (loss) for the year stood at Rs. 751.5 million (2006: Rs. 342.8 million), an increase of 119%. Out of this amount, Rs. 658.9 million (2006: Rs. 258.8 million) belongs to Policyholders' linked funds and the balance of Rs. 92.6 million (2006: Rs. 84.0 million) belongs to non-linked funds. Earning per share The earning per share for the year was Rs. 2.00 (2006: Rs. 1.32), an increase of 52%. Dividend The Board has recommended cash dividend of 5% (Rs. 0.50 per share), subject to approval of the shareholders of the Company in the Annual General Meeting. The impact of this dividend declaration will be shown in the next year's financial statements and appropriations. This will be the second consecutive dividend of 5% in the Company's twelve years history. We would like to remind the shareholders that the ownership of the controlling shares of the Company changed hands from AVIVA plc International to the Aga Khan Fund for Economic Development Fund (AKFED) on 31 December 2002, and the Company's name was changed from Commercial Union Life Assurance Company (Pakistan) Limited to New Jubilee Life Insurance Company Limited effective 1st January, 2004. As at 31 December, 2002, the financial position of the company was as under: 09 Paid up Capital: = Rs. 402.0 million Accumulated losses since 1996: = Rs. 369.9 million Net shareholders' equity = Rs. 32.1 million In order to put the Company's finances and business back on a sound base and pursue vigorous growth, a Rights issue of Rs.225.120 million was made in September, 2003. Since then, with the dedicated efforts of the Directors, Senior Management and all other staff members, the financial condition of the Company has improved considerably. The shareholders' equity on December 31, 2007 stood at Rs. 481.228 million. Board of Directors During the year 2007, five meetings of the Board of Directors were held. The number of meetings attended by each Director is as follows: Name of Directors No. of meetings attended Masood Noorani 5 Javed Ahmed 5 Towfiq H. Chinoy 5 Sultan Allana 3 Shahid Mahmood Loan 4 Xavier Gwenael Lucas 4 John Joseph Metcalf (Appointed on 19 February, 2007) 5 Audit Committee The Board Audit Committee functions in accordance with the Code of Corporate Governance. The following non-executive Directors served on the Committee during the year 2007: Towfiq H. Chinoy Chairman Xavier Gwenael Lucas Member John Joseph Metcalf (appointed on 21 March, 2007) Member Shahid Mahmood Loan (appointed on 24 October, 2007) Member The Audit Committee held four meetings during the financial year 2007. The Committee's terms of reference have been determined by the Board in accordance with the guidelines provided in the Code of Corporate Governance. The Audit Committee reviewed the quarterly, half yearly and yearly Financial Statements besides reviewing the internal control system, the internal audit plan, material audit findings and recommendations of the Chief Internal Auditor. The Board appreciates the contribution made by the Audit Committee. The Internal Audit Function Until now, the internal audit function has been performed by an in-house team under the leadership of a Senior Chartered Accountant. With a view to further strengthen this function and introduce a full fledged Risk Based Audit, the Directors have now appointed Messrs. Ford Rhodes Sidat Hyder & Company as Internal Auditors. Compliance with Listing Regulations The Statement of Compliance with the best practices of Corporate is annexed on page 14 of this report. The Directors are pleased to confirm the following: - The Financial Statements prepared by the management of the Company present fairly its state of affairs, the result of its operations, cash flows and changes in equity. - Proper books of accounts of the company have been maintained. 10 - Accounting policies have been consistently applied in preparation of financial statements and accounting estimates are based on reasonable and prudent judgment. - International Accounting Standards, as applicable in Pakistan, Insurance Ordinance and Rules have been followed in preparation of financial statements and any departure there from has been adequately disclosed. - The system of internal control is in place and is being continuously reviewed by internal audit. The process of review will continue and weakness in controls, if any, will be removed. - There are no significant doubts upon the Company's ability to continue as a going concern. - There has been no material departure from the best practices of corporate governance as detailed in the listing regulations of the stock exchange of Pakistan. - Information regarding outstanding taxes is given in the notes to the audited financial statements. - The pattern of shareholding and the information regarding trading in the shares of the company by Directors, CEO, CFO, Company Secretary, Appointed Actuary, Executives and their spouses and minor children is shown on page 57. The Key Operating and Financial Information Key operating and financial data for the last six years have been summarized and shown on page 12 of this report. Statement of Ethics and Business Practices The Statement of Ethics and Business Practices adopted by the Board has been signed by all the Directors, Executives and the employees of the Company. Investment in Retirement Benefits The value of investments made by the staff retirement funds, operated by the Company, as per their respective unaudited financial statements as at 31 December, 2007 are as follows: Provident Fund Rs. 32.255 million Gratuity Fund Rs. 17.313 million Material Changes There have been no material changes since December 31, 2007 to the date of this report and the Company has not entered into any commitment during this period, which would have an adverse affect on the financial position of the Company.
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