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Patterns of Pakistan LIFE INSURANCE Patterns Of Pakistan Annual Report 2018 Intricate, Colorful, Inspiring. Everywhere, from art to architecture, from garments to pottery, the patterns of Pakistan add vibrancy to our diversity. As part of our commitment to Pakistan, Jubilee Life celebrates this wonderful aspect of our culture and heritage, by dedicating the Annual Report 2018 to the brilliance of patterns of Pakistan. As the pages unfold, we are confident that our readers will appreciate the aesthetic value of our Country’s rich culture and heritage and are proud to present the same to you. Patterns of Pakistan CONTENTS 2. Vision, Mission 53. Directors’ Report to the Shareholders 102. Statement of Financial Position 3. Core Values 69. Risk and Opportunity Report 104. Profit and Loss Account 4. Code of Conduct 73. CSR & Engagement with Society Report 105. Statement of Comprehensive Income 5. Overall Corporate Strategy 77. Sports Roundup 106. Cash Flow Statement 6. Rating of the Company 80. Auditor‘s Review Report on the 108. Statement of Changes in Equity 8. Company Information Statement of Compliance with the CCG 109. Notes to the Financial Statements 16. Profile of Directors 81. Statement of Compliance with the 214. Statement of Directors 22. Awards and Accolades CCGI and CCG Regulations, 2017 215. Statement by the Appointed Actuary 26. Statement of Value Additions 86. Auditors’ Reasonable Assurance Report 218. Notice of 24th Annual General Meeting 28. Key Operating and Financial Data on Shariah Compliance 222. Pattern of Shareholding 32. Vertical Analysis 88. Statement of Compliance with the 227. Proxy Form 34. Horizontal Analysis Shariah Principles 230. Branch Network 46. Calendar of major events - 2018 89. Shariah Advisor’s Report 49. Share Price Analysis 91. Independent Auditors’ Report to the 50. Chairman’s Review members Vision Enabling people to overcome uncertainty. Mission To provide solutions that protect the future of our customers. 02 JUBILEE LIFE INSURANCE Core Values • Teamwork • Integrity • Excellence • Passion ANNUAL REPORT 2018 03 Code of Conduct Our Integrity guides our conduct towards our policyholders, responsible member of society and a good corporate citizen, participants, colleagues, shareholders and the general public. Jubilee makes donations for education, health, and social and This principle constitutes the foundation of our code of conduct humanitarian projects. and ethics as under: • It is Jubilee’s objective to conduct business with reputable • Compliance with law and the legal system is a fundamental clients and business partners who are involved in lawful principle for Jubilee. Every employee, agent and director business activities. We do not facilitate money laundering. shall obey the laws and regulations of the legal systems in letter and spirit within which he / she acts. Regardless of the • It is the duty of Jubilee employees to make business decisions sanctions foreseen by the law, any director, employee or an in the best interest of Jubilee Insurance and not based on their agent guilty of a violation will be liable to disciplinary personal interest. consequences related to such violation. • Jubilee employees are obligated to protect all assets of the • Respect for personal integrity, privacy and personal right of Company, including intangible assets and software products, every individual is a fundamental principle. We work together and use these properly only for the benefit of the Company. with individuals of various backgrounds, ethnic types, dierent cultures, gender, religions, ages and disabilities. • Open and eective communication requires accurate and truthful reporting. Jubilee is required to maintain sound • We compete fairly with the quality and the price of our processes and controls so that transactions are executed innovative products and services, not by oering improper within approved authorization. Confidentiality is maintained benefits to others. Employees are not permitted to use their with regard to Jubilee’s proprietary information that has not jobs to solicit, to demand, accept, obtain or be promised been made known to public. advantages. • Protecting the health and safety of employees in the • Jubilee does not make political contributions (donations to workplace is a high priority for Jubilee. Jubilee promotes politicians, political parties or political organizations). As a sound environment friendly business practices. 04 JUBILEE LIFE INSURANCE Overall Corporate Strategy Jubilee Life Insurance Company Limited is a growth oriented insurance company in Pakistan. Our strategic objective is to increase our market share and maintain our market leadership position without compromising the customer service level and profitability. We aim to achieve our objective by diversifying our distribution channels, development of innovative products, sustaining profitable growth through employees’ training, and enhancing customer satisfaction level. ANNUAL REPORT 2018 05 Rating of the Company Insurer Financial Strength (IFS) Rating AA+ (Double A Plus) Outlook Stable Rating Agency JCR-VIS Rating Date May 30, 2018 06 JUBILEE LIFE INSURANCE ANNUAL REPORT 2018 07 Company Information BOARD OF DIRECTORS Kamal A. Chinoy Sultan Ali Allana Independent Non-Independent Non-Executive Director Non-Executive Director Amyn Currimbhoy R. Zakir Mahmood Independent Non-Independent Shahid Ghaar Sagheer Mufti Non-Executive Director Non-Executive Director Independent Non-Independent Non-Executive Director Non-Executive Director John Joseph Metcalf Javed Ahmed Non-Independent Managing Director & Non-Executive Director Chief Executive Ocer (Executive Director) 08 JUBILEE LIFE INSURANCE BOARD COMMITTEES Audit Committee Technical Committee • Amyn Currimbhoy, Chairman • John Joseph Metcalf, Chairman • John Joseph Metcalf, Member • Shahid Ghaar, Member • Shahid Ghaar, Member • Sagheer Mufti, Member • Secretary • Javed Ahmed, Member Adeel Ahmed Khan, Human Resource & Renumeration, • Shan Rabbani, Member / Secretary Ethics & Nominations Committee Finance & Investment Committee • Kamal A. Chinoy, Chairman • John Joseph Metcalf, Member Construction Advisory Committee • Shahid Ghaar, Chairman • R. Zakir Mahmood, Member • R. Zakir Mahmood, Member • Kamal A. Chinoy, Chairman • Javed Ahmed, Member • John Joseph Metcalf, Member • R. Zakir Mahmood, Member • Najam ul Hassan Janjua, Secretary • Javed Ahmed, Member • Javed Ahmed, Member & Secretary • Shan Rabbani, Member • Member / Secretary Lilly R. Dossabhoy, Risk Management Committee • John Joseph Metcalf, Chairman • R. Zakir Mahmood, Member • Shahid Ghaar, Member • Sagheer Mufti, Member • Javed Ahmed, Member • Zahid Barki, Member • Shan Rabbani, Secretary ANNUAL REPORT 2018 09 MANAGEMENT • Javed Ahmed • Lilly R. Dossabhoy Company Secretary Managing Director & Chief Financial Ocer Chief Executive Ocer (Group Head, Finance & Accounts) • Najam ul Hassan Janjua • Muhammad Sohail Fakhar • Zahid Barki Compliance Ocer Group Head Corporate, Group Head Risk Management, Marketing & Administration Compliance & Quality Assurance • Zahid Barki • Farhan Akhtar Faridi • Muhammad Munawar Khalil Group Head Retail Distribution Group Head Human Resource Head of Internal Audit Management & Development • Adeel Ahmed Khan • Muhammad Kashif Naqvi Group Head Digital, • Shan Rabbani Technology & Strategic Planning Group Head Retail Operations, Investments & Actuarial • Najam ul Hassan Janjua Company Secretary & • Nadym Chandna Head of Legal Department Head of Window Takaful • Faiz ul Hassan • Faisal Qasim Head of Corporate Business Head of Information Security & Distribution Quality Assurance • Muhammad Aamir Head of Corporate Business Operations 10 JUBILEE LIFE INSURANCE MANAGEMENT COMMITTEES Management Committee Risk Management & Compliance Committee • Javed Ahmed, Chairman • Javed Ahmed, Chairman • Zahid Barki, Member • Zahid Barki, Member • Muhammad Sohail Fakhar, Member • Lilly R. Dossabhoy, Member • Farhan Akhtar Faridi, Member • Shan Rabbani, Member • Lilly R. Dossabhoy, Member • Najam ul Hassan Janjua, Member & Secretary • Muhammad Munawar Khalil, Member • Shan Rabbani, Member Investment Management Committee • Muhammad Kashif Naqvi, Member & Secretary • Javed Ahmed, Chairman • Lilly R. Dossabhoy, Member Underwriting & Reinsurance Committee • Shan Rabbani, Member • Javed Ahmed, Chairman • Muhammad Kashif Naqvi, Member • Shan Rabbani, Member • Asif Mobin, Member / Secretary • Muhammad Aamir, Member • Hassan Ejaz, Member IT Steering Committee • Raja Naveed, Member & Secretary • Javed Ahmed, Chairman • Zahid Barki, Member Claims Committee • Farhan Akhtar Faridi, Member • Javed Ahmed, Chairman • Shan Rabbani, Member • Zahid Barki, Member • Muhammad Kashif Naqvi, Member & Secretary • Muhammad Sohail Fakhar, Member • Muhammad Kashif Naqvi, Member Marketing Committee • Junaid Ahmed, Member & Secretary • Javed Ahmed, Chairman • Farhan Akhtar Faridi, Member • Muhammad Munawar Khalil, Member • Muhammad Sohail Fakhar, Member • Usman Qaiser, Member & Secretary ANNUAL REPORT 2018 11 Registered Oce Head Oce 26-D, 3rd Floor, Kashmir Plaza, Jinnah Avenue, 74/1-A, Lalazar, M. T. Khan Road, Blue Area, lslamabad, Pakistan. Karachi-74000, Pakistan. Tel: +92 (51) 2206930-6 Fax: +92 (51) 2825372 Tel: +92 (21) 35205095 Web: www.jubileelife.com E-mail: [email protected] Web: www.jubileelife.com E-mail: [email protected] Appointed Actuary Auditors Nauman Associates KPMG Taseer Hadi & Co., Chartered Accountants 249-CCA, Sector FF, Phase lV, DHA, Lahore, Pakistan. Engagement Partner: Syed lftikhar Anjum Tel: +92 (42) 35741827-29
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