EFU General Wins Achievement Award / Gold Medal of FPCCI
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EFU General wins Achievement Award / Gold Medal of FPCCI Mr. Hasanali Abdullah, Managing Director receiving “Achievement Award / Gold Medal” of FPCCI from Mr. Mamnoon Hussain, President, Islamic Republic of Pakistan Issue: 123 Vol: XIX # 2 Inside ... 4 4th FPCCI Achievement Award Advisory Committee: Mahmood Lotia, A.C.I.I. 5 EFU General is conferred with 2nd Qamber Hamid , L.L.B., L.L.M. Diplomatic & Foreign Investment Award Jaffer Dossa Darius H. Sidhwa, F.C.I.I. 6 EFU General achieves Corporate Social Responsibility Award Feature Writers & Analysts: Aftab Fakhruddin B.E., Dip C.I.I. 7 Strategic Committee Meeting Mohammad Nasir, M.B.A. S. Aftab Hussain Zaidi, M.A., M.B.A. 8 EFU General achieves Social Responsibility S. Anwar Hasnain Award of Shaukat Khanam Memorial Trust 9 Pakistan - German Spring Gala 2016 Consulting Editors: Liaquat Ali Khan, F.C.I.I., A.M.P.I.M. 10 Insurance Day 2016 Shabbir H. Kazmi, M.B.A. 14 Workshop on Reinsurance Accounting Editor: Result of Quiz 19 ‘Marine Insurance’ Muhammad Tariq 15 16 Umra Mubarak Chief Editor: Muhammad Ilyas Khan, A.C.I.I. 17 Quiz 20 ‘Motor Insurance’ 18 Happy Birthday to you! 21 Score 4th FPCCI Achievement Award EFU General Insurance Limited has been conferred with the Achievement Award/Gold Medal for the year 2015 by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) for the fourth consecutive year. The President of Pakistan Mr. Mamnoon Hussain was the chief guest at this auspicious ceremony, held at Aiwan-e-Sadr, Islamabad. Mr. Hasanali Abdullah, Managing Director, EFU General received the award. The ceremony was graced by high profile personalities from government, media, public and private sectors. FPCCI Achievement Awards are distributed among the business entities in recognition of their outstanding performance for January-December period of the calendar year. Since launching of Achievement Awards this was the fourth year of sustainability. The distribution of these awards over the years has not only recognized the best efforts of the business enterprises but also inculcated the spirit of completion. Recognizing and honoring the dedicated individuals and enterprises of Pakistan has made a profound and long lasting contribution towards socio-economic development of the country. Distribution of these coveted awards help in building image of individuals, companies as well as the country. FPCCI Achievement Awards are now recognized on national and international levels. 04 EFU General conferred 2nd Diplomatic & Foreign Investment Award 2016 EFU General Insurance Limited was conferred 2nd Diplomatic & Foreign Investment Award 2016 at Governor House, Karachi. Diplomatic Forum is a Socio-Economic Foundation which has vision to formulate new policies, foreign investments and opportunities arising in Pakistan and around the world to improve the business and economy of Pakistan through trade and direct investment among the friendly countries. It also has vision to increase local and foreign employment opportunities. The Chief Guest Dr. Ishrat ul Ebad Khan, Governor Sindh gave away the awards to nominated companies and people. 2ND DIPLOMATIC & FOREIGN INVESTMENT AWARD 2014 AWARDED BY HONORABLE GOVERNOR OF SINDH DR. ISHRAT UL EBAD KHAN TO MR. HASANALI ABDULLAH MANAGING DIRECTOR EFU GENERAL INSURANCE LTD. 22ND APRIL 2014 AT GOVERNOR HOUSE KARACHI 05 EFU General earns Rs. 4.03 billion for 2015 against Rs. 1.83 billion last year At the 83rd Annual General Meeting of EFU General Insurance Ltd., Members of the Company approved Audited Accounts of the Company for the year 2015. The Company earned after tax profit of Rs. 4.03 billion in 2015 as against Rs. 1.83 billion in 2014. The earnings per share was Rs. 25.21 as against Rs. 11.43 last year 2014. The written premium for the year crossed Rs. 15.2 billion. The Members approved the Board’s proposal and declared the final cash dividend @ of Rs. 4.50 per share (i.e. 45%) and approved issuance of bonus shares in proportion of 1 (one) new ordinary share for every 4 existing ordinary share held (i.e. 25%). This is in addition to already paid three interim cash dividends of Rs. 1.00 each per share (i.e. 30%), making total distribution for the year to 100%. EFU General achieves Corporate Social Responsibility Award 2016 EFU General Insurance Limited has been conferred Corporate Social Responsibility Award in the category of 'Education/Scholarship Program'. Mr. Mahmood Lotia, Senior Deputy Managing Director received the award. The prestigious award was given to EFU General at a grand ceremony where prominent personalities from corporate sector, government, NGO's and media were the guests. The chief guest was Mr. Younus Muhammad Bashir, President, Karachi Chamber of Commerce & Industry (KCCI) and Mr. Emil Wyss, Consul General of Switzerland also graced the occasion. 06 Strategic Committee Meeting The Strategic Committee meeting was held at Phuket, Thailand and attended by Senior Executives from Head Office, Northern and Southern Zones. The meeting was chaired by Mr. Saifuddin N. Zoomkawala, Chairman and Mr. Hasanali Abdullah, Managing Director. Mr. Rafique R. Bhimjee and Mr. Tahir G. Sachak also attended the meeting. 07 EFU General achieves Social Responsibility Award of Shaukat Khanam Memorial Trust The Shaukat Khanum Memorial Trust held a Social Responsibility Awards distribution ceremony at Pearl Continental Hotel, Lahore. Mr. Imran Khan, Chairman, Board of Governors, Shaukat Khanum Memorial Trust chaired this function. It was in recognition of the generous support provided by the corporate entities during the year 2015 to the Trust. A large number of executives of corporate entities participated in this function. EFU General is one of the corporate donors. It also received the Award for being the Founding Donor. Mr. Liaquat Ali Khan, Head of Lahore Division was received the Award. Excellent Performance Mr. Javed Iqbal Barry, Assistant Executive Director, Central Division (Unit-B) is receiving Memento on excellent performance from Mr. Hiroshi Yamamoto Sr. General Manager (Supply Chain Division) Pak Suzuki Motor Company Limited on the occasion of 6th Import Management Conference held at Marriott Hotel, Karachi. 08 Pakistan - German Spring Gala 2016 Pakistan German Business Forum in collaboration with Annemarie Haus Schimmel German Cultural Centre and Goethe Institute arranged a Pakistan – German Spring Gala 2016 at Holztek Farm House, Raiwind Road, Lahore. This cultural program was for the benefit of Mission School Dalwal. Her Excellency Ms. Ina Lepel, the Ambassador of the Federal Republic of Germany was the Chief Guest. The objectives of spring gala were to create and promote colorful spring basant culture of Pakistan and to promote German Culture, tourism and products in Pakistan. The event provided a networking opportunity to the potential investors with German companies and the Embassy. This program was sponsored by a number of corporate entities including EFU General Insurance. Senior executives of EFU Lahore participated in this function. Stalls were established by all the sponsors including EFU General. After the speeches and addresses of Ms. Sowaba Shehzad, Director, Goethe Institute and the Chief Guest Her Excellency Ms. Ina Lepel the mementos were distributed among the sponsor organizations. Mr. Satwat Mahmood Butt, Deputy Executive Director, EFU Gulberg Arcade Unit, Lahore received the memento. Mr. Satwat Mahmood Butt also presented a brief introduction and history of EFU. That memento distribution ceremony was followed by a colorful music program. In the end a sumptuous dinner was served and the function ended with the vote of thanks by Ms. Sowaba Shehzad. 09 Insurance Day 2016 5th April 2016 Insurance Day: Insurance Day is observed in Pakistan each year for creating awareness about benefits of Insurance at national level. By celebrating Insurance Day, the industry aims to spread the message of insurance and especially to address the students thereby, taking the message to grass root level. This year, IAP celebrated the fourth “Insurance Day” on 5th April 2016. The Day marked publication of special supplements on insurance in the leading newspapers, followed by various events throughout the country. A number of panel discussions were Sitting from Left to Right: Mr. Javed Ahmed, Mr. Mahmood Lotia, Mr. Mohammad Hussain Hirji (Vice Chairman) organized at the educational institutions in Mr. Tahir Ahmed (Chairman), Mr. Hasanali Abdullah, Mr. Taher G. Sachak & Karachi and Lahore. Two leading cricket Mr. Nasar us Samad Qureshi (Senior Vice Chairman) teams of the industry played the Super Final Standing from Left to Right: Cricket match at Karachi to mark this Day. Mr. N.A. Usmani (Secretary General), Mr. Zain Ul Haq Qureshi, Mr. M.K. Baig, An Essay Competition and Elocution Mr. Abdul Waheed, Mr. Abdul Razak Ahmed & Mr. Zeeshan Raza Contests to encourage young professionals within the industry were also arranged. To add flavor to Insurance Day activities Family Carnival was added this year to provide healthy entertainment to the families. Industry's contribution: The industry has been ever willing to assist its clientele whenever a misfortune has occurred whether at micro or macro level. Industry's contribution in terms of revenue generation, claim payments to policyholders, deposition of taxes in Government exchequer and provision of employment for the last five years are as under: 2015 2014 2013 2012 2011 Total Premium written (PKR billion) 238 194 158 140 116 846 Claims paid (PKR billion) 80 74 63 55 47 319 Tax contributions to government 13.61 12.14 9.72 9.69 8.37 53.53 exchequer (PKR billion) Number of employees in insurance Cos 16,606 15,536 10,200 10,000 9,900 - In addition to above the industry has been collecting and depositing Federal Insurance Fee (FIF) of one percent of the premium received on insurance policies which had been levied by the Government of Pakistan in the Budget of 1989-90. Since then approximately Rs. 6.17 billion on account of FIF has been deposited in Government exchequer.