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ANNUAL REPORT Jubilee General Insurance Company Limited

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ANNUAL REPORT Jubilee General Insurance Company Limited LEVEL NEXT ANNUAL REPORT 2018 Jubilee General Insurance Company Limited JCR-VIS PACRA A.M BEST MAP Top Position in Financial Category 33rd MAP Corporate Excellence Award ICAP & ICMAP Top Position in NBFCs Best Corporate Report & Sustainability Award Lloyd’s Register LRQA ISO 9001:2015 (All Functions including Enterprise Risk Management) FPCCI Outstanding Service in Insurance Insurance Journal Corporate Social Responsibility Highest Donation (2013-2015) SAFA Certificate of Merit (Insurance Sector) A PREMIUM ACHIEVEMENT It’s customer TRUST we keep growing At Jubilee General, we believe our success is a reflection of the trust invested in us by our customers and stakeholders. With our premuim exceeding Rs. 10 billion, we thank everyone profoundly for this confidence. Thank you! Our journey of growth over the last 66 years has been defined by this trust which drives us to forge ahead towards new achievements. LEVEL NEXT The new era of digitalisation is intelligently taking over the world to function simply and efficiently. From basic documentation to expanding businesses; everything is now computerised, making it better and faster. The involvement of Artificial Intelligence, in routine tasks and in organisational platforms, is making life easier and wiser. By outreaching possibilities in the digitalised world, Jubilee General has made its way towards Level Next while bringing remarkable advancements in the organisation which approach the global insurance industry standards. Apart from bringing proficiency and accuracy in performance, such advancements will promise convenience and customer satisfaction for greater tomorrows. Financial Highlights 2018 Written Premium / Net Premium / Contribution Contribution Revenue Rupees Rupees 10,069 Million 5,397Million Investment Income Profit After Tax Rupees Rupees 1,188 Million 1,066 Million Shareholders’ Operating Cash Equity Flows Rupees Rupees 7,908 Million 422 Million Claims Paid Underwritting Profit Rupees Rupees 3,997Million 212 Million Investments Total Assets & Properties Rupees Rupees 12,185 Million 21,313 Million Earnings Per Dividend Per Share Share Rupees Rupees 5.91 4.00 Cash CONTENTS This report aims to present strategy and performance of the Company towards progress. Oraganisation Overview 10 Corporate Information 28 Insurance/Takaful Products 14 Board of Directors 30 Management Team 19 Significant Changes in the Board of Directors 31 Organisation Structure 19 Matters Delegated by the Board of Directors 32 Code of Conduct 21 Vision and Mission 33 Organisational Culture 23 Values and Strategic Objective 33 Organisational Ethics 26 Company Overview Shareholders' and Investors' Information 36 Notice of Annual General Meeting 40 Presence of Chairman – Audit Committee 38 Calendar of Major Events in the Annual General Meeting 39 Access to Reports and Enquiries 40 Share Price Analysis 39 Investors' Grievances Policy 40 Share Price Sensitivity Analysis 40 Issues raised at the last Annual General Meeting 41 Market Capitalisation Governance 44 Chairman’s Review Report 64 Grievance Function 45 Chairman’s Review Report in Urdu language 64 Engagement with Stakeholders 46 The Directors' Report 66 Internal Control Framework 57 The Directors' Report in Urdu language 67 Compliance Framework 58 Board Committees 67 Shariah Compliance Mechanism for Window 61 Board Meetings outside Pakistan Takaful Operations 61 Directors’ Training and Orientation 68 Policy for Related Party Transactions 61 Security Clearance of a Foreign Director 68 Related Party Transactions 61 Significant Changes in Board Committees 69 Related Parties and their basis of Association 62 Management Committees 70 Anti-Money Laundering and Countering 63 Human Resource Development Financing Terrorism Policy 63 Succession Planning 70 Directors’ Remuneration Policy 63 Value of Investments in Provident & Gratuity Funds 71 Corporate Social Responsibility Policy 64 Actual and Perceived Conflicts of Interest 71 Business Continuity Plan (BCP) 64 Whistle Blowing Mechanism 71 Implementing Governance Practices 64 IT Governance Policy exceeding legal requirements 64 Safety of Records of the Company 72 Pattern of Shareholdings Sustainability 78 Corporate Social Responsibility 80 Occupational Safety and Health 79 Sports Activities 80 Business Ethics and Anti-corruption Measures 79 Energy Conservation 80 Rural Development Programme 79 Environment Protection Measures 80 Community Investment and Welfare Schemes 79 Consumer Protection Measures 80 Financial Contribution to the National Exchequer 79 Procedure Adopted for Quality 80 Natural Catastrophe Impact Assurance of Products 81 SWOT Analysis 79 Industrial Relations 82 Awards & Certificates 80 Employment of Special Persons 83 Memberships & Affiliations Management Review & Representations 86 Management Objectives and Strategies 92 Statement of Management Responsibilities 87 Critical Performance Indicators towards the Preparation and Presentation of 88 Organisational Resources Financial Statements 90 Capital Structure 92 Statement of Adherence with the International 90 Significant Changes in Assets & Liabilities Integrated Reporting Framework <IR> 90 Liquidity Management Strategy 93 Significant Changes in the basis of 91 Forward Looking Statement Preparation and Presentation of Financial 91 Analysis of Prior Period’s Forward Statements Looking Disclosure Risk Opportunity Report 96 Enterprise Risk Management - ERM 101 Sensitivity Analysis of Company’s Profitability 99 Opportunity Report 102 Prospects of the Company including Targets for 99 Materiality Approach Financial and Non-Financial Measures 99 Key Sources of Uncertainty 103 Sensitivity to the Fluctuation in Foreign Currency Exchange Rates Financial Performance and Position 106 Key Financial Data 122 Economic Value Added 106 Free Cash Flow 123 Market Value Added 107 Financial Ratios 123 Major Capital and IT Expenditures 108 Financial Statements Analysis 124 Report of the Board Audit Committee 110 Comments on Key Financial Data and Performance 126 Profile of Shariah Advisor Ratios 127 Shariah Advisor’s Report to the Board of Directors 111 Comments on Free Cash Flow 128 Independent Auditors’ Review Report to the 112 Quarterly Analysis Members on the Statement of Compliance 113 DuPONT Analysis 129 Statement of Compliance with the Code of 114 Performance at a Glance Corporate Governance 117 Graphical Composition of Financial Statements 134 Statement of Compliance with the Shariah Principles 121 Statement of Value Added 135 Independent Reasonable Assurance Report on 122 Performance Measurement Compliance with the Shariah Principles Financial Statements Window Takaful Operations Financial Statements 138 Independent Auditors’ Report to the Members 204 Independent Auditors’ Report to the Members 144 Financial Statements 206 Financial Statements 246 Glossary 251 Executives 252 Branch Network Proxy Form Proxy Form in Urdu language This Annual Report is an endeavour to enable our stakeholders to make comprehensive assessment of our ability to generate financial and non-financial value for them. Organisation Overview Storing Information Safely JUBILEE GENERAL INSURANCE COMPANY LIMITED Corporate Information Chairman of the Board of Directors Towfiq H. Chinoy (Non-Executive Director) Directors Sadruddin Hashwani (Non-Executive Director) Akbarali Pesnani (Non-Executive Director) John Joseph Metcalf (Non-Executive Director) R. Zakir Mahmood (Non-Executive Director) Amin A. Hashwani (Non-Executive Director) Amyn Currimbhoy (Independent Director) Farhan Talib (Non-Executive Director) Managing Director and Chief Executive Tahir Ahmed (Executive Director) Chief Financial Officer Nawaid Jamal Company Secretary Fahad Alam Auditors KPMG Taseer Hadi & Co. Shariah Advisor Mufti Zeeshan Abdul Aziz Legal Advisor Surridge & Beecheno 10 ANNUAL REPORT 2018 Bankers Habib Bank Limited Standard Chartered Bank (Pakistan) Limited United Bank Limited Soneri Bank Limited Bank Alfalah Limited BankIslami Pakistan Limited Dubai Islamic Bank Pakistan Limited Share Registrar THK Associates (Pvt) Limited 1st Floor, 40-C, Block-6, P.E.C.H.S., Karachi. UAN: (92-21):111- 000-322 Tel: (92-21) 34168266-70 Head Office / Registered Office 2nd Floor, Jubilee Insurance House I. I. Chundrigar Road, Karachi, Pakistan. UAN: (92-21) 111 - 654 - 111 Toll Free: 0800-03786 Tel: (92-21) 32416022-26 Fax: (92-21) 32416728 , 32438738 E-Mail: [email protected] Website: www.jubileegeneral.com.pk National Tax Number 0711347-1 Sales Tax Registration Number 1600980500182 11 Board of Directors Taking Decisions Remarkably JUBILEE GENERAL INSURANCE COMPANY LIMITED (Director since: August 27, 1997) Mr. Towfiq Habib Chinoy is a seasoned entrepreneur and businessman. He is presently the Chairman of Packages Limited and Vice Chairman of Pakistan Business Council. He is also trustee of Mohatta Palace Gallery Trust and Habib University Foundation. Mr. Chinoy has served as a Member of the Engineering Development Board, Government of Pakistan, the Advisory Boards of Ports, Shipping Sector, Ministry of Communications, and Director on the Board of Port Qasim Authority, National Towfiq H. Chinoy Refinery Limited, Linde Pakistan Limited and Chairman Jubilee Life Insurance Company Limited. Other Corporate Directorships include: • Packages Limited • International Steels Limited • National Foods Limited Role of the Chairman The Chairman is responsible for leadership of the Board and act as a liaison between the management and the Board. He is elected from non-executive directors. The Chairman will: • ensure effective
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