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Annual Report 2020 Annual Report 2020 Our business is a symmetric, interconnected, complex network, stronger than the sum of its individual parts, evolving over time to be bigger, better and more efficient. Our ethos combines imagination, hard work, intelligence, data and innovation at high levels of congruency to build a dominion of excellence and success. Table of Contents Company Information Executive Director in other Companies 66 Vision, Mission and Core Values 2 Investor Grievance Policy 66 2020 in Review 3 IT Governance Framework 67 CEO’s Message 4 Annual Evaluation of Board's Performance 67 Board of Directors 6 Performance Review of the CEO 67 Management Team 7 Chairman's Review Report 68 Company Profile 8 Audit Committee Report 69 Window Takaful Operations 21 Pandemic Recovery Plan by the Geographical Presence 22 Management and policy statement 70 Product Portfolio 23 Directors’ Report 71 SWOT Analysis 24 Management responsibilities towards Pestel Analysis 25 Financial Statements 81 Porter’s 5 Forces 26 Pattern of Shareholding 82 Significant Changes from Prior Years 27 Category of Shareholding 83 Calendar of Major Events During the Year 28 Other Information 29 Compliance with Code of Corporate Governance Stakeholders’ Information Independent Auditor’s Review Report 84 Horizontal Analysis 30 Statement of Compliance with the Vertical Analysis 31 Code of Corporate Governance 85 Cash Flow Analysis 32 DuPont Analysis 33 Management Review and Representation Ratio Analysis 34 Sustainability Agenda 90 Comments on Key Financial Data 36 Management Objectives, KPIs and Performance at a Glance 37 Significant Changes 96 Share Price Sensitivity Analysis 42 Business Continuity Plan 97 Statement of Value Addition 42 Forward Looking Statement 98 Statement of Charity Account 44 Risk and Opportunity Report 99 Stakeholders' Engagement 44 Quality Policy 109 Issues Raised in the last AGM and Decisions Taken 45 Financial Statements Statement of Adherence with the International Auditor’s Report to the Members 110 Integrated Reporting Framework 46 Statement of Financial Position 114 Statement of Comprehensive Income 115 Corporate Governance Statement of Changes in Equity 116 Shariah Advisor’s Profile 47 Statement of Cash Flow 118 Composition of Board and Management Notes to the Financial Statements 119 Committees 48 Terms of Reference of Board and Window Takaful Operations Management Committees 50 Shariah Advisor’s Report 162 Directors’ Training Program 53 Shariah Auditor’s Report on Compliance 164 Other Directorships 53 Statement of Compliance with the Takaful Role of Chairman and CEO 54 Rules, 2012 and Shariah Rules and Principles 166 Policy of Related Party Transactions 55 Auditor’s Report to the Members 167 Organization Chart 56 Statement of Financial Position 171 Whistleblowing Policy 58 Statement of Comprehensive Income 172 Code of Business Conduct and Statement of Changes in Fund 173 Ethical Principles 61 Statement of Cash Flow 174 Succession Planning 64 Notes to the Financial Statements 175 Policy for Actual and Perceived Conflict of Interest 65 Annual General Meeting Policy for Safety of Records of the Company 65 Notice of Annual General Meeting 208 Security Clearance Policy 65 Proxy Form 211 Policy on Diversity 65 Glossary 213 Policy of Retention of Board Fee by the Director’s Report Urdu Translation 221 To evolve as a dominant insurance player in Pakistan by exploring profitable niches through deployment of cutting edge technology and proficient human capital. Vision To combine strategic marketing with efficient operational execution; providing incomparable service and product innovations to create sustainable value for our stakeholders. Mission Ethics and Integrity Innovation Our People Customer Focus Corporate Social Responsibility Values 2 2020 in Review Leading Managed Insurtech player 24/7 service in Pakistan to customers with Pakistan’s Only Customer Insurance App during the pandemic through with features to buy, claim, renew and pay for our digital platforms and round insurance policies the clock contact center Developed and Launched Agri delivered Insurance ‘Know Your Livestock’ project as products Pakistan’s First Livestock Management with a long term plan to develop Solution tech based solutions for agriculture in Pakistan Despite the challenging economic Making digital scenario posed by the pandemic, strides forward TPL Insurance We improved DrivePro - Pakistan's only achieved a telematics based insurance product, and made valuable updates to the growth of TPL Insurance App 10% Achieved A+ PACRA ISO 9001 Rating 2005 certification 300k+ 15% CAGR Customer Base against Industry’s 11% in the past five years up to FY 2019 Annual Report 2020 3 CEO’s Message The world has become a drastically different place since 2019. The year brought both, challenges and reasons to celebrate for the industry at large, and especially, for TPL Insurance. We started the year with great momentum, brought about by major initiatives executed over the past two years. Earnings grew to Rs. 39.8 million, revenue and market share expanded across our retail and corporate businesses, and we continued to move forward successfully in a highly volatile market. I am pleased to share below, a snapshot of our accomplishments and innovations in the past year and I’m confident that these will enable TPL Insurance to continue to create and deliver value for all our stakeholders. 4 When the COVID-19 pandemic hit the global community, we remained focused on building the capabilities needed to successfully meet our customers' changing needs, and grow well into the future. In March, our biggest segment, Motor Insurance, came to a grinding halt when auto industry sales dropped to minimum levels, however, TPL Insurance maintained its operational efficiency throughout the pandemic, and provided unparalleled services to manage the financial burden to its customers which resulted in improved customer retention during the period. As a successful strategic response, we narrowed our focus to enhance our distribution channels and ensured continuous, multifaceted engagement with all our stake holders and end users. Being Pakistan’s leading Insurtech, TPL Insurance continually finds ways to utilize the digital paradigm to redefine insurance. During the course of the year, we capitalized on our digital assets and utilized rich data to ensure the most hassle-free policy issuance, claims and renewal processes. TPL Insurance launched its “Know Your Livestock” platform which is Pakistan’s first digital initiative to manage livestock and connects all partners in the livestock value chain. We are developing our Pakistan’s First Insurance app further to cater to a variety of customers’ insurance and non-insurance needs. We sharpened our omni-channel strategy, expanded our supply chain, partnered with micro insurance brokers and invested in new B2C digital capabilities to offer highly personalized experiences. Our claims and underwriting expertise ensured that we were ideally positioned to meet the shifts in the market. The Company registered a 10% growth with a Gross Written Premium of PKR 2,747 million vs. PKR 2,505 million in the preceding year (including Window Takaful Operations) and successfully created attractive top-line opportunities. Rest assured, our customers can always rely on TPL Insurance to identify emerging issues early and respond proactively. The pandemic has made supporting each other more critical than ever before. TPL Insurance remained committed to advocating the health and safety of its employees, customers and business partners and made conscientious efforts to ‘give back’. The Company abbreviated its credit period and paid bills in advance, to ensure the fastest claims and settlement processes. We also offered free home insurance to qualifying motor customers, a one-of-a-kind initiative in the industry, along with options such as installment plans and short terms policies to assist our customers in keeping their assets insured at utmost convenience. To meet the needs of the time, our people broke through the ordinary and opted for the unconventional. We achieved double digit revenue growth versus the same period last year, COVID and lockdown notwithstanding. The unfaltering confidence and empathy of the people at TPL Insurance demonstrates the shared values necessary to manage our business with compassion and integrity. I am grateful for their tremendous resolve and resilience in the face of this crisis, and have never felt more privileged to call them my team. While this new chapter is unexpected, TPL Insurance remains committed to navigating a truly unprecedented time in our history. I am proud of what our team has accomplished as we approach the year ahead from a position of unwavering strength and optimism. Warm Regards, Muhammad Aminuddin Annual Report 2020 5 Board of Directors Jameel Yusuf (S.ST.) Ali Jameel Chairman Executive Director Muhammad Aminuddin Syed Nadir Shah Executive Director / CEO Independent Director Naila Kassim Rana Asad Amin Independent Director Non-Executive Director Ali Asgher Andrew Borda Non-Executive Director Non-Executive Director 6 Management Team Muhammad Aminuddin Syed Kazim Hasan Chief Executive Officer DMD Operations & Chief Risk Officer Syed Muhammad Ali Yousuf Ali Chief Internal Auditor Chief Financial Officer Danish Qazi Nader Nawaz Company Secretary & Group Head HR & Admin Group General Counsel Muhammad Talal Ibrahim Farah Sayed Chief Marketing & Chief Information Officer Communication Officer Syed Ali Hassan Zaidi Altaf Ahmed Siddiqui VP Operations, Chief
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