Annual Report 2008 EFU GENERAL INSURANCE LTD. Established in 1932 Largest Non-Life Insurer inside Pakistan Financial Strength Rating AA, Outlook Stable Extensive Countrywide Branch Network Experienced Underwriters Efficient in Settlement of Claims Recipient of Brands of the Year Award 2008 ANNUAL REPORT 2008 Vision and Mission Profit & Loss Account 22 Statements 2 Statement of Changes Company Information 4 in Equity 23 Management 5 Statement of Cash Flows 24 Notice of Meeting 8 Statement of Premiums 25 Report of the Directors 10 Statement of Claims 26 Key Financial Data for the Statement of Expenses 27 Last Six Years 15 Statement of Investment Statement of Compliance Income with Code of Corporate 28 Governance 16 Notes to the Financial Statements Review Report by 29 Auditors on Corporate Pattern of Shareholding Governance 18 49 Offices Auditors’ Report 19 51 Balance Sheet 20 Form of Proxy Contents EFU GENERAL INSURANCE LTD. ANNUAL REPORT 2008 Vision Statement Vision Our vision is to be the first choice company for our customers, shareholders and employees. To achieve this we will be driven by an obsession to be better than the best in a continuous journey, not a destination. At EFU first choice means a sustained commitment to meet and exceed stakeholder expectations. A will to go the “Extra Mile” to delight our customers with products and services that exceed their expectations. 2 ANNUAL REPORT 2008 EFU GENERAL INSURANCE LTD. Mission We will manage our affairs through modern technology, collective wisdom and institutionalised leadership. We will be a respected, cultured and an educated company with a strong market position. Together with our customers, reinsurers and employees we will achieve world class quality standards through continuous quality improvement. Achieve zero defects in everything we do. We will do good business, with good clients and of the highest integrity. We will not compromise our principles and we will like to be known as a responsible corporate citizen aware of our obligation to the Government and the society we serve. Mission Statement EFU GENERAL INSURANCE LTD. ANNUAL REPORT 2008 3 Audit Committee Muneer R. Bhimjee Taher G. Sachak Company Information Abdul Rehman Haji Habib Rating Agency: JCR-VIS Insurer Financial Strength Rating: AA Outlook Stable Chairman Auditors Rafique R. Bhimjee Hyder Bhimji & Co. Chartered Accountants Managing Director & Chief Executive Karachi Saifuddin N. Zoomkawala KPMG Taseer Hadi & Co., Directors Chartered Accountants Sultan Ahmad Karachi Abdul Rehman Haji Habib Jahangir Siddiqui Registrar Wolfram W. Karnowski Technology Trade (Pvt.) Ltd. Muneer R. Bhimjee Dagia House 241-C Hasanali Abdullah Block-2, P.E.C.H.S. Taher G. Sachak Off Shahra-e-Quaideen Karachi Chief Financial Officer & Corporate Secretary Website Altaf Qamruddin Gokal, F.C.A. www.efuinsurance.com Legal Advisor Registered Office Mohammad Ali Sayeed 11/4, Shahrah-e-Pehlavi, Peshawar. Senior Advisor Main Offices S.C. (Hamid) Subjally, A.C.I.I. EFU House M. A. Jinnah Road, Karachi. Advisors Akhtar K. Alavi, A.C.I.I. Co-operative Insurance Building Naqi Zamin Ali 23-Shahrah-e-Quaid-e-Azam, Lahore. 4 ANNUAL REPORT 2008 EFU GENERAL INSURANCE LTD. Managing Director Khalid Mahmood Mirza Khalid Usman Saifuddin N. Zoomkawala Khozema T. Haider Mota M. Mubashirullah Khan Joint Managing Director Mir Babar Ali Hasanali Abdullah, F.C.A. Muhammad Asif Arif, M.B.A., A.C.I.I. Muhammad Naeem Hanif Senior Deputy Managing Director Musakhar-uz-Zaman, B.E. Mahmood Lotia, A.C.I.I. Shaharyar Jalees, M. A. Yawar Aminuddin Deputy Managing Director Qamber Hamid, LL.B., LL.M. Executive Vice Presidents Aamir Ahmad Senior Executive Directors Abdul Razzak A. Sattar Abdul Rehman Khandia, A.C.I.I. Adam Dur Mohammad Baloch Jaffer Dossa Ali Kausar Javid Niaz Khan, M.A., A.C.I.I. Amin Nizar Ali, F.S.A., F.P.S.A. Malik Akbar Awan Amir Hasan Muhammad Iqbal Lodhia Aslam A. Ghole, F.C.I.S. Nudrat Ali Babar A. Sheikh Nurallah A. Merchant, A.I.A. Baqar Aneel Jafari S. M. Haider, M.Sc. Javed Akhtar Shaikh, B.B.A. S. Salman Rashid Khalid Ashfaq Ahmed Salim Rafik Sidiki, M.A. Liaquat Ali Khan, F.C.I.I., AMPIM Shaukat Saeed Ahmed Mansoor Abbas Abbasi, B.E. Syed Ahmad A. Haq, M.Sc. Masroor Hussain Mazhar H. Qureshi Mohammad Arif Bhatti Executive Directors Mohammad Haji Hashim Khurram Ali Khan, B.E. Mohammad Hussain Syed Mehdi Imam, M.A. Mohammad Kamil Khan, M.A. Mohammad Nasir Deputy Executive Directors Mohammad Rizwanul Haq Altaf Qamruddin Gokal, F.C.A. Mohammad Younus Austen B. Freitas Muhammad Arif Khan Darius H. Sidhwa, F.C.I.I. Muhammad Ilyas Khan, A.C.I.I. K. M. Anwar Pasha Muhammad Rashid Akmal, M.B.A. Mahmood Ali Khan, M.A. Muhammad Sohail Nazir, M.Sc., A.C.I.I. M. Shezad Habib Qasim Ali Mohammad Mohammad Iqbal Dada, M.A., A.C.I.I. Rizwan-ul-Haq Thomas Leo Fernandez Ross Masood M.B.E. Salemmullah Tahir Assistant Executive Directors Syed Abid Raza Rizvi Aftab Fakhruddin, B.E. Syed Ahmad Hassan, M.B.A. Bashir Seja Syed Shahid Hussain Imran Ahmed, M.B.A., B.E., A.C.I.I. Zafar Ali Khokhar, M.A. Jehanzeb Karamat Zakaria Suleman Kamran Arshad Inam, M.B.A., B.E. Zarar Ibn Zahoor Bandey Khawaja Ghulam Wajahat, M.Sc. ACII Khurram Nasim M. Shoaib Razzak Bramchari S. Aftab Hussain Zaidi, M.A., M.B.A. Management Senior Executive Vice Presidents Abdul Hameed Qureshi, M.Sc. Abdul Sattar Baloch Javed Iqbal Barry, M.B.A., L.L.B., F.C.I.I. Jawahar Ali Kassim Kauser Ali Zuberi EFU GENERAL INSURANCE LTD. ANNUAL REPORT 2008 5 Senior Vice Presidents Inayatullah Khalil Mehdi Asghar Irshad Zamir Hashmi Mohammad Adil Khan Abdul Qadir Memon, M.Sc. Kaiser Ali Mohammad Amin Memon Abdul Wahid Liaquat Imran Mohammad Hanif Atta-ur-Rehman Riaz M. A. Qayum, M.Com Mohammad Idrees Abbasi Badar Amin Sissodia M. Hussain Khatri Mohammad Shoaib Iftikharuddin Malik Firdaus Alam Mohammad Siddique Khan Mahmood Jafri Mannan Mehboob, A.C.I.I. Mohsin Ali Baig Mohammad Afzal Khan, EMBA Moaz Nabi, A.C.I.I. Ms. Menija N. Messman Mohammad Naeem Shaikh, A.C.I.I. Mohammad Amin Sattar, M.Com Muhammad Asif Hussain, A.P.A, F.C.M.A. Mohammad Pervaiz Muhammad Naseem Muhammad Ilyas Muhammad Azhar Ali Muhammad Salahuddin Muhammad Khalil Khan Muhammad Mustafa Saleem, M.Com Muhammad Shakil Khan, M.B.A. Muhammad Mujtaba Muhammad Razzaq Chaudhry Muhammad Siddique Muhammad Owais Alam Muhammad Sohail Nadeem Ahmad Khan Muhammad Rashid Awan, A.C.I.I. Muhammad Suleman Qasim Nadir Hussain Muhammad Saleem Gaho Muhammad Tawheed Alam Rao Abdul Hafeez Khan Muhammad Shahjahan Khan Naseeruddin Ahmed Rizwan Ahmed, M.B.A. Muhammad Sirajuddin Pervez Ahmad S. Anwar Hasnain Muhammad Zeeshan Ramesh Mulraj Bherwani S. M. Aamir Kazmi Murtaza Noorani, A.C.C.A. Rashid Mohammad Iqbal S. M. Adnan Ashraf Jelani, A.C.I.I. Musarrat Zaman Shah Rehanul Haque Qazi Saghirul Hasan Mutahir Hussain Riaz Ahmad Shah Asghar Abbas Nadeemuddin Farooqi S. M. Shamim Shahid Abdullah Godil, M.B.A. Naseer Ahmad Shamim Pervez, M.B.A. Shahzad Zakaria Nausherwan Haji Shazim Altaf Kothawala Sohail Shaukat Ali, A.C.A., A.C.M.A. Noor Asghar Khan Suleman Poonjani, A.C.A. Usman Ali, B.A.L.L.B. Quaid Johar Syed Abdul Quddus, M.A. Waqar Hasan Qureshi Quaid Jouhar Syed Sadiq Ali Jafri Zia Ur Rehman Rahim Khowaja Tauqir Hussain Abdullah Zulfiqar Ali Khan, M.Sc., A.C.I.I. Rana Zafar Iqbal Tayab Nisar, A.C.I.I. Rehanuddin Qureshi Tayyab Hussain Gardezi, M.Sc. Assistant Vice Presidents Riaz Hussain Siddiqui Wasim Tasawwar Riazuddin, M.A. Zahid Hussain, A.C.I.I. Abdul Aziz S. Asim Iijaz Zia Mahmood, M.B.A. Abdul Bari S. Ferozuddin Haider Abdul Rashid S. Khaliluddin Vice Presidents Abdul Rashid Yaqoob S. Kamran Shemsher Ali Agha Ali Khan Saifullah A. Ghaffar A. Kareem Asadullah Khan Abbas Ali, A.C.A. Salimullah Khan Ashfaque Ahmed Salma Ghani Abdul Hameed Asif Ahmad Abdul Majeed Sarfaraz Muhammad Khan Atif Anwar, A.C.C.A. Shahab Khan Abdul Mateen Farooqui, M.Sc. Farnazia Khatri Abdul Shakoor Piracha Shaikh Mohammad Yousuf Farrukh Ahmad Qureshi Sikandar Kasbati Ali Raza Fawad Maseel Jafri, M.B.A. Arshad Ali Khan, A.C.M.A. Tariq Mahmood Haider R. Rizvi Tariq Naeem Bajwa Asghar Ali Haseeb Ahmad Bajwa Asif Mehmood Umair Ali Khan Hassan Aziz Waqar Ahmad, M.Sc. Dr. Ghulam Jaffar, Ph.D. Ikramul Ghani Faisal Gulzar Waseem Ahmed Imran Ahmad Zohra Abdullah Fakhruddin Saifee Imran Saleem Farhat Iqbal Imran Yasin Farman Ali Afridi Irfan Ahmad, A.C.M.A. Business Consultant Fatima Bano, M.B.A., A.C.I.I. Javed Iqbal Khan Maqbool Saeed Ghulam Haider, M.Sc. Kaleem Imtiaz Imran-ul-Haq Kamran Bashir, M.B.A. Chief Medical Officer Inayatullah Chaoudhry M. Saghiruddin Dr. Mohbat Ali Khowaja 6 ANNUAL REPORT 2008 EFU GENERAL INSURANCE LTD. Marketing Executives Senior Vice Presidents Assistant Vice Presidents Ejaz Ahmed Ali Hasnain Shah Senior Executive Directors Jameel Masood Arshad Iqbal Altaf Kothawala Kh. Zulqarnain Rasheed Asif Elahi Jahangir Anwar Shaikh Ms. Shazia Rahil Razzak Asrar Ahmed, M.B.A. Muhammad Ashraf Khan Badar Hasan Qureshi Executive Directors Muhammad Azhar Dawra Bashir Ahmed Khaskhaly, M.A. Muhammad Farooq Farid Khan Abdul Aziz Khadeli Muhammad Mushtaq Najam Butt H.H. Ansari Abdul Wahab Polani Muhammad Sheeraz, M.B.A. Hamid-Us-Salam Muhammad Khalid Saleem Muneeb Farooq Kothawala Javed Aslam Awan Saleem Tariq Ahmed S. Sohail Haider Abidi Javed Iqbal Cheema Syed Kamran Rashid Syed Baqar Hasan, M.A. M. Anis-ur-Rehman Syed Rizwan Hussain Usman Ali Khan M.A. Qayyum Khan Wasim Ahmed M. Murtaza Ispahani Deputy Executive Directors Maria N.