Table of Contents 2. Vision, Mission & Core Values 02 4. Code of Conduct Profile 6. Corporate Strategy 8. Company Information 12. Rating of the Company 15. Profile of the Directors 20. Awards and Accolades 24. Statement of Value Addition 23 26. Key Operating & Financial Data Key Financial Data 29. Vertical Analysis 31. Horizontal Analysis 35. Life at Jubilee 48. Calendar of major events 2017 47 50. Share Price Analysis Corporate 51. Chairman’s Review Governance 54. Directors’ Report 70. Risk and Opportunity Report 74. Review Report on the Statement of Compliance 75. Statement of Compliance with the Code of Governance 80. Shariah Advisors’ Report 82. Auditors’ Reasonable Assurance Report on Shariah Compliance 84. Statement of Compliance with the Shariah Principles 85. Independent Auditors’ Report to the members 88. Balance Sheet 87 90. Profit & Loss Account Financial 91. Statement of Changes in Equity Statements 92. Cash Flow Statement 94. Revenue Account 96. Statement of Premiums/Contributions 97. Statement of Claims 98. Statement of Expenses 100. Statement of Investment Income 101. Notes to the Financial Statements 191. Statement of Directors 192. Statement of Appointed Actuary 194. Notice of 23rd Annual General Meeting 193 198. Pattern of shareholdings Shareholders 203. Proxy Form Information 205. Branch Network ANNUAL REPORT 2017 LIFE INSURANCE THE PROMISE OF TOMORROW Introduction ANNUAL REPORT 2017 INTRODUCTION Our tomorrows begin with a sunrise. At Jubilee Life, we believe in making the sunrises of your future financially secure and peaceful, by delivering on our commitments at every level. Whether it is our array of tailored insurance solutions to meet your specific needs, or our professionalism in service delivery, or making our plans accessible at the touch of your finger, we strive for excellence every day. With our outreach spread all across the country, and coverage of more than 5.3 million lives, our performance is another testament to our vision – enabling people to overcome uncertainty, so that every sunrise dawns with the promise of a secure and carefree future. Vision Enabling people to overcome uncertainty. Mission To provide solutions that protect the future of our customers. 02 www.jubileelife.com ANNUAL REPORT 2017 Core Values •Teamwork •Integrity •Excellence •Passion Jubilee Life Insurance 03 Code of Conduct 04 www.jubileelife.com ANNUAL REPORT 2017 CODE OF CONDUCT Our Integrity guides our conduct towards our policyholders, participants, • It is Jubilee’s objective to conduct business with reputable clients and colleagues, shareholders and the general public. This principle constitutes business partners who are involved in lawful business activities. We do the foundation of our code of conduct and ethics as under: not facilitate money laundering. • Compliance with law and the legal system is a fundamental principle for • It is the duty of Jubilee employees to make business decisions in the best Jubilee. Every employee, agent and director shall obey the laws and interest of Jubilee Insurance and not based on their personal interest. regulations of the legal systems in letter and spirit within which he / she acts. Regardless of the sanctions foreseen by the law, any director, • Jubilee employees are obligated to protect all assets of the Company, employee or an agent guilty of a violation will be liable to disciplinary including intangible assets and software products, and use these consequences related to such violation. properly only for the benefit of the Company. • Respect for personal integrity, privacy and personal right of every • Open and effective communication requires accurate and truthful individual is a fundamental principle. We work together with individuals reporting. Jubilee is required to maintain sound processes and controls of various backgrounds, ethnic types, different cultures, gender, so that transactions are executed within approved authorization. religions, ages and disabilities. Confidentiality is maintained with regard to Jubilee’s proprietary information that has not been made known to public. • We compete fairly with the quality and the price of our innovative products and services, not by offering improper benefits to others. • Protecting the health and safety of employees in the workplace is a high Employees are not permitted to use their jobs to solicit, to demand, priority for Jubilee. Jubilee promotes sound environment friendly accept, obtain or be promised advantages. business practices. • Jubilee does not make political contributions (donations to politicians, political parties or political organizations). As a responsible member of society and a good corporate citizen, Jubilee makes donations for education, health, social and humanitarian projects. Jubilee Life Insurance 05 Corporate Strategy 06 www.jubileelife.com ANNUAL REPORT 2017 OVERALL CORPORATE STRATEGY Jubilee Life Insurance Company Limited is a growth oriented insurance company of 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. Jubilee Life Insurance 07 COMPANY INFORMATION BOARD OF DIRECTORS • Kamal A. Chinoy • Amyn Currimbhoy • John Joseph Metcalf • Sultan Ali Allana Independent Independent Non-Independent Non-Independent Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director • R. Zakir Mahmood • Shahid Ghaffar • Javed Ahmed Non-Independent Independent Managing Director & Non-Executive Director Non-Executive Director Chief Executive Officer (Executive Director) BOARD COMMITTEES Audit Committee Human Resource & Renumeration, Construction Advisory Committee • Amyn Currimbhoy, Chairman Ethics & Nominations Committee • Kamal A. Chinoy, Chairman • John Joseph Metcalf, Member • Kamal A. Chinoy, Chairman • Sultan Ali Allana, Member • Shahid Ghaffar, Member • John Joseph Metcalf, Member • Javed Ahmed, Member & Secretary • Adeel Ahmed Khan, Secretary • R. Zakir Mahmood, Member • Javed Ahmed, Member • Najam ul Hassan Janjua, Secretary Finance & Investment Committee Risk Management Committee Technical Committee • Shahid Ghaffar, Chairman • John Joseph Metcalf, Member • John Joseph Metcalf, Member • R. Zakir Mehmood, Member • R. Zakir Mahmood, Member • Shahid Ghaffar, Member • John Joseph Metcalf, Member • Shahid Ghaffar, Member • Javed Ahmed, Member • Javed Ahmed, Member • Javed Ahmed, Member • Shan Rabbani, Member / Secretary • Shan Rabbani, Member • Shan Rabbani, Secretary • Lilly R. Dossabhoy, Member / Secretary The above information is as at February 15, 2018. 08 www.jubileelife.com ANNUAL REPORT 2017 MANAGEMENT • Javed Ahmed • Lilly R. Dossabhoy Managing Director & Chief Executive Officer Chief Financial Officer (Group Head, Finance & Accounts) • Muhammad Sohail Fakhar • Zahid Barki Group Head Corporate, Marketing & Administration Group Head Risk Management, Compliance & Quality Assurance • Farhan Akhtar Faridi • Muhammad Munawar Khalil Group Head Retail Distribution Group Head Human Resource Management & Development • Muhammad Kashif Naqvi • Shan Rabbani Group Head Digital, Technology & Strategic Planning Group Head Retail Operations, Investments & Actuarial • Najam ul Hassan Janjua, • Nadym Chandna Company Secretary & Head of Legal Department Head of Window Takaful • Faiz ul Hassan • Faisal Qasim Head of Corporate Business Distribution Head of Information Security & Quality Assurance • Muhammad Aamir Head of Corporate Business Operations Company Secretary /Compliance Officer Najam ul Hassan Janjua Head of Internal Audit Adeel Ahmed Khan The above information is as at February 15, 2018. Jubilee Life Insurance 09 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 - Secretary • Muhammad Munawar Khalil - Member • Shan Rabbani - Member Investment Management Committee • Muhammad Kashif Naqvi - Secretary • Javed Ahmed - Chairman • Lilly R. Dossabhoy - Member Underwriting & Reinsurance Committee • Shan Rabbani - Member • Javed Ahmed - Chairman • Kashif Naqvi - Member • Muhammad Sohail Fakhar - Member • Asif Mobin - Member / Secretary • Shan Rabbani - Member • Muhammad Aamir - Member IT Steering Committee • Raja Naveed - Secretary • Javed Ahmed - Chairman • Zahid Barki - Member Claims Committee • Farhan Akhtar Faridi - Member • Javed Ahmed - Chairman • Shan Rabbani - Member • Zahid Barki - Member • Kashif Naqvi - Member / Secretary • Farhan Akhtar Faridi - Member • Muhammad Munawar Khalil - Member • Junaid Ahmed - Secretary The above information is as at February 15, 2018. 10 www.jubileelife.com ANNUAL REPORT 2017 Registered Office Head Office 26-D, 3rd Floor, Kashmir Plaza, Jinnah Avenue, Blue Area, 74/1-A, Lalazar, M. T. Khan Road, Karachi-74000, lslamabad, Pakistan. 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,