Your Trust Our
Assurance
Century Insurance Company Limited
Annual Report 2021
Century Insurance at a Glance
• Century Insurance is a Lakson Group Company.
• Operating since 1989, dealing in all areas of general insurance and takaful business.
• One of the premier general insurance companies of Pakistan.
• Rated "AA-" with a stable outlook by VIS Credit Rating Co. Limited, signifying a 'very high capacity to meet policyholders' and contractual obligations'.
• Total equity in excess of Rs. 2.2 billion.
• Twice awarded 'Top 25 Companies Award' by the Karachi Stock Exchange.
• Very strong reinsurance treaty arrangements with highly rated international reinsurers.
• Broad client base consisting of individuals as well as some of the most prestigious local and multinational companies.
Contents
03 Vision and Mission
46 Pattern of Shareholding
05 Corporate Information
48 Key Operating and Financial Data
06 Products and Services
50 Statement of Value Addition
13 Core Values
51 Statement of Compliance with the Code of Corporate Governance
14 Code of Conduct
54 Independent Auditor's Review Report on Statement of Compliance contained in
Listed Companies (Code of Corporate Governance) Regulations, 2019
16 Notice of Annual General Meeting
55 Shariah Advisor's Review Report to the Board of Directors
21 Corporate Calendar
56 Statement of Compliance with the Shariah Principles
22 Access to Reports and Enquiries
23 Organisation Chart
57 Independent Reasonable Assurance Report on Compliance with the Shariah Principles
24 Performance Highlights
Financial Statements
25 DuPont Analysis
60
26 Horizontal and Vertical AnalysisIndependent Auditor's Report to the Members of Century Insurance Company Limited on the Audit of the Financial Statements
28 Share Price & Volume Analysis
66 Financial Statements
29 Chairman's Review Report
Window Takaful Operations - Financial Statements
35 Chairman's Review Report (Urdu)
120 Independent Auditor's Report to the Members of Century Insurance Company Limited - Window Takaful Operations on the Audit of the Financial Statements
36 Directors' Report
123 Financial Statements
42 Directors' Report (Urdu)
Form of Proxy
43 Board Committees
45 Management Committees
Our Vision
To be an organization known for integrity and ethical behavior and fully dedicated to its Clients, Business Partners, Shareholders and Employees, providing exceptional quality service and committed to achieving excellence in all areas of its operations.
Our Mission
• To become a company of choice for its valued Clients, Stockholders and Employees.
• To ensure continued growth of the financial strength and resilience of the company so that it may be able to withstand any unexpected shocks or cyclical economic downturns.
• The Company culture to be known for Integrity and Ethical behavior.
• The Company to be known as one of the best insurance companies of the country.
2
Annual Report 2021
Corporate Information
Board of Directors
Mr. Iqbal Ali Lakhani - Chairman Mr. Amin Mohammed Lakhani Ms. Anushka Lakhani
Mr. Aftab Ahmad
Mr. Sadrudin Ismail Mohamed Mr. Akber Dawood Vazir
Mr. Mohammad Hussain Hirji - Chief Executive Officer
Advisor
Mr. Sultan Ali Lakhani
Chief Financial Officer
Mr. Sabza Ali Pirani
Company Secretary
Mr. Mansoor Ahmed
Audit Committee
Mr. Sadrudin Ismail Mohamed - Chairman Mr. Amin Mohammed Lakhani
Mr. Aftab Ahmad
Investment Committee
Mr. Iqbal Ali Lakhani - Chairman Mr. Aftab Ahmad
Mr. Mohammad Hussain Hirji Mr. Sabza Ali Pirani
Ethics, Human Resource & Remuneration Committee
Mr. Sadrudin Ismail Mohamed - Chairman Mr. Amin Mohammed Lakhani
Mr. Akbar Dawood Vazir
Mr. Mohammad Hussain Hirji
External Auditors
M/s. EY Ford Rhodes Chartered Accountants
Shares Registrar
M/s. FAMCO Associates (Pvt.) Ltd. 8-F, Near to Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahra-e-Faisal, Karachi.
Tel: (021) 34380101-2 Fax: (021) 34380106
Email:info.shares@famco.com.pkWebsite:www.famco.com.pk
Bankers
Al Baraka Bank (Pakistan) Limited Askari Bank Limited
Bank Alfalah Limited
Bank Islami Pakistan Limited
Dubai Islamic Bank Pakistan Limited Habib Bank Limited
Habib Metropolitan Bank Limited JS Bank Limited
MCB Islamic Bank Limited Meezan Bank Limited
NRSP Microfinance Bank Limited Silkbank Limited
Soneri Bank Limited
Standard Chartered Bank (Pakistan) Limited Telenor Microfinance Bank Limited
U Microfinance Bank Limited United Bank Limited
Registered & Corporate Office
Lakson Square, Building No. 2, Sarwar Shaheed Road, Karachi-74200.
Head Office
11th Floor, Lakson Square, Building No. 3, Sarwar Shaheed Road, Karachi-74200.
Website:www.cicl.com.pk
UAN: 111-111-717
NTN: 0710008-6
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Century Insurance Company Ltd. published this content on 01 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 11:34:09 UTC.