GENERAL INSURANCE |
GOING FURTHER |
&BEYOND |
A N N U A L R E P O R T 2 0 2 3 |
GOING FURTHER
The insurance ecosystem evolving at a rapid
To remain relevant, need to be nimble. businesses have to ready. At Jubilee means being proactive, reactive, by bringing capabilities to drive efficiency, transformation automation and reduction of our carbon and fostering of a inclusive culture. Thatʼs future ready.
&BEYOND
AA++ | AA++ | B |
PACRA | VIS | AM BEST |
MAP
Top Position in Non-Life Insurance Sector (Financial Category) in 38th MAP Corporate Excellence Award.
ICAP & ICMAP
4th Position among Insurance Companies for Best Corporate Report & Sustainability Award - 2022.
LLOYDʼS REGISTER LRQA
ISO 9001:2015 certified (All Functions including Enterprise Risk Management).
FPCCI
Outstanding Service in Insurance.
SAFA
Certificate of Merit (Insurance Sector) 2022.
THE HIGHEST PROFIT ACHIEVEMENT
At Jubilee General, we believe our success is a reflection of the trust invested in us by our all stakeholders particularly our customers. With Gross Written Premium of Rs. 19.5 billion and highest ever Profit after tax of Rs. 3 billion, we thank everyone profoundly for this confidence. Thank you!
Our journey of growth over the last years has been defined by this trust which drives us to forge ahead towards new achievements.
F I N A N C I A L | ||||||
H I G H L I G H T S | 2 0 2 3 | RUPEES | ||||
01 | 19,459MILLION | |||||
WRITTEN PREMIUM / CONTRIBUTION | ||||||
RUPEES | ||||||
02 | 8,764 MILLION | |||||
NET PREMIUM/CONTRIBUTION | ||||||
REVENUE | ||||||
RUPEES | ||||||
03 | 853MILLION | |||||
UNDERWRITING PROFIT | ||||||
RUPEES | ||||||
04 | 3,690MILLION | |||||
INVESTMENT INCOME | ||||||
RUPEES | ||||||
05 | 2,996MILLION | |||||
PROFIT AFTER TAX | ||||||
RUPEES | ||||||
06 | 13,477MILLION | |||||
SHAREHOLDERSʼ EQUITY | ||||||
RUPEES | ||||||
07 | 6,022 MILLION | |||||
CLAIMS PAID | ||||||
RUPEES | ||||||
08 | 1,712 MILLION | |||||
UNDERWRITING CASH FLOWS | ||||||
RUPEES | ||||||
09 | 20,185MILLION | |||||
INVESTMENTS & PROPERTIES | ||||||
RUPEES | ||||||
10 | 37,235MILLION | |||||
TOTAL ASSETS | ||||||
RUPEES | ||||||
11 | 15.09 | |||||
EARNINGS PER SHARE | ||||||
RUPEES | ||||||
12 | 5.00 CASH | |||||
DIVIDEND PER SHARE | ||||||
C O N T E N T S
ORGANISATION OVERVIEW & EXTERNAL ENVIRONMENT
- Corporate Information
- Board of Directors
- Matters Delegated by the Board of Directors
- Directors' Training and Orientation
- Security Clearance of a Foreign Director
- Directors' Remuneration Policy
- Board's Policy on Diversity
- Changes in the Board of Directors
- Board Meetings outside Pakistan
- Online Arrangement of Board and Committees' Meetings
- Disclosure for Non Executive Directors
- External Oversight
- Independent Directors
- Justification for Directors' Independence
- Board Performance Evaluation
- Board's Performance Evaluation Carried Out by an External Consultant
- Vision, Mission, Core Values & Objective
- Our Journey
- Company Overview
- Ownership chart
- The Company and its Associates
- Insurance/Takaful Products
- Management Team
- Organisation Structure
- Upstream and Downstream Model
- Upstream and Downstream - Detail
- SWOT Analysis
- Competitive Landscape & Market Positioning
- Political Environment where Organisation Operates
- Legislative & Regulatory Environment
- The Legitimate needs, interest of key Stakeholders and Industry trends
- Code of Conduct
- Organisational Ethics
- Organisational Culture
- Significant Changes from prior Years
- PESTEL Analysis - A Snapshot
- PESTEL Analysis - Detail
- Geographical Location of the Company's Offices
OUR BUSINESS MODEL
- Our Business Model
- Input and Output under Business Model
STAKEHOLDERS' RELATIONSHIP & ENGAGEMENT
- Notice of Annual General Meeting
- Calendar of Major Events
- Chairman's Review Report
- Chairman's Review Report in Urdu language
- The Directors' Report
- The Directors' Report in Urdu language
- Engagement with stakeholders
- Access to Reports and Enquiries
- Investors' Grievances Policy
- Steps taken by the Management to encourage Minority Shareholders
- Issues raised at the last Annual General Meeting
- Presence of Chairman - Audit Committee in the Annual General Meeting
- Corporate Briefing of Shareholders and Analysts
- Pattern of Shareholding
- Pattern of Shareholding Additional Information
GOVERNANCE
84 Governance
- Structure of The Board and Its Modus Operandi
- Governance Policies
- Training & Development
- Succession Planning
- Value of Investments in Provident & Gratuity Funds
- Actual and Perceived Conflicts of Interest
- Whistle Blowing Policy
- Grievance Function
- Anti-MoneyLaundering and Countering Financing Terrorism Policy
- Corporate Social Responsibility Policy
- Policy for Related Party Transactions
- Related Parties and their basis of Association
- Internal Control Framework
- Compliance Framework
- Board Committees
- Management Committees
IT GOVERNANCE &
CYBERSECURITY
- Board's Oversight and Responsibilities with Respect to Cyber Risk, Cybersecurity and Data Protection
- Cybersecurity Programs and Policies
103 IT Governance Policy
- Safety of Records of the Company
- Cybersecurity Framework
- Board's Risk Oversight On Cybersecurity
105 Information Technology Committee Oversight IT Risk and Cybersecurity Matters
- Company's Controls as "Early Warning System"
- Policy for Independent Security Assessment of IT Environment
- Business Continuity Plan (BCP)
- Education and Training of IT Personnel
SUSTAINABILITY &
CORPORATE SOCIAL
RESPONSIBILITY
- Corporate Social Responsibility
- Sports Activities
- Plantation Campaign
- International Women's Day
- Blood Donation Campaign
- Industrial Relations
- Employment of Special Persons
- Spreading Joy Drive
- Business Ethics and Anti-Corruption Measures
- Occupational Safety and Health
- Safety Measures during COVID-19 Pandemic
- Financial Contribution to the National Exchequer
- Community Investment and Welfare Schemes
- Products and Services
- Procedure adopted for Quality Assurance of Products
- Consumer Protection Measures
- Environment Protection Measures
- Energy Conservation
- Climate Change Initiatives
- Natural Catastrophe Impact
- Memorable Glimpses
- Sustainable Development Goals
- Jubilee General's Progress on SDGs
- Awards & Certificates
- Memberships & Affiliations
- Company Status of Compliance with CSR Voluntary Guidelines 2013
FUTURE OUTLOOK
122 Future Outlook
- Cautionary Note on Forwarding Looking Statement
- Forward Looking Statement
- Analysis of prior year's Forward Looking Disclosure
- Responding Critical Challenges in Future
- Future Projects
STRIVING FOR EXCELLENCE IN CORPORATE REPORTING
128 Statement of Management Responsibilities towards the Preparation and Presentation of Financial Statements
128 Statement of Adherence with the International Integrated Reporting Framework130 Significant changes in the basis of Preparation and Presentation of Financial Statements
130 Best Corporate Report (BCR) Criteria Duly Cross Referred with the Annual Report 2023
- Statement of Unreserved Compliance of IFRS issued by IASB
- Implementing Governance Practices exceeding legal requirements
STRATEGY & RESOURCE ALLOCATION
- Strategic Objectives
- Management Objectives and Strategies
- Organisational Resources
138 Organisational Resource Plan
- Significant changes in Assets & Liabilities
- Liquidity Management Strategy
- Key Sources and Capailities
- Value Created by the Business
- Effects of Technological Change, Societal Issues, Environmental Challenges and Resource Shortages
- Specific Processes Used to Make Strategic Decisions
- Critical Performance Indicators
- Method, Assumptions in Identifying and Compiling CPIs
RISKS & OPPORTUNITIES
146 Risks
146 Risk Governance
- Enterprise Risk Management - ERM
- ERM - Model
- Key Risks Analysis
153 Key Opportunities Analysis
155 Sources of Risk and Opportunities
159 Establishment of Company's Risk Management Policies
- Strategy to Overcome Liquidity Problems
- Capital Structure and Further Plans
- Capital Structure Level
- Materiality Approach
160 Key Sources of Uncertainty
- Sensitivity Analysis of Company's Profitability
- Key Sensitivities for Underwriting Income
- Key Sensitivities for Investment Income
- Share Price Sensitivity Analysis
- Prospects of the Company including Targets for Financial and Non-Financial Measures
- Sensitivity to the Fluctuation in Foreign Currencies Exchange Rates
PERFORMANCE & POSITION
- Key Financial Data - Six Years
- Financial Ratios
- Financial Statements Analysis
- Comments on Key Financial Data and Performance Ratios
- Quarterly Analysis
- Dupont Analysis 2023 and 2022
- Free Cash Flow
- Performance at a glance - Six Years
- Graphical Composition of Financial Statements
- Performance Measurement
- Economic Value Added
- Market Value Added
- Major Capital and IT Expenditures
- Market Capitalisation
- Share Price Analysis
- Statement of Value Added
- Value Chain
- Report of the Board Audit Committee
- Profile of Sharia'h Advisor
- Shariah Advisor's Report to the Board of Directors
- Independent Auditors' Review Report to the members on the Statement of Compliance
- Statement of Compliance with the Code of Corporate Governance
- Statement of Compliance with the Sharia'h Principles
- Independent Assurance Report on the Statement of Compliance with the Sharia'h Principles
FINANCIAL STATEMENTS
- Independent Auditors' Report to the members
- Financial Statements
WINDOW TAKAFUL
OPERATIONS
- Independent Auditors' Report to the members
- Financial Statements
- Glossary
-
Geographical Presence - Branch Network Proxy Form
Proxy Form in Urdu language
EMBRACING THE FUTURE WITH RESILIENCE
ORGANISATIONAL OVERVIEW & EXTERNAL ENVIRONMENT
CORPORATE INFORMATION
Chairman of the Board of Directors
Akbarali Pesnani(Non-Executive Director)
Directors
John Joseph Metcalf | (Non-Executive Director) |
Amin A. Hashwani | (Non-Executive Director) |
Riyaz Chinoy | (Independent Director) |
Abrar Ahmed Mir | (Non-Executive Director) |
Nausheen Ahmad | (Independent Director) |
Mohammad Akhtar Bawany | (Non-Executive Director) |
Ava Ardeshir Cowasjee | (Non-Executive Director) |
Badaruddin Fatehali Vellani | (Non-Executive Director) |
Managing Director and Chief Executive
Hassan Khan | (Executive Director) |
Chief Financial Officer
Nawaid Jamal
Company Secretary
Abdul Wahid
Auditors
A.F. Ferguson & Co. (Chartered Accountants)
Sharia'h Advisor
Mufti Zeeshan Abdul Aziz
Legal Advisor
Surridge & Beecheno
08
ANNUAL REPORT 2023
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Jubilee General Insurance Company Ltd. published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 08:03:09 UTC.