United Insurance of Pakistan : Transmission of Quarterly Report for the Period Ended 2024-03-31

1st QUARTER

REPORT

2024

Rated by: PACRA & VIS

CONTENTS

COMPANY INFORMATION

02 Corporate Information

03 Committies Composition

04 Key Management Personnel

05 Banks & Leasing Companies

06 Directors Report to the Members

09 نیکارا م انب ٹروپر زرٹکیرئاڈ

CONDENSED INTERIM FINANCIAL INFORMATION

1. Statement of Financial Position
2. Profit and Loss Account
3. Statement of Comprehensive Income
4. Cash flow Statement

1. Statement of Changes in Equity
2. Notes to the Condensed Interim Financial Statements

WINDOW TAKAFUL OPERATIONS

CONDENSED INTERIM FINANCIAL INFORMATION

1. Statement of Financial Position
2. Profit and Loss Account
3. Statement of Comprehensive Income
4. Statement of Changes in Funds
5. Cash flow Statement
6. Notes to the Condensed Interim Financial Statements

CORPORATE

INFORMATION

BOARD OF DIRECTORS

CHAIRMAN

Jamil Ahmed Khan

CHIEF EXECUTIVE OFFICER

Muhammad Akram Shahid

DIRECTORS

Khawas Khan Niazi

Muhammad Rahat Sadiq

Huma Waheed

Agha Ali Imam

Syed Rahat Ali Shah

ADVISORS

Major General (R) Asif Duraiz Akhtar

Sardar Khan

(Former Managing Director

Universal Insurance Company

Limited)

COMPANY SECRETARY

Athar A. Khan

CHIEF FINANCIAL OFFICER

Maqbool Ahmad

CHIEF INTERNAL AUDITOR

Abdul Mannan Munir

AUDITOR

M/S. RSM Avais

Hyder Liaquat Nauman

Chartered Accountants

LEGAL ADVISORS

Mohammed Farooq Sheikh (Advocate)

Mian Asghar Ali (Advocate)

TAX ADVISOR

M/S. Sarwars Chartered Accountants

CREDIT RATING AGENCIES PACRA & VIS

INSURER FINANCIAL

STRENGTH

AA+ (Double A Plus) The rating denotes a very strong capacity to meet policy holders and contract obligations. Risk factors are minimal and the impact of any adverse business and economic factors are expected to be extremely small.

COMPANY'S SHARE

REGISTRAR

M/S. F.D.Registrar Services

(Pvt) Ltd. 1705,17th Floor,

Saima Trade Center,

I.I.Chundrigar Road, Karachi.

WEB PRESENCE

www.theunitedinsurance.com

REGISTERED OFFICE

204, 2nd Floor, Madina City

Mall, Abdullah Haroon Road, Saddar Karachi.

TEL: [phone] FAX: [phone]

Email:

[e-mail]

HEAD OFFICE

UIG House, 1 Upper Mall, Lahore

TEL: [phone]

UAN: 92-42-111-000-014

FAX: [phone]

Email:

[e-mail]

2 United Insurance Company of Pakistan Limited

COMMITTEES

COMPOSITION

Ethics, Human Resource &	Underwriting Committee:		Risk Management &
Remuneration Committee:	Name of Member	Category		Compliance Committee:
Name of Member	Category				Name of Member	Category
Mr. Khawas Khan Niazi	Chairman
Mr. Jamil Ahmed Khan	Chairman				Mr. Muhammed Akram	Chairman
Mr. S.M Qaisar Imam	Member
				Shahid
Mr. Muhammed Akram	Member
Mr. Amir Hameed	Member
Shahid		Ms. Huma Waheed	Member
			Mr. Tayyab Bashir	Secretary
Mr. Muhammad Rahat	Member		Syed Rahat Ali Shah	Member
Sadiq
					Mr. Ali Hassan Bhatti	Member
Mr. Wakeel Ahmed Mirza	Secretary
			Mr. Ahsan Ali	Secretary

Investment Committee:

Name of Member	Category
Mr. Jamil Ahmed Khan	Chairman
Mr. Muhammed Akram	Member
Shahid
Mr. Agha Ali Imam	Member
Mr. Tajammal Iqbal	Member
Mr. Maqbool Ahmed	Secretary

Claims Settlement

Committee:

Name of Member	Category
Ms. Huma Waheed	Chairperson
Mr. Tajammal Iqbal	Member
Mr. Raja Naeem Tariq	Member
Mr. Rizwan Safdar	Secretary

Audit Committee:

Name of Member	Category
Mr. Agha Ali Imam	Chairman
Mr. Khawas Khan Niazi	Member
Syed Rahat Ali Shah	Member
Mr. Abdul Mannan	Secretary
Muneer

Reinsurance & Co-insurance Committee:

Name of Member	Category
Mr. Muhammad Rahat	Chairman
Sadiq
Mr. Raja Naeem Tariq	Member
Mr. Amir Hameed	Member
Mr. Tayyab Bashir	Member
Mr. Abrar Ahmed Khan	Secretary
Minhas

1st QUARTER REPORT 2024 3

KEY MANAGEMENT

PERSONNEL

CONVENTIONAL BUSINESS

HEAD OF CONVENTIONAL BUSINESS

Tajammal Iqbal

CHIEF OPERATING OFFICER/ EXECUTIVE DIRECTOR

Amir Hameed

SR. EXECUTIVE DIRECTOR UNDERWRITING

S.M. Qaiser Imam

SR. EXECUTIVE DIRECTOR/ GROUP COUNTRY MANAGER

Dr. Murtaza Mughal

JOINT DIRECTOR OPERATIONS

• UNDERWRITING Tayyab Bashir

SR. GENERAL MANAGER RE-INSURANCE

Abrar Ahmed Khan Minhas

GENERAL MANAGER HR & R

Wakeel Ahmed Mirza

GENERAL MANAGER HEALTH /TRAVEL

Kashif Shafique

CHIEF COMPLIANCE OFFICER

Ali Hassan Bhatti

CHIEF INFORMATION

SECURITY OFFICER

Munir Ahmad

DEPUTY GENERAL MANAGER

• CLAIMS Kamran Zaman

DEPUTY GENERAL MANAGER- UNDERWRITING (CO-INSURANCE)

Manzoor Hussain Mirza

A.G.M REINSURANCE

Naeem Ahmed Babar

CHIEF MANAGER (WEB)

Mohammed Arshad

HEAD OF AGRICULTURE

Zulfiqar Ahmed

SR. MANAGER COORDINATION

Tahira Ashar

WINDOW TAKAFUL

OPERATIONS

EXECUTIVE DIRECTOR - FINANCE/HEAD OF TAKAFUL OPERATIONS

Raja Naeem Tariq

HEAD OF TAKAFUL BUSINESS/ DEPUTY MANAGING DIRECTOR

Shakeel Ahmed

SHARIAH ADVISOR

Mufti Farhan Farooq

SHARIAH COMPLIANCE OFFICER

Saad Munir Malik

DEPUTY MANAGING DIRECTOR

Shehryar Akbar Raja

SR. EXECUTIVE DIRECTORS- MARKETING

Chaudhary Muhammad Aslam

Feroze

Ghulam Murtaza

Muhammad Farooq Qasim

EXECUTIVE DIRECTORS (MARKETING)

Mian Muhammad Anwar Zahid

Tanveer Ahmad Bhatti

Kashif Rasheed

Khawaja Adnan Hassan

Zarar Ahmad Butt

Hassan Bin Daud

Shafqat Ali Goraya

Nouman-Ul-Haq

Khurram Mansoor Rizwan-ul-Haq Muhammad Mazhar Shah Shams-Ul-Haq Ghulam Murtaza Junaid Memon

Syed Muhammad Asad Abbas Shabbir Hussain Parvi Zeeshan Ansari

Akbar Ali Shigri Omer ul Islam

Syed Hassan Nadeem

JOINT DIRECTORS (MARKETING)

Mujeeb-ur-Rehman Khokhar

Junaid Akhtar Samoo

Malik Meharban Khan

Malik Azhar Ahmad

Muhammad Iqbal Tahir

Raheel Zia

Muhammad Aslam Rajpoot

Muhammad Rafi

Jamshed Mir

Mir Muhammad Jalal-ud-Din

Rana Muhammad Ashraf

Muhammad Ashraf Kharal

Zafar Mehmood

Mumtaz Ahmad Kahlon

Faisal Javaid

Ali Pervaiz

Shahid Hussain Chishti

Tahir Hussain Qureshi

Athar Zaman

Muhammad Saifuddin Sheikh

Azhar Hussain

Muhammad Faisal Sheikh

Mazhar Zubair Abbasi

Mian Muhammad Asif

Nadeem Suhail Qureshi

Faisal Rashid

Muhammad Usman Khalid

Amer Majeed Khan

Faisal Afzal Siddiqui

Arsalan Pasha

Muhammad Usman Arif

Syed Hamad Haider

4 United Insurance Company of Pakistan Limited

BANKS &

LEASING COMPANIES

BANKS

State Bank of Pakistan

National Bank of Pakistan

Bank Al-Habib Limited

Soneri Bank Limited

Bank Alfalah Limited

Meezan Bank Limited

The Bank of Khyber

Bank Makramah Limited

Silk Bank Limited

Samba Bank Limited

Zarai Taraqiati Bank Limited

Sindh Bank Limited

The Bank of Punjab

First Women Bank Limited

The Punjab Provincial Cooperative Bank Limited

Allied Bank Limited

Habib Bank Limited

MCB Bank Limited

United Bank Limited

Al Baraka Bank (Pakistan) Limited

Askari Bank Limited

Dubai Islamic Bank Pakistan Limited

Faysal Bank Limited

Standard Chartered Bank (Pakistan) Limited

Habib Metropolitan Bank Limited

Karakuram Cooperative Bank Limited

JS Bank Limited

Bank Islami Pakistan Limited

Bank of Azad Jammu and Kashmir

MCB Islamic Bank Limited

Industrial Development Bank of Pakistan Limited

Citi Bank N.A

Deutsche Bank AG

Industrial & Commercial Bank of China

Bank of China Limited

LEASING COMPANIES

OLP Financial Services Pakistan Limited

Pak-Gulf Leasing Company Limited

Primus Leasing Limited

Saudi Pak Leasing Company Limited

Security Leasing Corporation Limited

SME Leasing Limited

Grays Leasing Limited

MICRO FINANCE BANKS

APNA Microfinance Bank Limited

Khushhali Microfinance Bank Limited

Pak-Oman Microfinance Bank Limited

The First Microfinance Bank Limited

U Microfinance Bank Limited

NRSP Microfinance Bank Limited

Telenor Microfinance Bank Limited

Mobilink Microfinance Bank Limited

HBL Microfinance Bank Limited

Advans Pakistan Microfinance Bank Ltd

Sindh Microfinance Bank Limited

FINCA Microfinance Bank Limited

Kashaf Foundation

DEVELOPMENT FINANCIAL INSTITUTIONS

Pakistan Kuwait Investment Company Limited

Pak Oman Investment Company Limited

Pak-Brunei Investment Company Limited

Pak Libya Holding Company Limited

Saudi Pak Industrial & Agricultural Investment

Company Ltd.

House Building Finance Company Limited

PAIR Investment Company Limited

Pak China Joint Investment Company Ltd

Pakistan Mortgage Refinance Company Limited

NBFI & MODARABA

Crescent Standard Modaraba

Escorts Investment Bank Limited

First Equity Modaraba

First Habib Modaraba

First Fidelity Leasing Modaraba

First National Bank Modaraba

First Paramount Modaraba

Habib Metro Modaraba

KASB Modaraba

ORIX Modaraba

Sindh Modaraba

Trust Modaraba

1st QUARTER REPORT 2024 5

DIRECTORS' REVIEW REPORT

TO THE MEMBERS

Dear Fellow Members!

The directors of The United Insurance Company of Pakistan Limited are pleased to announce the interim financial results for the three months period ended March 31, 2024, along with the figures for the same period ended March 31, 2023.

Performance Overview Conventional - (Three Months Period Ended March 31, 2024)

The Company's written gross premium and net premium income for the three months ended March 31, 2024 stands at Rs.1,619.549 million and Rs.1,096.254 million, respectively, whereas during the comparative period of three months ended March 31, 2023, the written gross premium was Rs.1,607.460 million and net premium income was Rs.1,058.227million. These figures reflect the commitment of our team members in a worsening economic environment in the country. The business of our Company is sound and stable due to our concerted efforts and by the grace of God.

Underwriting results for the three months ended March 31,2024 are being reported as Rs.445.535 million, whereas for the same period in the previous period of 2023 it was reported as Rs.383.790 million. This is the commendable achievement of our staff and the field force due to which the underwriting results improved further.

The Company's profit before tax has increased during the three months of 2024 at 7.7% from Rs.465.035million in 2023 to Rs.500.851 million in 2024. Similarly, profit after tax being reported to Rs.379.388 million in the three months period ended March 31, 2024. Whereas profit after tax for the same period in 2023 was Rs.344.781million.

The earnings per share (EPS) of the company, which includes both basic and diluted stands at Rs. 1.09/- per share for three months period ended March 31, 2024 as compared to Rs. 0.99/- per share in 2023.

Investment income stands at Rs.36.493 million for the three months period ended March 31, 2024 as compared to Rs.38.412 million during the three months period ended March 31, 2023.

Management expenses for the three months period ended March 31, 2024 are Rs.281.038 million as compared to Rs.351.947 million for the same period in 2023.

Performance Overview Window Takaful Operations - (Three Months Period Ended March 31, 2024)

The following financial data reflects the performance of Window Takaful Operations during the three months ended March 31, 2024.

The written gross contribution for the three months period ended March 31, 2024 increased to Rs.493.305 million as compared to Rs.362.205 million in 2023.

Investments income of the Participants Takaful fund is increased to Rs.5.370 million during the three months ending March 31, 2024 from Rs.3.132 of the previous period.

Investments income of the Operator's fund stands ate Rs.8.207 million during the three months ending March 31, 2024 as compared to Rs.6.161 million on March 31, 2023.

General, administrative, and management expenses of the operator increased from Rs.117.525 million for the three months period ended in 2023 to Rs.147.126 million in 2024.

State of Company's Business affairs

Directors of the Company:

Following are the names of persons who are Directors at any time during the financial period being reported:

• Jamil Ahmed Khan
• Muhammad Akram Shahid
• Khawas Khan Niazi
• Muhammad Rahat Sadiq
• Huma Waheed
• Agha Ali Imam
• Syed Rahat Ali Shah

6 United Insurance Company of Pakistan Limited

Future Outlook

Climate change and sustainability are at the heart of the insurance sector, impacting both the asset and liability side of the balance sheet, and as such, these will be key themes to watch in 2024. Also in focus: the re-risking of portfolios with alternative asset classes and post-Covid-19 shocks in the non-life segment.

The insurance industry must seek to lead with purpose and live up to its highest aspirations, particularly in the wake of the COVID-19 pandemic. Insurers had to be there for customers and undertook large-scale change quickly to make sure they could serve people in need - and they must continue to do so, particularly if they are to help the world prepare for increasing climate risk.

The insurance market is becoming more competitive, Company has to enhance its efforts to maintain its profitability and to adopt modern strategies and tools of insurance and smart underwriting criteria to take more market share and react wisely by adopting the policies, to prevent its shares. Improve cyber security systems and customize its services. To strengthen its potential to meet the challenges like inflation, climate change diversity and rapidly changing technologies.

Acknowledgement

Your directors would like to express their sincere appreciation for the assistance and cooperation received from the SECP, Bankers, Government authorities, and Business associates at all levels. We also thank our shareholders for posing their trust and confidence in the Company. Your directors also wish to place on record their deep sense of appreciation for the committed services of the Company's executives, staff, and workers.

Muhammed Akram Shahid	Jamil Ahmed Khan
Chief Executive Officer	Chairman
Date: April 29, 2024

1st QUARTER REPORT 2024 7

8 United Insurance Company of Pakistan Limited