final irm project

8/7/2019 Final IRM Project

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Adamjee Life Assurance Company

Introduction:

The formation of Adamjee Life is a result of the partnership between Adamjee

Insurance and Hollard, South Africa. Both partners are well established, giving Adamjee

Life the advantage to add tremendous value to the lives of its customers and the

businesses of its clients.Adamjee Life's dedicated staff shares the philosophy of

partnership and understands the dynamics involved in caring for

our business associates. This philosophy of partnership adds muchmore value to the relationship than the traditional approach of just

being a product provider. The senior management team at Adamjee

Life is well equipped to deliver in all areas of a partnership andcomes with years of international experience.

Our long term commitment to the insurance market in

Pakistan ensures that the needs of our customers are always taken

into account. These needs may vary from product development;addressing the exact requirements of the

clients to servicing strategies, retaining

clients and to understand their variousbusinesses so that our value proposition

stimulates growth in their business.

Adamjee Life's diverse portfolio of

products includes savings, health, loan protection as well asgroup life plans that cater to all needs of the customer. Our

technical expertise lies not only in Pakistan but also in SouthAfrica through our collaboration with Hollard Life Assurance

Co. Ltd. Hollard is the largest private insurance group in

South Africa. It has invested sizeable amounts in emerging

markets and has 26 years of experience in designing and ratingof insurance products that provide Adamjee Life with valuable

consumer and market insight and gives it the capability to

provide complete solutions to the customers insurancerequirements.

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CORE VALUES

Our commitment is to

Make a difference in the community and the society we serve through behaviors

that demonstrate our dedication.

Adhere to applicable laws and regulations governing our business conduct. Provide intelligent and innovative solutions to meet our clients requirement

through a practical approach which creates new value and accelerates our delivery of

quality system and services.

Promote integrity in all our relationships

Create a dignified workplace based on honest, open and respectful communication

as well as fair and unbiased treatment of each other and all our partners.

Provide an atmosphere that attracts and retains employees and fosters pride in the

organization

PRODUCT STRATEGY

At Adamjee Life our focus is on developing tailor made, unique insurance solutions for

our customers which include saving, investment, health and protection plans to cater to a

wide customer segment. Our focus on innovation and automation provides us with a

robust system and reduces time to market considerably and lowers distribution cost thus

passing the benefit to the customer. By developing strong and unconventional

distribution channels we make accessibility to insurance products convenient for the

customers hence strengthening the chances of increasing market penetration. The prime

consideration is to educate customers and create insurance awareness by effectively

promoting and positioning the brand through:

Innovative products

Competitive pricing

Flexibility

Simplicity

Availability and accessibility

Products

Corporate Plans

Group Life Group Credit Card

Protection Plans

Pure life Protection Plan

Money Back Protection Plan

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Health Plans

Accidental Hospitalization

Critical illness

Credit Life Plans

Personal Loan Protection

Home Loan Protection

Automobile Loan Protection

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American Life Insurance Co. (Pak.) Ltd

Introduction

ALICO first started its operation in Pakistan in1952 and continued until 1972,when the life insurance industry was nationalized. By that time, the ALICO had issued

72,000 policies and had invested more than USD 36 million in the countrys economy.

After denationalization, ALICO became the first foreign life insurer that had been

granted a license in 1994 to operate in Pakistan. It commenced the operations on May 25,1995 with a paid up capital of PKR 130 million. Today it is the largest capitalized private

sector multinational life insurance company in Pakistan with a paid-up capital of PKR

500 million. ALICO Pakistan is a listed company jointly owned by its American parentand the Pakistani public. Along with commitment, it brings to Pakistan extensive

international experience and modern technology to conduct the insurance business in a

sophisticated and professional manner

Mission

Statement

To build value for our policy owners, field force, employees and

shareholders, by providing quality products and services throughmultiple distribution channels for the Pakistani market and through

investing in Pakistani financial institutions, thereby serving the

Pakistani people.

Products

1. Individual Life Insurance Plans IGP Plus

Vision For Retirement

Shareek-E-Safar

Retirement

Vision For Education

Accelerated Saving Plan

Vision For Financial Security

Vision For Marriage

2. Individual Life Insurance Plans

Circles of Protection

Safe Road Car

Safe Road Motorcycle

My Child

3. Banc assurance Plans

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Savings Plan

Future Secure

Capita lSure

Retire Easy

Income M ax

Sarmaya Plus

Asia Care Health & Life Insurance Company

Introduction

AsiaCare Health & Life Insurance Company Limited is Pakistan's first dedicated

managed care health insurer. The company is launching innovative health insuranceproducts in the Pakistani market based on the international "Managed Care" model with

local adaptations. In Pakistan, AsiaCare is a wholly-owned subsidiary of an American

based organization. Our mandate is to operate health insurance systems and to fosterhealth insurance businesses in the region. AsiaCare is adequately capitalized as a

business and is strongly positioned to address the healthcare needs of the region.

To gain prominence as the industry leader in health maintenance; toensure wider, easier, and more affordable coverage of healthcareservices; and to impact the practice of medicine in ways that enable

better health management systems.

To be the first choice for affordable quality health care; excelling in

every aspect of our business and in delivering our obligation as a goodcorporate citizen. We intend to inform, inspire and empower our

clients by offering health related services and expertise based on the

latest managed health care concepts and technology, while buildingvalue for our shareholders and providing an excellent work

environment for our employees.

Values

In discharging our responsibilities, we do not take professional or ethicalshortcuts.

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Vision

Mission
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Our interactions with all segments of society must reflect high standards of goodgovernance.

Integrity, constructive self-criticism, continual self-improvement, and mutual

respect.

We will take on challenging tasks and take pride in seeing them through.

We are responsible to our customers, to employees, to the environments weinhabit, and to the societies we serve.

Attract, develop, retain and reward the best talent to take on leadership roles inthe Health care industry.

Products

1. Infinity Care

2. Classic Care

3. Progressive Care

4. Awam Care

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East West Life Assurance Company Limited

Company Profile

East West Life Assurance Company Limited was established in the year 1992 at

Quetta under the name of The Metropolitan Life Assurance Company of PakistanLimited. The company commenced underwriting life insurance business in March of

1993 and made successful progress in the field of life and health insurance businesses

both on the front of individual and corporate clients alike. At the time of our companysestablishment, the sponsors were already engaged in general insurance business under the

name ofEast West Insurance Company Limited.

In 2008, the name of our company was changed to East West Life AssuranceCompany Limited in order to give a unified look of a group with a substantial financial

base and to serve the best interest of our policyholders while adding to steady growth of

business on sound fiscal ground.The authorized capital of our company is Rs. 600 million, out of which Rs.

454.96 million is currently paid-up and will be increased to at least Rs. 500 million by

the end of 2010. The large paid-up capital base allows us to better position ourselves to

provide top-notch benefit and services to our individual and corporate customers.In the year 2008, the company has launched a brand new life insurance product

line for the prospective individual clients, which offers increased security, flexibility and

liquidity to the policyholders with higher investment returns. The company is also in theprocess of developing additional new individual and corporate products commensurate

with current investment, protection and other needs of the insured. Moreover, with

increase in health insurance market potential, the company has established a separate

health division to cater the needs of its growing clientage.East West Life is a member of a large financial group, which includes our sister

concern specializing in general insurance business with over 80 branches throughout the

country, M/s East West Insurance Company Limited. With joint paid-up capital ofapproximately Rs.683.5 million (increasing to at least Rs. 800 million) and worth in

billions, the group, as a whole, has substantial resources to meet its financial

requirements and obligations effectively. The group has a combined insurance businessexperience of more than 40 years. Thus, we are fully aware of the service needs

psychology of individual and corporate clients. We are making endeavors to make our

group a one-stop solution for all insurance needs of an individual or corporate entity witha special focus on being the best service provider.

Moreover, East West Life has over 40 branches nationwide. With such a widenetwork of offices throughout the country, East West Life is equipped to properly deal

with all types of clients and ready to provide excellent service that is expected from anyinsurance company. It should be noted that we are a member of the Insurance

Association of Pakistan (IAP) and duly listed at the Karachi Stock Exchange.

East West Life is an active player in the field of life and health insurance. Thecompany has group and individual life/health re-insurance arrangements with the world's

leading re-insurers. It is important to note that majority of the risk assumed by the

company is reinsured with these financially sound reinsurers of international repute.

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Furthermore, all of our reinsurers are in the Standard and Poor's AA rating category,which indicates "very strong" capability to meet their financial commitments and

comfortably fall within the secure range.

To provide high quality, competitive insurance products and

services (including life and health insurance) through qualified,

professional and committed salespersons.

To maintain financial strength for the benefit of our corporate and

individual insured shareholders, agents/salespersons and employees.

To earn and protect public trust of the communities where we liveand work by supporting good works and contributing to charities.

To create a challenging environment and develop a sense of

accomplishment for our employees through tools and training to

achieve personal growth and contribute to our organization.

To serve the nation by increasing the rate of literacy through ourEast West Life Educational Security Schemes for children and their

parents.

To provide the right solutions that in tune with our customer

needs, while facing up to the emerging challenges in the industry.

To help individuals and families financially realize their hopes anddreams and be there when they need us most.

To develop awareness of insurance need, build confidence in the

insurance industry and also to develop the concept of saving.

To innovate and develop ideas to design new products for ourvalued corporate and individual clients to effectively meet their

ever-changing needs.

Our vision is to be the number one provider of wide-ranging insurance

solutions to all of Pakistan, a goal we will attain while observing the

principal values that have served us since inception.

Safety and Security through expansion, development and profitability

Exceptional and flexible product-line to meet the needs of our clients

R espect and consideration for our policyholders, agents and employees

V ision as well as action to achieve our mission

Integrity and honesty in every aspects of our organization

Community improvement through participation

Excellent service

Products

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Vision

Principal

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EFU Life Assurance Ltd

Corporate Profile

EFU Life Assurance Ltd started operations in November 1992 as the first privatesector life insurance company. In early 1993, EFU Life commenced writing group life

insurance business and by March 1994, the company began writing its individual life

business.

EFU Life is managed by a team of professionals with extensive life insuranceexperience in the United Kingdom. This has helped the Company establish a professional

culture unique amongst life insurance business in Pakistan.

The Company has a growing branch network of over 112 branches through out

the country with employee strength of over 2,800 personnel in its sales force and around190 personnel at its main offices in Karachi and Lahore. The company employs 4 full

time actuaries and also has an active involvement of one of the leading actuarial firms in

the country. For bancassurance, the Company has a relationship with over 19 majorbanks and offers simple to sophisticated life insurance products. For Group Benefits,

EFU Life has a marketing team which focuses on providing life insurance coverage to

corporate entities and bank clients.

EFU Life is the first life insurance company in Pakistan to be awarded the ISO9001:2008 certification, and also the only life insurance company to have an "Insurer

Financial Strength" rating which is currently AA-, Outlook: Stable, by JCR-VIS, an

affiliate of Japan Credit Rating agency.

Vision

Our Vision is to make EFU Life one of the most respected and successful financial

services organization in the world. Our strategy to achieve our vision is: build our core

capabilities, serve our clients beyond their expectations, adhere to our core values and bea good corporate citizen.

Values

Character

Our business principles for achieving exceptional success are a belief that our

corporate conduct should be based on uncompromising integrity, ethics and honesty.

Pride

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We believe that people want to excel and that extraordinary results can beachieved, if given the right support and work climate.

Services

Our clients are the reasons for being in business. We shall deliver to them thehighest quality of flawless service to win and keep their loyalty.

Commitment

We nurture and develop our people to be good human beings, work together as ateam to achieve our organizational objectives, while at the same time fulfill their

aspirations.

Culture

Embed a high performance culture that points the organization towards thecommon good and creates an intense passion for achievements at all levels.

Corporate Social Responsibility

Our social responsibility is to contribute to the development of a civilized,

prosperous and respected Pakistan in which all people live in harmony. To fulfill ourobligations, we shall act responsibly to make a difference by contributing to those

activities that have the greatest visible impact on the betterment of society with emphasis

on education and health.

Products

1) For Individuals

Prosperity for life

Education plan

Marriage plan

Nisa savings plan

Grand start plan

Capital growth bond

Savings plan Executive pension plan

Security plan

Loan protection plan

Accidental & hospitalization plan

Head start plan

Khushhali plan

Wealth builder

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2) For Groups Group term life assurance

Critical illness cover

Salary continuation

Provident fund insurance plan Credit life plans

School fee continuation plan

3) Islamic Funds Products Noor Plan

Asasa Plan

4) Banc Assurance

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New Jubilee Life Insurance Company Limited

IntroductionNew Jubilee Life Insurance Company Limited (NJI Life)is a subsidiary of the

Aga Khan Fund for Economic Development (AKFED), Switzerland.Incorporated in Pakistan on 29 June 1995, under the Companies Ordinance 1984, asCommercial Union Life Assurance Company (Pakistan) Limited, the Company

commenced operations in 1996 as a Public Limited Company , listed in the Karachi

Stock Exchange. Commercial Union was then acquired by AKFED (Aga Khan Fund forEconomic Development) in 2003, as New Jubilee Life Insurance Company Limited(NJI

Life). NJI life is governed by an independent Board of Directors comprised of industry

stalwarts.

AKFED is the economic development arm of the Aga Khan DevelopmentNetwork (AKDN) - a group of private non-denominational development agencies

seeking to improve opportunities and living conditions in specific regions of the

developing world, especially Asia and AfricaAKFED is active in the fields of Industry, Financial Services, Tourism

Development and Infrastructure in South and Central Asia and sub-Saharan Africa.

To be Pakistans leading and most highly reputed life insurance

company, enjoying the confidence and trust of its Shareholders,

Policyholders, Business Partners and the Communities in which it

operates.

Shareholders are the backbone of our business. They provide the initialcapital which enables the Company to commence the business and to

grow the business through retention of profits and by investing

additional capital when required. We will strive to achieve above

average earnings on their invested capital.

Our Policyholders are our most valuable assets. We will strive to

provide them with a full range of life insurance and other products,

security of their investment, a satisfactory return on their investmentsand efficient personal service.

Employees are our partners enabling us to fulfill our vision and mission.

We will endeavor to provide them a fair reward based on theirperformance and achievements, a good working environment, adequate

training and opportunities for self development to empower them to

grow and prosper with the company

The community in which we exist along with our Shareholders,Policyholders, Employees, etc also deserves our consideration. We will

participate and contribute to the uplift and welfare of the community and

the improvement of the environment

Products

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Vision

Mission


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Different kinds of plans are available for the following.1) Individual Life Insurance

2) Group Insurance

3) Banc Assurance

State Life Insurance Corporation of Pakistan

Company Profile

Brief History

The Life Insurance Business in Pakistan was nationalized during March 1972. InitiallyLife Insurance business of 32 Insurance Companies was merged and placed under three

Beema Units named A, B and C Beema Units. However, later these Beema Units

were merged and effective November 1, 1972 the Management of the Life Insurance

Business was consolidated and entrusted to the State Life Insurance Corporation ofPakistan.

State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the

Executive Directors appointed by Federal Government. Up to July 2000 the Corporationwas run by Board of Directors constituted under Life Insurance (Nationalization) Order

1972. In July 2000, under Insurance Ordinance 2000, the Federal Government

reconstituted the Board of Directors of State Life which runs the affair of thisCorporation.

The basic structure of the Corporation consists of Four Regional Offices, Twenty-Six

Zonal Offices, a few Sub-Zonal Offices, 111 Sector Offices, and a network of 461 AreaOffices across the country for Individual Life Insurance; Four Zonal Offices and 6 Sector

Offices with 20 Sector Heads for Group & Pension are involved in the Marketing of Life

Insurance Plans policies and products offered by State Life and a Principal Office. The

Zonal Offices deal exclusively with Sales and Marketing. Underwriting of Life InsurancePolicies and the Policyholders Services. Regional Offices, each headed by a Regional

Chief, supervise business activities of the Zones functioning under them. The Principal

Office, based at Karachi, is responsible for corporate activities such as investment, realestate, actuarial, overseas operations, etc.

Major Achievements

The major function of the State Life Insurance Corporation of Pakistan is to carry out

Life Insurance Business; however, it is also involved in the other related business

activities such as investment of policyholders fund in Government securities, Stock

market, Real Estate etc. The major achievements of State Life are as under:

i. On the commencement of the operations, the Corporation took a very important

step by effecting reduction up to 33% in the premiums on the past and potential

Life Policies for the benefit of the Policyholders.ii. State Life is profitable organization and it paid Rs.2.657 billion as dividend to the

Government of Pakistan since its inception in 1972.

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iii. State Life has played very vital role in the economy by providing employment tothe people of the country as permanent employees and as part of its marketing

force and by investing the huge funds in different sectors of the economy. The

Investment Portfolio of State Life as at 31.12.2009 stands at Rs.191.445 billions.iv. Investment portfolio also includes investment in Real Estate which stands at a

book value of Rs.2.538 billion as at 31.12.2009 whereas it fair value is aroundRs.21.681 billion in the same period.

v. The Paid up Capital increased from Rs.10 million in 1972 to Rs.1,100 million in2009.

vi. The Premium income increased from Rs.0.317 billion in 1972 to 28.367 billion in

2009. Similarly Investment income including rental income increased fromRs.0.81 billion in 1972 to 274.152 billion in 2009.

vii. Total statutory fund of State Life stands at Rs.199.445 billion in 2009 as against

Rs.1.494 billion in 1972.viii. State Life is smoothly striving towards its objective of making life insurance

available to large section of the society by extending it to common man. As at

December, 2009 the total number of policies enforce under individual life were2.895 million and number of lives covered under group life insurance were 3.754

million.

Objectives, Mission & Quality Policy

Objectives

To run life insurance business on sound line.

To run life insurance business on sound line.

To provide more efficient service to the policyholders.

To maximize the return to the policyholders by economizing on expenses andincreasing the yield on investment.

To make life insurance a more effective means of mobilizing national savings. To widen the area of operation of life insurance and making it available to as

large a section of the population as possible, extending it from the comparatively

more affluent sections of society to the common man in towns and villages. To use the policyholders fund in the wider interest of the community.

Mission To remain the leading insurer in the country by extending the benefits of

insurance to all sections of society and meeting our commitments to our policy holders

and the nation.

Quality Policy To ensure satisfaction of our valued policyholders in processing

new business, providing after sales service and optimizing return on Life Fund through a

quality culture and to maintain ourselves leading life insurer in Pakistan.

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Products1) Individual Life Insurance

2) Group Insurance

State life insurance Corporation of Pakistan is providing different kinds of

insurance plans for above mentioned categories.

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Financial Statements of Companies

Description 2006 2007 2008 2009

Share Capital and Reserves

Authorized Share Capital 2250 3000 3000 4400

Issued, subscribed and paid up share capital 1452.12 1979.12 2290.72 3366.74

Reserves & Retained Earnings (92.38) 481.91 175.33 520.79

Net Shareholders Equity 1359.74 2461.03 2466.05 3887.53

Balance of Statutory fund 11016.36 1780.25 16278.06 24126.68Deferred Taxation 46.72 4.73 6.59 9.72

Creditors and Accruals 3055.17 2073.68 1635.9 1260

Other Liabilities 0.00 17.15 17.5 0.00

Total Liabilities 12323.08 19463.03 18375.84 27191.57

Total Equity & Liabilities 13682.82 21924.06 20841.88 31079.10

Cash & Bank Deposits 2638.86 3507.89 4944.03 3720.75

Loans 68.72 76.39 79.82 140.65

Investments(net) 10146.83 17199.04 13894.71 24628.50

Investment in properties 0.00 0.00 0.00 0.00Deferred Taxation 0.00 0.00 6.00 13.56

Other Assets 465.14 688.19 1395.42 1928.77

Tangible assets 361.24 439.77 501.10 606.09

Intangible Assets 2.03 12.78 20.72 40.78

Total Assets 13682.82 21924.06 20841.88 31079.10

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Life Insurance Private Sector(Balance SheetRs .in millions)

As on 31st December

Life Insurance Private Sector

(Revenue AccountRs .in millions)

For the year ended on 31st Dec. ___


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Description 2009 2008 2007 2006Net Premium Income 12404.02 11090.57 8100.97 5887.30

Net Investment Income 4658.60 (3785.79) 3885.43 875.3

Other income 31.80 18.95 36.68 31.37

Total Net Income 17094.42 7323.73 12057.76 6793.97

Net Claims 3207.38 3309.01 2217.18 1695.91

Net Management Expenses 5216.05 4422.65 2906.68 1899.13

Total claims and expenditures 8423.45 7731.66 5158.54 3595.08

Excess of Income over Claims 8670.97 (407.92) 6899.22 3198.93

Add: Policyholder liabilities of

Beginning of year

15538 16654 10575 7861

Less: Policyholder liabilities End ofthe period

335.60 23252 13499 (16654.73)

Surplus/(Deficit) 956.17 708.66 819.69 485.50

Description 2009 2008 2007 2006

Net Investment Income not attributable to

statutory fund

257.42 117.38 78.27 73.74

Gain/(loss) on sale of investments (281.40

)

719.92 809.54 73.69

Total Investment income 23.98 602.54 887.81 147.43

Other Revenue 17.35 122.68 148.19 22.46

Total investment Income and other

revenues

(6.63) 725.22 1036.00 169.89

Less: Expenses not attributable to statutoryfund

(135.86)

43.38 (28.09) (14.11)

Profit/(loss) before appropriation of surplus to

shareholders fund

(142.86

)

768.60 107 155.78

Add: Surplus appropriated to shareholders

fund from ledger account

890.86 526.06 708.01 334.47

Profit/(loss) before tax 748.37 (242) 1715.92 490.25

Extra ordinary Items-Deferred tax 14.31 1.19 0.00 (0.8)

18

Life Insurance private sector

(Profit and Loss Account Rs .in millions)

For the year ended on 31st Dec. ___


19/38

Profit/(loss) before tax and after extraordinary

items

0.00 (241.35

)

1715.92 489.45

Taxation (13.22) 191.84 (267.44)

(114.41)

Profit/(loss) after tax 749.46 (433.19

)

1448.18 375.04

Description 2009 2008 2007 2006

Authorized Share Capital 1500.00 1500.00 1000.00 1000.00

Issued, subscribed and paid up share

capital

1100.00 1100.00 900.00 900.00

Reserves & Retained Earnings 318.77 96.22 230.52 282.7


Balance of Statutory fund 199445.29

177459.13

13156737.30

135979.78

Creditors and Accruals 15551.93 13344.61 10924.66 9271.36

Liabilities 1269.40 1117.67 1028.98 1034.77

Total Liabilities 216266.61

191921.41

168690 148266

Total Equity & Liabilities 217685.3

8

193117.6

3

169821.46 149448.6

5Cash & Bank Deposits 14944.49 18176.50 11718.60 144332.4

4

Loans 16401.55 13601.83 11446.19 9295.72

Investments net 177273 151424 137342.38 118024

Investment in properties - 2437.23 2331.22 2337.74

Other Assets 1269.40 1117.67 1028.98 1034.77

Tangible assets 15551.93 13344.61 10924.66 9271.36


Total Assets 217685.3

8

193117.6

3

169821.46 149448.6

5

19

Life Insurance public Sector


(Balance Sheet Rs .in millions)

As on 31st December


20/38


Net Investment Income 21163.80 18696.91 17103.56 14678.55

Net rental income 274.15 231.92 316.44 163.73

Total Net Income 49804.86 41734.11 36136.69 30833.85

Net Claims 15723.59 12778.77 10782.85 8912.10



Excess of Income over Claims 15551.93 15551.93 15551.93 15551.93

Add: Policyholder liabilities of

Beginning of year

199445.2

9

199445.2

9

199445.2

9

199445.2

9

Less: Policyholder liabilities End of

the period

956.17 708.66 819.69 48.50

Surplus/(Deficit) 7714.81 (1116.59) 6079.52 2713.79

20



Revenue Account

For the ear ended on 31st December


21/38

Description 2006 2007 2008 2009


statutory fund

35.49 41.52 56.68 58.85

Gain/(loss) on sale of investments 32.89 777.71 4.07 35.49


Other Revenue 4.37 58.39 11.80 13.34

Total investment Income and other revenues 72.76 877.17 (712.07

)

(68.52

)

Less: Expenses not attributable to statutoryfund

(2.459) (10.72) (13.31) (15.41)

Profit/(loss) before appropriation of surplus toshareholders fund

70.30 866.44 (725.39)

(83.93)


fund from ledger A/C

267.46 568.30 410.43 731.65

Profit/(loss) before tax 337.76 1434.74 (314.95

)

647.72

Taxation (101.80

)

(227.45

)

(158.20

)

63.93

Profit/(loss) after tax 235.96 1207.29 (473.15

)

711.65

21



(Profit and Loss accountRs .in millions)

For the year ended on 31st December


22/38

Description 2006 2007 2008 2009

Share Capital and ReservesAuthorized Share Capital 500 1,000 1,000 1,000

Issued, subscribed and paid up sharecapital

300 500 750 750

Reserves & Retained Earnings 430.248 777.925 504.381 878.540



9

11130.26

8

9567.235 14767.46

6

Deferred Taxation 2.147 4.600 6.500 9.000




8

13315.25

0

11957.74

8

17847.48

1


Loans 15.847 13.151 45.098 59.015

Investments(net) 6573.20

6

11757.14

0

9684.973 15053.38

9

Investment in properties

Other Assets 189.008 325.904 493.908 1019.066

Tangible assets 238.892 262.175 299.499 345.252Intangible Assets 0 7.414 8.846 4.956

Total Assets 7700.22

8

13315.25

0

11957.74

8

17847.48

1

Description 2006 2007 2008 2009Net Premium Income 3,042.3

24,431.55 6,807.13 6769.08

Net Investment Income 465.57 3027.91 (3,367.27

)

3098.27

Total Net Income 3507.88 7459.46 3439.86 9867.40

Net Claims 758.98 887.39 1,297.66 1,299.86


22

EFU Life Assurance Company

Balance Sheet(Rs .in millions)

As on 31st December


Revenue Account (Rs .in millions)

For the year ended 31st December


23/38

Description 2006 2007 2008 2009Total claims and expenditures 1841.94 2,675.19 3,992.85 3,935.52

Excess of Income over Claims andExpenditure

1665.94 4784.26 (552.99) 5,931.89

Add: Policyholder liabilities of Beginningof year

4804.55 6079.69 10259.94 9293.94

Less: Policyholder liabilities End of the

period

6079.67 1,0259.9

4

9293.94 14491.7

1

Surplus/(Deficit) 390.82 604.01 413.02 734.11

Description 2006 2007 2008 2009


statutory fund

35.49 41.52 56.68 58.85

Gain/(loss) on sale of investments 32.89 777.71 4.07 35.49

Changes in fair value of derivative financial

instrument

- (0.45) (3.18) -


Impairment of Shares - - (781.44

)

(176.21

)Other Revenue 4.37 58.39 11.80 13.34


revenues

72.76 877.17 (712.07

)

(68.52)

Less: Expenses not attributable to statutory

fund

(2.459) (10.72) (13.31) (15.41)

Profit/(loss) before appropriation of surplus to

shareholders fund

70.30 866.44 (725.39

)

(83.93)



267.46 568.30 410.43 731.65

Profit/(loss) before tax 337.76 1434.74 (314.95)

647.72

Taxation (101.80

)

(227.45

)

(158.20

)

63.93

Profit/(loss) after tax 235.96 1207.29 (473.15

)

711.65

23


Profit and Loss Account (Rs .in millions)



24/38

Description 2006 2007 2008 2009Share Capital and Reserves

Authorized Share Capital 1,000 1,000 1,000 1,000

Issued, subscribed and paid up share

capital

627.120 627.120 627.120 627.120

Reserves & Retained Earnings (270.348

)

(145.892

)

(210.558

)

(80.6159

)


Balance of Statutory fund 3318.280 4967.990 4629.457 6788.311

Deferred Taxation 0 0 0 0

Creditors and Accruals 366.668 402.597 596.858 989.164Total Liabilities 3684.948 5370.587 5226.315 7777.475



Loans 3.285 3.718 4.266 3.876

Investments(net) 2317.733 3481.067 2031.512 579.564


Other Assets 139.966 175.936 254.523 499.398

Tangible assets 71.778 76.717 72.745 109.055


Total Assets 4041.720 5851.815 5642.877 8323.98

Description 2006 2007 2008 2009Net Premium Income 207707

6277707

63127200 405473

9

Net Investment Income 282182 697987 (700714

)

130288

3Total Net Income 235977

5

347506

3

2426486 535762

2

Net Claims 627801 100101

2

1549898 138875

6

Net Management Expenses 472712 719341 1126826 171001

2

24

New Jubilee Life Insurance Company

Balance Sheet (Rs .in millions)

As on 31st December


Revenue Account (Rs .in Thousands)For the ear ended 31st December


25/38

Description 2006 2007 2008 2009Total claims and expenditures 110051

3172035

32676724 309876

8

Excess of Income over Claims and

Expenditure

125926

2

175471

0

(250238

)

225885

4Add: Policyholder liabilities of Beginning of

year

205843

2

325622

9

4884339 447540

0


period

325622

9

488433

9

4475401 641673

5

Surplus/(Deficit) 61465 126600 158700 317520

Description 2006 2007 2008 2009


statutory fund

16305 18130 21904 30203

Gain/(loss) on sale of investments 40745 31285 7656 (26733)

Changes in fair value of derivative financialinstrument

1425 1024 (139924)

74458

Total Investment income 58475 50439 (110364

)

77928

Other Revenue 1300 737 4698 2185

Total investment Income and other revenues 59775 51176 (105666

)

80113


fund

(4977) (7148) (10939) (19369

)


54798 44028 (116605)

60744



40000 106000 66633 100000

Profit/(loss) before tax 94798 150028 (49972) 160744

Taxation (12143

)

(24572

)

(5000) (30801

)

Profit/(loss) after tax 82655 125456 (54972) 129943

25


Profit & Loss Account (Rs .in Thousands)For the year ended 31st December


26/38

Description 2009 2008 2007 2006

Share Capital and ReservesAuthorized Share Capital 500 500 500 500

Issued, subscribed and paid up share capital 500 500 500 325

Reserves & Retained Earnings 81.07 (120.24)

(170.46)

(191.75)



4

1961.53 1595.02 1279.67

Deferred Taxation 13.01



9

2369.73 1926.15 1533.80


6

2749.50 2255.69 1667.05


Loans 68.30 53.62 116.11 73.59


7

1801.34 1761.96 1096.47


Other Assets 255.92 657.5 168.42 121.25

Tangible assets 65.83 72.28 - -Intangible Assets - - - -

Total Assets 3352.6

6

2749.50 2255.69 1667.05

Description 2009 2008 2007 2006Net Premium Income 1267 1048 802.05 655.04

Net Investment Income 248.39 - - -

Rental income 31.80 - - -

Total Net Income 1548.14 1048.50 802.05 655.04

Net Claims 363.07 332.23 261.60 230.16



26

American life Insurance Company

(Balance SheetRs .in millions)

As on 31st December


(Revenue Account Rs .in millions)



27/38

Description 2009 2008 2007 2006

Excess of Income over Claims andExpenditure

554.62 187.83 174.75 112.28

Add: Policyholder liabilities of Beginning

of year

1649.62 1401.79 1140.08 918.49


period

(2099.63

)

(1649.62

)

(1401.7

)

(1140.08

)

Surplus/(Deficit) 104.49 3239.24 2716.53 2170.85

Description 2009 2008 200

7

2006

Net Investment Income not attributable to statutory

fund

37.85 32.14 13.01 13.42

Gain/(loss) on sale of investments 0.69 (.028) 0.97 (0.93

)


instrument

- - - -

Total Investment income 38.54 31.86 13.98 12.49Other Revenue 1.81 2 1.99 2

Total investment Income and other revenues 40.35 33.86 15.97 14.49

Less: Expenses not attributable to statutory fund (3.41) -2.52 0.84 (0.66)


36.94 29.06 13.19 13.83

Add: Surplus appropriated to shareholders fund from

ledger A/C

59.20 49 33.71 27

Profit/(loss) before tax 94.14 78.06 46.9 40.83

Extra-Ordinary Items-Deferred Tax (33.65

)

(27.84

)

14.82 (0.39

)

Taxation - 14.82 - -

Profit/(loss) after tax 67.49 50.22 76.54 81.27

27





28/38

Description 2009 2008Share Capital and Reserves

Authorized Share Capital 800 800Issued, subscribed and paid up share capital 500 500

Reserves & Retained Earnings 1.535 0.942

Net Shareholders Equity 501.53

5

500.94

2

Balance of Statutory fund 77.749 -

Deferred Taxation - 743

Creditors and Accruals 42.246 6.200


3

6.943


507.885

Cash & Bank Deposits 49.077 395.022

Loans - -


8

96.040

Investment in properties - -

Other Assets 68.77 4.678

Tangible assets 9.081 8.020

Intangible Assets 4.181 4.125Total Assets 621.54

8

507.88

5

Description 2009 200

8

Net Premium Income 133.659 -Net Investment Income 1.576 -

Total Net Income 135.235 -

-

Net Claims 5.714 -

Net Management Expenses 65.197 -

Total claims and expenditures 122.337 -

-

28

Asia Care Health & life Insurance Company

(Revenue Account Rs .in millions)


Asia Care Health & Life Insurance Company

(Balance SheetRs .in millions)

As on 31st December


29/38


8Excess of Income over Claims and Expenditure 12.898 -

Add: Policyholder liabilities of Beginning of year - -

Less: Policyholder liabilities End of the period 76453 -

-

Surplus/(Deficit) (63.555

)

-

Description 2006 2007 2008 2009

Share Capital and ReservesAuthorized Share Capital 250.000 500.000 500.000 500.000

Issued, subscribed and paid up share capital 200.000 352.000 413.600 454.960

Reserves & Retained Earnings (605.294

)

203.330 174.411 (305.591

)


Advance Against Equity - - - 160.000

Balance of Statutory fund 119.725 111.940 119.822 162.256


Net Investment Income not attributable to statutory fund 72.813 27.026

Gain/(loss) on sale of investments 6.168 -Changes in fair value of derivative financial instrument

Total Investment income 78.918 27.026

Other Revenue

Total investment Income and other revenues 78.981 27.026

Less: Expenses not attributable to statutory fund 13.181 23.454

Profit/(loss) before appropriation of surplus to shareholders fund 65.8 35.81

Add: Surplus appropriated to shareholders fund from ledgerA/C

Profit/(loss) before tax 65.8 3.58

Extra-Ordinary Items-Deferred Tax 0.743 (0.743)

Taxation (1.099

)

(1.896

)

Profit/(loss) after tax 65.444 0.942

29

Asia Care Health & life Insurance Company



East West Life Insurance Company

(Balance SheetRs .in millions)As on 31st December


30/38

Other liabilities 0.189 0.126 0.226 0.204




Cash & Bank Deposits 72.885 240.151 95.896 59.770Loans 18.587 17.966 10.933 9.464

Investments(net) 159.431 198.874 376.890 197.559


Other Assets 14.895 17.917 32.834 31.257

Tangible assets 8.001 26.337 46.570 50.265

Intangible Assets Rs.20000 Rs.50000 Rs.40225 -

Total Assets 273.820 501.296 563.164 348.315


Net Investment Income 15.235 16.448 22.297 7.318

Total Net Income 84.484 106.74

7

130.054 161.807

Net Claims 35.863 67.192 78.079 94.895

Net Management Expenses 30.856 33.839 72.191 107.978Total claims and expenditures 66.719 101.03

2150.268 202.873

Excess of Income over Claims and Expenditure 17.764 5.715 (20.218)

(41.066)

Add: Policyholder liabilities of Beginning of

year

79.963 99.234 108.672 119.200

Less: Policyholder liabilities End of the period 99.234 108.67

2

119.200 156.942

Surplus/(Deficit) (1.507

)

(3.722) (30.745

)

(78.808

)

30


(Revenue AccountRs .in Thousands)As on 31st December


(Profit & Loss AccountRs .in Thousands)As on 31st December


31/38

Description 2006 2007 2008 2009

31


32/38


statutory fund

9.063 7.912 7.686 7.767

Gain/(loss) on sale of investments 12.743 85.726 53.246 (125.580)


instrument

- - - (79.222)

Total Investment income 21.806 93.638 60.932 (197.0345

)

Other Revenue 1.054 - Rs(5195) Rs.14232


revenues

22.861 93.638 60.927 (197.021)


fund

(6.010

)

(9.373

)

(15.406) (25.575)

Profit/(loss) before appropriation of surplus

to shareholders fund

16.851 84.265 45.520 (222.596)

Add: Surplus appropriated to shareholdersfund - - - -

Profit/(loss) before tax 16.851 84.265 45.520 (222.596)

Taxation (.882) (.905) (.812) (1.236)

Profit/(loss) after tax 15.969 83.362 44.708 (223.832)

32


33/38

Graphical Representation of Financial Data

American Life Assurance Ltd. Company(Rs. In millions)

2006 2007 2008 2009Equity growth 133.25 329.54 379.76 581.07

Balance Sheet growth 1533.80 1926.15 2369.73 2771.59

Net premium income 655.04 802.05 1048.5 1267.95

Net profit after tax 81.27 76.54 50.22 62.49

Investment 1096.47 1761.96 1801.34 2854.07

Amarican Life Insurance Company

0

500

1000

1500

2000

2500

3000

2006 2007 2008 2009

Equity Growth

Balance Sheet

Growth

Net Premium Income

Net Profit After Tax

Investment

Asia Care Health & Life Insurance Co. (Rs. In millions)

2006 2007 2008 2009Equity growth - - 500.942 501.535

Balance Sheet growth - - 507.885 621.548

Net premium income - - - 133.659

Net profit after tax - - 0.942 65.444

Investment - - 96.040 490.428

33


34/38

0

100

200

300

400

500

600

700

2008 2009

Asia Care Health & Life Insurance Co.

Equity Growth

Balance SheetGrowth

Net premium

IncomeNet Profit after tax

Investment

East West Life Assurance

(Rs in millions)

2006 2007 2008 2009Equity growth 139.471 372.333 415.341 149.369



Net profit after tax 15.969 83.362 44.708 (223.833)

Investment 159.431 198.875 367.890 197.559

-300

-200

-100

0

100200

300

400

500

2006 2007 2008 2009

East West Life Assurance

Equity Growth

Balance Sheet Growth

Net premium income

Net profit after tax

Investment

34


35/38

EFU Life Assurance Ltd. Company(Rs. In millions)

2006 2007 2008 2009Equity growth 730.248 1277.925 1254.381 1628.540



Net profit after tax 235.960 1207.290 (473.150) 711.650

Investment 6573.207 11757.140 9684.973 15053.389

EFU Life Assurance Ltd. Company

-5000

0

5000

10000

15000

20000

2006 2007 2008 2009

Equity

Growth

Balance

Sheet Growth

Net premium

income

net profit after

tax

investment

New Jubilee Life Insurance company (Rs. In millions)

2006 2007 2008 2009

Equity growth356.772 481.228 416.562 546.505



Net profit after tax 82.655 125.456 (54.972) 129.943

Investment 2317.733 3481.067 2031.512 5579.564

35


36/38

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

2006 2007 2008 2009

Equity Growth

Balance Sheet

Growth

Net premium

incomeNet profit after tax

Investment

State Life Insurance company(Rs. In Billions)

2006 2007 2008 2009Equity growth 1.18274 1.130 1.196 1.419



Net profit after tax0.283 0.23052 0.29622 0.31877

Investment 118.025 137.342 1514.241 177.274

0

200

400

600

800

1000

1200

1400

1600

2006 2007 2008 2009

Equity Growth

Balance Sheet

growth

Net Premium

Income

Net Profit after tax

Investment

36


37/38

Comparison Between Private & Public Sector

1. Equity Growth

0

500

1000

1500

2000

2500

3000

3500

4000

Private Public

2006

2007

2008

2009

2. Balance Sheet Growth

0

50000

100000

150000

200000

250000

public private

2006

2007

2008

2009

3. Net Premium Income

0

5000

10000

15000

20000

25000

30000

public private

2006

2007

2008

2009

37


38/38

4. Net Income after tax

-500

0

500

1000

1500

public private

2006

2007

2008

2009

5. Investments

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

public private

2006

2007

2008

2009

final irm project

Documents