| Alico |
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| American
Life |
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| Insurance
Company (Pakistan) Limited |
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| A
Member Company of |
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| American
International Group (AIG) |
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| CONTENTS |
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| Board
of Directors |
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| Corporate
Information |
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| Notice
of Meeting |
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| Directors' Report |
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| Pattern
of Share Holding |
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| Auditors' Report |
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| Balance Sheet |
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| Revenue
Account |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Classified
Summary of the Assets |
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| Proxy Form |
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| BOARD
OF DIRECTORS |
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| CHAIRMAN |
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| BENJAMIN
GRIMMETT CROSS |
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Chairman & |
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Business Executive |
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| Cliff
House Apartments APT D7 |
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Chief Executive |
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| 2016
Naaman's Road Wilmington |
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| Delaware
19810, USA. |
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| DIRECTOR |
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| RASHID
ABDULLA |
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Director |
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Business Executive |
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| 9th
Floor, N.I.C Building |
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| Abbasi
Shaheed Road, Karachi. |
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| FAROOQ
A. BHATTY |
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Director |
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Business Executive |
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| 1st
Floor, Cavish Court Block 7 & 8, A-35 |
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| KCHSU
Shahrah-e-Faisal, Karachi. |
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| BRUCE
EMMITT DOZIER |
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Director |
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Attorney |
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| 18
Quail Hollow Drive |
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| Hockessin
DE 19707-1404, USA. |
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| ABBAS
KHALAF |
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Director |
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Business Executive |
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| Verdun Street |
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| Verdun
2000 Building, 9th Floor |
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| P.O. Box 14-5644 |
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| Beirut- Lebanon. |
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| ROBINSON
K. NOTTINGHAM |
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Director |
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Business Executive |
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| 2401
Pennsylvania Avenue |
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| Unit
1603 Wilmington DE 19806, USA. |
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| KHALID
MALIK |
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Director |
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Business Executive |
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| 9th
Floor, N.I.C Building |
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| Abbasi
Shaheed Road, Karachi. |
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| ARIF
SULTAN MUFTI |
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Director & |
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Chartered Accountant |
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| Bungalow
No.89 / C, 16th Street |
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Chief operating |
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| Phase-VI,
Defence Housing Authority, |
officer |
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| Karachi. |
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| AHSAN
M. SALEEM |
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Director |
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Business Executive |
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| 9th
Floor, Sidco Avenue Centre |
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| Moulana
Been Mohd. Wafai Road, |
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| Karachi. |
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| NISAR
A. MEMON |
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Director |
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Business Executive |
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| 78/2,
Khayaban-e-Sehar, |
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| Defence
Housing Authority Phase VI, |
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| Karachi. |
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| BILAL
AHMED QURESHI |
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Director |
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Business Executive |
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| 67,
Khayaban-e-Mujahid, |
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| Defence
Housing Authority |
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| Phase
V, Karachi. |
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| MOHAMMED
MIAN SOOMRO |
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Director |
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Business Executive |
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| D-7,
1st Floor, Akbar Apartment |
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| Opp.
British Council Library |
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| Bleak
House Road, Karachi. |
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| MUHAMMAD
KALIM |
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Director |
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Business Executive |
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| 115-C,
Shahrah-e-lran |
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| Clifton-5,
Karachi. |
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| CORPORATE
INFORMATION |
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| COMPANY
SECRETARY |
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| S.G.
Shahabuddin |
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| A-15,
Block 'C' North Nazimabad, Karachi. |
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| Office
Tel. No. 5683564 |
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| AUDITORS |
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| M/s.
Taseer Hadi Khalid & Co. |
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| Chartered
Accountants |
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| Sheikh
Sultan Trust Building No.2, |
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| Beaumont
Road, Karachi. |
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| Tel.
No. 5685847-9 |
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| Fax
No. 92 (21) 5685095 |
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| LEGAL
ADVISERS |
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| Surridge
and Beecheno |
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| Finlay
House, I.I. Chundrigar Road, Karachi- 74000 |
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| Tel.
No. 2427292- 94 & 97 |
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| Fax
No. 92 (21) 2418298, 92 (21) 2442294 |
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| BANKERS |
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| Muslim
Commercial Bank Ltd. |
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| Habib Bank Ltd. |
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| REGISTERED
OFFICE |
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| Lakson
Square, Bldg. No. 1, 11th Floor, Sarwar Shaheed Road, |
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| Karachi-
74200 Pakistan. |
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| Tel.
No. 5685241, 5687339, 5682876, 5684970, 5661146-5661149, 5684198, 5687073, |
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| 5687255,
5683614, 5683669, 5683564, 519756, 5683520, 5681831 |
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| Fax
No. 92 (21) 5688042, 5684880 |
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| SHARE
DEPARTMENT |
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| Ground
Floor, Sheikh Sultan Trust Building No. 2, |
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| Beaumont
Road, Karachi |
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| Tel.
No. 5686658, 5689021 |
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| Fax
No. 92 (21) 5685681 |
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| HEAD OFFICE |
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| Lakson
Square, Bldg. No. 1, 11th Floor, Sarwar Shaheed Road, |
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| Karachi-
74200 Pakistan. |
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| Tel.
No. 5685241, 5687339, 5682876, 5684970, 5661146-5661149, |
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| 5684198,
5687073, 5687255, 5683614, 5683669, 5683564, 519756, 5683520, 5681831 |
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| Fax
No. 92 (21) 5688042, 5684880 |
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| KARACHI
AGENCY OFFICES |
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| E-5,
M. A. Jinnah Road, Cosmopolitan Colony, |
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| New
Town, Karachi- 5. |
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| Tel.
No. 4917398,4917399,4917420, 4917443,4917446 |
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| Amil
Colony No. 2, Jamshed Quarter |
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| Nariman
Road, Karachi |
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| Tel.
No. 4922712, 4913268, 4913417, 4913832, 4916596, 4913407, |
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| 4913408,
4914785, 4914142, 4913788, 4914692 |
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| LAHORE
OFFICE |
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| AI
Malik Bldg. 3rd Floor, 19 Davis Road, |
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| Lahore- Pakistan |
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| Tel.
No. 6369882, 6369807, 6375590, 6374140, 6375591,6375596, |
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| 6302932,
6302978, 6302937, 6302957 |
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| Fax
No. 92 (42) 6375589 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Third Annual General Meeting of American Life
Insurance Company (Pakistan) Limited will be |
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| held
at Hotel Marriott, Abdullah Haroon Road, Karachi on Saturday, June 13, 1998
at 10.30 a.m. to transact the following |
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| business:- |
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| 1.
To receive, consider and adopt the Annual Audited Accounts of the Company
together with the Directors' and Auditors' |
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| Reports
thereon for the year ended December 31, 1997. |
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| 2.
To appoint Auditors of the Company for the year ending December 31, 1998 and
to fix their remuneration. The present |
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| auditors
M/s. Taseer Hadi Khalid & Co., Chartered Accountants retire and being
eligible, offer themselves for re-appoint- |
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| ment. |
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| 3.
To consider and pass the following resolution with or without modification(s)
for increase in Authorised Capital. |
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| "Resolved
that the Authorised Capital of the company be and is hereby increased from
Rs.200,000,000 divided into |
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| 20,000,000
ordinary shares of Rs. 10/- each to Rs.500,000,000 divided into 50,000,000
ordinary shares of Rs. 10/- each. |
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| Further
resolved that consequential notations be made in clause V of the Memorandum
of Association and Article 3(a) |
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| of
Articles of Association of the Company. |
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| 4.
To transact any other business with the permission of the Chair. |
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By Order of the Board |
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| May 20, 1998 |
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|
S.G. Shahabuddin |
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| Karachi |
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Company Secretary |
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| NOTES: |
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| 1.
The Share Transfer Books of the Company will remain closed from May 30, 1998
to June 13, 1998 (both days inclu- |
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| sive). |
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| 2.
A member entitled to attend and vote at this meeting may appoint another
member as his/her proxy to attend, speak |
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| and
vote instead of him. A company or corporation may, by means of a resolution
of its directors, appoint a person who |
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| is
not a member, as proxy or as its representative under section 162 of the
companies ordinance 1984. Form of proxy |
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| is
enclosed with the Annual Report. |
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| 3.
The instrument appointing a proxy, in order to be effective, must be received
at the registered office of the Company, |
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| duly
signed, stamped & witnessed, not later than forty-eight hours before the
time appointed for the meeting. A mem- |
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| ber
shall not be entitled to appoint more than one proxy. If more than one
instrument of proxy are deposited by a mem- |
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| ber
with the Company, all such instruments of proxy shall be rendered invalid. |
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| 4.
Members are requested to communicate promptly to the Company of any change in
their address. |
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| STATEMENT
UNDER SECTION 160(1)(b) OF THE COMPANIES ORDINANCE, 1984 |
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| INCREASE
OF AUTHORISED CAPITAL: |
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| (a)
The Directors have recommended increase in the Authorised Capital to
Rs.500,000,000/- divided into 50,000,000 ordi- |
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| nary
share of Rs.10/- each from Rs.200,000,000/- divided into 20,000,000 ordinary
share of Rs.10/- each to enable fur- |
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| there
issue of Capital. |
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| (b)
None of the directors have / had any interest in this business. |
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| REPORT
OF THE DIRECTORS |
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| The
Directors of the Company are pleased to report to you on the Audited position
of the Company for the year ended De- |
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| cember 31, 1997. |
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| The
Company has completed its second full year of operation in 1997 with steady
and promising growth. Net premium in- |
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| come
grew to Rs. 34,234,000, an increase of 67.42% over Rs. 20,448,000 registered
in prior year. This good result was |
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| made
possible by the improving performance of the agency sales force and continued
quality of business being written. A |
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| majority
of premium came from individual policyholders which augurs well for future
growth and stability of the portfolio and |
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| also
reflects the continued popularity of the company's products. |
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| Disciplined
underwriting, risk selection, and expense control have been maintained and
contribute positively toward profit- |
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| ability
of the company. Total claims amount to Rs. 2,852,000 or only 8.32% of premium
income, while commission expense |
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| is 16%. |
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| Investment
income amounted to Rs. 10,665,000 making the total income of the company Rs.
44,899,000 compared to Rs. |
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| 31,190,000
in the previous year. An operating loss of Rs. 10,030,000 was recorded which
meets expectations for a life com- |
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| pany
in its early years. |
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| MARKETING
OPERATIONS |
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| Growth
of the company's agency force for the year was negatively impacted by
increasingly difficult marketing and economic |
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| conditions
and fell substantially short of expectations. Higher than expected attrition
among both agents and managers was |
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| experienced
because of low productivity and the total agency force overall did not reach
budgeted projections. |
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| To
address this problem, a Direct Sales Training School was introduced during
the year with the help of ALICO's regional |
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| personnel
to provide intensive training of agency recruits to better prepare them to
cope with initial marketing problems and |
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| to
accelerate their start into life insurance sales. This initiative proved to
be a valuable aid in launching new agents and in |
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| equipping
them with necessary selling skills. Graduates of this program are now the
mainstay of the agency force and will |
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| provide
the core around which the agency will be built in the future. |
|
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| In
addition, an experienced agency executive from United Kingdom has been
assigned to the company from February 1, |
|
| 1998
to assist with agency training and development. We believe that with his
background and experience he can make a |
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| significant
contribution in the area of agency training and supervision and move the
agency program forward. |
|
|
|
| GROUP
LIFE & MEDICAL |
|
|
| Introduction
of new products in the Group insurance division resulted in increased sales
in 1997 and increased premium in- |
|
| come
from the product line. Group premiums amounted to Rs. 8,145,000 for the year
compared to Rs. 2,830,000 in prior |
|
| year.
Additional sales in first quarter this year are encouraging and indicate that
another substantial increase in income from |
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| group
can be expected in 1998. We believe this is a healthy sign for the future in
this product line and expect continued im- |
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| provement
going forward. |
|
|
| The
company is well positioned to handle and service this type of business with
the latest in claims and administration sys- |
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| tems
in place as well as experienced and trained personnel. |
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|
| OUTLOOK
FOR THE FUTURE |
|
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| The
management will continue its policy of focusing on quality underwriting and
direct sales through qualified trained agents. |
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| With
the addition of new products during the year in both the individual and group
life divisions, the company can provide a |
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| more
attractive selection of benefits for a wider variety of clients. Most
recently introduced were the Shifa Care and Income |
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| Shield
policies. The Shifa Care policy offers a living benefit in the form of daily
in-hospital income while the Income Shield |
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| features
a very attractive accidental death benefit. It is anticipated that both
products will generate good business in the |
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| coming year. |
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| Operating
expenses are controlled and investments are effectively placed, prospects for
better results in 1998 are promising |
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| and
we look forward to reporting to you again at the end of the year. |
|
|
| PARENT
COMPANY |
|
|
| American
Life Insurance Company (ALlCO) incorporated in the United States of America
having its registered office at ONE |
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| ALlCO
PLAZA, Wilmington, State of Delaware, 19899, U.S.A. is the sponsor and
holding company of American Life Insur- |
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| ance
Company (Pakistan) Limited. |
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| PATTERN
OF SHAREHOLDING |
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| The
pattern of Shareholding in the company as at December 31, 1997 is included
with the Report. American Life Insurance |
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| Company
holds 51% while local shareholders hold 49% of the company's total
shareholding. |
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| GRATITUDE |
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| We
take this opportunity to express our appreciation to the Government of
Pakistan, Ministry of Commerce and Department |
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| of
Insurance for their invaluable assistance and guidance. We would like to also
express our sincere thanks to the com- |
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| pany's
officers, field force and staff for their substantial efforts toward the
company's achievements during the year. |
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| Lastly,
our thanks go to our thousands of shareholders and policyholders whose
confidence, commitment and support for the |
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| Company
has been a source of encouragement and inspiration. |
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| On
behalf of the Board of Directors. |
|
|
| Ben G. Cross |
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| CHAIRMAN |
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|
May 05, 1998 |
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|
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| PATTERN
OF SHAREHOLDING |
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| AS
OF 31 DECEMBER 1997 |
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| No. of |
Having Shares |
|
Shares Held |
Percentage |
|
| Share Holders |
From |
To |
|
|
| 115 |
1 |
100 |
11500 |
0.09% |
|
| 927 |
101 |
500 |
439900 |
3.38% |
|
| 9 |
501 |
1000 |
8900 |
0.07% |
|
| 14 |
1001 |
5000 |
36400 |
0.28% |
|
| 7 |
5001 |
10000 |
54400 |
0.42% |
|
| 1 |
10001 |
15000 |
12500 |
0.10% |
|
| 1 |
15001 |
20000 |
20000 |
0.15% |
|
| 16 |
20001 |
25000 |
398500 |
3.07% |
|
| 1 |
60001 |
65000 |
65000 |
0.50% |
|
| 1 |
90001 |
95000 |
91500 |
0.70% |
|
| 1 |
95001 |
100000 |
95300 |
0.73% |
|
| 1 |
255001 |
260000 |
260000 |
2.00% |
|
| 1 |
375001 |
380000 |
375500 |
2.89% |
|
| 1 |
445001 |
450000 |
450000 |
3.46% |
|
| 1 |
1830001 |
1835000 |
1833100 |
14.10% |
|
| 1 |
2220001 |
2225000 |
2221000 |
17.08% |
|
| 1 |
6625001 |
6630000 |
6626500 |
50.97% |
|
| -------------------- |
|
-------------------- |
-------------------- |
|
| 1099 |
|
13000000 |
100.00% |
|
| ============ |
|
============ |
============ |
|
|
| CATEGORIES
OF SHAREHOLDERS |
|
|
| Particulars |
|
Shareholders |
Shareholding |
Percentage |
|
|
| INDIVIDUALS |
|
1084 |
2212400 |
17.02% |
|
| INSURANCE
COMPANIES |
|
1 |
1000 |
0.01% |
|
| JOINT
STOCK COMPANIES |
|
2 |
2221500 |
17.09% |
|
| FINANCIAL
INSTITUTIONS |
|
2 |
1924600 |
14.80% |
|
| MODARABA
COMPANIES |
|
1 |
10000 |
0.08% |
|
| FOREIGN
COMPANIES |
|
1 |
6626500 |
50.97% |
|
| NON-RESIDENT
(U.S. $) |
|
8 |
4000 |
0.03% |
|
| NON-RESIDENT
( PAK Rs.) |
|
-- |
-- |
-- |
|
|
|
-------------------- |
-------------------- |
-------------------- |
|
| Company Total |
|
1099 |
13000000 |
100.00% |
|
|
|
============ |
============ |
============ |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of American Life Insurance Company
(Pakistan) Limited as at 31 December |
|
| 1997
and the related Revenue Account, Profit and Loss Account and Cash Flow
Statement, together with the notes forming |
|
| part
thereof, for the year then ended and we state that we have obtained all the
information and explanations which to the |
|
| best
of our knowledge and belief were necessary for the purpose of our audit and
after due verification thereof, we report |
|
| that; |
|
|
| (a)
in our opinion, proper books of accounts have been kept by the company as
required by the Companies Ordinance, |
|
| 1984; |
|
|
|
|
|
| (b)
in our opinion: |
|
|
| i)
the Balance Sheet, Revenue Account and Profit & Loss Account together
with the notes thereon, have |
|
| been
drawn up in conformity with the provisions of the Insurance Act, 1938 and are
in agreement with the |
|
| books
of accounts and are further in accordance with the accounting policies
consistently applied; |
|
|
|
|
| ii)
the expenditure incurred during the year was for the purpose of the company's
business; |
|
|
|
|
| iii)
the business conducted, investments made and expenditure incurred during the
year were in accordance |
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| with
the objects of the company; |
|
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given to us and as shown by the |
|
| books
of the company, the Balance Sheet, Revenue Account, Profit and Loss Account
and Cash Flow Statement |
|
| together
with the notes forming part thereof, give the information required by the
Insurance Act, 1938 in the manner |
|
| so
required and respectively give a true and fair view of the state of the
Company's affairs as at 31 December 1997 |
|
| and
of the loss and the Cash Flow Statement for the year then ended; |
|
|
|
|
| d)
we have verified the cash and bank balances and investments by actual
inspection or by the production of certifi- |
|
| cates; |
|
|
|
| e)
as required by Regulation 11 of part 1 of Third Schedule to the Insurance
Act, 1938 we certify that the company has |
|
| not
paid to any person any commission in any form outside Pakistan in respect of
the insurance business transacted |
|
| by
the company in Pakistan and that the company has not received, outside
Pakistan, from any person any commis- |
|
| sion
in any form in respect of any business reinsured abroad; |
|
|
|
| f)
Pursuant to clause (a) of subsection (2) of Section 40-B of the Insurance
Act, 1938 we certify that all expenses of |
|
| management
in respect of life insurance business transacted by the company in Pakistan
have been fully debited in |
|
| the
Revenue Account as expenses; |
|
|
|
|
| g)
no part of the assets of the Life Insurance Fund has been directly or
indirectly applied in contravention of the provi- |
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| sions
of the Insurance Act relating to the application and investment of Life
Insurance Fund; |
|
|
| (h) in our opinion no zakat was deductible at
source under the Zakat and Ushr Ordinance, 1980. |
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|
|
|
|
Taseer Hadi Khalid & Co. |
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| Karachi:
May 05, 1998 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT 31 DECEMBER 1997 |
|
|
|
|
|
1997 |
1996 |
|
|
|
|
LIFE |
OTHER |
TOTAL |
TOTAL |
|
|
|
Note |
Rupees |
Rupees |
Rupees |
Rupees |
|
| CAPITAL
AND LIABILITIES |
|
|
|
| SHARE
CAPITAL |
|
|
| Authorised |
|
|
| 20,000,000
ordinary shares of |
|
|
| Rs.10/- each |
|
|
-- |
200,000,000 |
200,000,000 |
200,000,000 |
|
|
|
|
============ |
============ |
============ |
============ |
|
| Issued,
Subscribed & Paid-up |
|
|
|
|
| 13,000,000
ordinary shams of |
|
|
|
|
| Rs.
10/- each fully paid up in cash |
|
|
-- |
130,000,000 |
130,000,000 |
130,000,000 |
|
|
|
|
| Profit
& Loss Account |
|
3 |
-- |
-- |
(29,446,736) |
(19,416,651) |
|
|
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
|
|
|
-- |
130,000,000 |
100,553,264 |
110,583,349 |
|
| BALANCES
OF FUND AND ACCOUNT |
|
|
|
|
|
|
| Life
Insurance Fund |
|
|
(47,118,165) |
-- |
-- |
-- |
|
| Revenue
Account |
|
|
-- |
17,671,429 |
-- |
-- |
|
|
|
|
|
|
| DEFERRED
LIABILITY |
|
|
|
| Staff Gratuity |
|
|
627,069 |
-- |
627,069 |
151,687 |
|
| LOANS
AND ADVANCES AS PER CONTRA |
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
| Loan
from other class of business |
|
4 |
67,018,550 |
-- |
67,018,550 |
64,376,024 |
|
| Interest
on loan from other class of business |
|
27,435,556 |
-- |
27,435,556 |
15,346,745 |
|
|
|
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
|
|
|
94,454,106 |
-- |
94,454,106 |
79,722,769 |
|
|
|
|
|
|
|
| ESTIMATED
LIABILITY IN RESPECT OF OUTSTANDING |
|
| CLAIMS,
WHETHER DUE OR INTIMATED |
|
4,790,023 |
-- |
4,790,023 |
757,575 |
|
|
|
|
|
| AMOUNT
DUE TO OTHER PERSONS OR BODIES |
|
|
| CARRYING
ON INSURANCE BUSINESS |
|
4,093,080 |
-- |
4,093,080 |
1,833,886 |
|
|
|
|
|
| SUNDRY
CREDITORS ( including outstanding and |
|
|
| accruing
expenses ) |
|
5 |
2,984,748 |
-- |
2,984,748 |
2,659,020 |
|
|
|
|
|
| DEPOSIT
ON APPLICATIONS |
|
|
3,160,530 |
-- |
3,160,530 |
2,330,360 |
|
| AGENTS'
BALANCES |
|
|
555,390 |
-- |
555,390 |
444,628 |
|
|
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
|
|
63,546,781 |
147,671,429 |
211,218,210 |
198,483,274 |
|
|
|
============ |
============ |
============ |
============ |
|
|
|
|
| These
accounts should be read in conjuntion with the attached notes. |
|
|
|
|
| CERTIFICATE
UNDER REGULATION 7 OF THE FIRST SCHEDULE TO THE INSURANCE ACT, 1938 |
|
| We certify that |
|
|
|
|
|
|
| a)
The investments shown in the Balance Sheet have been valued at the lower of
cost and market values. The market value of the in- |
|
| vestments
are ascertained from published market report and quotations of 31 December
1997. |
|
|
|
|
|
BEN CROSS |
|
|
|
|
CHAIRMAN AND CHIEF EXECUTIVE |
|
|
|
|
|
|
|
|
|
|
|
|
1997 |
1996 |
|
|
|
|
LIFE |
OTHER |
TOTAL |
TOTAL |
|
|
|
Note |
Rupees |
Rupees |
Rupees |
Rupees |
|
| ASSETS |
|
|
|
|
|
|
|
| LOANS
AND ADVANCES PER CONTRA |
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
| Loan
to Life Business as per contra |
4 |
-- |
67,018,550 |
67,018,550 |
64,376,024 |
|
| Interest
Receivable on Loan to Life Business |
|
-- |
27,435,556 |
27,435,556 |
15,346,745 |
|
|
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
|
|
-- |
94,454,106 |
94,454,106 |
79,722,769 |
|
|
| Others-considered
good |
|
|
1,279,246 |
-- |
1,279,246 |
706,560 |
|
|
| INVESTMENTS |
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
