| CENTURY INSURANCE COMPANY LIMITED |
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| ANNUAL
REPORT 1997 |
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| Contents |
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| Company
Information |
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| Notice
of Meeting |
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| Directors'
Report |
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| Auditors'
Report to the Members |
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| Balance
Sheet |
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| Profit
& Loss Account |
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| Fire
Insurance Business Revenue Account |
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| Marine
Insurance Business Revenue Account |
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| Miscellaneous
Insurance Business Revenue Account |
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| Motor
Insurance Business Revenue Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Form AA |
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| Financial
Highlights |
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| Pattern
of Holding of Shares |
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| Company
Information |
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| BOARD
OF DIRECTORS |
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| IQBALALI
LAKHANI |
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Chairman & Chief
Executive |
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| ZULFIQARALI
LAKHANI |
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| AMIN
MOHAMMED LAKHANI |
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| HASANALI
H. MERCHANT |
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| TASLEEMUDDIN
AHMED BATLAY |
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| ARIF HABIB |
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| RAMZANALI
HALANI |
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Company Secretary |
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| ADVISOR |
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| SULTANALl
LAKHANI |
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| GENERAL
MANAGER |
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| MIR
NADIR ALl |
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| AUDITORS |
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| A.F.
FERGUSON & CO. |
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| Chartered
Accountants |
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| BANKERS
~-:~, |
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| CITIBANK
N.A. |
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| AMERICAN
EXPRESS BANK LIMITED |
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| BANK
AL-HABIB LIMITED |
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| NATIONAL
BANK OF PAKISTAN |
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| HABIB
BANK LIMITED |
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| ALLIED
BANK OF PAKISTAN LIMITED |
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| UNITED
BANK LIMITED |
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| REGISTERED
AND CORPORATE OFFICE |
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| LAKSON
SQUARE, BUILDING NO. 2 |
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| SARWAR
SHAHEED ROAD |
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| KARACHI-74200 |
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| PRINCIPAL
OFFICE |
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| 2ND
FLOOR, BLOCK "D" |
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| LAKSON
SQUARE, BUILDING NO.1 |
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| SARWAR
SHAHEED ROAD |
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| KARACHI-74200 |
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| Notice
of Meeting |
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| NOTICE
IS HEREBY GIVEN that the 12th Annual General Meeting of CENTURY INSURANCE |
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| COMPANY
LIMITED will be held at Avari Towers Hotel, Fatima Jinnah Road, Karachi on
Thursday |
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| June
11, 1998 at 10.30 a.m. to transact the following business: |
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| ORDINARY
BUSINESS |
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| 1.
To receive, consider and adopt the audited Balance Sheet and Profit and Loss
Account for the |
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| year
ended December 31, 1997 and the Directors' and Auditors' reports thereon. |
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| 2.
To declare final dividend by way of issue of bonus shares @ 30% i.e. in the
proportion of THREE |
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| shares
for every TEN existing shares held by the members as recommended by the Board
of |
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| Directors.
This is in addition to the interim cash dividend @ 15% already paid. |
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| 3.
To appoint Auditors and to fix their remuneration. |
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| SPECIAL
BUSINESS |
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| 4.
To consider to capitalise a sum of Rs. 9,909,900 by way of issue of 990,990
bonus shares of |
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| Rs.
10/- each and if thought fit to pass an ordinary resolution in the matter. |
|
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| A
statement under section 160 of the Companies Ordinance, 1984 and the draft of
the ordinary |
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| resolution
to be passed in the above matter are annexed. |
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| NOTES: |
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| 1.
The share transfer books of the Company will remain closed from June 01, 1998
to June 11, |
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| 1998,
both days inclusive. Transfers received in order by the Company upto May 31,
1998 will |
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| be
considered in time for entitlement of final dividend by way of issue of bonus
shares. |
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|
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| 2.
A member entitled to attend and vote at the general meeting may appoint
another member as |
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| his
proxy to attend, speak and vote instead of him. |
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|
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| 3.
Forms of proxy to be valid must be received at the Company's registered
office not later than |
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| 48
hours before the time of the meeting. |
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| 4.
Members are requested to notify the Company promptly of any change in their
addresses. |
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| 5.
Form of proxy is enclosed herewith. |
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| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984 |
|
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| This
Statement is annexed to the notice of the Twelfth Annual General meeting and
sets out the |
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| material
facts concerning Special Business to be transacted at the meeting. |
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| In
order to declare a final dividend by way of issue of fully paid bonus shares
the directors |
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| recommend
to issue bonus shares in the proportion of THREE shares for every TEN
existing |
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| shares
held by the members. For the purpose of issue of 990,990 bonus shares of Rs.
10/- each |
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| by
way of capitalisation of a sum of Rs. 9,909,900 out of the reserve for issue
of bonus shares, |
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| the
following resolution will be considered to be passed, as an ordinary
resolution: |
|
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| "RESOLVED
THAT: |
|
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| i)
a sum of Rs. 9,909,900 out of the reserve for issue of bonus shares be
capitalised and |
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| applied
in making payment in full of 990,990 ordinary shares of Rs. 10/- each and
that the |
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| said
shares be allotted as fully paid up bonus shares to those members of the
Company whose |
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| names
appear in the register of members on June 11, 1998 @ 30% i.e. in the
proportion |
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| of
THREE shares for every TEN existing shares held and that such new shares
shall rank pari |
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| passu
as regards future dividends and in all other respects with the existing
ordinary shares |
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| of
the Company; |
|
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| ii)
in the event of any member holding less than 10 shares or a number of shares
which is not |
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| an
exact multiple of ten, the fractional entitlement of shares of such members
shall be |
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| consolidated
into whole new shares and the Directors of the Company be and are hereby |
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| authorised
to arrange sale of the shares constituted thereby in such manner as they may
think |
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| fit
and to pay the proceeds of the sale to such of the members according to their
entitlement. |
|
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| iii)
for the purpose of giving effect to the above matter, the Directors be and
are hereby |
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| authorised
to give such directions as may be necessary and to settle any question or |
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| difficulties
that may arise in regard to the distribution of the said new shares as they
think |
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| fit". |
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| The
Directors are interested in this business to the extent of their entitlement
of bonus shares |
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| as
shareholders. |
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| Directors'
Report |
|
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| The
Directors of your Company take pleasure in presenting the 12th annual report
on the |
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| operational
and financial results of the Company for the year ended December 31, 1997. |
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| By
the blessings of ALMIGHTY ALLAH, the Company continues to make significant
progress, |
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| and
has been ranked 6th amongst the top ten general insurance companies and rated
A++ by |
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| M/s.
Vital Information Services (Pvt.) Limited. |
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| The
Comparative operational results are given hereunder: |
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1997 |
1996 |
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|
|
Rupees |
Rupees |
|
|
|
|
| Gross
premiums |
|
50,529,855 |
46,425,874 |
|
| Retained
premiums |
|
29,258,651 |
27,931,123 |
|
| Commission
&-discount |
|
1,360,303 |
1,604,761 |
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| Net
claims paid & outstanding |
|
12,705,859 |
7,149,093 |
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| Expenses
of management |
|
3,680,770 |
2,508,036 |
|
| Underwriting
profit |
|
10,980,709 |
14,254,991 |
|
| Income
from investment |
|
11,465,772 |
7,563,721 |
|
| Profit
before taxation |
|
25,724,778 |
19,136,040 |
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| Profit
after taxation |
|
17,939,160 |
12,654,252 |
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| Earnings
per share |
|
5.43 |
4.79 |
|
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| During
the year under review, the gross premiums increased by Rs. 4,103,981 i.e. 9%
and the |
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| retained
premiums increased by Rs. 1,327,528 i.e. % over the previous year. |
|
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| Gross
commission for 1997 was Rs. 9,853,973 as against Rs. 8,885,618 in 1996. Net |
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| commission
charge for the year 1997 is Rs. 1,360,303 as against Rs. 1,604,761 last year. |
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| Gross
losses during the year 1997 were Rs. 22,540,472 as against Rs. 14,841,872 of
the |
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| previous
year. Net losses during the year 1997 were Rs. 12,705,859 as against Rs.
7,149,093 |
|
| of
last year. |
|
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| Major
losses paid and or reported in the year under review were 4 (four) fire
damages, 5 (five) |
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| Marine
Imports & Transit damages and 12 (twelve) Motor snatching. |
|
|
| Fire
Business |
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| Gross
premium of fire business underwritten by the Company during 1997 amounted to |
|
| Rs.
22.7 million as against Rs. 22.3 million in 1996. Net premium income was Rs.
10.0 million |
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| as
against Rs. 10.6 million in 1996. Gross losses during the year 1997 amounted
to Rs. 9.9 |
|
| million
as against Rs. 6.0 million in 1996. The net losses during the year were Rs.
5.9 million |
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| as
against Rs. 2.3 million in 1996. The underwriting profit for the year
amounted to Rs. 3.1 |
|
| million
as against profit of Rs. 8.6 million in 1996. |
|
|
| Marine
Business |
|
| Gross
premium of marine business underwritten by the Company during 1997 amounted
to |
|
| Rs.
10.9 million as against Rs. 9.2 million in 1996. Net premium increased to Rs.
7.9 million |
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| as
against Rs. 6.7 million in 19~6. Gross losses during the year 1997 were Rs.
5.4 million as |
|
| against
gross losses of Rs. 3.1 million in 1996. The net losses during the year 1997
were |
|
| Rs.
1.4 million as against Rs. 2.3 million in 1996. The underwriting profit for
the year |
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| amounted
to Rs. 4.6 million as against profits of Rs. 2.7 million in 1996. |
|
|
| Motor
Business |
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| Gross
premium of motor business underwritten by the Company during 1997 amounted to |
|
| Rs.
8.4 million as against Rs. 9.4 million in 1996. Net premium decreased to Rs.
6.0 million |
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| as
against Rs. 6.6 million in 1996. Gross losses during the year 1997 were Rs.
4.1 million as |
|
| against
gross losses of Rs. 3.0 million in 1996. The net losses during the year were |
|
| Rs.
3.0 million as against Rs. 2.2 million in 1996. |
|
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| The
disturbed law and order situation still prevails in the Country and continues
to affect the |
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| Motor
Insurance business. Despite adverse conditions, we are pleased to report an
underwriting |
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| profit
of Rs. 1.4 million. |
|
|
| Miscellaneous
Accident Business |
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| Gross
premium of miscellaneous accident business underwritten by the Company during
1997 |
|
| amounted
to Rs. 8.4 million as against Rs. 5.6 million in 1996. Net premium income
increased |
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| to
Rs. 5.3 million as against Rs. 4.0 million in 1996. Gross losses during the
year 1997 were |
|
| Rs.
3.1 million as against Rs. 2.9 million in 1996. The net losses during the
year 1997 were |
|
| Rs.
2.4 million as against Rs. 2.1 million in 1996. The underwriting profit for
the year |
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| amounted
to Rs. 1.9 million as against profit of Rs. 1.4 million in 1996. |
|
|
| Investments |
|
| The
total investments as at December 31, 1997 stood at Rs. 80.1 million as
against Rs. 64.7 |
|
| million
in the previous year. As a result of prudent investment policies pursued by
the Company |
|
| the
investment income rose from Rs. 7.6 million in 1996 to Rs. 11.5 million in
1997. There |
|
| was
also a favourable adjustment of Rs. 2.7 million in respect of reversal of
diminution in the |
|
| value
of marketable securities, in addition profit on sale of shares was Rs. 0.21
million. |
|
|
| Solvency
Margin |
|
| The
Company's net assets as at December 31, 1997 were Rs. 62.4 million as against
Rs. 48.9 |
|
| million
in the previous year. The resultant solvency margin stood at 213% as a
percentage of |
|
| retained
premium of Rs. 29.3 million for 1997 as against 175% in 1996 which is much
higher |
|
| than
the required margin of 10% of the retained premium under the Insurance Act,
1938. |
|
|
| Operating
Results |
|
| The
profit before taxation is Rs. 25,724,778 and after providing Rs. 7,785,618
for taxation, |
|
| and
with the addition of last year's unappropriated profit of Rs. 12,307 and
reversal of tax |
|
| liability
on bonus shares of Rs. 1,415,700, the profit available for appropriation
comes to |
|
| Rs.
19,367,167 which your Directors recommend to appropriate as under: |
|
|
|
|
|
|
Rupees |
|
| Interim
cash dividend @15% (already paid) |
|
4,954,950 |
|
| Transfer
to reserve for proposed issue of bonus shares @ 30% |
|
| i.e.
three ordinary shares for every ten shares held |
9,909,900 |
|
| Transfer
to general reserve |
|
4,450,000 |
|
| Balance
to be carried forward |
|
52,317 |
|
|
|
|
---------- |
|
|
|
|
19,367,167 |
|
|
|
|
========== |
|
| Issue
of Bonus Shares |
|
| Your
Directors have decided to capitalise a sum of Rs. 9,909,900 for the issue of
990,990 |
|
| ordinary
shares of Rs. 10/- each to the members of the Company as fully paid bonus
shares in |
|
| the
ratio of three shares for every ten ordinary shares held by them. The paid up
capital of your |
|
| Company
after the issue of bonus shares will stand increased to Rs. 42,942,900. |
|
|
| Paid-up
Capital & Reserves |
|
| The
continued growth in the volume of Company's business and very satisfactory
results call for |
|
| appropriate
increase in the paid up capital and reserves of the company to meet the
future |
|
| needs
of the expanding organisation. Accordingly, your company has been increasing
its paid |
|
| up
capital through the issue of bonus/right shares. A considerable part of the
profits is also |
|
| being
appropriated to the general reserve every year in order to further build up
the financial |
|
| position
of your progressive company. |
|
|
| The
shareholders' equity and reserves position is as under: |
|
| a)
Paid-up capital: |
|
|
No. of Shares |
Rupees |
|
| i)
Initial Capital |
|
|
500,000 |
5,000,000 |
|
| ii)
Issue of Bonus Shares |
|
2,023,300 |
20,233,000 |
|
| (iii)
Issue of Right Shares |
|
780,000 |
7,800,000 |
|
|
|
|
---------- |
---------- |
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|
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|
3,303,300 |
33,033,000 |
|
|
|
|
---------- |
---------- |
|
| b)
Reserves: |
|
| i)
FINANCIAL RESERVES: |
|
|
|
| General
reserves |
|
|
19,850,000 |
|
| Reserve
for issue of bonus shares |
|
9,909,900 |
|
| Unappropriated
profit carried forward |
|
52,317 |
|
|
|
|
---------- |
|
| Sub-total
(i) |
|
|
29,812,217 |
|
|
---------- |
|
| ii)
TECHNICAL RESERVES: |
|
|
| Premium
reserves |
|
|
11,703,460 |
|
| Reserve
for outstanding claims |
|
5,314,182 |
|
|
|
|
---------- |
|
| Sub-total
(ii) |
|
|
17,017,642 |
|
|
|
|
---------- |
|
| Grand
total [a + b (i) + b (ii)] |
|
79,862,859 |
|
|
---------- |
|
|
| Auditors |
|
| A.F.
Ferguson & Co., have audited the accounts of the company for the year
1997 within the |
|
| time
frame and they deserve our appreciation. A.F. Ferguson & Co. being
eligible offer |
|
| themselves
for re-appointment as auditors for the ensuing year. |
|
|
| General |
|
| Your
Directors thank the Controller of Insurance, Pakistan Insurance Corporation
and scheduled |
|
| Banks
and Financial Institutions for their continued co-operation, understanding
and support |
|
| extended
to your Company. |
|
|
| The
Directors would also like to express their appreciation to Royal Exchange
Assurance for |
|
| their
continued assistance, advice and support in all reinsurance matters. The
Directors also |
|
| wish
to place on record their appreciation of devotion, loyalty and hard work of
the officers and |
|
| members
of the staff towards the growth of the Company and continued success of its |
|
| operations. |
|
|
| The
pattern of shareholding in the prescribed form is included in this report. |
|
|
|
| Auditors'
Report to the Members |
|
|
| We
have audited the annexed Balance Sheet of Century Insurance Company Limited
as at |
|
| December
31, 1997, the Fire, Marine and Miscellaneous Business Revenue Accounts,
Profit |
|
| and
Loss Account, Profit and Loss Appropriation Account, Cash Flow statement,
together with |
|
| the
notes forming part thereof, for the year ended on that date 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 purposes of our audit and after due verification thereof,
we report |
|
| that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the company as
required |
|
| by
the Companies Ordinance, 1984; |
|
|
|
|
| (b)
in our opinion: |
|
|
| (i)
the Balance Sheet, the Fire, Marine and Miscellaneous Business Revenue
Accounts, |
|
| Profit
and Loss Account and Profit and Loss Appropriation Account together with |
|
| notes
thereto have been drawn up in conformity with the provisions of the Insurance |
|
| Act,
1938 and are in agreement with the books of account 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)
business conducted, investments made and expenditure incurred during the year |
|
| were
in accordance with the objects of the company; |
|
|
| (c)
We have verified the cash and bank balances, and the securities relating to
the company's |
|
| loans
and investments by actual inspection or by the production of certificates
from the |
|
| loanee,
custodians of investments and company's bankers; |
|
|
| (d)
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 annexed Balance Sheet,
the |
|
| Fire,
Marine and Miscellaneous Business Revenue Accounts, Profit and Loss Account
and |
|
| Profit
and Loss Appropriation Account together with notes forming part thereof give
the |
|
| information
required by the Insurance Act, 1938, in the manner so required, and the |
|
| Balance
Sheet, Profit and Loss Account and Cash Flow statement give, respectively a |
|
| true
and fair view of the company's affairs as at December 31, 1997, and its
profit and |
|
| cash
flows for the year then ended; and |
|
|
| (e)
in our opinion, zakat deductible at source under the Zakat and Ushr
Ordinance, 1980 |
|
| was
deducted by the company and deposited in the Central Zakat Fund established
under |
|
| Section
7 of that Ordinance. |
|
|
|
|
|
|
|
A.F. FERGUSON & CO. |
|
| Karachi:
April 30, 1998 |
|
CHARTERED ACCOUNTANTS |
|
|
|
| Balance
Sheet as at December 31, 1997 |
|
|
|
|
1997 |
1996 |
|
|
|
Rupees |
Rupees |
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
| Authorised |
|
|
|
| 5,000,000
(1996: 5,000,000) ordinary |
|
|
|
| shares
of Rs. 10 each |
|
50,000,000 |
50,000,000 |
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
|
|
| 1,280,000
(1996: 1,280,000) ordinary shares |
|
|
| of
Rs. 10 each fully paid |
|
12,800,000 |
12,800,000 |
|
| 2,023,300
(1996: 1,362,640) ordinary shares |
|
|
| of
Rs. 10 each issued as fully paid bonus shares |
|
20,233,000 |
13,626,400 |
|
|
|
---------- |
---------- |
|
|
|
33,033,000 |
26,426,400 |
|
|
|
---------- |
---------- |
|
| Reserve
for issue of bonus shares |
|
9,909,900 |
6,606,600 |
|
| Income
tax on issue of bonus shares |
|
- |
660,660 |
|
|
|
---------- |
---------- |
|
|
|
9,909,900 |
7,267,260 |
|
| General
reserve |
|
19,850,000 |
15,400,000 |
|
| Unappropriated
profit |
|
52,317 |
12,307 |
|
|
|
---------- |
---------- |
|
|
|
62,845,217 |
49,105,967 |
|
| BALANCE
OF ACCOUNTS- NOTE 2(c) |
|
---------- |
---------- |
|
| Fire
insurance |
|
4,016,246 |
4,251,703 |
|
| Marine
insurance |
|
3,159,361 |
2,698,154 |
|
| Miscellaneous
insurance [including motor |
|
|
|
| insurance
Rs. 2,393,325; ( 1996: Rs. 2,631,056)] |
|
4,527,853 |
4,222,593 |
|
|
|
---------- |
---------- |
|
|
|
11,703,460 |
11,172,450 |
|
| LIABILITIES
AND PROVISIONS |
|
|
|
| Estimated
liabilities in respect of |
|
|
---------- |
---------- |
|
| outstanding
claims, whether due or intimated |
|
5,314,182 |
3,998,128 |
|
| Amounts
due to other persons or bodies carrying |
|
|
|
| on
insurance business |
|
6,130,897 |
5,443,041 |
|
| Income
tax on bonus shares issued |
|
- |
755,040 |
|
| Sundry
creditors (including outstanding and |
|
|
|
| accrued
expenses) |
|
621,379 |
526,111 |
|
| Premiums
and deposits |
|
8,250,224 |
4,305,171 |
|
| Provision
for taxation |
|
4,202,767 |
3,420,175 |
|
| Unclaimed
dividend |
|
148,526 |
111,743 |
|
|
|
---------- |
---------- |
|
|
|
24,667,975 |
18,559,409 |
|
|
|
---------- |
---------- |
|
|
|
99,216,652 |
78,837,826 |
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
| LOANS |
|
|
|
| On
mortgages of property within Pakistan |
|
12,271,022 |
13,488,077 |
|
|
|
|
| INVESTMENTS |
|
|
|
| Defence
saving certificates - deposited |
|
---------- |
---------- |
|
| with
State Bank of Pakistan |
|
|
350,000 |
350,000 |
|
| National
Investment Trust Units, ordinary shares, |
|
| modaraba
certificates of companies and modarabas |
|
|
| incorporated
in Pakistan and Term Finance Certificates |
|
| (market
value Rs.24,771,420; 1996: |
|
|
|
| Rs.
22,397,742) - note 3 |
|
|
24,771,420 |
22,397,742 |
|
|
|
---------- |
---------- |
|
|
|
|
|
25,121,420 |
22,747,742 |
|
| FURNITURE,
OFFICE EQUIPMENTS AND VEHICLES |
|
|
| at
cost less accumulated depreciation |
|
2,453,905 |
965,983 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
| Agents'
balances and outstanding premiums |
|
5,173,366 |
9,272,355 |
|
| Accrued
return |
|
2,528,207 |
2,297,740 |
|
| Amounts
due from other persons or bodies |
|
|
| carrying
on insurance business |
|
4,525,159 |
247,664 |
|
| Advances
and deposits |
|
540,552 |
395,441 |
|
| Certificates
of investment |
|
10,000,000 |
7,000,000 |
|
| Short
term deposits under portfolio management scheme |
21,000,000 |
15,000,000 |
|
|
|
---------- |
---------- |
|
| Cash
and bank balances |
|
|
|
| in
deposit accounts |
|
12,450,000 |
6,450,000 |
|
| in
current accounts, in transit and in hand |
|
3,153,021 |
972,824 |
|
|
|
---------- |
---------- |
|
|
|
|
|
15,603,021 |
7,422,824 |
|
|
|
|
|
---------- |
---------- |
|
|
|
|
|
59,370,305 |
41,636,024 |
|
|
|
|
|
---------- |
---------- |
|
| We
certify that: |
|
|
99,216,652 |
78,837,826 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| (a)
The investments shown in the Balance Sheet have been valued as indicated
therein at the lower of |
|
| cost
and market value, and the market values of the investments have been
ascertained, wherever |
|
| applicable,
from published quotations as on December 31, 1997~ |
|
| (b)
The values of all the assets have been reviewed as at December 31, 1997 and
in our belief such |
|
| assets
set forth in the Balance Sheet are shown in the aggregate at amounts not
exceeding their |
|
| realisable
or market values under the several headings given therein. |
|
|
|
| Profit
& Loss Account |
|
| for
the Year ended December 31, 1997 |
|
|
|
|
|
1997 |
1996 |
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| PROVISION
FOR TAXATION - current |
|
3,412,332 |
4,680,497 |
|
| -
prior year - 1994 |
|
- |
534,755 |
|
| -
prior year - 1995 |
|
419,775 |
- |
|
|
|
---------- |
---------- |
|
|
|
3,832,107 |
5,215,252 |
|
| ZAKAT
DEDUCTED AT SOURCE |
|
56,026 |
138,227 |
|
|
|
|
| PROFIT
FOR THE YEAR CARRIED TO |
|
|
|
| PROFIT
& LOSS APPROPRIATION ACCOUNT |
|
|
17,939,160 |
12,654,252 |
|
|
|
