| Century Insurance Company Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| CORPORATE
INFORMATION |
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| NOTICE
OF MEETING |
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| DIRECTORS'
REPORT |
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| AUDITORS'
REPORT |
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| FINANCIAL
STATEMENTS OF THE COMPANY |
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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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| Corporate
Information |
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| BOARD
OF DIRECTORS |
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| IQBALALI
LAKHANI (Chairman & Chief Executive) |
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| ZULFIQAR
ALI LAKHANI |
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| AMIN
MOHAMMED LAKHANI |
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| TASLEEMUDDIN
AHMED BATLAY |
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| ARIF HABIB |
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| A.
AZIZ EBRAHIM |
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| RAMZAN
ALI HALANI |
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| ADVISOR |
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| SULTANALI
LAKHANI |
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| COMPANY
SECRETARY |
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| RAMZAN
ALI HALANI |
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BANKERS |
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| EXECUTIVE
DIRECTOR |
Citibank N.A. |
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| MIR
NADIR ALI |
American Express Bank
Limited |
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Standard Chartered
Grindlays Bank Limited |
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| AUDITORS |
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The Hongkong Shanghai
Banking Corporation Limited |
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| A.F.
FERGUSON& CO. |
Oman International Bank
Limited |
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| Chartered
Accountants |
Faysal Bank Limited |
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Bank Al-Habib Limited |
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Habib Bank Limited |
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National Bank of Pakistan |
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Allied Bank of Pakistan |
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United Bank Limited |
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Industrial Development
Bank of Pakistan |
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REGISTERED AND CORPORATE
OFFICE |
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Lakson Square, Building
No. 2, |
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Sarwar Shaheed Road,
Karachi-74200 |
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PRINCIPAL OFFICE |
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Lakson Square, Building
No. 1, |
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Sarwar Shaheed Road,
Karachi-74200 |
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OTHER OFFICES |
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Islamabad |
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H. No. 19, Street No. 88, |
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G-6/3, Embassy Road,
Islamabad. |
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Lahore |
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41-K, Model Town, Lahore. |
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| Notice
of Meeting |
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| NOTICE
IS HEREBY GIVEN that the 16th Annual General Meeting of CENTURY INSURANCE
COMPANY LIMITED will be |
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| held
on Tuesday May 07, 2002 at 10.30 a.m. at Avari Towers Hotel, Fatima Jinnah
Road, Karachi to transact the |
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| following
business: |
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| ORDINARY
BUSINESS |
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| 1.
To receive, consider and adopt the audited accounts of the Company for the
year ended December 31, 2001 |
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| and
the Directors' and Auditors' reports thereon. |
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| 2.
To declare a final dividend by way of issue of fully paid bonus shares @ 20%
i.e. in the proportion of one share |
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| for
every five shares held by the members as recommended by the Board of
Directors. This is in addition to the |
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| 10%
interim cash dividend already paid. |
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| 3.
To appoint Auditors and fix their remuneration. |
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| SPECIAL
BUSINESS |
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| 4.
To consider, subject to declaration of the final dividend as above, to
capitalize a sum of Rs. 15,150,250 by way |
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| of
issue of 1,515,025 fully paid bonus shares of Rs. 10 each and if thought fit
to pass an ordinary resolution |
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| in the matter. |
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| A
statement under section 160 of the Companies Ordinance, 1984 in the above
matter including draft of the ordinary |
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| resolution
to be passed pertaining to item No. 4 is annexed. |
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By Order of the Board |
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|
RAMZAN ALI HALANI |
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| KARACHI:
March 20, 2002 |
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Director/Company Secretary |
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| NOTES: |
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| 1.
The share transfer books of the Company will remain closed from April 26,
2002 to May 07, 2002, both days |
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| inclusive.
Transfers received in order at the registered office of the Company upto
April 25, 2002 will be |
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| considered
in time for entitlement of the bonus shares. |
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| 2.
A member, who has deposited his/her shares into Central Depository Company of
Pakistan Limited, must bring |
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| his/her
participant's ID number and CDC account/sub-account number alongwith original
National Identity Card |
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| or
original Passport at the time of attending the meeting. |
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| 3.
A member of the Company entitled to attend and vote may appoint another
member as his/her proxy to attend, |
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| speak
and vote instead of him/her. |
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| 4.
Form of proxy, in order to be effective, must be received at the registered
office of the Company not Later than |
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| 48
hours before the time of the meeting. |
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| 5.
Members are requested to notify the company promptly of any change in their
addresses. |
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| 6.
Form of proxy is enclosed herewith. |
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| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984 |
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| The
Board of Directors has recommended to the members of the Company to declare
final dividend by way |
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| of
issue of fully paid bonus shares @ 20% for the year ended December 31, 2001
and thereby capitalize a |
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| sum
of Rs.15,150,250 which has been transferred to 'reserve for issue of bonus
shares.' Subject to approval |
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| of
the Board of Directors' recommendation as above, the resolution as under will
be considered to be passed |
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| by
the members as an ordinary resolution: |
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| "RESOLVED
THAT: |
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| i)
a sum of Rs.15,150,250 out of the 'reserve for issue of bonus shares' be
capitalized and applied in |
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| making
payment in full of 1,515,025 ordinary shares of Rs.10/- each and that the
said shares be allotted |
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| as
fully paid up bonus shares to those members of the Company whose names appear
in the register |
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| of
members on April 25, 2002 @ 20% i.e., in the proportion of one share for
every five existing shares |
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| herd
by the members and that such new shares shall rank pari passu in art respects
with the existing |
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| ordinary
shares of the Company; |
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| ii)
in the event of any member holding Less than 5 shares or a number of shares
which is not an exact |
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| multiple
of 5, the fractional entitlements of shares of such members shall be
consolidated into whole |
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| new
shares and the Directors of the Company be and are hereby authorized to
arrange sale of the shares |
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| constituted
thereby in such manner as they may think fit and to pay the proceeds of the
sale to such |
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| of
the members according to their entitlement; |
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| iii)
for the purpose of giving effect to the above, the Directors be and are
hereby authorized to take all |
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| necessary
steps in the matter and to settle any question or difficulties that may arise
in regard to the |
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| distribution
of the said new shares as they think fit." |
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| The
Directors are interested in this business to the extent of their entitlement
of bonus shares as shareholders. |
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| Directors'
Report |
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| The
Director of your Company take pleasure in presenting to its shareholders, the
Annual Report and |
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| the
Audited Accounts for the year ended December 31, 2001. |
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| Insurance
Industry Overview |
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| Due
to post September 11 events, the performance of the economy remained under
pressure with Pakistan |
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| facing
economic difficulties. Trading activity was disrupted resulting in a decline
in exports and imports |
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| -
directly affecting the insurance industry. The attack brought hitherto
inconceivable exposure, highlighting |
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| the
necessity of a fundamental reassessment of the risk situation with particular
concentration to aspects |
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| of
terrorism. There was a global shift in major international policies including
tougher terms offered by |
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| reinsurers.
The reinsurance market hardened, as there were more requirements for
transparency of data |
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| and
tussle between reinsurers and insurers over the coverage of terrorism. The
brunt of the Losses of |
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| September
11 attack is nevertheless being borne by the insurance industry. |
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| Review
of Company's Operations |
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| The
Management of your Company is pleased to report here that the Company has
Mashallah maintained |
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| sustained
growth for the past several years in terms of revenues and profitability,
despite the difficult |
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| economic
environment in the country which has not been sufficiently conducive for the
insurance industry. |
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| Notwithstanding
the difficulties, our growth particularly in the last two years has been
sustained and is |
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| commendable.
The gross premium written during the Last two years has almost doubled 1 from
Rs. 57 |
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| million
in 1999 to Rs. 107 million in the year 2001. This reflects the unflinching
commitment and dedication |
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| of
your management in developing new client relationships to increase our share
in the market place and |
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| maximizing
the profitability of the Company. |
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| Following
are the financial highlights of the Company for the year 2001: |
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2001 |
2000 |
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|
Rupees |
Rupees |
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| Gross Premium |
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107,536,586 |
84,151,451 |
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| Retained
Premium |
|
59,274,628 |
44,125,197 |
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| Net
claims paid and outstanding |
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17,721,289 |
10,778,493 |
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| Expenses
of management |
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9,904,539 |
8,250,520 |
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| Underwriting
profit |
|
25,515,466 |
19,136,930 |
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| Dividend
and Profit on Investments |
17,402,457 |
15,705,754 |
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| Profit
before taxation |
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40,675,392 |
32,896,339 |
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| Profit
after taxation |
|
25,491,392 |
20,596,339 |
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| Total
Shareholders equity |
|
113,873,023 |
94,694,237 |
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| Earnings
per share |
|
3.37 |
2.72 |
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| Operating
Results |
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| Your
Company has Mashallah achieved a significant growth both in gross and
retained premium by 28% |
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| and
34% respectively. Eventhough net claims were higher by Rs. 6.9 million
principally because of increase |
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| in
underwriting business; claims ratio at 30% however was higher by only 5% as
compared to Last year. |
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| The
Management of your Company continues to adhere to the policy to enter into
selective market business |
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| cautiously
encompassing quality business only. Management expenses increased by Rs. 1.65
million - |
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| which
however remain at 9% of gross premium income. The increase in expenses is
mainly in connection |
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| with
broadening of market share as well as opening of two new offices at Lahore
and Islamabad. |
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| Capital
markets reflected the general slowdown of economies and the reactive steps
taken by the State |
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| Bank
of Pakistan, in particular the series of interest rate cuts in SBP
discounting rate by 5% during the |
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| period
from July 2001 to January 2002. As a result, market remains liquid with fewer
than expected options |
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| available
for investment opportunities. However, your Company achieved a growth of 11%
reflecting a |
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| combination
of asset growth as well as diversification of portfolio in different
investment perspectives. |
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| Profit
before tax at Rs. 40.67 million and profit after tax at Rs. 25.49 million
shows a significant growth |
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| of
24% over Last year - resulting in improvement in Earnings per share (EPS)
from Rs. 2.72 to Rs. 3.37 - |
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| an
increase of 24%. |
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| "ALHAMDOLLILAH"
all classes of business activities continued to maintain profitability during
the year |
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| as
explained below: |
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| Fire Business |
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| The
gross Premium at Rs. 36.59 million and Retained Premium at Rs. 14.98 million
shows an increase of 18% |
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| and
32% respectively as compared to Last year. Net claims were Rs. 2.77 million
as compared to Rs. 1.3 million |
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| Last
year. The underwriting profit went up from Rs. 5.08 million to Rs. 8.05
million - showing a significant increase |
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| of
58% as compared to previous year. Fire business contributed 32% towards
Company's Underwriting Profit. |
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| Marine
Business |
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| The
Gross Premium at Rs. 24.04 million and Retained Premium at Rs. 18.02 million
shows an increase of |
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| 9%
and 21% respectively over last year. Net claims were Rs. 1.81 million as
compared to Rs. 1.05 million |
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| Last
year. The underwriting profit went up from Rs. 7.73 million to Rs. 10.48
million showing an increase |
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| of
36%. Marine business contributed 41% towards Company's Underwriting Profit. |
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| Motor
and Miscellaneous Business |
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| The
Gross Premium at Rs. 46.9 million and Retained Premium at Rs. 26.27 million
shows an increase of |
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| 51%
and 47% respectively compared to Last year. Net claims were Rs. 13.14 million
as compared to |
|
| Rs.
8.42 million Last year. The underwriting profit was Rs. 6.98 million as
compared to Rs. 6.32 million |
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| Last
year. Motor and miscellaneous business contributed 27% towards Company's
Underwriting Profit. |
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| Investment
Activities |
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| The
Company's investments are well-diversified and the Management's policy to
ensure safe and sound |
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| balance
between risk and return resulted in achieving a growth in investment income.
The Company |
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| continued
to invest its funds into secured credit rated debt instruments issued by the
blue chip companies |
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| to
build up its investment portfolio. Average yield on the investment was 12.6%
during the year. |
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| Provision
for diminution in value of investments |
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| As
at the cut-off date December 31, 2001, the stock market was depressed due to
ongoing border tension |
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| between
Pakistan and India. As a result, the Company had to make an additional
provision of Rs. 2 million |
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| in
order to value investments as at December 31, 2001. Your management is also
pleased to report that |
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| subsequent
to year end, i.e., as at February 28, 2001 there was a reversal provisioning
of Rs. 5 million - |
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| a
favourable impact. |
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| Credit Rating |
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| The
JCR-VIS Credit Rating Co. Ltd. (JCR-VTS), an affiliate of Japan Credit Rating
Agency Ltd., Japan has |
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| maintained
the Company's rating at 'A-'. While maintaining the above rating 2CR has
acknowledged strong |
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| support
from prestigious group companies, business strategy for opening up the doors
for selective and |
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| quality
business, strong reinsurance arrangements with Leading reinsurers, high level
of liquidity, adequate |
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| cushioning
made available to policyholders and emphasis on good Management Information
System, |
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|
| Reinsurance
Arrangement |
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| We
wish to record here with satisfaction that while a number of insurance
companies including some companies |
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| of
repute were facing difficulties for their treaty arrangements for the year
2002 due to tougher terms being |
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| offered
by foreign reinsurers, as a direct result of September 11 event,
ALHAMDOLLILAH your Company's treaty |
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| arrangements
were finalized by the foreign reinsurers, without hesitation because of
excellent performance, |
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| with
even better terms than last year. During the year, the Company had also
established business relationship |
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| under
facultative arrangement with M/s. Swiss Reinsurance Company - an 'AAA' rated
Company. |
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| Paid-up
Capital and Total Shareholders Equity |
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| Your
Company's commitment in strengthening its capital base has resulted in
raising the capital to |
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| Rs.
90.9 million. The Company now exceeds the mandatory requirement of paid-up
capital set by the |
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| Insurance
Ordinance 2000. Total shareholders equity as at December 31, 2001 stated at
Rs. 113.87 million. |
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| Higher
shareholders' equity including reserves is essential for underwriting higher
risks with the objective |
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| of
achieving the desired growth in the business, as well as in obtaining better
arrangement with foreign |
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| reinsurers.
Enlarging capital base helps in providing confidence to both the insured and
the reinsurers |
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| and
lends comfort to the shareholders. |
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|
| Branch Offices |
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| During
the year the Company has set-up branch offices in Islamabad and Lahore to
facilitate our valued |
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| clients. |
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| Head Office |
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| A
new premises for Company's Head Office is being built keeping in view the
Company's current operations |
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| as
well as future growth. The present Head Office has become inadequate to
handle our expanding |
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| operations. |
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|
| Financial
Results |
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|
Rupees |
|
|
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| Net
profit for the year |
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|
40,675,392 |
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| Less: Taxation |
|
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|
15,184,000 |
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------------------ |
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|
25,491,392 |
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| Unappropriated
profit brought forward |
|
42,967 |
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|
------------------ |
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| Profit
available for appropriation |
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|
25,534,359 |
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| Appropriations: |
|
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| (i)
Interim cash dividend @ 10% already paid |
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6,312,606 |
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| (ii)
Stock dividend of one share for every five existing |
|
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| ordinary
shares held 20% |
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|
15,150,250 |
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| (iii)
Transfer to general reserve |
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|
4,000,000 |
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------------------ |
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|
25,462,856 |
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------------------ |
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| Unappropriated
profit carried forward |
|
71,503 |
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|
========== |
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| Paid-up
Capital & Reserves |
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|
No. of |
Rupees |
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|
shares |
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| a)
Paid-up capital: |
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| (i) Initial capital |
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|
500,000 |
5,000,000 |
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| (ii)
Issue of bonus shares |
|
6,295,127 |
62,951,270 |
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| (iii)
Issue of right shares |
|
780,000 |
7,800,000 |
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|
------------------ |
------------------ |
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|
7,575,127 |
75,751,270 |
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|
------------------ |
------------------ |
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| b) Reserves |
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| (i)
Financial Reserves |
|
| General
reserves |
|
|
|
22,900,000 |
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| Reserve
for bonus shares |
|
|
|
15,150,250 |
|
| Unappropriated
profit carried forward |
|
|
71,503 |
|
|
|
|
------------------ |
|
|
|
|
38,121,753 |
|
| (ii)
Technical Reserves |
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| Premium
reserves |
|
|
|
23,709,851 |
|
| Reserve
for outstanding claims |
|
|
|
2,977,548 |
|
|
|
|
------------------ |
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|
|
|
26,687,399 |
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|
|
|
------------------ |
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| Grand
total (a+b) |
|
|
|
140,560,422 |
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|
========== |
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| Future Outlook |
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| Despite
all the pressures on our economy, border tensions, we are optimistic for
greater opportunities |
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| under
the present circumstances, which could put our economy back on the track. The
Government's skillful |
|
| handling
of the situation provides much hope for an economic turnaround. The
withdrawal of sanctions |
|
| imposed
on Pakistan and rescheduling of debts has given a very positive signal for a
growth in the economy. |
|
| All
this will help restore Pakistan's image amongst the international community. |
|
|
| Your
Company will continue to pursue its twin strategy of increasing its core
underwriting business and |
|
| seeking
profitable opportunities to further diversify its field of income generating
investments. As outlined |
|
| in
this Report, a new office is being built in order to cater to the increasing
and challenging demand of |
|
| our
business. Recently, the Company has also entered into arrangements for
providing insurance coverages |
|
| to
two international banks operating in Pakistan. |
|
|
| In
the wake of current market situation, we are focussing more on broadening the
customer base by |
|
| focusing
on quality of service, quality of management and building customers'
confidence by providing |
|
| quick
and personalised service to the clients. Our moto remains "The customers
satisfaction is Management's |
|
| Top Priority" |
|
|
| Auditors |
|
| The
present auditors, M/s. A.F. Ferguson & Co., Chartered Accountants being
eligible have offered themselves |
|
| for
re-appointment as auditors for the ensuing year. |
|
|
| General |
|
| The
Directors of the Company would Like to take this opportunity to thank the
Executive Director (Insurance |
|
| Division)
- Securities and Exchange Commission of Pakistan, Pakistan Reinsurance
Company Ltd., Insurance |
|
| Association
of Pakistan, State Bank of Pakistan, Banks and Financial Institutions,
Insurance Companies, |
|
| JCR-VIS
Credit Rating Company for their continued support and co-operation extended
to the Company. |
|
|
| The
Directors would also Like to express their thanks and appreciation for the
support provided by our |
|
| valued
reinsurers M/s. Mitsui Sumitomo Reinsurance Ltd., AXA Corporate Solutions
Asia Pacific Pte. Ltd. |
|
| and
Arab Insurance Group. We would also Like to place on record our sincere
thanks to M/s. Swiss Reinsurance |
|
| Company
for their reinsurance support in our facultative arrangements. |
|
|
| We
would Like to thank our Policyholders and Shareholders, who continue to place
their trust and confidence |
|
| in
our Company and assure them that we remain committed to do our utmost to
ensure the best utilization |
|
| of
their investment in the Company. |
|
|
| The
Directors also wish to place on record their appreciation for the devotion,
Loyalty, and hard work of |
|
| the
officers and members of the staff toward the growth of the Company and
success of its operations. |
|
|
| The
pattern of shareholding in the prescribed form is included in this report. |
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|
|
|
On behalf of the Board of Directors |
|
|
|
|
|
|
|
Iqbalali Lakhani |
|
| Karachi:
March 7, 2002 |
|
Chairman & Chief Executive |
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of Century Insurance Company Limited
as at December 31, |
|
| 2001,
the Fire, Marine and Miscellaneous Business Revenue Accounts, Profit and Loss
Account, Profit and |
|
| Loss
Appropriation Account, Statement of Changes in Equity, and 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. |
|
|
| It
is the responsibility of the company's management to establish and maintain a
system of internal control, |
|
| and
prepare and present the above said statements in conformity with the approved
accounting standards and |
|
| the
requirements of the Insurance Ordinance, 2000. Our responsibility is to
express an opinion on these |
|
| statements
based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards |
|
| require
that we plan and perform the audit to obtain reasonable assurance about
whether the above said |
|
| statements
are free of any material misstatement. An audit includes examining, on a test
basis, evidence |
|
| supporting
the amounts and disclosures in the above said statements. An audit also
includes assessing the |
|
| accounting
policies and significant estimates made by management, as well as, evaluating
the overall |
|
| presentation
of the above said statements. We believe that our audit provides a reasonable
basis for our opinion |
|
| and,
after due verification, 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 the notes
thereto have been |
|
| drawn
up in the manner as described in note 2.1 to the accounts 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 purposes 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 Balance Sheet, the Fire, Marine and
Miscellaneous Business |
|
| Revenue
Accounts, Profit and Loss Account, Profit and Loss Appropriation Account,
together with the |
|
| notes
forming part thereof conform with the approved accounting standards as
applicable in Pakistan, |
|
| and
give the information required by the Insurance Ordinance, 2000, and the
Balance Sheet, Profit and |
|
| Loss
Account, Statement of Changes in Equity and Cash Flow Statement give,
respectively, a true and |
|
| fair
view of the company's affairs as at December 31, 2001, and of the profit,
changes in equity 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:
March 20, 2002 |
|
Chartered Accountants |
|
|
|
|
| Financial
Statements for the year 2001 |
|
|
|
| BALANCE
SHEET |
|
| PROFIT
& LOSS ACCOUNT |
|
| PROFIT
& LOSS APPROPRIATION ACCOUNT |
|
| CONSOLIDATED
INSURANCE BUSINESS REVENUE ACCOUNT |
|
| INSURANCE
BUSINESS REVENUE ACCOUNT - SEGMENT WISE |
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| CASH
FLOW STATEMENT |
|
| NOTES
TO THE ACCOUNTS |
|
|
|
| Balance
Sheet as at December 31, 2001 |
|
|
|
|
2001 |
2000 |
|
|
Note |
Rupees |
Rupees |
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorised
share capital |
|
| 100,000,000
(2000: 10,000,000) ordinary shares of Rs. 10 each |
100,000,000 |
100,000,000 |
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up share capital |
|
|
| 7,575,127
(2000: 6,312,606) ordinary shares |
|
|
| of
Rs. 10 each fully paid |
|
3 |
75,751,270 |
63,126,060 |
|
|
|
|
|
| Reserve
for issue of bonus shares |
|
15,150,250 |
12,625,210 |
|
| General reserve |
|
4 |
22,900,000 |
18,900,000 |
|
| Unappropriated
profit |
|
|
71,503 |
42,967 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
113,873,023 |
94,694,237 |
|
| BALANCE
OF ACCOUNTS - Note 2.4 |
|
| Fire
insurance revenue account |
|
|
5,990,901 |
4,540,443 |
|
| Marine
insurance revenue account |
|
7,210,088 |
5,939,288 |
|
| Miscellaneous
insurance revenue account |
|
|
| [including
motor insurance Rs. 7,306,724 |
|
|
| (2000:
Rs 4,719,347)] |
|
|
10,508,862 |
7,170,348 |
|
|
|
------------------ |
------------------ |
|
|
|
23,709,851 |
17,650,079 |
|
|
| LIABILITIES
AND PROVISIONS |
|
| Estimated
liabilities in respect of |
|
| outstanding
claims, whether due or intimated |
|
2,977,548 |
2,625,469 |
|
| Amounts
due to other persons or bodies carrying |
|
|
| on
insurance business |
