Century Insurance Company Limited
YOUR TRUST
OUR ASSURANCE
ANNUAL REPORT 2024
Century Insurance at a Glance
• Century Insurance is a Lakson Group Company.
• Operating since 1989, dealing in all areas of general insurance and takaful business.
• One of the premier general insurance companies of Pakistan.
• Rated "AA" with a stable outlook by VIS Credit Rating Company Limited, signifying a 'very strong capacity to meet policyholders' and contractual obligations.
• Total equity in excess of Rs. 3.2 billion.
• Twice awarded 'Top 25 Companies Award' by the Karachi Stock Exchange.
• Very strong reinsurance treaty arrangements with highly rated international reinsurers.
• Broad client base consisting of individuals as well as some of the most prestigious local and multinational companies.
Contents
02 Vision and Mission
04 Corporate Information
06 Products and Services
13 Core Values
14 Code of Conduct
16 Notice of Annual General Meeting
22 Corporate Calendar
23 Access to Reports and Enquiries
24 Organisation Chart
25 Performance Highlights
26 Horizontal and Vertical Analysis
28 Share Price & Volume Analysis
29 Chairman's Review Report
36 Chairman's Review Report (Urdu)
37 Directors' Report
44 Directors' Report (Urdu)
45 Board Committees
48 Management Committees
49 Pattern of Shareholding
51 Key Operating and Financial Data
52 DuPont Analysis
53 Gender Pay Gap
55 Statement of Value Addition
56 Statement of Compliance with the Code of Corporate Governance
60 Shariah Advisor's Review Report to the Board of Directors
62 Independent Auditor's Review Report on Statement of Compliance contained in Listed Companies (Code of Corporate Governance)
Regulations, 2019
63 Statement of Compliance with the Shariah Principles
64 Independent Reasonable Assurance Report on Compliance with the Shariah Principles
Financial Statements
68 Independent Auditor's Report to the Members of Century Insurance Company Limited on the Audit of the Financial Statements
74 Financial Statements
Window Takaful Operations - Financial Statements
128 Independent Auditor's Report to the Members of Century Insurance
Company Limited - Window Takaful Operations on the Audit of the Financial Statements
131 Financial Statements Form of Proxy
Ballot Paper for Voting through Post
1
Our Vision
To be an organization known for integrity and ethical behavior and fully dedicated to its Clients, Business Partners, Shareholders and Employees, providing exceptional quality service and committed to achieving excellence in all areas of its operations.
Our Mission
• To become a company of choice for its valued Clients, Stockholders and Employees.
• To ensure continued growth of the financial strength and resilience of the company so that it may be able to withstand any unexpected shocks or cyclical economic downturns.
• The Company culture to be known for Integrity and Ethical behavior.
• The Company to be known as one of the best insurance companies of the country.
Corporate Information
Board of Directors
Mr. Iqbal Ali Lakhani - Chairman Mr. Amin Mohammed Lakhani Ms. Anushka Lakhani
Mr. Aftab Ahmad
Mr. Atiq Anwar Mahmudi Mr. Jawed Akhlaq
Mr. Mohammad Hussain Hirji - Chief Executive
Shares Registrar
M/s. FAMCO Share Registration Services (Pvt.) Ltd.
8-F, Near Hotel Faran, Nursery,
Block-6, P.E.C.H.S., Shahra-e-Faisal, Karachi. Tel: (021) 3438 0101-5
Fax: (021) 3438 0106
Email:info.shares@famcosrs.comWebsite:www.famcosrs.com
Advisor
Mr. Sultan Ali Lakhani
Chief Financial Officer
Mr. Nawaid Jamal
Company Secretary
Mr. Mansoor Ahmed
Audit Committee
Mr. Atiq Anwar Mahmudi - Chairman Mr. Amin Mohammed Lakhani
Mr. Aftab Ahmad
Investment Committee
Mr. Iqbal Ali Lakhani - Chairman Mr. Aftab Ahmad
Mr. Mohammad Hussain Hirji Mr. Nawaid Jamal
Ethics, Human Resource & Remuneration Committee
Mr. Jawed Akhlaq - Chairman Mr. Amin Mohammed Lakhani Mr. Mohammad Hussain Hirji
Sustainability Committee
Mr. Jawed Akhlaq - Chairman Ms. Anushka Lakhani
Mr. Mohammad Hussain Hirji
External Auditors
M/s. BDO Ebrahim & Co. Chartered Accountants
Bankers
Al Baraka Bank (Pakistan) Limited Askari Bank Limited
Bank Alfalah Limited
Bank Islami Pakistan Limited
Dubai Islamic Bank Pakistan Limited Habib Bank Limited
Habib Metropolitan Bank Limited JS Bank Limited
MCB Islamic Bank Limited Meezan Bank Limited
NRSP Microfinance Bank Limited Samba Bank Limited
Soneri Bank Limited
Standard Chartered Bank (Pakistan) Limited Telenor Microfinance Bank Limited
U Microfinance Bank Limited United Bank Limited
Registered & Corporate Office
Lakson Square, Building No. 2,
Sarwar Shaheed Road, Karachi-74200.
Head Office
11th Floor Lakson Square, Building No. 3,
Sarwar Shaheed Road, Karachi-74200.
Website:www.cicl.com.pk
UAN: 111-111-717
NTN: 0710008-6
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