Quarterly Report September 2024 (Un-audited)
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. 3.0 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.
Table of Contents
Financial Statement
Conventional Operations
Vision and Mission | 2 |
Corporate Information | 3 |
Directors' Review | 4 |
Directors' Review (Urdu) | 7 |
Condensed Interim Statement of Financial Position | 8 |
Condensed Interim Profit and Loss Account (Un-audited) | 10 |
Condensed Interim Statement of Comprehensive Income | 11 |
Condensed Interim Statement of Cash Flows | 12 |
Condensed Interim Statement of Changes in Equity | 14 |
Notes to and Forming Part of the Condensed Interim Financial Statements | 15 |
Financial Statement
Window Takaful Operations
Condensed Interim Statement of Financial Position | 36 |
Condensed Interim Profit and Loss Account (Un-audited) | 38 |
Condensed Interim Statement of Comprehensive Income | 39 |
Condensed Interim Statement of Cash Flows | 40 |
Condensed Interim Statement of Changes in Fund | 41 |
Notes to and Forming Part of the Condensed Interim Financial Statements | 43 |
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.
2 Quarterly Report September 2024
Corporate Information
Board of Directors | Share Registrar | ||
Mr. Iqbal Ali Lakhani - Chairman | M/s. FAMCO Share Registration Services (Pvt.) Ltd. | ||
Mr. Amin Mohammed Lakhani | 8-F, Near to Hotel Faran, Nursery, | ||
Ms. Anushka Lakhani | Block-6, P.E.C.H.S., Shahra-e-Faisal, | ||
Mr. Aftab Ahmad | Karachi. | ||
Mr. Atiq Anwar Mahmudi | Tel: (021) 3438 0101-5 | ||
Mr. Jawed Akhlaq | Fax: (021) 3438 0106 | ||
Mr. Mohammad Hussain Hirji - Chief Executive | Email: info.shares@famcosrs.com | ||
Website: www.famcosrs.com | |||
Advisor | Bankers | ||
Mr. Sultan Ali Lakhani | |||
Al Baraka Bank (Pakistan) Limited | |||
Chief Financial Officer | Askari Bank Limited | ||
Mr. Sabza Ali Pirani | Bank Alfalah Limited | ||
Bank Islami Pakistan Limited | |||
Company Secretary | Dubai Islamic Bank Pakistan Limited | ||
Mr. Mansoor Ahmed | Habib Bank Limited | ||
Habib Metropolitan Bank Limited | |||
Audit Committee | JS Bank Limited | ||
MCB Islamic Bank Limited | |||
Mr. Atiq Anwar Mahmudi - Chairman | |||
Meezan Bank Limited | |||
Mr. Amin Mohammed Lakhani | |||
NRSP Microfinance Bank Limited | |||
Mr. Aftab Ahmad | |||
Samba Bank Limited | |||
Investment Committee | Silkbank Limited | ||
Soneri Bank Limited | |||
Mr. Iqbal Ali Lakhani - Chairman | |||
Standard Chartered Bank (Pakistan) Limited | |||
Mr. Aftab Ahmad | |||
Telenor Microfinance Bank Limited | |||
Mr. Mohammad Hussain Hirji | |||
U Microfinance Bank Limited | |||
Mr. Sabza Ali Pirani | |||
United Bank Limited | |||
Ethics, Human Resource & Remuneration | Registered & Corporate Office | ||
Committee | |||
Lakson Square, Building No. 2, | |||
Mr. Jawed Akhlaq - Chairman | |||
Sarwar Shaheed Road, Karachi-74200. | |||
Mr. Amin Mohammed Lakhani | |||
Mr. Mohammad Hussain Hirji | Head Office | ||
External Auditors | 11th Floor, Lakson Square, Building No. 3, Sarwar | ||
Shaheed Road, Karachi-74200. | |||
M/s. BDO Ebrahim & Co. | |||
Chartered Accountants | Website: www.cicl.com.pk | ||
UAN: 111-111-717 | |||
NTN: 0710008-6 |
Century Insurance Company Limited 3
Directors' Review
On behalf of the Board of Directors, we are pleased to present to you the un-audited financial statements for the nine-month period ended 30 September 2024.
General Review
The overall operational performance of the Company for the nine-month period ended 30 September 2024 has been good. Gross written premium (inclusive of takaful contribution) has increased by Rs. 300 million (17%) to Rs. 2,051 million whereas net premium has increased by Rs. 92 million (11%) to Rs. 964 million. Underwriting profit stood at Rs. 131 million. Investment
- other income is Rs. 471 million, also up by Rs. 121 million (35%). Earnings Per Share (EPS) stood at Rs. 7.60.
Operating Results
The comparative financial highlights for the nine-month period ended 30 September 2024 and 30 September 2023 are presented below:
Rs. In Millions (except otherwise stated) | |||||
Description | Increase / (Decrease) | ||||
2024 | 2023 | Amount | % | ||
Gross Written Premium (including Takaful | 2,051 | 1,751 | 300 | 17 | |
Contribution) | |||||
Net Premium | 964 | 872 | 92 | 11 | |
Underwriting results | 131 | 161 | (30) | (19) | |
Investment & other income | 471 | 350 | 121 | 35 | |
Profit from Window Takaful Operations | 68 | 44 | 24 | 55 | |
Profit before tax | 654 | 544 | 110 | 20 | |
Profit after tax | 421 | 318 | 103 | 32 | |
Earnings per share | (Rs.) | 7.60 | 5.75 | 1.85 | 32 |
Total assets | 5,582 | 4,965 | 617 | 12 | |
Paid-up capital | 553 | 553 | - | - | |
Total equity | 3,032 | 2,607 | 425 | 16 |
As compared to the nine-month period ended 30 September 2023, the gross written premium (inclusive of takaful contribution) for Marine has increased by Rs. 88 million (23%), Motor by Rs. 77 million (19%), Accident & Health by Rs. 130 million (32%) and Miscellaneous by Rs. 16 million (20%). The gross written premium (inclusive of takaful contribution) for Fire decreased by Rs. 11 million (2%).
4 Quarterly Report September 2024
Window Takaful Operations
Participant Takaful Fund (PTF)
The gross written contribution for the nine-month period ended 30 September 2024 is Rs. 280 million as compared to Rs. 207 million for the same period last year. Net contribution revenue (before adjustment for wakala fee) is Rs. 116 million and the surplus is Rs. 20 million.
Operator's Fund (OPF)
Gross wakala fee income for the nine-month period ended 30 September 2024 is Rs. 97 million while net wakala fee income is Rs. 83 million. Profit before tax is Rs. 68 million.
Future Outlook
The management is making concerted efforts to increase market share and profitability and the business of the Company is expected to continue to grow at a steady pace. We shall continue to strive to identify new and innovative products and distribution channels, expand the branch network to serve clients in new cities and recruit, train and motivate our employees so as to maintain the momentum of profitable growth. We are hopeful that this will result in improved sustainability and enhanced shareholder equity.
Acknowledgments
The management is making concerted efforts to increase market share and profitability and the business of the Company is expected to continue to grow at a steady pace. We shall continue to strive to identify new and innovative products and distribution channels, expand the branch network to serve clients in new cities and recruit, train and motivate our employees so as to maintain the momentum of profitable growth. We are hopeful that this will result in improved sustainability and enhanced shareholder equity.
Chairman | Director & Chief Executive |
Karachi: 29 October 2024
Century Insurance Company Limited 5
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6 Quarterly Report September 2024
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Century Insurance Company Limited 7
Condensed Interim Statement of
Financial Position
As at September 30, 2024
(Un-audited) | (Audited) | |||
September 30, | December 31, | |||
2024 | 2023 | |||
Note | --------------(Rupees)------------- | |||
Assets | ||||
Property and equipment | 8 | 163,165,138 | 100,890,307 | |
Intangible assets | 677,516 | 747,250 | ||
Investment in associates | 9 | 76,514,435 | 73,966,924 | |
Investments | ||||
Equity securities | 10.1 | 821,606,224 | 941,604,326 | |
Debt securities | 10.2 | 2,112,477,179 | 1,851,391,049 | |
Loan and other receivable | 11 | 127,191,919 | 95,975,373 | |
Insurance / reinsurance receivable | 12 | 963,544,813 | 822,041,695 | |
Reinsurance recoveries against outstanding claims | 21 | 216,467,264 | 193,897,623 | |
Salvage recoveries accrued | 2,785,000 | 2,785,000 | ||
Deferred commission expense | 22 | 47,263,983 | 32,747,815 | |
Deferred taxation | - | 1,941,781 | ||
Retirement benefit obligations | 11,172,051 | 14,059,440 | ||
Prepayments | 13 | 299,259,311 | 280,250,689 | |
Cash and bank | 14 | 431,974,110 | 436,347,757 | |
5,274,098,943 | 4,848,647,029 | |||
Total assets of Window Takaful Operations - | 16 | 307,421,743 | 223,551,545 | |
Operator's fund | ||||
Total Assets | 5,581,520,686 | 5,072,198,574 | ||
8 Quarterly Report September 2024
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