Transmission of Annual Report for year ended December 31, 2024

IGI Life Insurance Limited

Annual Report 2024

IGI Life Insurance Limited

Suite No. 701-713, 7th Floor, The Forum, G-20, Block 9, Khayaban-e-Jami, Clifton, Karachi-75600, Pakistan. UAN: (+92-21) 111-111-711 | Web: www.igilife.com.pk

A Packages Group Company

IGI Life Insurance Limited

Annual Report 2024

BUILDING A HEALTHIER TOMORROW, TOGETHER

ANNUALREPORT 2024

CODE OF

CONDUCT

AT IGI

IGI has built a reputation for conducting its business with integrity, in accordance with highest standards of ethical behavior and in compliance with the laws and regulations that govern our business. This reputation is among our most valuable assets and ultimately depends upon the individual actions of each of our employees.

IGI's Code of Conduct has been prepared to assist each of us in our eorts to not only maintain but enhance this reputation. It provides guidance for business conduct in number of areas and refers to more detailed corporate policies for further direction. The adherence of all employees to highest standards of integrity and ethical behavior is mandatory and benefits all stakeholders which includes customers, communities, shareholders and ourselves.

Care (Fairness and Consideration are integral to our culture) Environment, health and safety

We continually improve our environmental performance. To achieve continual improvements in our environmental performance, we need to understand the potential environmental impacts of all our operations and activities, set improvement targets, take the necessary steps to reach these targets and monitor our progress. It is important that everyone should understand their own roles and responsibilities with respect to environmental issues, in order to make the right decisions. All employees should promote resource conservation and minimize waste of paper and other resources.

Honesty (Truthfulness, integrity and trust form the backbone of all our activities)

Responsible business

• We comply with all applicable local, national and international laws, regulations and voluntary commitments wherever we do business.
• We conduct business transactions with the best interests of IGI and community in mind.
• We show zero tolerance for corrupt activities of any kind, either in our own operations or when we work with partners.
• We support free and fair competition by never becoming involved in price-fixing, market sharing or other anti-competitive practices.
• We take care of the Company's valuable property and safeguard confidential information.
• We communicate with our stakeholders in a clear manner.
• We listen to all our stakeholders and seek to engage with them constructively.

Ethics, transparency, fairness and professionalism

In conducting business, IGI is inspired by and complies with the principles of loyalty, fairness, transparency and eciency. Any action, transaction and negotiation performed and generally, the conduct of all employees in the performance of their duties is inspired by the highest principles of fairness, completeness and

transparency of information, clarity and truthfulness of all accounting documents, in compliance with the applicable laws in force and internal regulations. Bribes, illegitimate favors, request for personal benefits of oneself or others, either directly or through third parties, are prohibited without any exception.

Conflict of interest

IGI expects all employees to be free from actual or potential conflicts of interest. A conflict of interest occurs whenever the prospect of direct or indirect personal gain may influence or appear to influence an employee judgment or actions while conducting the business in which employee has a prime responsibility towards the Company and is expected to avoid activities or transactions that clash directly with the interest of the Company.

Confidentiality

Employees shall not keep or make copies of correspondence, documents, records, list of clients or customers without prior approval of the Head of Department. An employee shall not disclose or reveal any information on behalf of the Company to print or electronic media as well as any other information medium, unless he/she is authorized to do so.

Unpublished information may be disclosed to external organization or individual only on "need-to-know" basis

upon explicit management approval.

Corruption

Taking or giving bribes is strictly prohibited in our Group Companies. We comply vigorously, with the relevant anti-bribery laws. It is also our policy to require all our stake holders working for, or representing, any of the IGI Group Companies, in any capacity, including business partner, suppliers, vendors, consultants, financial advisers, agents, to comply with these laws and practices. It is also important to remember that oering or accepting gifts, hospitality, or expense payments is prohibited if they are of unreasonably high value more than Rs. 5,000/- (this amount to be reviewed every year) or could inappropriately aect business transactions. Any gift or hospitality which is of greater value and can potentially impact the business dealings, should be immediately reported to supervisor, Head of internal audit and surrendered to HR for appropriate action.

Professional relationships

Every employee of IGI needs to maintain a professional relationship with suppliers, customers and other stakeholders. They need to ensure that IGI inculcates the value of professionalism among its employees. So, all employees working in IGI dealing directly with suppliers and customers need to make sure that professional relationship is prior to any personal interest of employee.

Being in business everyone has to ensure their professional commitment and reputation of the group.

Anti-Fraud policy

IGI is committed to the highest possible standards of openness, transparency and accountability in all its aairs. The intent is to promote a culture of honesty and opposition to fraud in all its forms. Fraud in all its forms is wrong and is unacceptable to the Group. All stakeholders must carry out their activities/business in such a way that it prevents fraud from occurring. All reported instances of fraud including the identity of those providing information will be kept confidential in order to conduct an appropriate, fair and thorough investigation. Group Internal Audit department is authorized to blacklist any vendor, service provider, customer, contractor, agency, distributor etc. who are convicted of fraud under this policy.

Responsibility for prevention and detection

All employees are responsible for prevention and detection of fraud, misappropriation and other irregularities.

Dealings in securities/shares and insider trading

IGI's employees shall not trade or pass on inside information at any time to any other person, inside or outside IGI. Inside information refers to the information about IGI, its business, or other companies with which IGI is doing business or negotiating, that is not generally known to the public, but would likely, if known generally, aect the price of a company's shares or influence a person's investment decisions.

IGI's employees shall not pass on inside information at any time to any other person or encourage another person to deal in shares of its listed group companies on the basis of such information, even if the employee does not gain directly from the arrangement.

IGI's employees should be aware of and comply with any local laws and regulations governing share dealings.

Courage (We stand up for what we believe in)

IGI expects its employees to show courage in all their dealings and conduct by working with the highest professional and ethical standards.

Whistle blow

IGI is committed to highest standards of ethical, moral and legal business conduct. In line with this commitment and the Company's commitment to open communication, this policy aims to provide an avenue for employees to raise concerns with reassurance that they will be protected from reprisals or victimization for whistle blowing.

The types of issues which can be reported under this policy include but are not limited to:

• Breach of the Code of Conduct
• Corruption and bribery
• Harassment
• Misappropriation of financial data/reports
• Misuse of Company's assets
• Violation of applicable laws and regulations
• Actions raising safety, security, and environmental concerns
• Damage to Company's reputation or business and
• Disrespect and/or discrimination of employees on the basis of race, color, gender, ethnicity, age, nationality, ancestry, religion, physical/ mental disability or marital status.

Note: Complainants have the right to raise complaint anonymously but they are encouraged to include contact information which would be useful during investigation. Confidentiality and protection of complainant's identity would be ensured. Internal Audit Department may involve/ consult relevant departments for investigation of the complaint.

Complaint reporting and Investigation procedure

• Any employee, contractor or stakeholder who believes that he/ she has been a victim of discrimination, harassment, or becomes aware of any activity which is not in the best interests of the Company or breaches the Code of Conduct or law should immediately report the issue. Confidentiality of all complaints would be ensured and appropriate remedial action would be taken after thorough verification/ investigation of underlying facts and details.
• All personnel reporting must ensure confidentiality of the information and must not share or spread any unsubstantiated/ false claims. Spreading false claims could result in disciplinary action against such personnel.
• Whistle blowing complaints can be raised through communication means mentioned in the respective whistle blowing policy or by directly approaching the Head of Internal

Audit of respective company or send email to respective company whistle blowing email address.

Respect (We treat people with respect and dignity) Equal opportunity employer

IGI recognizes the value of striving for a balanced work force and is committed to the principles of equal opportunity, equality of treatment and creating a dynamic environment where diversity is valued as a source of enrichment and opportunity. All phases of the employment relationship - including recruitment, hiring, training, promotion, compensation, benefits, transfers, layos and leaves of absence will be carried out by all managers without regard to any race, color, religion, gender, age, ethnicity, national origin or disability.

Workplace harassment

We believe that it is the right of every employee at IGI to work in a dignified environment. To achieve this and to promote a harmonized work culture, we will provide equal opportunities for development and growth regardless of gender, race, color, creed or religion.

Email, computers and network security

All employees must follow the Group's policy to limit internet access to ocial business during work.

Activities that compromise network security are strictly forbidden. The disclosure of system IDs, passwords or information which can cause penetration into our network and security framework, is also not allowed. Employees shall not place Company's material (copyrighted software, internal correspondence, etc.) on any publicly accessible Internet computer without proper permssion.

Protection of Company's assets and proprietary information IGI physical and intangible assets, as well as its proprietary information are the key to the IGI success. They should be used only to achieve business goals and should be protected to preserve their value. Any use of Group Company's assets or proprietary information by any employee in other business or personal activities is forbidden.

All Group employees are responsible for the security and proper use of the Company's physical and intangible assets under their control and of third-party assets in their care.

Lead (We aspire to lead in everything)

Public activities and relationships with stakeholders Agreements with all our stake holders working for IGI in any capacity including business partner, suppliers, vendors, financial adviser, agents or consultants shall clearly specify the services to be performed for the Company, the amount to be paid, and all other relevant terms and conditions. All payments and transactions shall be supported by documents.

Relationships and dealings with Government ocials, external agencies, parties and individuals at all times should be such that the Company's integrity and its reputation shall not be damaged, if details of the relationships or dealings were to become public knowledge. Payment of any nature to government ocials for any reason whatsoever is strictly prohibited. Furthermore, no employee of IGI shall support any political party or contribute to the funds of the groups whose activities are intended to promote any party interests.

Due care should be taken while discussing the Company's performances or plans with outsiders. Any employee having questions on how to comply with this requirement should seek guidance and advice from the respective supervisor.

VISION

Assure financial future today for a better tomorrow.

MISSION

To provide innovative life and health insurance as well as investments solutions through ground-breaking innovation and exemplary customer service, leveraging dierent distribution channels.

OUR VALUES

LEADCOURAGE

Vitality, the world's first shared-value insurance

In 1997, South Africa's leading insurance company Discovery launched Vitality, the world's first shared-value insurance, a business model that rewards people for adopting a healthy lifestyle. By blending smart tech, data incentives and behavioral science, Vitality brings a global perspective through successful partnerships with the smartest insurers and most forward-thinking employers around the world. More than 42 million people in 41 countries engage with the Vitality programme. For more information, please visit www.vitalitygroup.com.

Vitality across the globe

Incl. SA, UK

Global impact of Vitality:

• 34% increase in physical activity among the clients
• More than 6 million exercise goals rewarded every month
• More than 2 billion activities recorded
• More than 200,000 new members worldwide every month

Collaboration between IGI Life and Vitality Group

For the first time ever, IGI Life and IGI Life Window Takaful Operations, part of the Packages Group, collaborated with Vitality Group to enhance and protect lives in Pakistan with a positively dierent insurance/takaful plans. IGI Life Vitality aims to help people make the most of their health and wealth and incentivizes them through weekly, monthly and annual rewards.

IGI Life Vitality Plan

IGI Life Vitality Plan is an investment plan that is linked to the Vitality programme.

Based on the shared value insurance model, this plan encourages its members to lead a healthier life and oers them rewards for doing so.

The plan consists of two core aspects:

• Vitality: focuses on wellness by providing its members with an understanding of their current health status and incentivizes them to improve their health.
• Insurance/Takaful coverage: caters to its members; need for financial security and provides investment opportunities.

*Terms and Conditions apply

• It is recommended to use a wearable device but your mobile can still track your physical activity through Samsung Health App for Android and Health App for iOS. For details, kindly call UAN (+92-21) 111-111-711. Terms and Conditions apply.