Transmission of Annual Report for the Year Ended 31 12 2024

1. Company Information
2. Our Vision & Mission
3. Code of Conduct
4. Company Profile
5. Directors' Profile

14 Notice of the Forty Third Annual General Meeting

1. Horizontal Analysis of
   Statement of Financial Position & Profit & loss Account
2. Vertical Analysis of
   Statement of Financial Position & Profit & loss Account
3. Key Financial Data
4. Shareholders' Information

1. Categories of Shareholding
2. Pattern of Shareholding
3. Chairman's Review
4. Chairman's Review in Urdu
5. Directors' Report

39 Graphical Presentation

56 Directors' Report in Urdu

57 Statement of Compliance with the Code of Corporate Governance for Insurer

1. Review Report to the Members on Statement of Compliance with the Best Practices of the Code of Corporate Governance
2. Auditors' Report to the Members

02 FINANCIALSTATEMENTS

1. Statement of Financial Position
2. Profit and Loss Account
3. Statement of Comprehensive Income
4. Statement of Changes in Equity
5. Cash Flow Statement

75 Notes to and Forming Part of the Financial Statements

03 RELIANCE WINDOW TAKAFUL OPERATIONS

1. Statement of Compliance with the Takaful Rules, 2012 and Shariah Rules and Principles
2. Independent Assurance Report on the Statement of Management's Assessment of Compliance with the Shari'ah Principles

1. Shari'ah Advisor's Report to the Board of Directors
2. Auditor's Report to the Members

1. Statement of Financial Position
2. Profit and Loss Account
3. Statement of Comprehensive Income
4. Statement of Changes in Fund
5. Statement of Cash Flow

126 Notes to and Forming Part of the Financial Statements

152 Offices

• The credibility, goodwill and repute earned over the years can be maintained through continued conviction in our corporate values of honesty, justice, integrity and respect for people. The Company strongly promotes trust, openness, teamwork and professionalism in its entire business activities.
• The Company conducts its business in accordance with all applicable laws and Regulations.
• RICL recognizes following obligations, which need to be discharged with best efforts, commitment and efciency:
• Safeguarding of shareholders' interest and a suitable return on equity.
• Service to customers / policyholders by providing products, which offer value in terms of price, quality, safety and honest and fair dealing with people and organization.
• Respect human right, provide congenial working environment, offer competitive terms of employment, develop human resource and be an equal opportunity employer.
• Seek mutually benecial business relationship with policyholders, business development staff / ofcers, investment partners and Banks.
• The Company believes that prot is essential for business survival. It is a measure of efciency and the value that the customer place on services provided by the Company.
• The Company requires honesty and fairness in all aspect of its business and in its relationships with all those with whom it does business. The direct or indirect offer, payment, soliciting and accepting of bribe in any form are undesirable.

• The Company requires all its employees to essentially avoid conict of interest between private nancial activities and their professional role in the conduct of Company business.
• The Company does not support any political party or contributes funds to group having political interests. The Company will however, promote its legitimate business interests through trade associations.
• The Company, consistent with its priority, has the approach for protecting the health and safety of employees at the work-place.
• All employees are duty-bound to make business decisions in the best interest of the Company and not based on their personal interest and are obliged to protect all the assets including software and use all such properties for the exclusive benet of the Company only.
• The Company is committed to observe laws of Pakistan and is fully aware of its social responsibility. It would assist the community in activities such as training programs, skills development and employment within the parameters of its commercial objectives.
• The Company supports free market system. It seeks to compete fairly and ethically within the framework of applicable competition laws in the country. The Company will not stop others from competing freely with it.
• In view of the critical importance of its business and impact on national economy, the Company provides all relevant information about its activities to legitimate interested parties, subject to any overriding constraints of condentiality and cost. The members of RICL are forbidden to pass on inside information at any time or to any other person inside or outside the Company.

Irfan Zakaria Bawany

Chairman

Mr. Irfan Zakaria Bawany was unanimously elected Chairman of Reliance Insurance Co. Ltd. In the Board of Directors meeting held on 28th July 2020. Mr. Bawany is associated with Reliance Insurance since 1991. He is CEO of Anam Fabrics (Pvt.) Ltd. and Director of Faran Sugar Mills Ltd. Since August-2023, he is also serving as an independent Director on the Board of Pakistan Aluminium Beverage Cans Limited. He has been on the Board of Pioneer Cables Ltd. from 1983 to 1991. Mr. Bawany has diversified experience in Electrical Cable Manufacturing and Textile made ups business. After receiving a B.B.A. (accounting) from The University of Houston, USA, he was certified as a Fellow Member of the Texas Society of Certified Public Accountants. He is also a certified Director from Pakistan Institute

of Corporate Governance (P.I.C.G.).

Muhammad Omar Bawany

Director

Mr. Muhammad Omar Bawany is a Non-Executive Director of Reliance Insurance Company Limited since 1995. He acquired his early education from Karachi American School and then went to American College of Switzerland and obtained Associate Degree in Business Administration. He has extensive experience in textile and sugar Industry and under his wise management, Annoor Textile Mills operated successfully. He is on the Board of Directors of Faran Sugar Mills Limited since 1984. Become Vice Chairman in 2000 and is Chairman of the Company from 2016. He is also Chief Executive of B.F. Modaraba managed by E.A Management and also Director in Unicol Ltd. He is a managing and trustee in Aisha Bawany Talimul Quran Trust and Chairman of World Memon Foundation.

Ahmed Ali Bawany

Director

Mr. Ahmed Ali Bawany is a Non-Executive Director of Reliance Insurance Company Limited since 2001. He got his schooling from CAS, Karachi. He persued his higher education from USC ( University of Southern California) USA and got his Bachelor of Science degree in

the field of business entrepreneurship. He is serving as CEO of Faran Sugar Mills since 2007. He has also served as Chairman of Pakistan Sugar Mills Association, Sindh Zone in the year 2014 and again elected as Chairman, PSMA-SZ for the term of 2020-21. He is also the Chairman of B.F. Modaraba. He is actively involved in Unicol Ltd in the capacity of director, which is a Joint Venture company between Faran, Mehran and MirpurKhas Sugar Mills engaged in the production and marketing of Sugar, Ethanol, Anhydrous Ethanol and food grade Co2. He also serves as Director on the board of UniEnergy. He is a Certified Director from Pakistan

Institute of Corporate Governance (P.I.C.G).

Noor Mohammad Zakaria

Director

Mr. Noor Mohammad Zakaria is a Non-Executive Director of Reliance Insurance Co. Ltd since 2003. He has over 44 Years of

diversified industrial and commercial experience. He is B.A.(Hons) from University of Karachi. He is Chairman of the Board of Directors of Shahmurad Sugar Mills Limited and Managing Director / CEO of Al Noor Sugar Mills Limited.

Zia Zakaria

Director

Mr. Zia Zakaria is Chairman of Alnoor Sugar Mills Ltd. and First Alnoor Modaraba and Managing Director / CEO of Shahmurad Sugar Mills Ltd. He has over 30 years of diversified experience including operations and projects. He joined the group after completing his Bachelors in Science with Major in Finance &

Marketing from Syracuse University, N.Y, and since then has been actively involved in the affairs of the Alnoor group with complete commitment & dedication. Mr. Zia Zakaria was Director of Reliance Insurance previously from 1986 to 1998.

Muhammad Patel

Director

Mr. Muhammad Patel is the Managing Director of Patel Group, a legacy real estate development firm operating for over four decades with a successful track record of delivering dozens of residential, commercial, and industrial projects. He also serves as the Managing Trustee of Patel Hospital, a 300-bed fully charitable tertiary care institution located in Gulshan-e-Iqbal, Karachi. In addition to his roles at Patel Group and Patel Hospital, Mr. Muhammad Patel is a member of the Boards of the Trust for Malnutrition and Stunted Growth (TMSG), the Association of Builders & Developers of Pakistan (ABAD), and the Karachi Chapter of the Entrepreneurs' Organisation (EO). He holds a Bachelor's degree in Business Administration from the Schulich School of Business, Toronto, Canada, and is a Certified Director from the Institute of Chartered Accountants of Pakistan (ICAP).

Tasneem Yusuf

Director

Ms. Tasneem Yusuf is a chartered accountant from ICAP and a fellow member of ACCA and a CPA. She has worked for Unilever Pakistan, Deloitte M.E and Nasdaq Dubai. Since 2009, she has been associated with her family practice where she now heads the audit and assurance services department. She sits on the board of Ismail Industries (Pvt.) Limited, B.F. Modaraba, Faran Sugar Mills Limited, Trading Corporation of Pakistan (Private) Limited and Pakistan

Industrial Development Corporation. She is also a member of the Auditing Standards & Ethics Board of ICAP. She is a certified director from the Pakistan Institute of Corporate Governance (PICG).

Jahangir Adam

Director

Mr. Jahangir Adam is M.Com & LLB. He has professional qualification of FITM Chartered Secretary. Presently he is serving as the Chief Financial Officer and Company Secretary at Sind Particle Board Mills Limited. He has diversified experience of portfolio of CFO/Company Secretary in Annoor Textile Mill Ltd and B.F. Modaraba.

A. Razak Ahmed

Chief Executive & M.D.

Mr. A. Razak Ahmed is the Chief Executive Officer / Managing Director of the Company since 1st November 1995. He has over 46 years of extensive and varied experience-both in public & private sectors. Prior to joining Reliance he had worked with Adamjee Insurance, Pakistan Insurance Corporation (now PRCL) National Insurance Corporation & Premier Insurance Company. He has been on the Executive Committee of the Insurance Association of Pakistan (IAP) several times and had also been the Chairman of Accident & Fire Committees for several terms, beside being Council Member of the Karachi Insurance Institute and member standing committee on Banking and Insurance of the Federation of Pakistan Chamber of Commerce

• Industry. He is a Commerce Graduate and a fellow of the Chartered Insurance Institute (FCII) London. He is a Chartered Insurer

Reliance Insurance commenced its general insurance business in 1981 and it underwrites all classes of traditional and non-traditional lines.

Reliance Insurance is offering a wide range of covers such as Fire & Property, Marine Cargo, Motor Vehicles (Commercial & Private), Personal Accident, Money Insurance, Burglary & Liability (Public & Product) and Workmen Compensation while non-traditional covers such as Engineering Risks (MBD, CAR, EAR), Aviation Insurance, Terrorism & Sabotage and Bonds are also being offered.

Takaful is an Islamic alternate of Insurance and is growing steadily. Reliance Insurance commenced its Window Takaful Operations in June 2016 under the guidance of renowned, qualied and certied Sharia Scholars.

Reliance Takaful is offering a wide range of Sharia Compliant General Takaful Products such as Fire & Property Takaful, Marine Cargo Takaful, Motor Takaful (Private / Commercial Vehicles), Engineering Takaful, (MBD, CAR, EAR), Money Takaful, Liability (Public & Private) Takaful and Personal & Group Accident Takaful, etc.