2
0
2022Quarterly Report September 30,2
2
Contents
Company Overview
02 Company Information
Corporate Governance
- Chairman's Review (English)
- Chairman's Review (Urdu)
- Directors' Review (English)
- Directors' Review (Urdu)
Condensed Interim Financial Statements
- Condensed Interim Statement of Financial Position
- Condensed Interim Profit and Loss Account
- Condensed Interim Statement of Comprehensive Income
- Condensed Interim Statement of Changes in Equity
- Condensed Interim Cash Flow Statement
16 Notes to and Forming Part of the Condensed Interim Financial Statements
Condensed Interim Financial Statements - Window Takaful Operations
- Condensed Interim Statement of Financial Position
- Condensed Interim Profit and Loss Account
- Condensed Interim Statement of Comprehensive Income
- Condensed Interim Statement of Changes in Funds
- Condensed Interim Cash Flow Statement
38 Notes to and Forming Part of the Condensed Interim Financial Statements
Other Information
48 Company Offices
Company Information
Board of Directors
Iftikhar H. Shirazi
Chairman / Non-Executive Director
Ali H. Shirazi
Non-Executive Director
Frahim Ali Khan
Non-Executive Director
Hasan Reza ur Rahim
Independent Director
Muhammad Habib-ur-Rahman
Non-Executive Director
Roohi Raees Khan
Independent Director
Babar Mahmood Mirza
Chief Executive / Executive Director
Muhammad Afzal
Company Secretary
Audit Committee
Hasan Reza ur Rahim
Chairman
Ali H. Shirazi
Member
Frahim Ali Khan
Member
Muhammad Afzal
Secretary
Saleem Mahmood Akhtar
Chief Internal Auditor
Ethics, Human Resource & Remuneration Committee
Roohi Raees Khan
Chairperson
Ali H. Shirazi
Member
Frahim Ali Khan
Member
Babar Mahmood Mirza
Member
Qudsia Naheed
Secretary
Investment Committee
Ali H. Shirazi
Chairman
Frahim Ali Khan
Member
Muhammad Habib-ur-Rahman Member
Babar Mahmood Mirza
Member
Muhammad Aasim Gul
Member
Muhammad Afzal
Secretary
Underwriting, Reinsurance &
Co-Insurance Committee
Ali H. Shirazi
Chairman
Babar Mahmood Mirza
Member
Rashid Amin
Member
Syed Nasir Hussain
Member
Syed Irtiza Kazmi
Secretary
Claims Settlement Committee
Frahim Ali Khan
Chairman
Babar Mahmood Mirza
Member
Muhammad Aasim Gul
Member
Muhammad Saeed
Member
Athar Maqsood Paracha
Secretary
02 Quarterly Report September 2022
Company Information
Risk Management & Compliance Committee
Babar Mahmood Mirza
Chairman
Muhammad Aasim Gul
Member
Rashid Amin
Member
Muhammad Saeed
Member
Athar Maqsood Paracha
Secretary
Information Technology (IT) Committee
Babar Mahmood Mirza
Chairman
Rashid Amin
Member
Muhammad Aasim Gul
Member
Abdul Razzaq Ghauri
Member
Wasim Ahmed
Secretary
Management Committee
Babar Mahmood Mirza
Chief Executive Officer
Muhammad Aasim Gul
Chief Financial Officer
Rashid Amin
GM Underwriting & Compliance
Abbas Sajjad
General Manager Sales & Marketing
Muhammad Saeed
General Manager Claims
Qudsia Naheed
General Manager HR & Admin
Abdul Razzaq Ghauri
Head of IT
Syed Irtiza Kazmi
Head of Underwriting
Syed Nasir Hussain
Head of Reinsurance
Shariah Advisor
Mufti Zeeshan Abdul Aziz
GM Compliance
Rashid Amin
Auditors
EY Ford Rhodes
Chartered Accountants
Legal Advisors
Mohsin Tayebaly & Co.
Haroon Dughal Law Chambers
Tax Advisor
EY Ford Rhodes
Chartered Accountants
Share Registrar
Hameed Majeed Associates (Pvt) Limited
H. M. House, 7-Bank Square,
Shahrah-e-Quaid-e-Azam, Lahore
Tel: (92-42)37235081-82
Fax: (92-42) 37358817
Bankers
Askari Bank Limited
Bank Alfalah Limited
Bank Al Habib Limited
Bank Islami Limited
Faysal Bank Limited
Habib Bank Limited
MCB Bank Limited
Meezan Bank Limited
National Bank of Pakistan
NRSP Microfinance Bank
Sindh Bank Limited
Soneri Bank Limited
Summit Bank Limited
FINCA Microfinance Bank Limited
Registered & Head Office
63/A, Block - XX, Phase III (Commercial), Khyaban-e-Iqbal, DHA, Lahore.
Tel: (92-42)37132611-18
Fax: (92-42) 37132622
E mail: info@ail.atlas.pk
Website: www.ail.atlas.pk
Atlas Insurance Limited | 03 |
Chairman's Review
It gives me great pleasure to present the un-audited accounts of your Company for the nine months period ended September 30, 2022.
The Economy
The economy has slowed down considerably signaling that the tightening measures implemented over the last fiscal year are gaining traction. The recent floods have altered the macroeconomic outlook and a fuller assessment of their impact would become firmer after the flood damage assessment is finalized by the government. During the first quarter of FY23, most of the demand indicators were lower compared to the same period last year - including sales of cement, POL, and automobiles. On the supply side, electricity generation declined for the third consecutive month in August, falling by 12.6% compared to the same period last year. Similarly, the Large-Scale Manufacturing declined by 1.4% in July against 4.4% growth in the corresponding period last year, largely driven by broad-based deterioration in domestically oriented sectors. The agriculture has also suffered significantly due to recent floods and heavy monsoon rains.
After peaking in August, the headline inflation fell by more than 4 percentage points in September to 23.2%, driven by reduction in electricity prices due to an administrative intervention. Considering continued deceleration in economic activity as well as the decline in headline inflation and the current account deficit, the SBP decided to maintain the policy rate at 15% on October 10, 2022.
The current account and trade deficits narrowed significantly in August and September, respectively, and the Rupee has recouped some of its losses following the recent depreciation. The current account deficit shrank for the second consecutive month in August to USD 0.7 billion. In September, the trade deficit contracted sharply by 30.6% year on year to reach USD 2.9 billion, reflecting a decline in both energy and non-energy imports amid stable exports. During the first quarter of FY23, imports have declined by 12.7% to USD 16.3 billion while exports have grown by 1.8% to USD 7 billion. In Jul-Aug FY23, the workers' remittances were recorded at USD 5.2 billion against USD 5.4 billion of last year, down 3.2%.
During the first quarter FY23, the FBR tax collection rose to Rs. 1.635 trillion, surpassing the target by Rs. 27 billion. While the floods could make it challenging to achieve the planned fiscal consolidation this year, the government has so far been able to meet urgent spending needs through re-allocation and re-appropriations of budgeted funds. The pressure on economy did impact the country's capital markets as well. The benchmark KSE-100 Index delivered negative return of 8% in CY22, up to September 30, as investors were unnerved owing to rise in interest rates and devaluation of Pak Rupee.
The Company
Your Company performed well in the core business operations during the period under review. Gross premium and Takaful contribution for the nine months period ended September 30, 2022 stood at Rs. 4.296 billion against Rs. 3.404 billion of the same period last year, up 26%. Net premium increased to Rs. 1.533 billion against Rs. 1.309 billion of the same period last year, up 17%. Underwriting profit registered 20% growth and increased to Rs. 660 million against Rs. 549 million of the same period last year. Due to impairment of Rs. 284 million provided in value of available for sale investments, the Company posted loss of Rs. 73 million from investments against
04 Quarterly Report September 2022
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Atlas Insurance Ltd. published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 04:28:04 UTC.