LATE MR. UNUS KHAN - eastwestlifeco.com · Founder Chairman of our group, late Mr. Unus Khan, was...

Founder Chairman of our group, late Mr. Unus Khan, was born on December 27, 1927 in a respectableand cultured family. He received his basic education in Quetta and after graduation in Aeronauticsand Meteorology in Great Britain, he adopted the field of Civil Aviation as his profession and remainedassociated with it for over 20 years. Subsequently, he took up the field of commerce/business in 1965and a few years thereafter proceeded to the United States of America along with his family.

In the 70s, besides other ventures, he was associated with the field of insurance in the Middle East.He returned to Pakistan in 1982 and founded East West Insurance Company Limited, our sisterconcern, in 1983. Throughout the remaining years of his life, he remained dedicated to developmentof East West. He organized and strengthened the company on modern lines and, at the same time,encouraged the executives, field and office personnel of the company to face the challenges of themarket with courage, sincerity and hard work. It was for his determined leadership, untiring efforts,honesty and sincerity of purpose that Almighty Allah gifted him with such an outstanding successthat the company became one of the largest insurance companies of Pakistan during his lifetime.

After taking East West Insurance Company Limited to such heights, it was his desire to develop aninsurance company for the life assurance sector so that East West Group of Companies could caterto all insurance related needs of every Pakistani. Unfortunately, private life insurance companies werenot allowed to operate in the country during his lifetime. However, when the government permittedoperation of life insurance companies in the private sector, the sponsors of East West InsuranceCompany Limited immediately applied for a license and commenced operations of The MetropolitanLife Assurance Company of Pakistan Limited in March of 1993. In 2008, the company changed itsname to East West Life Assurance Company Limited in order to give a unified look of a group witha substantial financial base and to service the best interest of policyholders as well as shareholders.Today, by the Grace of Allah, East West Group of Companies have become symbols of security forthousands of their policyholders and livelihood for their hundreds of hard-working personnel.

Mr. Unus Khan was endowed with piety, simplicity, sincerity, diligence and affection. He will alwaysbe remembered for his selfless devotion to the cause of combining profound cultural values of theEAST with the modern technological developments of the WEST. In order to give perpetuity to thelate Chairman of our group, all of us have pledged to adopt his practices as guidelines for the future.Our beloved Chairman left us to join his heavenly abode on July 27, 1988. May Allah rest his soul ineternal peace. Ameen!

LATE MR. UNUS KHANFounder Chairman, East West Group of Companies

01 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com

L i feEast

WestASSURANCECOMPANY LIMITED

EAST WEST LIFEASSURANCE COMPANY LIMITED

HALF YEARLY FINANCIAL REPORTFOR THE PERIOD ENDING JUNE 30, 2011

CONTENTS

Board of Directors & Company Information

Management & Bankers

Committees

Our Mission, Vision and Principle Values

Directors' Review to the Shareholders

Review Report to the Member of East West Life Assurance Company Ltd.

Condensed Interim Balance Sheet

Condensed Interim Profit and Loss Account

Condensed Interim Statement of Comprehensive Income

Condensed Interim Statement of Changes in Equity

Condensed Interim Cash Flow Statement

Condensed Interim Revenue Account

Condensed Interim Statement of Premiums

Condensed Interim Statement of Claims

Condensed Interim Statement of Expenses

Condensed Interim Statement of Investment Income

Notes to the Condensed Interim Financial Statements

Statement of Directors

Statement by the Appointed Actuary

Branch Network

02

03

04

05

06

08

09

11

12

12

13

15

16

17

18

19

20

26

27

29

02Half Yearly Financial Report 2011UAN: 111-EWL-111 (111-395-111)

EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe

EastWest

ASSURANCECOMPANY LIMITED

BOARD OF DIRECTORS AND COMPANY INFORMATION

Chairman

Managing Director and Chief Executive

DirectorsDirectorsDirectorsDirectorsDirectors

Company Secretary

Appointed Actuary

Consulting Actuaries

Legal Advisor

Auditor

Share Registrar

Registered Office

Head Office

Universal Access Number (UAN)

Website

E-Mail

Chief Justice (R) Mian Mahboob Ahmad

Maheen Yunus, CPCU

Javed YunusPervez YunusNaved Yunus

A. K. M. SayeedOmar P. Yunus

Sohail Nazeer

Shujat Siddiqui, MA, FIA, FPSA

Akhtar & Hasan (Private) Limited

Rizwan Ali Dodani

BDO Ebrahim & CompanyChartered Accountants

Bema Associates (Private) Limited515 EFU House, M. A. Jinnah Road,

Karachi., PakistanPhone: (021) 32316087Fax: (92-21) 32316187

28 Regal Plaza, M. A. Jinnah Road,Quetta, Pakistan.

Phone: (081) 2822913, 2821397Fax: (92-81) 2821460

310 EFU House, M. A. Jinnah Road,Karachi, Pakistan.

Phone: (021) 32311662/5, 32310375,32310904, 32310726, 32315723

Fax: (92-21) 32311667

111-EWL-111 (111-395-111)Karachi, Lahore and

Rawalpindi/Islamabad

www.eastwestlifeco.com

[email protected]


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Maheen Yunus, CPCU

Sohail Nazeer

Muhammad JavedUsman A. Hashmey

Raja Gustasab KhanSheikh Khalid Mehmood

Dr. Muhammad AslamMBBS, MD(USA), FCCPS (Part 1)

Dr. Tahir Iqbal, MBBSDr. Syed Kashif Hamid, MBBS

Dr. Khalid Hassan, MBBS

Nadeem AkhtarNauman Mughal

Aqeel Ansari

Tanveer IqbalNaveed AshrafAnjum GhazaliKashif Naeem

Sana-ul-Haq Hashmi

Allied Bank LimitedSummit Bank Limited

MCB Bank LimitedThe Bank of PunjabHabib Bank Limited

Faysal Bank LimitedAskari Bank Limited

NIB Bank LimitedBank Al-Habib Limited

JS Bank LimitedThe Karakuram Co-Operative Bank Ltd.

Standard Chartered Bank (Pakistan) Ltd.Barclays Bank PLC, Pakistan

Network Microfinance Bank LimitedCitibank N.A. Pakistan

Managing Director and Chief Executive

Chief Financial Officer (CFO)and Company Secretary

General Managers

Zonal Heads

Chief Medical Officer (CMO)

Medical Officers

Deputy General Managers

Assistant General Managers

Bankers

MANAGEMENT AND BANKERS

COMMITTEES

Executive Committee

Pervez YunusMaheen Yunus, CPCUNaved YunusJaved YunusSohail Nazeer, Secretary

Audit Committee

Chief Justice (R) Mian Mahboob AhmadNaved YunusPervez YunusA. K. M. SayeedNadeem Akhtar, Secretary

Underwriting Committee

Pervez YunusJaved YunusA. K. M. SayeedShahnaz Parveen, Secretary

Claim Committee

Javed YunusNaved YunusA. K. M. SayeedKashif Naeem, Co-SecretarySaleha Usman, Co-Secretary

Reinsurance Committee

Naved YunusMaheen Yunus, CPCUA. K. M. SayeedSana-ul-Haq Hashmi, Secretary


EastWest


04UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011

OUR MISSION, VISION AND PRINCIPLE VALUES

OUR MISSION

To provide high quality, competitive insurance products and services through qualified, professionaland committed salespersons.

To maintain financial strength for the benefit of our corporate and individual insurers, shareholders,agents/salespersons and employees.

To earn and protect public trust of the communities where we live and work by supporting goodworks and contributing to charities.

To create a challenging environment and develop a sense of accomplishment for our employeesthrough tools and training to achieve personal growth and contribute to our organization.

To serve the nation by increasing the rate of literacy through our East West Life Educational SecuritySchemes for children and their parents.

To provide the right solutions that are in tune with our customer's needs, while facing up to theemerging challenges in the industry.

To help individuals and families financially realize their hopes and dreams and be there when theyneed us most.

To develop awareness of insurance need, build confidence in the insurance industry and also todevelop the concept of saving.

To innovate and develop ideas to design new products for our valued corporate and individual clientsto effectively meet their ever-changing needs.

OUR VISIONOur vision is to be the number one provider of wide-ranging insurance solutions to all of

Pakistan, a goal we will attain while observing the principal values

that have served us well since inception.

OUR PRINCIPLE VALUES

Safety and Security through expansion, development and profitability.

Exceptional and flexible product-line to meet the needs of our clients.

Respect and consideration for our policyholders, agents and employees.

Vision as well as action to achieve our mission.

Integrity and honesty in every aspects of our organization.

Community improvement through participation.

Excellent service.


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DIRECTORS’ REVIEW TO THE SHAREHOLDERS

The Board of Directors of East West Life Assurance Company Limited are pleased to present theun-audited accounts for the period ended June 30, 2011

The after tax loss for the period ended June 30, 2011 amounts to (Rs. 14,158,147) compared tothe loss of (Rs. 10,055,154) during the corresponding period of 2010. This after tax loss has beencalculated after taking into account the results of both Shareholders' Fund and Statutory Fundsas detailed hereunder:



EastWest


The loss of nearly Rs. 3 million shown above is primarily due to reduction in investment income byalmost 60% as 2010 results included a one-time capital gain. Moreover, increase in claims by morethan 27%, mainly as a result of increase in health claims due to inflation-related rate revisions byhospitals, has also contributed to this loss amount during the first 6 months of 2011. Accordingly, thecompany's overall loss after tax, after taking into account movement in policyholders' liability andimpact of taxation, reached a little more than Rs. 14.15 million compared to a loss of Rs. 10.06 millionlast year. On a positive side, our net premium has increased by 11.5% from Rs. 83.3 million in 2010to approximately Rs. 93 million in the current year. Moreover, the strict expense control policy beingimplemented by the management also resulted in substantial reduction in expenses by more than17.5% in 2011 as compared to the previous year. The impact of the premium increase and expensedecrease has partially negated the impact of the higher claims and reduction in investment income.

As its ongoing strategy, your company closely monitors the market situation and believes that itsbusiness model and product risk management practice, coupled with a strong customer based anddeep client relationship will give it a sustainable long term competitive advantage. The companyalways aggressively pursues new opportunities and ensures adequate internal preparedness to takemaximum advantage of such opportunities.

OPERATING INCOMEPremium Less ReinsuranesNet Investment Income

Total Net Income

OPERATING EXPENSESClaims, Including Bonuses, Net of Reinsurance RecoveriesManagement Expenses Less Recoveries

Total Claims & ExpenditureExcess of Income Over Claims and Expenditure

Movement in Policyholder’s Liability

Loss Before TaxationTaxation

Loss After Taxation

Rupees Rupees

April to June

2011 2010

Rupees Rupees

January to June

2011 2010

)

))

)

83,367,21225,641,451

109,008,663

51,133,02549,990,588

101,123,613

7,885,050

(16,966,296

(9,081,246(973,908

(10,055,154

)

)

))

)

32,668,62121,792,128

54,460,749

27,692,01127,148,162

54,840,173

(379,424

(1,728,993

(2,108,417(418,397

(2,526,814

)

)

))

)

92,979,91510,427,798

103,407,713

65,154,95141,203,219

106,358,170

(2,950,457

(9,956,624

(12,907,081(1,251,066

(14,158,147

)

))

)

28,898,0853,188,127

32,086,212

35,899,89720,251,244

56,151,141

(24,064,929

8,361,553

(15,703,376(585,385

(16,288,761

L i feEast




We take this opportunity to express our appreciation to Government of Pakistan, Ministry of Commerce,and Securities & Exchange Commission of Pakistan (SECP) for their invaluable assistance andguidance. Your directors would also like to place on record their appreciation for the tremendouscontribution made by the officers, staff and field force towards the development of the company.Finally, we would like to thank our clients for their confidence reposed in your company.

For and on behalf of the Board of Directors,

Dated: August 29, 2011

Maheen Yunus, CPCUManaging Director and Chief Executive



EastWest


REVIEW REPORT TO THE MEMBERS OFEAST WEST LIFE ASSURANCE COMPANY LIMITED

Introduction

We have reviewed the accompanying

BDO EBRAHIM & CO.CHARTERED ACCOUNTANTSEngagement Partner: Zulfikar Ali Causer

KarachiDated: August 29, 2011

together with the explanatory notes of EAST WEST LIFE ASSURANCE COMPANY LIMITED (“theCompany”) as at and for the six months period ended June 30, 2011 (here-in-after referred to asthe “condensed interim financial information”). Management is responsible for the preparation andpresentation of this interim financial information in accordance with approved accounting standardsas applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusionon this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standards on Review Engagements2410, “Review of Interim financial information performed by the Independent Auditor of the Entity”.A review of interim financial information consists of making inquiries, primarily of persons responsiblefor financial and accounting matters and applying analytical and other review procedures. A reviewis substantially less in scope than an audit conducted in accordance with the International Standardon Auditing and consequently does not enable us to obtain assurance that we would become awareof all significant matters that might be identified in an audit. Accordingly, we do not express an auditopinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanyinginterim financial information as at and for the six months period ended June 30, 2011 is not prepared,in all material respects, in accordance with approved accounting standards as applicable in Pakistanfor interim financial reporting.

Other Matters

The figures for the quarters ended June 30, 2011 and June 30, 2010 in the accompanying interimfinancial information have not been reviewed and we do not express a conclusion on them.

The financial statements for the year ended December 31, 2010 and half year ended June 30, 2010were audited and reviewed respectively by another firm of chartered accountants who had expressedunqualified opinions vide their reports dated March 8, 2011 and August 31, 2010 respectively.

– condensed interim balance sheet;– condensed interim profit and loss account;– condensed interim statement of comprehensive income;– condensed interim statement of changes in equity;– condensed interim statement of cash flows;– condensed interim revenue account;– condensed interim statement of premiums;– condensed interim statement of claims;– condensed interim statement of expenses; and– condensed interim statement of investment income


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Share Capital and ReservesAuthorized Share Capital60,000,000 (December 31, 2010:60,000,000) Ordinary Sharesof Rs.10 Each

Issued, Subscribed And Paid Up Share CapitalAccumulated (Deficit)

NET SHAREHOLDERS' EQUITY

Balance of Statutory Fund[Including Policyholders’ Liabilities June, 2011: Rs.221,535,533 (December 31, 2010: Rs.211,578,909) ]

Deferred LiabilitiesOutstanding Gratuity

Creditors and AccrualsOutstanding ClaimsPremiums Received in AdvanceTaxationAmount Due to Other Insurers / ReinsurersAccrued ExpensesAgent's BalancesOther Creditors and Accruals

Other LiabilitiesDividend Payable

TOTAL LIABILITIES

TOTAL EQUITY ANDLIABILITIES

CONTINGENCIES ANDCOMMITMENTS

Dated: August 31, 2011

CONDENSED INTERIM BALANCE SHEETAS AT JUNE 30, 2011 (Un-Audited)

Note Shareholders’Fund Ordinary Life

UniversalLife

Accidental &Health

Statutory Funds

Figures in Rupees

June 30,2011

Dec. 31,2010

Aggregate

7

8

AuditedUn-Audited

-

--

-

32,106,494

81,495

6,183,132--

15,982,4634,397,365

-432,580

26,995,540

-

59,183,529

59,183,529

-

--

-

167,348,659

-

830,7368,153,980

-

1,770,4543,539,850

839,815110,152

15,244,987

-

182,593,646

182,593,646

-

--

-

25,162,137

-

2,051,874--

-256,541

-129,944

2,438,359

-

27,600,496

27,600,496

)

600,000,000

500,456,000(353,497,796

146,958,204

213,985,666

90,550

8,429,39811,171,513

1,163,835

8,329,79510,522,196

2,013,2141,095,985

42,725,936

113,425

256,915,577

403,873,781

)

600,000,000

500,456,000(368,330,943

132,125,057

224,617,290

90,550

9,065,7428,153,9801,717,171

17,752,9179,802,437

839,815809,526

48,141,588

112,975

272,962,403

405,087,460

)

600,000,000

500,456,000(368,330,943

132,125,057

-

9,055

--

1,717,171

-1,608,681

-136,850

3,462,702

112,975

3,584,732

135,709,789



EastWest


Cash and Bank DepositsCash in HandCurrent and Other AccountsDeposits Maturing Within 12 Months

Loans Secured AgainstLife Insurance Policies

Unsecured LoansTo Employees

InvestmentsGovernment SecuritiesOther Fixed Income SecuritiesListed Equities and Mutual Funds

Current Assets - OtherPremiums Due But UnpaidAmount Due From Other Insurers / ReinsurersPrepaymentsSundry ReceivablesInvestment Income AccruedStationery

Fixed AssetsTangibleFurniture, Fixtures, OfficeEquipment and VehiclesIntangible AssetsSoftware

TOTAL ASSETS

Note

The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.

Shareholders’Fund Ordinary Life

UniversalLife

Accidental &Health

Statutory Funds

Figures in Rupees

June 30,2011

Dec. 31,2010

Aggregate

10

AuditedUn-Audited

CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman

MAHEEN YUNUS, CPCUManaging Director &

Chief Executive

JAVED YUNUSDirector

A.K.M. SAYEEDDirector

-6,649,634

-6,649,634

-

103,698

54,246,376-

33,014,95087,261,326

-

-675,000

-831,262424,930

1,931,192

39,268,063

495,876

135,709,789

13,4139,066,849

10,000,00019,080,262

4,655,163

826,380

14,021,291--

14,021,291

12,631,674

6,820,501-

1,099,32548,933-

20,600,433

-

-

59,183,529

19,75331,723,642

55,000,00086,743,395

3,256,933

-

85,338,0373,563,253

-88,901,290

1,635,763

-216,274

1,555,111284,880

-3,692,028

-

-

182,593,646

-14,532,229

5,000,00019,532,229

-

102,898

5,377,288--

5,377,288

1,782,239

--

780,95524,887-

2,588,081

-

-

27,600,496

33,16661,972,354

70,000,000132,005,520

7,912,096

1,032,976

158,982,9923,563,253

33,014,950195,561,195

16,049,676

6,820,501891,274

3,435,3911,189,962

424,93028,811,734

39,268,063

495,876

405,087,460

24,65783,156,828

53,000,000136,181,485

7,548,871

1,004,284

157,928,7594,454,731

31,762,452194,145,942

17,074,082

-815,249

2,801,8231,249,827

480,83322,421,814

41,854,231

717,154

403,873,781


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CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

Note

Figures in Rupees


Investment Income NotAttributable to Statutory Funds

Return on Government Securities Return on Other Fixed Income Securities and Deposits Amortization of Discount/Premium Relative to Par Dividend IncomeGain on Sale of Fixed AssetsGain on Sale of Investment

Reversal/(Provision) for Impairment in Value of Investment

Net Investment Income

Expenses Not Attributable to Statutory Funds

(Loss)/Profit Before Tax

Taxation

(Loss)/Profit After Tax

(Loss)/Earnings Per Share -Basic and Diluted

June 30,2011

Half Year Ended

June 30,2010

June 30,2011

Quarter Ended

June 30,2010



Chief Executive

JAVED YUNUSDirector


)

)

)

1,112,722

84,223

(97,019113,609111,921

19,192,523

20,517,979

-

20,517,979

(5,165,440

15,352,539

(418,397

14,934,142

0.298

)

)

)

)

)

)

)

1,257,294

63,708

194,224---

1,515,226

(1,624,997

(109,771

(4,690,974

(4,800,745

(585,385

(5,386,130

(0.108

)

)

2,413,086

159,438

501,383122,312111,921

19,192,523

22,500,663

-

22,500,663

(9,785,706

12,714,957

(973,908

11,741,049

0.235

)

)

)

)

)

3,061,166

116,873

386,313--

130,085

3,694,437

1,624,998

5,319,435

(9,301,516

(3,982,081

(1,251,066

(5,233,147

(0.105



EastWest





Chief Executive

JAVED YUNUSDirector


CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

Note

Figures in Rupees


(Loss)/Profit After Tax

Other Comprehensive Income

Total Comprehensive (Loss)/Income for the Period

June 30,2011

Half Year Ended

June 30,2010

June 30,2011

Quarter Ended

June 30,2010



Chief Executive

JAVED YUNUSDirector


11,741,049

-

11,741,049

14,934,142

-

14,934,142

)

)

(5,386,130

-

(5,386,130

)

)

(5,233,147

-

(5,233,147

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

Figures in Rupees

Share Capital

Net Accumulated Surplus/(Deficit)

TotalAccumulated

Surplus/(Loss)

CapitalContributed toStatutory Fund

NetAccumulated

Surplus

Balance as atJanuary 01, 2010

Comprehensive Incomefor the Period

Balance as atJune 30, 2010

Balance as atJanuary 01, 2011

Comprehensive Lossfor the Period

Balance as atJune 30, 2011

454,960,000

-

454,960,000

500,456,000

-

500,456,000

)

)

)

)

)

(105,971,054

11,741,049

(94,230,005

(102,777,370

(5,233,147

(108,010,517

)

)

)

)

)

(199,620,426

-

(199,620,426

(250,720,426

(9,600,000

(260,320,426

)

)

)

)

)

(305,591,480

11,741,049

(293,850,431

(353,497,796

(14,833,147

(368,330,943

)

149,368,520

11,741,049

161,109,569

146,958,204

(14,833,147

132,125,057


CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

Operating Cash Flows

a) Underwriting Activities

Premium Received Reinsurance Premium Paid Claims Paid Surrenders Paid Commission Paid

Net Cash FlowUnderwriting Activities

b) Other Operating Activities

Income Tax Paid General Management Expenses Paid

Net Cash (used in)Other Operating Activities

Total Cash (used in)/GeneratedFrom All Operating Activities

Investment Activities

Profit/ Return Received Dividend Received Payments for Investments Proceeds From Disposal of Investments Proceed from disposal of fixed assets Fixed Capital Expenditure

Total Cash From/(Used In)Investing Activities

Shareholders’Fund

OrdinaryLife

UniversalLife

Accidental &Health

Statutory Funds

Figures in Rupees

June 30,2011

June 30,2010

Aggregate

L i feEast



)

)

)

)

)

)

-----

-

(697,729

(6,166,234

(6,863,963

(6,863,963

3,328,149-

(4,015,680

17,782,292

-(93,404

17,001,357

))

)

)

)

)

)

48,865,444(1,167,522

(40,627,493-

(1,701,508

5,368,921

-

(9,210,177

(9,210,177

(3,841,256

833,295-

(3,500,000

7,000,000

--

4,333,295

)))

)

)

)

)

28,598,964-

(3,507,925(1,546,129(8,282,223

15,262,687

-

(12,634,678

(12,634,678

2,628,009

3,321,085-

(57,850,000

36,681,920

--

(17,846,995

)

)

)

)

)

)

51,066,625-

(50,092,779-

(912,166

61,680

-

(5,138,990

(5,138,990

(5,077,310

441,348-

(3,250,000

8,300,000

--

5,491,348

))))

)

)

)

)

)

)

128,531,033(1,167,522

(94,228,197(1,546,129

(10,895,897

20,693,288

(697,729

(33,150,079

(33,847,808

(13,154,520

7,923,877-

(68,615,680

69,764,212

-(93,404

8,979,005

)))

)

)

)

)

)

)

121,167,842-

(78,748,388(1,529,332

(14,827,292

26,062,830

(382,458

(43,139,500

(43,521,958

(17,459,128

28,736,51619,583

(39,332,764

75,530,842

188,079(177,000

64,965,256

Financing Activities

Capital Contribution from Shareholders' Fund Dividend Paid

Total Cash Flow FromFinancing Activities

Net Cash Generated from/(Used in) All Activities

Cash at the Beginningof the Period

Cash at the Endof the Period

Reconciliation to Profit and Loss Account

Operating Cash flows Depreciation Expense Investment Income Provision of Impairment in Value of Investments Increase in Assets Other than Cash Increase in Liabilities Other than Running Finance Surplus of Statutory Funds

(Loss)/Profit After Taxation




UniversalLife

Accidental &Health

Statutory Funds

Figures in Rupees

June 30,2011

June 30,2010

Aggregate


EastWest




Chief Executive

JAVED YUNUSDirector


3,500,000-

3,500,000

3,992,039

15,088,223

19,080,262

))

))

--

-

47,506,128

59,770,019

107,276,147

(17,459,128(3,372,34525,641,451

-(1,778,901

(13,059,23121,769,203

11,741,049

)

)

)

))

)

)

-(450

(450

(4,175,965

136,181,485

132,005,520

(13,154,520(2,900,8508,802,7991,624,9986,841,702

(15,372,2768,925,000

(5,233,147

3,250,000-

3,250,000

3,664,038

15,868,191

19,532,229

(9,600,000(450

(9,600,450

536,944

6,112,690

6,649,634

))

)

2,850,000-

2,850,000

(12,368,986

99,112,381

86,743,395

)


CONDENSED INTERIM REVENUE ACCOUNT (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

IncomePremiums Less ReinsurancesNet Investment Income

Total Net Income

Claims and ExpenditureClaims, Including Bonuses, Net of Reinsurance RecoveriesManagement Expenses Less Recoveries

Total Claims and Expenditure

Excess/(Deficit) of Income OverClaims and Expenditure

Add: Policyholders’ Liabilities at Beginning of PeriodLess: Policyholders’ Liabilities at End of Period

Deficit

Movement in Policyholder Liabilities

Transfer To or From Shareholders' Fund -Capital Contribution From Shareholders' Fund -Capital Contribution To Shareholders' Fund

Net Transfer To or From Shareholders' Funds

Balance of Statutory Fund at Beginning of the Year

Balance of Statutory Funds at End of Period

Represented by:

Capital Contributed by Shareholders’ FundAccumulated Deficit

Policyholders’ Liabilities

BALANCE OF STATUTORY FUND


Figures in Rupees

OrdinaryLife

UniversalLife

Accidental &Health

Statutory Funds Aggregate

June 30, 2011 June 30, 2010

Quarter Ended

June 30, 2010June 30, 2011

Note Half Year Ended

L i feEast





Chief Executive

JAVED YUNUSDirector


)

)

)

)

13,661,229964,293

14,625,522

11,127,9397,497,007

18,624,946

(3,999,424

31,367,057

30,314,2171,052,840

(2,946,584

(1,052,840

3,500,000

-

3,500,000

32,605,918

32,106,494

126,720,426(124,928,149

1,792,277

30,314,217

32,106,494

)

)

)

32,114,4483,660,429

35,774,877

3,976,81519,020,928

22,997,743

12,777,134

151,132,060

167,239,495(16,107,435

(3,330,301

16,107,435

2,850,000

-

2,850,000

151,721,525

167,348,659

103,550,000(103,440,836

109,164

167,239,495

167,348,659

)

)

)

)

47,204,238483,641

47,687,879

50,050,1975,383,768

55,433,965

(7,746,086

29,079,792

23,981,8215,097,971

(2,648,115

(5,097,971

3,250,000

-

3,250,000

29,658,223

25,162,137

30,050,000(28,869,684

1,180,316

23,981,821

25,162,137

)

)

)

92,979,9155,108,363

98,088,278

65,154,95131,901,703

97,056,654

1,031,624

211,578,909

221,535,533(9,956,624

(8,925,000

9,956,624

9,600,000

-

9,600,000

213,985,666

224,617,290

260,320,426(257,238,669

3,081,757

221,535,533

224,617,290

)

)

)

))

83,367,2123,140,788

86,508,000

51,133,02540,204,882

91,337,907

(4,829,907

156,942,312

173,908,608(16,966,296

(21,796,203

16,966,296

-

-

-

162,256,110

157,426,203

199,620,426(216,102,831

(16,482,405

173,908,608

157,426,203

)

)

)

)

28,898,0853,297,898

32,195,983

35,899,89715,560,270

51,460,167

(19,264,184

229,897,086

221,535,5338,361,553

(10,902,631

(8,361,553

9,600,000

-

9,600,000

234,281,474

224,617,290

260,320,426(257,238,669

3,081,757

221,535,533

224,617,290

)

)

)

))

32,668,6211,274,149

33,942,770

27,692,01121,982,722

49,674,733

(15,731,963

172,179,615

173,908,608(1,728,993

(17,460,956

1,728,993

-

-

-

173,158,166

157,426,203

199,620,426(216,102,831

(16,482,405

173,908,608

157,426,203

Figures in Rupees

OrdinaryLife

UniversalLife

Accidental &Health


June 30, 2011 June 30, 2010

Quarter Ended

June 30, 2010June 30, 2011

Half Year Ended


CONDENSED INTERIM STATEMENT OF PREMIUMS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

Gross Premiums

Regular Premium Individual Policies* First Year Second Year Renewal Subsequent Year Renewal Single Premium Individual PolicyGroup Policies

Total Gross Premiums

Less: Reinsurance Premiums Ceded

On Individual Life First Year Business On Individual Life Second Year Business On Individual Life Renewal Business On Group Policies

Net Premiums



EastWest




Chief Executive

JAVED YUNUSDirector


))))

)

8,958,6534,208,3342,879,2461,880,250

29,297,358

47,223,841

(45,982(70,298(45,664

(14,393,276

(14,555,220

32,668,621

))))

)

3,598,2497,265,9544,600,557

400,00030,682,720

46,547,480

(25,312(120,779(425,943

(17,077,361

(17,649,395

28,898,085

))))

)

14,709,1127,190,7286,253,0072,700,250

86,652,274

117,505,371

(103,679(77,514(91,902

(33,865,064

(34,138,159

83,367,212

))))

)

9,672,59511,893,33610,364,105

1,320,25097,637,099

130,887,385

(89,113(188,317(460,362

(37,169,678

(37,907,470

92,979,915

398,046---

46,806,192

47,204,238

----

-

47,204,238

)))

)

9,274,54911,893,33610,364,105

1,320,250-

32,852,240

(89,113(188,317(460,362

-

(737,792

32,114,448

)

)

----

50,830,907

50,830,907

---

(37,169,678

(37,169,678

13,661,229


CONDENSED INTERIM STATEMENT OF CLAIMS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

Gross Claims

Claims Under Individual Policies by Death by Insured Event Other than Death by Maturity Bonus in Cash by Surrender

Total Gross Individual Policy Claims

Claims Under Group Policies by Death by Insured Event Other Than Death

Total Gross Group Policy Claims

Total Gross Claims

Less: Reinsurance Recoveries On Group Life Claims

Net Claims


Figures in Rupees

OrdinaryLife

UniversalLife

Accidental &Health


June 30, 2011 June 30, 2010

Quarter Ended

June 30, 2010June 30, 2011

Half Year Ended

L i feEast





Chief Executive

JAVED YUNUSDirector


)

758,201-

1,747,645-

1,120,924

3,626,770

17,544,75420,032,032

37,576,786

41,203,556

(13,511,545

27,692,011

)

1,067,136-

2,353,4624,500

1,529,332

4,954,430

40,643,01935,693,238

76,336,257

81,290,687

(30,157,662

51,133,025

)

-----

-

41,318,929377,729

41,696,658

41,696,658

(30,568,719

11,127,939

)

150,9505,000

2,961,736-

1,546,129

4,663,815

--

-

4,663,815

(687,000

3,976,815

-----

-

-50,050,197

50,050,197

50,050,197

-

50,050,197

)

150,9505,000

2,961,736-

1,546,129

4,663,815

41,318,92950,427,926

91,746,855

96,410,670

(31,255,719

65,154,951

)

71,4785,000

1,668,462-

948,376

2,693,316

20,267,53429,006,298

49,273,832

51,967,148

(16,067,251

35,899,897


CONDENSED INTERIM STATEMENT OF EXPENSES (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

Acquisition Costs

Remuneration to Insurance Intermediarieson Individual Policies: Commission on First Year Premiums Commission on Second Year Premiums Commission on Subsequent Renewal Premiums Other Benefits to Insurance Intermediaries On Group Policies Commission

Branch Overhead:Other Acquisition Cost Policy Stamps

Total Acquisition Cost

Administration ExpensesSalaries and Other BenefitsTravelling ExpensesAuditors RemunerationActuary's FeesMedical FeesAdvertisementsPrinting and StationaryRentalOther Management Expenses

Gross Management Expenses

Commission From Reinsurers

Net Management Expenses


Figures in Rupees

OrdinaryLife

UniversalLife

Accidental &Health


June 30, 2011 June 30, 2010

Quarter Ended

June 30, 2010June 30, 2011

Half Year Ended


EastWest




Chief Executive

JAVED YUNUSDirector


--

-

-811,817

811,817

-

-

811,817

2,193,000218,493

37,65990,000

-68,859

122,620298,468

1,542,852

4,571,951

5,383,768

-

5,383,768

)

--

-

-1,477,225

1,477,225

-

-

1,477,225

4,257,913118,247

62,764390,000226,417179,362490,090128,996

2,953,720

8,807,509

10,284,734

(2,787,727

7,497,007

)

5,019,509965,438

238,813

1,209,696-

7,433,456

4,577,013

51,000

12,061,469

4,441,78387,39725,106

120,000339,626

51,644334,418

74,6171,555,159

7,029,750

19,091,219

(70,291

19,020,928

)

5,019,509965,438

238,813

1,209,6962,289,042

9,722,498

4,577,013

51,000

14,350,511

10,892,696424,137125,529600,000566,043299,865947,128502,081

6,051,731

20,409,210

34,759,721

(2,858,018

31,901,703

)

7,381,342808,574

342,855

298,4583,545,930

12,377,159

10,452,666

60,870

22,890,695

10,018,172646,710

62,500600,000468,505375,722770,027590,966

6,373,767

19,906,369

42,797,064

(2,592,182

40,204,882

)

1,915,019582,876

138,477

-864,473

3,500,845

2,619,483

15,300

6,135,628

5,770,051246,159125,529300,000299,235161,045431,905186,287

3,199,524

10,719,735

16,855,363

(1,295,093

15,560,270

)

4,646,576476,036

169,084

150,0002,214,246

7,655,942

5,293,815

30,220

12,979,977

4,571,390335,772

62,500300,000296,433

55,800329,293228,722

3,897,468

10,077,378

23,057,355

(1,074,633

21,982,722


CONDENSED INTERIM STATEMENT OF INVESTMENT INCOME (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

Investment Income

On Government Securities On Other Fixed Income Securities and Deposits Amortization of Premium Amortization of Discount

Total Investment Income


Figures in Rupees

OrdinaryLife

UniversalLife

Accidental &Health


June 30, 2011 June 30, 2010

Quarter Ended

June 30, 2010June 30, 2011

Half Year Ended

L i feEast





Chief Executive

JAVED YUNUSDirector


757,974

85,000-

121,319

964,293

964,293

316,348

142,018-

25,275

483,641

483,641

)

2,336,804

1,045,486(9,558

287,697

3,660,429

3,660,429

)

3,411,126

1,272,504(9,558

434,291

5,108,363

5,108,363

)

2,198,914

676,967(9,479

274,386

3,140,788

3,140,788

))

1,224,866

(29,887(4,76683,936

1,274,149

1,274,149

2,154,207

933,739(9,558

219,510

3,297,898

3,297,898

)


NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011

1.

2.

2.1

2.2

2.3

STATUS AND NATURE OF BUSINESS

East West Life Assurance Company Limited (the Company) was incorporated in Pakistan onAugust 18, 1992 as a public limited company under the Companies Ordinance, 1984. Its sharesare quoted on Karachi Stock Exchange. The Company commenced life insurance operationson February 22, 1993 after registration with Controller of Insurance on February 14, 1993. Theaddress of its registered and principal office is 57 Regal Plaza, M.A. Jinnah Road, Quetta and310 EFU House, M.A. Jinnah Road Karachi, respectively. The Company is engaged in lifeinsurance carrying on participatory and non- participatory business. In accordance with therequirements of Insurance Ordinance, 2000, the Company has established shareholders’ fundand following statutory funds in respect of its each class of life insurance business:

Ordinary life;Universal life; and Accident and health.

BASIS OF PRESENTATION

These condensed interim financial statements are presented in condensed form in accordancewith the requirements of International Accounting Standard 34 "Interim Financial Reporting".

The disclosures made in these condensed interim financial statements have been limited basedon the formats prescribed by the Insurance Rules, 2002 and approved accounting standardsas applicable in Pakistan for interim financial reporting.

These condensed financial statements do not include all of the information required for fullfinancial statements and should be read in conjunction with the financial statements of thecompany for the year ended December 31, 2010.

These financial statements have been presented in Pak Rupees, which is the functional andpresentation currency of the Company.

During the period, following amendments to accounting standards became effective which areeither not relevant to the Company's current operations or are not expected to have significantimpact on the Company's condensed interim financial information other than certain additionaldisclosures, if any:

Standard or Interpretation

IAS 24 Related Party Transactions (Amendment)IAS 32 Financial Instruments: Presentation (Amendment)IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment)


EastWest


Effective date(annual periodsbeginning on or

after)

January 01, 2011 January 01, 2011 January 01, 2011


L i feEast



3.

4.

5.

6.

BASIS OF MEASUREMENT

The financial statements have been prepared under the historical cost convention except forcertain financial assets and liabilities which are stated at fair value or amortized cost as applicable.

The financial statements have been prepared under the accrual basis of accounting except forcash flow information.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies adopted in the preparation of these financial statementsare in line with the audited annual accounts for the year ended December 31, 2010.

USE OF ESTIMATES AND JUDGEMENTS

Preparation of the condensed interim financial statements requires management to makejudgments, estimates and assumptions that effect the application of accounting policies andthe reported amounts of assets and liabilities, income and expenses. Actual results may differfrom these estimates.

In preparing the condensed interim financial statements, the significant judgments made bythe management in applying the Company's accounting policies and the key sources ofestimation uncertainty were the same as those that applied to the financial statements as atand for the year ended December 31, 2010.

FINANCIAL AND INSURANCE RISK MANAGEMENT

The Company's financial and insurance risk management objectives and policies are consistentwith those disclosed in the annual financial statements as at and for the year ended December31, 2010.

7. ANALYSIS OF ACCUMULATED SURPLUS/(DEFICIT)AS SHOWN IN BALANCE SHEET

Accumulated Deficit inStatement of Changes in EquityIgnoring Effect of Capital Transfersat Start of Period

Add: (Deficit)/Surplus in Profit and Loss Account for the Period

Less: Accumulated Net Capital Transfers in Statutory Funds

Total Accumulated (Deficit) as Shown in Balance Sheet

Un-AuditedJune 30, 2011

AuditedDec 31, 2010

Rupees Rupees

)

)

)

)

)

(102,777,370

(5,233,147

(108,010,517

(260,320,426

(368,330,943

)

)

)

)

(105,971,054

3,193,684

(102,777,370

(250,720,426

(353,497,796



EastWest


8. CONTINGENCIES AND COMMITMENTS

There are no contingencies and commitments as at June 30, 2011 (December 31, 2010: Nil).

Ordinary LifeUniversal

LifeAccidental &

Health

Statutory Funds



Aggregate

Policyholder Liabilities

Balance at Beginningof the Period

Increase Duringthe Period

Balance at End of the Period

Capital Contributed ByShareholders' Fund

Balance at the Beginningof the Period

Capital Contributed Duringthe Period


Accumulated Deficit

Balance at the Beginningof the Period

Deficit Allocated inRespect of the Period


(Rupees)

MOVEMENTS IN STATUTORY FUNDS9.

)

)

)

156,942,312

16,966,296

173,908,608

199,620,426

-

199,620,426

(194,306,628

(21,796,203

(216,102,831

)

)

)

)

31,367,057

(1,052,840

30,314,217

123,220,426

3,500,000

126,720,426

(121,981,565

(2,946,584

(124,928,149

)

)

)

151,132,060

16,107,435

167,239,495

100,700,000

2,850,000

103,550,000

(100,110,535

(3,330,301

(103,440,836

)

)

)

)

29,079,792

(5,097,971

23,981,821

26,800,000

3,250,000

30,050,000

(26,221,569

(2,648,115

(28,869,684

)

)

)

211,578,909

9,956,624

221,535,533

250,720,426

9,600,000

260,320,426

(248,313,669

(8,925,000

(257,238,669

L i feEast




INVESTMENTS10.

Note Shareholders’Fund Ordinary Life

UniversalLife

Accidental &Health

Un-AuditedJune 30,

2011

AuditedDecember 31,

2010

Statutory Funds

(Rupees)

Government Securities

Other Fixed Income Securities

Listed Equities and Mutual Funds

Government Securities

Held to Maturity

10 Years Pakistan Investment Bonds









Treasury Bills

10.1

10.1

10.2

10.3

54,246,376

-

33,014,950

87,261,326

5,000,000

-

-

17,307,066

-

6,464,256

15,842,639

1,964,788

3,651,947

4,015,680

54,246,376

14,021,291

-

-

14,021,291

-

-

-

-

-

10,521,291

-

-

-

3,500,000

14,021,291

85,338,037

3,563,253

-

88,901,290

-

2,999,707

589,809

-

-

23,898,521

-

-

-

57,850,000

85,338,037

5,377,288

-

-

5,377,288

-

-

-

-

-

2,127,288

-

-

-

3,250,000

5,377,288

158,982,992

3,563,253

33,014,950

195,561,195

5,000,000

2,999,707

589,809

17,307,066

-

43,011,356

15,842,639

1,964,788

3,651,947

68,615,680

158,982,992

157,928,759

4,454,731

31,762,452

194,145,942

5,000,000

2,999,656

587,583

17,034,001

-

42,505,861

15,826,682

1,962,353

3,632,915

68,379,708

157,928,759

The particulars of investments are as follows:

Held to Maturity

Pakistan Investment Bonds - 10 Years







Treasury Bills

Total

April 2014

April 2014

October 2013

May 2016

June 2012

August 2018

July 2020

August 2011

On Maturity

On Maturity

On Maturity

On Maturity

On Maturity

On Maturity

On Maturity

On Maturity

8%

8%

8%

9.6%

11%

12%

12%

13.2%

Semi-Annually

Semi-Annually

Semi-Annually

Semi-Annually

Semi-Annually

Semi-Annually

Semi-Annually

On Maturity

Maturity PrincipalRepayment

CouponPercentage

CouponPayment

Amount inRupees

5,000,000

2,999,707

589,809

33,149,705

43,011,356

1,964,788

3,651,947

68,615,680

158,982,992


EastWest



10.4 The aggregate market value of available for sale investments as at June 30, 2011 is Rs.31,722,061 (December 31, 2010: Rs.31,762,434). The decrease below carrying value isconsidered temporary.

Listed Equities And Mutual Funds10.3


UniversalLife

Accidental &Health


AuditedDec. 31, 2010

Statutory Funds

(Rupees)

Available for Sale

Listed Equities

Mutual Fund

(Provision)/Reversal for Impairment in Value of Investment

--

-

-

--

-

-

--

-

-

5,622,134

25,767,818

1,624,998

33,014,950

)

11,011,731

21,357,110

(606,389

31,762,452

5,622,134

25,767,818

1,624,998

33,014,950

Other Fixed Income Securities10.2

Held to MaturityTerm Finance CertificatePakistan Mobile Communication Limited

The particulars of investments are as follows:

Term Finance CertificatePakistan Mobile Communication Limited

4,454,7314,454,731


UniversalLife

Accidental &Health


AuditedDec. 31, 2010

Statutory Funds

(Rupees)

--

3,563,2533,563,253

--

--

7 Years 15.46% Half Yearly2013

Maturity TenorRate ofReturn

ProfitPayment

Number ofCertificates

1,060

3,563,2533,563,253

L i feEast



13. DATE OF ISSUE

This financial report is authorised for issue on August 29th, 2011 by the Board of Directorsof the company.




Chief Executive

JAVED YUNUSDirector


11. FIXED ASSETS

The detail of additions and deletions during the six months ended June 30, 2011 are as follows:

Furniture and FixtureOffice EquipmentsComputers

Shareholders’ Fund

Additions DeletionsJune 30, 2010

Additions DeletionsJune 30, 2011

----

-12,50080,90493,404

140,25036,750

-177,000

-620,000

-620,000

TRANSACTIONS WITH RELATED PARTIES

The related parties comprises East West Insurance Limited (Associated Company), directorsof the company, key management personnel, associated undertakings, entities with commondirectors, statutory funds and employees' funds. Following are the balances and transactionswith related parties.

12.

--

-----

--

-----

Directors KeyManagement

Personnel

AssociatedCompanies &

CommonDirectorship

June 30, 2011 December 31, 2010

Directors KeyManagement

Personnel

AssociatedCompanies &

CommonDirectorship

BalancesPremium ReceivableInvestment

TransactionsPremium ReceivedPremium PaidClaims PaidInvestmentsUnderwriting Commission

--

-----

--

-----

(Rupees)

414,7862,059,381

-348,443424,247

--

564,7863,781,330

2,125,120730,676

2,826,42311,505,985

454,960



EastWest


As at June 30th, 2011



Chief Executive

JAVED YUNUSDirector


STATEMENT OF DIRECTORS


L i feEast



Date: August 29, 2011SHUJAT SIDDIQUI, MA, FIA, FPSA

Appointed Actuary

STATEMENT BY THE APPOINTED ACTUARY

June 30th,2011

L i feEast



L i feEast



HyderabadOffice No. 13, 1st Floor, Shelter Shopping Mall,Saddar Cantt, Hyderabad.Tel. : (022) 3030913/5, 2915804, 2785001Fax : (022) 2785002E-Mail: [email protected]

JuhiNear Bilawal Park, Main Dadu Road,Johi, Hyderabad.

LahoreZonal Office*2nd Floor, Naqi Arcade, 71-Shahrah-e-Quaid-e-Azam, Lahore.Tel. : (042) 36370181, 36370717Fax: (92-42) 36370711UAN: 111-EWL-111 (111-395-111)E-Mail: [email protected]

Bahawalpur2nd Floor, Shahab Plaza, One Unit Chowk,Bahawalpur.Tel. : (062) 2285488

Multan2nd Floor, Ghaffar Plaza, Bohra Street,Multan Cantt., Multan.Tel. : (061) 4504345, 4504346Fax : (061) 4504348E-Mail: [email protected]

Sahiwal1st Floor, Mansha Plaza, Lahore Commercial Centre,Near General Bus Stand, G. T. Road, Sahiwal.Mobile: (0322) 7854248

Sialkot1st Floor, Yazdani Autos,Opposite M. F. Elahi Building,Kashmir Road, Sialkot.Tel. : (052) 4297420

Sambrial1st Floor, Habib Bank Ltd., G.T. Road,Sambrial, District: Sialkot.Mobile: (0333) 8604563

MuzaffargarhHouse No. 315,Imran Colony,D. G. Khan Road,Muzaffargarh.Mobile: (0302) 6951501

Vehari48-C, Mashallah Market, Vehari.Tel. : (067) 3361409

GujranwalaOffice No. 15, Data Market, Near Railway Station,Opposite Sangam Cinema, G. T. Road,Gujranwala.Tel. : (055) 3857592

Layyah1st Floor of Khan Plaza,Main Choubara Road, Layyah.Tel. : (060) 6410371

DepalpurFlat No. 1, 1st Floor, Bahadur Market,Katchery Road, Depalpur, District: Okara.Mobile: (0345) 7543525

IslamabadOffice No. 40, 3rd Floor, Rose One Plaza,I-8 Markaz, Islamabad.Tel. : (051) 4862438, 4862471-2

RawalpindiZonal Office*55-A, Bank Road, Rawalpindi Cantt., Rawalpindi.Tel. : (051) 5514322 Fax: (92-51) 5564809UAN: 111-EWL-111 (111-395-111)E-Mail: [email protected]

GujratNear Grid Station / Police Chowki,Sargodha Road, Gujrat.Tel. : (053) 3538067, 3535658Fax: (92-53) 3538071E-Mail: [email protected]

BRANCH NETWORK

Pindi GhebTariq BuildingBanhora Chowk, Pindi Gheb.Tel. : (0572) 350608

Abbottabad:Muqaddas Tower Plaza,Mandian, Abbottabad.Tel. : (0992) 382855

HaripurFazal Plaza,G.T. Road, Haripur.Tel. : (0995) 612065, 645449

Muzaffarabad (Azad Kashmir)Flat No. 4, Azam Plaza,Opp.: PSO Petrol Pump,Chehla Neelum Road,Muzaffarabad (A.K.).Mobile: (0300) 9111787

Mirpur (Azad Kashmir)1st Floor, 23 Ayub Plaza, Mian Muhammad Road,Mirpur (Azad Kashmir).Tel. : (058610) 35491, 92898

Bhimber (Azad Kashmir)Ch. Barkat Plaza,Samahni Road,Bhimber (A.K.).Tel. : (058650) 43551

Rawlakot (Azad Kashmir)Near C.M.H.,Rawlakot (A.K.).Tel. : (058710) 43554

Peshawar Zonal Office*Room No. 1 & 2, 1st Floor,Sughra Building, 8-Saddar Road,Opposite State Bank of Pakistan ,Peshawar Cantt., Peshawar.Tel. : (091) 5284725, Fax: (92-91) 5273874E-Mail: [email protected]

SwabiAdda Flying Coach for Peshawar, Swabi.Tel. : (0938) 222051

BRANCH NETWORK

Choa Saiden ShahAli Haider Market, Dalwal Road,Choa Saiden Shah, District: Chakwal.Mobile : (0344) 5989960

Chakwal1st Floor,Bait-ul-Mukarram Masjid,Talagang Road, Chakwal.Tel. : (0543) 553226

Talagang3rd Floor,Bhatti Plaza, Palace Hotel,Chakwal Road, Talagang.Mobile: (0300) 5814289

JhelumFlat No. 3, 3rd Floor, Shabbir Plaza,Shandar Chowk, Jhelum.Tel. : (0544) 623231, 540043Fax : (0544) 720631

AbotabadDr. Sher Afzal Plaza,Opposite Eid Gah, Mall Road, Abotabad.

Pind Dadan KhanVillage Karyala Jalab,P. O. Dharyala Jalab,Teh. Pind Dadan Khan,District: Jhelum.Tel. : (0458) 430588

KharianAl-Fazal Plaza, Dinga Road,Kharian, District: Gujrat.Tel. : (0537) 532255Fax : (0537) 532266

HavelianRailway Road,Main Bazar, Havelian.Tel. : (0992) 810323, 810896

Gujar KhanFlat No. 1, Ghani Plaza, 2nd Floor,G.T. Road, Gujar Khan.Tel. : (0513) 510697

Note: Besides the company’s head office (stated on pagenumber 2), corporate (group life and group health) insuranceservices are also offered at the above individual life salesoffices marked with an asterisk (*).



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