Efu Life Audit Report

EFU LIFE ASSURANCE LIMITED EFU LIFE ASSURANCE LIMITED
Table of Contents
Introduction Urdu Translation of Chairman’s Review 68
Vision & Mission 4 Report of the Directors to the Members 69
Strategic Objectives 6 Urdu Translation of Report of the Directors to the Members 92
Core Values 8 Risk and Opportunity Report 93
Key Financial Highlights 10 Stakeholder's Information
Technological Progress 12
Distribution Footprint 14 DuPont Analysis For the year 2022 95
CSR Initiatives 16 Summary of Cash Flow 96
Products & Solutions 18 Segment - Wise Review 97
Our Team 20 Performance at a Glance 98
Share Price Sensitivity Analysis 100
Corporate Information Variation in Quarterly Reports 100
Directors Profile 22 Key Financial Data for the Last Six Years 101
Leadership Team 24 Key Operating and Financial Data 102
Journey through the year 26 Graphical Analysis 103
Sustainability & Corporate Social Responsibility 28 Vertical Analysis 106
Organogram 29 Horizontal Analysis 106
Management 30 Revenue Application 108
Committees 31 Statement of Compliance with the Shariah Principles 109
Company Information 32 Shariah Advisory Report to the Board of Directors / Profile of Shariah Advisor 110
Access to Reports & Enquiries 33 Independent Reasonable Assurance Report to the Board of Directors
Company Profile 34 on the Statement of Management's Assessment of Compliance
Performance Evaluation of the Board & CEO 35 with the Takaful Rules, 2012 112
Role of the Chairman and the CEO 36 Statement of Compliance with the Code of Corporate Governance 114
Stakeholder Engagement / Quality Assurance 37 Review Report to the Members on Corporate Governance 119
Significant Plans / Forward looking Statement 39 Independent Auditors' Report 120
Statement of Ethics & Business Practices 40 Statement of Financial Position 125
Whistle Blowing Policy 41 Profit & Loss Account 126
Decisions Taken at the last AGM 44 Statement of Comprehensive Income 127
Internal Control Framework 45 Cash Flow Statement 128
Financial Calendar 46 Statement of Changes in Equity 129
Notice of Meeting 47 Disclosures
Liquidity Management Strategy 52
Management Objectives & Strategies 53 Notes to and Forming Part of the Financial Statements 130
Key performance indicator 54 Window Takaful Operations - Financial Statements 179
Business Continuity Plan / Disaster Recovery Plan 55 Statement under Section 52(2) 197
Technology Governance 56 Other Information
Company’s Strategy 57
Pattern of Shareholding 198
Investor Grievance Policy / Human Resource Development /
Glossary 200
Avoiding Conflict of Interest 58
Group Benefit - Offices 202
Resources, Capital & Changes in Financial Positions / Donations 59
Bancassurance - Offices 202
Management Review and Representations Individual Life - Offices 203
Sustainability Report 60 Window Takaful Offices 213
Audit Committee- Terms of Reference 62 Form of Proxy
Report of the Audit Committee 63 Form of E-Voting
Chairman's Review 2022 65 Bank Mandate Form
02 ANNUAL REPORT 22’ ANNUAL REPORT 22’ 03

EFU LIFE ASSURANCE LIMITED
28 ANNUAL REPORT 22’

HR &
REMUNERATION BOARD OF AUDIT
COMMITTEE DIRECTORS COMMITTEE
MANAGING
DIRECTOR AND
CEO
DISTRIBUTION
CHANNELS
WINDOW
TAKAFUL
DEPUTY
MANAGING
Organogram
DIRECTOR
SHARIAH HEAD OF
ADVISOR WINDOW
TAKAFUL
SR. EXECUTIVE CHIEF CHIEF

BANCASSURANCE MEDICAL HR MARKETING COMPANY COMPLIANCE INTERNAL
DIRECTOR GROUP FINANCIAL OPERATIONS
MARKETING DIRECTOR SECRETARY AUDIT TRAINING &
MARKETING OFFICER OFFICER
DEVELOPMENT
GROUP ACTUARIAL INDIVIDUAL GROUP

ACCOUNTS LIFE BENEFITS TECHNOLOGY
MARKETING SERVICES BRANCHES
OPERATIONS OPERATIONS
CHANNEL GENERAL APPLICATION

STRATEGY & BANASSURANCE DEVELOPMENT
ADMINISTRATION OPERATIONS
EXECUTION & MAINTENANCE
ENTERPRISE NETWORK
CLIENT SERVICES SECURITY AND
RISK
MANAGEMENT INFRASTRUCTURE
INVESTMENTS LEGAL
NATIONAL
SALES NEW
DIRECTOR BUSINESS
TRAINING &
DEVELOPMENT CLAIMS
SALES
ADMINISTRATION
ANNUAL REPORT 22’

BRANCH
NETWORK
29
Management
Managing Director & Senior Managers Muhammad Ferzan Ahsan
Chief Executive Adnan Ali Gul Muhammad Adil Shahid
Taher G. Sachak Asif Akhtar Muhammad Sarim Fahim Khan
Asim Maqbool Naila Nazir
Deputy Managing Director Akbar Husain Qazilbash Nazia Alam
Mohammed Ali Ahmed Ameer Abbas Mir Muhammadi Nazima Abdul Karim
Ali Athar Reema Shaikh
Senior Executive Directors Farah Mushtaq Rabia Ahmed
Syed Shahid Abbas Furqan Ahmed Ramsha Tirmizi
Zain Ibrahim Hasan Jivani Saeed-ul-Haq
Imran Mehdi Shahzad Ghous
General Managers Javed Ameen Salimah Hussaini
Khurram Rahim Syed Muneer Ali
Ali Qureshi
M. Ammar Zaheer Syed Ali Ameer Rizvi
Arshad Iqbal
Muhammad Abbas Zaidi Syed Abdul Quddus Ali
Mohammad Asim Khan
Muhammad Faisal Syed Ahsan Ali
Raza Hasan
Nasir Feroz Khan Syed Asif Imam
Syed Sohaib Shams
Nazish Hasan Syed Jamal Haider Zaidi
Deputy General Manager Shahan Khan Syed Rashid Hussain
Shahzad Ahmed Talat Zehra Shirazi
Nilofer Sohail Tassawur Zubair
Shayan Rizwan
Sheikh Irfan Zafar Waleed Jawaid
Assistant General Managers
Syed Muhammad Amer Zohaib Hamid
Aman Hussain Zohaibullah Ansari
Jalal Habib Curmally Managers
Muhammad Abbas Distribution Channels
Muhammad Fawad Habib Adnan Wali
Muhammad Hasan Sheikh Abbas Iqbal Qureshi Sales Force
Muhammad Rehan Siddiqui Ambreen Azmat Mustafa Hussain Ali
Sajjad Hussain Khan Amjad National Sales Director
Syed Muhammad Athar Asad Ali Shamsi
Syed Rizwan Ali Bukhari Asif Takaful Operations
Zahny Amlany Asif Shahzad Mohammad Ali Ameen
Zia-ur- Rehman Khan Asif Saqlain Kayani Head of Window Takaful Operations
Abdul Rafay Khan
Medical Director Adnan Athar Jafree Bancassurance
Azfar Hammad Khan
Dr. Tajuddin A. Manji, Husein Sachak
Dr. Hayaul Batool Abbasi
F.R.C.P., M.R.C.P. Head of Bancassurance
Dr. Muhammad Hassan
Chief Managers Faisal Zaheer Group Benefits
Faizan Shujah
Ammar Qamar Haider Imtiaz Syed Ali Raza Zaidi
Burhan Zahid Chughtai Irfan Abbas Hameer Senior Executive Director
Dr. Asadul Hadi Siddiqui Irfan Bashir
Dr. Ammara Moazzum Irfan Qadir Malik
Evelyn D. Abrogena M. Masood Sheraz Khan
Irfan Junejo Mahesh Kumar
Jibran Masood Khan Majid Aziz
Mariam Ahmed Malik Muhammad Rafi Awan
Nasir Feroz Khan Moiz Ahmed Khan
Syed Abdul Mujeeb Muhammad Adnan Qadeer
Syed Ahmar Hasan Jafri Muhammad Jawaid Mughal
Sohail Khalid Muhammad Messum
Muhammad Naveed Hasan

Committees
Board Committees Management Committees
Audit Committee Underwriting Committee

Ruhail Muhammad Taher G. Sachak
Saifuddin N. Zoomkawala Dr. Tajuddin Manji
Hasanali Abdullah Zain Ibrahim
Ali Raza Siddique Hasan Sheikh
Rukhsana Shah Dr. Asad- ul- Hadi
Daanish Bhimjee
Claim Settlement Committee
Ethics, HR & Remuneration Taher G. Sachak
Committee Arshad Iqbal
Rukhsana Shah Dr. Ammara Moazzam
Rafique R. Bhimjee Sajjad Hussain
Saifuddin N. Zoomkawala
Taher G. Sachak Reinsurance Committee
Taher G. Sachak
Investment Committee Mohammad Ali Ahmed
Rafique R. Bhimjee Zain Ibrahim
Saifuddin N. Zoomkawala Ali Qureshi
Taher G. Sachak Raza Hasan
Hasanali Abdullah
Daanish Bhimjee Risk Management &
Omer Morshed - Appointed Actuary Compliance Committee
Mohammed Ali Ahmed - Management Executive Taher G. Sachak
S. Shahid Abbas - Management Executive Mohammed Ali Ahmed
Ali Qureshi - Management Executive S. Shahid Abbas
Zain Ibrahim
Ali Qureshi
Hasan Jivani
S. Abdul Mujeeb
Technology Committee
Taher G. Sachak
Mohammed Ali Ahmed
Zain Ibrahim
S. Shahid Abbas
Mustafa Hussain
Syed Sohaib Shams
ANNUAL REPORT 22’ 31

Company Information
Chairman Rating
Rafique R. Bhimjee Rating Agency: VIS
Insurer Financial Strength Rating: AA+
Managing Director Outlook: Stable
& Chief Executive
Taher G. Sachak Registrar
CDC Share Registrar Services Ltd.
Directors 99-B, Block B, S.M.C.H.S
Saifuddin N. Zoomkawala Main Shahra - e - Faisal
Hasanali Abdullah Karachi 74400 - Pakistan
Syed Salman Rashid (92-21) 111-111-500
Rukhsana Shah
Ali Raza Siddiqui Website:
Daanish Bhimjee www.efulife.com
Ruhail Muhammad
Ahsen Ahmed Registered Office
Al-Malik Centre
Company Secretary & 70 W, F-7/G-7
Compliance Officer Jinnah Avenue, (Blue Area)
Hasan Jivani Islamabad
Appointed Actuary Main Office

Omer Morshed, F.C.A., F.P.S.A., F.I.A. EFU Life House,
Plot No.112, 8th East Street
Legal Advisor Phase 1, DHA, Karachi
Khurram Rashid, Barrister
Shariah Advisor
Auditors Mufti Muhammad Ibrahim Essa
EY Ford Rhodes
Chartered Accountants, Karachi

Access to Reports and Enquiries

Annual Report
Annual report can be downloaded from
the Company's website: www.efulife.com;
or printed copies obtained by writing to:
The Company Secretary

EFU Life Assurance Ltd.
EFU Life House,
Plot No.112, 8th East Street
Phase 1, DHA, Karachi, Pakistan
Quarterly Reports
The company publishes interim reports
at the end of first, second and third
quarters of the financial year. The interim
reports can be accessed at website:
www.efulife.com; or printed copies can
be obtained from the company secretary.
Shareholder's Enquiries
Shareholders' enquiries about their
holding, dividends or share certificates
can be directed to share registrar at the
following address:
CDC Share Registrar Services Ltd.

99-B, Block B, S.M.C.H.S
Main Shahra - e - Faisal
Karachi 74400 - Pakistan
Stock Exchange Listing

The shares of the company are listed
on Pakistan Stock Exchange. The symbol
code is EFUL.

Company Profile
EFU is the largest insurer group in the country. The group structure comprises of EFU Life Assurance
Limited, EFU General Insurance Limited and Allianz EFU Health Insurance Limited.
The EFU Brand has a rich history of over 90 years, starting in 1932 in Calcutta. By 1961, EFU had become
the flag bearer of Pakistan's insurance industry on the world stage, and the largest life company in Afro-
Asian countries (excluding Japan). It remained so until 1972 when Life insurance business in Pakistan was
nationalized. From then onwards EFU operated solely as a General Insurance Company.
In 1992, the Government of Pakistan opened up life insurance to the private sector and EFU Life Assurance
Ltd. was incorporated as the first private sector life insurance company. Over a span of 30 years EFU Life
has established itself as a trusted brand name in providing all types of financial planning solutions. The
Company markets its business through three main distribution channels - Sales Force, Bancassurance and
Group Benefits. A comprehensive range of retail products are available targeting low-income persons
up to high net worth individuals, details can be viewed on our website www.efulife.com. In addition,
tailor made solutions are offered to the corporate sector through group life schemes.
The Company also has the distinction of being the first Window Family Takaful Operator to be licensed
by the SECP and to start window takaful operations. A complete Shariah compliant suite of financial
planning products is available through all distribution channels.

Performance Evaluation
of the Board & CEO
Performance Evaluation of the Board
Board of Directors act as governing trustees of EFU on behalf of the regulator, shareholders and Policy
holders of the Company. For this purpose the Board has placed a mechanism to reevaluate its performance
annually as required by the Code of Corporate Governance. The mechanism devised is based on emerging
and leading trends on the functioning of Board and improving its effectiveness. The placement and
functioning of evaluation mechanism is outsource. Also, each member of the Board carried out a self-
assessment of his own effectiveness as an individual as well as effectiveness of the Board as a team for
the year. Furthermore, the Company is abiding by the Code of Conduct which is formulated by the Board.
The Board set following evaluation criteria to judge its performance.
• Ensures that compliance mechanism is in place and followed diligently.
• Proper risk management tools are in place which supports for company's performance and growth.
• Compliance with all relevant regulatory laws and regulations by management of the company.
• Review of the long term strategic business plans and goals and its achievement.
• Ensuring adequate internal control system within the company and its regular assessment through
self-assessment and audit committee.
• Ensuring required quorum of Board meeting is available in order to have detailed deliberation and
quality decision on matters of significance.
• Ensures the training of Board member particularly the new members are fully aware of their roles and
responsibilities.
Performance Evaluation of the Chief Executive Officer

The performance of the Company is intricately linked to the CEO's performance and inevitably, the CEO's
performance is measured against the Company's performance. The Chief Executive Officer (CEO) is
responsible for leading the development and execution of the Company's long term strategy with a view
to creating value for its shareholder. The CEO's leadership role also entails being ultimately responsible
for all day-to-day management decisions and for implementing the company's long and short term plans.
The performance of CEO is assessed through performance and target given by the Board. The following
constitute the benchmarks against which the evaluation takes place:
• Development of future Strategy
• Customer insight and sales leadership
• Financial analysis and management
• Effective deployment of information systems

Role of the Chairman and the CEO

The roles of the Chairman and the Chief Executive are separate and complementary, with responsibilities clearly set
out.
Chairman
The Chairman is responsible for leadership of the Board. In particular, he will:
• Ensure effective operation of the Board and its committees in conformity with the highest standards of corporate
governance.
• Ensure effective communication with shareholders, and other relevant stakeholders and that the views of these
groups are understood by the Board.
• Set an agenda which is primarily focused on strategy, performance, value creation and accountability, and
ensure that issues relevant to those areas are considered by the Board.
• Ensure that the Board determines the nature and extent of the significant risks the Company is willing to
embrace in the implementation of its strategy, and that the Board reviews on an ongoing basis the effectiveness
of risk management and internal control systems.
• Set the agenda, style and tone of Board discussions to promote constructive debate and effective decision
making.
• Manage the Board to ensure that adequate time is allowed for discussion of all agenda items (in particular
strategic issues) and to ensure that complex or contentious issues are dealt with effectively, making sure in
particular that non-executive Directors have sufficient time to consider them.
• Ensure that Board members receive accurate, timely and clear information, in particular about the Company's
performance.
Chief Executive
The Chief Executive is responsible for leadership of the life insurance business, managing it within the authorities
delegated by the Board and the development and implementation of strategy. In particular, he will:
• Develop strategy proposals for recommendation to the Board and ensure that agreed corporate strategy actions
are reflected in the business.
• Be responsible to the Board for the performance of the business consistent with agreed business plans, corporate
strategies and policies and keep the Board as a whole updated on progress made against such agreed plans,
corporate strategies and policies.
• Facilitate the operating businesses of the Company in developing their own strategic plans for the future
ensuring that they are properly evaluated and that they are built into the overall corporate strategy.
• Plan human resourcing to ensure that the Company has the capabilities and resources required to achieve its
business plans.
• Develop an organizational structure and establish processes and systems to ensure the efficient organization
of resources.
• Lead the Committees, including the development of performance targets and appraisals for the Executive
Committees and senior management. Ensure that business is conducted in accordance with the Business
Principles.
• Ensure that the flow of information to the Board is accurate, timely and clear. Ensure that reporting lines within
the Company are clearly established and are effective.
• Ensure that management puts procedures in place to ensure compliance with all relevant legislation and
regulation.
• Develop and maintain an effective framework of internal controls including risk management in relation to
all business activities.
• Ensure that the Company has a suitable system and policy for the timely and accurate disclosure of information
in accordance with regulatory requirements.
• Keep the Chairman promptly informed on all matters that may be of importance to the Board or of which the
Board should be aware.
The Chairman and Chief Executive meet regularly to review issues, opportunities and problems.

Stakeholder Engagement /
Quality Assurance
Policy and Procedures for Stakeholder Engagement
Institutional Investors
The Company convenes Annual General Meeting in accordance with the Companies Act 2017. The Company's
financial reports are published every quarter and are also placed on Company's website for the shareholders
and potential investors.
In compliance with the Code of Corporate Governance under the listing regulations of the stock exchange,
the Company notifies information to the stock exchange from time to time. This helps the shareholders remain
connected with the Company. The dates of the Board of Directors Meetings and financial results are notified
to the stock exchange.
Customers
We believe in customer trust and satisfaction being our strength over the years. Since individual life products
are long term by nature, the Company is heavily focused on the customer journey, right from the pre-acquisition
stage to claim. Regular interaction with customers is done via the sales staff, email, sms, phone calls, letters
and social media. This interaction helps to understand and fulfill customer needs in a better way, improves
persistency, creates sales leads, helps in upselling and repeat sales.
For Bancassurance, the sales management and coordination teams interact on a daily basis with staff in bank
branches, regional levels and head office levels to further our business objectives. For corporate clients, the
marketing team engages regularly to manage the relationships and offer tailored solutions.
Banks
The Company works with all major banks of the country for various objectives. Bancassurance relationships
have been covered in the section above. In addition, the Company uses banks for all its banking needs, including
investments. The frequency of interaction is on a needs basis and the nature of service. In addition, senior level
engagement is ongoing to deepen the relationships which fulfill business objectives.
Media
The Company has been a trendsetter in launching innovative media campaigns focusing on awareness creation,
offering products for various needs as well as enhancing brand value. The campaigns are on a 360 degree
horizon focusing on all mainstream platforms such as TV, radio, print, digital, social media, as well as on-
ground engagement and activation. During the course of these campaigns the Company is closely engaged
with the media in terms of planning and execution.
We also engage with media through press briefing and regular press releases on key achievements, periodical
results, and other strategic events.
Regulators
The Company considers an active and healthy engagement with the regulators as a cornerstone of its strategy.
This includes SECP, SBP, FBR, provincial tax authorities and any other regulator in the country that has an
influence or impact on the Company's business. The nature of such interaction is in one-to-one meetings,
group or industry level meetings, workshops, conferences and seminars. The frequency can be as per need
of the regulator or the Company and at times is very frequent.

Analysts
The Company has planned its annual corporate briefing on 31 March 2023. In addition, on a needs basis, the
Company meets with analysts of various entities to apprise them of the Company's business and operations.
Procedures Adopted for Quality Assurance of Products / Services

EFU Life believes that meeting customer expectations comes from consistently meeting standards and
delivering consistent results is at the core of quality assurance procedures.
It is our responsibility to ensure that every employee understands the quality definitions and how he / she
is to make certain those standards are met. Measuring the quality that is delivered is critical for consistent
results. Department / Branch Heads monitor work processes and maintain quality standards.
As per ISO 9001:2015 standards, EFU Life has established procedures for quality assurance of services by
continually improving the effectiveness of the quality management system through the use of:
• the quality policy,
• quality objectives,
• audit results,
• analysis of data,
• corrective and preventive actions,
• regular management reviews,
• trainings,
• customer feedback system and
• monitoring / measurement activities.
The old expression, "There is always room for improvement," rings true when it comes to quality assurance.
To keep our business on the cutting edge, we always ask the question”. How can we make this better?
By tweaking the process where required or by raising standards each year, we will see our overall business
quality improve to levels higher than ever before.

Significant Plans /
Forward looking Statement
Significant plans and decisions such as corporate restructuring, business expansion and discontinuance
of operations etc.
The Company's continues to expand business by focusing on increasing the outreach of its distribution channels
offering products for all the socio-economic segments of the population and using technology as a key enabler.
The significant plans and decisions are as follows:
For sales force: Identify and expand geographically in Pakistan, enhance productivity of existing sales operations
by focusing on branch productivity, case average and persistency, launch new products based on needs of the
various population segments. For Takaful line of business, the Company, over the last 7 years, has set up a
dedicated sales force and new branches, and the expansion activity will continue in the next few years for further
penetration.
For Bancassurance: Proactively manage partnerships and relationships with all banks (large, medium, small) to
fulfill business growth objectives, expand Referral and Direct Sales models, launch new products to penetrate in
all customer segments, focus on branch productivity, case average and persistency.
For Group Benefits: Enhance presence in all profitable segments of the corporate sector, offer tailored solutions
as per need of the clients, focus on inclusive and mass-market insurance with an aim to increase the number of
lives under the insurance social protection net.
The corporate as well as sales management structures in all channels are regularly evaluated for their effectiveness
in meeting the business growth objectives, and where required, structural changes are done.
The Company does not plan to discontinue any operations.
Significant changes in objectives and strategies from prior years.

There are no significant changes in objectives and strategies from prior years.
Forward looking Statement

EFU Life has a positive outlook on the next 5 years of the life insurance and family takaful industry. The sector
has continued to perform well vis-à-vis other sectors in the financial arena, and the Company expects this
growth momentum to continue for the medium term. Distribution channels and their effective utilization will
continue to be the primary driving force resulting in an increased insurance penetration and expansion of the
financial protection safety net. At the same time, alternative mass market channels focusing on including a
larger number of lives under the insurance net will continue to be explored by the companies. With the expansion
of the distribution channels, the Company expects the industry players to focus more on improving the
productivity.
With the opening up of window takaful operations during 2015, and several window takaful operators having
started operations, the Company expects takaful outreach to expand and contribute positively in increasing
the size of the insurance pie. Investment on Information Technology will continue, especially adopting new
trends in technology, and will be one of the key aspects of the industry's strategy. The Company expects
investments in enhancing the technology base for back-end operations and for front end sales and services
to clients.

Statement of Ethics & Business Practices

Statement of Ethics
All Directors and Staff are required to:
• Act with integrity, dignity and in an ethical manner when dealing with the public, clients and peers.
• Protect and ensure the confidentiality, integrity and availability of client information at all times except where
required by law to disclose it.
• Protect and ensure the confidentiality, integrity and availability of information relating to the Company both
during the course of Directorship or employment (as the case may be) and after its termination (regardless
of reason).
• Obtain written permission from the Company's Compliance Officer (or the Chief Executive Officer in the
event that the Compliance Officer is unavailable) to hold any position (paid or unpaid) with any outside
party, firm or organization. For clarity, positions covered include but are not limited to consultant, employee,
Director, representative and agent. Furthermore, all staff must disclose in writing to the Company, any such
positions they currently hold at the time of signing this statement. Directors are exempt from this requirement.
• Maintain accurate records of business transactions related to the Company or its clients.
• Report any business or professional activities or any beneficial interests that may result in a conflict with or
be competitive with the interests of the Company.
• Report any person or activity to the Compliance Officer or CEO that in their opinion is in violation of this
statement.
• Disclose their shareholding in the Company's Securities upon signing this agreement and any changes in
shareholding within 24 hours of any such change.
• Act diligently and with vigilance to prevent EFU Life products and services from being used for money
laundering and terrorist financing.
• Read, understand and act in accordance with EFU Life's Anti Money Laundering Policy
• Adopt appropriate procedures in accordance with EFU Life's policy to gain an understanding of the business
and background of our prospective clients and business partners to determine origin and destination of their
funds
• Read, understand and act in accordance with EFU Life's Information Security Policy
• Report to the Compliance Officer any suspicious transaction or incident.
Statement of Business Practices

• Uncompromising integrity. Our business is founded on trust and we manage it ethically, lawfully and fairly.
• Clients first. Nothing we do is more important than protecting and preserving our clients' interests. We hold
responsibilities towards our clients in the highest regard.
• Entrepreneurship. We work hard every day to hire the best people, motivate them, reward them and
encourage them to innovate. We are a meritocracy and an equal opportunity employer.
• Passion for performance. We contribute towards our Company's financial goals and concentrate on achieving
superior results.
• A culture of excellence. We measure our performance on every task we undertake not just by the results
but also by the quality of our work.
• A culture of inclusion and respect. We work hard to ensure for all our employees a workplace free of gender,
class, belief, disability or any other discriminations and to ensure that we treat each other with dignity and
respect.
• A tradition of success. While we are fair and ethical at all times, we compete aggressively by providing
excellent service to our clients.

Whistle Blowing Policy

1. INTRODUCTION
From time to time, a member of staff might discover information which he or she believes constitutes
wrongdoing or malpractice within the organization. This policy aims to:
a) Create an avenue for such information to be disclosed without fear of reprisal to persons within
the organization.
b) Provide various channels for reporting actual or suspected wrongdoings committed by any staff,
agent, manager, supplier, service provider, contractor or other stakeholders dealing with the Company
for investigation and appropriate action.
c) Provide the security necessary so that the staff making the report (“Whistle-blower”) is protected
from identification, reprisals, retaliation, or any adverse treatment. For the purposes of this Policy,
a Whistle-blower is defined as a person who raises an alert on a possible unlawful activity contrary
to Company Policy.
2. POLICY STATEMENT
EFU Life Assurance Ltd. (the Company) is committed to the highest standards of honesty, openness, and
accountability. It aims to ensure that it operates in a manner consistent with the highest standards of
ethical and legal responsibility and professional standards. All employees of the Company accordingly have
a key role in ensuring this fact. It is important that staff with knowledge of any wrongdoing should come
forward and do so feeling safe and secure that the Company will ensure confidentiality and their anonymity.
The purpose of this Policy is therefore to assist and enable staff members to raise concerns or to disclose
information which they believe, in good faith, may indicate malpractice, illegality or a breach of company
policy and rules and to do so in a manner free of any fear of personal disclosure or reprisals.
3. SCOPE
This Policy extends protection to any Whistle-blower who may be an employee, agent, service provider,
supplier, contractor or intermediary. The policy and procedures are concerned with alleged malpractice,
impropriety or wrongdoing might include, but not be limited to, one or more of the below actions:
• Financial malpractice or impropriety that includes but is not limited to premium pocketing, money
laundering or actions contrary to AML controls, embezzlement etc.
• Conflicts of Interest.
• Theft of Company property.
• Fraud or deception.
• Forgery or alteration of financial records or documentation
• Improper conduct or unethical behavior including any offence of Bribery.
• Failure to comply with a legal obligation.
• Failure to comply with the Company Code of Conduct and any rules and regulations that may be
prescribed by the Company from time to time.
• Suspected criminal activity.
• Disclosure of Company information.
• Violation of Company Information Security Rules.
• Sexual harassment, harassment and/or misconduct.
• Discrimination of any kind.

• Attempts to conceal any of the above.

• Others as may be defined from time to time in this policy.
4. MAKING A DISCLOSURE
Anyone wishing to make a report may disclose their identity or make reports anonymously at their discretions.
All reports will be treated with utmost confidentiality and will be acted upon. There is no limit to how
many allegations a Whistleblower can make or how many times they can make them.
Concerns may be raised verbally, by email, or via the ESS [My Navigator]. As it is essential for the Company
to have all critical information to effectively evaluate and investigate a complaint, the report made should
provide as much detail and be as specific as possible and include the following:
• The misconduct the Whistle-blower wishes to report on.
• Details of the parties concerned.
• When (dates/time) and where (Company/department) the activities took place.
• Proof (evidence substantiating the misconduct, where available).
• Contact details (only if the person reporting so chooses) in case further information is required.
The Reports can be made via email or in person to any of the following persons:
• Chief Executive Officer (CEO)
• Head of Human Resources, Human Resource Department
• Head of Internal Audit
Whistle blowing reports can also be sent directly to the CEO through the prescribed email address.
Complaints raised to other parties within the Company should be directed to any of the above persons
for the purpose of maintaining a centralized repository of all reported cases and ensuring that issues raised
are properly followed-up, investigated and addressed.
Keeping in mind the fact that the anonymity and confidentiality of the Whistleblower is key to the success
of the policy, the Company also allows for the submission of Whistle blowing reports to be made in the
following manner
• Submitted in writing, or printed on blank paper, to any of the below
– The CEO
– The Head of Human Resources
• Whistle blowing reports submitted this way may not require the Whistleblower’s identification such
as, name, employee code, department etc. Whistleblowers are encouraged to at least provide an
anonymous email address through which they could be contacted, if required. This way, if the
Company requires any additional information during the course of its investigations, the whistleblower
can be contacted while ensuring anonymity is maintained.
• Whistleblowing reports submitted this way should include, to the extent possible, hardcopy evidences
as may be safely compiled by the Whistleblower
• Whistleblowing reports submitted this way should be in a properly sealed envelope to remove any
suspicion of tampering with the contents
• The Whistleblowing report must be properly labeled with the intended recipient’s name.
Confidentiality of the Whistleblower is to be ensured at all stages. Violators of Whistleblower confidentiality
are subject to disciplinary action.

5. INVESTIGATING A DISCLOSURE
The CEO will be informed of all Whistleblowing complaints brought to light. An investigation committee
will be constituted reporting directly to the CEO that could comprise of any or all the following officers:
i. The Head of Internal Audit
ii. The Head of Human Resources
iii. One independent member from the Senior Management / Leadership of the Company selected by
the CEO
The Committee is empowered under this policy to meet, access people and data, interrogate and investigate
as is necessary and report their findings and recommendations to the CEO.
All matters reported will be reviewed within a reasonable timeframe and after due consideration and
inquiry, a decision will be taken by the CEO on appropriate action to be taken.
The Company may in appropriate cases, particularly if the report pertains to criminal activity, forward such
report to external bodies like the Police etc.
A record of all Whistleblowing complaints, Committee meetings, recommendations, decisions, and actions
taken will be maintained by the Head of Internal Audit/ CEO’s office.
6. WHISTLEBLOWER SAFEGUARDS
The Company prohibits discrimination, retaliation, or harassment of any kind against a Whistle-blower who
submits a complaint or report in good faith. This is done through the following measures.
6.1. Confidentiality
The identity of the individual making an allegation will remain confidential, unless otherwise agreed with
that individual.
6.2. Protection
The Policy offers protection against dismissal, harassment at place of work, work withholding or overloading
or any other punitive action to those individuals who make reports in accordance with this Policy.
7. UNSUBSTANTIATED ALLEGATIONS
No action will be taken against an individual who makes an allegation in good faith even if it is not
confirmed by subsequent investigations. If, however, in the determination of the Investigation Committee,
an individual has made allegations that are found to be malicious, fictious, trouble making and/or for
personal gain, appropriate action may be taken.
8. COOPERATION
Anyone who fails to cooperate in an investigation, or who deliberately provides false information or
withholds information during an investigation, shall be subject to disciplinary action up to, and including,
dismissal.
If, at the conclusion of an investigation, the Company determines that a violation has occurred or the
allegations are substantiated, effective remedial action commensurate with the severity of the offence will
be taken.

Decisions taken at the last AGM

Annual General Meeting held on March 31, 2022
No Significant issues were raised by the shareholders during the meeting. The following matters taken up
in the meeting as per Agenda were approved unanimously and the decisions taken were implemented
in due course:
1. Approval of the minutes of the 29th Annual General Meeting held on March 31, 2021.
2. Approval the Audited Financial Statements for the year ended December 31, 2021 together with the
Chairman's review, Directors' and Auditors' reports thereon.
3. Approval of Final Cash Dividend at the rate of Rs.10.50 per share i.e.105% as recommended by the
Board of Directors and also approve the Interim cash dividend of Rs.4.50 per share i.e. 45% already
paid to shareholders, thus making a total of Rs.15.00 per share i.e. 150% for the year ended December
31, 2021.
4. Appoint Auditors for the year 2022 and fix their remuneration.
5. Resolve that transmission of financial statements, auditors report and directors report etc. to members
of the company at registered address in soft form i.e. CD/DVD/USB.
B. SPECIAL BUSINESS:
1. Approval of following resolutions.
"Resolved that the transactions carried out by the Company in the normal course of business with
EFU General Insurance Ltd. and Allianz EFU Health Insurance Ltd. (related parties) in 2021 be and are
hereby ratified, approved and confirmed."
"Further Resolved that the Managing Director & Chief Executive be and is hereby authorized to approve
all the transactions carried out in the normal course of business with EFU General Insurance Ltd. and
Allianz EFU Health Insurance Ltd. till the next Annual General Meeting."
"Further Resolved that the Managing Director & Chief Executive and the Company Secretary of the
Company be and are hereby authorized to give effect to this resolution and to do or cause to do all
acts, deeds and things that may be necessary or required and to sign such documents and take such
steps from time to time, as and when necessary for the purposes of implementing this resolution."

Internal Control Framework

The Company's Internal Control framework consists of various inter-related components including the
Control Environment, Risk Assessment, Control Activities, Information & Communication and Monitoring.
These components work to establish and implement sound internal control system through directed
leadership, risk management function, internal audit and compliance. The Board of Directors is responsible
to establish an Internal Control System to maintain an adequate and effective Internal Control Environment.
An Internal Control System is a set of systems and processes designed to identify and mitigate the
risk of failure and achieve the overall business objectives of the organization by providing reasonable
assurance of:
1. Effectiveness and efficiency of controls of operation

2. Reliability of financial information
3. A prudent approach to business
4. Compliance with applicable laws and regulations
Role of Internal Audit
The Internal Audit is instrumental in assisting the Board of Directors and the management to evaluate the
effectiveness and efficiency of internal control framework. The Internal Audit annual plan is discussed with
management to ensure complete coverage of evaluation of all significant risks to which the Company is
exposed, which thereafter is approved by the Board Audit Committee. The significant findings are discussed
with management on ongoing basis and reported to Audit Committee in quarterly meetings to ensure
that corrective actions are taken on timely basis to minimize the recurrence of discrepancies to ensure
strengthening of the control environment.
Role of Risk Management
Being an insurance company, we deal with risks that arise from internal as well as external events while
the landscape is constantly changing. Risk management function plays a key role in the management of
uncertain situations in line with the strategic objectives of the Company.
Our risk management function operates through the Enterprise Risk Management (ERM) function, providing
a unified framework that identifies, quantifies and manages major categories of risks that might have
material effect on Company's values by using both quantitative and qualitative assessments. ERM function
is integrated with key functions of the Company.
Role of Compliance
Compliance function is responsible for the compliances with applicable laws and regulations and reviewing
the updates / promulgation of laws and regulations. The Compliance function works in liaison with other
departments to ensure strict compliances of relevant laws and regulations. Quarterly meetings are held
where compliance status with all applicable statutory regulations updates are provided to the risk
management and compliance committee.

Financial Calendar
Results
First Quarter ended 31 March Announced on 28-Apr-22

Half year ended 30 June Announced on 16-Aug-22
Third quarter ended 30 September Announced on 28-Oct-22
Year ended 31 December Announced on 21-Feb-23
Dividend
1st Interim 2022 Announced On 28-Apr-22
Amount 15%
Entitlement date 12-May-22
Paid On 20-May-22
Statutory limit upto which payable 26-May-22
2nd Interim 2022 Announced On 16-Aug-22
Amount 15%
Entitlement date 29-Aug-22
Paid On 7-Sep-22
Statutory limit upto which payable 12-Sep-22
3rd Interim 2022 Announced On 28-Oct-22
Amount 15%
Entitlement date 11-Nov-22
Paid On 18-Nov-22
Statutory limit upto which payable 25-Nov-22
Final Cash 2022 Announced On 21-Feb-23
Amount 105%
Entitlement date 24-Mar-23
Statutory limit upto which payable 14-Apr-23
1st Interim 2021 Announced On 27-Apr-21
Amount 15%
Entitlement date 11-May-21
Paid On 24-May-21
Statutory limit upto which payable 1-Jun-21
2nd Interim 2021 Announced On 24-Aug-21
Amount 15%
Entitlement date 7-Sep-21
Paid On 14-Sep-21
Statutory limit upto which payable 28-Sep-21
3rd Interim 2021 Announced On 26-Oct-21
Amount 15%
Entitlement date 8-Nov-21
Paid On 16-Nov-21
Statutory limit upto which payable 22-Nov-21
Final Cash 2021 Announced On 22-Feb-22
Amount 105%
Entitlement date 24-Mar-22
Statutory limit upto which payable 13-Apr-22
Issuance of Annual Report 8-Mar-23
31st Annual General Meeting 31-Mar-23

Notice of Meeting
Notice is hereby given that the 31st Annual General Meeting of the Shareholders of EFU Life Assurance Ltd.
will be held at ISE Auditorium, ISE Towers, 55-B, Jinnah Avenue, Blue Area, Islamabad, on Friday March
31, 2023 at 10:30 a.m. to:
A. ORDINARY BUSINESS:
1. confirm the minutes of the 30th Annual General Meeting held on March 31, 2022.
2. receive, consider and approve the Audited Financial Statements for the year ended December 31,
2022 together with the Chairman's review, Directors' and Auditors' reports thereon.
3. consider and if thought fit to approve the payment of Final Cash Dividend at the rate of Rs. 10.5
per share i.e. 105% as recommended by the Board of Directors and also approve the Interim cash
dividend of Rs. 4.50 per share i.e. 45% already paid to shareholders for the year ended December
31, 2022.
4. appoint Auditors of the Company for the year 2023 and fix their remuneration. The Audit Committee
and the Board of Directors have recommended the name of M/s EY Ford Rhodes, Chartered
Accountants for re-appointment as auditors till the next Annual General Meeting.
5. Transact any other matter with the permission of the chair.
By Order of the Board
Hasan Jivani
Karachi: 21 February 2023 Company Secretary
NOTES
1. PARTICIPATION IN AGM THROUGH ELECTRONIC MEANS:
In light of the clarification issued by the Securities and Exchange Commission of Pakistan vide Circular
No. 4 of 2021 for ensuring participation of member in general meeting through electronic means as a
regular feature, the Company has also provided the facility for attending the meeting via a video-link
to its shareholders. The members are encouraged to participate in the meeting online by following the
below guidelines.
The shareholders are requested to please provide below information to our Company Secretary at
e-mail address: [email protected], at least 24 hours before the time of AGM i.e. latest by 10:30
am on March 30, 2023.
Folio / CDC
Account No. Name CNIC No. Cell No. Email Address
Upon receipt of the above information from shareholders, the Company will send login details to their
email address, which will enable them to join the said AGM through video conference on Friday March
31, 2023 at 10:30 AM.
2. A member entitled to attend and vote at the General Meeting is entitled to appoint another member
as a proxy to attend and vote in respect of his/her behalf. Form of proxy must be deposited at the
Company's Registered Office not later than 48 hours before the time appointed for the meeting.

3. CDC Account holders are advised to follow the following guidelines of the Securities and Exchange
Commission of Pakistan.
A. For attending the meeting:
(i) In case of individuals, the account holder and / or sub-account holder and their registration details
are uploaded as per the Regulations, shall authenticate their identity by showing their original
Computerized National Identity Card (CNIC) or original passport at the time of attending the
meeting.
(ii) In case of corporate entity, the Board of Directors' resolution / power of attorney with specimen
signature of the nominee shall be produced (unless it has been provided earlier) at the time of the
meeting.
B. For appointing proxies:
(i) In case of individuals, the account holder and / or sub-account holder and their registration details
are uploaded as per the Regulations, shall submit the proxy form as per the above requirement.
(ii) The proxy form shall be witnessed by two persons whose names, addresses and CNIC numbers
shall be mentioned on the form.
(iii) Attested copies of CNIC or the passport of the beneficial owners and the proxy shall be furnished
with the proxy form.
(iv) The proxy shall produce his original CNIC or original passport at the time of the meeting.
(v) In case of corporate entity, the Board of Directors' resolution/power of attorney with specimen
signature shall be submitted (unless it has been provided earlier) along with proxy form to the
Company.
4. The Share Transfer Books of the Company will be closed from March 25, 2023 to March 31, 2023 (both
days inclusive). Transfers received in order by our Share Registrar, CDC Share Registrar Services Limited,
CDC House, 99-B, Block 'B', S.M.C.H.S., Main Shahra-e-Faisal, Karachi-74400 before the close of
business on March 24, 2023 will be considered in time to attend and vote at the meeting and for the
entitlement of Dividend.
5. Members are requested to notify/submit the following, in case of book entry securities in CDC to
respective CDC participants and in case of physical shares, to the Company's Share Registrar, if not
earlier provided/ notified:
a. Change in their addresses;
b. Valid and legible photocopies of Computerized National Identity Card (CNIC) for Individuals and
National Tax Number (NTN) both for individual & corporate entities.
6. ELECTRONIC TRANSMISSION OF ANNUAL FINANCIAL STATEMENTS AND NOTICES
Pursuant to Notification vide SRO 787(I)/2014 dated September 08, 2014, the Securities and Exchange
Commission of Pakistan (SECP) has directed all companies to facilitate their members receiving annual
financial statements and notices of annual general meeting through electronic mail system (E-mail). EFU
Life Assurance Ltd., is pleased to offer this facility to our valued members who desire to receive annual
financial statements and notices through email in future.
In this regards, those members who wish to avail this facility are hereby requested to convey their
consent via email on a standard request form which is available at the Company's website.
Please ensure that your email account has sufficient rights and space available to receive such email
which may be greater than 1MB in size. Further, it is the responsibility of member(s) to timely update
the share registrar of any change in his (her / its / their) registered email address at the address of
Company's registrar.

7. ELECTRONIC DIVIDEND MANDATE

Under the section 242 of Companies Act, 2017 it is mandatory for all listed Company to pay cash
dividend to its shareholders through electronic mode directly in to the bank account designated by the
entitled shareholders.
In order to receive dividend directly into their bank account, shareholders are requested (if not already
provided) to fill in Bank Mandate Form for Electronic Credit of Cash Dividend available in the Annual
Report and also on the Company's website and send it duly signed along with a copy of CNIC to the
Share Registrar of the Company, CDC Share Registrar Services Limited, CDC House, 99-B, Block 'B',
S.M.C.H.S, Main Shahra-e-Faisal, Karachi-74400, in case of physical shares.
In case of shares held in CDC then electronic dividend mandate form must be directly submitted to
shareholder's brokers / participant / CDC account services as the case may be.
In case of non-receipt of information, the Company will be constrained to withhold payment of dividend
to shareholders.
8. SUBMISSION OF VALID CNIC (MANDATORY)
As per SECP directives the dividend warrants of the shareholders whose valid CNICs, are not available
with the Share Registrar could be withheld. All shareholders having physical shareholding are therefore
advised to submit a photocopy of their valid CNICs immediately, if already not provided, to the Company's
Share Registrar at the following address, CDC Share Registrar Services Limited, CDC House, 99- B, Block
'B', S.M.C.H.S., Main Shahra_ e-Faisal, Karachi-74400 without any further delay.
9. ZAKAT DECLARATION (CZ-50)
Zakat will be deducted from the dividends at source under the Zakat and Usher Laws and will be
deposited within the prescribed period with the relevant authority. In case you want to claim exemption,
please submit your Zakat declarations under Zakat and Usher Ordinance, 1980 and Rule 4 of Zakat
(Deduction & Refund) Rules, 1981 CZ-50 Form with our Share Registrar, CDC Share Registrar Services
Limited, CDC House, 99-B, Block 'B', S.M.C.H.S ., Main Shahrah-e-Faisal, Karachi-74400 or in case of
book entry securities in CDC to respective CDC participants. The shareholders while sending the Zakat
Declarations must quote company name and their respective CDS A/C # or Folio No.
10. DEDUCTION OF WITHHOLDING TAX ON THE AMOUNT OF DIVIDEND
Pursuant to SECP directives vide Circular No.19/2014 dated October 24, 2014, SECP has directed all
companies to inform shareholders about changes made in the section 150 of the Income Tax Ordinance,
we hereby advise shareholders as under;
(i) The Government of Pakistan through Finance Act, 2019 has made certain amendments in section
150 of the Income Tax Ordinance, 2001 whereby different rates are prescribed for deduction of
withholding tax on the amount of dividend paid by the companies. These tax rates are as under:
a. for filers of income tax returns: 15%
b. for non-filers of income tax returns: 30%
To enable the Company to make tax deduction on the amount of cash dividend @15% instead
of 30%, all the shareholders whose names are not entered into the Active Tax Payers List (ATL)
provided on the website of FBR, despite the fact that they are filers, are advised to make sure that
their names are entered into ATL before the date for payment of the cash dividend otherwise tax
on their cash dividend will be deducted @ 30% instead of @ 15%.
(ii) In the case of shares registered in the name of two or more shareholders, each joint holder is to
be treated individually as either a filer or non-filer and tax be deducted by the Company on the

basis of shareholding of each joint-holder as may be notified to the Company in writing. The joint-
holders are, therefore, requested to submit their shareholdings otherwise each joint-holder shall
be presumed to have an equal number of shares.
(iii) For any query/ problem /information, the investors may contact the Company and / or the Share
Registrar at the following phone numbers & email address. The contact number of Company
Secretary is 021-111-338-111 (Ext: 558) & email: [email protected] and the contact numbers
of Share Registrar, CDC Share Registrar Services Limited is 021- 111-111-500 & email: [email protected]
(iv) The corporate shareholders having CDC accounts are required to have their National Tax Number
(NTN) updated with their respective participants, whereas corporate physical shareholders should
send a copy of their NTN certificate to the Company or its Share Registrar, CDC Share Registrar
Services Limited. The shareholders while sending NTN or NTN certificates, as the case may be, must
quote company name and their respective folio numbers.
11. CONSENT FOR VIDEO CONFERENCING FACILITY
Pursuant to the provision to the Companies Act, 2017 members can also avail the video call facility, in
this regard please fill the following and submit to registered address of the Company at-least 10 days
before the holding of Annual general meeting. If the Company receives consent from members holding
aggregate 10% or more shareholding residing at the geographical location to participate in the meeting,
the Company will arrange video conference facility in the city subject to availability of such facility in
that city.
I / We ____________, of_____________, being a member of EFU Life Assurance Ltd. holder of______ordinary
share(s) as per registered Folio No./CDC A/c No.______hereby opt for video conferencing facility.
12. UNCLAIMED DIVIDEND
As per the provision of section 244 of the Companies Act 2017, any shares issued or dividend declared
by the Company which have remained unclaimed / unpaid for a period of three years from the date
on which it was due and payable are required to be deposited with commission for the credit of Federal
Government after issuance of notices to the shareholders to file their claim. The details of the shares
issued and dividend declared by the Company which have remained due for more than three years was
sent to shareholders, uploaded on Company website and Final notice was also issued in newspaper.
In case, no claim is lodged with the Company in the given time, deposit the unclaimed / unpaid amount
and shares with the Federal Government pursuant to the provision of Section 244 (2) of Companies
Act, 2017.
13. DEMAND A POLL
Members can exercise their right to demand a poll subject to meeting requirements of Sections 143
and 144 of the Companies Act, 2017 and applicable clauses of the Companies (Postal Ballot) Regulations,
2018.
14. TRANSMISSION OF THE ANNUAL AUDITED FINANCIAL STATEMETNS THROUGH CD / DVD:
The company has circulated financial statements to its member through CD at their registered address,
printed copy of above referred statements can be provided to members upon request.
15. AVAILABILITY OF AUDITED FINANCIAL STATEMENT ON COMPANY'S WEBSITE:
The audited financial statement of the Company for the year ended December 31, 2022 have been
made available on the Company's website www.efulife.com
16. REGISTRATION DETAILS OF PHYSICAL SHAREHOLDERS
As per Section 119 of the Companies Act, 2017 and Regulation 19 of the Companies (General Provisions
and Forms) Regulations, 2018, all physical shareholders are advised to provide their mandatory information

such as CNIC number, address, email address, contact mobile/telephone number, International Bank
Account Number (IBAN), etc. to our Share Registrar at their below address immediately to avoid any
non-compliance of law or any inconvenience in future:
CDC Share Registrar Services Limited, CDC House, 99-B, Block 'B', S.M.C.H.S., Main Shahra-e-Faisal,
Karachi-74400. Tel. Toll Free: 0800-23275, Email: [email protected], website: www.cdcsrsl.com
17. DEPOSIT OF PHYSICAL SHARES INTO CDC ACCOUNT
As per Section 72 of the Companies Act, 2017 all existing companies are required to convert their
physical shares into book-entry form within a period not exceeding four years from the date of
commencement of the Companies Act, 2017.
The Securities and Exchange Commission of Pakistan through its circular # CSD/ED/Misc./2016-639-
640 dated March 26, 2021 has advised the listed companies to pursue their such members who still
hold shares in physical form, to convert their shares into book entry form.
We hereby request all members who are holding shares in physical form to convert their shares into
book-entry form at the earliest. They are also suggested to contact the Central Depository Company
of Pakistan Limited or any member/stock broker of the Pakistan Stock Exchange to open an account
in the Central Depository System and to facilitate conversion of physical shares into book-entry form.
Members are informed that holding shares in book-entry form has several benefits including but not
limited to secure and convenient custody of shares, conveniently tradable and transferable, no risk of
loss, damage or theft, no stamp duty on transfer of shares in book-entry form and hassle-free credit
of bonus or right shares.
We once again strongly advise members of the Company, in their best interest, to convert their physical
shares into book-entry form at the earliest.

Liquidity Management Strategy

Liquidity risk:
• Liquidity risk for insurers:
Risk of an actual or perceived shortfall of liquid assets to pay claims or operating expenses.
Risk of low investment yield related to liquidity issues, e.g.
– Investing too safely; maximizes liquidity but hurts performance.
– Having to get out of a position at an inopportune time and realize a loss (significant research
on “cost of distress” issues).
Impacts of liquidity issues
• Inability to pay claims on a timely basis can produce “run on bank” mentality
• Rating agencies rate willingness and ability to pay - Money invested in illiquid assets is heavily
discounted in the rating process. Downgrade=death.
• Poor investment performance related to liquidity issues can contribute to further problems
(particularly distressed selling)
Unique attributes of insurance industry:
Majority of cash obligations are estimates - not known in nominal or present value
• Analysis that reflects the uncertainty of obligations suggests a different position than a static
analysis would
• Liquidity management becomes important
Liabilities are sensitive to inflation
• Simultaneous impacts on assets and liabilities should be understood
• Forces that could result in increase of liabilities and decrease of assets at the same time impair
operating flexibility and can force a liquidity crunch
Underwriting cycle can produce fluctuating operating cash position
• Changing levels of internally generated cash may alter investment strategy and concerns about
liquidity
• Less concern when internally generated cash is readily available
Catastrophe exposure
• Must account for potential need for significant liquidity
Regulatory constraints on investing “creativity” (concern for policyholder welfare)
• Strategy must incorporate constraints by external parties
• Practically speaking, this results in a need to keep a safe liquidity posture
Asset management has established conventional wisdoms and risks of deviations
• Departures from traditional approaches often must be supported by strong evidence
Sometimes poorly institutionalized links between asset and liability side
• More dynamic links can be created
Enterprise Risk Management and Investment Philosophy
Asset Allocation Policy is the primary driver of total investment portfolio return variability and performance
over time
Liquidity Metrics must be incorporated with other total return measures
Active Risk Policy drives relative portfolio performance and significantly enhances performance over time
Manager Structure integrates asset allocation policy and active risk policy to avoid uncompensated risks
and capture active manager skill to enhance returns.
Active Manager Skill adds value over time.
An Enterprise Risk Management Approach is essential to enhance overall corporate financial performance.

Management Objectives
& Strategies
Management Strategies to meet Relationship between

Objective the objectives EFU Result and Objectives
Sustained profitability Venture into long term profitable Healthy Profit after tax, declared cash
business segments dividend of 150%
Financial Efficiency Effective financial management Healthy financial statement, with total
assets of Rs. 178 billion
Increase customer Dedicated focus on customer Achieved overall persistency of 81%
retention retention, part of all KPIs for
distribution channels
Increase outreach Robust distribution setup; multiple Insured over 1 million individual life
and acquire new channels such as agency sales force, clients and 4.7 million under the group
customers bancassurance, corporate sector, life business, providing savings and
telecommunication companies, protection solution for all segments of
branchless banks the population
Introduce new Customer segmentation and solutions Diverse range of products available
products according to the needs of the target from pure protection to savings,
population focusing on short and long term needs
of all customer segments, from micro
to high networth customers.
Social impact Products which provide valuable life Claims (death and disability) of
insurance coverage for financial Rs. 3.81 billion paid during the year
support of the insured individuals and
families
Employ professions Significant focus through strategic HR A professional and seasoned
who create value for policies on employee recruitment and management team
customers selection to fulfil the organization's
human capital needs
To develop leadership Provide opportunities for skill High caliber individuals are employed
abilities and potential enhancement and leadership traits in various technical functions supported
for our team through identifying development by the organization for their continuous
needs and organization's future professional development.
requirements; professional
qualifications are encouraged and
supported

Key performance indicator

EFU Life has always been a stable player in life insurance sector. Challenging political environment in
country meant heavy losses on investments made in Equity within Pakistan accompanied with high level
competition and economic uncertainties. Despite these challenging conditions, performance of EFU Life
remained excellent.
The KPI during 2022 were as follows:
• Growth in premium for each line of business.
• Number of lives insured
• Persistency of individual life business by distribution channel.
• Claims to premium ratio
• Acquisition cost to gross premium
• Growth in the distribution network
Management Objective KPI Why is it important
Revenue per policy holder Servicing Cost A low value of this KPI could be due to
poor agency contracts, sub par customer
service or lack of sound investment policy
Average cost per claim Cost per claim It is important to categorize by type of
claims
Average time to settle claim Total days taken to settle It is important to retain current and
claim / total claims potential customer
Renewal / Retention This measures the Retention is important for profitability

customer who continue
coverage after initial term
has expired
New Business Issuance of new policies It is important indicator of operational
performance & can be instrumental in
strategy development
Strike Rate It measures the quality of Underwriting acceptance rate
new business brought in
by agents
Average Policy Size Value of total policies sold It helps in evaluating weather the company
/ number of policies sold is achieving the product risk that matches
company strategy
Underwriting Process Time consumed per policy Process of approval is important for
customer satisfaction.

Business Continuity Plan /

Disaster Recovery Plan
Business Continuity Plan (BCP)
When disaster strikes, business suffers. A goal of business planning is to mitigate disruption of services
delivery to the greatest degree possible when disruption due to disaster occurs. Business continuity is
the overarching concern and the purpose of business continuity is to maintain a minimum level of
service while restoring the organization to business as usual. EFU Life management is very keen about
the importance of this fact and the mitigation of such risks are always on top priority.
To counter such devastating impact, our teams are always ready to resolve the situation as effectively
as possible. It is important to analyze the threats and get to the bottom of what can happened and
why, to find out whether any of your employee, business operations, customers or suppliers are going
to be affected. The more you understand about the situation, the better placed you are to assess the
damage to your business. EFU Life values its importance and considers the risks in the short and longer
terms, as the full effects may not unfold for some time. We assure that no matter how difficult the
circumstances, our team is capable to find the solution that works best to counter any threats to
business.
Disaster Recovery Plan (DRP)

A disaster recovery plan is the lynchpin of an overall business continuity strategy. Like other businesses,
EFU Life has also prepared for the worst situation, and ensure the proper technology is in place to
protect operations when a disaster strikes. The objective of a Disaster Recovery Plan (DRP) is to achieve
the highest level of readiness and business continuity for EFU Life's services in case of emergencies.
EFU Life Disaster Recovery Planning and execution is to ensure the provisions of making the availability
of policyholder related services as quickly as possible with the highest standards of efficiency in case
of a disaster, God forbid.
EFU Life is a service-oriented company and serving the policy holders who are spread worldwide, hence
EFU Life cannot bear any downtime to provide uninterrupted 24/7 digital services or data loss due to
any sort of disaster. This year EFU Life has made significant investment to strengthen the Disaster
Recovery site and upgraded the disaster recovery site based on the latest technology infrastructure and
best practices recommended by international advisors. All the critical data including digital copies of
documents, business applications, corporate communications and vital services required by internal
and external stakeholders to provide uninterrupted services for Group Life and Individual life policy
holders has been designed and deployed on the primary and secondary data centers.

Technology Governance
IT and IS Governance
EFU LIFE had moved forward to develop a better and more comprehensive service management structure.
All IT strategies are closely aligned with the business requirements of the company drilling down to
departmental objectives. EFU Life is committed to ensuring the integrity, reliability, availability and
confidentiality of its data and computer systems.
To this aim, the IT Steering Committee has empowered the Information Security to evaluate, establish,
maintain and ensure compliance of control measures to protect the EFU Life's information resources
from unauthorized or accidental modification, destruction or disclosure. The Information Security Head
will advise the IT Steering Committee on standards, policies, and practices related to the security, risk
assessment and compliance of rules and regulations used in support of Information Security Policies
and Procedures.
EFU Life IS Governance team continuously carries out Information Security assessments to ensure that
EFU Life's information systems and data are protected by the highest standard of Cybersecurity. Also,
EFU Life is enforcing Cybersecurity awareness within the organization time to time by various activities
and training programs on all levels.
Policy for safety of records of the company:

In addition to having a data center which is equipped with the latest technologies like virtualization,
robotic tapes, Flex Technology, blade servers and SAN storage devices, we have a Disaster Recovery
Plan in place and also a paperless ECM solution to digitally store our physical records. The company
has two DR sites, and data back-ups are taken on a daily basis. All of these measures help us ensure
the safety of records.
The company has procedures to maintain the integrity and availability of data/records and backup &
recovery of all mission-critical applications and electronic data. As a first step, EFU Life has also maintained
a Cold Disaster Recovery site for critical business data that ensures continuous business operation in
case of system, enterprise disaster or failure occurs.
The company has installed a state-of-the-art Fire Suppression and Detection System to protect its Data
Center. Additionally, we have strengthened our DR Plan with the use of Data Guard and Online Transfer
of Data to DR Site using Fiber Optic Technology.
Data Center
Data Centers are central elements of today's businesses, as it hosts data and services required to deliver
customer value. Ensuring the uptime for the Data Center directly contributes to customer satisfaction
and business profitability by preventing loss of sensitive information, service unavailability or compliance
problems.
This year EFU LIFE has upgraded their data center infrastructure with the latest technology to maintain
the high availability of all systems and services .
Smart Branch Infrastructure

In the year 2022, we have deployed and upgraded our branch network infrastructure to 40 locations
with Smart Branch Infrastructure with centrally managed services to enhance user performance and
to provide better services. This added to the 138 locations that already support our Smart Branch
Infrastructure. Moreover, for critical branches, we have deployed redundant fiber connectivity to increase
their uptime and manage their auto fail-over.

Company’s Strategy
The company's strategy revolves around the following areas:
1. Lead the industry:

The Company is a key player within the life insurance industry and plays a pivotal role in terms of
driving the direction of the industry. The strategy to maintain and enhance our position includes healthy
engagement with the regulator, robust product range for all market segments, expansive distribution
channels, investment in technology, focus on customer journey, employ individuals who create value
for the organization and be a good corporate social citizen.
2. Value to Shareholders:
Strategies in all functions of the Company are designed and implemented with the high-level objective
of creating and enhancing value for shareholders.
3. Innovative Solutions:
The Company has a robust range of products to fulfill savings and insurance protection needs of various
customer segments; individual and corporate, conventional and takaful. As part of the strategy, ongoing
review of products' suitability for the segments, penetration and uptake, and profitability is carried out
to ensure long term sustainability of the product range.
4. Distribution Footprint:
The Company manages three strong distribution channels which provide it the outreach into all parts
of Pakistan. Strategies for business growth have been defined and are being executed. For retail
channels, the focus is on enhancing geographical outreach (by opening new sales force branches and
utilizing bank partners' branch setup), improving productivity, and retention of clients resulting in high
persistency levels. For Corporate clients, presence in all profitable segments continues.
5. Customer Obsession:
The Company offers medium to long term savings products for its retail customers. Focus is on all
aspects of the customer journey, right from the customer acquisition to post sales and claims.
Responsiveness to customers needs is an essential part of the strategy to retain customers for the long
term. In addition, lead generation from existing customer base, upselling on their current products and
repeat sales is a focal point for enhancing the outreach and business. Customer engagement via
distribution channels is an ongoing process, while utilizing digital and social media channels is an
evolving part of the strategy.
6. Embrace Technology:
The Company considers technology to be a key enabler in all aspects of its business, be it the front
end support to distribution channels or back-end process efficiency. As part of our strategy, technology
is positioned as a means to an end, helping the company achieve more, efficiently. Strategically, the
Company has invested heavily in all aspects of technology, software and hardware, to make all functions
future ready. In addition, the company is harnessing the power of data to set its future direction.

Investor Grievance Policy / Human Resource

Development / Avoiding Conflict of Interest
Investors Grievance Policy
EFU Life Assurance Ltd. believes that relations with investors are vital for the financial life line and substantial
growth of the organization. Relations with investors also reflect on the goodwill of the organization. It is
therefore, imperative to place an efficient and effective mechanism in the organization for providing services
to the investors and to address their grievances in accordance with law.
The Company has accordingly provided on its website the necessary information about the Company, the
directors, auditors, share registrars, the financial data for the current period and for the last six years and
daily stock update showing daily rates of the Company's shares quoted at the Karachi Stock Exchange.
The Chief Financial Officer and Corporate Secretary of the Company is the primary contact on behalf of
the Company to whom the investors can contact to re-dress their grievances and resolve their issues.
The management endeavors to investigate and resolve all the complaints and queries of the investors to
their utmost satisfaction. An investor who is not satisfied can also approach the Securities & Exchange
Commission of Pakistan (SECP) complaint cell through interactive link provided on our website. Our investor
grievance policy is broadly based on the following principles:
• Investors calling us in person, telephone, fax or email are received and their complaints are dealt in
timely manner.
• Each and every investor is treated fairly at all the times.
• Prompt, efficient and fair treatment is given to all the complaints and queries of the investors.
Human Resource Development:

We believe that our employees are our most important asset and that the organization’s success and quality
happens through people. We ensure that all our employees have the opportunity to develop to their full potential
and use their skills and knowledge for the continuous improvement of the company. We create a work
environment in which employees feel satisfied, empowered and recognized. We promote teamwork, trust and
open communications to enhance productivity. We release the energies and talents of our people through a
consistent performance management system and a commitment in our style, practices and culture.
Our organization is shaped by exceptional people who are dynamic, emotionally mature team players, and who
have the will, leadership qualities, motivation and vision to succeed in a high performance culture.
Avoiding Actual and Perceived Conflict of Interest

The Company is committed to the transparent disclosure, management and monitoring of existing and potential
conflicts of interest. The Company’s Board is also cognizant of its obligations as required under the listed
companies (Code of Corporate Governance) Regulation, 2019 & Code of Corporate Governance for insurers,
2016 to ensure that Directors avoid conflicts of interest between their responsibilities and their other interests.
All Board members have a duty to avoid actual or perceived conflicts of interest. Every director of the Company
who is in any way interested in any contract or arrangement to be entered by the Company is required to
disclose the nature of his concern or interest to the Board and shall not take part in the discussion or vote on
the matter. Every year in conformity with the section 153 of Companies Act, 2017, COCG and Insurance
Companies (Sound and Prudent Management) Regulations, 2012, the Directors of the Company are required
to provide a signed Statement of Compliance. The statement requires all the Directors to disclose the names
of the companies, firms and businesses where they are associated and that they comply with all legal requirements
to hold the position as Directors.

Resources, Capital & Changes

in Financial Positions / Donations
Our key resources
Our strongest resources consist on excellent human resources, investment in technology, client network, strong
relation with partner banks and strong market reputation/presence throughout the country. These resources
add great value to the entity. We continually developed our human capital through training and development.
Liquidity and Financing Arrangements

Our liquidity is very proactively by our finance department which is also responsible for working capital
management. The insurance line of business does not require financing arrangements.
Capital structure
Rupees in '000'
Capital 1,000,000
General Reserve 1,980,000
Accumulated Surplus 1,195,539
Above capital structure shows capital of the company and do not reflect any capital inadequacies.
Significant Changes in Financial Position

• Total assets increased by almost 9.4% to 178.513 billion
• Solvency Margin increased to 3.08 billion from 2.84 billion
• Company paid 150% dividend
Donations
7%
15%
15%
63%
Health Education Community Development Others

Sustainability Report
Company's performance, policies, initiatives and plans in place relating to the various aspects of sustainability
and corporate social responsibility
Certification Acquired for CSR Practices

EFU Life was certified as a member of Pakistan Safety Council an Occupational Safety & Health Organization. As
a certified member, EFU Life is committed to keeping people safe and healthy at work.
Occupational Safety and Health

The Company believes that providing safe and pleasant environment to its staff is one of the core responsibilities
as an employer. The Company is a member of Pakistan Safety Council. As a member of Pakistan Safety Council,
the Company is committed to the safety and health of people at work.
To ensure that employees are provided safe working environment and have access to opportunities to develop a
healthy lifestyle and to enhance the well-being of employees, the Company have taken the various steps.
• The Company launched its own gym facility within the office premises to promote healthy lifestyle.
• All permanent employees are covered by a comprehensive Health Insurance scheme, Group Life and Pay
Continuation Benefit.
• The office is secured by armed security personnel.
• CCTV cameras are set up at key locations within the office premises.
• Smoke alarms are installed on the premises along with fire extinguishing facilities.
• The Company adheres to strict no smoking policy in its offices for both employees and visitors.
Protecting our Environment
Energy Conservation
Keeping in view the energy crisis in the country, the company has taken the following steps to reduce electricity
consumption in its premises.
• Replacement of all lighting emitting sources with energy savers.

• Replacement of all LCD based computer monitors with energy efficient LED screens.
• Implemented Thin Clients in all departments to cut down electricity costs and heat emissions.
Environmental Protection
EFU Life is using state of the art Enterprise Content Management technology from IBM Filenet to digitalize paper
documents and automate its business processes and operational workflows.
ECM is the standard way to manage and organize not only paper document but all forms stored in diversified
formats. Organizations working in the ECM environment carry out most of their operations using digital documents
stored electronically. Managing organizational content in this way requires specific strategies, methods and tools.
The company deployed Thin Clients, replacing Desktops machine to achieve the benefits of Data Protection &
Security, centralized software management, huge cost saving in power and better control and users management.
EFU Life has recently adopted Decibel as its new Human Resource Management System. Decibel is a cloud based
App HR system that enables and empowers HR functions. Key functions include faster and easier processing of
attendance, leaves and performance management functions. Other functions of HR Department that is being
effectively manage through Decibel are Hiring and Separation, Training and Development and Employee Self Portal.

EFU Life is always ahead in implementing new technology to facilitate and improve its Business Processes. Keeping
this strategy in line with its strategic objectives, EFU Life has deployed Mobile App to facilitate Sales Force and
Clients to achieve huge cost savings and minimize Call Center query load.
EFU Life has Access Control Management System on Building level to manage security and video logs of all areas.
It has a control room to manage the sensitive areas of the entire building and all other challenges are managed
through a centralized location.
EFU Life is using Enterprise Software of Budgeting to manage Budget on Company level which can expand its
monitoring at N-level to calculate Capital, Expense, Profit & Loss etc. The benefit of having industrial practice
budgeting system is to achieve financial milestones at Organizational level.
Automating content through the use of Business Process Management is a key enabling factor in improving process
efficiency, business agility, continuous process improvement, process quality and eventually customer satisfaction.
EFU Life is keen to ensure that the work environment stays green have its business processes automated with the
use of leading technology. With technology, EFU Life have minimized the use of filing cabinets, shelves, physical
space, paper documents and files which eventually cause paper-pollution and deforestation thus creating a positive
impact on greenhouse environment which exacerbates global warming. In addition, EFU Life have focused on
centralized printers that are more energy efficient and environmentally compliant.

Audit Committee -
Terms of Reference
The Board Audit Committee comprises of six members, two of them are independent directors including the Chairman
and four are non-executive Directors. The Committee oversees the effectiveness of internal controls, internal audit
function, compliance with laws and regulations and carry out other responsibilities as assigned by the Board of
Directors.
The terms of reference of the Audit Committee are laid down by the Board of Directors in accordance with the terms
of reference listed in the Code of Corporate Governance. The terms of reference are as follows:
1. Determine appropriate measures to safeguard the assets of the company.
2. Review of preliminary announcements of results prior to external communication and publication.
3. Review quarterly, half yearly and annual financial statements before they are approved by the Board of Directors,
focusing on major judgmental areas, significant adjustments resulting from the audit, the going concern
assumptions, any changes in accounting policies and practices, compliance with applicable accounting standards
and compliance with statutory and regulatory requirements.
4. Review of related party transactions entered into during the year and recommending approval of the Board of
Directors thereon.
5. Facilitate external audit and discuss audit observations with the external auditors arising from interim and final
audits and any matter that they may wish to highlight (in the absence of management, where necessary).
6. Review management letter issued by external auditors as well as the response of management to the letter.
7. Ensure that proper coordination takes place between external and internal auditors.
8. Review the scope and extent of the internal audit, audit plan, reporting framework and procedures and ensure
that internal audit department has sufficient resources to carry out their tasks effectively and that the department
is appropriately placed within the company.
9. Consideration of major findings of the internal investigations of activities characterized by fraud, corruption and
abuse of power and management's response thereto.
10. Ascertain that the internal control systems including financial and operational controls, accounting systems and
reporting structure are adequate and effective.
11. Review the Company's statement on the internal control systems prior to endorsement by the Board of Directors.
12. Instituting special projects, value for money studies or other investigations on any matter specified by the Board,
in consultation with the Chief Executive Officer and to consider remittance of any matter to the external auditors
or to any other external body.
13. Ensure that the company complies with all the rules and regulations and statutory requirements.
14. Monitor compliance with the best practices of Code of Corporate Governance and identification of any significant
violations thereof.
15. Review of arrangement for staff and management to report to audit committee in confidence, concerns, if any,
about actual or potential improprieties in financial and other matters and recommend instituting remedial and
mitigating measures.
16. Recommend to the Board the appointment of external auditors, their removal, audit fees, the provision of any
service permissible to be rendered to the company by the external auditors in addition to audit of its financial
statements, measures for redressal and rectification of non-compliances with the Regulations. The Board shall
give due consideration to the recommendations of the audit committee and where it acts otherwise, it shall
record the reasons thereof.
17. Consideration of any other issue or matter as may be assigned by the Board of Directors.

Report of the Audit Committee

The Audit Committee comprises of two independents including the Chairman, and four non-executive directors.
The committee possess significant economic, financial, and business acumen. The Chief Executive Officer (CEO),
Chief Financial Officer (CFO) attend Committee meetings by invitation of the Chairman. The external auditors of
the Company also attended the meeting when issues related to accounts and audit were discussed. The Chief
Internal Auditor (CIA) attends Committee meetings as Audit Committee Secretary.
Four meetings of the Committee were held during the year 2022. Based on the reviews and discussions in these
meetings, the Committee reports that:
1. The Committee reviewed and approved the quarterly, half yearly and annual financial statements of the
Company and recommended them for approval of the Board of Directors.
2. The Company issued a Statement of Compliance with the Code of Corporate Governance which has also
been reviewed by the external auditors of the Company.
3. The Chief Executive Officer and the Chief Financial Officer have endorsed the financial statements of the
Company and the Directors' Report. They acknowledge their responsibility for true and fair presentation of
the financial statements and compliance with regulations and applicable accounting standards.
4. The financial statements have been prepared in accordance with the approved accounting standards which
comprise of such International Financial Reporting Standards (IFRS) as applicable in Pakistan.
5. Appropriate accounting policies have been consistently applied in preparation of financial statements and
accounting estimates are based on reasonable and prudent judgment. The financial statements prepared by
the management of the Company present fairly its state of affairs, the result of its operations, cash flows
and changes in equity.
6. Proper books of accounts have been maintained by the Company.
7. The Committee reviewed and approved all related party transactions and recommended them for approval
of the Board of Directors.
8. The Company's system of internal control is sound in design and is continually evaluated for effectiveness
and adequacy.
9. For appraisal of internal controls and monitoring compliance, the Company has in place and appropriately
staffed, Internal Audit department. The Committee reviewed the resources of the Internal Audit department
to ensure that they were adequate for the planned scope of the Internal Audit function.
10. The role of Internal Audit is to review the adequacy of control activities as well as to ensure implementation
of and compliance with the defined policies and procedures. The department also ensures timely follow-ups
on audit findings to ensure that corrective actions are taken in a timely manner.
11. The Committee, based on the internal audit reports, reviewed the adequacy of controls and compliance
shortcomings in areas audited and discussed corrective actions in the light of management responses. This
has ensured the continual evaluation of internal controls and improved compliance.

12. The Head of Internal Audit has direct access to the Chairman of the Board Audit Committee. Further, the
internal auditor meets senior management to discuss internal audit reports and is fully independent to access
the management at any time to discuss audit issues to make the audit process transparent and effective.
13. The Committee regularly reviews the mechanism for employees and management to report concerns to the
Audit Committee and ensures that any allegations are scrutinized seriously. However, during the year, no
such case was reported to the Audit Committee.
14. The external auditors have direct access to the Committee and necessary coordination with internal auditors
was ensured. Major findings arising from audits were also discussed.
15. The Audit Committee has discussed with the external auditors and management, all the Key matters identified
during external audit and has taken appropriate actions accordingly.
16. The Committee is of the view that the annual report was fair, balanced and understandable and provide
complete information for shareholders to assess the Company's position and performance, business model
and strategy.
17. The Committee assessed the effectiveness of external audit process by evaluating the experience and technical
excellence of auditors in the Company's business and the regulatory environment, demonstration of professional
integrity and objectivity and timely communications and reports so as to allow committee to take appropriate
actions.
18. Audit Committee has recommended to the Board for the re-appointment of EY Ford Rhodes, Chartered
Accountants as external auditors and Shariah auditors for the year ending December 31st, 2023 along with
their remuneration.

Chairman's Review 2022

I am pleased to present to you the Thirty-First Annual Report of the Company for the year ended 31 December
2022.
Economic review:
Economic recovery from the pandemic continued in the first half of 2022 with real GDP growth of 5.97%
in FY2022. The economic rebound however, resulted in significant demand supply imbalances that were
exacerbated by the Russian-Ukrainian conflict, elevating the global commodity prices, and fuelling inflation.
The catastrophic floods in the country in the second half of the year compounded the economic difficulties,
adding to the inflation woes.
The widening of the current account deficit driven by decline in remittances and increase in total imports
resulted in a rupee devaluation of 22% during 2022 in the interbank market. The annual inflation on year
on year basis increased to 24.5% in December 2022.
In response to weakening of macroeconomic indicators, the State Bank of Pakistan increased the policy rate
by 625 bps to a multi-decade high of 16%. Several measures such as imposition of regulatory duties and
tariffs were also taken to curtail imports of non-essential items. These policy changes in turn are likely to
limit the economic activity.
The stock market mirrored the economy and the KSE-100 fell 9% during the year. With rupee depreciation,
the index was down 29% in dollar terms.
Insurance Opportunity:
The Pakistani insurance market remains largely untapped with life insurance penetration (gross premium as
a % of GDP) of less than 1%. With 60% of its population under the age 25 years, and growing lower middle
class segment, Pakistan offers significant opportunities to the life insurance sector to tap the emerging
customer base through targeted offerings.
Driving the financial inclusion goals, the State Bank of Pakistan and Securities and Exchange Commission
of Pakistan has taken several initiatives to improve access of financial services, enable financial service players
and raise financial awareness in the masses. Forward looking regulatory and policy measures along with
increasing digital access of financial services, payment and communication platforms is likely to positively
contribute to the insurance landscape of the country over the next few years.
However, given the current high inflationary environment and economic uncertainty, the disposable income
for life insurance solutions is likely to be under stress, resulting in slowdown in uptake of insurance for new
customers, and impact on the persistency for the existing portfolio. This scenario is expected to persist during
2023.
Insurance and Takaful Industry:

The life insurance and family takaful industry of Pakistan comprises of ten players. Since its inception in 1992,
EFU Life has been at the forefront of the industry, driving its key developments. After a short period of
recovery from COVID 19, the growth trajectory of the life insurance industry has decelerated in 2022 due
to range of economic concerns mentioned earlier in the report. High inflation and economic uncertainty have
stressed insurance demand as consumer reprioritize spending habits. The life insurance industry's gross
premium in 2022 is expected to be greater than 245 billion. The outlook for the sector in the short term is
that of being under stress and in the medium to long term is positive.

Company's Performance:
Your Company's gross premium (including Takaful business) was Rs. 39.56 billion (2021: Rs. 37.41 billion),
an increase of 6%. Despite ongoing economic challenges, all distribution channels have contributed to this
performance. The Net Income of the Company is Rs. 53.01 billion (after including investment income and
net gains on financial assets). The Net Insurance Benefits and Total Expenses amount to Rs. 50.16 billion,
thus resulting in a profit before tax of Rs. 2.84 billion.
The imposition of the indefinite 4% annual super tax for tax years 2022 and 2023 has impacted the profit
after tax. Your Company made an after-tax profit of Rs. 1.692 billion which translates to an EPS of Rs. 16.92.
The Board provides the management of the Company a strategic direction and long-term vision for the
business. Vision and mission statement, key pillars for the overall corporate strategy and significant policies
of the Company are developed by the Board.
The Board will continue to play its role in steering the strategic direction of the Company to ensure that it
remains amongst the leading life insurance companies and solidifies its market position in the years to come.
On behalf of the Company, I would like to record my appreciation for the tremendous contribution made
by the able and eminent officers, staff and distribution channels of the Company towards its development
and growth. I would also like to offer my gratitude to EFU General Insurance Ltd. for their continuous support
and guidance, which has enabled the Company to establish a strong presence in the market.
Rafique R. Bhimjee



Report of the Directors to the Members

The Directors of your Company are pleased to present to The last 5 years' Gross Premium (including Takaful
you the Thirty-First Annual Report of the Company for the contributions) growth trend is as follows:
year ended 31 December 2022.
Business Performance: GROSS PREMIUM GROWTH

5 YEAR SUMMARY
The Gross Premium of your Company (including Takaful (Individual Life Regular Premium & Group Benefits)
contributions) was Rs. 39.56 billion (2021: 37.41 billion), (Rupees in Billions)
a growth of 6%. The gross premium composition was as
follows: 35.00
33.59
32.76
GROSS PREMIUM COMPOSITION
30.00
28.72
13% 27.45
25.18
2% 25.00
18%
20.00
15.00
10.00
5.57
3.67
3.23
3.58
3.19
5.00
67%
0
2018 2019 2020 2021 2022
First Year Premium Single Premium
Individual Life Regular Group Benefits
Renewal Premium Group Benefits
Individual Life regular premiums (including Takaful Single Premium was Rs. 719 million (2021: Rs. 1.01 billion).
contributions) increased by 3%, achieving a total premium
Hemayah, the Window Takaful Operations of the Company
of Rs. 33.59 billion (2021: Rs. 32.76 billion). Individual life
is in its eighth year of operations and has continued to
New Business amounted to Rs. 7.14 billion (2021: Rs. 7.80
show growth in the topline. During 2022, the Company
billion).
achieved gross Takaful contribution of Rs. 8.49 billion
Renewal premium is the lifeline of the Company and has (2021: Rs. 7.44 Billion), recording an impressive growth
a long-term impact on the viability of the business model. of 14%. The Individual Family Takaful New business was
At the same time, it reflects the satisfaction of the customer Rs. 2.53 billion (2021: Rs. 2.67 billion). Renewal contribution
with the Company's products and services. In 2022, Renewal was Rs. 5.14 billion (2021: Rs. 3.97 Billion), recording a
premium increased to Rs. 26.45 billion (2021: Rs. 24.96 high growth of 29.5%. For Group Family Takaful, the
billion), a growth of 6%. Client retention activities continued Company achieved a business of Rs. 609 million. (2021:
throughout the year and both Sale Force and Bancassurance Rs. 435 million), an impressive growth of 40%. Overall,
yielded positive results. the Company expects its Takaful line of business to continue
its contribution to the topline during 2023.
Group Benefits witnessed significant growth in the topline.
The gross premium, including Takaful contributions, Claim payments:
increased by 52% to Rs. 5.57 billion (2021: Rs 3.67 billion).
The Company's focus on timely and efficient claims
settlement continued in 2022. The Company settled total
death and disability claims of Rs. 3.85 billion (2021:

Rs. 4.09 billion). Out of this, Individual Life claims were To broaden the available fund options to policyholders,
Rs. 1.30 billion and Group Life claims were Rs. 2.55 billion. the Company launched the Income Growth Fund. This
fund is conservatively invested in government securities.
GROSS DEATH & DISABILITY CLAIMS
5 YEAR SUMMARY The Company has a strong balance sheet size with total
(Rupees in Millions) 2,727 assets of Rs. 178 billion (2021: Rs. 163 billion). The
3,000 composition of assets is as follows:
2,554
2,544
ASSETS COMPOSITION
2,500
2,189
2,101
2%
4%
2,000 5%
1,360
1,316
1,297
1,500
10%
951
1,000
607
68%
500
11%
0
2018 2019 2020 2021 2022
Individual Life Regular Group Benefits
Investment Performance: Government Securities Shares and Mutual Funds

Cash and Bank Deposits Other Fixed Income Securities
The Company actively managed its debt and equity
Current Assets Fixed Assets
portfolios during 2022 in response to the performance of
the PSX-100 index as well as the increase in interest rates Profitability and Earnings Per Share:
by SBP several times during the year. The Company's Net Revenue was Rs. 53.01 billion (after
The net asset value of all unit linked funds under including investment income and net gains on financial
management increased to Rs. 159 Billion (2021: Rs. 145 assets). The Net Insurance Benefits and Total Expenses
billion). Net Investment Income was Rs. 15 billion. amount to Rs. 50.16 billion, thus resulting in a profit before
tax of Rs. 2.84 billion. This translates to an after-tax profit
This Net Asset Value of funds under management continues of Rs. 1.69 billion (2021: Rs. 1.51 billion), being impacted
to place your Company amongst the leading asset managers by the imposition of additional indefinite 4% annual super
in Pakistan. The Company offers the following funds to tax for the tax years 2022 and 2023.
its clients, varying by the investment strategy and risk
appetite of the clients: Earnings Per Share
The earnings per share for the year was Rs. 16.92 (2021:
For Conventional unit linked business:
Rs. 15.08).
Managed Growth Fund, established: 1994
Aitemad Growth Fund, established: 2008 Appropriation and Dividend:
Guaranteed Growth Fund, established: 2009
Aggressive Fund, established: 2017 Your Directors have pleasure in recommending a dividend
Income Growth Fund, established: 2022 of Rs. 10.5 (105%) per share to the Shareholders of the
For Takaful unit linked business: Company whose names appear in the Share Register of
the Company at the close of business on 24 March 2023.
Takaful Growth Fund, established: 2015
Takaful Aggressive Fund, established: 2017 This cash dividend is in addition to interim cash dividends
Takaful Conservative Fund, established: 2019 of Rs. 4.50 per share (45 %) declared during the year.

Rupees '000 in their audit report. However, there was an emphasis of

The amount available for appropriation is matter as discussed in Note 26.2 to the financial statements
Amount brought forward from in respect of scope and applicability of Punjab Sales Tax
previous year 13,442 (PST) and Sindh Sales Tax (SST) on Life Insurance services.
Profit after tax for the year 1,508,197
Emphasis of matter paragraph
Capital Contribution-
Window Family Takaful 47,241 Statutory auditors, without modifying the audit opinion,
Retained Earnings on Account have also added an emphasis of matter paragraph in the
of Ledger D - Solvency Margin (174,426) audit report in respect of the following issue:
Amount available for appropriation 1,394,454
Sales tax on Life Insurance Premium
During 2019, the Company, along with other life insurance
Interim Dividend for 2021
@ 45% (2020: 45%) (450,000) industry players, based on the advice of its tax consultants
filed petitions in the Honorable High Courts of Lahore and
Final cash dividend for 2021
@ 105 % (2020: 105%) (1,050,000) Sindh, challenging the levy of Punjab Sales Tax (PST) and
Sindh Sales Tax (SST) on life insurance in Punjab and Sindh.
Transfer from General Reserve 120,000
The petitions were filed on the strength of legal advice
(1,380,000)
obtained.
Unappropriated profit
Carried forward 14,454 According to the grounds of the petition and legal opinion
Profit after tax for the year 1,692,118 obtained by the Company the Insurance premium does
Capital Contribution - not fall under the definition of service rather an insurance
Window Family Takaful (1,761) policy is a financial arrangement, which is in the nature of
Retained Earnings on Account a contingent contract, and not a service upon which sales
of Ledger D - Solvency Margin (59,272) tax can be levied (and that an insurance company is not
Available for appropriation 1,645,539 rendering a service). The legal opinion covered question
The Directors recommend that of constitutionality arose on the levy of provincial sales tax
this amount to be appropriated on life insurance, which in their view, is a Federal subject.
in the following manner The opinion also mentions that vast majority of premium
Interim Dividend for 2022 received from a policyholder, during the life of the policy,
@ 45% (2021: 45%) (450,000) is in fact channeled it to the policyholder's investment
Proposed Final Dividend (1,050,000) account and as such this is critically important in exposing
the legal fallacies embodied in the Rules.
Proposed Transfer to
General Reserve (140,000) Further subsequent to filing petition, all the provincial tax
(1,640,000) authorities i.e., SRB, PRA and BRA called a meeting of the
5,539 industry representatives on 11 January 2020 in Karachi to
Market Share discuss the matters relating to sales tax on premium. The
matter was discussed in detail, and it was agreed to form
Based on the figures compiled by the Insurance Association
a joint committee of the industry representatives as well
of Pakistan as of 30 September 2022 the Company has a as from all the provincial tax authorities. Further the
market share of 30% in the private life insurance sector committee formed met on 5 February 2020 in Lahore at
companies based on the gross premium and contribution PRA office to work out the way forward. Thereafter, due
income. to the COVID 19 situation and consequential lockdown,
further meetings of the Joint committee are not being
Audit Report
held.
The statutory auditors of the Company, EY Ford Rhodes,
Chartered Accountants, Karachi, have issued a clean opinion Furthermore, Khyber Pakhtunkhua Revenue Authority
(KPRA) through Khyber Pakhtunkhua Finance Act 2021

has imposed sales tax on life insurance at the rate of 15%, microfinance institutions and technology platforms,
from 1st July 2021, which was previously exempt, for the providing micro and nano insurance cover during the year
reason of economic documentation. The matter has been to additional 3 million lives.
taken up by the IAP with KPRA explaining that 'Insurance'
The Company has various distribution channels for its two
is a Federal subject, hence law in respect of insurance
main lines of business - Individual Life and Group Life. For
should not be made by the province.
its Individual Life business, the Company utilizes the Agency
Increasing Outreach Sales Force and Bancassurance channels. As part of the
Agency Sales Force, the Company also has a dedicated
The Pakistani insurance market remains largely untapped
team for Takaful.
with life insurance penetration (gross premium as a % of
GDP) of less than 1%. With 60% of its population under For its Group Life business, the Company utilizes its
the age 25 years, and growing lower middle class segment, dedicated marketing team, commercial banks, and other
Pakistan offers significant opportunities to the life insurance intermediaries such as mobile network operators, Branchless
sector to tap the emerging customer base through targeted Banks, MFIs and MFBs, fintech/ insurtechs platforms as
offerings. well as digital and payment platforms.
Driving the financial inclusion goals, the State Bank of The Company has an individual life branch network of
Pakistan and Securities and Exchange Commission of over 320 locations across the country, including dedicated
Pakistan has taken several initiatives to improve access of branches for Takaful. For Bancassurance, the Company
financial services, enable financial service players and raise has partnership with 15 banks. For mass market and
financial awareness in the masses. Forward looking inclusive insurance segments, the Company has partnerships
regulatory and policy measures along with increasing digital with 37 partners.
access of financial services, payment and communication
platforms is likely to positively contribute to the insurance Family Takaful:
landscape of the country. The Company's Window Takaful Operations, Hemayah,
continued its growth trajectory in 2022 offering a full
The Company offers a comprehensive product range
range of takaful products distributed through individual
covering the financial planning needs and focusing on
life and takaful sales force, bank partners, mobile network
various socio-economic segments of the society - ranging
operators, digital platforms, and others.
from the mass market to high net worth segments. The
Company's products range offer both conventional and The split of new business of the company by takaful and
takaful products which focus on the needs of savings and conventional business is as follows with Takaful having a
wealth accumulation, child education and marriage, share of 35%:
retirement planning, as well as protection. For the mass
market insurance segment, the company mainly focuses
on protection solutions such as term life, personal accident,
35%
and hospital cash.
The Company continues to revisit its product range by

enhancing the existing propositions offered through its
retail distribution channels- the Sales Force as well as
Bancassurance partners. Various products were launched
during the year for sales force, bancassurance as well as 65%
mass market segments and digital platforms. The Company
continued to strengthen its presence in the mass market
and inclusive insurance segments and launched innovative
financial solutions and distribution models with
telecommunication companies, branchless banks, Individual Life New Business Family Takaful New Business

Given the demand for Takaful, the Company is positive • Recognized in 'Top 25 Companies for the Year 2021'
about the future growth and potential of Takaful business by Pakistan Stock Exchange for the third time for its
and expects this line of business to contribute positively services in the sphere of corporate governance, financial
to the top line as well as bottom line in the years to come. performance, and shareholder value.
• 'Corporate Excellence Award' for the best Life Insurance
Critical performance measures: Company at the 37th Corporate Excellence Awards
2022. This is for the 13th time the Company has been
The Company evaluates its performance on the following
recognized by the Management Association of Pakistan
key performance indicators:
(MAP) for demonstrating exemplary standards in
• Growth in premium for each line of business management practices.
• Number of lives insured • 'Brand of the Year Award 2021' for Best Life Insurance
• Persistency of individual life business by distribution Company based on market standing and consumer
channel preference by The Brands Foundation. The Company
• Mortality and morbidity experience has been awarded this title 10 times.
• Loss ratio analysis for short term business • 'Consumers Demand Award' 2022 for Best Life
• Expense ratios and trends Insurance Company at the 16th Consumers Choice
• Growth in profitability for each line of business Award 2021-22 for excellence in management practice
and services quality.
The Company expects these parameters to be relevant for • 'International Environment, Health & Safety Award' in
future as well and will continue its internal performance the category of 'Best Environmental Practices' at the
measurement based on these criteria. 8th International Summit & Awards on Environment,
Health and Safety organized by The Professionals
Insurer Financial Strength Rating: Network and Ethical Business Update (EBU).
The Company has IFS rating of AA++ (Outlook: Stable) by • 'CSR Award 2022' in the category of 'Social Impact' at
VIS Credit Rating Agency. The rating considers the the 11th Corporate Social Responsibility Summit &
Company's strong capitalization level vis-à-vis the nature Awards in recognition of the Company's efforts in areas
of risks underwritten and the very high capacity to meet of health, education and environment.
policyholders' obligations. The rating confirms that the Marketing and Awareness Campaign
Company is on a strong financial footing and is one of the
Building upon 2021's marketing efforts to create further
leading life insurers in terms of long-term sustainable
awareness of life insurance, your Company rolled out the
business strategies, innovative products, superior systems,
second phase of 'Life Ka Asli Backup' campaign on TV,
and IT infrastructure, satisfied clients and prudent investment
Digital, Print, and Radio. The campaign message focused
policies resulting in good medium to long term returns to
on the idea that one can live a full and worry-free life if
our clients.
they have a backup in life and EFU Life gives you that 'Asli
Awards and Achievements Backup'. The claim was substantiated with a functional
benefit of 'Life cover + savings of Rs. 50 Lakh in as low as
During 2022, your Company was conferred with a plethora
Rs.100 per day'. Reinforcing the message, we kept an
of awards in recognition of its exceptional performance
active presence on our Digital platforms across the year.
and leadership. Some of the major awards are as follows:
• 'Best Domestic Life Insurer' of Pakistan at the Insurance Operational Efficiency and Technology
Asia Awards 2022 for the second consecutive year for During 2022, your Company took the initiative to bring
demonstrating exemplary standards in customer about several improvements in its information systems and
experience, product and technological innovation and
operational processes. Some of the key developments
initiatives to increase the insurance penetration in the
during this year are as follows:
country.
• 'Best Domestic Life Insurer' award at Global Business Bank Partners Portal
Outlook (GBO) Awards 2022 for the second consecutive
year. Your Company has provided a portal to its banking partners
as a one-stop solution for accessing policy information and

other services with efficiency and ease. The portal contains Digital Claim Intimation
frequently requested information such as daily MIS,
A claim portal was developed for sales branches and
persistency reports, etc., facilitating timely decision-making
corporate clients that enables branch personnel to digitally
and reducing the redundant exchange of email
intimate and upload required documentation to support
communications.
the claim, enabling faster processing and settlement of
Group Life Takaful Portal for Corporates claims.
EFU Life has launched an online facility for corporate Hyper Converged Infrastructure (HCI) and Guaranteed
participants having group life Takaful policies to manage Uptime for Services
their policy related services instantly on the website. The
EFU Life has successfully implemented 3rd generation cloud
portal provides access to policy details, claim intimations,
computing architecture in their own premises which
premium payment details, etc. reducing the administrative
simplifies data center operations and enhanced network
burden of clients and marketing personnel and enabling
security. This new technology of HyperConverged
efficiency.
Infrastructure facilitates data center experts to manage
Upgrades to Sales Agents Portal storage space and the performance of various servers from
a single window. This infrastructure can also replicate a
The Sales Agents portal continued to be upgraded during work environment onto a secondary site for disaster recovery
2022, providing real time information of the business, and purposes.
enabling superior servicing of client queries.
Your Company has enhanced the capabilities to manage
Learning Management System applications and services uninterrupted by expanding the
Your Company has launched a mobile app as part of a business continuity plan and enhancing the disaster recovery
distant learning program for our sales agents and site.
bancassurance representatives. This app allows them to
Improved Connectivity of Nationwide Branches
undergo virtual training at any time from any part of the
country. Interactive video content along with various To provide a standardized desktop experience and apply
activities, tasks and assessments have been made available, the same policies nationwide, your Company had already
which will eventually become the part of Agent's profile. established the MPLS network over fiber connectivity with
more than 300 branches around the nation. This year, EFU
Takaful Chatbot Life uplifted the MPLS architecture and replaced the fiber
After the successful launch of “EFU LifeBot” on the with GSM technology to eliminate the challenges of
Facebook platform in 2019, your Company has launched maintaining fiber connectivity, especially in remote areas.
“EFUHemayahBot” for our Takaful participants on the Around 15 branches from the northern region and southern
official Facebook page, “EFU Hemayah Takaful”. The region are already functional with this service and plans
Chatbot is a virtual assistant that employs machine learning to expand to more branches are underway.
and provides automated responses, addressing common
Human Resource Management
customer queries and creating a better service experience
for prospective and existing clients. The past year saw challenges in retaining and recruiting
top talent in the face of economic difficulties, workforce
IBM Business Process Manager mobility and rising salaries. In this operating environment
Your Company has upgraded previously implemented your Company's human resource based activities continued
FileNet and BPM systems to IBM Business Process Manager to evolve with a focus on being knowledge based, digital
(BPM) to optimize the process of digital filing and improve and employee focused function.
the underwriting process efficiency. This upgrade has
Recruitment and Retention
resulted in better control of business processes, enhanced
collaboration amongst team members, reduced data errors The year saw unprecedented pressure placed upon the
and improved compliance with regulatory requirements organization for retention and recruitment of key talent,
and internal policies. spurred on by inflationary pressures and increasing market

competition for a shrinking pool of available talent. Your skills and abilities of our employees and align them with
Company undertook various initiatives aimed at improving business needs. The company competencies and values
retention heading into 2023. A key initiative: 'Taaruf' are now coded into our new Performance Management
program for employee referrals against existing position Model.
vacancies was launched during the year incentivizing current
employees of the Company to refer people for the vacant Capital Management and Liquidity
positions. The Company has adequate capital to support its existing
operations. The Company has paid-up capital of Rs. 1
Your company continues to be a popular destination for
billion.
job seekers on social media, LinkedIn, Indeed, and is rated
highly on Glassdoor. Linkages with various employer groups The Company's liquidity position continues to remain
and deep connections with leading business and technology adequately strong with cash and cash equivalents at the
schools in the country ensure that EFU Life possesses and end of 2022 of Rs.18.99 billion (2021: Rs.28.98 billion).
maintains a healthy source of talent.
Related Party Transaction
Payroll Migration
At each Board meeting the Board of Directors approve the
Your Company successfully migrated the Head Office Company's transactions made with Associated Companies
payroll from legacy systems onto the Decibel HRMS and Related Parties. All such transactions are executed on
platform. As a result, payroll processing has become less an arm's length basis.
cumbersome and resource intensive, with faster turnaround
times and employees now receive pay statements on both Internal Audit Function
their email IDs and their cellphone apps. The Board is responsible for effective implementation of
a sound internal control system including compliance with
Digital Performance Management System
control procedures. The Audit Committee is assisted by
A new digital performance management system was the Internal Auditor in reviewing the adequacy of operational
implemented in previously acquired Decibel HRMS to controls and in monitoring and managing risks to provide
provide a structured and efficient way to monitor and reasonable assurance that such system continues to operate
assess employee performance, identify areas for satisfactorily and effectively in the Company and to add
improvement, track progress towards goals, and enable value and improve the Company's operations by providing
management to make data-driven decisions about how independent and objective assurance. The principal
to support and develop their team. responsibility of the Internal Auditor is to conduct periodic
audits and to ensure adequacy in operational controls,
As a key part of the process, heads of departments and
consistency in application of policies and procedures,
front-line managers identified long term goals, translated
compliance with laws and regulations.
them into concrete and measurable objectives for 2023
and then working with managers to cascade them down As part of Corporate Governance, your Company has the
to the team and individual level. Underwriting Committee, Claims Settlement Committee,
Reinsurance Committee, Risk Management and Compliance
The Adventure Deck - Relaunching Core Competencies
Committee.
and Values
As part of the relaunch of a Performance Management Risks to Business

System, your Company's core competencies and values Business risks and mitigation factors are described in detail
were rebranded. The rebrand took the form of an artistic on note 42 of this Annual Report.
deck of cards called the EFU Life 'Adventure Deck.' For the
employee, this simplified competency model will provide CSR Initiatives
clear career development goals and opportunities for In 2022, the floods caused devastation to millions of our
growth within the organization, while for EFU Life, it will fellow Pakistanis and posed a lot of challenges in its wake.
make it easier to find, develop, recognize, and reward the Your Company mobilized its resources and partnered

with different organizations across Pakistan that have the continued its support to Afzaal Memorial Thalassemia
expertise and reach to help the most affected areas. Your Foundation, Omair Sana Foundation and Burhani Medical
Company's response to Disaster and various activities in Welfare Association in the provision of free care and
2022 are as follows: treatment and eradication of thalassemia in the country.
“Rise and Restore” - Disaster Recovery and Restoration Education for the Underpriveledged
In response to Pakistan's flood devastation, your Company EFU Life is committed to contribute to the betterment of
encouraged all members of EFU Life across Pakistan to society and has partnered with different organizations to
contribute and participate in a coordinated manner in the support the cause of education for the underpriveledged
Company's Initiative “Rise & Restore”. The campaign had children of Pakistan. Since 2012, your Company has
a two phase relief plan: Phase 1- Immediate Relief and partnered with The Citizens Foundation to do this. For
Phase 2 - Longer Term Rebuilding. EFU Life donated each Education Plan sold through distribution channels,
generously to organizations that have the expertise and EFU Life donates Rs.50. In 2022, your Company also
reach to help the most affected communities. In addition, continued to fund the tuition fee of students of the Family
a donation portal and donation boxes were set up for cash Educational Services Foundation. Support was also provided
donations and much needed items in all EFU Life offices to other educational institutions including Asghari Memorial
across Pakistan. High School, Hasani Academy, Kiran Foundation, IBP
School of Special Education and Sun Academy.
Furthering Science Literacy
Access to Water
To support marginalized communities and to encourage
science literacy amongst children, your Company and its EFU Life partnered with the Shahid Afridi Foundation to
employees celebrated Insurance Day at MagnifiScience help provide access to water to marginalized communities.
Centre (MSC) with the students and teachers of Kiran The partnership resulted in installation of solar-powered
Foundation. Students were encouraged to participate in community water tanks in Sindh and Punjab that directly
hands-on learning experiences of scientific principles to benefit a community of more than 4,000 people.
further the development of their critical thinking and
Free Medical Consultation Facilities
problem-solving skills.
To support healthy communities, EFU Life partnered with
Supporting Mentally and Physically Challenged People
'Hello Doctor' in the noble cause of distributing 200,000
Your Company participated in the 7th Special Olympics free medical consultation cards to those who are challenged
Pakistan Unified Marathon 2022. Employees volunteered in accessing quality medical consultation facilities in the
and participated in the event to show support for the month of Ramadan 2022.
inclusion of people with intellectual and physical disabilities.
Wall of Hope for Our Sheroes
Your Company continued its support to 'NOWPDP' - a
disability inclusion initiative to train differently abled people EFU Life partnered with International Foundation Garments
to become productive members of the society. In addition, (IFG) to support breast cancer patients and celebrated
EFU Life partnered with Karachi Down Syndrome Program Pinktober to recognize 'Sheroes'. A breast awareness
to support children with down syndrome by teaching basic session was conducted and a “Wall of Hope” was set-up
academic and life skills to thrive in mainstream schools. In for all employees to write words of encouragement for
2022, EFU Life and its employees had a campaign breast cancer patients. For each statement of
“Reuse,Recycle donate to Dar-ul-Sukun” to support the encouragement, IFG donated prosthesis pad to a survivor.
care, rehabilitation and protection of children with
Other health institutions supported by your Company in
disabilities. EFU Life and its employees generously donated
2022 include the Agha Khan Hospital and Medical College,
different items to Dar-ul-Sukun.
Shaukat Khanum Memorial Trust, The Cardiosvascular
Eradication of Thalassemia Foundation, SINDH Institute of Urology and Transplantation,
Layton Rahmatullah Benevolent Trust.
To help in eradication of thalassemia, your Company

'Join Hands for a Life' Social Media Campaign and • Society in general through providing safe and healthy
Annual Employee Donation Campaign workplace and provide employees the opportunity to
improve their skills.
Your Company has an annual Ramadan Social Media
Campaign “Join Hands for a Life” that has been running Contribution to National Exchequer
for more than eight years to create awareness and raise Your Company contributes substantially to the national
funds for different organizations. EFU Life paid Rs.10 for economy in terms of taxes and duties and the contribution
every Like, Comment and Share in all its social media is increasing as the company grows. This year the Company
platform. In the year 2022, this campaign supported Layton contributed Rs. 1,025 million to the national exchequer in
Rahmatullah Benevolent Trust, Sindh Institute of Urology, the form of Income Tax, Federal Excise Duty, Sales Tax,
Shahid Afridi Foundation and Kiran Foundation. stamp duty etc.
An annual employee donation campaign “join Hands for Directors' Remuneration Policy
a Life” runs simultaneously with the Company's social
media campaign supporting the same organizations. In order to comply with Companies Act, 2017, Listed
Employees donated generously to the organizations they Companies (Code of Corporate Governance) Regulations,
support. 2019 and Articles of Association of the Company, the
Company has policy with respect to the remuneration of
Blood Donation Camp Chairman, Chief Executive, Non-Executive, Executive and
Independent Directors.
Your Company conducted a Blood Donation Drive at it's
Head Office. It has also opened a Blood Donation Account Salient Features of Directors' Remuneration Policy
with Hussaini Blood Bank to ensure that the vital facility – The Directors' Remuneration Policy is transparent for
is available for all the employees of the company and their fixing the remuneration of all the directors including
families. the Chairman, Chief Executive, Executive Directors,
non-Executive, Independent Directors, and Directors of
Business Ethics, Consumer Protection, and
the Board Committees
anticorruption measures
– The policy is prepared keeping in view the requirements
The Board has adopted the statement of ethics and business of Section 170 of Companies Act, 2017 and Listed
practices. All employees are informed of this statement Companies (Code of Corporate Governance)
and are required to observe these rules of conduct in Regulations, 2019 and the Articles of Association of
relation to business and regulations. Statement of Ethics the Company.
and business practices are based on integrity, dignity, – The Remuneration of Directors including the Chairman,
culture of excellence and ethical dealing with clients, peers Chief executive, executive director will be fixed by the
and the public. board.
– The Remuneration of Directors shall be as per Law and
Relationship with other Stakeholders
as the Board may fix for each meeting of the Board of
Your Company strives to maintain good relationship with: Directors and board committees.
– A Director shall also be entitled to be paid reasonable
• Its employees by providing a positive work environment
travelling expenses, hotel charges and other expenses
• Its clients through building trust and providing quality
incurred by him for attending meetings if he is residing
service
abroad.
• The business community through honest and fair dealing
• The Government through promoting free enterprise
along with a competitive market system and complying
with all applicable laws; and

(Rupees ‘000)
Detail of Remuneration Package of each Director
Managerial Retirement Medical Leave

Directors Fee remuneration Bonus benefits Utilities expenses passage Total
Taher G. Sachak – 35,394 6,648 5,810 512 796 1,018 50,178

Rafique Bhimjee – – – – – – – –
Saifuddin N. Zoomkawala 1,375 – – – – – – 1,375
Hasanali Abdullah 1,250 – – – – – – 1,250
S. Salman Rashid 600 – – – – – – 600
Rukhsana Shah 1,025 – – – – – – 1,025
Ali Raza Siddiqui 900 – – – – – – 900
Daanish Bhimjee – – – – – – – –
Ruhail Muhammad 900 – – – – – – 900
Ahsen Ahmed 600 – – – – – – 600
6,650 35,394 6,648 5,810 512 796 1,018 56,828
Compliance with Code of Corporate Governance Audit Committee

The requirements of the Code of Corporate Governance The Board is responsible for effective implementation of
set out by the regulatory authorities have been duly a sound internal control system including compliance with
complied with. A statement to this effect is annexed with control procedures. The Audit Committee is assisted by
the report. the Internal Auditor in reviewing the adequacy of operational
controls and in monitoring and managing risks to provide
The Directors of our Company were elected at the Extra reasonable assurance that such system continues to operate
Ordinary General Meeting held on July 08, 2020 for a term satisfactorily and effectively in the Company and to add
of three years expiring on July 09, 2023. value and improve the Company's operations by providing
The number of meeting attended by each Director is given independent and objective assurance. The principal
hereunder: responsibility of the Internal Auditor is to conduct periodic
audit to ensure adequacy in operational controls, consistency
Sr. Number of meetings in application of policies and procedures, compliance with
No Name of Directors attended the laws and regulations. The Committee comprises of
1. Rafique R Bhimjee 4 out of 4 the following members:
2. Saifuddin N Zoomkawala 4 out of 4
3. Taher G Sachak 4 out of 4 1 Ruhail Muhammad (Chairman)
4. Hasanali Abdullah 4 out of 4 2 Hasanali Abdullah
5. Salman Rashid 4 out of 4 3 Saifuddin N. Zoomkawala
6. Ali Raza Siddiqui 4 out of 4 4 Rukhsana Shah
7. Rukhsana Shah 4 out of 4 5 Daanish Bhimjee
8. Daanish Bhimjee 2 out of 4 6 Ali Raza Siddiqui
9. Ruhail Muhammad 4 out of 4 Investment Committee
10. Ahsen Ahmed 4 out of 4 The Company has a Board Level Investment Committee
Board Committees that meets on by-monthly basis to review the investment
portfolio. The Committee is also responsible for developing
Your Company maintains the following three Board
the investment policy for the various funds managed by
Committees.
the Company. The Committee comprises of the following
members:

1. Rafique R. Bhimjee (Chairman) f) There are no significant doubts upon the Company's
2. Saifuddin N. Zoomkawala ability to continue as a going concern.
3. Taher G. Sachak g) There has been no material departure from the best
4. Hasanali Abdullah practices of Corporate Governance, as detailed in the
5. Daanish Bhimjee listing regulations.
6. Omer Morshed - Appointed Actuary h) The key operating and financial data for the last six
7. S. Shahid Abbas - Management Executive years is annexed.
8. Mohammed Ali Ahmed - Management Executive
i) The value of investments of provident and pension
9. Ali Qureshi - Management Executive
funds based on their un-audited accounts as on
Ethics, HR & Remuneration Committee December 31, 2022, were the following.
The Committee is responsible for recommending to the Provident Fund Rs. 670 Million
Board resource management policies of the Company as Pension Fund Rs. 577 Million
well as selection, evaluation, and compensation of the key The value of investments includes accrued interest.
officers of the Company. The Committee comprises of the j) Trading of Shares by Chief Executive, Directors, Chief
following members: Financial Officer, Company Secretary, their spouses,
and minor children:
1. Rukhsana Shah (Chairperson)
01 January 2022 to 31 December 2022
2. Rafique R. Bhimjee
3. Saifuddin N. Zoomkawala PURCHASE / INHERITANCE OF SHARES No. Of Shares
4. Taher G. Sachak EFU General Insurance Ltd. 611,600
Management Committees Rafique R. Bhimjee (Inheritance) 476,310
SALE OF SHARES No. Of Shares
As part of Corporate Governance, your Company maintains
NIL NIL
the following four Management Committees which meet
at least once every quarter: k) The statement of shareholding in the Company as of
31 December 2022 is included with the Report.
• Underwriting Committee
• Claim Settlement Committee Future Outlook of the industry
• Reinsurance Committee The life insurance industry has rebounded from COVID-19
• Risk Management and Compliance Committee led challenges evidenced by the dramatic reduction in
claims related to the pandemic. However, the Company
Corporate and Financial Reporting Framework
operates in the backdrop of multiple macroeconomic
a) The financial statements prepared by the management
challenges such as mounting current account deficit,
of the Company present fairly its state of affairs, the
exchange rate pressure and high inflation. The policy
result of its operations, cash flow and changes in equity.
changes in response to the worsening of macroeconomic
b) Proper books of accounts have been maintained by the
indicators add additional uncertainty. Your Company is,
Company.
however, optimistic about the growth aspects of the
c) Appropriate accounting policies have been consistently
industry in medium to long term due to the massive
applied in preparation of financial statements and
untapped potential.
accounting estimates are based on reasonable and
prudent judgment. Financial inclusion will remain the focus of the industry as
d) The International Accounting Standards, as applicable well as Government. Expansion of the insurance safety net
in Pakistan, have been followed in preparation of to a larger population through creating efficiencies in the
financial statements and any departure there from has existing distribution channels as well as exploring new
been adequately disclosed. channels and market segments will occupy a significant
e) System of internal control is sound in design and has role in the industry's efforts in the future. Investment in
been effectively implemented and monitored.

front-end and back-end automation as well as using We also wish to recognize and place on record our
technology as an enabler in various business functions will appreciation of the contribution made by our Appointed
continue. Product innovation to cater to evolving customer Actuary Mr. Omer Morshed for his invaluable advice on
needs will also be at the forefront of the industry's initiatives. the overall strategy of the Company.
Enterprise Risk Management and Compliance will have
We would also like to record our appreciation and gratitude
additional focus over the next few years.
to Hannover Re and Munich Re who are your Company's
The Company is also optimistic about the growth of Takaful main reinsurers and who continue to provide full support
business and expects takaful outreach to expand and to your Company.
contribute positively to increasing the size of the insurance
Our gratitude is also due to EFU General Insurance Ltd.
pie.
For their continuous support and guidance, which has
Acknowledgements enabled the Company to establish a strong presence in
The Directors wish to record their appreciation for the the market.
tremendous contribution made by the able and eminent Finally, we would like to thank our clients for the confidence
officers, staff and field force of the Company towards its expressed in us and also to the Securities and Exchange
development and growth. Their continuous commitment Commission of Pakistan for their guidance and co-operation
to high ethical standards, client service and hard work has extended to us throughout the year.
helped your Company emerge and maintain its position
as one of the leading players amongst the private sector
life insurers.
TAHER G. SACHAK SAIFUDDIN N. ZOOMKAWALA HASANALI ABDULLAH RAFIQUE R. BHIMJEE

Managing Director & Director Director Chairman
Chief Executive
Karachi February 21, 2023













Risk and Opportunity Report

Managing risks lies at the core of our business. Our Risk Management efforts focuses on ensuring sound and sustainable growth
while protecting the unique combination of our tangible and intangible assets. A sound risk management framework aids in
reducing the chances and consequences of risks materializing. It also delivers benefits when it comes to making strategic
decisions. For effective implementation of the risk management framework, our dedicated ERM function, which operates
independently from other business units, support functions as well as the Internal Audit, is responsible for ensuring a sound
risk culture with the support of CEO.
ERM function acts as a strategic partner to the business units, advising them on risks issues and on the best way to identify
and manage these issues. We continue to ensure that the Company maintains an effective system of managing risks and
internal controls; while ensuring a constant evaluation of evolving risk landscape. We believe that disasters cannot always be
avoided, but with effective planning the potential impact can be significantly reduced.
The following are overall objectives of risk management activities at EFU Life:
• Individuals who take or manage risks clearly understand them and are in a better position to proactively identify emerging
risks
• Risk-taking decisions are in line with the corporate goals set by the Board
• Risk management approach remains aligned with the regulatory requirements as well as best industry practices
The Company is well committed to operating within a strong system of internal control that will enable us to take risks and
achieve growth targets, without exposing ourselves to unacceptable potential failures.
Sources of major risks and mitigating strategies
The Company considers following to be important risks:
Category of risk Sources Plans and strategies for mitigating these risks
The Company believes in having a transparent and open

Regulatory Changes relationship with the regulator. Company representatives often
take part in discussions with the regulator for potential changes
to existing as well as upcoming regulations.
The Company provides a professional working environment,
market competitive remuneration and career enrichment
Human Resources opportunities. Succession planning is in place for key employees.
Additionally, Company also has whistleblowing policy in place
to enable employees to report any deliberate policy violations
confidentially.
Technology risk contains strategic, financial, operational, regulatory,
Operational Risk
and reputational dimensions. The board and senior management
is fully cognizant of IT landscape. IT steering committee meets
Technology regularly to discuss emerging technology risks and is mandated
to propose new technological innovations. A robust Disaster
Recovery Plan is in place to mitigate the impacts of loss of data,
technology failure and security breaches. The Company is well
aware of the risks posed by cyber threats and has taken measures
to update our security infrastructure.
ERM department engages with business and support units
frequently, to timely identify potential risks that our processes
may pose. Business units, with the support of ERM, ensure
Internal Processes effective implementation of controls to curtail any unwanted
risks. Covid-19 had posed significant challenges where Company
had to reengineer various processes to ensure uninterrupted
services. ERM department revisited the risk registers to identify
any new risks and reassess the effectiveness of controls considering
recent developments.

Category of risk Sources Plans and strategies for mitigating these risks
Adverse movements in: Market risk is overseen by Investment committee supported by

team of professionals. The framework to manage market risks
- Equity prices
includes determining risk limits and setting minimum standards
Market Risk - Interest rates to ensure risk exposure remains within the appetite set by the
- Credit spreads board. The Investment monitoring setup ensures a diversified
- Inflation portfolio of securities with continuous monitoring of the economy,
as well as equity, debt and money markets.
Default of reinsurer on its Use of internationally regulated reinsurers with high credit ratings
obligations, or its exit from and maintaining a diversified portfolio of reinsurers.
Credit risk Pakistan
Default in debt instruments Default in debt instruments Prudent exposure limits are set with
regular monitoring as well as investment in high credit rated
securities.
- Underwriting risk A primary goal in managing our insurance operations is to achieve
- Pricing risk an acceptable risk-adjusted return on equity. To achieve this goal,
- Claims risk Company follows a disciplined approach in risk selection, premium
Insurance Risk adequacy, and appropriate terms and conditions to cover the
- Retention risk accepted risks.
Company has a team of professional actuaries and regularly
engages with appointed actuary, who independently validates
sufficiency of our pricing and reserves.
Increased competition from The Company focuses on its brand equity and financial strength,
Commercial Risk existing and new players in the as well as pricing, product features and customer services to
industry always gain a competitive edge.
Events or acts impacting the The Company maintains a strong and open relationships with all
Reputational Risk Company's reputation stakeholders. Internal governance and control procedures are in
place to aid good governance.

DuPont Analysis
For the year 2022
(Rupees in '000)
Revenue
53,005,896
Profit
after Tax
–
1,692,118
Net Profit Expenses
Margin / 51,313,778
3.19%
Return on Revenue
Assets x 53,005,896
0.95% Asset Turn Current
Over / Asset
0.30 Times 25,285,507
Return on
Equity
/
Total Assets
178,513,568
+
Non Current
26.7% Owners Asset
Equity 153,228,061
Ownership
6,348,550 –
Ratio Current
3.56% / Total
Liabilities
Liabilities
4,713,865
172,165,018
Total Assets +
178,513,568 + Non Current
Owners Liabilities
Equity 167,451,153
6,348,550

Summary of Cash Flow

Summary of cashflow statement for the year ended 31 December 2022
(Rupees in '000)
Cashflow 2022 2021 2020 2019 2018 2017
Net cashflow from operating Activity 1 287 541 1 677 620 5 819 758 7 711 193 7 835 807 7 299 968
Net cashflow from investing Activity ( 9 605 833 ) 4 568 696 ( 5 140 734 ) ( 599 108 ) ( 4 997 258 ) 376 356
Net cashflow from financing Activity ( 1 680 966 ) ( 1 658 853 ) ( 1 654 480 ) ( 1 575 000 ) ( 1 500 000 ) ( 1 575 000 )
Cash and cash equivalent ( 9 999 258 ) 4 587 463 ( 975 456 ) 5 537 085 1 338 549 18 496 913
100%
80%
60%
40%
20%
0
2017
2021 2019
-20%
-40%
2018
-60%
2020
-80%
2022
-100%
Cash and cash equivalent

Net cashflow from financing Activity
Net cashflow from investing Activity

Net cashflow from operating Activity

Segment - Wise Review

The Gross Premium of your Company (including Takaful contributions) was Rs. 39.56 billion (2021: 37.41 billion),
a growth of 6%. The gross premium composition was as follows:
GROSS PREMIUM COMPOSITION
13%
18%
2%
67%
First Year Premium Single Premium

Renewal Premium Group Benefits
Individual Life regular premiums (including Takaful contributions) increased by 3%, achieving a total premium of
Rs. 33.59 billion (2021: Rs. 32.76 billion). Individual life New Business amounted to Rs. 7.14 billion (2021: Rs. 7.80
billion).
Renewal premium is the lifeline of the Company and has a long-term impact on the viability of the business model.
At the same time, it reflects the satisfaction of the customer with the Company's products and services. In 2022,
Renewal premium increased to Rs. 26.45 billion (2021: Rs. 24.96 billion), a growth of 6%. Client retention activities
continued throughout the year and both Sale Force and Bancassurance yielded positive results.

Performance at a Glance
Graphical Presentation
SHARE HOLDER’S EQUITY INVESTMENTS

(Rupees in million) (Rupees in million)
140000
70000
120000
60000
100000
50000
80000
40000
60000
30000
20000 40000
10000 20000
0 0
2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
Government securities Other fixed income securities

Paid-up capital Reserve
Listed equities, mutual funds and unlisted equities
ASSETS & LIABILITIES GROSS / NET PREMIUM

(Rupees in million) (Rupees in million)
180000 42000
39000
160000
36000
140000 33000
30000
120000
27000
24000
100000
21000
80000 18000
15000
60000
12000
40000 9000
6000
20000
3000
0 0
2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
Assets Liabilities Gross Premium Net Premium

NET PREMIUM & SURPLUS BEFORE TAX PROFITABILITY

(REVENUE ACCOUNT) (Rupees in million)
(Rupees in million)
3 000
40000
2 500
35000
30000 2 000
25000
1 500
20000
15000 1 000
10000
500
5000
0
0 2017 2018 2019 2020 2021 2022
2017 2018 2019 2020 2021 2022
Net premium Surplus before tax Profit before Tax Profit after Tax
PROFIT (LOSS) AFTER

TAX & DIVIDENDS/ BONUS
(Rupees in million)
3 000 000
2 800 000
2 600 000
2 400 000
2 200 000 EARNING PER SHARE &
2 000 000 PRICE EARNING RATIO
1 800 000
1 600 000
1 400 000 25.00
1 200 000
20.00
1 000 000
800 000 15.00
600 000 10.00
400 000
5.00
200 000
0 0
2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
Profit (loss) Dividend Earning Per Share Price Earning Ratio

Share Price Sensitivity Analysis

Earnings - News on earnings, profits and future positive cashflows develop interest of investors in the shares of the
company.
Introduction of new Products - this could lead to positive earnings growth which in return affects share prices
Government Policies - Government's policies could be percieved as positive or negative for business the policies
may lead to changer in Inflation and interest rates, which may affect stock prices.
Industry specific performance - any changes in Govt policies toword Insurance industry my result in movement
of stock prices
Investor sentiments / confidence - Positive economic reforms can attaract investors.
Announcement of Dividends - Expected distribution from earning could increase in share prices in expectations
of realization of profits on investments.
210
200
190
180
170
160
150
22 2
n- -2 2
Ja eb -2 -2
2
1- -F ar pr -2
2
1 -M
ay 22 2
1 1-
A
M un- l-2 22
1 -
1-
J -Ju g- 22
1 A u p- -2
2
1- -S
e ct 22
1 O v- 22
1- N o
e c-
1- D
1-
Analysis Of Variation In Results

Reported In Quarterly Accounts
1 800 000
1 600 000
1 400 000
1 200 000
1 000 000
Profit after tax
800 000
Cumulative profit
600 000
400 000
200 000
0
Qtr 1 Qtr 2 Qtr 3 Qtr 4

Key Financial Data

For The Last Six Years
(Rupees ‘000)
2022 2021 2020 2019 2018 2017
Gross Premium 39 564 664 37 406 879 32 545 748 31 750 084 30 790 407 31 420 835
REVENUE ACOUNT
Premium-net of reinsurance 38 471 291 36 350 499 31 653 339 31 141 634 30 164 268 30 813 133
Interest and other Income 19 513 178 14 146 862 15 353 448 3 845 724 3 266 274 9 438 197
57 984 469 50 497 361 47 006 787 34 987 358 33 430 542 40 251 330
Claims less reinsurance 25 508 676 23 006 617 17 851 338 15 677 433 13 094 451 14 237 934
Commission and Expense 10 488 078 10 250 413 8 547 852 8 983 369 8 374 022 6 887 965
Provision for (depreciation) / appreciation
on investments ( 4 978 573 ) ( 6 667 971 ) 5 544 040 3 074 567 ( 3 058 287 ) ( 13 094 284 )
Write back / (Provision) for doubtful debts
on available for sale fixed income securities
Provision for Impairment for available for
sale Equity Investments
Capital contribution from Shareholders' fund
Changes in statutory Funds 14 167 035 8 430 692 23 624 404 11 046 950 6 577 382 3 236 906
Profit / (Loss) before tax 2 842 107 2 141 668 2 527 233 2 354 173 2 326 390 2 794 241
Provision for Taxation ( 1 149 989 ) ( 633 471 ) ( 743 083 ) ( 804 909 ) ( 745 057 ) ( 884 279 )
Profit / (Loss) after tax 1 692 118 1 508 197 1 784 150 1 549 264 1 581 333 1 909 962
BALANCE SHEET
Investments 164 633 179 150 902 180 142 432 034 116 065 289 105 820 637 85 388 521
Cash & Bank balances 4 558 867 4 608 125 5 335 091 5 713 548 4 786 362 18 496 913
Other Assets 6 300 211 4 587 338 3 789 902 4 602 382 3 698 947 4 143 723
Fixed Assets 3 021 311 3 082 312 2 922 909 2 908 420 2 458 665 2 208 842
178 513 568 163 179 955 154 479 936 129 289 639 116 764 611 110 237 999
Issued Subscribed and paid-up capital 1 000 000 1 000 000 1 000 000 1 000 000 1 000 000 1 000 000
Accumulated surplus / (Loss) 3 368 550 3 078 379 3 175 089 2 907 940 2 877 596 1 440 648
General Reserve 1 980 000 2 100 000 2 000 000 2 000 000 2 150 000 1 900 000
Balance of Statutory Funds 166 382 685 151 757 625 143 513 015 119 153 655 107 603 537 101 233 038
Other liabilities 5 782 333 5 243 951 4 791 832 4 228 044 3 133 478 4 664 313
178 513 568 163 179 955 154 479 936 129 289 639 116 764 611 110 237 999

Key Operating and Financial Data

Six years summary 2022 2021 2020 2019 2018 2017
Financial Ratios
Profitability Ratios
Profit / (Loss) Before Tax / Gross Premium % 7.2% 5.7% 7.8% 7.4% 7.6% 8.5%
Profit / (Loss) Before Tax / Net Premium % 7.4% 5.9% 8.0% 7.6% 7.7% 8.7%
Profit / (Loss) After Tax / Gross Premium % 4.3% 4.0% 5.5% 4.9% 5.1% 5.8%
Profit / (Loss) After Tax / Net Premium % 4.4% 4.1% 5.6% 5.0% 5.2% 5.9%
Gross Yield on Earning Assets % 11.3% 7.7% 7.8% 9.8% 6.3% 6.3%
Net Claims / Net Premium (Claim Ratio) % 66.3% 63.3% 56.4% 50.3% 43.4% 46.1%
Commission / Net premium % 17.0% 18.8% 18.0% 20.1% 14.3% 11.7%
Acquisition Cost / Net premium % 20.5% 21.7% 20.9% 23.5% 22.4% 17.7%
Administration Expenses / Net premium % 6.6% 6.3% 5.9% 5.7% 5.4% 5.3%
Change in PHL / Net Inflow % 36.4% 23.0% 74.6% 35.2% 21.7% 11.9%
Net investment income / Net Premium % 39.6% 22.1% 64.2% 21.8% 0.7% -11.7%
Return On Capital Employed % 1.02% 0.9% 16.9% 16.1% 17.7% 20.7%
Return on Equity % 26.7% 24.4% 28.9% 26.2% 26.2% 41.8%
Liquidity Ratio
Current Ratio 5.36 7.70 7.07 8.60 7.51 4.85
Quick Ration 5.36 7.70 7.07 8.60 7.51 4.85
Cash to Current Liability % 97% 665% 612% 728% 633% 397%
Investment / Market Ratio
Breakup Value Per Share Rupees 63.49 61.78 61.75 59.08 60.28 43.41
Earnings / (loss) per share (pre tax) Rupees 28.42 21.42 25.27 23.54 23.26 26.81
Earnings / (loss) per share (after tax) Rupees 16.92 15.08 17.84 15.49 15.81 18.12
Price Earning Ratio -PAT Times 12.13 13.97 12.16 14.95 14.41 13.99
Mkt price per share at end of the year Rupees 205.32 210.67 217.00 231.57 227.92 253.49
Mkt price per share - Highest during the year Rupees 208.9 213.95 228.00 244.4 311.48 329.95
Mkt price per share - Lowest during the year Rupees 200 203.05 181.05 223.5 195.66 209.00
Cash Dividend per Share Rupees 15 15 15 15 15 15
Price to book ratio 0.12 0.13 0.14 0.18 0.20 0.23
Cash Dividend % % 150% 150% 150% 150% 150% 150%
Dividend Yield % 7% 7% 7% 6% 7% 6%
Dividend Payout % 88.65% 99.46% 84.07% 96.82% 94.86% 82.76%
Dividend Cover Times 0.89 0.99 1.19 1.03 1.05 1.21
Capital Structure Ratio
Return on Asset % 0.95% 0.92% 1.15% 1.20% 2.0% 2.4%
Earning Asset to total asset % 92% 93% 94.89% 91% 91% 92%
Total Liabilities / Equity Times 27.12 25.41 24.02 20.88 18.37 24.40
Paid-up Capital / Total Asset % 0.56% 0.61% 0.65% 0.77% 0.86% 0.91%
Equity/ total Asset % 3.56% 3.79% 4.00% 4.57% 5.2% 3.9%
Ration pertainig to Insurance Sector
Solvency Ratio % 1.28% 1.28% 1.54% 1.64% 1.64% 2.04%
Premium Growth Ratio % 5.77% 14.94% 2.51% 3.12% ( 2.01% ) 27%
Reinsurance Premium Ceded on Gross Premium % 2.76% 2.82% 2.74% 1.92% 2.03% 1.93%
Comments:
Profitability Ratios:
Net profit after tax have increased from 1.508 billion to 1.692 billion. The Company has managed to underwrite Rs. 39.6 billions of business
(new and subsequent) in 2022
Liquidity Ratio
EFU Life's liquidity position had always been very strong. Increase in liquidity ratios is mainly due to effective workig capital management.
Investment / Market Ratio
EPS has increased by 12.2% to Rs. 16.92 per share as a result of better performance management and operating cost effectiveness
throughout the year. Dispite tough year The Company has announced Rs. 10.5 final dividend and Rs. 4.5 interim dividend (which sum up
to 150% total dividend), reflecting robust and strong footprint in Industry
EFU Life's paid up capital is 1 Billion. Total assets of the company has increased from 163.2 Billion to 178.5 Billion making an increase of
almost 9%.
In addition to this, company has maintained Rs. 3.08 billion in ledger account D, along with 3.2 billion in accumulated surplus and reserves.

Graphical Analysis
Balance Sheet
ASSETS
2022 2021
4% 2% 3% 2%
3% 3%
91% 92%
Investments Current assets Investments Current assets

Cash & bank balances Fixed assets Cash & bank balances Fixed assets
SHARE CAPITAL & RESERVES AND LIABILITIES
2022 2021
3% 1% 3% 3% 1% 3%
93% 93%
Policy holders’ liabilities Share capital Policy holders’ liabilities Share capital
Creditors and accruals Reserves Creditors and accruals Reserves

Profit & Loss / Revenue Account
GROSS PREMIUM
2022 2021
13% 9%
18% 21%
2% 3%
14%
12%
53% 55%
First year individual policies First year individual policies

Second year renewal individual policies Second year renewal individual policies
Subsequent year renewal individual policies Subsequent year renewal individual policies
Single premium individual policies Single premium individual policies
Group premium Group premium
INVESTMENT INCOME
2022 2021
5% 10%
12% 12%
83% 78%
Return on Govt. securities Dividend Income Return on Govt. securities Dividend Income
Return on other fixed Income Securities Return on other fixed Income Securities

Cash Flow
CASH GENERATED / UTILIZED
Cash Generated 2022 Cash Consumed 2022
12% 10%
-13%
-88%
77%
Operating activities Investing activities Operating activities Investing activities

Financing activities
Cash Generated 2021 Cash Consumed 2021
27%
-21%
21%
73%
58%
Operating activities Investing activities Operating activities Investing activities


Vertical / Horizontal Analysis

Vertical Analysis
2022 2021
Rupees % Rupees %
in ‘000 in ‘000
Balance Sheet
Net Equity 6 348 550 4% 6 178 379 3.79
Statutory Fund 167 451 153 94% 152 642 422 93.54
Current Liabilities 4 713 865 3% 4 359 154 2.67
Total Equity & Liabilities 178 513 568 100% 163 179 955 100
Total non-current Assets 3 021 311 2% 3 082 312 1.89

Investments 150 206 750 84% 150 902 180 92.47
Current Assets 25 285 507 14% 9 195 463 5.64
178 513 568 100% 163 179 955 100
Revenue & Profit & Loss Account
Net Income 53 005 896 100.00 43 829 390 100.00
Claims Expenditures and Policy-
holders Liabilities ( 49 755 180 ) ( 93.87 ) ( 41 416 629 ) ( 94.50 )
Solvency Margin ( 408 609 ) ( 0.77 ) ( 271 093 ) ( 0.62 )
Profit / Loss before Tax 2 842 107 5.36 2 141 668 4.88
Income Tax expense ( 1 149 989 ) ( 2.17 ) ( 633 471 ) ( 1.45 )
Profit / Loss after Tax 1 692 118 3.19 1 508 197 3.43
Horizontal Analysis
2022 2021 2020 2019
Rupees Rupees Rupees Rupees
in ‘000 in ‘000 in ‘000 in ‘000
Balance Sheet
Net Equity 6 348 550 6 178 379 6 175 089 5 907 940
Statutory Fund 167 451 153 152 642 422 144 317 247 119 896 834
Current Liabilities 4 713 865 4 359 154 3 987 600 3 484 865
Total Equity & Liabilities 178 513 568 163 179 955 154 479 936 129 289 639
Total non-current Assets 3 021 311 3 082 312 2 922 909 2 908 420
Investments 150 206 750 150 902 180 142 432 034 116 065 289
Current Assets 25 285 507 9 195 463 9 124 993 10 315 930
178 513 568 163 179 955 154 479 936 129 289 639
Revenue & Profit & Loss Account

Net Income 53 005 896 43 829 390 52 550 827 38 061 925
Claims Expenditures and Policy-
holders Liabilities ( 49 755 180 ) ( 41 416 629 ) ( 49 780 792 ) ( 35 656 474 )
Solvency Margin ( 408 609 ) ( 271 093 ) ( 242 802 ) ( 51 278 )
Profit / Loss before Tax 2 842 107 2 141 668 2 527 233 2 354 173
Income Tax expense ( 1 149 989 ) ( 633 471 ) ( 743 083 ) ( 804 909 )
Profit / Loss after Tax 1 692 118 1 508 197 1 784 150 1 549 264

2020 2019 2018 2017

Rupees % Rupees % Rupees % Rupees %
in ‘000 in ‘000 in ‘000 in ‘000
6 175 089 4.00 5 907 940 4.57 6 027 596 5.16 5 962 671 5.45
144 317 247 93.42 119 896 834 92.73 105 685 537 90.51 99 108 155 90.47
3 987 600 2.58 3 484 865 2.70 5 051 478 4.33 4 474 358 4.08
154 479 936 100 129 289 639 100 116 764 611 100 109 545 184 100
2 922 909 1.89 2 908 420 2.25 2 458 665 2.10 2 208 842 2.02
142 432 034 92.20 116 065 289 89.77 105 820 637 90.63 97 959 122 89.42
9 124 993 5.91 10 315 930 7.98 8 485 309 7.27 9 377 220 8.56
154 479 936 100 129 289 639 100 116 764 611 100 109 545 184 100
52 550 827 100.00 38 061 925 100.00 30 372 245 100.00 27 157 046 100
( 49 780 792 ) ( 94.73 ) ( 35 656 474 ) ( 93.68 ) ( 27 827 308 ) ( 91.62 ) ( 24 159 229 ) ( 88.96 )
( 242 802 ) ( 0.46 ) ( 51 278 ) ( 0.13 ) ( 218 547 ) ( 0.72 ) ( 203 576 ) ( 0.75 )
2 527 233 4.81 2 354 173 6.19 2 326 390 7.66 2 794 241 10.29
( 743 083 ) ( 1.41 ) ( 804 909 ) ( 2.11 ) ( 745 057 ) ( 2.45 ) ( 884 279 ) ( 3.26 )
1 784 150 3.40 1 549 264 4.07 1 581 333 5.21 1 909 962 7.03
% increase / (decrease) over preceding year
2018 2017 2022 2021 2020 2019 2018 2017

Rupees Rupees
in ‘000 in ‘000
6 027 596 5 962 671 2.75 0.05 4.52 ( 1.99 ) 1.09 42.19
105 685 537 99 108 155 9.70 5.78 20.37 13.45 6.64 1.36
5 051 478 4 474 358 8.14 9.32 14.43 ( 31.01 ) 12.90 3.43
116 764 611 109 545 184 9.40 5.65 19.48 10.73 6.59 3.05
2 458 665 2 208 842 ( 1.98 ) 5.45 0.50 18.29 11.31 ( 1.67 )
105 820 637 97 959 122 ( 0.46 ) 5.95 22.72 9.68 8.03 10.28
8 485 309 9 377 220 174.98 0.99 ( 11.54 ) 21.57 ( 9.51 ) ( 38.41 )
116 764 611 109 545 184 9.40 5.65 19.48 10.73 6.59 3.05
30 372 245 27 157 046 20.94 ( 16.60 ) 38.07 25.32 11.84 ( 32.03 )
( 27 827 308 ) ( 24 159 229 ) 20.13 ( 16.56 ) 39.61 28.13 15.18 ( 34.51 )
( 218 547 ) ( 203 576 ) 50.73 ( 30.08 ) 373.50 ( 76.54 ) 7.35 ( 22.09 )
2 326 390 2 794 241 32.71 ( 15.26) 7.35 1.19 ( 16.74 ) ( 0.14 )
( 745 057 ) ( 884 279 ) 81.54 ( 14.75 ) ( 7.68 ) 8.03 ( 15.74 ) ( 4.42 )
1 581 333 1 909 962 12.19 ( 15.47 ) 15.16 ( 2.03 ) ( 17.21 ) ( 1.98 )

Revenue Application
( Rupees in '000 )
2022 2021
Premium 38 471 291 36 350 499
Investment 14 440 279 7 380 816
Other 94 326 98 075
53 005 896 43 829 390
Cost
Acquisition Cost 7 605 154 7 905 778
Employee Benefits 1 120 668 918 873
Other 1 212 175 900 756
9 937 997 9 725 407
Policy Holders
Claims and surrenders 25 516 669 23 006 617
Policy Holders Movements 14 167 035 8 430 692
39 683 704 31 437 309
Government
Income & other Taxes 1 149 989 633 471
WWF
1 149 989 633 471
Shareholders
Dividend 1 500 000 1 500 000
Bonus
1 500 000 1 500 000
Society
Donations 22 401 24 911
22 401 24 911
Retained in Business
Reserve unappropriated profit 192 118 8 197
Depreciation / Amortization 519 687 500 095
711 805 508 292
Revenue 53 005 896 43 829 390
2022 2021
2% 1%
3% 3%
2% 20% 2% 22%
72%
73%
Cost Government Shareholders Cost Government Shareholders

Policy Holders Retained in Business Policy Holders Retained in Business

Statement of Compliance
with the Shariah Principles
The financial arrangements, contracts and transactions, entered into by EFU Life Assurance Limited-Window Takaful
Operations ('the Company') for the period from 1 January 2022 to 31 December 2022 are in compliance with the takaful
rules, 2012.
Further we confirmed that:
– The Company has developed and implemented all the policies and procedures in accordance with takaful rules,
2012 and rulings of the Shariah Advisor along with a comprehensive mechanism to ensure compliance with such
ruling and takaful rules,2012 in their overall operations with zero tolerance. Further, the governance arrangements
including the reporting of events and status to those charged with relevant responsibilities, such as the audit
Committee / Shariah Advisor and the Board of Directors have been implemented;
– The Company has imparted training / orientations and ensured availability of all manuals / arrangements approved
by Shariah advisor / Board of Directors to maintain the adequate level of awareness, capacity and sensitization of
the staff, management;
– All the products and policies have been approved by the shariah Advisor and the financial arrangements including
investments made, policies, contracts and transactions, entered into by Window takaful Operations are in accordance
with the policies approved by Shariah Advisor.
– The assets and liabilities of window takaful Operations (Participants takaful fund and Operator's Sub fund) are
segregated from its other assets and liabilities, at all times in accordance with the provisions of the takaful rules,
2012.
This has been duly confirmed by the Shariah Advisor of the Company.
Dated: February 21, 2023 Managing Director

(Chief Executive Officer)

Shariah Advisory Report

to the Board of Director
MUFTI MUHAMMAD IBRAHIM ESSA

Graduate from Jamiah Darul Uloom Karachi, Pakistan
Shariah Advisor - Islamic Finance and Takaful /Retakaful
Email: [email protected]
Phone: +92-322-2671867
Annual Shari’ah Review Report

For the year ended December 31, 2022
EFU Life Assurance Ltd started its Window Takaful Operations on 6th February 2015. By the grace of Allah, the year
under review was the eighth successful year of Family Takaful in EFU Life. In this year too, the Management,
Distribution Channels and Board of Directors demonstrated their sincere efforts for the promotion of Takaful and
underwritten good numbers in Takaful.
Progress of the Year 2022:
During the year under review; EFU Life Window Takaful Operations (EFU Life-WTO) has achieved significant successes,
details of which are as follow:
1. Under the guidance of the undersigned EFU Life-WTO developed different Takaful Products speciallyin term
Takaful to get the Takaful membership easily available for mass market focusing on the needof protection and
investment.
2. All the distribution channels of EFU Life-WTO including Banca Takaful, Individual and Group FamilyTakaful
segments performed very well and underwritten good figures in Takaful.
Shariah Compliance:
As Shari’ah Advisor of EFU Life-WTO and based on my review; I confirm that:
• I have carefully reviewed all the product documents of EFU Life-WTO including Takaful Policies,Brochures,
Marketing materials, Agreements of Banca Takaful and Group Takaful etc. andAlhamdulillah I have found them
in accordance with Shariah Principles.
• Before launching of any Takaful Product, EFU Life-WTO took guidance and advice of Shari’ahfrom the undersigned
and developed the Takaful Products in accordance with the guidelinesprovided by me as Shariah Advisor.
• Segregation of Window Takaful Operations is the essential part of valid Takaful contracts. I ampleased to state
that EFU Life has realized criticalities of this issue and from the day one,Alhamdulillah, all the Takaful Funds,
Investments, Bank Accounts, Systems and other relatedissues are kept separate from its conventional insurance
business, as per requirement of Shariah.

• Conducting Training and Development is an imperative for understanding the principles of Takaful and its
practical outline. For this purpose EFU Life-WTO arranged both onsite and online classroom training sessions
for its Distribution Channels working in their respective fields. I personally felt that participants gained significantly
from these training sessions. I hope EFU Life-WTO will continue this practice in the future.
Generally, the Board of Directors and Management of EFU Life-WTO have shown their sincerity to comply with
Shariah Rulings, therefore, I am of the view, that overall operations of Takaful in EFU Life are Shariah Compliant
up to the best of my knowledge.
In the end; I pray to Allah Almighty to grant us success and help us at every step, keep us away from every hindrance
and difficulty, and give financial success to EFU Life Window Takaful Operations.
Muhammad Ibrahim Essa

Shariah Advisor
EFU Life Assurance Limited-Window Takaful Operations
21st February, 2023
Profile of Shariah Advisor

Sharih Advisor of Efu Life- WTO Mufti Muhammad Ibrahim Essa is a well-known recognized Shariah Scholar in the
field of Islamic Banking and Takaful. He has completed his Darse Nizami (Masters in Quran and Sunnah) and
Takhassus fil Ifta (Specialization in Islamic Jurisprudence) from Jamiah Darul Uloom Karachi. Currently he is working
as teacher and Member of Darul Ifta Jamiah Darul Uloom Karachi.
Mufti Ibrahim Essa is also associated as Chairman Shariah Board-Zarai Taraqiyati Bank Limited and he is a Member
of Shariah Board at Habib Metropolitan Bank Limited and The Bank of Khyber. He was associated with Ernst &
Young Ford Rhides Sidat Heder & Co as Shariah Advisor from 2007 to 2015. He is also the Shariah Advisor of
number of Islamic Financial Institutions National and International including Atrium Syndicate-Lloyds of London,
EFU General Insurance Ltd, Allianz EFU Health Insurance Limited, Ethica Institute of Islamic Finance USA, Jana Capital-
Brunei Darussalam, Master Trainer of AAOIFI Bahrain etc. Mufti Ibrahim has also written more than four thousand
Fatawas on different topics.

Independent Reasonable Assurance Report

to the Board of Directors on the Statement of Management's
Assessment of Compliance with the Takaful Rules, 2012
Scope
We have been engaged by EFU Life Insurance Limited (the Operator) to perform a 'reasonable assurance engagement,'
as defined by International Standards on Assurance Engagements, here after referred to as the engagement, to
report on the management's assessment of compliance of the Window Takaful Operations (Takaful Operations)
of the Operator, as set out in the annexed Statement of Compliance (the Statement) prepared by the management
for the year ended 31 December 2022 (the “Report”).
Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not
perform assurance procedures on the remaining information included in the Annual Report of Operator, and
accordingly, we do not express an opinion on this information.
Criteria applied by the management

In preparing the Subject Matter, the management applied the criteria in accordance with the Takaful Rules, 2012
(Criteria).
The Management's responsibilities

Th management is responsible for selecting the Criteria, and for presenting the Subject Matter in accordance with
that Criteria, in all material respects. This responsibility includes establishing and maintaining internal controls,
maintaining adequate records and making estimates that are relevant to the preparation of the subject matter, such
that it is free from material misstatement, whether due to fraud or error.
EY's responsibilities
Our responsibility is to express an opinion on the presentation of the Subject Matter based on the evidence we have
obtained.
We conducted our engagement in accordance with the International Standard for Assurance Engagements Other
Than Audits or Reviews of Historical Financial Information ('ISAE 3000'), and the terms of reference for this
engagement as agreed with the Operator on 25 May, 2022. Those standards require that we plan and perform
our engagement to obtain reasonable assurance about whether, in all material respects, the Subject Matter is
presented in accordance with the Criteria, and to issue a report. The nature, timing, and extent of the procedures
selected depend on our judgment, including an assessment of the risk of material misstatement, whether due to
fraud or error.
We believe that the evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our
opinion.
Our Independence and Quality Control

We have maintained our independence and confirm that we have met the requirements of the Code of Ethics for
Chartered Accountants issued by the Institute of Chartered Accountants of Pakistan and have the required
competencies and experience to conduct this assurance engagement.
EY also applies International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and
Reviews of Financial Statements, and Other Assurance and Related Services Engagements, and accordingly maintains
a comprehensive system of quality control including documented policies and procedures regarding compliance
with ethical requirements, professional standards and applicable legal and regulatory requirements.
Description of procedures performed

• We checked that all the products and policies have been approved by Shariah Advisor and observed that the
Operator has developed and implemented all the policies and procedures in accordance with The Takaful Rules,
2012 and Shariah Rules and Principles as determined by Shariah Advisor.

• We checked that the assets and liabilities of Participants' Takaful Fund and Participant Investment Fund are
segregated from its other assets and liabilities, at all times in accordance with the provisions of the Takaful Rules,
2012.
• We reviewed training certificates and attendance sheets to evaluate that the Operator has imparted necessary
trainings and orientations to maintain the adequate level of awareness, capacity, and sensitization of the sta_
and management.
• We have designed and performed following verification procedures (including but not limited to) on various
financial arrangements, based on judgmental and systematic samples with regard to the compliance with Takaful
Rules, 2012 and Shariah Rules and Principles:
– We obtained details of investments made and checked that all investments made in Shariah Compliant stocks
as determined by Shariah Advisor
– We inquired regarding other investments like fixed deposits to confirm that all such contracts are executed
with Islamic Financial Institutions
– We reviewed re-takaful parties along with arrangements/contracts entered into by Window Takaful Operations
to assess compliance with Shariah Advisor guidelines and Takaful Rules, 2012.
– We re-calculated Operator's profit share and Wakalah fee income to confirm that approved percentage are
applied on income from investments and contribution respectively.
The procedures selected by us for the engagement depended on our judgment, including the assessment of the,
risks of the Operator's material non-compliance with the Takaful Rules 2012, whether due to fraud or error. In
making those risk assessments, we considered internal control relevant to the Operator's compliance with the
Takaful Rules, 2012, in order to design assurance procedures that are appropriate in the circumstances but not for
the purpose of expressing a conclusion as to the effectiveness of the Operator's internal control over the Takaful
Operations' compliance with the Takaful Rules, 2012. A system of internal control, because of its nature, may not
prevent or detect all instances of non-compliance with the Takaful Rules, 2012, and consequently cannot provide
absolute assurance that the objective of compliance with the Takaful Rules, 2012 will be met. Further, projection
of any evaluation of effectiveness to future periods is subject to the risk that the controls may become inadequate
or fail.
In performing our audit procedures necessary guidance on Shari'ah matters was provided by the internal Shari'ah
experts.
Opinion
In our opinion, the Statement of Compliance of the Takaful Operations of the Operator as of 31 December 2022
is presented, in all material respects, in accordance with Takaful Rules, 2012.
EY Ford Rhodes
Chartered Accountants
Engagement Partner:
Date: 06 March, 2023
Karachi

Statement of Compliance with the Code of Corporate Governance for Insurers,

2016 & Listed Companies (Code of Corporate Governance) Regulations, 2019,
For the year ended 31 December 2022
This statement is being presented in compliance with the Code of Corporate Governance for Insurers, 2016 (the
Code) and Listed Companies (Code of Corporate Governance) Regulations, 2019 for the purpose of establishing
a framework of good governance, whereby an insurer is managed in compliance with the best practices of Corporate
Governance.
The Company, being an insurer, has applied the principles contained in the said Codes in the following manner:
1. The total number of directors are Ten as per the following, -
a. Male: Nine
b. Female: One
2. The insurer ensures representation of independent non-executive directors and facilitates directors representing
minority interests on its Board of Directors. At present the Board includes:
Category Name
Independent Female Director Mrs. Rukhsana Shah
Independent Director Mr. Ruhail Muhammad
Independent Director Mr. Ahsen Ahmed
Executive Director Mr. Taher G. Sachak
Non-Executive Director Mr. Rafique R. Bhimjee
Non-Executive Director Mr. Saifuddin N. Zoomkawala
Non-Executive Director Mr. Hasanali Abdullah
Non-Executive Director Mr. S. Salman Rashid
Non-Executive Director Mr. Ali Raza Siddiqui
Non-Executive Director Mr. Daanish Bhimjee
The independent directors meet the criteria of independence under the Code.
3. The directors have confirmed that none of them is serving as a director on more than seven listed companies
including this company.
4. All the resident directors of the company have confirmed that they are registered as taxpayers and none of
them has defaulted in payment of any loan to a banking company, a DFI or an NBFI or, being a member of
stock exchange, has been declared as a defaulter by a stock exchange.
5. No casual vacancy occurred during the year.
6. The Company has prepared a “Statement of Ethics and Business Practices” as Code of Conduct and has ensured
that appropriate steps have been taken to disseminate it throughout the Company along with its supporting
policies and procedures.
7. The Board has developed a vision / mission statement, overall corporate strategy and significant policies of the
Company. A complete record of particulars of significant policies along with the dates on which they were
approved or amended has been maintained.
8. All powers of the Board have been duly exercised and decisions on relevant matters have been taken by Board
/ Shareholders as empowered by the relevant provisions of the Act and CCG 2019. The decisions on material
transactions, including appointment and determination of remuneration and terms and conditions of employment
of the Chief Executive Officer, other executive directors and the key officers, have been taken by the Board.
9. The meetings of the Board were presided over by the Chairman of the Board for this purpose. The Board met
at least once in every quarter. The Board has complied with the requirement of the Act and CCG 2019 with
respect to frequency, recording and circulating minutes of meeting of Board. Written notices of the Board
meetings, along with agenda and working papers, were circulated at least seven (7) days before the meeting.
The minutes of the meeting were appropriately recorded and circulated.

10. The Board has established a system of sound internal control, which is effectively implemented at all levels
within the Company. The Company has adopted and complied with all the necessary aspects of internal controls
given in the Code.
11. The management of the Company has arranged an orientation course for all its directors in the form of booklet
which was submitted to the Board of Directors during the year to apprise them of their duties and responsibilities
and also about changes in laws and regulations.
12. The Board have a formal policy and transparent procedures for remuneration of directors in accordance with
the Act and these Regulations.
13. There was no change of Chief Financial Officer, Head of Internal Audit. The Company Secretary, Mr. Hasan
Jivani was appointed during the year due to resignation of Mr. Abbas Hussain. The Board has approved the
remuneration of CFO & Company Secretary and the Head of Internal Audit Department.
14. The Directors' Report for this year has been prepared in compliance with the requirements of the Code and
the Listed Companies (CCG) Regulations, 2019 and fully describes the salient matters required to be disclosed.
15. The financial statements of the Company were duly endorsed by Chief Executive Officer and Chief Financial
Officer before approval of the Board.
16. The Directors, Chief Executive Officer and other executives do not hold any interest in the shares of the Company
other than disclosed in the pattern of shareholding.
17. The Company has complied with all the corporate and financial reporting requirements of the Code and Listed
Companies (CCG) Regulations, 2019.
18. The Board has formed the following Management Committees under the Code:
Underwriting Committee:
Name of the Member Category
Mr. Taher G. Sachak Chairman (Chief Executive Officer)
Dr. Tajuddin A. Manji Member
Mr. Zain Ibrahim Member
Mr. Hasan Sheikh Member
Dr. Asadul Hadi Siddiqui Member
Claim Settlement Committee:
Mr. Arshad Iqbal Member
Dr. Ammara Moazzum Member
Mr. Sajjad Hussain Member
Reinsurance & Co-insurance Committee:
Mr. Mohammad Ali Ahmed Member
Mr. Raza Hasan Member
Mr. Ali Qureshi Member

Risk Management & Compliance Committee:

Mr. Mohammed Ali Ahmed Member
Mr. S. Shahid Abbas Member
Mr. Ali Qureshi Member
Mr. Abdul Mujeeb Member
Mr. Hasan Jivani Member
19. The Board has formed the following Board Committees.
Ethics, Human Resource & Remuneration Committee:

Mrs. Rukhsana Shah Chairperson (Independent Director)
Mr. Rafique R. Bhimjee Member (Non-Executive Director)
Mr. Saifuddin N. Zoomkawala Member (Non-Executive Director)
Mr. Taher G. Sachak Member (Chief Executive Officer)
Investment Committee:
Mr. Rafique R. Bhimjee Chairman (Non-Executive Director)
Mr. Taher G. Sachak Member (Chief Executive Officer)
Mr. Hasanali Abdullah Member (Non-Executive Director)
Mr. Daanish Bhimjee Member (Non-Executive Director)
Mr. Omer Morshed Member (Appointed Actuary)
Mr. S. Shahid Abbas Member (Chief Financial Officer)
Mr. Mohammed Ali Ahmed Member (Deputy Managing Director)
Mr. Ali Qureshi Member (Actuary)
20. The Board has formed an Audit Committee. It comprises of six members, of whom two are independent
directors and four are non-executive directors. The chairman of the Committee is an independent director. The
composition of the Audit Committee is as follows:
Audit Committee:
Mr. Ruhail Muhammad Chairman (Independent Director)
Mrs. Rukhsana Shah Member (Independent Director)
Mr. Hasanali Abdullah Member (Non-Executive Director)
Mr. Daanish Bhimjee Member (Non-Executive Director)
Mr. Ali Raza Siddiqui Member (Non-Executive Director)

21. The terms of reference of the aforesaid committees have been formed, documented and advised to the
committee for compliance. The frequency of meeting of the committees were as follows:
Name of Committee Frequency

A Ethics, Human Resource & Remuneration Committee Twice a year
B Investment Committee Quarterly
C Audit Committee Quarterly
D Underwriting Committee Quarterly
E Claim Settlement Committee Quarterly
F Reinsurance & Co-insurance Committee Quarterly
G Risk Management & Compliance Committee Quarterly
22. The Quarterly meetings of audit Committee were held prior to approval of interim and final results of the
Company and as required by the Code.
23. The Board has set up an effective internal audit department which comprises of suitably qualified and experienced
staff for the purpose and are conversant with the policies and procedures of the Company and are involved
in the internal audit function on a regular basis.
24. The Chief Executive Officer, Chief Financial Officer, Compliance Officer and the Head of Internal Audit possess
such qualification and experience as is required under the Code. The Appointed Actuary of the Company also
meets the conditions as laid down in the said Code. Moreover, the persons heading the underwriting, claim,
reinsurance, risk management and grievance functions / departments possess qualification and experience of
direct relevance to their respective functions, as required under section 12 of the Insurance Ordinance, 2000
(Ordinance No. XXXIX of 2000):
Name of the Person Designation

Mr. Taher G. Sachak Chief Executive Officer
Mr. Mohammed Ali Ahmed Deputy Managing Director
Mr. S. Shahid Abbas Chief Financial Officer
Mr. Hasan Jivani Company Secretary &
Compliance Officer
Mr. Mohammad Abbas Head of Internal Audit
Mr. Zain Ibrahim Head of Underwriting
Dr. Ammara Moazzum Head of Claims
Mr. Ali Qureshi Head of Actuary / Reinsurance
Mr. Abdul Mujeed Head of Risk Management
Mr. Arshad Iqbal Head of Grievance Dept.
25. The statutory auditors of the Company have been appointed from the panel of auditors approved by the
Commission in terms of section 48 of the Insurance Ordinance, 2000 (Ordinance No. XXXIX of 2000). The
statutory auditors of the Company have confirmed that they have been given a satisfactory rating under the
quality control review program of the Institute of Chartered Accountants of Pakistan, that they or any of the
partners of the firm, their spouses and minor children do not hold shares of the insurer and that the firm and
all its partners are in compliance with International Federation of Accountants (IFAC) guidelines on code of
ethics as adopted by Institute of Chartered Accountants of Pakistan and that they and the partners of the firm
involved in the audit are not a close relative (spouse, parent, dependent and non-dependent children) of the
Chief Executive Officer, Chief Financial Officer, Head of Internal Audit, Company Secretary or Directors of the
Company.
26. The statutory auditors or the persons associated with them have not been appointed to provide other services
except in accordance with the listing regulations and the auditors have confirmed that they have observed IFAC
guidelines in this regard.
27. The Appointed Actuary of the Company has confirmed that he or his spouse and minor children do not hold
shares of the Company.

28. The Board ensures that the Appointed Actuary complies with the requirements set out for him in the Code.
29. The Board ensures that the investment policy of the Company has been drawn up in accordance with the
provisions of the Code.
30. The Board ensures that the risk management system of the Company is in place as per the requirement of the
Code.
31. The Company has set up a risk management function / department, which carries out its tasks as covered under
the Code.
32. The Board ensures that as part of the risk management system, the Company gets rated from VIS credit rating
agency which is being used by its risk management function / department and the respective Committee as a
risk monitoring tool. The rating assigned by the said rating agency on 02 January 2023 is AA+ with stable
outlook.
33. The Board has set up a grievance department/function, which fully complies with the requirements of the Code.
34. All directors of the company have acquired certification under the Director's training program.
35. The Company has not obtained any exemption from the Securities and Exchange Commission of Pakistan in
respect of the requirements of the Code.
36. We confirm that all other material principles contained in the Code of Corporate Governance for Insurers, 2016
have been complied with.
37. We confirm that all requirements no. 3, 6, 7, 8, 27, 32, 33 and 36 of the Listed Companies (CCG) Regulations,
2019 have been complied with.
Regulation 6: The Board of the Company comprises of ten elected directors and one-third works out to be 3.33.
Presently, three (3) independent directors were elected by the shareholders in terms of Section 166 of the Companies
Act, 2017, which have requisite competencies, skills, knowledge, and experience to discharge and execute their
duties competently as per laws and regulations under which, hereby, fulfill the requirements; not warrant the
appointment of a forth independent director.

Chief Executive

Independent Auditor’s Review Report on the Statement of Compliance

contained in the Code of Corporate Governance for Insurers, 2016 and
Listed Companies (Code of Corporate Governance) Regulations, 2019
We have reviewed the enclosed Statement of Compliance with the Code of Corporate of Governance for Insurers,
2016 and the Listed Companies (Code of Corporate Governance) Regulations, 2019 (combined called 'the Code')
prepared by the Board of Directors of EFU Life Assurance Limited (the Company) for the year ended 31 December
2022 in accordance with the requirements of the Code.
The responsibility for compliance with the Code is that of the Board of Directors of the Company. Our responsibility
is to review whether the Statement of Compliance reflects the status of the Company's compliance with the
provisions of the Code and report if it does not and to highlight any non-compliance with the requirements of the
Code. A review is limited primarily to inquiries of the Company's personnel and review of various documents
prepared by the Company to comply with the Code.
As a part of our audit of the financial statements we are required to obtain an understanding of the accounting
and internal control systems sufficient to plan the audit and develop an effective audit approach. We are not required
to consider whether the Board of Directors' statement on internal control covers all risks and controls or to form
an opinion on the effectiveness of such internal controls, the Company's corporate governance procedures and
risks.
The Code require the Company to place before the Audit Committee, and upon recommendation of the Audit
Committee, place before the Board of Directors for their review and approval, its related party transactions. We
are only required and have ensured compliance of this requirement to the extent of the approval of the related
party transactions by the Board of Directors upon recommendation of the Audit Committee.
Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance
does not appropriately reflect the Company's compliance, in all material respects, with the requirements contained
in the Code as applicable to the Company for the year ended 31 December 2022.
EY Ford Rhodes
Karachi 06 March, 2023
UDIN: CR202210191WnxSavBNp

Independent Auditor's Report

To the members of EFU Life Assurance Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the annexed financial statements of EFU Life Assurance Limited, which comprise the statement of
financial position as at 31 December 2022, and the statement of comprehensive income , the statement of changes
in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including
a summary of significant accounting policies and other explanatory information and we state that we have obtained
all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes
of the audit.
In our opinion and to the best of our information and according to the explanations given to us, the statement of
financial position, the statement of comprehensive income, the statement of changes in equity and statement of
cash flows together with the notes forming part thereof conform with the accounting and reporting standards as
applicable in Pakistan and give the information required by the Insurance Ordinance, 2000 and the Companies Act,
2017 (XIX of 2017), in the manner so required and respectively give a true and fair view of the state of Company's
affairs as at 31 December 2022 and of the profit and other comprehensive loss, the changes in equity and its cash
flows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan. Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants as adopted by the Institute of
Chartered Accountants of Pakistan (the Code) and we have fulfilled our other ethical responsibilities in accordance
with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Emphasis of Matter
We draw attention to note 26.2 to the accompanying financial statements which describe that the Company has
challenged the scope and applicability of provincial sales tax on services on premium from the life insurance business
in provincial High Courts.
Our opinion is not modified in respect of the above matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements for the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.

Following are the key audit matters:
S.No. Key audit matters How the matters were addressed in our audit
1 Insurance Liabilities Our procedures in respect of this matter included the

following:
The Company's insurance liabilities represent
97% of its total liabilities. We considered this • Obtained an understanding, assessed the design and
area a key audit matter as valuation of insurance
tested the operating effectiveness of controls
/ takaful contract liabilities involve significant
established for unit linked business for allocation and
judgment, actuarial assumptions such as;
mortality, persistency, morbidity, investment surrender of units and calculation of net asset value
returns, expense levels and inflation, and the per unit;
use of methods adopted for actuarial valuations. • Assessed the adequacy of net asset value of allocated
units of unit linked business, by applying the net asset
Refer to note 20 to financial statements relating value per unit to the total number of units outstanding
to insurance liabilities. at the year end;
• Reviewed the report submitted by the Appointed
Actuary to the Board of Directors of the Company
in respect of the Policy Holder Liabilities and the
related methods and assumptions used for this purpose
and the comments on the solvency margins.
• Tested the accuracy and completeness of the
underlying data utilized for the purposes of
measurement of insurance liabilities by reference to
its source.
• Used an external specialist to assist us in reviewing
the general principles, actuarial assumptions and
methods adopted for actuarial valuations by the
appointed actuary of the Company as well as the
computations of Policy Holder Liabilities.
• Assessed the relevant disclosures made in the financial
statements to determine whether these complied
with the accounting and reporting standards as
applicable in Pakistan.
2 Existence, Valuation and impairment of Our procedures in respect of this matter included the
investments following:
Refer to note 8 to 12 to financial statements • We obtained an understanding of Company's process
and the accounting policies in note 3.12 and over acquisition, disposals and periodic valuation of
3.17 for investments. investment portfolio and evaluated / tested controls
in those areas for the purpose of our audit.
The Company's investment portfolio comprises
of government debt securities, equity securities, • We tested the valuation of investments, on sample
other fixed income securities and term deposits. basis, by agreeing the prices with quoted marked
yields obtained from Reuters for Government securities,
We identified the existence, valuation and prices quoted on Pakistan Stock Exchange for equity
impairment of investments as key audit matter securities and prices quoted by Mutual Funds
because of the significance of investments in Association of Pakistan for other debt securities;
context of the total asset size of the Company.

S.No. Key audit matters How the matters were addressed in our audit
• We performed substantive audit procedures on year-

end balances of investment portfolios including review
of custodian's statement, related reconciliations and
re-performance of investment valuations.
• We assessed the appropriateness of impairment in
the value of available for sale securities in accordance
with the requirements of the applicable financial
reporting standards.
• Assessed the relevant disclosures made in the financial
statements to determine whether these complied
with the accounting and reporting standards as
applicable in Pakistan.
Information Other than the Financial Statements and Auditor's Report Thereon
Management is responsible for the other information. The other information comprises the information included in
the annual report, but does not include the financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of Management and Board of Directors for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
the accounting and reporting standards as applicable in Pakistan and the requirements of Insurance Ordinance, 2000
and Companies Act, 2017 (XIX of 2017) and for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Board of directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs as applicable in Pakistan will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgement and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with the board of directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide the board of directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on Other Legal and Regulatory Requirement
Based on our audit, we further report that in our opinion:
a) proper books of account have been kept by the Company as required by the Insurance Ordinance, 2000 and the
Companies Act, 2017 (XIX of 2017);
b) the statement of financial position, the statement of comprehensive income, the statement of changes in equity
and the statement of cash flows together with the notes thereon have been drawn up in conformity with the
Insurance Ordinance, 2000, the Companies Act, 2017 (XIX of 2017), and are in agreement with the books of
account;
c) apportionment of assets, liabilities, revenue and expenses between two or more funds has been performed in
accordance with the advice of the appointed actuary;

d) investments made, expenditure incurred and guarantees extended during the year were for the purpose of the
company's business; and
e) zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the
company and deposited in the Central Zakat Fund established under section 7 of that Ordinance.
Other matter
The annual financial statements of the Company for the year ended 31 December 2021 were audited by another
firm of Chartered Accountants, whose audit report date 01 March 2022 expressed an unmodified opinion on the
aforementioned financial statements.
The engagement partner on the audit resulting in this independent auditor's report is Arslan Khalid.
EY Ford Rhodes
Karachi 06 March, 2023
UDIN Number: AR202210191r17WL5MFu

Statement of Financial Position

As At 31 December 2022
(Rupees ‘000)
31 December 31 December
Note 2022 2021
Assets
Properties and equipments 5 2 450 476 2 494 333
Right of use assets 6 567 419 569 603
Intangible assets 7 3 416 18 376
Investments
Equity securities 8 20 182 751 31 864 098
Government securities 9 121 329 577 87 322 252
Debt securities 10 8 303 339 5 884 825
Term deposits 11 14 426 429 24 376 429
Open-ended mutual funds 12 391 083 1 454 576
Insurance / reinsurance receivables 13 719 040 457 120
Other loans and receivables 14 4 325 031 2 706 179
Taxation - payments less provision 1 106 954 1 289 170
Prepayments 15 149 186 134 869
Cash and bank 16 4 558 867 4 608 125
Total Assets 178 513 568 163 179 955
Equity and Liabilities
Authorised share capital
[150,000,000 ordinary shares (2021: 150,000,000) of Rs.10 each] 17 1 500 000 1 500 000
Ordinary share capital [100,000,000 ordinary shares (2021:100,000,000) of Rs.10 each] 17 1 000 000 1 000 000
Retained earnings arising from business other than participating business
attributable to shareholders (Ledger account D) 18 2 161 554 2 100 521
General reserves 19 1 980 000 2 100 000
Surplus on revaluation of available for sale investments - net of tax 11 457 33 404
Unappropriated profit 1 195 539 944 454
Total Equity 6 348 550 6 178 379
Liabilities
Insurance liabilities 20 166 382 685 151 757 625
Deferred taxation 21 1 068 468 884 797
Premium received in advance 1 202 333 1 148 292
Insurance / reinsurance payables 22 363 890 76 238
Lease liabilities 23 671 657 649 581
Other creditors and accruals 24 2 475 985 2 485 043
5 782 333 5 243 951
Total Liabilities 172 165 018 157 001 576
Total Equity and Liabilities 178 513 568 163 179 955
Contingency(ies) and commitment(s) 26
The annexed notes 1 to 48 form an integral part of these financial statements.
TAHER G. SACHAK SYED SHAHID ABBAS SAIFUDDIN N. ZOOMKAWALA HASANALI ABDULLAH RAFIQUE R. BHIMJEE
Managing Director & Chief Financial Director Director Chairman
Chief Executive Officer

Statement of Profit and Loss Account

For The Year Ended 31 December 2022
(Rupees ‘000)
Note 2022 2021
Premium / contribution revenue 39 564 664 37 406 876

Premium / retakaful ceded to reinsurers ( 1 093 373 ) ( 1 056 377 )
Net premium / contribution revenue 27 38 471 291 36 350 499
Investment income 28 19 211 061 11 869 292

Net realised fair value gains on financial assets 29 207 791 2 179 495
Net fair value losses on financial assets at fair value through profit or loss 30 ( 4 978 573 ) ( 6 667 971 )
Other income 31 94 326 98 075
14 534 605 7 478 891
Net income 53 005 896 43 829 390
Insurance benefits 26 336 083 23 818 672

Recoveries from reinsurers ( 827 407 ) ( 812 055 )
Claims related expenses 7 993 13 391
Net insurance benefits 32 25 516 669 23 020 008
Net change in insurance liabilities (other than outstanding claims) 14 167 035 8 430 692
Acquisition expenses 33 7 895 558 7 905 778
Marketing and administration expenses 34 2 542 101 2 289 458
Other expenses 35 42 426 41 786
Total expenses 24 647 120 18 667 714
Profit before tax (Refer note below) 2 842 107 2 141 668
Income tax expense 36 ( 1 149 989 ) ( 633 471 )
Profit after tax for the year 1 692 118 1 508 197
(Rupees)
Earnings per share - Rupees 37 16.92 15.08
Note:
Profit before tax is inclusive of the amount of the profit before tax of the shareholders' fund, the surplus transfer from the revenue account of
the statutory funds to the shareholders' fund based on the advice of the appointed actuary, and the undistributed surplus in the revenue account
of the statutory funds which also includes the solvency margins maintained in accordance with the Insurance Rules, 2017. For details of the surplus
transfer from the revenue account of the statutory funds to the shareholders' fund aggregating to Rs. 2,416 million (2021: Rs.1,773 million),
please refer to note 40, relating to segmental information - revenue account by statutory fund.

Statement of Comprehensive Income

(Rupees ‘000)
2022 2021
Profit after tax for the year- as per statement of profit and loss account 1 692 118 1 508 197
Other comprehensive income:
Items that may be reclassified to profit and loss account in subsequent periods:
Change in unrealised losses on available-for-sale financial assets ( 39 493 ) ( 28 443 )

Reclassification adjustment relating to available-for-sale investments sold during the year 9 546 21 532
( 29 947 ) ( 6 911 )
Related deferred tax 8 001 2 004
Other comprehensive loss for the year - net of tax ( 21 946 ) ( 4 907 )
Total comprehensive income for the year 1 670 172 1 503 290

Cash Flow Statement

(Rupees ‘000)
Note 2022 2021
Operating cash flows

a ) Underwriting activities
Insurance premium / contribution received 39 803 396 37 352 384
Reinsurance premium / retakaful contribution paid ( 934 034 ) ( 1 347 995 )
Claims paid ( 26 196 312 ) ( 24 094 181 )
Reinsurance and other recoveries received 827 407 812 055
Commission paid ( 4 719 014 ) ( 5 037 891 )
Marketing and administrative expenses paid ( 2 542 101 ) ( 2 289 458 )
Other acquisition cost paid ( 3 671 459 ) ( 2 717 670 )
Net cash flow from underwriting activities 2 567 883 2 677 244
b ) Other operating activities
Income tax paid ( 776 103 ) ( 985 417 )
Other operating payments ( 531 381 ) 6 179
Loans advanced ( 463 038 ) ( 245 106 )
Loans repayments received 490 180 224 720
Net cash flow from other operating activities ( 1 280 342 ) ( 999 624 )
Total cash flow from all operating activities 1 287 541 1 677 620
Investment activities
Profit / return received 15 984 622 9 776 682
Dividends received 2 617 266 2 208 534
Payments for investments ( 94 717 983 ) ( 92 869 330 )
Proceed from disposal of investments 66 778 748 85 810 268
Fixed capital expenditure ( 361 456 ) ( 441 291 )
Proceeds from sale of property and equipment 92 970 83 833
Total cash flow from investing activities ( 9 605 833 ) 4 568 696
Dividends paid ( 1 500 000 ) ( 1 500 000 )
Payment against lease liability ( 180 966 ) ( 158 853 )
Total cash flow from financing activities ( 1 680 966 ) ( 1 658 853 )
Net cash flow from all activities ( 9 999 258 ) 4 587 463
Cash and cash equivalents at beginning of the year 28 984 554 24 397 091
Cash and cash equivalents at end of the year 16.2 18 985 296 28 984 554
Reconciliation to statement of profit and loss account
Operating cash flows 1 287 541 1 677 620
Depreciation expense ( 354 612 ) ( 343 038 )
Depreciation on right of use assets ( 150 094 ) ( 136 191 )
Amortization expense ( 14 960 ) ( 20 866 )
Profit on disposal of property and equipment 42 269 37 058
Other revenue 28 295 32 744
Profit on lease termination 5 755 11 797
Finance cost on lease liabilities ( 60 887 ) ( 51 734 )
Profit on disposal of investments 207 791 2 179 495
Dividend income 2 608 486 2 194 606
Other investment income 17 004 416 9 821 187
Depreciation in market value of investments ( 4 416 119 ) ( 6 056 000 )
Provision of impairment in the value of available for sale equity investments ( 19 961 ) ( 19 929 )
Increase in assets other than cash 626 604 681 973
Increase in liabilities ( 15 102 406 ) ( 8 500 525 )
Profit after tax for the year 1 692 118 1 508 197

Statement of Changes in Equity

(Rupees ‘000)
Attributable to the equity holders' of the Company
Retained earnings
arising from Surplus /
business other deficit on
Share General than participating revaluation Unappropriated
business Total
Capital Reserve attributable to of available Profit
shareholders for sale
(ledger account investment
D)-net of tax* net of tax
Balance as at 1 January 2021 1 000 000 2 000 000 1 973 336 38 311 1 163 442 6 175 089
Comprehensive income for the year ended
31 December 2021
Income for the year ended 31 December 2021 – – 174 426 – 1 333 771 1 508 197
Other comprehensive loss – – – ( 4 907 ) – ( 4 907 )
Total income / (loss) for the year ended 31 December 2021 – – 174 426 ( 4 907 ) 1 333 771 1 503 290
Contribution to increase solvency margin – – ( 47 241 ) – 47 241 –
Transfer to General Reserve – 100 000 – – ( 100 000 ) –
Transactions with shareholders
Dividend for the year ended 31 December 2020 – – – – ( 1 050 000 ) ( 1 050 000 )
Interim Dividend - 1st Quarter 2021 – – – – ( 150 000 ) ( 150 000 )
Interim Dividend - 2nd Quarter 2021 – – – – ( 150 000 ) ( 150 000 )
Interim Dividend - 3rd Quarter 2021 – – – – ( 150 000 ) ( 150 000 )
– – – – ( 1 500 000 ) ( 1 500 000 )
Balance as at 31 December 2021 1 000 000 2 100 000 2 100 521 33 404 944 454 6 178 379
Balance as at 1 January 2022 1 000 000 2 100 000 2 100 521 33 404 944 454 6 178 379
Comprehensive income for the year ended
31 December 2022
Income for the year ended 31 December 2022 – – 59 272 – 1 632 846 1 692 118
Other comprehensive loss – – – ( 21 947 ) – ( 21 947 )
Total income / (loss) for the year ended 31 December 2022 – – 59 272 ( 21 947 ) 1 632 846 1 670 171
Contribution to increase solvency margin – – 1 761 – ( 1 761 ) –
Transfer from general reserve – ( 120 000 ) – – 120 000 –
Transactions with shareholders
Dividend for the year ended 31 December 2021 – – – – ( 1 050 000 ) ( 1 050 000 )
Interim Dividend - 1st Quarter 2022 – – – – ( 150 000 ) ( 150 000 )
Interim Dividend - 2nd Quarter 2022 – – – – ( 150 000 ) ( 150 000 )
Interim Dividend - 3rd Quarter 2022 – – – – ( 150 000 ) ( 150 000 )
– – – – ( 1 500 000 ) ( 1 500 000 )
Balance as at 31 December 2022 1 000 000 1 980 000 2 161 554 11 457 1 195 539 6 348 550
*This include balances maintained in accordance with the requirements of section 35 of the Insurance Ordinance, 2000 read with rule 14 of
the Insurance Rules, 2017 to meet solvency margins, which are mandatorily maintained for the carrying on of the life insurance business.

Notes to and forming part of the Financial Statements

1 LEGAL STATUS AND NATURE OF BUSINESS

1.1 EFU Life Assurance Limited (the Company) was incorporated in Pakistan on 09 August 1992 as a public limited
company under the Repealed Companies Ordinance, 1984 (now Companies Act, 2017) and started its operation
from 18 November 1992. The shares of the Company are quoted on Pakistan Stock Exchange. The registered office
of the Company is located at Al-Malik Centre, 70W, F-7/ G-7 Jinnah Avenue, Islamabad while principal place of
business is located at EFU Life House, Plot No.112, 8th East street, Phase 1, DHA, Karachi.
1.2 The Company is a subsidiary of EFU General Insurance Limited on the basis of its ability to control the composition
of the Board of Directors of EFU Life Assurance Limited effective 31 March 2018.
1.3 The Company is engaged in life insurance business including ordinary life business, pension fund business and
accident and health business and has established following statutory funds, as required by the Insurance Ordinance,
2000:
– Investment Linked Business (includes individual life business)
– Conventional Business (includes group life and individual life businesses)
– Pension Business (unit linked)*
– Accident and Health Business
– Family Takaful Investment Linked Business (Refer note 1.4)
– Family Takaful Protection Business (Refer note 1.4)
* The Company had discontinued pension business and accordingly no new business has been written under
this fund.
1.4 The Company was granted authorisation on 19 January 2015 under Rule 6 of the Takaful Rules, 2012 to undertake
Takaful Window Operation in respect of family takaful products by Securities and Exchange Commission of Pakistan
(SECP) and subsequently the Company commenced Window Takaful Operations on 6 February 2015 under the
brand name "Hemayah". For the purpose of carrying on takaful business, the Company has formed a Waqf namely
EFU Life - Window Family Takaful Limited Waqf (here-in-after referred to as the Participant Takaful Fund (PTF)) on
6 February 2015 under a Waqf deed executed by the Company with a cede amount of Rs. 2 million. The cede
money is required to be invested in shariah compliant investments and any profit thereon can be utilized only to
pay benefits to participants or defray PTF expenses. Waqf deed also governs the relationship of the Company and
policyholders for the management of Takaful operations, investment of policyholders' funds and shareholders' funds
as approved by the shariah advisor appointed by the Company.
2 BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
2.1 These financial statements have been prepared on the format of financial statements issued by the Securities and
Exchange Commission of Pakistan (SECP) through the Insurance Rules, 2017 vide its S.R.O. 89(1) / 2017 dated 09
February 2017.
2.2 These financial statements have been prepared in accordance with the accounting and reporting standards as
applicable in Pakistan. The accounting and reporting standards comprise of:
– International Financial Reporting Standard (IFRS), issued by the International Accounting Standards Board (IASB)
as are notified under the Companies Act, 2017;
– Provisions of and directives issued under the Companies Act, 2017 and Insurance Ordinance, 2000, Insurance
Rules, 2017, Insurance Accounting Regulations, 2017 and Takaful Rules, 2012; and
– Islamic Financial Accounting Standards (IFAS) (as a lease) issued by the Institute of Chartered Accountants of
Pakistan, as are notified under the Companies Act, 2017.
In case requirements differ, the provisions or directives of the Companies Act, 2017, the Insurance Ordinance, 2000,
the Insurance Rules, 2017, the Insurance Accounting Regulations, 2017 and the Takaful Rules 2012 shall prevail.
2.3 Basis of measurement
These financial statements have been prepared under the historical cost convention, except for certain investments
which are stated at their fair values.

2.4 Functional and presentation currency

These financial statements are presented in Pakistani Rupees, which is the Company's functional and presentation
currency. All financial information presented in Pakistani Rupees has been rounded to the nearest thousand.
2.5 Standards, interpretations and amendments effective during the current year
The Company has adopted the accounting standards, interpretations and amendments of IFRSs and the improvements
to accounting standards which became effective for the current year, however they do not have an impact on the
Company’s financial statements.
2.6 Standards, interpretations and amendments to approved accounting standards that are not yet effective
Following IFRS as notified under the Companies Act, 2017 and the amendments thereto will be effective for future
accounting periods and not early adopted:
Amendments Effective date (annual
periods beginning
on or after)
Classification of Liabilities as Current or Non-current - Amendments to IAS 1 1 January 2023
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
Amendment to IFRS 10 and IAS 28 Not yet finalized
Definition of Accounting Estimates - Amendments to IAS 8 1 January 2023
Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice
Statement 2 1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction –
Amendments to IAS 12 1 January 2023
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 1 January 2024
Further, following new standards have been issued by IASB which are yet to be notified by the SECP for the purpose
of applicability in Pakistan.
Standards Effective date (annual
periods beginning
on or after)
IFRS 1 - First-time Adoption of International Financial Reporting Standards 1 January 2024
IFRS 17 - Insurance Contracts 1 January 2023

The company has taken a benefit of temporary exemption of applying IFRS 9 “Financial Instrument” with IFRS 17
“Insurance Contracts” as allowed under IFRS.
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted in the preparation of these financial statements are consistent with those of the
previous financial year.
3.1 Property and equipment
These are stated at cost less accumulated depreciation and accumulated impairment loss, if any.
Depreciation is calculated so as to write off the depreciable amount of the assets over their expected useful lives
at the rates specified in note 5 to the financial statements, after taking into account residual value, if any. The useful
lives, residual values and depreciation methods are reviewed and adjusted, if appropriate, at each balance sheet
date.
Depreciation on additions is charged from the quarter in which an asset is available for use while no depreciation
is charged for the quarter in which asset is disposed off.

Subsequent cost are included in the assets carrying amount or recognised as separate asset, as appropriate, only
when it is possible that the future economic benefit associated with the item will flow to the Company and the
cost of the item can be measured reliably. Revenue expenditures are charged to statement of profit and loss account.
An item of fixed asset is derecognised upon disposal or when no future economic benefits are expected from its
use or disposal. Gain and losses on disposal, if any, of assets are included in statement of profit and loss account.
The carrying value of tangible fixed assets is reviewed for impairment when events or changes in circumstances
indicate that this carrying value may not be recoverable. If any such indications exist and where the carrying values
exceed the estimated recoverable amounts, the assets are written down to their recoverable amount.
3.2 Leases
A contract is, or contains a lease if the contract conveys a right to control the use of an identified asset for a period
of time in exchange for consideration. The Company mainly lease properties for its operations and recognises a right
of use asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost,
and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain
remeasurements of the lease liability. The right of use asset is depreciated using the straight line method from the
commencement date to the earlier of end of the useful life of the right of use asset or end of lease term. The
estimated useful lives of assets are determined on the same basis as that for owned assets. In addition, the right
of use asset is periodically reduced by impairment losses, if any.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the incremental borrowing rate of the Company. The lease liability is subsequently increased
by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a
change in future lease payments arising from a change in an index or rate, a change in assessment of whether
extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
The Company has elected not to recognise right of use assets and lease liabilities for short term and low value assets.
The lease payments associated with these leases are recognised as an expense on a straight line basis over the lease
term.
3.3 Intangible assets
These are stated at cost less accumulated amortisation and any impairment in value. Amortisation on intangible
fixed assets is charged to statement of profit and loss account applying the straight line method at the rates specified
in note 7 to the financial statements after taking into account residual value, if any.
Amortisation is charged from the quarter the assets are available for use and no amortisation is charged for the
quarter in which the asset is disposed off. The useful life and amortisation method is reviewed, and adjusted if
appropriate, at each balance sheet date.
The carrying values of intangible fixed assets are reviewed for impairment when events or changes in circumstances
indicate that this carrying value may not be recoverable, if any such indication exists and where the carrying values
exceed the estimated recoverable amount, the assets are written down to their recoverable amount.
3.4 Insurance contracts
Classification
The Company currently issues contracts that are classified as insurance and takaful contracts as they transfer significant
insurance risk (against death, disability and sickness) from the policyholder to the Company. All contracts which
include an investment element are unit-linked contracts linked to unit linked funds.
The Company classifies its business into individual life and group life businesses, in both cases the form of contract
consisting of main plans and supplementary riders (which are generally optional).
Individual life business mainly consists of unit-linked products and conventional protection products, in both cases
with optional supplementary riders which generally provide protection only. Group life business consists primarily
of protection products and a relatively small number of unit-linked policies.

3.5 Contract details and measurement

The insurance contracts offered by the Company are described below:
Individual life policies
These consist of the following types of policies:
(a) Unit-linked products
These are medium to long term unit-linked plans designed to address a variety of future policyholder needs, such
as retirement planning, education planning for children, marriage planning for children, life protection and
investments and savings for future. Premiums received from policyholders and after deduction of specified charges
including risk charges, are invested in unit linked funds of the Company. The basic plan contains life cover over
and above the unit value, with additional protection (for death, disability and sickness) being provided through
the addition of optional riders.
(b) Conventional protection products
Two types of products are offered under Individual life conventional business, these being medium to long term
contracts with level premiums being paid over the policy period. The Company offers a standard term life
assurance product that offers protection in event of death as well as a decreasing term life assurance policy that
covers outstanding loan balances.
(c) Family takaful investment linked products
These are medium to long term unit-linked plans operated through Window Takaful Operations of the Company.
The Company offers unit-linked takaful plans which provide shariah compliant financial protection and investment
vehicle to individual participants. These plans carry cash value, and offer investment choices to the participants
to direct their investment related contributions based on their risk / return objectives. The investment risk is borne
by the participants.
(d) Accident and health products
These consist of long term and short term accident and health products providing cover against accidental death,
disability, sickness and critical illness, offered both as long term as well as yearly renewable plans.
(e) Other supplementary benefits
The Company also offers a variety of supplementary benefits attached with main plans including additional term
life assurance, income benefits, critical illness, sickness and accidental death and disability related benefits.
Group life and group family takaful protection policies
Nature of contracts:
Company’s group life and group takaful business consists of one year term life contracts which provide coverage,
in the event of death or disability, to:
– employees of a common employer, benefits payable under these contracts being either fixed, in case of death,
or linked to the extent of loss incurred by the policyholder, in case of disability;
– customers of financial institutions, the contracts being issued to financial institutions to protect their customers’
outstanding loan balances, such as on personal loan, mortgages and credit cards.
Unit linked group life policies are similar in nature to individual life unit linked products.
3.6 Policyholders' liability
Policyholders' liabilities are stated at a value determined by the appointed actuary through an actuarial valuation
carried out as at each balance sheet date. In determining the value, both acquired policy values (which forms the
bulk of policyholders' liabilities) as well as estimated values which will be payable against risks which the Company
underwrites are taken into account. The bases used are applied consistently from year to year.

The basic liability consists of the estimated actuarial liability against each contract which is in force. To this are added:
a) The cash value of policies which have lapsed over the last two years and where the liability would be reinstated
in case of the policy being revived; and
b) A reserve for potential losses on a policy by policy basis.
3.7 Reinsurance contracts held
The Company has entered into reinsurance / retakaful (hereinafter referred to as “reinsurance”) arrangements, for
both its individual and group businesses, in order to manage risks associated with the frequency and severity of
claims. These arrangements include cover under treaties as well as on a facultative basis. The terms of reinsurance
treaties vary by the type of business, the objective being to maintain a reasonable risk profile suiting the risk appetite
and overall exposure to adverse movements in mortality or morbidity.
Primarily, reinsurance assets are amounts due from reinsurers with respect to recoveries under claims and profit
commission. Reinsurance recoveries are measured according to the terms and conditions of the reinsurance contracts.
Reinsurance liabilities consist of amounts due to reinsurers on account of reinsurance premiums due which are
measured according to the terms of the arrangements.
3.8 Receivables and payables related to insurance contracts
Receivables and payables are recognised when due. These include amount due to and from agents and policyholders.
3.9 Operating segments
A business segment is a group of assets and operations engaged in providing products or services that are subject
to risks and returns that are different from those of other business segments. The Company accounts for segment
reporting using the classes or sub classes of business (statutory funds) as specified under the Insurance Ordinance,
2000 and Insurance Rules, 2017 under regulatory accounts.
Based on its classification of Insurance contracts issued, the Company has six business segments for reporting
purposes namely investment linked business, conventional business, pension business, accident and health business,
family takaful investment linked business and family takaful protection business.
3.10 Cash and Cash equivalents
For the purpose of cash flow statement, cash and cash equivalents include the following:
– Cash at bank in current and saving accounts;
– Policy stamps in hand;
– Term deposits receipts with original maturity upto three months; and
– Certificate of investments with original maturity upto three months.
3.11 Revenue recognition
– First year individual life premiums / contributions are recognised once the related policies have been issued and
the premium is received. Renewal premiums are recognised upon receipt of premium provided the policy is still
in force. Single premiums are recognised once the related policies are issued against the receipts of premium.
– Group life premiums are recognised when due. A provision for unearned premiums is included in the policyholders'
liabilities.
– Interest / profit on bank deposits is recognised on time proportion basis, using effective interest rate method
– Fixed income securities are recorded on a time proportion basis using effective interest rate method.
– Dividend income is recognised when right to receive such dividend is established.
3.11.1 Experience refund of premium payable to policyholders except for individual life unit linked is included in outstanding
claims.
3.11.2 Reinsurance expense is recognised as a liability in accordance with the treaty arrangement of reinsurers.

3.12 Investments
All investments are initially recognised at cost, being the fair value of the consideration given and include transaction
costs. All purchase and sale of investments that require delivery within the required time frame established by
regulations or market convention are accounted for at the trade date. Trade date is the date when the Company
commits to purchase or sell the investments. Subsequently the investments are classified as follows:
– In equity securities
Fair value through profit or loss
Investments in equity securities relating to units assigned to policies of investment linked business, pension business
and Family takaful investment linked business are subsequently measured at their fair values and the difference is
charged to statement of profit and loss account under the heading 'Fair value through profit or loss'.
Available for sale
Investment related to non-unit linked fund subsequently measured at fair value and the difference is charged to
statement of comprehensive income under the heading 'Available for sale'.
– In debt securities
Held-to-maturity
Investment classified as held-to-maturity are subsequently measured at amortized cost less impairment, if any, taking
into account any discount and premium on acquisition, using the effective rate of interest method.
Investments in debt securities relating to units assigned to policies of investment linked business, pension business
and family takaful investment linked business are subsequently measured at their fair values and the difference is
charged to statement of profit and loss account.
– In term deposits
It represents investment in term deposits with banks held for short term usually less than 12 months.
– In mutual funds
Investments in mutual funds relating to units assigned to policies of investment linked business, pension business
and family takaful investment linked business are subsequently measured at their fair values and the difference is
taken to statement of profit and loss account.
Available for sale
Investment related to non - unit linked fund subsequently measured at fair value and the difference is charged to
statement of comprehensive income under the heading 'Available for sale'.
– Fair / market value measurements
For investments in government securities, fair / market value is determined by reference to quotations obtained from
Reuters page (PKRV) / (PKISRV) where applicable. For investments in quoted marketable securities, other than Term
Finance Certificates, fair / market value is determined by reference to Stock Exchange quoted market price at the
close of business on balance sheet date. The fair market value of term finance certificates is as per the rates issued
by the Mutual Funds Association of Pakistan (MUFAP).
3.13 Off - setting of financial assets and liabilities
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet, if the Company
has a legally enforceable right to set off and the Company intends either to settle the assets and liabilities on a net
basis or to realize the asset and settle the liability simultaneously.
3.14 Provisions
Provisions are recognised when the Company has a legal or constructive obligation as a result of a past event, and
it is probable that outflow of resources embodying economic benefits will be required to settle the obligation and
a reliable estimate can be made of the amount of obligation.

3.15 Taxation
Current
Provision of current tax is based on the taxable income for the year determined in accordance with the Income Tax
Ordinance, 2001. The charge for current tax is calculated using prevailing tax rates or tax rates expected to apply
to the profit for the year, if enacted. The charge for current tax also includes adjustments, where considered
necessary, to provision for tax made in previous years arising from assessments finalised during the current year for
such years.
Deferred
Deferred tax is accounted for using the balance sheet liability method in respect of all temporary differences at the
balance sheet date between the tax bases and carrying amounts of assets and liabilities for financial reporting
purposes. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible
temporary differences, unused tax losses and tax credits can be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset
is realized or the liability is settled, based on the tax rates (and tax laws) that have been enacted or substantively
enacted at the balance sheet date. Deferred tax is charged or credited in the statement of profit and loss account
and the statement of comprehensive income.
3.16 Employees' retirement benefits - defined contribution plans
3.16.1 The Company operates a contributory provident fund for all eligible employees to which equal monthly contributions
at the rate of 8.33% of basic salary are made by both the Company and the employees. The contributions are
recognised as employee benefit expense when they are due.
3.16.2 The Company also operate an approved funded contributory pension scheme for all eligible employees, whereby,
fixed monthly contributions at the rate of 10% of the basic salary are made by the Company and the employees
also have an option to contribute in the fund at the rate of 5%. At the time of cessation of employment / retirement,
employees are paid in full for their contribution, whereas, Company's contribution accumulated in the fund is paid
to employees over the period of time in accordance with the rules of the fund.
3.17 Impairment
A financial asset is assessed at each financial statement date to determine whether there is any objective evidence
that it is impaired. A financial asset is considered to be impaired if there is objective evidence that one or more
events have had a negative effect on the estimated future cash flows of that asset.
If a decline in fair value is significant or prolonged, then there is objective evidence of impairment, regardless of
how long management intends to hold the investment.
The carrying amount of non-financial assets is reviewed at each financial statement date to determine whether there
is any indication of impairment of any asset or a group of assets. If such indication exists, the recoverable amount
of such asset is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value
less costs to sell. An impairment loss is recognized if the carrying amount of an asset exceeds its estimated recoverable
amount.
All impairment losses are recognized in the profit and loss account. Provisions for impairment are reviewed at each
financial statement date and are adjusted to reflect the current best estimates. Changes in the provisions are
recognized as income or expense.
3.18 Dividends and other appropriations
Cash dividend to shareholders is recognised as liability in the period in which it is approved. Similarly all other
appropriations other than those required by law including reserve for issue of bonus shares are recognised in the
period in which they are approved.
3.19 Reinsurance assets
Reinsurance contracts entered into by the Company with reinsurers for compensation of losses suffered on insurance
contracts issued. Claim recoveries receivable from the reinsurers are recognised at the same time as the claim which
give rise to the right of recovery and are measured at the amount expected to be recovered.

Reinsurance assets represent balances due from reinsurance companies which are stated on the basis of amounts
receivable under the respective contract after considering any impairment in the value of such assets.
3.20 Statutory funds
The Company maintains statutory funds for all classes of life insurance business. Assets, liabilities, revenues and
expenses are recorded in respective funds, if referable, or, on the basis of actuarial advice if not referable. Other
assets, liabilities, revenues and expenses are allocated to shareholders' fund. Policyholders' liabilities have been
included in statutory funds on the basis of the actuarial valuation carried out by the appointed actuary of the
Company on the balance sheet date as required by Section 50 of the Insurance Ordinance, 2000. A capital transfer
provided to statutory funds by the shareholders’ fund is recorded as a reduction in the shareholders’ equity. Changes
in the amount of capital contributed to statutory funds is recorded by the shareholders' funds directly in equity.
3.21 Provision for outstanding claims
A liability for outstanding claims is recognised in respect of all claims incurred up to the balance sheet date, except
for accident and health claims which are recognised as soon as reliable estimates of the claim amount can be made.
Claims where intimation of the event giving rise to the claim is received or in respect of investment linked business
when the policy ceases to participate in the earnings of the statutory fund are reported as claims in the revenue
account. The liability for claims incurred but not reported at the year end is determined by the appointed actuary
and are included in the policyholders' liabilities. Experience refund of premium calculated by appointed actuary is
included in outstanding claims. Experience refund of premium receivable from reinsurers is included in the reinsurance
recoveries of claim.
3.22 Acquisition costs
These are costs incurred in acquiring insurance policies, maintaining such policies, and include without limitation
all forms of remuneration paid to insurance agents.
Commissions and other expenses are recognised as an expense in the earlier of the financial year in which they are
paid and financial year in which they become due and payable, except that commission and other expenses which
are directly referable to the acquisition or renewal of specific contracts are recognised not later than the period in
which the premium to which they refer is recognised as revenue.
3.23 Foreign currency transactions
3.23.1 Functional and presentation currency
These financial statements are presented in Pakistan Rupees, which is the Company’s functional and presentation
currency.
3.23.2 Foreign currency translations
Foreign currency transactions during the year are recorded at the exchange rates approximating those ruling on the
date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange
which approximate those prevailing on the balance sheet date. Gain and losses on translation are taken into statement
of profit and loss account currently. Non monetary - items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rates as at the dates of the initial transactions. Non - monetary items
measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value
was determined.
3.23.3 Financial Instruments
Financial assets and financial liabilities are recognised at the time when the Company becomes a party to the
contractual provisions of the instrument. Financial assets are derecognised when the contractual right to future cash
flows from the asset expire or is transferred along with the risk and reward of the ownership of the asset. Financial
liabilities are derecognised when obligation specified in the contract is discharged, cancelled or expired. Any gain
or loss on derecognition of the financial asset and liabilities is recognised in the statement of profit and loss account
of the current year.
3.24 Significant accounting policies - Window family takaful operations
3.24.1 Takaful contracts
The takaful contracts are based on the principles of Wakala Waqf Model. Takaful is a program based on shariah
compliant, approved concept founded on the principles of mutual cooperation, solidarity and brotherhood.

The obligation of Waqf for Waqf participants' liabilities is limited to the amount available in the Waqf fund. In the
event where there is insufficient funds in Waqf to meet their current payments less receipts, the deficit is funded
by way of an interest free loan (Qard-e-Hasna) from the operator sub fund to participant takaful fund and group
family takaful. The amount of Qard-e-Hasna is refundable to the operator sub fund.
Technical reserves are stated at a value determined by the appointed actuary through an actuarial valuation carried
out as at each balance sheet date, in accordance with section 50 of the Insurance Ordinance, 2000.
3.24.2 Group takaful
The group family takaful contracts are issued typically on yearly renewable term basis. The Company offers group
term life and group credit plans to its participants.
3.24.3 Individual takaful contracts unit-linked
The Company offers unit-linked takaful plans which provide shariah compliant financial protection and investment
vehicle to individual participants contribution received from policyholders, after deducting specific charges and
takaful donations, are invested in unit linked funds of the Company.
The basic plan contains family takaful cover over and above the unit value with additional protection.
3.24.4 Retakaful
These contracts are entered into by the Company with retakaful operator under which the retakaful operator cedes
the takaful risk assumed during normal course of its business and according to which the Waqf is compensated
for losses on contract issued by it are classified as retakaful contracts held.
Retakaful contribution
Retakaful contribution is recorded at the time the retakaful is ceded.
Retakaful expenses
Retakaful expenses are recognised as a liability in accordance with the pattern of recognition of related contribution.
Retakaful assets and liabilities
Retakaful assets represent balances due from retakaful operators. Recoverable amounts are estimated in a manner
consistent with the associated retakaful treaties.
Retakaful liabilities represent balances due to retakaful operators. Amounts payable are calculated in a manner
Retakaful assets are not offset against related retakaful liabilities. Income or expenses from retakaful contract are
not offset against expenses or income from related retakaful contracts as required by Insurance Ordinance, 2000.
Retakaful assets and liabilities are derecognised when the contractual rights are extinguished or expired.
3.24.5 Business segment - Window family takaful operation
The Company has two primary business segment for reporting purposes; family takaful investment linked business
and family takaful protection business.
a) The family takaful investment linked business segments provides family takaful coverage to individuals under
unit - linked policies issued by the participants' takaful fund.
b) The family takaful protection business segment provides family takaful coverage to member of business enterprises,
corporate entities and common interest groups under group family takaful scheme operated by the Company.
3.24.6 Takaful operator's fee
The shareholders of the Company manage the family takaful operations for the participants and act as Wakeel of
the Waqf fund. The Company is entitled for the wakala fee for the management of takaful operation under Waqf
fund to meet its general and administrative expenses.
The window takaful operator is also entitled for Wakalt-ul-Istismar fee as it manages participant investment fund.
The window takaful operator is also entitled for mudarib fee as it manages participant takaful fund.

3.24.7 Revenue recognition

Individual first year contribution are recognised once the related policies have been issued and the contribution
received. Renewal contribution are recognised upon receipt of contribution provided the policy is still in force.
Individual single contribution are recognised once the related policies are issued against the receipts of contribution.
Group contribution are recognised when due. A provision for unearned contribution is included in the policyholders'
liabilities.
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of unconsolidated financial statements in conformity with approved accounting standards requires
management to make judgments, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses.
The judgments, estimates and assumptions are based on historical experience, current trends and various other
factors that are believed to be reasonable under the circumstances, the results of which form the basis of making
the estimates about carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision
affects only that period or in the revision and future periods if the revision affects both current and future periods.
In particular, the matters involving a higher degree of judgment or complexity, or areas where assumptions and
estimates are significant to the unconsolidated financial statements are:
Note
- Property and equipment 3.1
- Lease liabilities 3.2
- Policyholders' liabilities and underlying actuarial assumptions 3.6
- Impairment 3.17
- Taxation 3.15
- Provisions 3.14
- Intangibles 3.30
Change in assumptions
Conventional business / Family takaful protection business
Expected Loss Ratio (ELR) assumptions being used for IBNR claim reserve pertaining to conventional group life business
have been revised to provide for possible decrease in incidence of reporting of claims. Furthermore, the methodology
for third quarter have been moved from Chain Ladder (CL) to ELR.
In the process of applying the Company’s accounting policies, management has made the following estimates and
judgments which are significant to the financial statements:

5. PROPERTY AND EQUIPMENT

(Rupees ‘000)
31 December 2022
Cost Depreciation
As at As at As at Charge As at Written Depreciation
01 Jan 31 Dec 01 Jan for the On 31 Dec down value Rate
2022 Additions Disposals 2022 2022 year Disposal 2022 31 Dec 2022 %
Leasehold land 126 505 – – 126 505 – – – – 126 505 –

Building 1 366 819 – – 1 366 819 314 879 52 597 – 367 476 999 343 5
Office equipment 377 644 20 506 ( 2 654 ) 395 496 159 851 22 850 ( 1 656 ) 181 045 214 451 10
Computers 566 998 59 622 ( 5 273 ) 621 347 294 238 94 138 ( 4 417 ) 383 959 237 388 30
Furniture and fixture 303 730 13 742 ( 74 ) 317 398 128 651 18 470 ( 71 ) 147 050 170 348 10
Leasehold improvement 421 295 41 650 – 462 945 284 575 47 537 – 332 112 130 833 –
Vehicles 935 772 225 936 ( 119 961 ) 1 041 747 422 236 119 020 ( 71 117 ) 470 139 571 608 20
Total 4 098 763 361 456 ( 127 962 ) 4 332 257 1 604 430 354 612 ( 77 261 ) 1 881 781 2 450 476
(Rupees ‘000)
31 December 2021
Cost Depreciation
As at As at As at Charge As at Written Depreciation
Leasehold land 126 505 – – 126 505 – – – – 126 505 –

Building 1 366 819 – – 1 366 819 260 597 54 282 – 314 879 1 051 940 5
Office equipment 363 483 15 532 ( 1 371 ) 377 644 137 432 23 232 ( 813 ) 159 851 217 793 10
Computers 364 208 206 395 ( 3 605 ) 566 998 221 819 75 671 ( 3 252 ) 294 238 272 760 30
Furniture and fixture 286 227 17 503 – 303 730 110 551 18 100 – 128 651 175 079 10
Leasehold improvement 362 539 58 756 – 421 295 231 650 52 925 – 284 575 136 720 –
Vehicles 892 008 142 563 ( 98 799 ) 935 772 356 342 118 829 ( 52 935 ) 422 236 513 536 20
Total 3 761 789 440 749 ( 103 775 ) 4 098 763 1 318 391 343 039 ( 57 000 ) 1 604 430 2 494 333
5.1 The market value of leasehold land and building is estimated at Rs. 4,542 million as at 31 December 2022. The
valuations have been carried out by independent valuer.
5.2 Disposal of fixed assets (Rupees ‘000)
Original Accumulated Book Sale Gain / (Loss) Mode of Particulars of

Cost Depreciation Value Proceeds on Sale Disposal Buyer
Vehicles 678 563 115 460 345 Negotiation Mr. Rameez Employee
Vehicles 1 039 863 176 775 599 Negotiation Mr. Tanveer Haider Employee
Vehicles 1 059 869 190 775 585 Negotiation Mr. Nayyer Hassnain Employee
Vehicles 2 231 1 810 421 1 950 1 529 Negotiation Mr. Rehman Fayyaz Employee
Vehicles 1 824 1 461 363 – (363) Company Policy Mr. M. Faisal Employee
Vehicles 688 551 137 600 463 Negotiation Miss Rukhsana Asif Employee
Vehicles 688 551 137 550 413 Negotiation Mr. Amir Nisar Employee
Vehicles 688 542 146 550 404 Negotiation Mr. Ramiz Maher Employee
Vehicles 688 535 153 550 397 Negotiation Mr. Rafi Malik Employee
Vehicles 688 550 138 637 499 Negotiation Mr. Safdar Hussain Employee
Vehicles 673 614 59 475 416 Negotiation Mr. Gul Nazar Employee
Vehicles 683 574 109 460 351 Negotiation Mr. M. Ashfaque Khan Employee
Vehicles 683 580 103 425 322 Negotiation Mr. Saad Aslam Employee
Vehicles 683 580 103 425 322 Negotiation Mr. Sajjad Barcha Employee
Vehicles 1 824 1 458 366 1 900 1 534 Negotiation Mr. Zahoor Ahmed Employee
Vehicles 1 271 1 016 255 1 000 745 Negotiation Mr. Muzaffar Ali Employee

(Rupees ‘000)
Vehicles 693 519 174 550 376 Negotiation Mr. Syed Fahad Ali Employee
Vehicles 693 519 174 575 401 Negotiation Miss. Sadia Akram Employee
Vehicles 693 500 193 575 382 Negotiation Mr. Majid Aziz Employee
Vehicles 1 117 821 296 1 000 704 Negotiation Mr. M. Saeed Employee
Vehicles 1 114 835 279 1 000 721 Negotiation Mr. Shoukat Ali Employee
Vehicles 1 114 835 279 1 000 721 Negotiation Mr. Faisal Tahir Employee
Vehicles 1 347 991 356 1 275 919 Negotiation Mr. Asad Ahmed Khan Employee
Vehicles 3 633 2 722 911 1 300 389 Negotiation Mr. Imtiaz Hussain Employee
Vehicles 3 633 2 722 911 1 300 389 Negotiation Mr. Ali Rizwan Employee
Vehicles 703 483 220 516 296 Negotiation Mr. Javaid Amin Employee
Vehicles 1 377 946 431 1 400 969 Negotiation Mr. Syed Arif Raza Employee
Vehicles 1 270 849 421 1 403 982 Negotiation Dr. Ammara Moazzum Employee
Vehicles 713 514 199 600 401 Negotiation Mr. Abid Hussain Employee
Vehicles 2 438 1 719 719 – (719) Company Policy Mr. Shamsuddin Sh. (Late) Employee
Vehicles 1 069 714 355 1 169 814 Negotiation Mr. Furqan Ahmed Employee
Vehicles 2 363 1 664 699 2 600 1 901 Negotiation Mr. Fayyaz Mehmood Tahir Employee
Vehicles 1 295 841 454 1 260 806 Negotiation Mr. Abuzer Gilani Employee
Vehicles 703 458 245 650 405 Negotiation Mr. Haroon Iftikhar Employee
Vehicles 1 327 934 393 1 400 1 007 Negotiation Mr. Abdul Wahab Sh Employee
Vehicles 2 438 1 584 854 2 600 1 746 Negotiation Mr. Ali Asghar Khandwala Employee
Vehicles 1 894 1 231 663 1 800 1 137 Negotiation Mr. M. Hasan Employee
Vehicles 1 270 717 553 969 416 Negotiation Mr. Abbas Hussain Employee
Vehicles 2 093 1 075 1 018 1 709 691 Negotiation Mr. Syed Athar Shah Employee
Vehicles 2 756 1 550 1 206 1 755 549 Negotiation Mr. Sikandar Arshad Employee
Vehicles 2 229 1 307 922 1 751 829 Negotiation Mr. Ghulam Haider Mohsin Employee
Vehicles 2 304 1 351 953 1 384 431 Negotiation Mr. Babar Mehmood Employee
Vehicles 1 406 593 813 1 241 428 Negotiation Mrs. Ambreen Azmat Employee
Vehicles 1 620 684 936 1 284 348 Negotiation Mr. Asif Akhtar Employee
Vehicles 1 406 545 861 1 241 380 Negotiation Mr. Nafees Ul Haq Employee
Vehicles 1 406 545 861 1 247 386 Negotiation Mr. Shahan Khan Employee
Vehicles 3 750 1 320 2 430 3 300 870 Negotiation Miss. Nilofer Sohail Employee
Vehicles 2 525 889 1 636 2 100 464 Negotiation Mr. Irfan Junejo Employee
Vehicles 1 638 836 802 1 295 493 Negotiation Mr. Suneel Kumar Employee
Vehicles 1 531 823 708 1 155 447 Negotiation Mr. Khalid Mehmood Employee
Vehicles 1 691 863 828 1 395 567 Negotiation Mr. Shahzad Hanif Employee
Vehicles 1 691 863 828 1 217 389 Negotiation Mrs. Laraib Fawad Employee
Vehicles 1 391 814 577 1 092 515 Negotiation Mr. Imad Ali Qureshi Employee
Vehicles 1 270 743 527 953 426 Negotiation Mr. Ahmer Hassan Employee
Vehicles 1 203 704 499 953 454 Negotiation Mr. Sheikh Irfan Zafar Employee
Vehicles 1 421 764 657 1 125 468 Negotiation Mr. Bheero Mal Employee
Vehicles 1 618 870 748 1 037 289 Negotiation Mr. Burhan Zahid Employee
Vehicles 4 090 2 088 2 002 3 408 1 406 Negotiation Mr. Ashfaque Ahmed Employee
Vehicles 1 721 832 889 1 331 442 Negotiation Mr. Jibran Masood Employee
Vehicles 1 721 878 843 989 146 Negotiation Mr. M. Hanif Raza Employee
Vehicles 742 468 274 648 374 Negotiation Mr. Adbul Rasool Sajwani Employee
Vehicles 795 484 311 950 639 Negotiation Mr. Haider Shah External
Vehicles 795 465 330 557 227 Negotiation Mr. Abbas Zaidi Employee
Vehicles 1 671 940 731 921 190 Negotiation Mr. Imran Saleem Employee
Vehicles 1 541 902 639 1 050 411 Negotiation Mr. Muzaffar Bhugio Employee
Vehicles 1 743 980 763 1 173 410 Negotiation Mr. Asadul Hadi Employee
Vehicles 1 880 1 057 823 1 418 595 Negotiation Mr. Kashif Khan Employee
Vehicles 2 729 1 157 1 572 2 322 750 Negotiation Mr. Mohd Abbas Employee
Vehicles 1 498 635 863 1 305 442 Negotiation Miss. Farah Mushtaq Employee
Vehicles 1 491 761 730 1 100 370 Negotiation Mr. Adnan Gul Employee
Vehicles 1 786 757 1 029 1 492 463 Negotiation Mr. Nasir Feroz Employee
Vehicles 2 124 901 1 223 1 797 574 Negotiation Mr. Rizwan Bukhari Employee
Vehicles 2 679 1 290 1 389 2 277 888 Negotiation Mr. Hassan Shaikh Employee

(Rupees ‘000)

Vehicles 1 721 779 942 1 338 396 Negotiation Miss. Mariam Ahmed Employee
Vehicles 846 432 414 330 ( 84 ) Negotiation Mr. Adeel Ahmed Employee
Vehicles 1 540 697 843 1 341 498 Negotiation Mr. Shahzad Ahmed Employee
Vehicles 2 914 1 240 1 674 2 316 642 Negotiation Mr. Sajjad Hussain Employee
Assets having written down value less

than Rs.50 000
Office Equipment 2 654 1 656 998 948 ( 50 ) Various
Furniture and fixture 74 71 3 26 23
Computer 5 273 4 417 856 225 ( 631 ) Various
127 962 77 261 50 701 92 970 42 269
103 775 57 000 46 775 83 833 37 058
6 Right of use Asset (Rupees ‘000)
31 December 2022
Cost Depreciation
As at As at As at Charge As at Written
01 Jan 31 Dec 01 Jan for the On 31 Dec down value
2022 Additions Disposals 2022 2022 year Disposals 2022 31 Dec 2022
Right of use asset 957 205 176 823 ( 31 028 ) 1 103 000 387 602 150 094 ( 2 115 ) 535 581 567 419
31 December 2021
Cost Depreciation
As at As at As at Charge As at Written
01 Jan 31 Dec 01 Jan for the On 31 Dec down value
2021 Additions Disposals 2021 2021 year Disposal 2021 31 Dec 2021
Right of use asset 696 217 305 323 ( 44 335 ) 957 205 255 406 136 191 ( 3 995 ) 387 602 569 603
7. INTANGIBLE ASSETS (Rupees ‘000)

31 December 2022
Cost Accumulated Amortization
As at As at As at Charge As at Written Amortization
2022 Additions Disposals 2022 2022 year Disposals 2022 31 Dec 2022 %
Computer software 155 342 – – 155 342 136 966 14 960 – 151 926 3 416 33
31 December 2021
Cost Accumulated Amortization
As at As at As at Charge As at Written Amortization
Computer software 154 800 542 – 155 342 116 100 20 866 – 136 966 18 376 33

7.1 Fully amortised intangible assets
Depreci- Depreci- Depreci- Depreci-

ation ation ation ation Total Book
Type Cost 2019 2020 2021 2022 Depreciation value
Intangible Asset 28 186 868 9 395 9 395 8 528 28 186 –
8. INVESTMENT IN EQUITY SECURITIES

(Rupees ‘000)
Note 2022 2021
Available for Sale 8.1 107 134 199 711

At fair value through profit or loss (Designated - upon initial recognition) 8.2 20 075 617 31 664 387
20 182 751 31 864 098
8.1 Available for sale (Rupees in ‘000)

31 December 2022 31 December 2021
Impairment / Carrying Impairment / Carrying
Note Cost (Provision) Value Cost (Provision) Value
Related parties
Listed shares 8.3 & 8.4 204 222 ( 180 052 ) 24 170 204 222 ( 166 433 ) 37 789
Others
Listed shares 8.3 81 703 ( 20 932 ) 60 771 146 351 ( 28 110 ) 118 241
Unlisted shares 8.3 8.6 & 8.7 15 711 ( 15 203 ) 508 16 008 ( 15 500 ) 508
Surplus on revaluation – – 21 685 – – 43 173
301 636 ( 216 187 ) 107 134 366 581 ( 210 043 ) 199 711
8.2 Fair Value through Profit and Loss

(Designated - upon initial recognition)
Related parties
Listed shares 8.5 476 556 – 496 431 480 640 – 596 852
Others
Listed shares 23 979 659 – 19 579 186 31 623 510 – 31 067 535
24 456 215 – 20 075 617 32 104 150 – 31 664 387
(Rupees ‘000)
8.3 Reconciliation of provision for impairment 2022 2021
Balance at the beginning of the year 210 043 235 404
(Reversal ) for impairment on available for sale investments 6 144 ( 25 361 )
Balance at the end of the year 216 187 210 043

8.4 Listed equities include investment in Jahangir Siddiqui and Company Limited (Associated Company) representing
0.258% of the issued capital of the Associated Company. The Company’s holding at year end is 2,362,702 out
of which 214,302 are held on behalf of Policyholders.
8.5 Listed equities include investment in EFU General Insurance Limited (the Holding Company) at carrying value of
Rs. 432.99 million on behalf of Policyholders (2021: Rs. 491.5 million) representing 2.34% (2021: 2.34%) of the
issued capital of the EFU General Insurance Limited.
8.6 This represents investment in ordinary shares of Security General Insurance Company Limited. The breakup value
of each ordinary share of Rs. 10 is Rs. 246.33 based on the audited annual financial statements available for the
year ended December 31, 2021. The Company's holding as at the year end is 0.67% (number of shares: 457,038)
[(2021: 0.67%) (number of shares: 457,038)]. The Chief Executive Officer of Security General Insurance Company
Limited is Mr. Farrukh Aleem.
8.7 This represents investment in ordinary shares of Planet N (Private) Limited. The breakup value of each ordinary share
of Rs. 10 is Rs. 15.6 based on the latest audited financial statements available for the year ended 30 June 2022.
The Company's holding as at the year end is 0.38% (number of shares: 75,811) [(2021: 0.28%) (number of shares:
50,191)]. The Chief Executive Officer of Planet N (Private) Limited is Mr. Nadeem Hussain.
(Rupees ‘000)
9. GOVERNMENT SECURITIES
Note 2022 2021
Held to Maturity 9.1 9 189 216 7 903 248
Fair value through profit and loss (designated - upon initial recognition) 9.2 112 140 361 79 419 004
121 329 577 87 322 252
9.1 Held to Maturity (Rupees in ‘000)

31 December 2022
Maturity Effective Amortised Principal Carrying
Year Yield Cost Repayment Value
2 Years Pakistan Investment Bonds 2023 15.68 249 341 250 000 249 341
3 Years Pakistan Investment Bonds 2023 15.68 2 566 977 2 575 000 2 566 977
03 Months Treasury Bills 2023 15.5-17.00 2 773 377 2 862 000 2 773 377
06 Months Treasury Bills 2023 15.10-15.20 338 704 340 125 338 704
12 Months Treasury Bills 2023 15.60-16.77 2 108 093 2 369 100 2 108 093
05 years Government Ijara Sukuk 2025 8.37-15.48 290 585 289 628 290 585
05 years Government Ijara Sukuk 2027 15.69 29 497 29 498 29 497
10 Years Pakistan Energy Sukuk I 2029 16.80 190 820 197 160 190 820
10 Years Pakistan Energy Sukuk II 2030 15.76 451 598 452 700 451 598
9 189 216 9 558 911 9 189 216
Held to Maturity (Rupees in ‘000)

31 December 2021
02 years Pakistan Investment Bond 2023 9.25 298 908 300 000 298 908
03 years Pakistan Investment Bond 2022 11.42 3 795 519 3 835 000 3 795 519
06 months Treasury Bills 2022 11.00 248 040 250 000 248 040
03 years Government Ijara Sukuk 2025 6.27 290 101 289 628 290 101
10 Years Pakistan Energy Sukuk I 2029 8.05 193 004 197 160 193 004
10 Years Pakistan Energy Sukuk II 2030 7.25 452 141 452 700 452 141
7 903 248 7 968 188 7 903 248

9.2 Fair Value through profit or loss

(Designated - upon initial recognition) (Rupees in ‘000)
31 December 2022
3 Years Pakistan Investment Bonds 2023 17 74 754 75 000 74 460
03 months Treasury Bills 2023 15.66-16.90 7 057 822 7 193 000 7 059 117
05 years Government Ijara Sukuk 2025 14.44-15.63 1 828 036 1 830 211 1 822 868
10 years Pakistan Energy Sukuk I 2029 16.80 932 038 963 159 830 000
10 years Pakistan Energy Sukuk II 2030 15.76 50 178 50 300 50 000
113 403 106 119 357 564 112 140 361
Fair Value through profit or loss

(Designated - upon initial recognition) (Rupees in ‘000)
31 December 2021
06 months Treasury Bills 2022 7.46 236 834 250 000 236 804
03 years Government Ijara Sukuk 2025 5.95 4 391 465 4 389 744 4 353 455
10 years Pakistan Energy Sukuk I 2029 8.05 942 752 963 159 830 000
10 years Pakistan Energy Sukuk II 2030 7.25 50 238 50 300 50 000
80 016 058 80 469 703 79 419 004
9.3 Market value of government securities carried at amortized cost amounted to Rs. 9,120 million (2021: Rs. 7,844 million).
9.4 Government securities include Rs.115 million (2021: Rs. 115 million) placed with the State Bank of Pakistan, in accordance
with section 29 of the Insurance Ordinance, 2000.

(Rupees in ‘000)
10. INVESTMENT IN DEBT SECURITIES
Term Finance Certificates 5 586 539 – 5 586 539 2 992 793 – 2 992 793
Corporate Sukuks 1 682 051 ( 37 500 ) 1 644 551 2 519 532 ( 37 500 ) 2 482 032
Certificates of Investment 1 072 249 – 1 072 249 410 000 – 410 000
8 340 839 ( 37 500 ) 8 303 339 5 922 325 ( 37 500 ) 5 884 825
10.1 Term Finance Certificates

Fair Value through Profit or Loss (Rupees in ‘000)
No. of Certificates Carrying Amount
31 Dec 31 Dec Face 31 Dec 31 Dec
Maturity 2022 2021 Value 2022 2021
Others
Bank Alfalah 2024 100 000 100 000 5 462 573 464 463
TPL Trakker 2026 25 25 1 000 18 146 23 729
TPL Corporation 2027 200 – 100 20 000 –
Bank AL Habib Limited 2028 20 000 20 000 5 99 840 103 601
United Bank Limited 2029 250 000 250 000 5 1 250 000 1 250 000
Habib Bank Limited 2029 2 000 2 000 100 200 000 200 000
K-Electric Limited 2029 120 000 – 5 600 000 –
Askari Bank Limited 2030 100 100 1 000 100 980 101 000
Khushhali Microfinance Bank 2032 1 400 – 100 150 000 –
Bank of Punjab 2032 5 000 – 100 500 000 –
Bank AL Habib Limited 2032 40 000 40 000 5 200 000 200 000
Bank AL Habib 2032 77 000 – 5 385 000 –
Soneri Bank Limited Perpetual 10 000 10 000 5 50 000 50 000
Bank Alfalah Limited Perpetual 20 000 20 000 5 100 000 100 000
Bank AL Habib Limited Perpetual 40 000 – 5 200 000 –
Bank Alfalah Perpetual 100 000 – 5 500 000 –
Askari Bank Limited Perpetual 450 450 1 000 450 000 450 000
5 286 539 2 942 793
Related Party
Lucky Electric Power Company 2023 1 – 250 000 250 000 –
250 000 –
Held to maturity
Askari Bank Limited 2028 50 50 1 000 50 000 50 000
5 586 539 2 992 793
10.2 Corporate Sukuks
Fair Value through Profit or Loss
Others
Hascol Petroleum Limited * 2022 30 000 30 000 3 37 500 37 500
Byco Petroleum Pakistan Limited 2023 583 1 000 100 8 353 8 404
HUBCO 2023 50 000 3 500 7 177 048 362 651
Pakistan Services Limited 2027 250 250 1 000 207 506 230 562
Engro Polymer and Chemicals Limited 2026 – 2 050 – – 220 591
Neelum Jhelum Hydro Power
Company Limited 2026 12 500 12 500 100 491 329 721 806
TPL Corporation 2027 200 – 100 20 000 –
Dubai Islamic Bank Pakistan Limited 2028 20 000 20 000 5 100 000 100 000
Meezan Bank Limited Perpetual 100 000 500 5 500 000 500 000
Related Parties
K-Electric Limited – – 352 233 – – 177 703
Bank Islami Pakistan Limited 2030 28 063 28 063 5 140 315 140 315
1 682 051 2 499 532
Held to maturity
Engro Polymer and Chemicals Limited – – 200 – – 20 000
1 682 051 2 519 532

10.3 Certificates of investment

(Rupees in ‘000)
31 Dec 31 Dec Face 31 Dec 31 Dec
Maturity 2022 2021 Value 2022 2021
Pak Kuwait Investment Company 2023 2 1 200 000 400 000 150 000
First Habib Modarba Private Limited 2023 4 1 154 737 618 947 210 000
Pak Oman Company Limited 2023 1 1 53 302 53 302 50 000
1 072 249 410 000
10.4 *Reconciliation of provision
Provision for impairment in the value of investment – –
11. INVESTMENTS IN TERM DEPOSITS (Rupees ‘000)
2022 2021
Deposit maturing within 3 months 14 426 429 24 376 429
These have tenure of one to three months (2021: one to three month) and carry mark-up at the rate 13.50% to
16.25% (2021: 6.50% to 12.50% ) per annum and includes term deposit of Rs. 5.7 billion (2021: Rs. 5.7 billion) and
Rs. 2 billion (2021: Rs. 3.5 billion) held with JS Bank Limited and Bank Islami (Pakistan) Limited (related parties)
respectively, which carries a markup at the rate 13.5% to 15.7% (2021: 10.5%) and 15.25% (2021: 11%) respectively.
12. INVESTMENT IN OPEN ENDED MUTUAL FUNDS (Rupees ‘000)
Note 2022 2021
At fair value through profit or loss (Designated - upon initial recognition) 12.1 228 958 1 326 134
Available for Sale 12.2 162 125 128 442
391 083 1 454 576

12.1 At fair value through profit or loss Impairment / Carrying Impairment / Carrying
(Designated - upon initial recognition) Cost (Provision) Value Cost (Provision) Value
Related Parties
Mutual Funds 158 817 – 143 459 104 840 – 104 729
Others
Mutual Funds 74 062 – 85 499 1 070 455 – 1 221 405
232 879 – 228 958 1 175 295 – 1 326 134
12.2 Available for Sale
Related Parties
Mutual Funds 523 – 523 523 – 523
Others
Mutual Funds 183 034 ( 32 361 ) 150 673 127 075 ( 18 544 ) 108 531
Surplus on revaluation – – 10 929 – – 19 388
183 557 ( 32 361 ) 162 125 127 598 ( 18 544 ) 128 442

(Rupees ‘000)
Note 2022 2021
Reconciliation of provision for impairment
Provision for impairment on available for sale investments 13 817 7 790
13. INSURANCE / REINSURANCE RECEIVABLES

Due from insurance contract holders 381 831 248 223
Due from reinsurer 337 209 208 897
719 040 457 120
14. OTHER LOANS AND RECEIVABLES
Accrued investment income 3 106 259 2 066 950
Security deposits 56 014 52 956
Advance to supplier 553 604 73 545
Loans to agents 14.1 116 417 127 042
Loans to employees 14.1 77 432 102 388
Other receivables 415 305 283 298
4 325 031 2 706 179
14.1 This represent housing, vehicle and domestic purpose loans to employees and agents at the interest rate ranging
between 6% to 12% (2021: 6% to 10%) per annum. These loans are recoverable over a period of one to ten years
(2021: one to ten years) and are secured against cash value of policies, retirement benefit payable to respective
employees and security documents of property / vehicle.
15. PREPAYMENTS (Rupees ‘000)

Note 2022 2021
Prepaid Rent 24 030 33 314
Prepaid Miscellaneous Expenses 125 156 101 555
149 186 134 869
16. CASH AND BANK
Cash And Cash Equivalent
Cash In Hand 101 173
Policy & Revenue Stamps 267 2 707
Cash At Bank
Current Account 1 234 604 1 161 538
Savings Account 16.1 3 323 895 3 443 707
4 558 867 4 608 125
16.1 These carry mark-up ranging from 8.25% to 14.5% (2021: 5.45% to 8.75%) per annum and include balance of
Rs. 111.8 million (2021: Rs. 88.25 million) held with JS Bank Limited (a related party) and Rs. 1,443.5 million (2021:
1,073.67 million) held with BankIslami Pakistan Limited (a related party).
(Rupees ‘000)
2022 2021
16.2 Cash and cash equivalents for cash flow purpose comprise of the following:
Cash and others 368 2 880
Cash at bank 4 558 499 4 605 245
Term deposits maturing within three months 14 426 429 24 376 429
18 985 296 28 984 554

17. SHARE CAPITAL

(Rupees ‘000)
Authorised Capital
2022 2021 2022 2021
(Number of Shares)
150 000 000 150 000 000 Ordinary shares of Rs 10 each 1 500 000 1 500 000
Issued, subscribed and paid-up capital

2022 2021
2022 2021
(Number of Shares) Issued, subscribed and paid-up
15 000 000 15 000 000 Ordinary shares of Rs 10 each fully paid in cash 150 000 150 000
Ordinary shares of Rs 10 each issued as fully
85 000 000 85 000 000 paid bonus shares 850 000 850 000
100 000 000 100 000 000 1 000 000 1 000 000
17.1 As of balance sheet date 46,315,507 (2021: 45,703,907) ordinary shares of Rs. 10/- each were held by the Holding
Company.
17.2 Employees Stock Option Scheme
The Company's Employees Stock Option Scheme (ESOS) was duly approved by the Company's Shareholders in their
Annual General Meeting held on 5 April 2014. Under the ESOS, the Company shall grant share options to the
employees selected by the Board's Compensation Committee. The SECP has accordingly approved the ESOS vide
its Letter No.SMD/CIW/ESOS/01/2014 dated: 10 February 2017. The scheme is applicable from the year 2018. No
options were granted to employees as at 31 December 2022.
18. RETAINED EARNINGS ARISING FROM BUSINESS OTHER THAN (Rupees ‘000)
PARTICIPATING BUSINESS ATTRIBUTABLE TO
SHAREHOLDERS (LEDGER ACCOUNT D) 31 December 31 December
2022 2021
Opening balance 2 845 112 2 647 743
Contribution to / ( Withdrawl from ) solvency margin 1 761 ( 47 241 )
Change in solvency margin through statement of profit and loss account 241 753 244 610
3 088 626 2 845 112
Related deferred tax liability on:
Opening balance ( 744 591 ) ( 674 407 )
Charge to statement of profit and loss account ( 182 481 ) ( 70 184 )
Closing balance ( 927 072 ) ( 744 591 )
Net of tax 2 161 554 2 100 521
19. GENERAL RESERVES
General reserves 1 980 000 2 100 000
20. INSURANCE LIABLITIES
Reported outstanding claims 20.1 3 835 327 3 378 978
Incurred but not reported claims 20.2 1 185 211 880 319
Investment component of unit-linked and account value policies 20.3 158 534 057 145 791 909
Liabilities under individual conventional insurance contracts 20.4 962 770 989 072
Liabilities under group insurance contracts
(other than investment linked) 20.5 1 398 328 415 452
Participant takaful fund balance 20.6 466 992 301 895
166 382 685 151 757 625

(Rupees ‘000)
Note 2022 2021
20.1 Reported Outstanding Claims
Gross of Reinsurance
Payable within one year 3 331 484 2 873 458
Payable over a period of time exceeding one year 894 303 887 283
4 225 787 3 760 741
Recoverable from Reinsurers
Receivable over a period of time exceeding one year ( 390 460 ) ( 381 763 )
Net reported outstanding claims 3 835 327 3 378 978
20.2 Incurred but not Reported Claims
Gross of reinsurance 1 485 969 1 054 712
Reinsurance recoveries ( 300 758 ) ( 174 393 )
Net of reinsurance 1 185 211 880 319
20.3 Investment component of unit linked and account value policies
Investment component of unit linked policies 158 534 057 145 791 909
Investment component of account value policies – –
158 534 057 145 791 909
20.4 Liabilities under individual conventional insurance contracts
Gross of Reinsurance 1 187 321 1 197 514
Reinsurance Credit ( 224 551 ) ( 208 442 )
Net of Reinsurance 962 770 989 072
20.5 Liabilities under group insurance contracts (other than investment linked)
Gross of Reinsurance 1 550 978 532 869
Net of Reinsurance 1 398 328 415 452
20.6 Participant Takaful Fund Balance 466 992 301 895
20.7 Claim Development

20.7.1 For investment linked, conventional and accidental and health business, claim experience over the past 5 years
indicates that claims reported after the end of the year in which the claim event occurred were less than 10%
threshold therefore, the claim development table for all statutory funds is not disclosed.
20.7.2 For individual family takaful, claim experience over the past 5 years indicates that claims reported after the end
of the year in which the claim event occurred were less than 10% threshold therefore the claim development table
is not disclosed.
21. DEFERRED TAXATION (Rupees ‘000)

Note 2022 2021
Deferred credits arising due to:

- Property, plant and equipment 172 049 149 755
- IFRS 16 ( 36 298 ) ( 23 193 )
- Surplus on revaluation of available for sale investments 5 643 13 644
- Retained earnings ledger Account D 18 927 074 744 591
1 068 468 884 797

22. INSURANCE & REINSURANCE / RETAKAFUL PAYABLES

(Rupees ‘000)
2022 2021
Due to reinsurers / retakaful 363 890 76 238

23. LEASE LIABILITIES
Lease liabilities under IFRS 16 671 657 649 581
Current portion 141 402 114 707
Non-current portion 530 255 534 874
Finance cost on lease liabilities for the year ended 31 December 2022 was Rs. 60.9 million (31 December 2021: Rs. 51.73
million). Total cash outflow for lease during the year was Rs. 180.96 million (31 December 2021: Rs. 158.85 million).
(Rupees ‘000)
2022 2021
24. OTHER CREDITORS AND ACCRUALS
Amount due to agents 910 382 972 907
Accrued expenses 1 113 971 1 150 123
Unpaid dividend 11 9 988
Unclaimed dividend 67 872 51 884
Other creditors and accruals 383 749 300 141
2 475 985 2 485 043
25. RETIREMENT BENEFIT OBLIGATIONS

25.1 Provident Fund
The following information based on un - audited financial statements of the fund as at 31 December 2022:
(Rupees in ‘000)
Note 2022 % 2021 %

Size of the fund - total assets 678,468 – 627,747 –
Cost of investments 648,401 95.57 596,500 95.02
Fair value of investments 25.1.1 670,328 98.80 618,063 98.46
25.1.1 The breakup of fair value of investment in Provident Fund is as follows:

(Rupees in ‘000)
2022 % 2021 %
Government securities 534 871 79.79% 493 744 79.88%
Open end mutual fund 134 883 20.12% 123 534 19.99%
Shares 574 0.09% 785 0.13%
670 328 100% 618 063 100%
The above investments out of provident fund have been made in accordance with the requirement of Section 218 of
the Companies Act, 2017 and the rules formulated for this purpose.

25.2 Pension Fund

The following information based on un - audited financial statements of the fund as at 31 December 2022:
(Rupees in ‘000)
Note 2022 % 2021 %

Size of the fund - total assets 582 823 497 817
Cost of investments 567 406 97.35% 481 522 96.73
Fair value of investments 25.2.1 577 233 99.04% 495 576 99.6
25.2.1 The breakup of fair value of investment in pension fund is as follows:

(Rupees in ‘000)
2022 % 2021 %
Government securities 504 923 87.47 427 725 86.31
Open end mutual fund 72 137 12.5 67 581 13.64
Shares 173 0.03 270 0.05
577 233 100 495 576 100
26. CONTINGENCIES AND COMMITMENTS
26.1 The Income tax assessment of the Company for tax year 2022 has been finalized. In 2013, Income Tax Department imposed
an additional tax demand under section 151(1)(d) on account of non-deduction of withholding tax on surrender and maturity
amounting to Rs.13.833 million and Rs.15.014 million for Tax Years 2012 and 2013 respectively. The Company filed an appeal
before Commissioner Inland Revenue (Appeals) and the same was dismissed. The Company filed second appeal before the
Appellate Tribunal against the order of CIT. The Learned Appellate Tribunal Inland revenue had decided the case in Company's
favour. Subsequent to it, the department has filed review application against the order in Honourable Court of Sindh. The
decision is still pending. The Company expects a favourable decision.
In 2015 and 2016, The Searle Company Limited (Searle) issued bonus shares (76,031 shares and 342,480 shares respectively)
after withholding 5 percent of bonus shares (3,802 shares and 17,124 shares respectively) and the IBL Healthcare Limited
issued bonus shares (46,625 shares and 80,311 shares respectively) after withholding 5 percent of bonus shares (2,331 shares
and 4,016 shares respectively). In this regard, a constitutional petition had been filed by Searle in Sindh High Court challenging
the applicability of withholding tax provision on bonus shares received by the Company. The honorable high court decided
the case against Searle. Subsequently, Searle filed an appeal with a larger bench of the Sindh High Court and in response
the Sindh High Court has suspended the earlier judgment until the next date of hearing, which has not yet been decided.
The Company is of the view that the case will be decided in its favour. The amount involved is Rs. 3.279 million.
26.2 SRB through notification no. SRB-3-4/17/2021 dated 30th June 2021 has revoked its previous exemption of life insurance,
granted through SRB-3-4/5/2019 dated 8th May 2019, which is now taxable at a rate of 3%. However, exemption for health
insurance has been extended till 30 June 2023.

The Company, along with other life insurance industry players, based on the advice of its tax consultants filed petitions in
the Honorable High Courts of Lahore and Sindh, challenging the levy of Punjab Sales Tax (PST) and Sindh Sales Tax (SST) on
life insurance in Punjab and Sindh. The petitions were filed on the strength of legal advice that:
– Substantiating the Company's view that insurance is not a service, but in fact, in sum and substance, a contingent
contract under which payment is made on the occurrence of an event, specified in the terms of contract or policy;
– A question of constitutionality arose on the levy of provincial sales tax on life insurance, which in their view, was a
Federal subject, since the Federation has retained a legislative mandate over all laws relating to insurance under Entry
29 of the said List, therefore, only the Federation is entitled to levy any tax in relation to insurance business; and
– Without prejudice to the main contentions as stated above, even otherwise, the legal advisors had expressed a further
illegality that there is a critical flaw in the context of the manner in which the entire premium payment has been charged
to the levy of provincial sales tax. Even the component of the premium which is to form part of a policyholder’s investment
account is subjected to the levy.
The Honorable Lahore and Sindh High Courts have directed that no coercive measure will be taken until the next date of
hearing.
Further subsequent to filing petition, all the provincial tax authorities i.e. SRB, PRA and BRA called a meeting of the industry
representatives on 11 January 2020 in Karachi to discuss the matters relating to sales tax on premium. The matter was
discussed in details and it was agreed to form a joint committee of the industry representatives as well as from all the provincial
tax authorities. Further the committee formed met on 5 February 2020 in Lahore at PRA office to work out the way forward.
Thereafter, due to the COVID 19 situation and consequential lockdown, further meetings of the Joint committee are not
being held.
SRB through notification no. SRB-3-4/13/2020 dated 22 June 2020 exempted the life insurance services conditionally from
1 July 2019 to 30 June 2020 subject to e-depositing SST due, on such services for the tax periods from 1 July 2020 onward.
Further in Sindh, on June 29, 2020 SRB through another notification No SRB-3-4/18/2020 has amended the responsibility
of withholding agent rules requiring a Company also to withheld SST on Services of Life Insurance.
The Company with other life insurance companies has filed another petition in this regard in the Hon'ble Sindh High Court.
The Hon'ble SHC has directed that no coercive measure will be taken until the next date of hearing.
In continuation to the petition filed in Sindh High Court, a hearing was scheduled to be conducted during 2021, however
no hearing was held during the period amid rising cases due to the pandemic and annual vacations of the judges.
Furthermore, Khyber Pakhtunkhua Revenue Authority (KPRA) through Khyber Pakhtunkhua Finance Act 2021 has imposed
sales tax on life insurance at the rate of 15%, from 1st July 2021, which was previously exempt, for the reason of economic
documentation. The matter has been taken up by the IAP with KPRA explaining that 'Insurance' is a Federal subject, hence
law in respect of insurance should not be made by the province.

Based on the legal opinion obtained the Company considers that it has a reasonably strong case on the merits in the
Constitutional petition and the writ petition filed in the High Courts. In view of the above the Company has not started billing
or withholding sales tax to its customers. The amount of sales tax involved is around Rs. 2,626 million (2021: Rs. 1,815.81
million) computed on the basis of risk based premium excluding the investment amount allocated to unit linked policies. The
management contends that in case the administrative efforts fail, the amount will be charged to the policyholders.
26.3 Bank guarantees amounting to Rs. 55.94 million have been given in respect of Group Life coverage. These bank guarantees
will expire on 30 December 2023.
26.4 There were no capital commitments at the year end.

(Rupees ‘000)
Aggregate
2022 2021
27 NET INSURANCE PREMIUM / CONTRIBUTION REVENUE
Gross premium / contribution
Regular premium / contribution individual policies
First year 7 141 837 7 802 814
Second year renewal 5 379 251 4 518 080
Subsequent year renewal 21 070 949 20 441 147
Single premium / contribution individual policies 719 467 1 066 930
Group policies with cash values 28 046 35 818

Group policies without cash values 5 543 368 3 631 515
Provision for experience refund ( 318 254 ) ( 89 428 )
Total gross premium / contribution 39 564 664 37 406 876
Less: Reinsurance premium / retakaful
contribution ceded
On individual life first year business 70 079 86 392
On individual life second year business 50 311 49 318
On individual life renewal business 261 365 316 726
On group policies 909 206 694 781
Less: Experience refund from reinsurers ( 168 477 ) ( 55 758 )
Less: Reinsurance commission on risk premium ( 29 111 ) ( 35 082 )
Total reinsurance premium / retakaful
contribution ceded 1 093 373 1 056 377
Net premium / contribution 38 471 291 36 350 499

(Rupees ‘000)
Aggregate
2022 2021
28 INVESTMENT INCOME
Income from equity securities
At fair value through profit or loss
(Designated upon initial recognition)
Dividend income 2 598 137 2 185 323
Available for sale
Dividend income 19 129 23 211
Income from debt securities
At fair value through profit or loss
(Designated upon initial recognition)
Return on debt securities 1 311 007 821 912
On government securities 12 117 748 6 665 655
Held to maturity
On government securities 661 393 622 540
On debt securities 137 576 157 880
Income from term deposits
Return on term deposits 2 366 071 1 392 771
19 211 061 11 869 292
29 NET REALISED FAIR VALUE GAINS ON FINANCIAL ASSETS
Available for sale
Realised gains on:
– Equity securities 1 341 672 4 043 415
– Government securities 456 808 5 651
Realised losses on:
– Equity securities ( 1 590 689 ) ( 1 869 571 )
207 791 2 179 495
30 NET FAIR VALUE LOSSES ON FINANCIAL ASSETS
AT FAIR VALUE THROUGH PROFIT OR LOSS - UNREALISED
Net unrealised losses on investments in financial assets
– Government securities and debt securities (fair value through
profit or loss designated upon initial recognition) ( 916 821 ) ( 1 702 349 )
Net unrealised losses on investments at fair value through profit or loss
(designated upon initial recognition) - Equity securities ( 4 094 575 ) ( 4 966 311 )
Investment loss ( 5 011 396 ) ( 6 668 660 )
Exchange gain 52 938 22 261
Provision of impairment in value of available for sale securities ( 19 961 ) ( 19 929 )
Less: Investment related expenses ( 154 ) ( 1 643 )
( 4 978 573 ) ( 6 667 971 )
31 OTHER INCOME
Gain on sale of fixed assets 42 269 37 058
Return on loans to employees 28 295 32 744
Fees charged to policyholders 17 961 16 463
Gain on sale of early termination of lease contracts' 5 755 11 797
Other income 46 13
94 326 98 075

(Rupees ‘000)
Aggregate
2022 2021
32 NET INSURANCE BENEFITS
Gross claims
Claims under individual policies
by death 1 276 886 1 346 255
by insured event other than death 20 222 13 895
by maturity 3 778 505 3 702 138
by surrender 18 674 308 15 960 126
Total gross individual policy claims 23 749 921 21 022 414
Claims under group policies
by death 2 407 134 2 631 111
by maturity 1 651 208
by surrender 30 530 69 397
Total gross group claims 2 586 162 2 796 258
Total gross claims 26 336 083 23 818 672
Less: Reinsurance / retakaful recoveries
On individual life claims 202 433 173 413
On group life claims 624 974 638 642
Total reinsurance / retakaful recoveries 827 407 812 055
Add: Claims related expenses 7 993 13 391
Net insurance benefit 25 516 669 23 020 008
32.1 Statement of Age wise Break up of Unclaimed Insurance Benefits

as on 31 December 2022
This represents outstanding claims in respect of which cheques have been issued by the Company for claim settlement.
However, the same have not been encashed by the claimant. Following is the aging as required by the SECP Circular
no.11 of 2014 dated19 May 2014:
(Rupees ‘000)
Total 1 to 6 7 to 12 13 to 24 25 to 35 Beyond 36
Particulars Amount months months months months months
Unclaimed maturity benefits 990 347 462 425 208 545 214 829 58 900 45 648
Unclaimed death benefits – – – – – –
Unclaimed disability benefits – – – – – –
Claims not encashed 52 016 18 685 2 756 5 679 15 371 9 525
Other unclaimed benefits – – – – – –
Total 1 042 363 481 110 211 301 220 508 74 271 55 173

(Rupees ‘000)
Aggregate
Note 2022 2021
33 ACQUISITION EXPENSES
Remuneration to insurance intermediaries on individual policies:

- Commission to agent on first year premiums / contributions 2 644 109 3 007 051
- Commission to agent on second year premiums / contributions 424 366 429 341
- Commission to agent on subsequent renewal premiums / contributions 505 909 565 918
- Commission to agent on single premiums / contributions 20 766 29 960
- Override commission to supervisors 562 291 688 221
- Other benefits to insurance intermediaries salaries allowances and other benefits 1 878 897 1 744 557
Remuneration to insurance intermediaries on group policies:
- Commission 499 048 369 955
- Other benefits to insurance intermediaries 207 417 136 382
Other acquisition cost
- Traveling expenses (including cost of contests, conventions etc.) 157 645 48 317
- Printing and stationery 69 155 70 567
- Depreciation 290 404 288 855
- Rent, rates and taxes 8 100 8 627
- Electricity, gas and water 95 409 63 895
- Entertainment 61 665 54 361
- Vehicle running expenses 7 530 8 307
- Office repairs & maintenance 32 648 34 180
- Postages, telegrams and telephone 42 352 42 141
- Medical fees 20 452 17 271
- Finance cost 60 882 51 734
- Policy stamps 134 740 106 193
- Others 171 773 139 945
7 895 558 7 905 778
34 MARKETING AND ADMINISTRATION EXPENSES
Employee benefit cost 34.1 1 120 668 918 873

Traveling expenses 48 632 51 528
Advertisements and sales promotion 109 282 184 710
Printing and stationery 74 904 77 179
Depreciation 217 411 190 374
Amortisation 11 872 20 866
Rent, rates and taxes 10 799 27 919
Legal and professional charges - business related 135 700 120 588
Electricity, gas and water 74 485 50 925
Entertainment 44 474 39 413
Vehicle running expenses 8 919 7 440
Office repair and maintenance 291 935 203 513
Appointed actuary fees 18 986 16 951
Bank charges 10 872 24 553
Postage, internet and telephone 82 767 87 068
Fees and subscription 66 485 55 235
Annual supervision fee SECP 50 000 50 000
Miscellaneous 163 910 162 323
2 542 101 2 289 458

(Rupees ‘000)
Aggregate
2022 2021
34.1 Employee Benefit Cost
Salaries, allowances and other benefits 1 062 143 865 783
Charges for post employment benefit 58 525 53 090
1 120 668 918 873
35 OTHER EXPENSES
Advertisements and publicity 1 752 1 723
Travelling – 172
Auditor's remuneration 35.1 9 064 9 030
Directors' fee 6 650 3 950
Donation 22 401 24 911
Others 368 –
42 426 41 786
35.1 Auditor's remuneration
Annual audit fee 2 703 2 100
Half yearly review 511 425
Review of code of corporate governance 409 318
Other certifications 4 388 4 858
Out-of-pocket expenses 1 053 1 329
9 064 9 030
(Rupees ‘000)
2022 2021
35.2 Donations
Donations include the following in whom the directors are interested:
Name of Directors Interest in donee Name of donee
Saifuddin N. Zomkawala Board Member Sindh Institute of Urology and
Transplantation, Civil Hospital Karachi 2 698 4 256
Shaukat Khanum Memorial Trust 8 500 500
Syed Salman Rashid Spouse (Trustee) Anjuman Kashana-E-Atfal-O-Naunihal – 100
Hasanali Abdullah Board Member Agha Khan Hospital And Medical 1 250 –
College Foundation
35.3 Donations to a single party exceeding Rs. 500 000
Kiran Foundation 720 518
Family Educational Services Foundation – 793
The Citizen Foundation 2 939 1 408
Afzaal Memorial Thalassemia Foundation 1 500 1 500
Memon Medical Institute – 1 650
Layton Rahmatullah Benevolent Trust – 1 816
Dr. Jameel Jalibi Foundation – 2 000
Shahid Afridi Foundation 1 072 –
Helping Hand For Relief & Development 500 –
SOS Children's Villages of Sindh 600 –
Abdul Sattar Edhi 1 000 –
NOWPDP 1 000 –

(Rupees ‘000)
2022 2021
36. TAXATION
For the year
Current tax 772 597 566 819
Super tax 107 567 –
Deferred tax 191 671 82 570
For the prior year

Super tax 78 154 2 982
Deferred tax – ( 18 900 )
1 149 989 633 471
36.1 Relationship between tax expenses and accounting profit

Tax at applicable rate 33% (2021: 29%) 937 895 621 084
Impact of change in tax rate 120 160 –
Prior year super tax 78 154 –
Permanent Difference 13 780 12 387
Tax charge for the year 1 149 989 633 471
37. EARNINGS PER SHARE

Profit (after tax) for the year 1 692 118 1 508 197
Weighted average number of ordinary shares 100 000 100 000
Earnings per share – basic and diluted 16.92 15.08
38. REMUNERATION OF DIRECTORS, CHIEF EXECUTIVE AND EXECUTIVES

Chief Chief
Executive Directors Executives Executive Directors Executives
Fees – 6 650 – – 3 950 –

Managerial remuneration 35 394 – 611 117 32 994 – 537 337
Bonus 6 648 – 54 779 6 916 – 50 983
Retirement benefits 5 810 – 38 006 5 416 – 33 647
Utilities 512 – 1 486 794 – 1 879
Medical expenses 796 – 11 888 672 – 10 453
Leave passage 1 018 – 448 797 – 1 208
50 178 6 650 717 724 47 589 3 950 635 507
Number of persons 1 7 84 1 7 77

The Chief Executive is provided with company maintained cars furnished accommodation and medical insurance cover.
The Executives are provided with company maintained cars medical insurance cover and in certain cases household items
and furniture in accordance with their terms of employment. The Chairman is provided with free use of company car
and residential utilities and club fees.
The Non Executive Directors were paid directors meeting fee of Rs. 6.65 million (2021: Rs. 3.95 million). No other
remuneration were paid to Non Executive Directors.
39. RELATED PARTY TRANSACTIONS

The related parties comprise of holding company, directors, key management personnel, associated companies / associated
undertakings, and entities with common directors and retirement benefit fund. Compensation of key management
personnel are on employment terms. Contribution to the provident fund is in accordance with the service rules. Change
to the defined contribution is in accordance with the actuarial advice. Other transactions are at agreed rates. Details of
transactions with related parties during the year, other than those which have been specifically disclosed elsewhere in
the financial statements are as follows:
(Rupees ‘000)
2022 2021
Transactions
Holding Company
Premium written 13 743 12 448
Premium paid 33 758 31 606
Claims paid 9 179 23 840
Claims received 76 893
Dividend paid 688 222 668 627
Dividend received 46 810 46 810
Associated Companies / Related Parties
Commission paid 140 624 191 867
Travelling expenses 3 864 11 215
Donation paid 12 448 12 856
Dividend paid 647 602 647 621
Interest received on bank deposit 1 225 964 807 114
Purchase of Vehicles (Pak Suzuki Motors) 151 236 89 465
Payment to K-Electric 31 139 59 142
Placement of TDR 8 028 429 6 100 000
Investment bought 700 000 335 915
Investment sold of related party 11 180 239 3 039 642
Key management personnel
Loan to key employees 413 5 000
Loan recovered 7 523 10 164
Dividend Paid 1 159 2 251
Employees’ funds
Contribution to provident fund 49 601 44 564
Contribution to pension fund 42 735 38 857
Balances
Bank balances 1 555 255 1 165 967
Bank deposits 7 728 429 10 788 429
Premium payable 3 567 6 658
Premium receivable 2 289 741
Investment in EFU General Insurance Limited from designated unit fund 432 989 491 501
Investment in related party 1 023 326 566 153
Claims outstanding - Holding company – 100
Claims outstanding - Related party 33 615 30 560
Loan receivable from key employees 23 651 30 761

40. SEGMENTAL INFORMATION

40.1 Revenue Account by Statuary Fund
(Rupees ‘000)
31 December 22
Statutory Funds Aggregate
Investment Pension Accident Family Takaful Family Takaful
Linked Conventional Business & Health Investment Protection 31 December
Business Business (Unit Linked) Business Linked Business Business 2022
Income
Premium / contribution less
reinsurance / retakaful 26 201 098 4 074 153 355 1 074 7 769 406 399 198 38 445 284
Policy transfer from other statutory funds – – – – 26 007 – 26 007
Special reinstatement fee – – – – 46 – 46
Bonus units transferred to statutory fund – – – – 125 581 – 125 581
Net investment income / wakala income 12 641 760 325 475 2 010 380 2 101 976 162 763 15 234 364
Total net income 38 842 858 4 399 628 2 365 1 454 10 023 016 561 961 53 831 282
Insurance benefits and expenditures
Claims net of reinsurance recoveries 21 935 018 1 738 990 – 1 610 1 618 718 188 333 25 482 669
Policy transfer from other statutory funds 26 007 – – – – – 26 007
Bonus units transfer to statutory fund – – – – 125 581 – 125 581
Management expenses less recoveries 6 682 839 960 169 16 1 180 3 487 169 240 652 11 372 025
Total insurance benefits and expenditures 28 643 864 2 699 159 16 2 790 5 231 468 428 985 37 006 282
Excess of income over insurance
benefits and expenditures 10 198 994 1 700 469 2 349 ( 1 336 ) 4 791 548 132 976 16 825 000
Net change in insurance liabilities
(other than outstanding claims) ( 8 079 329 ) ( 1 255 053 ) ( 717 ) 164 ( 4 645 469 ) ( 21 534 ) ( 14 001 938 )
Surplus / (deficit) before tax 2 119 665 445 416 1 632 ( 1 172 ) 146 079 111 442 2 823 062
Movement in policyholders' liabilities 8 079 329 1 255 053 717 ( 164 ) 4 645 469 21 534 14 001 938
Transfer to and from shareholder's fund
Transfer of surplus to shareholders' fund ( 2 042 990 ) ( 282 841 ) ( 1 612 ) – – ( 88 771 ) ( 2 416 214 )
Capital contribution from share
holders' fund – – – 1 145 616 – 1 761
Net transfer to / from shareholders' fund ( 2 042 990 ) ( 282 841 ) ( 1 612 ) 1 145 616 ( 88 771 ) ( 2 414 453 )
Balance of statutory funds
at beginning of the year 137 669 017 1 731 915 16 755 822 12 123 496 185 277 151 727 282
at end of the year 145 825 021 3 149 543 17 492 631 16 915 660 229 482 166 137 829

(Rupees ‘000)
31 December 2021
Statutory Funds Aggregate
Investment Pension Accident Family Takaful Family Takaful
Linked Conventional Business & Health Investment Protection 31 December
Business Business (Unit Linked) Business Linked Business Business 2021
Income (Restated)
Premium / contribution less
reinsurance / retakaful 26 576 503 2 541 979 334 635 6 896 865 311 092 36 327 408
Policy transfer from other statutory funds 3 114 – – – 23 091 – 26 205
Special reinstatement fee – – – – 13 – 13
Bonus units transferred to statutory fund – – – – 98 925 – 98 925
Net investment income / wakala income 6 618 511 234 969 1 472 167 1 067 185 112 333 8 034 637
Total net income 33 198 128 2 776 948 1 806 802 8 086 079 423 425 44 487 188
Claims net of reinsurance recoveries 19 720 738 1 897 153 3 185 23 1 172 397 190 030 22 983 526
Policy transfer from other statutory funds 23 091 – 3 114 – – – 26 205
Bonus units transfer to statutory fund – – – – 98 925 – 98 925
Management expenses less recoveries 6 771 104 743 781 22 545 3 235 094 180 161 10 930 707
Total insurance benefits and expenditures 26 514 933 2 640 934 6 321 568 4 506 416 370 191 34 039 363
Excess of income over insurance
benefits and expenditures 6 683 195 136 014 ( 4 515 ) 234 3 579 663 53 234 10 447 825
Net change in insurance liabilities
(other than outstanding claims) ( 4 878 472 ) ( 33 464 ) 5 380 92 ( 3 435 809 ) ( 14 696 ) ( 8 356 969 )
Surplus before tax 1 804 723 102 550 865 326 143 854 38 538 2 090 856
Movement in policyholders' liabilities 4 878 472 33 464 ( 5 380 ) ( 92 ) 3 435 809 14 696 8 356 969
Transfer to and from shareholder's fund
Transfer of surplus to shareholders' fund ( 1 751 835 ) ( 19 403 ) ( 946 ) ( 339 ) – – ( 1 772 523 )
Capital contribution from share
holders' fund – – – – ( 50 358 ) 3 117 ( 47 241 )
Net transfer to / from shareholders' fund ( 1 751 835 ) ( 19 403 ) ( 946 ) ( 339 ) ( 50 358 ) 3 117 ( 1 819 764 )
at beginning of the year 132 737 657 1 615 304 22 216 927 8 594 191 128 926 143 099 221
at end of the year 137 669 017 1 731 915 16 755 822 12 123 496 185 277 151 727 282

40.2 Segmental Results by Line of Business

(Rupees ‘000)
Statutory Funds Statutory Funds

Conventional Takaful Conventional Takaful
Individual Life Individual Life Group Individual Life Individual Life Total Individual Life Individual Life Individual Life Individual Life Total
Direct sales Bancassurance Conventional Direct sales Bancassurance 2022 Direct sales Bancassurance Direct sales Bancassurance 2021
force force force force
Income
Gross premium
- First year individual regular premium 2 582 041 2 029 888 – 964 262 1 565 646 7 141 837 2 789 960 2 346 654 1 098 709 1 567 491 7 802 814
- Individual renewal premium 11 205 904 10 103 014 – 1 753 129 3 362 144 26 424 191 10 869 258 10 122 342 1 270 266 2 674 269 24 936 135
- Individual single premium 311 358 194 792 – 203 382 9 936 719 468 416 494 275 298 290 203 84 936 1 066 931
- Group premium 27 342 – 4 616 598 705 – 4 644 645 – – – – –
Total gross premium 14 126 645 12 327 694 4 616 598 2 921 478 4 937 726 38 930 141 14 075 712 12 744 294 2 659 178 4 326 696 33 805 880
Reinsurance premium
- Individual 221 233 28 838 – 54 466 35 332 339 869 232 972 43 645 49 893 39 846 366 356
- Group – – 550 979 – – 550 979 – – – – –
Total reinsurance premium 221 233 28 838 550 979 54 466 35 332 890 848 232 972 43 645 49 893 39 846 366 356
Net premium revenues 13 905 412 12 298 856 4 065 619 2 867 012 4 902 394 38 039 293 13 842 740 12 700 649 2 609 285 4 286 850 33 439 524
Policy transfers to other stautory funds – – – 26 007 – 26 007 – – 23 091 – 23 091
Net investment income 7 505 241 5 138 909 325 475 692 728 1 409 248 15 071 601 3 923 396 2 693 539 140 751 290 097 7 047 783
7 505 241 5 138 909 325 475 692 728 1 409 248 15 071 601 3 923 396 2 693 539 140 751 290 097 7 047 783
Total net income 21 410 653 17 437 765 4 391 094 3 585 747 6 311 642 53 136 901 17 766 136 15 394 188 2 773 127 4 576 947 40 510 398
Insurance benefits including bonuses

net of reinsurance 11 161 983 10 741 953 1 771 682 655 461 963 133 25 294 212 9 671 431 9 997 254 457 814 714 583 20 841 082
Policy transfers to other statutory funds 26 007 – – – – 26 007 23 091 – – – 23 091
Management expenses less recoveries 3 907 615 2 775 226 958 758 1 503 691 1 982 594 11 127 884 4 043 301 2 744 726 1 218 428 1 380 329 9 386 784
Total insurance benefits and expenditures 15 095 605 13 517 179 2 730 440 2 159 152 2 945 727 36 448 103 13 737 823 12 741 980 1 676 242 2 094 912 30 250 957
Excess of income over insurance benefits

and expenditure 6 315 048 3 920 586 1 660 654 1 426 595 3 365 915 16 688 798 4 028 313 2 652 208 1 096 885 2 482 035 10 259 441
Add: Policyholder liabilities at beginning

of the year 80 538 172 55 098 508 1 126 372 3 881 984 7 838 452 148 483 488 77 646 450 53 117 238 2 653 757 5 630 870 139 048 315
Less: Policyholder liabilities at end
of the year 85 383 899 58 333 928 2 380 160 5 374 911 10 992 012 162 464 910 80 538 172 55 098 508 3 881 984 7 838 452 147 357 116
Surplus / (deficit) before tax 1 469 321 685 166 406 866 ( 66 332 ) 212 355 2 707 376 1 136 591 670 938 ( 131 342 ) 274 453 1 950 640

40.3 Segment statement of financial position

(Rupees ‘000)
As at 31 December 2022 As at 31 December 2021

Statutory Shareholder’s Statutory Shareholder’s
Funds Funds Total Funds Funds Total
Property and equipments 1 125 848 1 324 628 2 450 476 1 178 445 1 315 888 2 494 333
Right of use assets – 567 419 567 419 – 569 603 569 603
Intangible assets – 3 416 3 416 – 18 376 18 376
Investments 163 069 893 1 563 284 164 633 177 149 710 893 1 191 287 150 902 180
Insurance / reinsurance receivables 719 040 – 719 040 457 120 – 457 120
Other loans and receivables 4 047 487 277 546 4 325 033 2 396 126 310 052 2 706 178
Taxation - payments less provision 3 080 1 103 874 1 106 954 2 1 289 169 1 289 171
Prepayments 149 186 – 149 186 134 869 – 134 869
Cash and bank 4 528 527 30 340 4 558 867 4 559 429 48 696 4 608 125
Total assets 173 643 061 4 870 507 178 513 568 158 436 884 4 743 071 163 179 955
Insurance liabilities net of reinsurance
recoveries 166 382 685 – 166 382 685 151 757 625 – 151 757 625
Deferred taxation – 1 068 468 1 068 468 – 884 797 884 797
Premium / contribution received
in advance 1 202 332 – 1 202 332 1 148 292 – 1 148 292
Insurance / reinsurance payables 363 890 – 363 890 76 238 – 76 238
Lease liabilities – 671 657 671 657 – 649 581 649 581
Other creditors and accruals 2 344 651 131 335 2 475 986 2 359 446 125 597 2 485 043
Total liabilities 170 293 558 1 871 460 172 165 018 155 341 601 1 659 975 157 001 576
41. MOVEMENT IN INVESTMENTS

(Rupees ‘000)
Deposit
Fair value maturing
Held to Available for through profit within 12
maturity Sale & loss account months Total
At beginning of previous year 5 169 640 3 991 733 114 208 661 19 062 000 142 432 034
Additions 7 466 938 43 159 886 42 242 506 146 330 858 239 200 188
Disposals (sale and redemptions) ( 4 444 400 ) ( 43 684 289 ) ( 35 502 084 ) ( 141 016 429 ) ( 224 647 202 )
Fair value net loss
(excluding net realised gains) – ( 8 711 ) ( 6 054 200 ) – ( 6 062 911 )
Provision for impairment – ( 19 929 ) – – ( 19 929 )
At beginning of current year 8 192 178 3 438 690 114 894 883 24 376 429 150 902 180
Additions 1 195 478 563 231 92 959 274 117 685 178 212 403 161
Disposals (sale and redemptions) ( 5 901 762 ) ( 65 079 ) ( 60 604 116 ) ( 127 635 178 ) ( 194 206 135 )
Fair value net gain / (loss) (excluding net
realised gains) – 16 326 ( 4 462 393 ) – ( 4 446 067 )
Provision for impairment – ( 19 960 ) – – ( 19 960 )
At end of current year 3 485 894 3 933 208 142 787 648 14 426 429 164 633 179

42 MANAGEMENT OF INSURANCE RISK AND FINANCIAL RISK

42.1 Insurance risk
42.1.1 Insurance contracts and takaful contracts
42.1.1.1 Classification
The company currently issues contracts that are classified as insurance and takaful contracts as they transfer significant
insurance risk (against death, disability and sickness) from the policyholder to the company. In the past the company has
issued contracts where the insurance risk transferred is insignificant, these therefore being classified as investment contracts.
All contracts which include an investment element being unit-linked contracts linked to internal mutual funds.
The company classifies its business into Individual Life and Group Life businesses, in both cases the form of contract
consisting of main plans and supplementary riders (which are generally optional).
Individual life business mainly consists of unit linked products and conventional protection products, in both cases with
optional supplementary riders which generally provide protection only. Group Life business consists primarily of protection
products and a relatively small number of unit-linked policies.
42.1.1.2 Contract details and measurement
The insurance contracts offered by the Company are described below:
42.1.1.2.1Individual life policies
These consist of the following types of policies:
(a) Unit-linked products
These are medium to long term unit-linked plans designed to address a variety of future policyholder needs, such as
retirement planning, education planning for children, marriage planning for children, life protection and investments and
savings for future. Premiums received from policyholders and after deduction of specified charges including risk charges,
are invested in internal unit funds of the company The basic plan contains life cover over and above the unit value, with
additional protection (for death, disability and sickness) being provided through the addition of optional riders.
Policyholder Liabilities for these plans (excluding attached riders) are measured as the sum of the fair value of units attached
and the unearned part of any risk premiums charged.
(b) Conventional protection products
Two types of products are offered under Individual life conventional business, these being medium to long term contracts
with level premiums being paid over the policy period. The company offers a standard term life assurance product that
offers protection in event of death as well as a decreasing term life assurance policy that covers outstanding loan balances.
Policyholder liabilities for both products are determined on a net premium basis by determining the present value of benefits
less the present value of future net premiums, a theoretical net premium being calculated using conservative assumptions
for mortality and the discount rate.
(c) Family takaful investment linked products
These are medium to long term unit-linked plans operated through Window Takaful Operations of EFU Life Assurance
Limited.
The Member liabilities are divided into two broad categories, unit reserves and non-unit reserves. The unit reserve comprises
of the total units allocated to the Membership in the Participants’ Investment Fund (PIF). The value of these units, at the
bid price prevailing on the valuation date, forms the unit reserve. The non-unit reserve is the actuarial reserve in the
Participants’ Takaful Fund (PTF). The net non-unit reserve is calculated as the unearned mortality reserve which is the
calculated as the unexpired portion of the net mortality charges (Net of Wakala Fee and Retakaful Contribution) deposited
into the PTF. The gross non unit reserve is calculated as the net reserve plus the unearned retakaful contribution paid.
(d) Accident and health products
These consist of long term and short term accident and health products providing cover against accidental death, disability,
sickness and critical illness, offered both as long term as well as yearly renewable plans.
Policyholder Liabilities for short term contracts are evaluated using the unearned premium reserve method, taking into
account the unexpired future period of risk, with a premium deficiency reserve being provided for where the company’s
management perceives that the premium being charged is not adequate. For the critical illness long-term contracts, liabilities
are evaluated using a net premium method i.e. expected present value of benefits payable less expected present value of
net premiums receivable.

(e) Other supplementary benefits

The company also offers a variety of supplementary benefits attached with main plans including additional term life
assurance, income benefits, critical illness, sickness and accidental death and disability related benefits.
The methods used to determine policyholder liabilities differ with the nature and terms of these benefits. Most supplementary
benefits related to death and critical illness, are identical to some main plans offered in individual life business, the valuation
methods used for these being consistent with their related main plans. Measurement of liabilities for benefits related to
accident disability, accidental death and sickness are based on unearned premium method.
(f) Reserve for outstanding losses (Individual life)
The company records reported losses as payable upon intimation of any claim. Unpaid claims are assessed from time to
time and the liability measured in accordance with management’s estimates of whether claims are payable or not.
Claims payable over a duration of more than one year are measured at the discounted value of expected payments.
The company also provides, as part of policyholder liabilities, a reserve for incurred but not reported claims (IBNR). The
general lag approach, using chain-ladder method for IBNR is applied. Since the individual family takaful fund has become
sizeable, an IBNR claims reserve has been set aside been determined using the Chain Ladder (CL) method subject to a
minimum flooring net of reinsurance reserve.
42.1.1.2.2Group life and group family takaful protection policies
Nature of contracts:
The company’s group life and group takaful business consists of one year term life contracts which provide coverage, in
the event of death or disability, to:
1. Employees of a common employer, benefits payable under these contracts being either fixed, in case of death, or linked
to the extent of loss incurred by the policyholder, in case of disability;
2. Customers of financial institutions, the contracts being issued to financial institutions to protect their customers’
outstanding loan balances, such as on personal loan, mortgages and credit cards.
Unit-Linked Group Life policies are similar in nature to Individual-Life unit-linked products.
Policyholder Liabilities:
Policyholder liabilities consist of the following components:
Net unearned premium reserve
The unearned premium reserve is the portion of premium that had been booked in the current period but pertains to a
period that extends beyond the valuation date. The fraction of premium that is to be consumed in the succeeding period
is considered to be unearned. The unearned premium is the aggregate for both posted and fluctuations in the unearned
premium.
The unearned premium reserve is computed both gross and net of reinsurance, the methodology used for both being similar.
Unit-linked Group Life Policies
Policyholder liabilities for these policies are measured as the sum of the fair value of units attached and the unearned part
of any risk premiums charged.
Profit Commission Reserve (Accrued for Policyholders)
This is the total accrued profit commission that is payable to policy holders at a future date. Profit commission for any policy
normally becomes payable at the end of three policy years. However, accrued profit commission is calculated at the end
of each policy year to account for the liability that has been created for that year. The sum of all such accrued profit
commissions for all schemes is the Profit Commission reserve.
Profit Commission Reserve (Accrued from Reinsurer)
This is the total profit commission due from re-insurer on all reinsured schemes. Profit commission rates are applied on
insured groups, based on their size. The total profit commission accrued from re-insurer is the sum of profit commissions
for each group.

Premium Deficiency Reserve

The need for premium deficiency reserve arises when the company expects to incur claims in excess of reserves set aside
using conventional methods. The company analyzed its current portfolio of group contracts and evaluated loss ratios of
group business. The company does not expect excessive claims on any schemes and hence no provision for Premium
Deficiency Reserve is set aside.
Incurred But Not Reported (IBNR) Reserve
The IBNR (incurred but not reported) reserve is an estimate of those claims that might have occurred but not yet reported.
It is calculated using the IBNR triangulation methodology using last 5 years’ claims development data and a combination
of Chain Ladder (CL) and Expected Loss Ratio (ELR) methods.
42.1.1.3 Liability adequacy test
Liability adequacy test is applied to all long term contracts where necessary. The test is carried out using current best
estimates of assumptions and future net cash flows, including premiums receivable and benefits payable.
To determine the adequacy of liabilities, assumptions must be based on realistic best estimates. At the moment, the
company does not have sufficient mortality data for comparison with assumed life table EFU (61-66). The company compares
EFU (61-66) with recent mortality studies for similar groups. The comparison suggests that current actual mortality experience
is better than the experience reflected in EFU (61-66). Thus the company uses a modified version of EFU (61-66) as a best
estimate of mortality for liability adequacy test.
The investment return currently assumed for valuation is 3.75% p.a. This assumption reflects a long-term conservative
return that the company expects to earn on assets backing these liabilities. On a more realistic view of current financial
markets, the company estimates that a long term return on these assets of 6% is reasonable. Liabilities are re-evaluated
at investment return assumption of 6% for Liability Adequacy Test.
The table below compares total policyholder liabilities under existing valuation basis with policyholder liabilities calculated
using best estimate assumptions:
(Rupees in ‘000)
Policyholder Policyholder liabilities

liabilities on existing using best estimate
Assumption valuation basis assumptions
Mortality 161 658 211 161 406 390

Investment returns 161 658 211 161 460 390
The liabilities evaluated under these assumptions suggest that recognized liabilities are adequate and no further provision
is required.
42.1.2 Reinsurance / Retakaful contracts held:

The company has entered into reinsurance / retakaful (hereinafter referred to as “reinsurance”) arrangements, for both
its individual and group businesses, in order to manage risks associated with the frequency and severity of claims. These
arrangements include cover under treaties as well as on a facultative basis. The terms of reinsurance treaties vary by type
of business, the objective being to maintain a reasonable risk profile suiting the risk appetite and overall exposure to
adverse movements in mortality or morbidity.
Primarily, reinsurance assets are amounts due from reinsurers with respect to recoveries under claims and profit commission.
Reinsurance recoveries are measured according to the terms and conditions of the reinsurance contracts.
Reinsurance liabilities consist of amounts due to reinsurers on account of reinsurance premiums due which are measured
accounting to the terms of the arrangements.
The details related to reinsurance assets and liabilities are shown below:
(Rupees in ‘000)
Amounts due Amounts due
Reinsurer rating from reinsurers to reinsurers
'A' or above 337 209 363 890
The company assesses impairment on its reinsurance assets on a regular basis to identify any losses in recoveries. As of
now, company’s all reinsurance assets are due from reinsurers with a credit rating of “A or Above”. The reinsurers maintain
a sound credit history and hence no impairment provision is required for now.

42.1.3 Accounting estimates and judgments

The company makes several estimates of assumptions to evaluate its assets and liabilities reported in its financial statements.
On the liability side, there are a number of factors that have a direct impact on policyholder liabilities. Assumptions are
continually evaluated using internal analysis and monitoring processes to test validity of these assumptions.
42.1.3.1 Mortality, disability and critical illness
Mortality and disability rates are basic assumptions used in valuation of policyholder liabilities. For mortality, life table EFU
(61-66) is being currently used. The life table was published more than 40 years ago and may not reflect mortality
improvements. For reserving purposes, a 10% mortality loading is used over EFU (61-66) rates to build in conservatism.
An analysis of past mortality experience, reveals that 10% mortality loading for reserving purposes is appropriate to ensure
prudence.
Sudden adverse experience in mortality might occur due to epidemics, causing deaths on a mass scale due to incurable
contagious illnesses. Mortality may also deteriorate over a period of time, due to wide-scale changes in living life styles,
eating and health habits.
Sensitivity test with respect to mortality is carried out and impact on policyholder liabilities is observed. When mortality
rates increase by 10%, policyholder liabilities increase by 0.043%. Likewise, when mortality rates decrease by 10%,
policyholder liabilities decrease by -0.043%.
In absence of credible disability and critical illness incidence rates, the company uses reinsurance rates for actuarial liability
valuation of disability and critical illness benefits.
42.1.3.2 Investment income
Investment income is an important assumption for valuation of long-term conventional plans. This is the rate at which
future expected benefits and expected premiums are discounted. Currently, the valuation assumption used for investment
income is 3.75% p.a.
Sensitivity test with respect to investment income is carried out and its impact on policyholder liabilities observed. When
investment rate is increased by 10%, policyholder liabilities decrease by 0.001%. Likewise, when investment income rate
is decreased by 10%, policyholder liabilities increase by 0.002%.
42.1.4 Frequency and severity of claims
Frequency and severity can have a significant impact on total claims paid out by the company. High frequency of claims
could occur due to adverse experience of mortality or disability. Adverse mortality experience, in short-term, could be due
to a wide-range spread of fatal contagious disease, an epidemic. Over a longer term, overall health practices, eating and
living habits could potentially have an adverse effect on mortality.
About 90% of company’s business is concentrated in the provinces of Sindh and Punjab. This concentration is largely in
line with the population of these provinces relative to country’s total population. The company’s diversified portfolio of
contracts helps limit the frequency and severity of claims. However, in event of large number of deaths or disabilities,
company does face the risk of paying out excessive claims. To manage and mitigate this exposure, arrangements in form
of reinsurance and catastrophe cover are in place.
In Group life business, frequency and severity of claims can be affected by concentration of business in a specifically risky
class of industry. Claim frequency can rise substantially from businesses in industries that are more prone to accidents
due to the nature of work they perform. Likewise, severity of claims can also be associated with business concentration
in a specific class of industry. The company continually monitors its concentration risk and takes measures to keep its
business portfolio well diversified.
Contracts in group life, are mainly one year term life contracts, where premium rates are generally guaranteed for one
year only. The company retains the right of changing premium rates by incorporating the claim experience of a group
insured, thereby allowing the company to charge a specific group in line with its claim experience.
The company regularly carries out an exercise to monitor time lags between intimation and settlement claim dates. The
study reveals that a significant portion of claims are settled within twelve months of claim intimation.
42.1.5 Sources of uncertainty in estimation of future benefit payments and premium receipts
The uncertainty with respect to future premiums and benefits may arise due to unexpected changes in mortality or disability
experience. Adverse mortality experience will result in excess benefit payments, and reduced future premium income.
Likewise, unexpected changes in surrenders and lapses could also have a significant impact on future realized premiums.
Estimates of lapses and surrenders are based on internal experience studies carried out annually. Factors that could affect
policyholder behavior include market factors such as interest rates, policyholder preferences in terms of the monetary value
that a policyholder relates with the insurance policy, the frequency of premium payments and the age of the individual.

42.1.6 Process used to decide on assumptions

Assumptions used to determine policyholder liabilities include, mortality/disability/critical illness rates, investment returns
for conventional business, investment returns for investment linked business, expenses and mortality loading.
Mortality assumptions should in principle reflect adequate conservatism in liabilities. The Company considers efu(61-66)
life table to be appropriate for actuarial valuation of policyholder liabilities.
Disability and Critical illness rates used for liability valuation are the reinsurance rates provided by the reinsurer. Due to
lack of sufficient claim experience for these disabilities and critical illnesses, the company considers this as the best estimate
available.
The company uses an investment return assumption of 3.75% per annum to evaluate actuarial liabilities of its conventional
plans. Liabilities of conventional products should in principle reflect a long term conservative interest rate, to reflect
adequate conservatism. An investment return of 3.75% per annum is hence considered appropriate.
For Unit Linked products where the death benefit is paid in form of annuity, the company uses a discount rate of 6% to
evaluate present value of future stream of cash flows. In principle, the interest rate assumption set to discount cash flows
should reflect the expected returns on assets backing these liabilities. The company expects to earn at least a 6% return
on assets backing these unit-linked liabilities.
The company reserves for any increase in actuarial liability resulting from the possible reinstatement of lapsed policies.
The current liability valuation also takes into account cash value of units pertaining to policies lapsed in last 2 years. A
unit-linked policy lapses when the second annual premium of policy is not received. In principle, cash value of a lapsed
policy is not surrenderable, as per provisions and conditions, unless the second premium is paid and policy is reinstated.
However, the company recognizes the possibility of these lapsed policies to be reinstated and hence carries out periodic
studies to determine expected renewals. In opinion of the company’s management and appointed actuary assumptions
used to set aside a liability against these lapsed policies is prudent.
For the purpose of liability adequacy tests the company makes assumptions relating to expenses. For this purpose regular
expense analyses are carried out based on actual expenses and transaction volumes.
42.1.7 Sensitivity analysis
The basic assumptions used in valuation of liabilities are mortality, disability, critical illness rates and investment returns
assumed in discounting future cash flows. The table below presents sensitivity results with respect to above mentioned
factors, with their impact observed on policyholder liabilities:
% change in % change in
Sensitivity variable sensitivity variable policyholder liabilities
Worsening of mortality and critical illness rates 10% 0.043%
Improvement in mortality and critical illness rates 10% -0.043%
Increase in investment returns 10% -0.001%
Decrease in investment returns 10% 0.002%
42.1.8 Management of insurance, financial and other risks

42.1.8.1 Insurance risk
The risk that company faces is due to randomness in occurrence of insured events. In principle, the company faces the
risk that total claims exceed the reserves set aside at any point in time.
The occurrence of any single claim and amount paid on a single claim is a random event. However, as the number of
contracts and independent lives increase, the estimated claim amounts and the number of claims get closer to the actual
figures. This phenomenon is observed when pool of contracts is large enough and lives are independent. To manage this
risk, company monitors its concentration risk, on several parameters, and maintains diversity in its portfolio of insurance
contracts.
In order to maintain this diversification, the company takes a number of steps to manage the overall insurance risk of its
portfolio of insurance contracts. The risk of an individual life is broadly assessed in light of its: medical condition, which
include living habits, physical health and medical history; occupational condition, which assesses an individual’s job profile
and whether any characteristics of the job could have a significant impact on that individuals mortality; financial condition,
which determines the individuals ability and affordability to purchase and maintain an insurance contract over the long-
term.

The company identifies and defines parameters in its underwriting strategy to clearly identify individuals (sub-standard
lives) which could potentially increase the overall risk of insurance portfolio. Based on certain parameters, such individuals
pay an extra charge called Extra Mortality Premium, in order to compensate for extra risk added to existing pool of
insured individuals. These measures allow the company to charge an individual life in line with the risk contributed to
its insurance portfolio. These underwriting measures also discourage accumulation of sub-standard lives in the insured
pool, thereby managing the overall insurance risk of company in the long-term.
The company also manages its geographical concentration of risk. Currently the company’s geographical concentration
of risk for its Individual Life sales force business is as follows:
Diversification of Risk Portfolio

Before After
Resinsurance Reinsurance
Individual Conventional Business
Azad Kashmir 2.45% 2.99%
Baluchistan 4.86% 5.82%
Gilgit Baltistan 1.82% 2.62%
Khyber Pakhtunkhwa 1.53% 1.85%
Punjab 38.48% 38.52%
Sindh 50.86% 48.20%

Before After
Individual Family Takaful business:
Azad Kashmir 2.30% 3.42%
Baluchistan 0.53% 0.52%
Gilgit Baltistan 0.11% 0.13%
Khyber Pakhtunkhwa 1.87% 2.96%
Punjab 45.31% 46.84%
Sindh 49.89% 46.13%
For Group Life business, the Company’s geographical concentration of risk is as follows:

Before After
Conventional business:
Sindh 49.13% 60.76%
Punjab 40.87% 39.24%
Group Family Takaful business:
Sindh 82.92% 72.67%
Punjab 17.08% 27.33%
The company also has reinsurance arrangements with its reinsurance partners, to whom the company passes any excess
insurance risk beyond its retention levels. Limits are continually monitored and kept in line with the overall risk tolerance.
This allows the company to retain the risk according to its risk capacity and minimizes excessive claim payouts. Currently,
the total risk retained on individual life products is Rs. 2,000,000 per life for the death risk, Rs. 1,000,000 for individual
takaful policies and Rs. 1,000,000 for risks associated with critical illness plans. For Group Life, the company currently
retains Rs. 2,000,000 of total life risk on each life and Rs. 1,000,000 for Group Family Takaful business. For critical life
cover, 50% of the sum covered is retained for both, Group Life and Group Family Takaful business.
The company also has arrangements for claims in event of a catastrophic scenario under an Excess of Loss Catastrophe
cover which is triggered in event of excessive claims, limiting total amount of claims paid out if such an event occurs.

42.1.8.2 Other risks

The company faces a number of financial risks in its assets and liabilities, apart from insurance risk. These risks can be
broadly categorized as expense risk, lapse risk, market risk, credit risk and liquidity risk. This section describes these risks
on the company level and identifies and describes the processes and strategy of management to manage these risks.
42.1.8.3 Expense risk
The risk that the Company faces is that future expenses may be higher than those used in pricing of products causing
an expense overrun. The company mitigates this risk by incorporating a certain level of acceptable conservatism in
building future policy expense factors in pricing and expects to maintain its actual expenses within these limits. Regular
monitoring of expenses allows the Company to adjust its pricing in time to account for higher than expected expenses.
The Company closely monitors its expenses by regularly carrying out an expense analysis for its business. The assumptions
for future policy expense levels are determined from the Company’s most recent annual expense analysis, with an extra
margin built-in to account for variability in future expenses. A review of product pricing is carried out each year based
on the latest available expense factors. Constant monitoring of expenses enables the Company to take corrective actions
in time.
Based on the results of expense analysis, the company apportions its management expenses to different lines of business.
42.1.8.4 Lapse risk
The risk the Company faces is that future persistency rates may be lower than assumed in pricing, thus impacting the
emergence of profit from its portfolio of individual life policies. The Company however is confident that this risk is
insignificant as the company places tremendous emphasis on quality customer services and retention of clients by making
persistency standard an integral part of the sales force culture. The Company has been consistently maintaining good
levels of persistency and will continue a similar trend in future.
The Company has robust systems in place to regularly monitor the lapse experience. Regular focus on persistency is
embedded in the Company culture and is an integral part of the monitoring of the sales force performance and
remuneration.
42.1.8.5 Market risk
Market risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices, whether
those changes are caused by factors specific to the individual security, or its issuer, or factors affecting all securities
traded in the market. The Company is exposed to market risk in relation to its investments with respect to products
other than unit linked products (in unit linked products, investment risk is borne by the policyholder). The Company
limits market risk by maintaining a diversified portfolio and by continuously monitoring developments in government
securities, equity and term finance certificates. The company, along with minimizing market risk by careful diversification
in assets, also periodically carries out an Asset Liability management exercise, to match its duration of assets and liabilities.
42.1.8.6 Credit risk and concentration of credit risk
Credit risk arises when one party fails to discharge its obligation and cause the other party to incur a financial loss.
Concentration of credit risk arises when a number of counter parties have similar types of business activities. As a result,
any change in economic, political or other conditions would affect their ability to meet their contractual obligations.
The Company is exposed to credit risk on premiums receivable from group clients, commission and claims recoverable
from insurers and investment in term finance certificates. The management monitors exposure to credit risk through
regular review of credit exposure, assessing credit worthiness of counter parties and prudent estimates of provision for
doubtful debts. The Company believes it is not exposed to any major concentration of credit risk.
42.1.8.7 Liquidity risk
Liquidity risk is the risk that the Company is unable to meet its funding requirements, without incurring a material loss
in disposing off its illiquid assets. To guard against this risk, the company maintains a healthy balance of cash and cash
equivalents and readily marketable securities. Liquidity is monitored regularly and assets are frequently rebalanced to
maintain a certain level of liquidity at all times. Going forward, the company also plans to set up a contingency plan,
whereby alternate sources of liquidity will be identified and assets would be analyzed and ranked in their liquidity order,
to determine which assets would need to be disposed off first in case of a liquidity crisis.
The expected payouts in liabilities along with maturity profile of assets and liabilities are monitored to ensure that
adequate liquidity is maintained within the company, to avoid the need of liquidating assets below their actual market
value.

The following extract, classifies the assets and liabilities of the Company by type of product in each Statutory Fund as
at 31 December 2022. The table below also presents details of assets under Shareholder’s Fund:
(Rupees ‘000)
Conventional
Investment Linked Products
Products (All unit (Individual, Group Shareholders’
2022 main linked plans) Life, Riders) Fund Total
Available for sale:

- Government Securities 115 927 658 – – 115 927 658
- Other fixed income securities 8 240 036 – 8 240 036
Held to maturity:
- Government Securities – 4 025 909 1 376 009 5 401 918
- Other fixed income securities – 53 302 10 001 63 303
Available for sale:
- Listed equities 20 157 634 2 631 21 978 20 182 243
- mutual funds 236 294 – 154 788 391 082
- Unlisted equities and mutual funds – – 508 508
Loans and receivables – – 207 626 207 626
Insurance receivables – 381 831 – 381 831
Reinsurance assets – 337 209 – 337 209
TDR and Bank Balances 17 992 103 962 485 30 340 18 984 928
Cash and stamps 367 1 – 368
Investment income accrued 3 033 565 53 607 19 087 3 106 259
Advances and deposits 776 125 63 046 – 839 171
Income tax asset 1 540 1 540 1 103 874 1 106 954
Prepayments 136 814 12 372 – 149 186
Sundry receivables 118 635 2 508 50 833 171 976
Right of use asset – – 567 419 567 419
Fixed assets 1 125 847 – 1 328 046 2 453 893
Total assets 167 746 618 5 896 441 4 870 509 178 513 568
(Rupees ‘000)
Conventional
Investment Linked Products
Products (All unit (Individual, Group Shareholders’
main linked plans) Life, Riders) Fund Total
Long-term insurance contracts and
investment contracts:
Fixed term 99 431 217 351 442 – 99 782 659
Whole of life 60 037 554 – – 60 037 554
Short-term insurance contracts – 1 574 646 – 1 574 646
Riders – 263 352 – 263 352
Equity – – 4 186 995 4 186 995
Lease liability – – 671 657 671 657
Other liabilities 8 277 847 3 707 001 11 857 11 996 705
Total liabilities 167 746 618 5 896 441 4 870 509 178 513 568
43 FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES

43.1 Financial risk management objectives and policies
The Company is exposed to a variety of financial risks: market risk (Comprising currency risk, interest rate risk, and other
price risk), liquidity risk and credit risk in relation to the financial statements on its balance sheet.
The Company's overall risk management seeks to minimize potential adverse effects on the Company's financial
performance of such risk.
The Board of Directors has the overall responsibility for the establishment and oversight of the Company's risk management
framework. There are Board Committees and Management Committees for developing risk management policies and
its monitoring.

43.1.1 Market Risk

Market risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices, whether
those changes are caused by factors specific to the individual security, or its issuer, or factors affecting all securities
traded in the market. The Company is exposed to market risk with respect to its investments and with respect to products
other than unit linked products (Where the investment risk is passed on to policyholders). The Company limits market
risk by maintaining a diversified portfolio and by continuously monitoring developments in government securities, equity
and term finance certificates. The Company, along with minimizing market risk by careful diversification in assets, also
periodically carries out an Asset Liability management exercise, to match its duration of assets and liabilities.
43.1.1.1Interest Rate Risk Exposure
Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of
changes in market interest rates. The Company invests in securities and has bank balances and deposits that are subject
to interest / mark-up rate risk. The Company limits interest / mark-up rate risk by monitoring changes in interest / mark-
up rates in the currencies in which its cash and investments are denominated.
The information about Company's exposure to interest rate risk (other than relating to policyholders' liabilities) based
on contractual reprising or maturity dates as of 31 December 2022, whichever is earlier, is as follows:
(Rupees ‘000)
31 December 2022
Interest / Markup Bearing Non Interest / Non Markup Bearing
On balance sheet financial instruments Maturity Up Maturity Maturity Up Maturity
to 1 Year after 1 Year Sub Total to 1 Year after 1 Year Sub Total Total
Assets
Investments 118 689 830 25 369 515 144 059 345 20 573 834 – 20 573 834 164 633 179
Loans and Other Receivables 31 346 352 230 383 576 3 941 455 – 3 941 455 4 325 031
Insurance Receivables – – – 719 040 – 719 040 719 040
Cash and bank 4 558 600 – 4 558 600 267 – 267 4 558 867
123 279 776 25 721 745 149 001 521 25 234 596 – 25 234 596 174 236 117
Liability
Premium received in advance – – – 1 202 333 – 1 202 333 1 202 333
Insurance / reinsurance payables – – – 363 890 – 363 890 363 890
Other creditors and accruals – – – 3 147 642 – 3 147 642 3 147 642
– – – 4 713 865 – 4 713 865 4 713 865
Interest risk sensitivity gap 123 279 776 25 721 745 149 001 521 20 520 731 – 20 520 731 169 522 252
Cumulative interest risk sensitivity gap 123 279 776 149 001 521
(Rupees ‘000)
31 December 2021
Interest / Markup Bearing Non Interest / Non Markup Bearing
On balance sheet financial instruments Maturity Up to Maturity Maturity Up to Maturity
1 Year after 1 Year Sub Total 1 Year after 1 Year Sub Total Total
Assets
Investments 24 861 273 92 722 233 117 583 506 33 318 674 – 33 318 674 150 902 180
Loans and Other Receivables 27 383 323 080 350 463 2 355 716 – 2 355 716 2 706 179
Insurance Receivables – – – 457 120 – 457 120 457 120
Cash and bank 4 603 225 – 4 603 225 4 900 – 4 900 4 608 125
29 491 881 93 045 313 122 537 194 36 136 410 – 36 136 410 158 673 604
Liability
Premium received in advance – – – 1 148 292 – 1 148 292 1 148 292
Insurance / reinsurance payables – – – 76 238 – 76 238 76 238
Other creditors and accruals – – – 3 134 624 – 3 134 624 3 134 624
– – – 4 359 154 – 4 359 154 4 359 154
Interest risk sensitivity gap 29 491 881 93 045 313 122 537 194 31 777 256 – 31 777 256 154 314 450
Cumulative interest risk sensitivity gap 29 491 881 122 537 194

The effective interest rate range (per annum) for the financial assets is as follows:
2022 2021
Saving and other accounts 8.25% to 14.5% 5.45% to 8.75%
Deposits 14.5% to 16.25% 6.5% to 12.5%
Loans and advances 6% to 12% 6% to 10%
Investments 9.03% to 21% 6.27% to 12%
43.1.1.2 Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because
of changes in foreign exchange rates. The Company, at present is not materially exposed to currency risk as majority
of the transactions are carried out in Pak Rupees.
43.1.1.3 Other Price Risk
Other price risk is the risk that the fair value of future cash flows of financial instruments will fluctuate because
of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes
are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar
financial instruments traded in the market.
43.1.1.4 Equity Price Risk
The Company’s listed securities are susceptible to market price risk arising from uncertainties about the future value
of investment securities. The Company limits market risk by maintaining a diversified portfolio. In addition, the
Company actively monitors the key factors that affect stock market. In the equity portfolio, the top three sectors
by exposure are Oil and Gas, Banks and Chemicals.
43.1.2 Credit Risk
Credit risk arises when one party fails to discharge its obligation and cause the other party to incur a financial loss.
Concentration of credit risk arises when a number of counter parties have similar types of business activities. As a
result, any change in economic, political or other conditions would affect their ability to meet their contractual
obligations. The Company is exposed to credit risk on premiums receivable from group clients, commission and
claims recoverable from insurers and investment in term finance certificates. The management monitors exposure
to credit risk through regular review of credit exposure, assessing credit worthiness of counter parties and prudent
estimates of provision for doubtful debts. The Company believes it is not exposed to any major concentration of
credit risk.
The credit quality of Company’s bank balances (including Term Deposit Receipts) can be assessed with reference
to external credit ratings as follows:
(Rupees '000)
2022 2021
Rating of Banks*
A+ – 2 800 000
A-1+ 13 854 858 19 544 085
A-1 5 007 132 6 625 671
A-2 122 938 11 918
18 984 928 28 981 674
*Rating of banks performed by PACRA, JCR-VIS and Standard and Poors.

The credit quality of Company's exposure on TFCs can be assessed with reference to rating issued by rating agency
as follows:
(Rupees '000)
Rating
Issuer of TFC Rating Agency 2022 2021
Bank AL Habib Limited AAA PACRA 684 840 103 601

Bank Alfalah Limited AA- PACRA 100 000 100 000
United Bank Limited AA+ VIS 1 250 000 1 250 000
Soneri Bank Limited A+ PACRA 50 000 50 000
Askari Bank Limited AA+ PACRA 100 980 101 000
Habib Bank Limited AA+ VIS 200 000 200 000
Askari Bank Limited AA+ PACRA 500 000 500 000
TPL Trakker Limited A PACRA 18 146 23 729
Bank Alfalah Limited AA- PACRA 462 573 464 463
Khushhali Microfinance Bank BB- VIS 150 000 –
Lucky Electric Power Company A1+ PACRA 250 000 –
Bank of Punjab AA+ PACRA 500 000 –
TPL Corporation A1 PACRA 20 000 –
Bank Al Habib Limited AA+ PACRA 200 000 200 000
Bank Alfalah AA- PACRA 500 000 –
K-Electric Limited AA PACRA 600 000 –
5 586 539 2 992 793
Investment in Government securities are not exposed to any credit risk.
The management monitors exposure to credit risk in premium receivable from group clients through regular review
of credit exposure and prudent estimates of provision for doubtful debts. As of 31 December 2022, there was no
provision for doubtful premiums as all the premiums receivable were considered good.
43.1.3 Capital risk managements
The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern
so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain a strong
capital base to support the sustained development of its businesses. The Company manages its capital structure by
monitoring return on net assets and makes adjustments to it in the light of changes in economic conditions. In order to
maintain or adjust the capital structure, the Company may adjust the amount of dividend paid to shareholders or issue
new shares.
Currently the Company has a paid up capital of Rs. 1 billion against the minimum required paid-up capital of Rs. 500
million set by the SECP for the life insurance Companies for the year ended 31 December 2022.
In addition, the Company is also required to maintain minimum solvency in accordance with the rules and regulations
set by the SECP, which are fully met by the Company.
44. FAIR VALUE

Investments on the balance sheet are carried at fair value except for investments in unquoted investments which
are stated at cost. The Company is of the view that the fair value of the remaining financial assets and liabilities
are not significantly different from their carrying values since assets and liabilities are essentially short term in nature.
The Company measures fair values using the following fair value hierarchy that reflects the significance of the
inputs used in making the measurements:
Level 1: Fair value measurements using quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Fair value measurements using inputs other than quoted prices included within Level 1 that are observable
for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Fair value measurements using inputs for the asset or liability that are not based on observable market
data (i.e. unobservable inputs).
The table below analyses financial instruments measured at the end of the reporting period by the level in the fair
value hierarchy into which the fair value measurement is categorized:

(Rupees '000)
31 December 2022
Fair value
On balance sheet financial instruments Fair value Available Held Loans and Other Other Total Level 1 Level 2 Level 3 Total
through profit for sale to Receivables financial financial
and loss maturity assets liabilities
designated
upon initial
recognition
Financial assets measured at fair value
- Investments
Government securities (T-bills + PIBs + Sukuks) 112 140 361 – – – – – 112 140 361 – 112 140 361 – 112 140 361
Sukuk bonds (other than government) 1 644 551 – – – – – 1 644 551 – 1 644 551 – 1 644 551
Listed equity securities 20 075 617 106 626 – – – – 20 182 243 20 182 243 – – 20 182 243
Unlisted equity securities – 508 – – – – 508 – – 508 508
Units of mutual funds 228 958 162 125 – – – – 391 083 – 391 083 – 391 083
Debt securities (Listed TFCs) 5 586 539 – – – – – 5 586 539 – 4 286 539 1 300 000 5 586 539
Financial assets not measured at fair value
- Government securities (T-bills + PIBs + Sukuks) – – 9 189 216 – – – 9 189 216
- Balances with banks * 18 984 928 – – – – – 18 984 928
- Certificate of investment – – 1 072 249 – – – 1 072 249
- Advances to employees and agents – – – 193 849 – – 193 849
- Investment income accrued – – – – 3 106 259 – 3 106 259
- Other loans and receivables
(excluding markup accrued)* – – – – 1 024 923 – 1 024 923
158 660 954 269 259 10 261 465 193 849 4 131 182 – 173 516 709
Financial liabilities not measured at fair value
Deferred taxation – – – – – 1 068 468 1 068 468
Premium received in advance – – – – – 1 202 333 1 202 333
Insurance / reinsurance payables – – – – – 363 890 363 890
Lease liability – – – – – 671 657 671 657
Other creditors and accruals – – – – – 2 475 985 2 475 985
– – – – – 5 782 333 5 782 333
158 660 954 269 259 10 261 465 193 849 4 131 182 ( 5 782 333 ) 167 734 376
(Rupees '000)
31 December 2021
Fair value
designated
upon initial
recognition
- Investments
Government securities (T-bills + PIBs + Sukuks) 79 419 004 – – – – – 79 419 004 – 79 419 004 – 79 419 004
Sukuk bonds (other than government) 2 482 032 – – – – – 2 482 032 – 2 482 032 – 2 482 032
Listed equity securities 31 664 212 199 203 – – – – 31 863 415 31 863 415 – – 31 863 415
Unlisted equity securities – 683 – – – – 683 – – 683 683
Units of mutual funds 1 326 134 128 442 – – – – 1 454 576 – 1 454 576 – 1 454 576
Debt securities (Listed TFCs) 2 992 793 – – – – – 2 992 793 – 2 328 330 664 463 2 992 793
- Government securities (T-bills + PIBs + Sukuks) – – 7 903 248 – – – 7 903 248
- Certificate of investment – – 410 000 – – – 410 000
- Advances to employees and agents – – – 229 430 – – 229 430
- Investment income accrued – – – – 2 066 950 – 2 066 950
(excluding markup accrued)* – – – – 409 799 – 409 799
146 865 849 328 328 8 313 248 229 430 2 476 749 – 158 213 604
Deferred taxation – – – – – 884 797 884 797
Premium received in advance – – – – – 1 148 292 1 148 292
Lease liability – – – – – 649 581 649 581
– – – – – 5 243 951 5 243 951
146 865 849 328 328 8 313 248 229 430 2 476 749 ( 5 243 951 ) 152 969 653
*The Company has not disclosed the fair values for these financial assets and liabilities as these are for short term or reprice over short term. Therefore their carrying amounts are reasonable approximation of fair value.

45. STATEMENT OF SOLVENCY (Rupees ‘000)

Statutory Funds
Investment Accident Aggregate
Shareholders’ Linked Conventional Pension & Health Individual Group Family 31 December
Fund Business Business Business Business Family Takaful Takaful 2022
Assets 1 892 047 1 125 848 3 017 895

Property and Equipment 3 416 – – – – – – 3 416
Intangible assets – – – – – – – –
Investment Property – – – – – – – –
Investment in subsidiaries and associates – – – – – – – –
Investments –
Equity Securities 177 274 18 802 326 2 631 2 579 – 1 589 023 – 20 573 833
Government securities 1 376 009 106 739 808 3 819 336 11 439 2 669 9 176 411 203 904 121 329 576
Debt securities 10 001 6 697 418 53 302 – – 1 542 618 – 8 303 339
Term deposits – 10 655 429 – – – 3 771 000 – 14 426 429
Others – – – – – – – –
Loans secured against life insurance policies – – – – – – – –

Insurance / reinsurance receivables – – 620 106 – – – 98 934 719 040
Other loans and receivables 538 421 3 639 586 107 066 352 1 255 619 376 11 985 4 918 041
Deferred taxation 1 103 874 – – – – 1 540 1 540 1 106 954
Prepayments – 128 823 12 346 – 26 7 991 – 149 186
Cash & Banks 30 340 2 152 166 699 615 5 017 262 1 408 858 262 609 4 558 867
Total Assets (A) 5 131 382 149 941 404 5 314 402 19 387 4 212 18 116 817 578 972 179 106 576
In-admissible assets as
per following clauses of
section 32(2)
32 (2) (o) interfund ( 260 875 ) – – – – – – ( 260 875 )
32 (2) (u) Fixed Asset ( 1 324 628 ) – – – – – – ( 1 324 628 )
32 (2) (i) Intangible ( 3 416 ) – – – – – – ( 3 416 )
32 (2) (b) Tax – – – – – – – –
32 (2) (d) Unsecured Loan ( 38 262 ) – – – – – – ( 38 262 )
32 (2) (f) Secured Loan ( 91 200 ) – – – – – – ( 91 200 )
32 (2) (h) Premium due – – ( 130 080 ) – – – ( 32 162 ) ( 162 242 )
34 (2) (b) Bank Balance – – – – – – – –
34 (2) (l) Bank Guarantee ( 55 944 ) ( 55 944 )
34 (2) (a) Money Market ( 3 070 ) ( 12 332 ) ( 41 704 ) – ( 12 ) ( 19 445 ) ( 5 559 ) ( 82 122 )
Total In-admissible
Assets (B) ( 1 721 451 ) ( 68 276 ) ( 171 784 ) – ( 12 ) ( 19 445 ) ( 37 721 ) ( 2 018 689 )
Total Admissible
Assets (C=A+B) 3 409 931 149 873 128 5 142 618 19 387 4 200 18 097 372 541 251 177 087 887
Total Liabilities
Insurance Liabilities net of

Reinsurance Recoveries – – – – – – – –
Retirement benefit Obligation – – – – – – – –
Deferred taxation 141 395 – – – – – – 141 395
Borrowings – – – – – 48 225 – 48 225
Premium received in advance – 945 024 92 537 – – 148 278 16 493 1 202 332
Insurance / reinsurance payables – 100 402 154 813 – – 50 361 58 314 363 890
Other creditors and accruals 802 992 3 070 957 1 917 509 1 895 3 581 954 293 274 683 7 025 910
Taxation - provision less payments – – – – – – – –
Total Liabilities (D) 944 387 4 116 383 2 164 859 1 895 3 581 1 201 157 349 490 8 781 752
Total Net Admissible Assets (E= C-D) 2 465 544 145 756 745 2 977 759 17 492 619 16 896 215 191 761 168 306 135
Minimum Solvency Requirement
Shareholder's Fund 165 000 – – – – – – 165 000
Policyholders Liability – 143 694 238 2 386 037 17 192 520 16 365 905 118 318 162 582 210
Solvency Margin 2 062 507 591 722 300 99 209 332 66 493 2 930 453
Excess / (Deficit) in Net Admissible

Assets over minimum requirement 2 300 544 – – – – 320 978 6 950

45. NUMBER OF EMPLOYEES
2022 2021
Number of employees as at 31 December 2 502 2 694

Average number of employees as at 31 December 2 598 2 677
46. GENERAL
Figures have been rounded off to the nearest thousand of rupees, unless otherwise stated.
Certain prior year's figures have been rearranged and reclassified, wherever necessary, to facilitate comparisons.
47. SUBSEQUENT EVENTS - NON ADJUSTING
The Board of Directors has proposed a cash dividend of Rs.10.5 per share (2021: Rs. 10.50/- per share) amounting
to Rs.1,050 million (2021: Rs.1,050 million) at its meeting held on 21 February 2023 for the approval of the members
at the Annual General Meeting to be held on 31 March 2023.
48. Date of authorization for issue
These financial statements were authorized for issue by the Board of Directors of the Company in their meeting held
on 21 February 2023.

Statement of Financial Position (Un-Audited / Un-reviewed)

As At 31 December 2022
(Rupees ‘000)
Operator Policyholder 31 December 31 December
Note Sub Fund Sub Fund 2022 2021
Assets
Investments
Equity securities 5 – 1 589 023 1 589 023 2 218 911
Government securities 6 353 565 9 026 750 9 380 315 4 899 105
Debt securities 7 – 1 542 618 1 542 618 1 001 407
Term deposits 8 – 3 771 000 3 771 000 3 601 000
Takaful / retakaful receivables – 98 934 98 934 65 076
Other loans and receivables 164 450 1 533 608 1 698 058 863 325
Deferred tax asset – – – 17 586
Prepayments 7 991 – 7 991 8 560
Cash & Bank 9 319 856 1 351 610 1 671 466 1 746 021
Total Assets 845 862 18 913 543 19 759 405 14 420 991
Equity and Liabilities
Cede Money 50 000 – 50 000 50 000
Capital contributed by shareholder's fund 61 326 – 61 326 102 220
Qard-e-Hasna – – – –
Retained Earning arising from business other than
participating business attributable to shareholder's
(Ledger account D) 193 925 – 193 925 148 089
Accumulated losses 19 481 – 19 481 ( 43 064 )
Total Equity 324 732 – 324 732 257 245
Liabilities
Insurance Liabilities 10 – 17 325 462 17 325 462 12 448 511
Takaful contribution received in advance – 164 771 164 771 150 072
Takaful / retakaful payables – 108 675 108 675 33 749
Defered Tax Liability 7 961 – 7 961 –
Other creditors and accruals 513 169 1 314 635 1 827 804 1 531 414
Total Liabilities 521 130 18 913 543 19 434 673 14 163 746
Total Equity and Liabilities 845 862 18 913 543 19 759 405 14 420 991
Contingency(ies) and commitment(s)

Statement of Profit and Loss Account (Un-Audited / Un-reviewed)

(Rupees ‘000)
Operator’s Sub Fund Policyholder’s Fund Aggregate

Year ended Year ended Year ended
31 December 31 December 31 December
Note 2022 2021 2022 2021 2022 2021
Contribution Revenue 1 804 460 1 963 492 6 689 268 5 481 028 8 493 728 7 444 520
Contribution ceded to reinsurers – – ( 299 116 ) ( 218 426 ) ( 299 116 ) ( 218 426 )
Net Contribution revenue 12 1 804 460 1 963 492 6 390 152 5 262 602 8 194 612 7 226 094
Wakalat–ul–Istismar – PIF 637 754 507 805 ( 637 770 ) ( 507 805 ) ( 16 ) –
Wakala Fee – PTF 306 579 230 737 ( 306 579 ) ( 230 737 ) – –
Special reinstatement fee 46 13 – – 46 13
Mudarib Fee 36 147 14 143 ( 36 147 ) ( 14 143 ) – –
Investment income 13 89 476 70 659 1 658 527 646 559 1 748 003 717 218
Net realised fair value gains on financial assets 14 ( 334 ) 1 178 ( 108 276 ) 289 296 ( 108 610 ) 290 474
Net fair value losses on financial assets
at fair value through profit or loss 15 ( 982 ) ( 2 299 ) ( 318 008 ) ( 564 418 ) ( 318 990 ) ( 566 717 )
1 068 686 822 236 251 747 ( 381 248 ) 1 320 433 440 988
Net income 2 873 146 2 785 728 6 641 899 4 881 354 9 515 045 7 667 082
Takaful benefits – – 2 009 172 1 513 012 2 009 172 1 513 012
Recoveries from retakafuls – – ( 203 699 ) ( 155 886 ) ( 203 699 ) ( 155 886 )
Qard–e–Hasna – – 45 893 – 45 893 –
Claims related expenses – – – – – –
Net Takaful Benefits 16 – – 1 851 366 1 357 126 1 851 366 1 357 126
Net Change in Takaful Liabilities

(other than outstanding claims) – – 4 790 533 3 524 228 4 790 533 3 524 228
Acquisition expenses 17 2 280 914 2 353 164 – – 2 280 914 2 353 164
Exgratia–Surrender Expense 1 579 348 – – 1 579 348
Marketing and administration expenses 18 502 561 323 548 – – 502 561 323 548
Total Expenses 2 785 054 2 677 060 4 790 533 3 524 228 7 575 587 6 201 288
Income before tax 88 092 108 668 – – 88 092 108 668
Income tax 19 ( 25 547 ) ( 31 514 ) – – ( 25 547 ) ( 31 514 )

Income for the year 62 545 77 154 – – 62 545 77 154

Statement of Comprehensive Income (Un-Audited / Un-reviewed)

(Rupees ‘000)
Operator’s Sub Fund Policyholder’s Fund Aggregate

Year ended Year ended Year ended
31 December 31 December 31 December
2022 2021 2022 2021 2022 2021
Profit for the year – as per Profit and Loss Account 62 545 77 154 – – 62 545 77 154
Other Comprehensive Income:

Items that may be reclassified to profit and
loss in subsequent periods:
Change in unrealised gains / (losses) on
available–for–sale financial assets – – – – – –
Reclassification adjustment relating to
available–for–sale investments sold
during the year – – – – – –
– – – – – –
Related deferred tax – – – – – –
Other comprehensive income for

the year– net of tax – – – – – –
Total comprehensive income for the year 62 545 77 154 – – 62 545 77 154

Cash Flow Statement (Un-Audited / Un-reviewed)

(Rupees ‘000)
2022 2021
Operating cash flows

a) Takaful activities
Takaful contribution received 8 472 990 7 387 011
Retakaful contribution paid ( 224 190 ) ( 225 136 )
Claims paid ( 1 965 945 ) ( 1 459 622 )
Retakaful and other recoveries received 203 699 155 886
Commission paid ( 1 440 947 ) ( 1 499 852 )
Marketing and Administrative expenses paid ( 502 561 ) ( 323 548 )
Other acquisition cost paid ( 773 835 ) ( 689 867 )
Net cash flow from underwriting activities 3 769 211 3 344 872
b) Other operating activities
Other operating receipts 405 345 46 049
Other (payments) on operating assets ( 545 612 ) ( 30 627 )
Net cash flow from other operating activities ( 140 267 ) 15 422
Total cash flow from all operating activities 3 628 944 3 360 294
Investment activities
Profit / Return received 1 248 950 564 637
Dividends received 164 925 102 525
Payments for investments ( 6 090 837 ) ( 6 170 703 )
Proceed from disposal of investments 1 270 704 3 031 324
Total cash flow from investing activities ( 3 406 258 ) ( 2 472 217 )
Net Capital contributed from shareholder's fund ( 127 241 ) ( 154 924 )
Surplus appropriated to shareholder's fund
Total cash flow from financing activities ( 127 241 ) ( 154 924 )
Net cash flow from all activities 95 445 733 153
Cash and cash equivalents at beginning of the year 5 347 021 4 613 868
Cash and cash equivalents at end of the year 5 442 466 5 347 021
Reconciliation to profit and loss account
Operating cash flows 3 628 944 3 360 294
Depreciation expense ( 125 657 ) ( 97 036 )
Amortization expense ( 2 200 ) ( 2 704 )
Loss on disposal of investments ( 108 610 ) 290 474
Dividend Income 164 925 102 525
Other investment income 1 594 031 616 492
Depreciation in market value of investments ( 329 941 ) ( 568 516 )
Increase in assets other than cash 516 308 93 352
Increase in liabilities ( 5 275 255 ) ( 3 717 727 )
Profit after taxation 62 545 77 154

Statement of Changes in Equity (Un-Audited / Un-reviewed)

(Rupees ‘000)
Attributable to the equity holders' of the Company
Retained earnings
arising from
business other Surplus on /
Cede Capital General than participating Deficit on Unappropriated
business revaluation Total
Money Contribution Reserve attributable to Profit
of available
from main shareholders for sale
Shareholder (ledger account investment
Fund D)–net of tax*
Balance as at 1 January 2021 50 000 216 469 – 89 024 – ( 120 218 ) 235 275
Capital contribution from
shareholder's fund – ( 47 241 ) – – – – ( 47 241 )
Profit transferred to main
shareholder's fund – ( 7 943 ) – – – – ( 7 943 )
Income for the year ended
31 December 2021 – – – – – 77 154 77 154
Total income for the year ended
31 December 2021 – – – – – 77 154 77 154
Contribution to increase solvency margin – ( 59 065 ) – 59 065 – – –
Balance as at 31 December 2021 50 000 102 220 – 148 089 – ( 43 064 ) 257 245
Balance as at 1 January 2022 50 000 102 220 – 148 089 – ( 43 064 ) 257 245
Capital contribution from shareholder's fund – 616 – – – 616
Income for the year ended
31 December 2022 – – – – – 62 545 62 545
– – – – 62 545 62 545
Contribution to increase solvency margin – ( 45 836 ) – 45 836 – – –

Capital contribution transferred to
policy holder liability – 4 326 – – – – 4 326
Balance as at 31 December 2022 50 000 61 326 – 193 925 – 19 481 324 732
*This include balances maintained in accordance with the requirements of section 35 of the Insurance Ordinance ,2000 read with rule 14 of
the Insurance Rules, 2017 to meet solvency margins, which are mandatorily maintained for the carrying on of the life insurance business.

Notes to and forming part of the Financial Statements

1. LEGAL STATUS AND NATURE OF BUSINESS

1.1 EFU Life Assurance Limited (the Company) was incorporated in Pakistan on 09 August 1992 as a public limited
company under the Repealed Companies Ordinance, 1984 (now Companies Act, 2017) and started its operation
from 18 November 1992. The shares of the Company are quoted on Pakistan Stock Exchange. The Registered office
of the Company is located at Al-Malik Centre, 70W, F-7/G-7 Jinnah Avenue, Islamabad while principal place of
business is located at EFU Life House Plot No.112, 8th East Street, Phase-I, DHA, Karachi.
1.2 The Company is a subsidiary of EFU General Insurance Limited on the basis of its ability to control the composition
of the Board of Directors of EFU Life Assurance Limited effective 31 March 2018.
1.3 The Company is engaged in life insurance business including ordinary life business, pension fund business
and accident and health business and has established following statutory funds, as required by the Insurance
Ordinance, 2000:
- Family Takaful Investment Linked Business (Refer note 1.4)
- Family Takaful Protection Business (Refer note 1.4)
1.4 The Company was granted authorisation on 19 January 2015 under Rule 6 of the Takaful Rules, 2012 to undertake
Takaful Window Operation in respect of family takaful products by Securities and Exchange Commission of Pakistan
(SECP) and subsequently the Company commenced Window Takaful Operations on 6 February 2015 under the
brand name "Hemayah". For the purpose of carrying on takaful business, the Company has formed a Waqf namely
EFU Life - Window Family Takaful Limited Waqf (here-in-after referred to as the Participant Takaful Fund (PTF)) was
formed on 6 February 2015 under a Waqf deed executed by the Company with a cede amount of Rs. 2 million. The
cede money is required to be invested in Shariah compliant investments and any profit thereon can be utilized only
to pay benefits to participants or defray PTF expenses. Waqf deed also governs the relationship of the Company
and policyholders for the management of Takaful operations, investment of policyholders' funds and shareholders'
funds as approved by the Shariah Advisor appointed by the Company.
2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
2.1 These financial statements have been prepared on the format of financial statements issued by the Securities and
Exchange Commission of Pakistan (SECP) through the Insurance Rules, 2017 vide its S.R.O. 89(1) / 2017 dated
09 February 2017.
2.2 These financial statements have been prepared in accordance with the accounting and reporting standards as
applicable in Pakistan. The accounting and reporting standards comprise of:
– International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB)
as are notified under the Companies Act, 2017;
– Provisions of and directives issued under the Companies Act, 2017 and Insurance Ordinance, 2000, Insurance
Rules 2017, Takaful Rules, 2012 and Insurance Accounting Regulations, 2017; and
– Islamic Financial Accounting Standards (IFAS) (as a lease) issued by the Institute of Chartered Accountants of
Pakistan, as are notified under the Companies Act, 2017.
In case requirements differ, the provisions or directives of the Companies Act, 2017, the Insurance Ordinance, 2000,
the Insurance Rules, 2017, the Insurance Accounting Regulations, 2017 and the Takaful Rules 2012 shall prevail.
2.3 Basis of measurement
These financial statements have been prepared under the historical cost convention, except for the available for sale
investments which are stated at their fair values.
2.4 Functional and presentation currency
These financial statements are presented in Pakistani Rupees, which is the Company's functional and presentation
currency. All financial information presented in Pakistani Rupees has been rounded to the nearest thousands.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and method of computation adopted in the preparation of the financial information are
consistent with those followed in the preparation of the annual financial statements of the Company for the year
ended 31 December 2021.

3.1 Significant Accounting Policies - Window Family Takaful Operations

3.1.1 Takaful Contracts
The takaful contracts are based on the principles of Wakala Waqf Model. Takaful is a program based on Shariah
compliant, approved concept founded on the principles of mutual cooperation, solidarity and brotherhood.
The obligation of Waqf for Waqf participants' liabilities is limited to the amount available in the Waqf fund. In the
event where there is insufficient funds in Waqf to meet their current payments less receipts, the deficit is funded
by way of an interest free loan (Qard-e-Hasna) from the Operator sub fund to participant takaful fund and group
family takaful. The amount of Qard-e-Hasna is refundable to the Operator sub fund.
Technical reserves are stated at a value determined by the appointed actuary through an actuarial valuation carried
out as at each balance sheet date, in accordance with section 50 of the Insurance Ordinance, 2000.
3.1.2 Group Takaful
The group family takaful contracts are issued typically on yearly renewable term basis. The Company offers group
term life and group credit plans to its participants.
3.1.3 Individual Takaful Contracts Unit - Linked
The Company offers unit-linked Takaful plans which provide Shariah compliant financial protection and investment
vehicle to individual participants contribution received from policyholders, after deducting specific charges and takaful
donations, are invested in internal unit funds of the Company.
The basic plan contains family takaful cover over and above the unit value with additional protection.
3.1.4 Retakaful
These contracts are entered into by the Company with retakaful operator under which the retakaful operator cedes
the takaful risk assumed during normal course of its business and according to which the Waqf is compensated for
losses on contract issued by it are classified as retakaful contracts held.
Retakaful Contribution
Retakaful contribution is recorded at the time the retakaful is ceded. Surplus from retakaful operator is recognized
in the revenue account.
Retakaful Expenses
Retakaful expenses are recognized as a liability in accordance with the pattern of recognition of related contribution.
Retakaful assets and liabilities
Retakaful assets represent balances due from retakaful operators. Recoverable amounts are estimated in a manner
Retakaful liabilities represent balances due to retakaful operators. Amounts payable are calculated in a manner
Retakaful assets are not offset against related retakaful liabilities. Income or expenses from retakaful contract are
not offset against expenses or income from related retakaful contracts as required by Insurance Ordinance, 2000.
Retakaful assets and liabilities are derecognized when the contractual rights are extinguished or expired.
3.1.5 Business Segment - Window Family Takaful Operation
The Company has two primary business segment for reporting purposes; Family Takaful Investment Linked Business
and Family Takaful Protection Business.
a) The Family Takaful Investment Linked Business segments provides family takaful coverage to individuals under
unit -linked policies issued by the PTF.
b) The Family Takaful Protection Business segment provides family takaful coverage to member of business enterprises,
corporate entities and common interest groups under group family takaful scheme operated by the Company.

3.1.6 Takaful operator's fee

The shareholders of the Company manage the family takaful operations for the participants and act as Wakeel of
the Waqf fund. The Company is entitled for the wakala fee for the management of takaful operation under Waqf
fund to meet its general and administrative expenses.
The window takaful operator is also entitled for Wakalt-ul-Istismar fee as it manages Participant Investment Fund.
3.1.7 Revenue recognition
Individual first year contribution are recognized once the related policies have been issued and the contribution
received. Renewal contribution are recognized upon receipt of contribution provided the policy is still in force.
Individual single contribution are recognized once the related policies are issued against the receipts of contribution.
Group contribution are recognized when due. A provision for unearned contribution is included in the policyholders'
liabilities.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of financial statements in conformity with accounting and reporting standards requires the use of
certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying
the Company’s accounting polices. Estimates and judgments are continually evaluated and are based on historic
experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and
any future periods affected.
5. INVESTMENTS IN EQUITY SECURITIES

(Rupees ‘000)
Note 2022 2021
At fair value through profit or loss (Designated - upon initial recognition) 5.1 1 589 023 2 218 911
1 589 023 2 218 911
(Rupees in ‘000)

Cost Provision Value Cost Provision Value

Related Parties
Listed Shares – – – – – –
Others
Listed Shares 1 825 307 – 1 589 023 2 2 273 819 – 2 218 911
1 825 307 – 1 589 023 2 2 273 819 – 2 218 911
6. GOVERNMENT SECURITIES
(Rupees ‘000)
Note 2022 2021
Held to Maturity 6.1 920 030 892 977

Fair value through profit or loss (Designated - upon initial recognition) 6.2 8 460 285 4 006 128
9 380 315 4 899 105

6.1 Held to Maturity (Rupees in ‘000)

Maturity Effective Amortised Principal Carrying Amortised Principal Carrying
Year Yield Cost Repayment Value Cost Repayment Value
Government Ijara 2025-2027 8.37-15.69 277 612 277 136 277 612 247 833 247 639 247 833
Pakistan Energy Sukuk I 2029 16.8 190 820 197 160 190 820 193 004 197 160 193 004
Pakistan Energy Sukuk II 2030 15.76 451 598 452 700 451 598 452 140 452 700 452 140
920 030 926 996 920 030 892 977 897 499 892 977
(Rupees in ‘000)
Maturity Effective Amortised Principal Carrying Amortised Principal Carrying
Year Yield Cost Repayment Value Cost Repayment Value
Government Ijara 2025-2027 14.44-15.85 8 023 681 8 032 133 7 880 285 3 450 926 3 449 784 3 426 128
Pakistan Energy Sukuk I 2029 16.8 190 820 620 840 530 000 606 815 620 840 530 000
Pakistan Energy Sukuk II 2030 15.76 50 178 50 300 50 000 50 238 50 300 50 000
8 264 679 8 703 273 8 460 285 4 107 979 4 120 924 4 006 128
6.3 Market value of government securities carried at amortized cost amounted to Rs. 894 million (2021: Rs :866.4 million).
7. INVESTMENT IN DEBT SECURITIES (Rupees in ‘000)
Others
Corporate Sukuks 7.1 1 542 618 – 1 542 618 1 001 407 – 1 001 407
1 542 618 – 1 542 618 1 001 407 – 1 001 407
7.1 Corporate Sukuks
Fair Value through Profit and Loss (Rupees in ‘000)
31 December 31 December Face 31 December 31 December
Maturity 2022 2021 Value 2022 2021
K Electric 2022 – 25 000 – – 12 612

HUBCO Sukuk 2023 28 571 28 571 7 101 170 207 229
Engro Polymer & Chemicals Limited 2026 – 1 850 – – 199 070
Neelum Jehlum Hydropower Company Limited 2026 1 250 1 250 100 49 133 72 181
Meezan Bank Limited 2028 50 000 50 000 5 250 000 250 000
Dubai Islamic Bank Limited 2028 20 000 20 000 5 100 000 100 000
Bank Islami EHAD Sukuk 2030 28 063 28 063 5 140 315 140 315
640 618 981 407
Held to Maturity
Engro Polymer & Chemicals Limited 2026 – 200 – – 20 000
640 618 1 001 407
Term Finance Certificate
K-Electric Limited 2029 120 000 – 5 600 000 –
600 000 –
Certificate Of Investment
First Habib Modarba 2023 2 – 151 000 302 000 –
302 000 –
1 542 618 1 001 407

(Rupees ‘000)
Note 2022 2021
8. INVESTMENTS IN TERM DEPOSITES
Deposit maturing within three months 3 771 000 3 601 000
9. CASH AND BANK
Cash and Cash Equivalent
Cash in hand 75 75
Cash at bank
Current account 359 643 475 002
Islamic Saving account 1 311 748 1 270 944
1 671 466 1 746 021
9.1 Cash and cash equivalents for cash flow purpose comprise of the following:
– Cash and others 75 75
– Cash at bank 1 671 391 1 745 946
– Term deposits maturing within three months 3 771 000 3 601 000
5 442 466 5 347 021
10. TAKAFUL LIABLITIES
Reported outstanding claims 10.1 350 270 301 129
Incurred but not reported claims 10.2 99 537 84 601
Investment component of unit-linked and account value policies 10.3 16 174 063 11 545 043
Liabilities under individual conventional insurance contracts 10.4 131 123 116 304
Liabilities under group insurance contracts
(other than investment linked) 10.5 55 252 52 979
Other liabilities 48 225 46 560
Participant takaful fund balance 10.6 466 992 301 895
17 325 462 12 448 511
10.1 Reported Outstanding Claims
Gross of Retakaful
Payable within one year 326 021 282 840
Payable over a period of time exceeding one year 59 566 49 057
385 587 331 897
Recoverable from Retakaful
Receivable over a period of time exceeding one year ( 35 317 ) ( 30 768 )
( 35 317 ) ( 30 768 )
Net reported outstanding claims 350 270 301 129
10.2 Incurred But Not Reported Claims
Gross of retakaful 172 145 126 400
Retakaful recoveries ( 72 608 ) ( 41 799 )
Net of retakaful 99 537 84 601
10.3 Investment Component of Unit Linked and Account Value Policies
Investment component of unit linked policies 16 174 063 11 545 043
Investment component of account value policies – –
16 174 063 11 545 043
10.4 Liabilities under Individual Conventional takaful Contracts
Gross of Retakaful 206 467 179 169
Retakaful Credit ( 75 344 ) ( 62 865 )
10.5 Liabilities under Group Insurance Contracts (other than investment linked)
Gross of Reinsurance 77 603 73 538
10.6 Participant Takaful Fund Balance 10.6.1 466 992 301 895

10.6.1 This comprises of surplus of Individual Family Takaful - Participant Takaful Fund, which relates exclusively to
participants of the Individual Family Takaful Fund and is not available for distribution to shareholders. Under the
Waqf Deed of Individual Family Takaful Fund read with Rule 21 of Takaful Rules, 2012, the surplus arising in the
Participants Sub Fund can only be distributed to the Participants of that Fund based on approval of the Appointed
Actuary. The surplus has been classified under insurance liabilities as clarified by SECP.
11. CONTINGENCIES AND COMMITMENTS
The contingencies and commitments reported in the main financials of the Company also includes impacts of
Window Takaful Operations as at December 31, 2021. Out of the reported amount thereon, an amount of
Rs.202.185 million pertains to Window Takaful Operations. There were no other material contingencies and
commitments as at December 31, 2022.
(Rupees ‘000)
Aggregate
Note 2022 2021
12. NET CONTRIBUTION REVENUE
Gross contribution
Regular contribution individual policies
First year 2 529 909 2 666 200
Second year renewal 1 790 197 1 369 692
Subsequent year renewal 3 351 083 2 597 935
Single contribution individual policies 213 318 375 139
Group policies with cash values 705 728
Group policies without cash values 608 516 434 826
Total gross contribution 8 493 728 7 444 520
Less: Retakaful contribution ceded
On individual life first year business 32 858 38 000
On individual life second year business 20 866 19 213
On individual life renewal business 50 563 53 754
On group policies 209 318 123 734
Less: Experience refund from reinsurers ( 14 489 ) ( 16 275 )
Total reinsurance premium / retakaful contribution ceded 299 116 218 426
Net premium / contribution 8 194 612 7 226 094
13. INVESTMENT INCOME

Income from equity securities
At fair value through profit and loss (Designated upon initial recognition)
Dividend income 164 925 102 525
Available for Sale
Dividend income – –
Income from debt securities
At fair value through profit and loss (Designated upon initial recognition)
Return on debt securities 265 118 242 767
Held to maturity
Income from term deposits
Return on term deposits 464 933 225 031
1 748 003 717 218

(Rupees ‘000)
Aggregate
2022 2021
14. NET REALISED FAIR VALUE GAINS (LOSSES)
ON FINANCIAL ASSETS
Available for sale
Realised gains on:
– Equity securities 52 687 554 072
– Government securities – –
Realised losses on:
– Equity securities ( 161 297 ) ( 263 598 )
( 108 610 ) 290 474
15. NET FAIR VALUE GAINS (LOSSES) ON FINANCIAL ASSETS
AT FAIR VALUE THROUGH PROFIT OR LOSS - UNREALISED
Net unrealised losses on investments at fair value through profit or loss
(designated upon initial recognition)- Equity Securities ( 318 990 ) ( 566 717 )
Total investment income ( 318 990 ) ( 566 717 )
16. NET TAKAFUL BENEFITS

Gross claims
Claims under individual policies
by death 124 626 144 710
by insured event other than death – –
by maturity – –
by surrender 1 515 404 1 080 788
Total gross individual policy claims 1 640 030 1 225 498
Claims under group policies
by death 361 043 285 076
by maturity – –
by surrender – –
Total gross group claims 369 142 287 514
Total gross claims 2 009 172 1 513 012
Less: Retakaful recoveries
On individual life claims 22 891 53 449
On group life claims 180 808 102 437
Total retakaful recoveries 203 699 155 886
Net takaful benefit expense 1 805 473 1 357 126

(Rupees ‘000)
Aggregate
2022 2021
17 ACQUISITION EXPENSES
Remuneration to takaful intermediaries on individual policies:
– Commission to agent on first year contributions 950 305 1 064 849
– Commission to agent on second year contributions 125 174 131 299
– Commission to agent on subsequent renewal contributions 90 580 82 023
– Commission to agent on single contributions 6 337 10 453
– Override commission to supervisors 171 328 194 217
– Other benefits to takaful intermediaries 602 715 590 800
Salaries allowances and other benefits
Remuneration to takaful intermediaries on group policies:
– Commission 54 906 46 190
– Other benefits to takaful intermediaries 25 158 18 008
Other acquisition costs
– Traveling expenses 14 105 6 028
– Printing and stationery 5 684 10 146
– Depreciation 85 269 71 690
– Rent rates and taxes 2 750 4 293
– Electricity gas and water 32 241 21 465
– Entertainment 12 768 11 818
– Vehicle running expenses 1 916 1 744
– Office repairs & maintenance 8 264 9 564
– Postages telegrams and telephone 7 997 9 115
– Finance Cost 18 875 14 221
– Others 12 533 16 865
– Medical fees 3 916 3 748
– Policy stamps 48 093 34 628
2 280 914 2 353 164
18. MARKETING AND ADMINISTRATION EXPENSES

Employee benefit cost 213 379 137 094
Traveling expenses 12 022 8 690
Advertisements and sales promotion 31 507 10 489
Depreciation 40 388 25 345
Amortisation 2 200 2 704
Rent rates and taxes 1 807 4 300
Legal and Professional charges 17 800 9 279
Electricity gas and water 14 459 7 460
Entertainment 9 000 5 944
Vehicle running expenses 1 408 833
Office repair and maintenance 54 083 26 406
Appointed actuary fees 3 518 2 197
Bank charges 3 129 3 645
Postage internet and telephone 18 966 13 964
Fees and subscription 12 309 7 118
Annual supervision fee SECP 10 664 9 919
Miscellaneous 38 684 32 520
502 561 323 548

(Rupees ‘000)
19. TAX FOR THE YEAR Aggregate
2022 2021
Current 25 547 31 514
Deferred – –
25 547 31 514
20. RELATED PARTY TRANSACTIONS

The related parties comprise of holding company, directors, key management personnel, associated
companies/associated undertakings, and entities with common directors and retirement benefit fund. Compensation
of key management personnel are on employment terms. Contribution to the provident fund is in accordance
with the service rules. Change to the defined contribution is in accordance with the actuarial advice. Other
transactions are at agreed rates. Details of transactions with related parties during the period, other than those
which have been specifically disclosed elsewhere in the financial statements are as follows:
(Rupees ‘000)
2022 2021
Transactions
Associated companies/ Related Party
Commission paid 35 008 49 691
Traveling Expense 3 864 –
Interest /profit received 240 572 168 865
Payment to K-Electric 18 56
Placement of TDR 2 290 000 1 900 000
Investment bought – 99 582
TDR matured / Investment sold of Related Party 1 538 427 2 083 142
Employees’ funds
Contribution to provident fund 2 891 2 946
Contribution to pension fund 1 442 1 604
Key Management Personnel Transactions
Premium written 684 7 528
Balances
Bank balances 898 058 844 619
Bank deposits 1 290 000 1 450 000
Premium payable 23 –
Premium receivable 363 440
Investment in Related Party 140 315 152 928
Claim outstandings -Related Parties 129 822

21. SEGMENTAL INFORMATION (Rupees ‘000)

21.1 Revenue Account by Statuary Fund Aggregate
Family Takaful Family Takaful
31 December
Investment Protection
2022
Linked Business Business
Income
Contribution less retakaful 7 769 406 399 198 8 168 604
Policy transfer from other statutory funds 26 007 – 26 007
Bonus units transfer to statutory fund 46 – 46
Net investment income / wakala income 2 101 976 162 763 2 264 739
Total net income 9 897 435 561 961 10 459 396
Takaful Benefits and Expenditures
Claims net of retakaful recoveries 1 618 718 188 333 1 807 051
Policy transfer from other statutory funds – – –
Management expenses less recoveries 3 487 169 240 652 3 727 821
Total takaful Benefits and Expenditures 5 105 887 428 985 5 534 872
Excess of income over takaful
Benefits and Expenditures 4 791 548 132 976 4 924 524
Net Change in takaful Liabilities
(Other than outstanding Claims) ( 4 645 469 ) ( 21 534 ) ( 4 667 003 )
Surplus before tax 146 079 111 442 257 521
Movement in takaful liabilities 4 645 469 21 534 4 667 003
Transfer to and from Shareholder's Fund
Transfer of ( surplus ) / deficit to shareholders' fund – ( 88 771 ) ( 88 771 )
Capital contribution to / from share holders' fund 616 – 616
Net Transfer to / from shareholders' fund 616 ( 88 771 ) ( 88 155 )
Balance of statutory funds at beginning of the year 12 123 496 185 277 12 308 773
Balance of statutory funds at end of the year 16 915 660 229 482 17 145 142
(Rupees ‘000)
Aggregate
Family Takaful Family Takaful
31 December
Investment Protection
2021
Linked Business Business
Income
Contribution less retakaful 6 896 865 311 092 7 207 957
Policy transfer from other statutory funds 23 091 – 23 091
Special reinstatement fee 13 – 13
Bonus units transferred to statutory funds 98 925 – 98 925
Net investment income 1 067 185 112 333 1 179 518
Total net income 8 086 079 423 425 8 509 504
Takaful Benefits and Expenditures
Claims net of retakaful recoveries 1 172 397 190 030 1 362 427
Policy transfer from other statutory funds – – –
Bonus units transferred to statutory funds 98 925 – 98 925
Management expenses less recoveries 3 235 094 180 161 3 415 255
Total Insurance Benefits and Expenditures 4 506 416 370 191 4 876 607
Excess of income over Takaful
Benefits and Expenditures 3 579 663 53 234 3 632 897
Net Change in Takaful Liabilities
(Other than outstanding Claims) ( 3 435 809 ) ( 14 696 ) ( 3 450 505 )
Surplus before tax 143 854 38 538 182 392
Movement in takaful liabilities 3 435 809 14 696 3 450 505
Transfer to and from Shareholder's Fund
Transfer of ( surplus ) / deficit to shareholders' fund – – –
Capital contribution from share holders' fund ( 50 358 ) 3 117 ( 47 241 )
Net Transfer to/from shareholders' fund ( 50 358 ) 3 117 ( 47 241 )
Balance of statutory funds at beginning of the year 8 594 191 128 926 8 723 117
Balance of statutory funds at end of the year 12 123 496 185 277 12 308 773

22 FAIR VALUE
Investments on the balance sheet are carried at fair value except for investments in non unit-linked funds which are
stated at lower of cost or market value and unquoted investments which are stated at cost. The Company is of the
view that the fair value of the remaining financial assets and liabilities are not significantly different from their carrying
values since assets and liabilities are essentially short term in nature.
The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs
used in making the measurements:
Level 1: Fair value measurements using quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Fair value measurements using inputs other than quoted prices included within Level 1 that are observable
for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Fair value measurements using inputs for the asset or liability that are not based on observable market data
(i.e. unobservable inputs).
The table below analyses financial instruments measured at the end of the reporting period by the level in the fair
value hierarchy into which the fair value measurement is categorized:
(Rupees '000)
31 December 2022
Fair value
designated
upon initial
recognition

- Investments
Government Securities (T-bills + PIBs + Sukuks) 8 460 285 – – – – – 8 460 285 – 8 460 285 – 8 460 285
Sukuk Bonds (other than government) 640 618 – – – – – 640 618 – 640 618 – 640 618
Listed equity securities 1 589 023 – – – – – 1 589 023 1 589 023 – – 1 589 023
Unlisted equity securities – – – – – – – – – –
Units of mutual funds – – – – – – – – – – –
Debt securities (Listed TFCs) 902 000 – – – – – 902 000 902 000 – – 902 000

- Government Securities (T-bills + PIBs + Sukuks) – – 920 030 – – – 920 030 – 866 391 – 866 391
- Certificate of Investment – – – – – – –
- Advances – – – – – – –
- Investment income accrued – – – – 480 566 – 480 566
(excluding markup accrued)* – – – – 1 698 058 – 1 698 058
17 034 392 – 920 030 – 2 178 624 – 20 133 046

Deferred taxation – – – – – – –
Premium received in advance – – – – – 164 771 164 771
– – – – – 2 101 250 2 101 250
17 034 392 – 920 030 – 2 178 624 ( 2 101 250 ) 18 031 796

(Rupees '000)
31 December 2021
Fair value
designated
upon initial
recognition

- Investments
Government Securities (T-bills + PIBs + Sukuks) 4 006 128 – – – – – 4 006 128 – 4 006 128 – 4 006 128
Sukuk Bonds (other than government) 981 407 – – – – – 981 407 – 981 407 – 981 407
Listed equity securities 2 218 911 – – – – – 2 218 911 2 218 911 – – 2 218 911
Unlisted equity securities – – – – – – – – – – –
Units of mutual funds – – – – – – – – – – –
Debt securities (Listed TFCs) 20 000 – – – – – 20 000 20 000 – – 20 000

- Government Securities (T-bills + PIBs + Sukuks) – – 892 977 – – – 892 977 – 866 391 – 866 391
- Certificate of Investment – – – – – – –
- Advances – – – – – – – – –
- Investment income accrued – – – – 146 436 – 146 436
(excluding markup accrued)* – – – – 863 325 – 863 325
12 573 467 – 892 977 – 1 009 761 – 14 476 205

Deferred taxation – – – – – – –
Premium received in advance – – – – – 150 072 150 072
– – – – – 1 715 235 1 715 235
12 573 467 – 892 977 – 1 009 761 ( 1 715 235 ) 12 760 970
*The Company has not disclosed the fair values for these financial assets and liabilities, as these are for short term or reprice over short term.
Therefore their carrying amounts are reasonable approximation of fair value.
23 GENERAL
Figures have been rounded off to the nearest thousand of rupees, unless otherwise stated.
Certain prior year's figures have been rearranged and reclassified, wherever necessary, to facilitate comparisons.
23.1 DATE OF AUTHORIZATION FOR ISSUE
These financial statement were authorized for issue by the Board of Directors of the Company in their meeting held
on 21 February 2023.

Statements under Section 52(2) of

Insurance Ordinance 2000
Statement by Appointed Actuary
I have reviewed the Balance Sheet and Revenue Account and related notes prepared by the Company for the year ending
December 31, 2022. In my opinion:
(a) the policyholder liabilities included in the balance sheet have been determined in accordance with the
provisions of the Insurance Ordinance, 2000 (“the Ordinance”); and
(b) each statutory fund set up by the Company, after accounting for the capital contribution, complies with the
solvency requirements of the Ordinance.
OMER MORSHED, FCA, FPSA, FIA

Appointed Actuary
Statement by Directors
(As per the requirement of section 46(6) and section 52(2)(c) of the Insurance Ordinance, 2000).
Section 46(6)
a. In our opinion the annual statutory account of EFU Life Assurance Ltd. set out in the forms attached to the
statement have been drawn up in accordance with the Ordinance and any rules made there under.
b. EFU Life Assurance Ltd. has at all times in the year complied with the provision of the Ordinance and the
rules made there under relating to paid-up capital, solvency and reinsurance arrangements, and
c. As at December 31, 2022 EFU Life Assurance Ltd, continues to be in compliance with the provisions of the
Ordinance and rules made there under relating to paid-up capital, solvency and reinsurance arrangement.
Section 52(2)(c)
d. In our opinion each statutory fund of EFU Life Assurance Ltd. complies with the solvency requirement of the
Insurance Ordinance, 2000 and the Insurance Rules, 2017.

Chief Executive

Pattern of Shareholding
as at 31 December 2022
Number of Shareholdings Holding

Shareholders From To Shareholders
167 1 100 5 848

238 101 500 66 563
109 501 1000 89 211
269 1001 5000 747 525
50 5001 10000 362 829
16 10001 15000 203 322
13 15001 20000 216 912
8 20001 25000 182 000
3 25001 30000 81 329
3 30001 35000 97 405
2 35001 40000 75 267
3 40001 45000 125 900
5 45001 50000 244 715
1 50001 55000 52 852
4 55001 60000 228 096
1 60001 65000 61 900
1 65001 70000 70 000
1 70001 75000 70 104
4 75001 80000 311 834
3 80001 85000 252 021
3 95001 100000 300 000
1 100001 105000 103 997
2 105001 110000 214 061
1 120001 125000 125 000
1 125001 130000 128 469
2 130001 135000 261 754
1 165001 170000 167 000
1 175001 180000 176 063
1 180001 185000 182 402
1 185001 190000 187 146
1 200001 205000 201 018
1 215001 220000 219 600
1 245001 250000 250 000
1 270001 275000 271 355
1 345001 350000 349 865
1 440001 445000 443 300
1 545001 550000 545 971
1 585001 590000 587 600
1 780001 785000 781 575
2 940001 945000 1 889 333
1 945001 950000 948 229
1 1185001 1190000 1 189 600
1 1285001 1290000 1 288 835
1 1290001 1295000 1 292 518
1 2225001 2230000 2 228 367
1 3955001 3960000 3 958 906
1 3995001 4000000 3 996 292
1 10030001 10035000 10 031 263
1 20045001 20050000 20 047 708
1 44085001 44090000 44 087 140
936 100 000 000

Information as required under the Code of Corporate Governance
Categories of Shareholders Shareholders Shares held Percentage

Directors and their spouse(s) and minor children
Rafique R.Bhimjee 2 4,089,106 4.09
Saifuddin N. Zoomkawala 1 443,300 0.44
Taher Gulamhusein Sachak 2 525,928 0.53
Hasanali Abdullah 1 187,146 0.19
Syed Salman Rashid 1 10,031,263 10.03
Ali Raza Siddiqui 1 500 0.00
Rukhsana Shah 1 500 0.00
Daanish Bhimjee 1 500 0.00
Ruhail Mohammad 1 500 0.00
Ahsen Ahmed 1 500 0.00
Naila Bhimjee 1 1,288,835 1.29
Lulua Saifuddin Zoomkawala 1 55,432 0.06
Rehana Salman 2 222,602 0.22
Associated Companies, undertakings and related parties 21 72 305 336 72.31

NIT and ICP 2 1,802 0.00
Banks, Development Finance Institutions, Non-Banking Finance Companies 2 133,801 0.13
Insurance Companies 2 42,100 0.04
Modarabas and Mutual Funds
General Public
Local 855 5 763 528 5.76
Foreign 2 250,200 0.25
Foreign Companies 5 3,323,340 3.32
Others 31 1 333 781 1.33
Totals 936 100,000,000 100.00
Shareholders holding 10 % or more

Syed Salman Rashid 10 031 263 10.03%
Jahangir Siddiqui & Co. Ltd. 20 047 708 20.05%
EFU General Insurance Ltd. 46 315 570 46.32%

Glossary of Important Terms

Acquisition cost Expenses incurred by the company for acquisition of Insurance/Takaful business. These mainly
include expenses relating to the distribution channels.
Administration Expenses Expenses of the company other than the acquisition cost.
Authorized Share Capital The maximum value of shares that a Company can issue.
Balance Sheet An accounting term referring to a listing of a company's assets, liabilities and surplus as of a
specific date.
Cash Value The cash value of an insurance policy or Takaful contract, also called the cash surrender value
or surrender value, is the cash amount offered to the policyholder/participant by the life
insurer/Takaful operator upon cancellation/maturity of the insurance policy or Takaful contract.
Claims The amount payable under a contract of insurance/Takaful arising from occurrence of an
insured event.
Commission Remuneration to an insurance/Takaful intermediary for services such as selling and servicing
of insurance/Takaful products
Contribution Monetary contribution paid as lump sum or periodically by a participant to a Takaful operator
for the purpose of obtaining Takaful Benefits
Death Claim Insurance/Takaful claims paid to beneficiaries when the insured person/participant dies during
the period of insurance/Takaful.
Disability Claim Insurance/Takaful claims paid to the insured person/participant in case of a defined disability
during the periods of insurance/Takaful.
Dividend Yield A financial ratio that shows how much a company pays out in dividends each year relative to
its share price. In the absence of any capital gains, the dividend yield is the return on investment
for a stock.
Earnings per Share The portion of the company's profit allocated to each outstanding share of common stock.
Earnings per share serves as an indicator of a company's profitability.
Gross Contribution Total contribution of the Operator for all takaful lines of business including Individual Family
Takaful new business, Individual Family Takaful renewal contributions, Group Family Takaful
business and Single Contribution.
Gross Premium Total premium of the company for all lines of business including individual life new business,
individual life renewal premium, Group business and single premium.
Maturity Claim Insurance/Takaful claim paid to the insured person/Participant in case of maturity of the
insurance policy or Takaful contract.
Net Contribution Gross contribution less the retakaful contribution ceded.
Net Premium Gross premium less the reinsurance premiums ceded.
Outstanding Claims Claims incurred and reported but not paid as on the date of the financial statements.
Paid-up capital The amount paid or contributed by shareholders in exchange for shares of a company's stock.
Participants A person who participates in a Takaful scheme and to whom Takaful Contract is issued.
Participants' Investment The unit linked investment fund in which a proportion of the gross contribution is invested.
Fund (PIF)
Participants' Takaful A fund which is a risk pool for Takaful participants. It is a sub fund of a statutory fund into
Fund (PTF)/Waqf Fund which participant's risk related contributions are paid and risk related benefits are paid out.
PAT Gross profit for the year net of the tax for the year, as mentioned in the Profit and Loss Account.

Policyholders' liabilities It is the value of the obligation of the insurer to its policyholders. A major portion of this is
policyholder reserves, which is the amount representing actual or potential liabilities kept by
an insurer to cover policyholders benefits.
Premium Financial cost of obtaining an insurance cover, paid as a lump sum or in installments during
the duration of the policy.
Qard - e - Hasna In case of a deficit in Waqf Fund, Takaful Operator extends a Qard-e-Hasna (interest free loan)
to PTF to cover the deficit. This Qard is repaid to the Takaful Operator from future surpluses
in the PTF.
Reinsurance Premium Reinsurance premiums are premiums paid to other insurance companies pursuant to the
reinsurance agreements mainly for the purpose of diversification of risks undertaken by the
insurer.
Retakaful Contribution Retakaful contributions are contributions paid to other Takaful operators pursuant to the
retakaful agreements mainly for the purpose of diversification of risks undertaken by the
Takaful Operator
Retention The part of insurance/Takaful risk that the insurer/Takaful Operator retains before passing on
the excess to a reinsurer/Retakaful.
Return on Equity Return on equity measures a company's profitability by revealing how much profit a company
generates with the money shareholders have invested. ROE is expressed as a percentage and
calculated as: Return on Equity = Net Income/Shareholder's Equity
Shareholders' Equity This is the total of Paid-up capital, accumulated surplus and any general reserves.
Shareholders' Fund A fund that is established in the records of a life insurance/Takaful Operator and which contains
that part of the assets and liabilities of a life insurer/Takaful operator which is attributed to it
and is not attributed to any statutory fund maintained by that life insurer/Takaful Operator
Solvency Having sufficient assets-capital, surplus, reserves and being able to satisfy financial requirements
to be eligible to transact insurance/Takaful business and meet liabilities.
Statutory Fund A fund that is established in the records of a life insurer/ Takaful Operator and which relates
solely to the life insurance/Takaful business of that life insurer/takaful operator or a particular
part of that life insurance/Takaful business
Surplus in Waqf Fund The excess of assets over liabilities in Waqf Fund/Participants' Takaful Fund (PTF). Negative
surplus would be named as 'Deficit' in Waqf Fund.
Surrender Claim Insurance/Takaful claims paid to the insured person/participant in case an insurance policy or
Takaful contract is terminated before end of its term.
Underwriting The process of assessing and selecting risks for insurance/Takaful and classifying them according
to their degrees of insurability so that and appropriate price may be assigned. The process also
includes rejection of those risks that do not qualify.
Net Risk Contribution of PTF The risk related portion of the Participant's contribution paid into the PTF to avail Takaful cover
from the PTF.
Takaful Operators Fund A Fund setup by a Window Takaful Operator which shall undertake all transactions which the
Operator undertakes other than those which pertains to Participants Takaful Fund/Participant
Investment Fund setup for the Window Takaful Operations.
Wakalah Fee The fee that takaful operator charges for the management of Waqf Fund or acting as a Wakeel
(Manager of PTF).
Mudarib Fee The fee that the takaful operator charges for the management of the investment of the Waqf
fund.
Window Takaful Operator A Registered Insurer authorized under Takaful Rules, 2012 to carry out Window Takaful
Operations in addition to Conventional Insurance Business.

Group Benefits &

Bancassurance - Offices
Group Benefits - Offices Lahore
Plot No. 124, Y Block DHA Phase III,
Karachi Commercial Area, Above National Bank, Lahore
Phone: 042-38102901
EFU Life House
Plot No. 112, 8th East Street, Phase-I, DHA, Karachi Fayyaz Mehmood Tahir, National Sales Head - Bancassurance
Phone: (021) 111-338-111 Zubair Zahid, National Sales Head - Bancassurance
Hasan Aamir, Regional Sales Director Islamabad
Naveed-ul-Haq Bhatti, Regional Marketing Manager 3rd Floor, Al Malik Centre, 70- W, Jinnah Avenue, Blue Area,
S. Afsar Raza, Senior Group Marketing Manager Islamabad. Phone: (051) 8023215, 8023222, 8023234
Anila Hassan Riaz, Chief Marketing Manager Tahir Sultan, National Sales Head - Bancassurance
Mohsin Umer, Assistant Marketing Manager Mariam Mani, National Sales Head- Bancassurance
Umair Siddiqui, Assistant Marketing Manager
Syed Ubedullah Shah, Senior Marketing Executive Faisalabad
Syed Qaiser Arsalan Zaidi, Assistant Marketing Manager Office No. 331/332, 4th Floor Sunrise Mall,
Near Gatton Wala Chowk, Peoples Colony, Faisalabad
Lahore Phone: (041) 8503370,71,72,73 / 8503338, 39 (041) 5003400
18-C-1, 4th Floor, Liberty Market, Gulberg III, Lahore Kashif Yousuf Regional Head - Bancassurance
Phone: (042) 38102625 Nabeel Ahsan Regional Head - Bancassurance
S.A.R. Zaidi, Senior Executive Director Peshawar
Fazal Mehmood, Regional Sales Director 2nd Floor, NWR Plaza, Khyber Supermarket
Faisal Masud, Regional Marketing Manager Near Qayyum Stadium, Bara Road, Peshawar Cantt
Mubashar Ahmed, Chief Marketing Manager Phone: (091) 5252129, 5606002, 091-7006601
Tasleem Iqbal, Marketing Manager Fawad Ahmed Farooqui, Regional Head - Bancassurance
Saad Farooqi, Assistant Marketing Manager
Tahir Mahmood, Assistant Marketing Manager Jhelum
Karim Arcade, Machine Mohalla No.3, Jhelum
Islamabad Phone: (0544) 806453, (0544) 800080
Office No. 6, 2nd Floor, Yaseen Plaza Kashif Mansoor Ali Khan, Regional Head - Bancassurance
74-W, Jinnah Avenue, Blue Area, Islamabad Multan
Phone: (051) 8023200-06
3rd Floor Ghazi Tower, Near PIA office, Abdali Road Multan
Noor-ur-Rehman, Regional Marketing Manager Phone: (061) 8026530-33
Rizwan Bajwa, Assistant Marketing Manager Tayyab Khan Virk, Regional Head - Bancassurance
Rao Asif Khan, Assistant Marketing Manager
Gujranwala
Faisalabad 2nd Floor Sardar Building, Opposite Lone Palace
2nd Floor, Ajmal Centre 289, Batala Colony, Faisalabad Near Capri Cinema, GT Road Gujranwala. 055-3251021-23
Phone: (041) 5253450 Hafiz Ateeq, Area Sales Head - Bancassurance
Imran Yaqub, Assistant Marketing Manager Abbottabad
Alfatah Shopping Center, Opposite Radio Station Jhungi
Multan Abbottabad. Phone: 0992-403763
1st Floor, Rajput Commercial Centre Uzair Ayub, Area Sales Head - Bancassurance
Tareen Road, Near Gull Tax Showroom, Multan Hyderabad
Phone: (061) 8026500, (061) 8026509
Commercial Hall, Blue Sky Extension (Breeze Tower)
Zafar Abbas Chughtai, Assistant Marketing Manager Commercial Hall, 2nd Floor, Autobahn Hyderabad.
Phone: 022-8332128
Kamran Jalil, Area Sales Head - Bancassurance
Bancassurance - Offices
Mirpur AK
Karachi Plot No: 123, Sultan Plaza, 1st Floor, Office No 1,
37-K, Block 6, PECHS, Karachi Kotli Road, Sector F-1, Mirpur AK.
Phone: (021) 34541740, 38652300-2305, 4304560, Phone: 05827442152, 05827437283
34304560, 34304514, 34304516-7, 34304565, 38632300 Amir Nisar, Area Sales Head - Bancassurance
Husein Sachak, Director - Bancassurance Sahiwal
Ali Asghar Khandwala, Deputy Head - Bancassurance 1st Floor Central Plaza High Street Sahiwal City
Rashib Shaikh, National Sales Head - Bancassurance Phone: 040-8005689
Farukh Hassan, National Sales Head - Bancassurance Arshad Ali, Area Sales Head - Bancassurance

Individual Life - Offices

Abbottabad Branch Bahawalpur City Branch Chakwal Branch
1st Floor, Al-Fateh Shopping Center, Plot No.88-A, Noor Mahal Road, 2nd Floor, Tanveer Plaza, Opposite Nadra
Opposite Radio Station, Near Iqbal Hospital, Bahawalpur. Office, Rawalpindi Road, Chakwal.
Mansehra Road, Abbottabad. 0300-8683445, 0623-006120-30 0303-4401951
0320-9953020, 099-2341978 Naeem Akhter Chaudhry Muhammad Tasier Hussain
099-2403697, 099-2334254 Group Manager Assistant Branch Manager
Waqas Khan
Assistant Branch Manager Bahawalpur Garden Branch Chichawatni Branch
Plot No.88-A, Noor Mahal Road, 1st Floor, Al Haram Center, Plot No.901,
Ahmed Pur East Branch
Near Iqbal Hospital Bahawalpur. Block-5, Wali Jutt Chowk, Chichawatni.
Ground Floor, Railway Road, Near Chock 0300-5456514, 0623-006120-30. 0335-9103103, 0405-487158
Munir Shaheed, Ahmed Pur East. Muhammad Sajjad Sajid Hussain
0300-4006645, 062-2273049, 062-2273039 Assistant Branch Manager Assistant Branch Manager
Mazhar Mahmood Khan
Branch Manager Baltistan Branch Chishtian Branch
2nd Floor, Anchan Plaza, Hussani Chowk, 1st Floor, City Cash & Carry,
Ali Pur Chatha Branch
Main Bazar Skardu, Baltistan. 13-Gajyani Road, Chishtian.
1st Floor, Haji Shair Muhammad 0346-9589093, 05815-450941 0300-4355730, 063-2500299
Heights Plaza, Near MCB Bank, Muhammad Ayaz Ali 2508137, 2507334, 2507332
Gujranwala Road, Alipur Chatha. Group Manager Muhammad Amin
0346-6690650, 055-6821092 Group Manager
Muhammad Ishfaq Bhakkar Branch
Branch Manager Choondko Branch
1st Floor, Khatak Plaza, Opposite MCB Bank,
Behal Chowk, Bhakkar. 1st Floor On Yaseen Photo State,
Arifwala Branch
0336-7601001, 0453-515074 Opposite TCS Office, Taluka,
M Block, Pakpattan Road, Arifwala. Muhammad Naeem Tariq Naro P/O Choondiko, District Khairpur.
0302-3333951, 0457-205800 Team Head 0305-3355663
Ahsaan Talib Zamir Hussain
Branch Manager Bhalwal City Branch Assistant Branch Manager
Ground Floor, Plot No.3, Kuchari Road,
Attock Branch Dadu Branch
Tehsil Bhalwal, District Sargodha.
1st Floor, Sheikh Jaffar Plaza, 0300-6060185 Plot No.928, Ground Floor,
Siddiqui Road, Attock. Muhammad Waseem Akhtar Near MCB, Sehwan Sharif Road, Dadu.
0321/0300-9508027, 057-2701957 Team Head 0300-2564390
057-2703338, 057-2602067 Zulfiqar Ali
Muhammad Amjid Hussain Shah Bharakahu Branch Group Manager
Branch Manager Office No.6 & 7, Ground Floor, Iqbal Plaza,
Daharki Civic Branch
Samli Dam Road, Opposite Bharakahu Police
Bagh AK Branch
Station, Islamabad. 1st Floor, Near MCB Bank,
1st Floor, Azeem Plaza, 0334-8564580 GT Road, Daharki District, Ghotki.
Dhulli Road, Pulli Stop, Bagh AJK. Muhammad Umar 0333-7253655, 0334-7832364
0346-5212797, 058-23445367 Team Head 072-3204160
S.M. Ahtsham-ul-Haq Gillani Muhammad Nadeem
Branch Manager Bhimber Branch Branch Manager
1st Floor, AJK Bank, Near Kothi Mor,
Bahawal Nagar Branch Dahranwala Branch
Gujrat Road, Bhimber, AJK.
Ground Floor, Paradise Hotel, 0344-6263378, 0301-6256072 Office No.3, Near Awami PSO Petrol Pump,
Opposite Haary Masjid Quraish, 053-7575520-22 Chishtian Road, Daranwala.
Chishtian Road, Bahawal Nagar. M. Rizwan Sadiq 0305-6330097
0302-3333951, 063-02279124,125,126,127 Branch Manager Ghulam Murtaza
Altaf Hussain Team Head
Group Manager Burewala Branch
Darya Khan Branch
1st Floor, Khurram Shopping Mall,
Bahawalpur Branch
Fawarah Chowk, Lahore Road, Burewala. 2nd Floor, Yaadgar Plaza,
Plot No.88-A, Noor Mahal Road, 0301-7681386, 0672-016400 Hashmi Chowk, Darya Khan.
Near Iqbal Hospital, Bahawalpur. Rafique Ahmad 0300-6014459
0313-6502524, 0623-006120-30 Branch Manager Zaheer Hussain
Mian M. Afzal Assistant Branch Manager
Branch Manager Burewala City Branch
Daur Branch
1st Floor, Khurram Shopping Mall,
Bahawalpur Cantt Branch
Fawarah Chowk, Lahore Road, Burewala. Near UBL Bank, Opposite Noor Masjid,
Plot No.88-A, Noor Mahal Road, 0344-6433133, 0672-016400 Jamali Road, Taluka Daur.
Near Iqbal Hospital, Bahawalpur. M. Abu Bakar 0302-3240521
0300-8683445, 0623-006120-30 Branch Manager Mumtaz Ali Brohi
Junaid Masud Assistant Branch Manager
Regional Sales Director

Dera Allahyar Branch Doongi Branch Garh More City Branch

1st Floor, Allied Bank, 2nd Floor, Choudhry Plaza, Main City Doongi, Ground Floor, Choudhry Ashraf Plaza,
Main Quetta Road, Dera Allahyar. Opposite Petrol Pump, Post Office Doongi, Garh Mahraja Road, Tehsil Ahmed Pur Sial,
0302-3171080, 0740-510636 Tehsil Khuirata District Jhang.
Saeed Ahmed Shaikh 03464940633 0302-7374280
Assistant Branch Manager Muhammad Kamran Iqbal Zahid Mehmood
Team Head Team Head
Dera Ghazi Khan Branch
Faisalabad Central Branch Ghotki Branch
Ground Floor, Plot No.1264,
Faridabad Colony, Block No.18, 2nd Floor, Amir Plaza, Kohenoor City, 1st Floor, Shadani Shopping Center,
Rehmania Street, Dera Ghazi Khan. College Road, Faisalabad. Opposite Police Station, Ghotki.
0300-6781738 0300-8675645, 041-5003420-31 0301-8212030, 072-3680352,
0642-468116, 064-2471056-7 Mohammad Zahid Bashir 072-3680351, 072-3684107, 072-3682423
Mustanser Abbas Group Manager Mahesh Kumar
Branch Manager Zonal Manager
Faisalabad Chenab Branch
Dera Ghazi Khan City Branch Gilgit Baltistan Branch
289, 2nd Floor, Ajmal Centre,
Ground Floor, Plot No.1264, Batala Colony, Faisalabad. 2nd Floor, Dar Plaza, Nabi Bazar, Gilgit.
Faridabad Colony, Block No.18, 0300-8653627, 0300-6728180 0345-3819500
Rehmania Street, Dera Ghazi Khan. 041-5253450 058-11457717, 058-11459874
0333-6460894 Imtiaz Hussain Faiz Ahmed Khan
Mustanser Abbas Senior Regional Manager Zonal Manager
Branch Manager Tajamal Khan
Zonal Manager Gujranwala Branch
Dera Ismail Khan Branch
2nd Floor, Near MCB Main Branch,
Faisalabad City Branch
1st Floor, Najeeb Centre, GT Road, Gujranwala.
East Circular Road, Dera Ismail Khan. 289, 2nd Floor, Ajmal Centre, 0345-6255263, 055-8316100
0301-4053684 Batala Colony, Faisalabad. Arfan Yousaf
0966-734001-02,03,04,05,06 0300-8653627, 0300-6728180 Branch Manager
Mujahid Khan 041-5253450-1
Branch Manager Syed Bashrat Ali Gujrat Branch
Group Manager Dhakkar Plaza,
Dera Murad Jamali Branch
Rehman Shaheed Road, Gujrat.
Faisalabad Ravi Branch
Near Usta Muhammad Vegun Stand, 0321-7777100, 053-20166160
Main Quetta Road, Dera Murad Jamali. 289, 2nd Floor, Ajmal Centre, Ali Rizwan
0346-8474197 Batala Colony, Faisalabad. Senior Regional Manager
Liaqat Ali 0333-6561200, 041-5253451
Assistant Branch Manager Ali Raza Gujrat City Branch
Branch Manager Dhakkar Plaza,
Digri Branch
Rehman Shaheed Road, Gujrat.
Fateh Pur Branch
1st Floor, Above Bank AL Habib, 0300-6264438, 053-20166160
Plots City, Survey No.54/A & 55, 1st Floor, Plot No.14, Old Grain Market, Majid Navid Akhter
Ward-C, Digri, District Mirpur Khas. Near MCB Bank, Fateh Pur, District Layyah. Branch Manager
0302-3315646 0308-8761964, 0307-6541590
Latif-ur-Rehman 0606-840848 Gujrat Fort Branch
Branch Manager Ghulam Abu Talib Dhakkar Plaza,
Branch Manager Rehman Shaheed Road, Gujrat.
Dinga Branch
0301-6879687, 0321-7745774
Gaggo Mandi Branch
1st Floor, Fazal Plaza, Dhalyan Chowk, 053-20166160
Dinga, Tehsil Kharian, Distt Gujrat. Ground Floor, Near Al-Toheed Masjid, Muhammad Aamir Sohaib
0346-6485700, 053-7400338 Gulshan Wahab, Sheikh Fazal Road, Group Manager
053-7402338, 053-7404338 Gaggo Mandi, Tehsil Burewala.
Qaisar Abbas 0343-4641096 Gulshan-e-Hadeed Branch
Zonal Manager Abdul Rauf C-15, 1st Floor, Phase-I,
Assistant Branch Manager Gulshan-e-Hadeed, Bin Qasim, Karachi.
Dokri Branch
0333-3035064, 021-38651700
Gambat Branch
Ground Floor, Main Road Badah, Naeem Akbar Abro
Near Shahnawaz Petrol Pump, Ground Floor, Near IBS Sweets, National Branch Manager
District Larkana. Highway Gambat, District Khairpur Mirs.
0344-1544786 0300-3290240 Gwadar Branch
Kehar Khan Kalhoro Kailash Kumar Flat No.4, 2nd Floor, Plot No.GC 5A,
Assistant Branch Manager Team Head Zyad Plaza, New Town Housing Scheme,
Airport Road, Gwadar.
0321-2279618, 086-4210244
Javed
Assistant Branch Manager

Hafizabad Star Branch Hyderabad Autobahn Branch Hyderabad Model Branch

1st Floor, Escorts Investment Bank, Opposite 2nd Floor, Commercial Hall, 2nd Floor, Commercial Hall,
Allied School, Gujranwala Road, Hafizabad. Blue Sky Extension (Breeze Tower) Blue Sky Extension (Breeze Tower)
0303-4999189 Autobahn, Hyderabad. Autobahn, Hyderabad.
Muhammad Rafique 0333-2596510, 022-8334260 0333-2596510, 022-8334300
Team Head Bhesham Kumar Durdana Khan
Regional Manager Zonal Manager
Hala Branch
Hyderabad Cantt Branch Hyderabad New City Branch
Ground Floor, Plot No.1403/32,
Opposite Boys College, Dargah Road, Hala. Mezzanine Floor, Haiqa Towers, Office No.8 & 9, 2nd Floor, Shelter Shopping
0307-3504540, 022-3331390,91,93,400 Plot No.A-220, Block-C, Main Autobhan Mall, Saddar Cantt, Hyderabad.
Nazia Road, Unit No.2, Latifabad, Hyderabad. 0300-9377061, 022-2720550-1,2,3
Team Head 0334-2638855 Syed Sabir
Ghulam Shabbir Mirani Group Manager
Hangu Branch Regional Manager
Muhammad Aulim Solangi Hyderabad Pearl Branch
Office No.8, 2nd Floor, Peerano Plaza,
Main Bazar Hangu, KPK. Zonal Manager 2nd Floor, Commercial Hall,
03359346124 Blue Sky Extension (Breeze Tower)
Hyderabad City Branch
Farid Abbas Autobahn, Hyderabad.
Branch Manager Mezzanine Floor, Haiqa Towers, 0334-0274873
Plot No.A-220, Block-C, Main Autobhan Aftab Baigum
Harappa Branch Road, Unit No.2, Latifabad, Hyderabad. Branch Manager
1st Floor, Above Bank AL Habib, Jinnah 0300-8371462, 022-8334216
Saeeda Qureshi Hyderabad Prime Branch
Town, Main Nai Wala Bangla Road, Harappa.
9.2300751359 Branch Manager Mezzanine Floor, Haiqa Towers,
Ghulam Jelani Plot No.A-220, Block-C, Main Autobhan
Hyderabad Civic Branch
Group Manager Road, Unit No.2, Latifabad, Hyderabad.
Mezzanine Floor, Haiqa Towers, 0332-2638119, 022-8334216
Haripur Branch Plot No.A-220, Block-C, Main Autobhan Mohammad Farhan Ali
Office No.1, 1st Floor, Road, Unit No.2, Latifabad, Hyderabad. Group Manager
Naeem Khan Plaza, Opp. Main Branch 0333-7531459
Ramesh Lal Hyderabad Shaheen Branch
National Bank of Pakistan, GT Road, Haripur.
0336-0554091 Assistant Branch Manager 2nd Floor, Commercial Hall,
Ahmed Ali Blue Sky Extension (Breeze Tower)
Hyderabad Galaxy Branch
Team Head Autobahn, Hyderabad.
2nd Floor,Commercial Hall, 0333-7063471
Haroonabad Branch Blue Sky Extension (Breeze Tower) Shahab Gul
Milad Chowk, Baldia Road, Autobahn, Hyderabad. Assistant Branch Manager
Haroonabad. 0304-3156547, 022-8334260
Aasma Islamabad Branch
0300-4355930,
063-2253592, 063-2253290-1 Group Manager 70-W, 2nd Floor, Al-Malik Centre,
Muhammad Kashif Jinnah Avenue, Blue Area, Islamabad.
Hyderabad Green Branch
Regional Manager 0345-8555230, 051-8023250,
Mezzanine Floor, Haiqa Towers, 051-8023257, 051-8023262
Hasilpur Branch Plot No.A-220, Block-C, Main Autobhan Younis Butt
1st Floor, Sikander Plaza, Plot No.230/221, Road, Unit No.2, Latifabad, Hyderabad. Assistand Sales Director
Vehari Road, Hasilpur. Ahmed Hussain Faisal Tahir
0307-4992099 Assistant Branch Manager Regional Sales Director
Aman Ullah Mohammad Atif Khan
Hyderabad Icon Branch Regional Manager
Branch Manager
2nd Floor,Commercial Hall, Muhammad Kashif Khan
Hub Chowki Branch Blue Sky Extension (Breeze Tower) Group Manager
Main R.C.D. Road, Near Sher Ali Petrol Pump, Autobahn, Hyderabad.
Islamabad Hills Branch
District Lasbella, Hub Chowki. Sajid Iqbal Ansari
0321-8091617, 085-3302115, 085-364098 Assistant Branch Manager Plot No.03, Khasra No.17, Talian Sohan
Akhtar Ali Qasbati, Jandad Tower, Near 6th Road,
Hyderabad Imperial Branch Main Muree Road, Rawalpindi.
Mezzanine Floor, Haiqa Towers, Aasma Hanif Khan
Hunza Nagar Branch Plot No.A-220, Block-C, Main Autobhan Branch Manager
2nd Floor, Haji Jan Plaza, Near Aga Khan Road, Unit No.2, Latifabad, Hyderabad.
Jacobabad Branch
Tower, Aliabad, Hunza Nagar. 0346-3859410, 022-8334216
0344-5949858, 058-13455172 Fazal Kareem Ground Floor, Opposite National Saving
Sajjad Haider Branch Manager Bank, Quetta Road, Jacobabad.
Branch Manager 0333-7120522, 0302-3391285,
072-2650156, 072-2651876, 072-2654931
Faqir Muhammad Shaikh
Group Manager

Jacobabad City Branch Karachi Cantt Branch Karachi Falcon Branch

Ground Floor, Opposite National Saving Office No.301, 302, 303, 304, 3rd Floor, 3rd Floor, Centrum Telecom Building,
Bank, Quetta Road, Jacobabad. Nafees Arcade, Opp. Askari Park, Block-21, FB Area, Rashid Minhas Road,
0333-7341171, 072-2650156, University Road, Karachi. Karachi.
072-2651876, 072-2654931 0333-2017499, 0333-2995592, 0303-2193214,
Jan Muhammad 021-38652537 021-38652409-12-18-54-55-57
Branch Manager Zahoor Ahmed Khuhro Adil Khan Khilji
Zonal Manager Branch Manager
Jaranwala Branch Reeta
Group Manager Karachi Galaxy Branch
1st Floor, Asad Tower, Opposite Land Record
Office, Water Works Road, Jaranwala. Office No. M1, M2, SC-13, Noor Square,
Karachi Capital Branch
0300-7600328, 041-5003420-31 Sabzi Mandi, Main University Road, Karachi.
Ali Akhtar 3rd Floor, Centrum Telecom Building, 0300-3825009, 021-38652740-49
Team Head Plot No. LA-1/A-1, Block-21, FB Area, Mohsin Abbas
Rashid Minhas Road, Karachi. Regional Manager
Jhang Branch 0300-2998299, 021-38652710-31 Jagdeesh Kumar Pahooja
1st Floor, Crown Plaza, Ghulam Sarwar Group Manager
Nawaz Chowk, Gojra Road, Jhang. Branch Manager
Karachi Garden Branch
0332-6264025
Karachi Central Branch
Muhammad Aamir Shahzad 1st Floor, Plot No.55-C,
Team Head Office No.307, 3rd Floor, Opp. Summit Bank, Korangi Road,
Plot No.233/1-A, Amir Trade Center, Phase-II Extention, DHA, Karachi.
Jhelum Branch Block-2, PECHS, Karachi. 0332-2524287, 021-38652760-89
Karim Arcade, M.M. No.03, 0312-2010680, 021-38652300-2441 Shehzad Pyarali
Jada Road, Jhelum. Shahjahan Zonal Manager
0321-9510815, 0333-9510817 Assistant Sales Director
Syed Arif Raza Karachi Green City Branch
0544-806430
Nadeem Shakeel Regional Manager 3rd Floor, Centrum Telecom Building,
Branch Manager Block-21, FB Area, Rashid Minhas Road,
Karachi Classic Branch
Karachi.
Johi City Branch Office “B'', 3rd Floor, J.F. Plaza, 0334-8847910
Near Gorakh Ice Factory, Wahi Pandhi Road, Plot No.D-1, Block-D, Five Star Chowrangi, Mahmood Motiwala
Gorakh Hill Station Road, Taluka Johi, North Nazimabad, Karachi. Assistant Branch Manager
District Dadu. 0333-3245707
S. Mohsin Umair Rizvi Karachi Gulshan Branch
0316-3707586
Muhram Ali Branch Manager Office No.301, 3rd Floor, Nafees Arcade,
Assistant Branch Manager Opp. Askari Park, University Road, Karachi.
Karachi Crescent Branch
0333-2995592, 021-38652500-37
Jutial Branch Office “B'', 3rd Floor, J.F. Plaza, Abdul Wahab Shaikh
Main Shahrah-e-Quaid Azam, Plot No.D-1, Block-D, Five Star Chowrangi, Group Manager
Near National Bank, Jutial Gilgit. North Nazimabad, Karachi.
0300-2436243, 021-38652300 Karachi Imperial Branch
0355-5207849
Kaka Jan Faisal Maniar Office No.502, 5th Floor,
Assistant Branch Manager Zonal Manager Fayyaz Centre, Plot No.3-A, SMCHS,
Shahrah-e-Faisal, Karachi.
Kabirwala Branch Karachi Everest Branch
0300-3912176, 021-38652300
Ground Floor, Al-Madina Plaza, Office No.501, 5th Floor, Fayyaz Centre, Ikramullah Atique
Multan Road, Kabirwala District Khanewal. Plot No.3-A, SMCHS, Shahrah-e-Faisal, Branch Manager
Nasir Ali Karachi.
0345-2648417 Karachi Indus Branch
Team Head
Raheel Ahmed Siddiqui 3rd Floor, Centrum Telecom Building,
Kamok Branch Group Manager Block-21, FB Area, Rashid Minhas Road,
1st Floor, Near London School System, Karachi.
Karachi Faisal Branch
Main GT Road, Kamoki. 0321-2010390, 021-38652710-31
Ali Hassan 1st Floor, Plot No.55-C, S. Shahid Hussain Zaidi
Team Head Opp. Summit Bank, Korangi Road, Zonal Manager
Phase-II Extension, DHA, Karachi.
Kandhkot Branch 0300-8294176, 021-38652401 Karachi Malir Branch
Shah Zaman Shaikh C-15, 1st Floor,
Office No.3, Shah Mohammad Malik Plaza, Branch Manager
Opposite Honda Showroom, Gulshan-e-Hadeed, Phase-I, Karachi.
Mandi Road, Kandhkot. 0333-3035064
0332-5081358, 072-2214470 Muhammad Akhtar
Gul Hasan Branch Manager

Karachi Mehran Branch Karachi Star Branch Khanpur City Branch

3rd Floor, Centrum Telecom Building, Office No.501, 5th Floor, Fayyaz Centre, House No.697, Model Town B,
Block-21, FB Area, Rashid Minhas Road, Plot No.3-A, SMCHS, Shahrah-e-Faisal, Near DSP Office, Khanpur.
Karachi. Karachi. 068-5955808
0300-2434820, 021-38652408-19 0300-2126735, 021-38652478-2486 Jam Javed
S. Samar Raza Zaidi Khuram Sultan Ali Assistant Branch Manager
Group Manager Branch Manager
Khaplu Branch
Karachi Merewether Branch Karachi West Branch
2nd Floor, Near GPO Office,
Office No.502, 5th Floor, Fayyaz Centre, Office No.501, 5th Floor, Fayyaz Centre, Main Bazar, Khaplu.
Plot No.3-A, SMCHS, Shahrah-e-Faisal, Plot No.3-A, SMCHS, Shahrah-e-Faisal, 0346-9555192, 05815-450941
Karachi. Karachi. Riaz Yousuf
0300-9237876, 021-38652420-29 0333-2102297, 021-38652478
Rehan Anwar Nadeem Alam Ansari Assistant Branch Manager
Senior Regional Manager Zonal Manager
Kharian City Branch
Karachi Metropolitan Branch Karor Lal Eson Branch
Block-6/B, Al-Muqeet Center,
Office No.307, 3rd Floor, Shop No.2, Ground Floor, GT Road, Kharian.
Plot No.233/1-A, Amir Trade Center, Choudhry Market, Near Awan Petrol Pump, 0346-4746612, 053-7400149
Block-2, PECHS, Karachi. Layyah Road, Karor Lal Esan. Raja Irfan Qadeer
0334-0204482, 0308-2603311 0301-6091752, 0606-410185-186 Branch Manager
021-38652430-35 Mohammad Shahid
Khawar Ahmed Assistant Branch Manager Kharmang Branch
Branch Manager 2nd Floor, Wazir Plaza,
Kashmore Branch
Near Micro Finance Bank, Main Bazar,
Karachi Paradise Branch
Ground Floor, Plot No.874, Mehdiabad, Kharmang.
1st Floor, Plot No.55-C, Survey No.3, Old National Saving Center, 0346-0250651
Above Summit Bank, Main Korangi Road, Near Sindh Bank, Main Road, Kashmore. Muhammad Sajid
Phase-II Ext., DHA, Karachi. 0333-7233090 Assistant Branch Manager
0321-8909502, 021-38652760-89 Rashid Iqbal
Karim Assistant Branch Manager Khauta Branch
Assistant Branch Manager 1st Floor, Raja Daud Plaza,
Kasur Branch
Near Hadi Mani CNG, THQ Road,
Karachi Pearl Branch
2nd Floor, Near Pakistan Model School, Opposite Kips Academy, Tehsail Khauta
3rd Floor, Centrum Telecom Building, Jamal Super Stor, Noor Mehal Cenema 0345-5306864, 051-8023021
Plot No.LA-1/A-1, Block-21, Rashid Minhas Chowk, Kasur. Qaiser Hussain
Road, FB Area, Karachi. 0305-4327735 Team Head
0321-2241411 Mirza Mehboob-ul-Hassan
Talha Zaheer Assistant Branch Manager Khushab Branch
Branch Manager Upper Story, Awan Motors,
Khairpur Branch
MCB Road, Jauharabad, Khushab.
Karachi Pioneer Branch
Near Bank AL Habib, 0300-6036810,
Office No.501, 5th Floor, Fayyaz Centre, Kutchery Road, Khairpur. Muhammad Yousaf
Plot No.3-A, SMCHS, Shahrah-e-Faisal, 0300-3115945, 024-3554016, Assistant Branch Manager
Karachi. 024-3714336, 024-3714337, 024-3714330
0300-8247479, 021-38652456 Jamaluddin Kohat Branch
Nasir Rasheed Bhatti Zonal Manager Office No.1, Rehman Plaza,
Regional Manager PSH Road, Kohat.
Khairpur Royal Branch
0335-9346124
Karachi Royal Branch
Near Bank AL Habib, Farid Abbas
Office ''B'', 3rd Floor, J.F. Plaza, Kutchery Road, Khairpur. Branch Manager
Plot No.D-1, Block-D, Five Star Chowrangi, 0300-3100930
North Nazimabad, Karachi. S.Piyar Hussain Shah Kot Addu Branch
0323-3202899, 021-38652488-94 Branch Manager Mini Bypass, Eid Gah Road,
Muhammad Imran Near Main Moshin Wali Gali, Kot Addu.
Assistant Branch Manager Khanpur Branch
0300-4610122, 066-2239122
House No.697, Model Town B, Fazal Abbas
Karachi Shaheen Branch
Near DSP Office, Khanpur. Branch Manager
Office No.201, 2nd Floor, Nafees Arcade, 0300-6748296, 068-5955808,
Opp. Askari Park, University Road, Karachi. 068-5576809, 068-5577809 Kot Ghulam Muhammad Branch
0300-2197995, 0334-3996925 Muhammad Nasim Nasir Ground Floor, Plot No.25,
Muzaffar Ahmed Bughio Assistant Branch Manager Near Water Supply, Main Entry Gate,
Group Manager Kot Ghulam Muhammad.
0300-3970340
Tassawar Ali
Group Manager

Kotla A.A. Khan Branch Lahore Central Branch Lahore Gulberg Branch
Near Fruit Mandi, Bhimber Road, 18-C, 2nd Floor, Commercial Zone, 18-C, 1st Floor, Commercial Zone,
Kotla, A.A. Khan. Liberty Market, Gulberg-III, Lahore. Liberty Market Gulberg-III, Lahore.
0344-4442903, 053-7575520-21,22 0315-8440303, 042-232303500 0321-4783369, 042-38102650
Muhammad Saeed Gulfam Haider Syed Mehdi Raza Zaidi
Group Manager Assistant Branch Manager Branch Manager
Kotli Branch Lahore Civic Branch Lahore Hajveri Branch

2nd Floor, Rathor Plaza, Opp. Gulistan Hotel, 18-C, 1st Floor, Commercial Zone, 18-C, 2nd Floor, Commercial Zone,
Rawalpindi Road, Kotli, AK. Liberty Market, Gulberg-III, Lahore. Liberty Market, Gulberg-III, Lahore.
0345-3973972, 0582-6445621 0300-8419716, 042-38003100 0332-8425332, 042-38003550
Sardar Zakaullah Khan Mahmood Ahmed Amin-ul-Ahsan
Zonal Manager Group Manager Assistant Branch Manager
Kotli City Branch Lahore Crescent Branch Lahore Jouhar Branch

2nd Floor, Above MCB, Altaf Fazal Plaza, 18-C, 2nd Floor, Commercial Zone, 18-C, 1st Floor, Commercial Zone,
Kotli, Azad Kashmir. Liberty Market, Gulberg-III, Lahore. Liberty Market, Gulberg-III, Lahore.
0345-3902193, 058-26448606 0321-4783369, 042-38003550 0300-8425488, 042-38102650
Gul Nazar Kashif Hussain Malik Muhammad Amjad
Branch Manager Zonal Manager Group Manager
Kotli Model Branch Lahore Crystal Branch Lahore Model Branch

2nd Floor, Rathore Plaza, Rawalpindi Road, 18-C, 2nd, Floor, Commercial Zone, 18-C, 4th Floor, Commercial Zone,
Opposite Gulistan Hotel, Kotli, AK. Liberty Market, Gulberg-III, Lahore. Liberty Market, Gulberg-III, Lahore.
0304-7739565 0322-4259996, 042-38003550 0300-9479910, 042-38102650
Ghulam Mustafa Muhammad Rashid Shoukat Ali
Assistant Branch Manager Branch Manager Assistant Branch Manager
Kotli Prime Branch Lahore Defence Branch Lahore Pioneer Branch

2nd Floor, Syed One Center, Pindi Road, 18-C, 3rd Floor, Comercial Zone, 18-C, 2nd Floor, Commercial Zone,
Opposite District Court, Kotli, AK. Liberty Market, Gulberg-III, Lahore. Liberty Market, Gulberg-III, Lahore.
0340-8305353, 0582-6449043 0300-8403448, 042-38003150 0301-4285447, 042-232303500
0582-6449063 Mian Kashif Naseer Sumera Falik
Adnan Nisar Zonal Manager Branch Manager
Branch Manager
Lahore Falcon Branch Lahore Ravi Branch
Kunjah Branch
18-C, 1st Floor, Commercial Zone, 18-C, 3rd Floor, Commercial Zone,
Opposite Admore Filling Station, Liberty Market, Gulberg-III, Lahore. Liberty Market, Gulberg-III, Lahore.
Near Nagrianwala Chungi, 0331-4512142 0300-8480866, 042-232303500-01
Kunjah, Tehsil Gujrat. Raheel Pirzada Tanveer Ahmed Khan
0345-6875137 Branch Manager Regional Manager
Muhammad Junaid
Branch Manager Lahore Fort Branch Lahore Shadman Branch
18-C, 4th Floor, Commercial Zone, 18-C, 4th Floor, Commercial Zone,
Lahore Alfa Branch
Liberty Market, Gulberg-III, Lahore. Liberty Market, Gulberg-III, Lahore.
18-C, 3rd Floor, Commercial Zone, 0300-8492902, 042-38102650-60 0321-4783369, 042-38102650-60
Liberty Market, Gulberg-III, Lahore. Taseer Yousaf Makhdoom Akbar Ali
0321-8433252, 042-38003150 Regional Sales Director Assistant Branch Manager
Muhammad Atif Jamal Moazzam Bashir Kamal
Group Manager Group Manager Lahore Shahdara Branch
1st Floor, Bhatti Plaza, Near Allah Hoo Darbar,
Lahore Cantt Branch Lahore Garden Branch
Sheikhupura Road, Shahdara, Lahore.
18-C, 1st Floor, Commercial Zone, 18-C, 1st Floor, Comercial Zone, 0333-4423857, 042-38003550
Liberty Market, Gulberg-III, Lahore. Liberty Market, Gulberg-III, Lahore. Rashid Riaz
0321-4415056, 042-38003100 0300-9811247, 042-38003150 Branch Manager
Adnan Manzoor Kh. Sohaib Mumtaz
Branch Manager Branch Manager Lahore Shaheen Branch
18-C, 3rd Floor, Comercial Zone,
Lahore Capital Branch Lahore Green Branch
Liberty Market, Gulberg-III, Lahore.
18-C, 2nd Floor, Commercial Zone, 1st Floor, Olympia Street, 0321-8433252, 042-38003100
Liberty Market, Gulberg-III, Lahore. Scheme Mor Chowk, Main Boulevard, Shahid Lazir
0321-9472018, 042-232303500 Allama Iqbal Town, Lahore. Branch Manager
Iftikhar Hassan 0313-6502524
Group Manager Abdul Jabbar
Regional Manager

Lahore Star Branch Luddan Branch Mirpur AK Branch

18-C, 2nd Floor, Commercial Zone, Ground Floor, Main Road Gulshan Office No.1, 1st Floor,
Liberty Market, Gulberg-III, Lahore. Riaz Town, Near Per Mazhar Shah Dera, Sultan Plaza, Plot No.123, Kotli Road,
0321-4783369, 042-38003550 Post Office Luddan, Vehari. Sector F-1, Mirpur AK.
Kashif Hussain Malik 0302-3541003 0321-2415420, 058-27446477-88
Zonal Manager Adnan Mustafa Tariq Mehmood
Team Head Regional Manager
Lakhi City Branch
Madeji Branch Mirpur AK City Branch
1st Floor, Near Boys High School
Bus Stop, Lakhi City. 2nd Floor, Near Brohi Petrol Pump, Office No.1, 1st Floor,
0302-3680080, 0726-618005 Madeji Road, Dakhan. Sultan Plaza, Plot No.123, Kotli Road,
Mumtaz Ali 3342237463 Sector F-1, Mirpur AK.
Assistant Branch Manager Umed Ali Channa 0300-5159956, 058-27446477-88
Rawal Javed
Lalamusa Branch Team Head Branch Manager
1st Floor, Shayan Center,
Mandi Bahauddin Branch Mirpur Khas City Branch
GT Road, Lalamusa.
0345-4317815, 053-2016350 1st Floor, A-D Plaza, 1st Floor, Plot No.1340/1,
Adnan Ghazanfar Near Jamia Masjid Road, Mandi Bahauddin. Opposite Gama Stadium,
Group Manager 0321-7747724, 054-6206470-6482 Main Hyderabad Road, Mirpurkhas.
Abid Mehmood 0331-3586411, 023-3204400
Larkana Branch Branch Manager Muhammad Fawad Faisal
1st Floor, Paradise Center, Zonal Manager
Mangowal Gharbi Branch
Near City Bakery, Station Road, Larkana.
Mirpur Mathelo Branch
0301-8315880, 074-8004102-18 1st Floor, Al-Noor Plaza, Opposite UBL Bank,
Shahzado Mal Mangowal Gharbi, Tehsil & District Gujrat. Ground Floor, Trakter Showroom,
Regional Manager 0344-0500461 Near Iqbal Petrol Pump, District Ghotki,
Rabnwaz Ghumro Shahzada Waqas Ahmed Mirpur Mathelo.
Zonal Manager Assistant Branch Manager 0302-3153775, 0723-651041
Altaf Hussain Kalhoro
Larkana Indus Branch Mansehra Branch Branch Manager
1st Floor, Paradise Center, Ashraf Khan Plaza, New City Pull,
Mithi Branch
Near City Bakery, Station Road, Larkana. Abbottabad Road, Mansehra.
0333-3208981, 074-8004116 0321-5048684, 0997-300492 1st Floor, Main Shahi Bazar,
Shahzado Kosar Ali Muhammad Haneef Near Shah Latif Library, Mithi.
Group Manager Team Head 0331-3846698
Hersingh
Larkana Royal Branch Matiari Branch Branch Manager
1st Floor, Paradise Center, Near UBL Bank,
Moro Branch
Near City Bakery, Station Road, Larkana. Opposite SP Police Matiari.
0313-0391250 Muhammad Anwar Khaskheli Ground Floor, Survey No.1 273/1,
Zeeshan Ahmed Assistant Branch Manager Ward-3, Moro.
Branch Manager 0300-2765404, 0333-6679000
Mehar City Branch 0242-422067
Layyah Branch Mumtaz Ali Bughio
Near JS Bank, Kasaai Muhallah, Mehar.
Opposite Byco Petrol Pump, 0302-3251713 Branch Manager
Chobara Road, Layyah. Ali Raza Baloch
Multan Cantt Branch
0301-7855369, 060-6216300 Assistant Branch Manager
060-6216301 3rd Floor, Ghazi Tower, Near PIA Main Office,
Muhammad Imran Liaquat Mero Khan City Branch Abdali Road, Multan.
Group Manager 1st Floor, Khan Muhammad Plaza, 0321-6344472, 061-4500911
Gopang Market, Mero Khan City. Mohammad Abid Raza Shah
Layyah City Branch Zonal Manager
0317-3268902
Opposite Byco Petrol Pump, Nasurullah
Multan City Branch
Chobara Road, Layyah. Team Head
0308-9155458, 0606-410185-186 2nd Floor, Ghazi Tower,
Shafquat Ali Rao Mianwali Branch Near PIA Main Office, Abdali Road, Multan.
Regional Manager 2nd Floor, Shahmeer Mall, Near ZTBL 0307-6663333, 061-8026200-01
Government High School Road, Mianwali. Syed Wazir Ali Zaidi
Lodhran Branch Group Manager
0332-5304963
Ground Floor, Usman Commercial Center, Shahid Mehmood
Multan Pioneer Branch
Near Supper Chowk, Bahawalpur Road, Team Head
Lodhran. 1st Floor, Rajput Commercial Center,
0333-6388556 Taren Road, Multan.
Fahad Aziz 0321-6343555, 061-8026200
Team Head Kashif Aslam
Branch Manager

Muridke Branch Panjgur Branch Quetta Model Branch

Bangla Stop, Near JS Bank, 1st Floor, Al-Kareem Market, 1st Floor, Shaheen Views,
Main GT Road, Muridke. Beside Allied Bank, Main Chitkan Bazar, Model Town, Hali Road, Quetta.
0333-4512268, 042-37166065 Tehsil & District Panjgur. 0308-7771888, 081-4005104
Bilal Iqbal 0333-7826399 Muhammad Javed
Team Head Mumtaz Ahmed Zonal Manager
Team Head
Muzaffarabad Branch Quetta Prime Branch
Pano Aqil Branch
1st Floor, Plot No.844, 1st Floor, Shaheen Views,
Near Akbar International Hotel, 1st Floor, Khushali Bank, Baiji Road, Model Town, Hali Road, Quetta.
Tanga Stand, Muzaffarabad, AK. Taluka Pano Aqil, District Sukkur. 0333-7773131, 081-4005104
0333-3687269, 058-22224080-81 0306-3104458, 071-5690291 Mohammad Hanif Raza
Ejaz-ul-Hassan Khan Raja Shafi M. Ghoto Branch Manager
Group Manager Branch Manager
Quetta Zarghoon Branch
Muzaffargarh Branch Peshawar Branch
1st Floor, Near Bank Alfalah,
1st Floor, Jandeel Plaza, 2nd Floor, Aman Center, Plot No.21-EB, M.A. Jinnah Road, Quetta.
Jhang Road, Muzaffargrah. University Road, Peshawar. 0321-8005772, 081-4005164
0300-4610122, 066-2553077 0300-8591040, 091-7006630 Muhammad Sajjad Haider
Shahzad Ahmad Assistant Branch Manager
Group Manager Augustine Jacob
Assistant Branch Manager Rahim Yar Khan Branch
Narowal Branch
Upper Story, JS Bank, Near Cafe Sajawal,
Phalia Branch
2nd Floor, Upside National Bank, City Chowk, Model Town, Rahim Yar Khan.
Opposite 1122 Rescue Office, Narowal. 1st Floor, Al Noor Plaza, Qenchi Chowk, 0300-6392424, 068-2006371
0312-7942340 Gujrat Road, Phalia, District Mandi Bahuddin. Ejaz Ahmed
Khizar Abbas 0306-6867542 Assistant Branch Manager
Branch Manager Muhammad Ishaq
Team Head Rahim Yar Khan City Branch
Naushero Feroze Branch
Upper Story, JS Bank, Near Cafe Sajawal,
Qamber City Branch
Near DCO Office, Main Road, City Chowk, Model Town, Rahim Yar Khan.
Naushero Feroze. 1st Floor, Al-Madina Mobile Markeet, 0300-6737340, 068-2006371
0300-2765404, 0242-8004500 Near Qamber Bakerey, District Qamber, M. Falak Shair
0242-448661 Shahdad Kot, Qamber. Branch Manager
Ghulam Murtaza 0332-3444912, 0303-3238486
Group Manager Imtiaz Ali Rajanpur Branch
Assistant Branch Manager Ramzan Kareem Complex,
Nawabshah Branch
DG Khan Road, Rajanpur.
Qazi Ahmed Branch
2nd Floor, Plot C.S. No.223, Near Edhi 0333-8828096, 0604-688239,
Chowk, Masjid Road, Ward-A, Nawabshah. 1st Floor, Near Urroba Medical Center, 0604-688243, 0604-688242, 0604-688238
0333-7011193, 0300-3216011 Opposite Shell Petrol Pump, Wahid Javed
244-8004430 Mian Road, Qazi Ahmed. Assistant Branch Manager
Abdullah Ghumro 0300-2698107
Regional Manager Ayaz Ali Chandio Ranipur Branch
Sarfraz Ahmed Qureshi Team Head Ground Floor, National Highway,
Zonal Manager Ranipur, District Khairpur.
Ali Ahmed Shah Quetta Branch
0306-7437791, 024-3204530-48
Group Manager 1st Floor, Near Bank Alfalah, Safdar Hussain Qureshi
M.A. Jinnah Road, Quetta. Branch Manager
Noor Shah Branch
0333-7878691, 081-4005141
Main Road, Near Zaribank, Noor Shah. Anand Lal Kataria Rato Dero Branch
0301-6935774 Branch Manager Gul Haseeb Showroom,
Muhammad Mazhar Latif Near TCS Office, Rato Dero.
Assistant Branch Manager Quetta Chilton Branch
0322-3862068, 074-4048981
1st Floor, Shaheen Views, Abid Hussain
Pakpattan Branch
Model Town, Hali Road, Quetta. Assistant Branch Manager
Ground Floor, Opposite Session Court, 0333-7801759, 081-4005104
Farid Nager, Pakpattan. Suneel Kumar Matree Rawalakot Branch
0333-5231633 Group Manager Shalimar Road, Near New Nadra Office,
Qamar Abbas Abu Bakar College, Rawalakot, AK.
Branch Manager Quetta City Branch
0335-9495141, 058-23445367
1st Floor, Near Bank Alfalah, Tasneem Akhter
M.A. Jinnah Road, Quetta. Assistant Branch Manager
0313-8212127
Imran Ahmed
Group Manager

Rawalpindi Branch Sadiqabad City Branch Satyana Branch

1st Floor, North Star Plaza, 1st Floor, Opposite Government MC Girls Near Usman Oil Mills,
Above Alfalah Bank, Main Muree Road, High School, Iqbal Road, Sadiqabad. Jaranwala Road, Satiyana Bangla,
Rehmanabad, Rawalpindi. 0301-6559273, 068-5957986 Tehsil Jaranwala, Dist. Faisalabad.
0300-5007751, 051-8023300 (Ext.3322) Nasreen Akhter 0333-6516879
Shahid Mehmood Awan Assistant Branch Manager Zafar Iqbal
Group Manager Team Head
Sahiwal City Branch
Rawalpindi Cantt Branch Sehwan Sharif Branch
1st Floor, Central Plaza,
128-B, 2nd Floor, Din Plaza, Near Chandni High Street, Sahiwal City, Sahiwal. 1st Floor, Upper Utility Stores, Abdullah Shah
Chowk, Main Murree Road, Rawalpindi. 0300-8687337, 040-8005731 Institute Road, Sehwan Sharif.
0333-5575043, 051-8023021-53 Muhammad Rashid Latif 0242- 422067
Numan Sabir Senior Regional Manager Riaz Ahmed
Zonal Manager Assistant Branch Manager
Sahiwal Civic Branch
Rawalpindi Chaklala Branch Shahdad Kot Branch
1st Floor, Fareed Plaza, Tufail Shaheed Road,
128-B, 2nd Floor, Din Plaza, Near Chandni Bahir Wala Ada, Sahiwal. Herabad Mohallah,
Chowk, Main Murree Road, Rawalpindi. 0342-0572558, 040-8005770 Sajwal Phataq, Shahdad Kot.
0333-5760457, 051-8023021 Ghulam Murtaza 074-4012016
Shahid Mehmood Malik Assistant Branch Manager Sajad Ali
Group Manager Team Head
Sahiwal Royal Branch
Rawalpindi Chandni Chowk Branch Shahdadpur Branch
128-B, 2nd Floor, Din Plaza, Near Chandni High Street, Sahiwal. Ground Floor, Opposite Bilal Garden,
Chowk, Main Murree Road, Rawalpindi. 0321-6924474, 040-8005731 Near Kashif Bank, Shahdadpur.
0323-3574109, 051-8023061 Muhammad Naveed 0336-3831529
Saad Aslam Cheema Branch Manager Nosheen Gul
Branch Manager Team Head
Sahiwal Star Branch
Rawalpindi Defence Branch Shahpur Chakar Branch
128-B, 2nd Floor, Din Plaza, Near Chandni High Street, Sahiwal. Kamal Shah Colony, Malikabad,
Chowk, Main Murree Road, Rawalpindi. 0315-7839595 Main Nawabshah Road, Shahpur Chakar,
0347-0008668, 051-8023021 Arslan Haider District Sanghar.
Syed Fahad Ali Team Head 0333-2759007
Assistant Branch Manager Muhammad Nadeem
Sakrand Branch Team Head
Rawalpindi Royal Branch
Office No.310, 2nd Floor,
Shikarpur Branch
128-B, 2nd Floor, Din Plaza, Up Askari Bank, Lakyari Appartment,
Near Chandni Chowk, Rawalpindi. Main Qazi Ahmed Road, Sakrand. Near Gymkhana,
Muhammad Sabir Zaman 0302-4480817 Jahaz Chowk, Shikarpur.
Branch Manager Abdul Razaque 0308-3647948, 0726-618005
Assistant Branch Manager Zuhaib Ahmed
Rawalpindi Shalimar Branch Branch Manager
Sanghar Branch
128-B, 2nd Floor, Din Plaza, Near Chandni
Sialkot Branch
Chowk, Main Murree Road, Rawalpindi. 1st Floor, Faisal Super Mart,
0321-5085448, 051-8023021 Main Nawabshah Road, Sanghar. 2nd Floor, Shareef Plaza,
Arslan Sabir 0333-2915046 Near Chamber of Commerce Building,
Assistant Branch Manager Imtiaz Muhammad Khan Paris Road, Sialkot.
Assistant Branch Manager 0300-8645576
Rawalpindi Star Branch 052-4264050, 052-4264017
Sargodha Eagle Branch Syed Adnan Haider
1st Floor, North Star Plaza,
Main Murree Road, Above MIB Bank, 1st Floor, 66-Civil Lines, Branch Manager
Rehmanabad, Rawalpindi. Court Road, Khan Arcade, Sargodha.
Sibi Branch
0333-7116567, 051-8023300 0301-6700066, 048-2005601
Zeeshan Asghar Shan Muhammad Naseer 1st Floor, Plot No.47-A,
Assistant Branch Manager Group Manager Upper MCB Bank, Jinnah Road, Sibi.
0333-8019939
Sadiqabad Branch Sargodha Falcon Branch Gulzar Ahmed
1st Floor, Opposite Government MC Girls 1st Floor, 66-Civil Lines, Team Head
High School, Iqbal Road, Sadiqabad. Court Road, Khan Arcade, Sargodha.
Skardu City Branch
0300-8683772, 0300-8583772 0300-6045479
068-5957986 Salman Ahmed 1st Floor, Alamdar Plaza, Alamdar Chowk,
Khalid Maqsood Branch Manager Near Pehchan Bakers, Skardu.
Group Manager 0346-9589093
Manzoor Hussain
Branch Manager

Sukkur Branch Tando Allahyar Branch Turbat City Branch

C-433, Ground Floor, Near Qasim Park, Mezzanine Floor, 1st Floor, Allah Wala Market,
Opposite Queen's Road, Sukkur. City Survey No.886/15, Main Road, Turbat.
0300-0333110, 071-2004125 Main Hyderabad Road, Tando Allahyar. 0322-2201343
Zaheer Uddin Ghumro 0300-3078985 0852-411006-8, 0852-411718
Regional Sales Director Zahid Hussain Ikhlaq Ahmed
Sher Zaman Khan Assistant Branch Manager Branch Manager
Regional Manager
Taunsa Shareef Branch Ubauro Branch
Sukkur City Branch
1st Floor, Near City Food Club Hotel, Near Shah Medical Center,
C-433, Ground Floor, Near Qasim Park, Main Indus Haighway, Eidgah Road, GT Road, District Ghotki.
Opposite Queen's Road, Sukkur. Taunsa Shareef. 0333-7106116, 0305-8311847
0300-0333110, 071-2004125 0334-9867021 072-3688764-5,6
Muhammad Arif Junejo Rasheed Akhtar Adil Mahmood Samejo
Zonal Manager Team Head Zonal Manager
Sukkur Civic Branch Thari Mirwah Branch Usta Mohammad Branch

C-433, Ground Floor, Near Qasim Park, 1st Floor, Al-Murtaza Shadi Hall, Near UBL Bank, Jinnah Road,
Opposite Queen's Road, Sukkur. Sui Gas Road, Thari Mirwah. Usta Mohammad.
0300-3113564, 071-2004125 0300-3119479 0300-3705682
Tariq H. Khosa Muhammad Kamran Zahid Hussain
Group Manager Team Head Assistant Branch Manager
Sukkur Prime Branch Thatta Branch Vehari Branch

C-433, Ground Floor, Near Qasim Park, Office No.1, 1st Floor, Survey No.116, Ground Floor, Royal Arcade,
Opposite Queen's Road, Sukkur. Shaheed Abdul Jaili Memon Kanta, 1 KM, Luddon Road, Vehari.
0300-9310624, 071-2004125 Sajawal Road, Main National Highway, Thatta. 0300-2869571, 067-2006330
Suneel Kumar 0346-3883394, 0298-550131, 550237-38 Imran Mehfooz
Assistant Branch Manager Abid Hussain Group Manager
Zonal Manager
Sukkur Royal Branch Wah Cantt Branch
Thull City Branch
C-433, Ground Floor, Near Qasim Park, Office No.B-8, 2nd Floor,
Opposite Queen's Road, Sukkur. Near Riaz Chowk, Din Plaza, Main GT Road, Taxila.
0343-8340423, 071-2004125 Tehsil Thull, District Jacobabad. 0300-5050579, 051-4536154
Ghulam Mustafa Mughal 0315-3527597, 0722-611134, 0722-611089 Munawar Khan
Branch Manager Niaz Ali Assistant Branch Manager
Sumundari Branch Wazirabad Branch
Toba Tek Singh Branch
1st Floor, Rao Tahir Building, 1st Floor, Near Balochi Gali No.2,
Gojra Road, Opposite Civil Hospital, Upper Storey, JS Bank, Circular Road, Wazirabad.
Near Care Pharmacy, Samundari. Farooq Road, Toba Tek Singh. 053-20166160
0304-6198469, 0302-8662211 0300-6707312, 046-2511017-8,9, Asgher Ali
041-5003420-31 046-2514615 Team Head
Hussnain Raza Muhammad Salman Zaheer
Assistant Branch Manager Assistant Branch Manager

EFU Life
Window Takaful - Offices
Takaful Badin Star Branch Takaful Hyderabad Eagles Branch Takaful Karachi Garden City Branch
118/B, 1st Floor, Plot No.361, Mezzanine Floor, Plot No.B1/54, A-34, 1st Floor, Hafeez Center,
Opposite Girl High School, Railway Employees Housing Society, KCHSU, Shahrah-e-Faisal, Karachi.
Main Quaid-e-Azam Road, Badin. Latifabad, Hyderabad. 0313-8238235, 021-38652860
0345-3531299, 0297-861180,82 0300-3090706, 022-8334350 Imran Ahmed Khan
Noor Muhammad Muhammad Imran Shafi Takaful Branch Manager
Takaful Team Head Takaful Branch Manager
Takaful Karachi Global Branch
Takaful Bahawalpur Civic Branch Takaful Hyderabad Star Branch
A-34, 3rd Floor, Hafeez Center,
1st Floor, Ashraf Commercial Center, Mezzanine Floor, Plot No.B1/54, KCHSU, Shahrah-e-Faisal, Karachi.
Civil Hospital Road, Dewan Wali Pulli, Railway Employees Housing Society, 0345-8938594, 021-38652860
Bahawalpur. Latifabad, Hyderabad. Mahwish Zahidi
0342-2395345, 062-2886847 0333-2762255, 022-8334350 Takaful Branch Manager
062-2882920, 062-2881920 Abdul Rasheed Shoro
Mudassir Ali Takaful Group Manager Takaful Karachi Grace Branch
Takaful Assistant Branch Manager A-34, 1st Floor, Hafeez Center,
Takaful Islamabad Capital Branch
KCHSU, Shahrah-e-Faisal, Karachi.
Takaful Bahawalpur Eagles Branch
2nd Floor, Dodhy Plaza, East Site Office, 0348-3699885
1st Floor, Ashraf Commercial Center, Jinnah Avenue, Blue Area, Islamabad. M Usama Iqbal Khan
Civil Hospital Road, Dewan Wali Pulli, 0334-0005100, 051-8023340 Takaful Group Manager
Bahawalpur. Sheikh Waheed Ali
0304-6800088 Takaful Regional Manager Takaful Karachi Green Branch
Ayesha Noreen A-34, 2nd Floor, Hafeez Center,
Takaful Group Manager Takaful Islamabad Falcon Branch
2nd Floor, Dodhy Plaza, East Site Office, 0336-7727957, 021-38652860
Takaful Bahawalpur Fort Branch
Jinnah Avenue, Blue Area, Islamabad. M. Rashid Sadiq
1st Floor, Ashraf Commercial Center, 0344-5483199, 051-8023001 Takaful Branch Manager
Civil Hospital Road, Dewan Wali Pulli, Waseem Jamal
Bahawalpur. Takaful Group Manager Takaful Karachi Gulshan Branch
0300-7065464 A-34, 1st Floor, Hafeez Center,
Muhammad Altaf Takaful Jhang Branch
Takaful Zonal Manager 1st Floor, Near Education Complex, 0315-2448787, 021-38652860
Burji Chowk, Toba Road, Jhang. Faraz Jalil Siddiqui
Takaful Chinari AJK Branch
0301-8121668, 0477-651007, 502703 Takaful Regional Manager
Ground Floor, Near National Bank, Arbab Sikander Jehangir Muhammad Faizan
Main Bazar, Chinari. Takaful Assistant Branch Manager Takaful Zonal Manager
0341-1293794
Shoaib Fareed Takaful Jhelum City Branch Takaful Karachi Indus Branch
Takaful Team Head 1st Floor, Nawab Plaza, Machine 2nd Floor, Plot No.FL-I, (TH-16), Block-5,
Mohallah No.2, Opposite Habib Metro Bank, Scheme-24, Near Bank Alfalah,
Takaful Chitral Branch
Jada Road, Jhelum. Gulshan-e-Iqbal, Karachi.
1st & 2nd Floor, Hayat-ur-Rehman Plaza, 0346-3435693 0335-3613947, 021-36102951
Attaliq Bazar, Bypass Road, Chitral. Adnan Shoukat Salman Saleem Khan
0340-1351098 Takaful Assistant Branch Manager Takaful Branch Manager
Gulshan Ara
Takaful Assistant Branch Manager Takaful Karachi City Branch Takaful Karachi Johar Branch
2nd Floor, Plot No.FL-I, (TH-16), Block-5, 2nd Floor, Plot No.FL-I, (TH-16), Block-5,
Takaful Gilgit Baltistan City Branch
Scheme No.24, Near Bank Alfalah, Scheme-24, Near Bank Alfalah,
3rd Floor, Nazar Shah Plaza, Gulshan-e-Iqbal, Karachi. Gulshan-e-Iqbal, Karachi.
Shahrah-e-Quaid-e-Azam, 0311-0839255, 021-36102951 0314-2019153, 021-36102951
Main Jutial, Gilgit. Wahaj Maqsood Ehtesham Ali
0322-9222777 Takaful Group Manager Takaful Regional Manager
Noor Baz Khan Waseem Ahmed Zuberi
Takaful Zonal Manager Takaful Karachi Eagle Branch Takaful Zonal Manager
Takaful Hala Royal Branch Takaful Karachi Mayfair Branch
1st Floor, Opposite Old Habib Bank, 0336-8092500 Mezzanine Floor, Super View Tower,
Dargah Road, Hala New. Ali Asghar Kandhro Plot No.C-31, Block-10, FB Area, Karachi.
0302-3906972 Takaful Group Manager 0343-2901206, 021-38651735
Maqbool Hussain Fasih-ud-Din Amjad
Takaful Team Head Takaful Karachi East Branch Takaful Group Manager
0345-2200327
Saif-ur-Rehman
Takaful Group Manager

Takaful Karachi Mehran City Branch Takaful Lahore Galaxy Branch Takaful Manga Mandi Branch
2nd Floor, Plot No.FL-I, (TH-16), Block-5, 43-L, 2nd Floor, M.M. Alam Road, 1st Floor, Near Bank Zone,
Scheme-24, Near Bank Alfalah, Gulberg-III, Lahore. Manga Mandi Byepass, Multan Road, Lahore.
Gulshan-e-Iqbal, Karachi. 0333-4443637, 0300-4572458
0314-2223214 Hamad Ali, Takaful Assistant Branch Manager Maqsood Ali
Owais Younas Takaful Assistant Branch Manager
Takaful Branch Manager Takaful Lahore Pioneer Branch
Takaful Mirpur AK Branch
43-L, 2nd Floor, M.M. Alam Road,
Takaful Karachi Nursery Branch
Gulberg-III, Lahore. C-3, KK Plaza, Plot No.73, Near UBL Bank,
A-34, 1st Floor, Hafeez Center, 0301-4524593, 042-38003750 Fazal Chowk, Mirpur, Azad Kashmir.
KCHUS, Shahrah-e-Faisal, Karachi. Muhammad Imran 0315-1881531, 05827-450116-21
0333-2348272, 021-38652817 Takaful Senior Regional Manager Taqdees Awan
Hafiz M. Adeel Ahsan Takaful Zonal Manager
Takaful Branch Manager Takaful Lahore Premier Branch
Takaful Mirpurkhas Indus Branch
43-L, 1st Floor,M.M. Alam Road,
Takaful Karachi Opal Branch
Gulberg-III, Lahore. Ground Floor, Plot C.S.No.700, Ward-A,
Mezzanine Floor, Super View Tower, 0300-4008515 Khari Quarter, Shaheed-e-Millat Road,
Plot No.C-31, Block-10, FB Area, Karachi. Malik Zameer A. Khan Mirpurkhas.
0316-0128903, 0321-2418540 Takaful Zonal Manager 0300-3301247, 0233-872070-71
021-38651735 Sanjai Kumar
Adeel Aftab Takaful Lahore Prime Branch Takaful Branch Manager
Takaful Zonal Manager 43-L, 2nd Floor,M.M. Alam Road,
Takaful More Khunda Branch
Gulberg-III, Lahore.
Takaful Karachi Progressive Branch
0324-4493317, 042-38003660 1st Floor, Al-Makkah Tower, Lahore Road,
A-34, 3rd Floor, Hafeez Center, Mirza Asim Ali Jaranwala More, Khunda.
KCHSU, Shahrah-e-Faisal, Karachi. Takaful Group Manager 0309-4926325,
0312-2024050, 021-38651735 Najma Sana Ullah
Jamil Ahmed Takaful Lahore Progressive Branch Takaful Team Head
Takaful Zonal Manager 43-L, 1st Floor, M.M. Alam Road,
Takaful Multan Civic Branch
Gulberg-III, Lahore.
Takaful Karachi Unity Branch
0300-8837341 Office No.41- 46, 3rd Floor,
Office No.201, 2nd Floor, Plot No.131/II, Isaac Sunil Business City Plaza, Busan Road, Multan.
Speedy Tower, Phase-I, DHA, Karachi. Takaful Assistant Branch Manager 0321-6360397, 061-8026500
0300-8291060 Sardar Hassan Abbas Khan
Ramesh Takaful Lahore Shahdara Unity Branch Takaful Branch Manager
Takaful Regional Manager 1st Floor, Uper Al-Fateh Electronic,
Ayoob Khan Takaful Multan Eagles Branch
Jia Moosa Stop, Sheikhupura Road,
Takaful Zonal Manager Shahdra, Lahore. Office No.41- 46, 3rd Floor,
0324-4175082, 042-7902423 Business City Plaza, Busan Road, Multan.
Takaful Khuirata Branch
Arshad Ali 0300-0216097, 061-8026267
Upper Floor, JS Bank Ltd., Raja Shareef Plaza, Takaful Branch Manager Muhammad Kashif Riffat
Bypass Road, Khuiratta, AJK. Takaful Zonal Manager
0343-4558767 Takaful Lahore Unity Branch Muhammad Ali Khan
Dawood Aziz Khan 43-L, 2nd Floor,M.M. Alam Road, Takaful Branch Manager
Takaful Branch Manager Gulberg-III, Lahore.
Takaful Muzaffarabad City Branch
0305-4390380
Takaful Lahore City Branch
Muhammad Ghazi 3rd Floor, DAM Civic Centre Plaza,
43-L, 1st Floor, M.M. Alam Road, Takaful Branch Manager Bank Road, Muzaffarabad, Azad Kashmir.
Gulberg-III, Lahore. 0345-8199773, 05822-442729,30,32,38,39
0300-8404344, 042-38003660 Takaful Larkana City Branch Wajid Khaleel
Kh. Mujib-ur-Rehman 1st & 2nd Floor, Building No.1636/2, Takaful Group Manager
Takaful Senior Regional Manager Barrister Jan Mohammad Road, Larkana.
Ghulam Haider Takaful Nakyal AK Branch
0300-3400648, 074-4751714-15-16
Takaful Zonal Manager Munawar Ali 1st Floor, Mashallah Plaza, Near NBP,
Takaful Group Manager District Kotli, Tehsil Fateh Pur Nakyal,
Takaful Lahore Eagle Branch
Azad Kashmir.
43-L, 2nd Floor, M.M. Alam Road, Takaful Lodhran City Branch 0346-5448764
Gulberg-III, Lahore. Ground Floor, Usman Commercial Center, Muhammad Riaz
0323-1449797 Near Gourmet Bakers Super Takaful Team Head
Amjad Ali 0301-7772419
Takaful Zonal Manager Muhammad Aslam
Takaful Assistant Branch Manager

Takaful Narowal City Branch Takaful Sahiwal Pioneer Branch Takaful Sukkur Prime Branch
1st Floor, Above U.B. Brand, 174/27, 1st Floor, Civil Line, Office No.09, 1st Floor, Alpha Tower,
Opposite Char Chand Shop, Liberty Market, Near District Court, Sahiwal. Minara Road, Opposite Wapda Office, Sukkur.
Main Bazar, Narowal. 0301-1000664, 0300-3248953, 071-5622752,53,54
0300-4198463 040-4510081, 040-4222150 Zafar Ali
Muhammad Khalid Javed Sadia Mazhar Takaful Branch Manager
Takaful Team Head Takaful Assistant Branch Manager
Takaful Timergara Branch
Takaful Peshawar Khyber Branch Takaful Sakrand Royal Branch
2nd Floor, MB Plaza,
Plot No.208-209, 2nd Floor, Block-C Flat No.01, Shayan Builders, Near Gorgore Chowk, Timergara.
City Tower, University Road, Peshawar. Opposite Fahad Clinic, 0346-8000167, 0945-822370,71,72,73
0334-0005100, 091-5271216 Main Qazi Ahmed Road, Sakrand. Kaleem Ullah Khan
Sheikh Waheed Ali 0300-3248953, 0244-322488,85,84,87 Takaful Branch Manager
Takaful Regional Manager Sahiba
Takaful Assistant Branch Manager Takaful Toba Tek Singh Branch
Takaful Rawalakot City Branch
2nd Floor, Al Noor Plaza,
Takaful Sargodha Cantt Branch
1st Floor, Ravi Restaurant, Near Bank of Panjab, Gojra Road,
Bank Road, Rawalakot, AJK. 48-A, 1st Floor, Yousuf Complex, Toba Tek Singh.
0341-8866407 Satellite Town, Sargodha. 0334-6695949, 0462-514081-85
Asif Javed 0321-6017659, 048-2005701 Muhammad Shahid Rafique
Takaful Branch Manager Akhtar Husnain Akhtar Takaful Branch Manager
Takaful Group Manager
Takaful Rawalpindi City Branch Takaful Twincity Branch
Takaful Sargodha Sultan Branch
B-847, 1st Floor, Muhammad Arcade, 2nd Floor, Dodhy Plaza, East Site Office,
Satellite Town, Rawalpindi. 48-A, 1st Floor, Yousuf Complex, Jinnah Avenue, Blue Area, Islamabad.
0332-5583661 Satellite Town, Sargodha. 0336-5762177, 051-8023340
Maqsood Ahmed 0300-6047510 Maria Ejaz
Takaful Group Manager S Muhammad Waseem Abbas Takaful Assistant Branch Manager
Takaful Assistant Branch Manager
Takaful Rawat Branch Takaful Umerkot Branch
Takaful Shorkot City Branch
Ground Floor, Near Mohammadi Real Plot No.37,38, Ground Floor, Near Meezan
State Dhoke Major Stop, Main Kallar 1st Floor, Talib Hussain Plaza, Bank, Main Mirpurkhas Road, Umerkot.
Sayyedan Road, Rawat. Near City Mart, Bypass Road, Shorkot City. 9.2334504403
0312-5219474 0300-3630933, Sajid Saleem
Muhammad Uneeb Tariq 047-5311088, 047-5311099 Takaful Assistant Branch Manager
Takaful Team Head Zubair Ahmed
Takaful Branch Manager

Form of E-Voting
I / We ___________________________________________________________________________________
of ______________________________ being a member of E FU LIFE ASSURANCE LTD. hereby opt for
e-voting through intermediary as proxy and will exercise e-voting as per the Companies
(e-voting) Regulations, 2016 and hereby demand for poll for resolutions at the 31st Annual
General Meeting of the Company to be held on Friday March 31, 2023 at 10:30 a.m. and at any
adjournment thereof.
My secured email address is ________________________________________, please send login details,

password and electronic signature through email.
Signed this day of 2023.
WITNESSES:
1. Signature:
Revenue
Name: Stamp
Address:
CNIC Or Signature of Member(s)

Passport No:
2. Signature: Shareholder's Folio No.

Name: and / or CDC
Address: Participant I.D.No.
and Sub Account No.
CNIC Or
Passport No:
Note:
This form of Proxy, duly completed, must be deposited at Al-Malik Centre, 70 W, F-7/G-7, Jinnah Avenue
(Blue Area), Islamabad or through email: [email protected].
Bank Mandate Form
Folio / CDS Account No. Date

Name of Shareholder
S/o, D/o, W/o
Address
Bank Mandate Form For Electronic

Credit of Cash Dividend
Dear Shareholder,
This is to inform you that in accordance with the Section 242 of the Companies Act, 2017, any
dividend payable in cash shall only be paid through electronic mode directly into the bank account
designated by the entitled shareholder. Please note that giving bank mandate for dividend payments
is mandatory and in order to comply with this regulatory requirement and to avail the facility of
direct credit of dividend amount in your bank account, you are requested to please provide the
following information:
(i) Shareholder's detail
Name of the Shareholder
Folio No. / CDC Account No.
CNIC No.
Passport No. (in case of foreign
shareholder)
Cell Number of Shareholder
Landline Number of Shareholder, if any
E-mail address
(ii) Shareholder's bank detail

Title of the Bank Account
IBAN “24 Digits”
Bank's Name
Branch Name and Code No.
Branch Address
It is stated that the above mentioned information is correct and in case of any change therein, I/we
will immediately intimate Participant / Share Registrar accordingly.
Signature of the Shareholder
You are requested to kindly send this Form duly filled in and signed along with legible photocopy of your valid
CNIC to your Broker / CDC Participant / CDC Investor Account Service (in case your shareholding is in Book
Entry Form) or in case your shareholding is in physical form to our Share Registrar, CDC Share Registrar
Services Ltd. CDC House, 99-B, Block B, S.M.C.H.S, Main Shahra-e-Faisal, Karachi-74400, Pakistan.

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EFU LIFE ASSURANCE LIMITED EFU LIFE ASSURANCE LIMITED

02 ANNUAL REPORT 22’ ANNUAL REPORT 22’ 03

28 ANNUAL REPORT 22’

SR. EXECUTIVE CHIEF CHIEF

GROUP ACTUARIAL INDIVIDUAL GROUP

CHANNEL GENERAL APPLICATION

ANNUAL REPORT 22’

30 ANNUAL REPORT 22’

Audit Committee Underwriting Committee

ANNUAL REPORT 22’ 31

Appointed Actuary Main Office

32 ANNUAL REPORT 22’

Access to Reports and Enquiries

The Company Secretary

CDC Share Registrar Services Ltd.

Stock Exchange Listing

ANNUAL REPORT 22’ 33

34 ANNUAL REPORT 22’

Performance Evaluation of the Chief Executive Officer

ANNUAL REPORT 22’ 35

Role of the Chairman and the CEO

36 ANNUAL REPORT 22’

ANNUAL REPORT 22’ 37

Procedures Adopted for Quality Assurance of Products / Services

38 ANNUAL REPORT 22’

Significant changes in objectives and strategies from prior years.

Forward looking Statement

ANNUAL REPORT 22’ 39

Statement of Ethics & Business Practices

Statement of Business Practices

40 ANNUAL REPORT 22’

Whistle Blowing Policy

ANNUAL REPORT 22’ 41

• Attempts to conceal any of the above.

42 ANNUAL REPORT 22’

ANNUAL REPORT 22’ 43

Decisions taken at the last AGM

1. Approval of following resolutions.

44 ANNUAL REPORT 22’

Internal Control Framework

1. Effectiveness and efficiency of controls of operation

Role of Internal Audit

Role of Risk Management

ANNUAL REPORT 22’ 45

First Quarter ended 31 March Announced on 28-Apr-22

Issuance of Annual Report 8-Mar-23

31st Annual General Meeting 31-Mar-23

46 ANNUAL REPORT 22’

By Order of the Board

ANNUAL REPORT 22’ 47

48 ANNUAL REPORT 22’

7. ELECTRONIC DIVIDEND MANDATE

ANNUAL REPORT 22’ 49

50 ANNUAL REPORT 22’

ANNUAL REPORT 22’ 51

Liquidity Management Strategy

52 ANNUAL REPORT 22’

Management Strategies to meet Relationship between

ANNUAL REPORT 22’ 53

Key performance indicator