late mr. unus khan - eastwestlifeco.com · founder chairman of our group, late mr. unus khan, was...
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Founder Chairman of our group, late Mr. Unus Khan, was born on December 27, 1927 in a respectableand cultured family. He received his basic education in Quetta and after graduation in Aeronauticsand Meteorology in Great Britain, he adopted the field of Civil Aviation as his profession and remainedassociated with it for over 20 years. Subsequently, he took up the field of commerce/business in 1965and a few years thereafter proceeded to the United States of America along with his family.
In the 70s, besides other ventures, he was associated with the field of insurance in the Middle East.He returned to Pakistan in 1982 and founded East West Insurance Company Limited, our sisterconcern, in 1983. Throughout the remaining years of his life, he remained dedicated to developmentof East West. He organized and strengthened the company on modern lines and, at the same time,encouraged the executives, field and office personnel of the company to face the challenges of themarket with courage, sincerity and hard work. It was for his determined leadership, untiring efforts,honesty and sincerity of purpose that Almighty Allah gifted him with such an outstanding successthat the company became one of the largest insurance companies of Pakistan during his lifetime.
After taking East West Insurance Company Limited to such heights, it was his desire to develop aninsurance company for the life assurance sector so that East West Group of Companies could caterto all insurance related needs of every Pakistani. Unfortunately, private life insurance companies werenot allowed to operate in the country during his lifetime. However, when the government permittedoperation of life insurance companies in the private sector, the sponsors of East West InsuranceCompany Limited immediately applied for a license and commenced operations of The MetropolitanLife Assurance Company of Pakistan Limited in March of 1993. In 2008, the company changed itsname to East West Life Assurance Company Limited in order to give a unified look of a group witha substantial financial base and to service the best interest of policyholders as well as shareholders.Today, by the Grace of Allah, East West Group of Companies have become symbols of security forthousands of their policyholders and livelihood for their hundreds of hard-working personnel.
Mr. Unus Khan was endowed with piety, simplicity, sincerity, diligence and affection. He will alwaysbe remembered for his selfless devotion to the cause of combining profound cultural values of theEAST with the modern technological developments of the WEST. In order to give perpetuity to thelate Chairman of our group, all of us have pledged to adopt his practices as guidelines for the future.Our beloved Chairman left us to join his heavenly abode on July 27, 1988. May Allah rest his soul ineternal peace. Ameen!
LATE MR. UNUS KHANFounder Chairman, East West Group of Companies
01 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
HALF YEARLY FINANCIAL REPORTFOR THE PERIOD ENDING JUNE 30, 2011
CONTENTS
Board of Directors & Company Information
Management & Bankers
Committees
Our Mission, Vision and Principle Values
Directors' Review to the Shareholders
Review Report to the Member of East West Life Assurance Company Ltd.
Condensed Interim Balance Sheet
Condensed Interim Profit and Loss Account
Condensed Interim Statement of Comprehensive Income
Condensed Interim Statement of Changes in Equity
Condensed Interim Cash Flow Statement
Condensed Interim Revenue Account
Condensed Interim Statement of Premiums
Condensed Interim Statement of Claims
Condensed Interim Statement of Expenses
Condensed Interim Statement of Investment Income
Notes to the Condensed Interim Financial Statements
Statement of Directors
Statement by the Appointed Actuary
Branch Network
02
03
04
05
06
08
09
11
12
12
13
15
16
17
18
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26
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02Half Yearly Financial Report 2011UAN: 111-EWL-111 (111-395-111)
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
BOARD OF DIRECTORS AND COMPANY INFORMATION
Chairman
Managing Director and Chief Executive
DirectorsDirectorsDirectorsDirectorsDirectors
Company Secretary
Appointed Actuary
Consulting Actuaries
Legal Advisor
Auditor
Share Registrar
Registered Office
Head Office
Universal Access Number (UAN)
Website
Chief Justice (R) Mian Mahboob Ahmad
Maheen Yunus, CPCU
Javed YunusPervez YunusNaved Yunus
A. K. M. SayeedOmar P. Yunus
Sohail Nazeer
Shujat Siddiqui, MA, FIA, FPSA
Akhtar & Hasan (Private) Limited
Rizwan Ali Dodani
BDO Ebrahim & CompanyChartered Accountants
Bema Associates (Private) Limited515 EFU House, M. A. Jinnah Road,
Karachi., PakistanPhone: (021) 32316087Fax: (92-21) 32316187
28 Regal Plaza, M. A. Jinnah Road,Quetta, Pakistan.
Phone: (081) 2822913, 2821397Fax: (92-81) 2821460
310 EFU House, M. A. Jinnah Road,Karachi, Pakistan.
Phone: (021) 32311662/5, 32310375,32310904, 32310726, 32315723
Fax: (92-21) 32311667
111-EWL-111 (111-395-111)Karachi, Lahore and
Rawalpindi/Islamabad
www.eastwestlifeco.com
03 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
Maheen Yunus, CPCU
Sohail Nazeer
Muhammad JavedUsman A. Hashmey
Raja Gustasab KhanSheikh Khalid Mehmood
Dr. Muhammad AslamMBBS, MD(USA), FCCPS (Part 1)
Dr. Tahir Iqbal, MBBSDr. Syed Kashif Hamid, MBBS
Dr. Khalid Hassan, MBBS
Nadeem AkhtarNauman Mughal
Aqeel Ansari
Tanveer IqbalNaveed AshrafAnjum GhazaliKashif Naeem
Sana-ul-Haq Hashmi
Allied Bank LimitedSummit Bank Limited
MCB Bank LimitedThe Bank of PunjabHabib Bank Limited
Faysal Bank LimitedAskari Bank Limited
NIB Bank LimitedBank Al-Habib Limited
JS Bank LimitedThe Karakuram Co-Operative Bank Ltd.
Standard Chartered Bank (Pakistan) Ltd.Barclays Bank PLC, Pakistan
Network Microfinance Bank LimitedCitibank N.A. Pakistan
Managing Director and Chief Executive
Chief Financial Officer (CFO)and Company Secretary
General Managers
Zonal Heads
Chief Medical Officer (CMO)
Medical Officers
Deputy General Managers
Assistant General Managers
Bankers
MANAGEMENT AND BANKERS
COMMITTEES
Executive Committee
Pervez YunusMaheen Yunus, CPCUNaved YunusJaved YunusSohail Nazeer, Secretary
Audit Committee
Chief Justice (R) Mian Mahboob AhmadNaved YunusPervez YunusA. K. M. SayeedNadeem Akhtar, Secretary
Underwriting Committee
Pervez YunusJaved YunusA. K. M. SayeedShahnaz Parveen, Secretary
Claim Committee
Javed YunusNaved YunusA. K. M. SayeedKashif Naeem, Co-SecretarySaleha Usman, Co-Secretary
Reinsurance Committee
Naved YunusMaheen Yunus, CPCUA. K. M. SayeedSana-ul-Haq Hashmi, Secretary
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
04UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
OUR MISSION, VISION AND PRINCIPLE VALUES
OUR MISSION
To provide high quality, competitive insurance products and services through qualified, professionaland committed salespersons.
To maintain financial strength for the benefit of our corporate and individual insurers, shareholders,agents/salespersons and employees.
To earn and protect public trust of the communities where we live and work by supporting goodworks and contributing to charities.
To create a challenging environment and develop a sense of accomplishment for our employeesthrough tools and training to achieve personal growth and contribute to our organization.
To serve the nation by increasing the rate of literacy through our East West Life Educational SecuritySchemes for children and their parents.
To provide the right solutions that are in tune with our customer's needs, while facing up to theemerging challenges in the industry.
To help individuals and families financially realize their hopes and dreams and be there when theyneed us most.
To develop awareness of insurance need, build confidence in the insurance industry and also todevelop the concept of saving.
To innovate and develop ideas to design new products for our valued corporate and individual clientsto effectively meet their ever-changing needs.
OUR VISIONOur vision is to be the number one provider of wide-ranging insurance solutions to all of
Pakistan, a goal we will attain while observing the principal values
that have served us well since inception.
OUR PRINCIPLE VALUES
Safety and Security through expansion, development and profitability.
Exceptional and flexible product-line to meet the needs of our clients.
Respect and consideration for our policyholders, agents and employees.
Vision as well as action to achieve our mission.
Integrity and honesty in every aspects of our organization.
Community improvement through participation.
Excellent service.
05 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
DIRECTORS’ REVIEW TO THE SHAREHOLDERS
The Board of Directors of East West Life Assurance Company Limited are pleased to present theun-audited accounts for the period ended June 30, 2011
The after tax loss for the period ended June 30, 2011 amounts to (Rs. 14,158,147) compared tothe loss of (Rs. 10,055,154) during the corresponding period of 2010. This after tax loss has beencalculated after taking into account the results of both Shareholders' Fund and Statutory Fundsas detailed hereunder:
06UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
The loss of nearly Rs. 3 million shown above is primarily due to reduction in investment income byalmost 60% as 2010 results included a one-time capital gain. Moreover, increase in claims by morethan 27%, mainly as a result of increase in health claims due to inflation-related rate revisions byhospitals, has also contributed to this loss amount during the first 6 months of 2011. Accordingly, thecompany's overall loss after tax, after taking into account movement in policyholders' liability andimpact of taxation, reached a little more than Rs. 14.15 million compared to a loss of Rs. 10.06 millionlast year. On a positive side, our net premium has increased by 11.5% from Rs. 83.3 million in 2010to approximately Rs. 93 million in the current year. Moreover, the strict expense control policy beingimplemented by the management also resulted in substantial reduction in expenses by more than17.5% in 2011 as compared to the previous year. The impact of the premium increase and expensedecrease has partially negated the impact of the higher claims and reduction in investment income.
As its ongoing strategy, your company closely monitors the market situation and believes that itsbusiness model and product risk management practice, coupled with a strong customer based anddeep client relationship will give it a sustainable long term competitive advantage. The companyalways aggressively pursues new opportunities and ensures adequate internal preparedness to takemaximum advantage of such opportunities.
OPERATING INCOMEPremium Less ReinsuranesNet Investment Income
Total Net Income
OPERATING EXPENSESClaims, Including Bonuses, Net of Reinsurance RecoveriesManagement Expenses Less Recoveries
Total Claims & ExpenditureExcess of Income Over Claims and Expenditure
Movement in Policyholder’s Liability
Loss Before TaxationTaxation
Loss After Taxation
Rupees Rupees
April to June
2011 2010
Rupees Rupees
January to June
2011 2010
)
))
)
83,367,21225,641,451
109,008,663
51,133,02549,990,588
101,123,613
7,885,050
(16,966,296
(9,081,246(973,908
(10,055,154
)
)
))
)
32,668,62121,792,128
54,460,749
27,692,01127,148,162
54,840,173
(379,424
(1,728,993
(2,108,417(418,397
(2,526,814
)
)
))
)
92,979,91510,427,798
103,407,713
65,154,95141,203,219
106,358,170
(2,950,457
(9,956,624
(12,907,081(1,251,066
(14,158,147
)
))
)
28,898,0853,188,127
32,086,212
35,899,89720,251,244
56,151,141
(24,064,929
8,361,553
(15,703,376(585,385
(16,288,761
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
07 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
We take this opportunity to express our appreciation to Government of Pakistan, Ministry of Commerce,and Securities & Exchange Commission of Pakistan (SECP) for their invaluable assistance andguidance. Your directors would also like to place on record their appreciation for the tremendouscontribution made by the officers, staff and field force towards the development of the company.Finally, we would like to thank our clients for their confidence reposed in your company.
For and on behalf of the Board of Directors,
Dated: August 29, 2011
Maheen Yunus, CPCUManaging Director and Chief Executive
08UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
REVIEW REPORT TO THE MEMBERS OFEAST WEST LIFE ASSURANCE COMPANY LIMITED
Introduction
We have reviewed the accompanying
BDO EBRAHIM & CO.CHARTERED ACCOUNTANTSEngagement Partner: Zulfikar Ali Causer
KarachiDated: August 29, 2011
together with the explanatory notes of EAST WEST LIFE ASSURANCE COMPANY LIMITED (“theCompany”) as at and for the six months period ended June 30, 2011 (here-in-after referred to asthe “condensed interim financial information”). Management is responsible for the preparation andpresentation of this interim financial information in accordance with approved accounting standardsas applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusionon this interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standards on Review Engagements2410, “Review of Interim financial information performed by the Independent Auditor of the Entity”.A review of interim financial information consists of making inquiries, primarily of persons responsiblefor financial and accounting matters and applying analytical and other review procedures. A reviewis substantially less in scope than an audit conducted in accordance with the International Standardon Auditing and consequently does not enable us to obtain assurance that we would become awareof all significant matters that might be identified in an audit. Accordingly, we do not express an auditopinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanyinginterim financial information as at and for the six months period ended June 30, 2011 is not prepared,in all material respects, in accordance with approved accounting standards as applicable in Pakistanfor interim financial reporting.
Other Matters
The figures for the quarters ended June 30, 2011 and June 30, 2010 in the accompanying interimfinancial information have not been reviewed and we do not express a conclusion on them.
The financial statements for the year ended December 31, 2010 and half year ended June 30, 2010were audited and reviewed respectively by another firm of chartered accountants who had expressedunqualified opinions vide their reports dated March 8, 2011 and August 31, 2010 respectively.
– condensed interim balance sheet;– condensed interim profit and loss account;– condensed interim statement of comprehensive income;– condensed interim statement of changes in equity;– condensed interim statement of cash flows;– condensed interim revenue account;– condensed interim statement of premiums;– condensed interim statement of claims;– condensed interim statement of expenses; and– condensed interim statement of investment income
09 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
Share Capital and ReservesAuthorized Share Capital60,000,000 (December 31, 2010:60,000,000) Ordinary Sharesof Rs.10 Each
Issued, Subscribed And Paid Up Share CapitalAccumulated (Deficit)
NET SHAREHOLDERS' EQUITY
Balance of Statutory Fund[Including Policyholders’ Liabilities June, 2011: Rs.221,535,533 (December 31, 2010: Rs.211,578,909) ]
Deferred LiabilitiesOutstanding Gratuity
Creditors and AccrualsOutstanding ClaimsPremiums Received in AdvanceTaxationAmount Due to Other Insurers / ReinsurersAccrued ExpensesAgent's BalancesOther Creditors and Accruals
Other LiabilitiesDividend Payable
TOTAL LIABILITIES
TOTAL EQUITY ANDLIABILITIES
CONTINGENCIES ANDCOMMITMENTS
Dated: August 31, 2011
CONDENSED INTERIM BALANCE SHEETAS AT JUNE 30, 2011 (Un-Audited)
Note Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Statutory Funds
Figures in Rupees
June 30,2011
Dec. 31,2010
Aggregate
7
8
AuditedUn-Audited
-
--
-
32,106,494
81,495
6,183,132--
15,982,4634,397,365
-432,580
26,995,540
-
59,183,529
59,183,529
-
--
-
167,348,659
-
830,7368,153,980
-
1,770,4543,539,850
839,815110,152
15,244,987
-
182,593,646
182,593,646
-
--
-
25,162,137
-
2,051,874--
-256,541
-129,944
2,438,359
-
27,600,496
27,600,496
)
600,000,000
500,456,000(353,497,796
146,958,204
213,985,666
90,550
8,429,39811,171,513
1,163,835
8,329,79510,522,196
2,013,2141,095,985
42,725,936
113,425
256,915,577
403,873,781
)
600,000,000
500,456,000(368,330,943
132,125,057
224,617,290
90,550
9,065,7428,153,9801,717,171
17,752,9179,802,437
839,815809,526
48,141,588
112,975
272,962,403
405,087,460
)
600,000,000
500,456,000(368,330,943
132,125,057
-
9,055
--
1,717,171
-1,608,681
-136,850
3,462,702
112,975
3,584,732
135,709,789
10UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
Cash and Bank DepositsCash in HandCurrent and Other AccountsDeposits Maturing Within 12 Months
Loans Secured AgainstLife Insurance Policies
Unsecured LoansTo Employees
InvestmentsGovernment SecuritiesOther Fixed Income SecuritiesListed Equities and Mutual Funds
Current Assets - OtherPremiums Due But UnpaidAmount Due From Other Insurers / ReinsurersPrepaymentsSundry ReceivablesInvestment Income AccruedStationery
Fixed AssetsTangibleFurniture, Fixtures, OfficeEquipment and VehiclesIntangible AssetsSoftware
TOTAL ASSETS
Note
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Statutory Funds
Figures in Rupees
June 30,2011
Dec. 31,2010
Aggregate
10
AuditedUn-Audited
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
-6,649,634
-6,649,634
-
103,698
54,246,376-
33,014,95087,261,326
-
-675,000
-831,262424,930
1,931,192
39,268,063
495,876
135,709,789
13,4139,066,849
10,000,00019,080,262
4,655,163
826,380
14,021,291--
14,021,291
12,631,674
6,820,501-
1,099,32548,933-
20,600,433
-
-
59,183,529
19,75331,723,642
55,000,00086,743,395
3,256,933
-
85,338,0373,563,253
-88,901,290
1,635,763
-216,274
1,555,111284,880
-3,692,028
-
-
182,593,646
-14,532,229
5,000,00019,532,229
-
102,898
5,377,288--
5,377,288
1,782,239
--
780,95524,887-
2,588,081
-
-
27,600,496
33,16661,972,354
70,000,000132,005,520
7,912,096
1,032,976
158,982,9923,563,253
33,014,950195,561,195
16,049,676
6,820,501891,274
3,435,3911,189,962
424,93028,811,734
39,268,063
495,876
405,087,460
24,65783,156,828
53,000,000136,181,485
7,548,871
1,004,284
157,928,7594,454,731
31,762,452194,145,942
17,074,082
-815,249
2,801,8231,249,827
480,83322,421,814
41,854,231
717,154
403,873,781
11 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
Note
Figures in Rupees
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
Investment Income NotAttributable to Statutory Funds
Return on Government Securities Return on Other Fixed Income Securities and Deposits Amortization of Discount/Premium Relative to Par Dividend IncomeGain on Sale of Fixed AssetsGain on Sale of Investment
Reversal/(Provision) for Impairment in Value of Investment
Net Investment Income
Expenses Not Attributable to Statutory Funds
(Loss)/Profit Before Tax
Taxation
(Loss)/Profit After Tax
(Loss)/Earnings Per Share -Basic and Diluted
June 30,2011
Half Year Ended
June 30,2010
June 30,2011
Quarter Ended
June 30,2010
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
)
)
)
1,112,722
84,223
(97,019113,609111,921
19,192,523
20,517,979
-
20,517,979
(5,165,440
15,352,539
(418,397
14,934,142
0.298
)
)
)
)
)
)
)
1,257,294
63,708
194,224---
1,515,226
(1,624,997
(109,771
(4,690,974
(4,800,745
(585,385
(5,386,130
(0.108
)
)
2,413,086
159,438
501,383122,312111,921
19,192,523
22,500,663
-
22,500,663
(9,785,706
12,714,957
(973,908
11,741,049
0.235
)
)
)
)
)
3,061,166
116,873
386,313--
130,085
3,694,437
1,624,998
5,319,435
(9,301,516
(3,982,081
(1,251,066
(5,233,147
(0.105
12UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
Note
Figures in Rupees
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
(Loss)/Profit After Tax
Other Comprehensive Income
Total Comprehensive (Loss)/Income for the Period
June 30,2011
Half Year Ended
June 30,2010
June 30,2011
Quarter Ended
June 30,2010
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
11,741,049
-
11,741,049
14,934,142
-
14,934,142
)
)
(5,386,130
-
(5,386,130
)
)
(5,233,147
-
(5,233,147
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
Figures in Rupees
Share Capital
Net Accumulated Surplus/(Deficit)
TotalAccumulated
Surplus/(Loss)
CapitalContributed toStatutory Fund
NetAccumulated
Surplus
Balance as atJanuary 01, 2010
Comprehensive Incomefor the Period
Balance as atJune 30, 2010
Balance as atJanuary 01, 2011
Comprehensive Lossfor the Period
Balance as atJune 30, 2011
454,960,000
-
454,960,000
500,456,000
-
500,456,000
)
)
)
)
)
(105,971,054
11,741,049
(94,230,005
(102,777,370
(5,233,147
(108,010,517
)
)
)
)
)
(199,620,426
-
(199,620,426
(250,720,426
(9,600,000
(260,320,426
)
)
)
)
)
(305,591,480
11,741,049
(293,850,431
(353,497,796
(14,833,147
(368,330,943
)
149,368,520
11,741,049
161,109,569
146,958,204
(14,833,147
132,125,057
13 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
Operating Cash Flows
a) Underwriting Activities
Premium Received Reinsurance Premium Paid Claims Paid Surrenders Paid Commission Paid
Net Cash FlowUnderwriting Activities
b) Other Operating Activities
Income Tax Paid General Management Expenses Paid
Net Cash (used in)Other Operating Activities
Total Cash (used in)/GeneratedFrom All Operating Activities
Investment Activities
Profit/ Return Received Dividend Received Payments for Investments Proceeds From Disposal of Investments Proceed from disposal of fixed assets Fixed Capital Expenditure
Total Cash From/(Used In)Investing Activities
Shareholders’Fund
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds
Figures in Rupees
June 30,2011
June 30,2010
Aggregate
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
)
)
)
)
)
)
-----
-
(697,729
(6,166,234
(6,863,963
(6,863,963
3,328,149-
(4,015,680
17,782,292
-(93,404
17,001,357
))
)
)
)
)
)
48,865,444(1,167,522
(40,627,493-
(1,701,508
5,368,921
-
(9,210,177
(9,210,177
(3,841,256
833,295-
(3,500,000
7,000,000
--
4,333,295
)))
)
)
)
)
28,598,964-
(3,507,925(1,546,129(8,282,223
15,262,687
-
(12,634,678
(12,634,678
2,628,009
3,321,085-
(57,850,000
36,681,920
--
(17,846,995
)
)
)
)
)
)
51,066,625-
(50,092,779-
(912,166
61,680
-
(5,138,990
(5,138,990
(5,077,310
441,348-
(3,250,000
8,300,000
--
5,491,348
))))
)
)
)
)
)
)
128,531,033(1,167,522
(94,228,197(1,546,129
(10,895,897
20,693,288
(697,729
(33,150,079
(33,847,808
(13,154,520
7,923,877-
(68,615,680
69,764,212
-(93,404
8,979,005
)))
)
)
)
)
)
)
121,167,842-
(78,748,388(1,529,332
(14,827,292
26,062,830
(382,458
(43,139,500
(43,521,958
(17,459,128
28,736,51619,583
(39,332,764
75,530,842
188,079(177,000
64,965,256
Financing Activities
Capital Contribution from Shareholders' Fund Dividend Paid
Total Cash Flow FromFinancing Activities
Net Cash Generated from/(Used in) All Activities
Cash at the Beginningof the Period
Cash at the Endof the Period
Reconciliation to Profit and Loss Account
Operating Cash flows Depreciation Expense Investment Income Provision of Impairment in Value of Investments Increase in Assets Other than Cash Increase in Liabilities Other than Running Finance Surplus of Statutory Funds
(Loss)/Profit After Taxation
14UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Statutory Funds
Figures in Rupees
June 30,2011
June 30,2010
Aggregate
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
3,500,000-
3,500,000
3,992,039
15,088,223
19,080,262
))
))
--
-
47,506,128
59,770,019
107,276,147
(17,459,128(3,372,34525,641,451
-(1,778,901
(13,059,23121,769,203
11,741,049
)
)
)
))
)
)
-(450
(450
(4,175,965
136,181,485
132,005,520
(13,154,520(2,900,8508,802,7991,624,9986,841,702
(15,372,2768,925,000
(5,233,147
3,250,000-
3,250,000
3,664,038
15,868,191
19,532,229
(9,600,000(450
(9,600,450
536,944
6,112,690
6,649,634
))
)
2,850,000-
2,850,000
(12,368,986
99,112,381
86,743,395
)
15 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
CONDENSED INTERIM REVENUE ACCOUNT (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
IncomePremiums Less ReinsurancesNet Investment Income
Total Net Income
Claims and ExpenditureClaims, Including Bonuses, Net of Reinsurance RecoveriesManagement Expenses Less Recoveries
Total Claims and Expenditure
Excess/(Deficit) of Income OverClaims and Expenditure
Add: Policyholders’ Liabilities at Beginning of PeriodLess: Policyholders’ Liabilities at End of Period
Deficit
Movement in Policyholder Liabilities
Transfer To or From Shareholders' Fund -Capital Contribution From Shareholders' Fund -Capital Contribution To Shareholders' Fund
Net Transfer To or From Shareholders' Funds
Balance of Statutory Fund at Beginning of the Year
Balance of Statutory Funds at End of Period
Represented by:
Capital Contributed by Shareholders’ FundAccumulated Deficit
Policyholders’ Liabilities
BALANCE OF STATUTORY FUND
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2011 June 30, 2010
Quarter Ended
June 30, 2010June 30, 2011
Note Half Year Ended
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
)
)
)
)
13,661,229964,293
14,625,522
11,127,9397,497,007
18,624,946
(3,999,424
31,367,057
30,314,2171,052,840
(2,946,584
(1,052,840
3,500,000
-
3,500,000
32,605,918
32,106,494
126,720,426(124,928,149
1,792,277
30,314,217
32,106,494
)
)
)
32,114,4483,660,429
35,774,877
3,976,81519,020,928
22,997,743
12,777,134
151,132,060
167,239,495(16,107,435
(3,330,301
16,107,435
2,850,000
-
2,850,000
151,721,525
167,348,659
103,550,000(103,440,836
109,164
167,239,495
167,348,659
)
)
)
)
47,204,238483,641
47,687,879
50,050,1975,383,768
55,433,965
(7,746,086
29,079,792
23,981,8215,097,971
(2,648,115
(5,097,971
3,250,000
-
3,250,000
29,658,223
25,162,137
30,050,000(28,869,684
1,180,316
23,981,821
25,162,137
)
)
)
92,979,9155,108,363
98,088,278
65,154,95131,901,703
97,056,654
1,031,624
211,578,909
221,535,533(9,956,624
(8,925,000
9,956,624
9,600,000
-
9,600,000
213,985,666
224,617,290
260,320,426(257,238,669
3,081,757
221,535,533
224,617,290
)
)
)
))
83,367,2123,140,788
86,508,000
51,133,02540,204,882
91,337,907
(4,829,907
156,942,312
173,908,608(16,966,296
(21,796,203
16,966,296
-
-
-
162,256,110
157,426,203
199,620,426(216,102,831
(16,482,405
173,908,608
157,426,203
)
)
)
)
28,898,0853,297,898
32,195,983
35,899,89715,560,270
51,460,167
(19,264,184
229,897,086
221,535,5338,361,553
(10,902,631
(8,361,553
9,600,000
-
9,600,000
234,281,474
224,617,290
260,320,426(257,238,669
3,081,757
221,535,533
224,617,290
)
)
)
))
32,668,6211,274,149
33,942,770
27,692,01121,982,722
49,674,733
(15,731,963
172,179,615
173,908,608(1,728,993
(17,460,956
1,728,993
-
-
-
173,158,166
157,426,203
199,620,426(216,102,831
(16,482,405
173,908,608
157,426,203
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2011 June 30, 2010
Quarter Ended
June 30, 2010June 30, 2011
Half Year Ended
16UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
CONDENSED INTERIM STATEMENT OF PREMIUMS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
Gross Premiums
Regular Premium Individual Policies* First Year Second Year Renewal Subsequent Year Renewal Single Premium Individual PolicyGroup Policies
Total Gross Premiums
Less: Reinsurance Premiums Ceded
On Individual Life First Year Business On Individual Life Second Year Business On Individual Life Renewal Business On Group Policies
Net Premiums
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
))))
)
8,958,6534,208,3342,879,2461,880,250
29,297,358
47,223,841
(45,982(70,298(45,664
(14,393,276
(14,555,220
32,668,621
))))
)
3,598,2497,265,9544,600,557
400,00030,682,720
46,547,480
(25,312(120,779(425,943
(17,077,361
(17,649,395
28,898,085
))))
)
14,709,1127,190,7286,253,0072,700,250
86,652,274
117,505,371
(103,679(77,514(91,902
(33,865,064
(34,138,159
83,367,212
))))
)
9,672,59511,893,33610,364,105
1,320,25097,637,099
130,887,385
(89,113(188,317(460,362
(37,169,678
(37,907,470
92,979,915
398,046---
46,806,192
47,204,238
----
-
47,204,238
)))
)
9,274,54911,893,33610,364,105
1,320,250-
32,852,240
(89,113(188,317(460,362
-
(737,792
32,114,448
)
)
----
50,830,907
50,830,907
---
(37,169,678
(37,169,678
13,661,229
17 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
CONDENSED INTERIM STATEMENT OF CLAIMS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
Gross Claims
Claims Under Individual Policies by Death by Insured Event Other than Death by Maturity Bonus in Cash by Surrender
Total Gross Individual Policy Claims
Claims Under Group Policies by Death by Insured Event Other Than Death
Total Gross Group Policy Claims
Total Gross Claims
Less: Reinsurance Recoveries On Group Life Claims
Net Claims
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2011 June 30, 2010
Quarter Ended
June 30, 2010June 30, 2011
Half Year Ended
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
)
758,201-
1,747,645-
1,120,924
3,626,770
17,544,75420,032,032
37,576,786
41,203,556
(13,511,545
27,692,011
)
1,067,136-
2,353,4624,500
1,529,332
4,954,430
40,643,01935,693,238
76,336,257
81,290,687
(30,157,662
51,133,025
)
-----
-
41,318,929377,729
41,696,658
41,696,658
(30,568,719
11,127,939
)
150,9505,000
2,961,736-
1,546,129
4,663,815
--
-
4,663,815
(687,000
3,976,815
-----
-
-50,050,197
50,050,197
50,050,197
-
50,050,197
)
150,9505,000
2,961,736-
1,546,129
4,663,815
41,318,92950,427,926
91,746,855
96,410,670
(31,255,719
65,154,951
)
71,4785,000
1,668,462-
948,376
2,693,316
20,267,53429,006,298
49,273,832
51,967,148
(16,067,251
35,899,897
18UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
CONDENSED INTERIM STATEMENT OF EXPENSES (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
Acquisition Costs
Remuneration to Insurance Intermediarieson Individual Policies: Commission on First Year Premiums Commission on Second Year Premiums Commission on Subsequent Renewal Premiums Other Benefits to Insurance Intermediaries On Group Policies Commission
Branch Overhead:Other Acquisition Cost Policy Stamps
Total Acquisition Cost
Administration ExpensesSalaries and Other BenefitsTravelling ExpensesAuditors RemunerationActuary's FeesMedical FeesAdvertisementsPrinting and StationaryRentalOther Management Expenses
Gross Management Expenses
Commission From Reinsurers
Net Management Expenses
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2011 June 30, 2010
Quarter Ended
June 30, 2010June 30, 2011
Half Year Ended
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
--
-
-811,817
811,817
-
-
811,817
2,193,000218,493
37,65990,000
-68,859
122,620298,468
1,542,852
4,571,951
5,383,768
-
5,383,768
)
--
-
-1,477,225
1,477,225
-
-
1,477,225
4,257,913118,247
62,764390,000226,417179,362490,090128,996
2,953,720
8,807,509
10,284,734
(2,787,727
7,497,007
)
5,019,509965,438
238,813
1,209,696-
7,433,456
4,577,013
51,000
12,061,469
4,441,78387,39725,106
120,000339,626
51,644334,418
74,6171,555,159
7,029,750
19,091,219
(70,291
19,020,928
)
5,019,509965,438
238,813
1,209,6962,289,042
9,722,498
4,577,013
51,000
14,350,511
10,892,696424,137125,529600,000566,043299,865947,128502,081
6,051,731
20,409,210
34,759,721
(2,858,018
31,901,703
)
7,381,342808,574
342,855
298,4583,545,930
12,377,159
10,452,666
60,870
22,890,695
10,018,172646,710
62,500600,000468,505375,722770,027590,966
6,373,767
19,906,369
42,797,064
(2,592,182
40,204,882
)
1,915,019582,876
138,477
-864,473
3,500,845
2,619,483
15,300
6,135,628
5,770,051246,159125,529300,000299,235161,045431,905186,287
3,199,524
10,719,735
16,855,363
(1,295,093
15,560,270
)
4,646,576476,036
169,084
150,0002,214,246
7,655,942
5,293,815
30,220
12,979,977
4,571,390335,772
62,500300,000296,433
55,800329,293228,722
3,897,468
10,077,378
23,057,355
(1,074,633
21,982,722
19 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
CONDENSED INTERIM STATEMENT OF INVESTMENT INCOME (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
Investment Income
On Government Securities On Other Fixed Income Securities and Deposits Amortization of Premium Amortization of Discount
Total Investment Income
The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.
Figures in Rupees
OrdinaryLife
UniversalLife
Accidental &Health
Statutory Funds Aggregate
June 30, 2011 June 30, 2010
Quarter Ended
June 30, 2010June 30, 2011
Half Year Ended
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
757,974
85,000-
121,319
964,293
964,293
316,348
142,018-
25,275
483,641
483,641
)
2,336,804
1,045,486(9,558
287,697
3,660,429
3,660,429
)
3,411,126
1,272,504(9,558
434,291
5,108,363
5,108,363
)
2,198,914
676,967(9,479
274,386
3,140,788
3,140,788
))
1,224,866
(29,887(4,76683,936
1,274,149
1,274,149
2,154,207
933,739(9,558
219,510
3,297,898
3,297,898
)
20UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)FOR THE HALF YEAR ENDING JUNE 30, 2011
1.
2.
2.1
2.2
2.3
STATUS AND NATURE OF BUSINESS
East West Life Assurance Company Limited (the Company) was incorporated in Pakistan onAugust 18, 1992 as a public limited company under the Companies Ordinance, 1984. Its sharesare quoted on Karachi Stock Exchange. The Company commenced life insurance operationson February 22, 1993 after registration with Controller of Insurance on February 14, 1993. Theaddress of its registered and principal office is 57 Regal Plaza, M.A. Jinnah Road, Quetta and310 EFU House, M.A. Jinnah Road Karachi, respectively. The Company is engaged in lifeinsurance carrying on participatory and non- participatory business. In accordance with therequirements of Insurance Ordinance, 2000, the Company has established shareholders’ fundand following statutory funds in respect of its each class of life insurance business:
Ordinary life;Universal life; and Accident and health.
BASIS OF PRESENTATION
These condensed interim financial statements are presented in condensed form in accordancewith the requirements of International Accounting Standard 34 "Interim Financial Reporting".
The disclosures made in these condensed interim financial statements have been limited basedon the formats prescribed by the Insurance Rules, 2002 and approved accounting standardsas applicable in Pakistan for interim financial reporting.
These condensed financial statements do not include all of the information required for fullfinancial statements and should be read in conjunction with the financial statements of thecompany for the year ended December 31, 2010.
These financial statements have been presented in Pak Rupees, which is the functional andpresentation currency of the Company.
During the period, following amendments to accounting standards became effective which areeither not relevant to the Company's current operations or are not expected to have significantimpact on the Company's condensed interim financial information other than certain additionaldisclosures, if any:
Standard or Interpretation
IAS 24 Related Party Transactions (Amendment)IAS 32 Financial Instruments: Presentation (Amendment)IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment)
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
Effective date(annual periodsbeginning on or
after)
January 01, 2011 January 01, 2011 January 01, 2011
21 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
3.
4.
5.
6.
BASIS OF MEASUREMENT
The financial statements have been prepared under the historical cost convention except forcertain financial assets and liabilities which are stated at fair value or amortized cost as applicable.
The financial statements have been prepared under the accrual basis of accounting except forcash flow information.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies adopted in the preparation of these financial statementsare in line with the audited annual accounts for the year ended December 31, 2010.
USE OF ESTIMATES AND JUDGEMENTS
Preparation of the condensed interim financial statements requires management to makejudgments, estimates and assumptions that effect the application of accounting policies andthe reported amounts of assets and liabilities, income and expenses. Actual results may differfrom these estimates.
In preparing the condensed interim financial statements, the significant judgments made bythe management in applying the Company's accounting policies and the key sources ofestimation uncertainty were the same as those that applied to the financial statements as atand for the year ended December 31, 2010.
FINANCIAL AND INSURANCE RISK MANAGEMENT
The Company's financial and insurance risk management objectives and policies are consistentwith those disclosed in the annual financial statements as at and for the year ended December31, 2010.
7. ANALYSIS OF ACCUMULATED SURPLUS/(DEFICIT)AS SHOWN IN BALANCE SHEET
Accumulated Deficit inStatement of Changes in EquityIgnoring Effect of Capital Transfersat Start of Period
Add: (Deficit)/Surplus in Profit and Loss Account for the Period
Less: Accumulated Net Capital Transfers in Statutory Funds
Total Accumulated (Deficit) as Shown in Balance Sheet
Un-AuditedJune 30, 2011
AuditedDec 31, 2010
Rupees Rupees
)
)
)
)
)
(102,777,370
(5,233,147
(108,010,517
(260,320,426
(368,330,943
)
)
)
)
(105,971,054
3,193,684
(102,777,370
(250,720,426
(353,497,796
22UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
8. CONTINGENCIES AND COMMITMENTS
There are no contingencies and commitments as at June 30, 2011 (December 31, 2010: Nil).
Ordinary LifeUniversal
LifeAccidental &
Health
Statutory Funds
Un-AuditedJune 30, 2011
Un-AuditedJune 30, 2010
Aggregate
Policyholder Liabilities
Balance at Beginningof the Period
Increase Duringthe Period
Balance at End of the Period
Capital Contributed ByShareholders' Fund
Balance at the Beginningof the Period
Capital Contributed Duringthe Period
Balance at End of the Period
Accumulated Deficit
Balance at the Beginningof the Period
Deficit Allocated inRespect of the Period
Balance at End of the Period
(Rupees)
MOVEMENTS IN STATUTORY FUNDS9.
)
)
)
156,942,312
16,966,296
173,908,608
199,620,426
-
199,620,426
(194,306,628
(21,796,203
(216,102,831
)
)
)
)
31,367,057
(1,052,840
30,314,217
123,220,426
3,500,000
126,720,426
(121,981,565
(2,946,584
(124,928,149
)
)
)
151,132,060
16,107,435
167,239,495
100,700,000
2,850,000
103,550,000
(100,110,535
(3,330,301
(103,440,836
)
)
)
)
29,079,792
(5,097,971
23,981,821
26,800,000
3,250,000
30,050,000
(26,221,569
(2,648,115
(28,869,684
)
)
)
211,578,909
9,956,624
221,535,533
250,720,426
9,600,000
260,320,426
(248,313,669
(8,925,000
(257,238,669
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
23 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
INVESTMENTS10.
Note Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Un-AuditedJune 30,
2011
AuditedDecember 31,
2010
Statutory Funds
(Rupees)
Government Securities
Other Fixed Income Securities
Listed Equities and Mutual Funds
Government Securities
Held to Maturity
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
10 Years Pakistan Investment Bonds
Treasury Bills
10.1
10.1
10.2
10.3
54,246,376
-
33,014,950
87,261,326
5,000,000
-
-
17,307,066
-
6,464,256
15,842,639
1,964,788
3,651,947
4,015,680
54,246,376
14,021,291
-
-
14,021,291
-
-
-
-
-
10,521,291
-
-
-
3,500,000
14,021,291
85,338,037
3,563,253
-
88,901,290
-
2,999,707
589,809
-
-
23,898,521
-
-
-
57,850,000
85,338,037
5,377,288
-
-
5,377,288
-
-
-
-
-
2,127,288
-
-
-
3,250,000
5,377,288
158,982,992
3,563,253
33,014,950
195,561,195
5,000,000
2,999,707
589,809
17,307,066
-
43,011,356
15,842,639
1,964,788
3,651,947
68,615,680
158,982,992
157,928,759
4,454,731
31,762,452
194,145,942
5,000,000
2,999,656
587,583
17,034,001
-
42,505,861
15,826,682
1,962,353
3,632,915
68,379,708
157,928,759
The particulars of investments are as follows:
Held to Maturity
Pakistan Investment Bonds - 10 Years
Pakistan Investment Bonds - 10 Years
Pakistan Investment Bonds - 10 Years
Pakistan Investment Bonds - 10 Years
Pakistan Investment Bonds - 10 Years
Pakistan Investment Bonds - 10 Years
Pakistan Investment Bonds - 10 Years
Treasury Bills
Total
April 2014
April 2014
October 2013
May 2016
June 2012
August 2018
July 2020
August 2011
On Maturity
On Maturity
On Maturity
On Maturity
On Maturity
On Maturity
On Maturity
On Maturity
8%
8%
8%
9.6%
11%
12%
12%
13.2%
Semi-Annually
Semi-Annually
Semi-Annually
Semi-Annually
Semi-Annually
Semi-Annually
Semi-Annually
On Maturity
Maturity PrincipalRepayment
CouponPercentage
CouponPayment
Amount inRupees
5,000,000
2,999,707
589,809
33,149,705
43,011,356
1,964,788
3,651,947
68,615,680
158,982,992
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
24UAN: 111-EWL-111 (111-395-111) Half Yearly Financial Report 2011
10.4 The aggregate market value of available for sale investments as at June 30, 2011 is Rs.31,722,061 (December 31, 2010: Rs.31,762,434). The decrease below carrying value isconsidered temporary.
Listed Equities And Mutual Funds10.3
Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Un-AuditedJune 30, 2011
AuditedDec. 31, 2010
Statutory Funds
(Rupees)
Available for Sale
Listed Equities
Mutual Fund
(Provision)/Reversal for Impairment in Value of Investment
--
-
-
--
-
-
--
-
-
5,622,134
25,767,818
1,624,998
33,014,950
)
11,011,731
21,357,110
(606,389
31,762,452
5,622,134
25,767,818
1,624,998
33,014,950
Other Fixed Income Securities10.2
Held to MaturityTerm Finance CertificatePakistan Mobile Communication Limited
The particulars of investments are as follows:
Term Finance CertificatePakistan Mobile Communication Limited
4,454,7314,454,731
Shareholders’Fund Ordinary Life
UniversalLife
Accidental &Health
Un-AuditedJune 30, 2011
AuditedDec. 31, 2010
Statutory Funds
(Rupees)
--
3,563,2533,563,253
--
--
7 Years 15.46% Half Yearly2013
Maturity TenorRate ofReturn
ProfitPayment
Number ofCertificates
1,060
3,563,2533,563,253
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
13. DATE OF ISSUE
This financial report is authorised for issue on August 29th, 2011 by the Board of Directorsof the company.
25 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
11. FIXED ASSETS
The detail of additions and deletions during the six months ended June 30, 2011 are as follows:
Furniture and FixtureOffice EquipmentsComputers
Shareholders’ Fund
Additions DeletionsJune 30, 2010
Additions DeletionsJune 30, 2011
----
-12,50080,90493,404
140,25036,750
-177,000
-620,000
-620,000
TRANSACTIONS WITH RELATED PARTIES
The related parties comprises East West Insurance Limited (Associated Company), directorsof the company, key management personnel, associated undertakings, entities with commondirectors, statutory funds and employees' funds. Following are the balances and transactionswith related parties.
12.
--
-----
--
-----
Directors KeyManagement
Personnel
AssociatedCompanies &
CommonDirectorship
June 30, 2011 December 31, 2010
Directors KeyManagement
Personnel
AssociatedCompanies &
CommonDirectorship
BalancesPremium ReceivableInvestment
TransactionsPremium ReceivedPremium PaidClaims PaidInvestmentsUnderwriting Commission
--
-----
--
-----
(Rupees)
414,7862,059,381
-348,443424,247
--
564,7863,781,330
2,125,120730,676
2,826,42311,505,985
454,960
26Half Yearly Financial Report 2011UAN: 111-EWL-111 (111-395-111)
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
As at June 30th, 2011
CHIEF JUSTICE (R) MIAN MAHBOOB AHMADChairman
MAHEEN YUNUS, CPCUManaging Director &
Chief Executive
JAVED YUNUSDirector
A.K.M. SAYEEDDirector
STATEMENT OF DIRECTORS
27 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
Date: August 29, 2011SHUJAT SIDDIQUI, MA, FIA, FPSA
Appointed Actuary
STATEMENT BY THE APPOINTED ACTUARY
June 30th,2011
L i feEast
WestASSURANCECOMPANY LIMITED
29 Half Yearly Financial Report 2011 Website: www.eastwestlifeco.com
L i feEast
WestASSURANCECOMPANY LIMITED
EAST WEST LIFEASSURANCE COMPANY LIMITED
HyderabadOffice No. 13, 1st Floor, Shelter Shopping Mall,Saddar Cantt, Hyderabad.Tel. : (022) 3030913/5, 2915804, 2785001Fax : (022) 2785002E-Mail: [email protected]
JuhiNear Bilawal Park, Main Dadu Road,Johi, Hyderabad.
LahoreZonal Office*2nd Floor, Naqi Arcade, 71-Shahrah-e-Quaid-e-Azam, Lahore.Tel. : (042) 36370181, 36370717Fax: (92-42) 36370711UAN: 111-EWL-111 (111-395-111)E-Mail: [email protected]
Bahawalpur2nd Floor, Shahab Plaza, One Unit Chowk,Bahawalpur.Tel. : (062) 2285488
Multan2nd Floor, Ghaffar Plaza, Bohra Street,Multan Cantt., Multan.Tel. : (061) 4504345, 4504346Fax : (061) 4504348E-Mail: [email protected]
Sahiwal1st Floor, Mansha Plaza, Lahore Commercial Centre,Near General Bus Stand, G. T. Road, Sahiwal.Mobile: (0322) 7854248
Sialkot1st Floor, Yazdani Autos,Opposite M. F. Elahi Building,Kashmir Road, Sialkot.Tel. : (052) 4297420
Sambrial1st Floor, Habib Bank Ltd., G.T. Road,Sambrial, District: Sialkot.Mobile: (0333) 8604563
MuzaffargarhHouse No. 315,Imran Colony,D. G. Khan Road,Muzaffargarh.Mobile: (0302) 6951501
Vehari48-C, Mashallah Market, Vehari.Tel. : (067) 3361409
GujranwalaOffice No. 15, Data Market, Near Railway Station,Opposite Sangam Cinema, G. T. Road,Gujranwala.Tel. : (055) 3857592
Layyah1st Floor of Khan Plaza,Main Choubara Road, Layyah.Tel. : (060) 6410371
DepalpurFlat No. 1, 1st Floor, Bahadur Market,Katchery Road, Depalpur, District: Okara.Mobile: (0345) 7543525
IslamabadOffice No. 40, 3rd Floor, Rose One Plaza,I-8 Markaz, Islamabad.Tel. : (051) 4862438, 4862471-2
RawalpindiZonal Office*55-A, Bank Road, Rawalpindi Cantt., Rawalpindi.Tel. : (051) 5514322 Fax: (92-51) 5564809UAN: 111-EWL-111 (111-395-111)E-Mail: [email protected]
GujratNear Grid Station / Police Chowki,Sargodha Road, Gujrat.Tel. : (053) 3538067, 3535658Fax: (92-53) 3538071E-Mail: [email protected]
BRANCH NETWORK
Pindi GhebTariq BuildingBanhora Chowk, Pindi Gheb.Tel. : (0572) 350608
Abbottabad:Muqaddas Tower Plaza,Mandian, Abbottabad.Tel. : (0992) 382855
HaripurFazal Plaza,G.T. Road, Haripur.Tel. : (0995) 612065, 645449
Muzaffarabad (Azad Kashmir)Flat No. 4, Azam Plaza,Opp.: PSO Petrol Pump,Chehla Neelum Road,Muzaffarabad (A.K.).Mobile: (0300) 9111787
Mirpur (Azad Kashmir)1st Floor, 23 Ayub Plaza, Mian Muhammad Road,Mirpur (Azad Kashmir).Tel. : (058610) 35491, 92898
Bhimber (Azad Kashmir)Ch. Barkat Plaza,Samahni Road,Bhimber (A.K.).Tel. : (058650) 43551
Rawlakot (Azad Kashmir)Near C.M.H.,Rawlakot (A.K.).Tel. : (058710) 43554
Peshawar Zonal Office*Room No. 1 & 2, 1st Floor,Sughra Building, 8-Saddar Road,Opposite State Bank of Pakistan ,Peshawar Cantt., Peshawar.Tel. : (091) 5284725, Fax: (92-91) 5273874E-Mail: [email protected]
SwabiAdda Flying Coach for Peshawar, Swabi.Tel. : (0938) 222051
BRANCH NETWORK
Choa Saiden ShahAli Haider Market, Dalwal Road,Choa Saiden Shah, District: Chakwal.Mobile : (0344) 5989960
Chakwal1st Floor,Bait-ul-Mukarram Masjid,Talagang Road, Chakwal.Tel. : (0543) 553226
Talagang3rd Floor,Bhatti Plaza, Palace Hotel,Chakwal Road, Talagang.Mobile: (0300) 5814289
JhelumFlat No. 3, 3rd Floor, Shabbir Plaza,Shandar Chowk, Jhelum.Tel. : (0544) 623231, 540043Fax : (0544) 720631
AbotabadDr. Sher Afzal Plaza,Opposite Eid Gah, Mall Road, Abotabad.
Pind Dadan KhanVillage Karyala Jalab,P. O. Dharyala Jalab,Teh. Pind Dadan Khan,District: Jhelum.Tel. : (0458) 430588
KharianAl-Fazal Plaza, Dinga Road,Kharian, District: Gujrat.Tel. : (0537) 532255Fax : (0537) 532266
HavelianRailway Road,Main Bazar, Havelian.Tel. : (0992) 810323, 810896
Gujar KhanFlat No. 1, Ghani Plaza, 2nd Floor,G.T. Road, Gujar Khan.Tel. : (0513) 510697
Note: Besides the company’s head office (stated on pagenumber 2), corporate (group life and group health) insuranceservices are also offered at the above individual life salesoffices marked with an asterisk (*).
30Half Yearly Financial Report 2011UAN: 111-EWL-111 (111-395-111)
EAST WEST LIFEASSURANCE COMPANY LIMITED L i fe
EastWest
ASSURANCECOMPANY LIMITED
L i feEast
WestASSURANCECOMPANY LIMITED