Century Insurance : TRANSMISSION OF QUARTERLY REPORT FOR THE QUARTER ENDED 31 MARCH 2024

Quarterly Report March 2024 (Un-audited)

Century Insurance at a Glance

• Century Insurance is a Lakson Group Company.
• Operating since 1989, dealing in all areas of general insurance and takaful business.
• One of the premier general insurance companies of Pakistan.
• Rated "AA" with a stable outlook by VIS Credit Rating Company Limited, signifying a 'very strong capacity to meet policyholders' and contractual obligations.
• Total equity in excess of Rs. 2.9 billion.
• Twice awarded 'Top 25 Companies Award' by the Karachi Stock Exchange.
• Very strong reinsurance treaty arrangements with highly rated international reinsurers.
• Broad client base consisting of individuals as well as some of the most prestigious local and multinational companies.

Table of Contents

Financial Statement

Conventional Operations

Vision and Mission	2
Corporate Information	3
Directors' Review	4
Directors' Review (Urdu)	7
Condensed Interim Statement of Financial Position	8
Condensed Interim Profit and Loss Account (Un-audited)	10
Condensed Interim Statement of Comprehensive Income	11
Condensed Interim Statement of Cash Flows	12
Condensed Interim Statement of Changes in Equity	14
Notes to and Forming Part of the Condensed Interim Financial Statements	15

Financial Statement

Window Takaful Operations

Condensed Interim Statement of Financial Position	34
Condensed Interim Profit and Loss Account (Un-audited)	36
Condensed Interim Statement of Comprehensive Income	37
Condensed Interim Statement of Cash Flows	38
Condensed Interim Statement of Changes in Fund	39
Notes to and Forming Part of the Condensed Interim Financial Statements	41

Our Vision

To be an organization known for integrity and ethical behavior and fully dedicated to its Clients, Business Partners, Shareholders and Employees, providing exceptional quality service and committed to achieving excellence in all areas of its operations.

Our Mission

• To become a company of choice for its valued Clients, Stockholders and Employees.
• To ensure continued growth of the financial strength and resilience of the company so that it may be able to withstand any unexpected shocks or cyclical economic downturns.
• The Company culture to be known for Integrity and Ethical behavior.
• The Company to be known as one of the best insurance companies of the country.

2 Quarterly Report March 2024

Corporate Information

Board of Directors

Mr. Iqbal Ali Lakhani - Chairman

Mr. Amin Mohammed Lakhani

Ms. Anushka Lakhani

Mr. Aftab Ahmad

Mr. Atiq Anwar Mahmudi

Mr. Jawed Akhlaq

Mr. Mohammad Hussain Hirji - Chief Executive

Advisor

Mr. Sultan Ali Lakhani

Chief Financial Officer

Mr. Sabza Ali Pirani

Company Secretary

Mr. Mansoor Ahmed

Audit Committee

Mr. Atiq Anwar Mahmudi - Chairman

Mr. Amin Mohammed Lakhani

Mr. Aftab Ahmad

Investment Committee

Mr. Iqbal Ali Lakhani - Chairman

Mr. Aftab Ahmad

Mr. Mohammad Hussain Hirji

Mr. Sabza Ali Pirani

Ethics, Human Resource & Remuneration Committee

Mr. Jawed Akhlaq - Chairman

Mr. Amin Mohammed Lakhani

Mr. Mohammad Hussain Hirji

External Auditors

M/s. BDO Ebrahim & Co.

Chartered Accountants

Share Registrar

M/s. FAMCO Share Registration Services (Pvt.) Ltd. 8-F, Near to Hotel Faran, Nursery,

Block-6, P.E.C.H.S., Shahra-e-Faisal,

Karachi.

Tel: [phone]

Fax: [phone]

Email: [e-mail]

Website: www.famcosrs.com

Bankers

Al Baraka Bank (Pakistan) Limited

Askari Bank Limited

Bank Alfalah Limited

Bank Islami Pakistan Limited

Dubai Islamic Bank Pakistan Limited

Habib Bank Limited

Habib Metropolitan Bank Limited

JS Bank Limited

MCB Islamic Bank Limited

Meezan Bank Limited

NRSP Microfinance Bank Limited

Silkbank Limited

Soneri Bank Limited

Standard Chartered Bank (Pakistan) Limited

Telenor Microfinance Bank Limited

U Microfinance Bank Limited

United Bank Limited

Registered & Corporate Office

Lakson Square, Building No. 2,

Sarwar Shaheed Road, Karachi-74200.

Head Office

11th Floor, Lakson Square, Building No. 3, Sarwar Shaheed Road, Karachi-74200.

Website: www.cicl.com.pk

UAN: 111-111-717

NTN: 0710008-6

Century Insurance Company Limited 3

Directors' Review

On behalf of the Board of Directors, we are pleased to present to you the unaudited financial statements for the first quarter ended 31 March 2024.

General Review

There has been robust growth in both gross and net premium during the first quarter ended 31 March 2024. Gross written premium (inclusive of takaful contribution) has increased by Rs. 97.9 million (26%) to Rs. 474.9 million whereas net premium has increased by Rs. 37.8 million (14%) to Rs. 315.7 million. Underwriting profit stood at Rs. 28.4 million. Earnings per share (EPS) for the first quarter ended 31 March 2024 was Rs. 2.13.

Operating Results

The comparative financial highlights for the first quarters ended 31 March 2024 and 31 March 2023 are presented below:

			Rs. In Millions (except otherwise stated)
Description				Increase / (Decrease)
	2024	2023	Amount	%
Gross Written Premium (including Takaful	475	377	98	26
Contribution)
Net Premium		316	278	38	14
Underwriting results		28	45	(17)	(38)
Investment & other income	139	82	57	70
Profit from Window Takaful Operations	14	11	3	27
Profit before tax		178	133	45	34
Profit after tax		118	88	30	34
Earnings per share	(Rs.)	2.13	1.59	0.54	34
Total assets		5,021	4,307	714	17
Paid-up capital		553	553	-	-
Total equity		2,935	2,521	414	16

As compared to the first quarter of 2023, the gross written premium (inclusive of takaful contribution) for Fire has increased by Rs. 21.4 million (47%), Marine by Rs. 62.6 million (46%), Motor by Rs. 21.8 million (16%) and Miscellaneous by Rs. 6.4 million (46%). The gross written premium (inclusive of takaful contribution) for Accident & Health has decreased by Rs. 13.9 million (30%).

4 Quarterly Report March 2024

Window Takaful Operations

Participant Takaful Fund (PTF)

The gross written contribution for the first quarter ended 31 March 2024 is Rs. 67.9 million as compared to Rs. 45.5 million for the same period last year. Net contribution revenue is Rs. 11.4 million and the surplus for the first quarter ended 31 March 2024 is Rs. 7.5 million.

Operator's Fund (OPF)

Gross wakala fee income for the first quarter ended 31 March 2024 is Rs. 23.2 million while net wakala fee income is Rs. 25.0 million. Profit before tax is Rs. 14.4 million.

Future Outlook

The management is making concerted efforts to increase market share and profitability and the business of the Company is expected to continue to grow at a steady pace. We shall continue to strive to identify new and innovative products and distribution channels, expand the branch network to serve clients in new cities and recruit, train and motivate sales staff so as to maintain the momentum of profitable growth. We are hopeful that this will result in improved sustainability and enhanced shareholder equity.

Acknowledgments

On behalf of the directors of the company, we wish to place on record our appreciation of the efforts of all the employees of the company in enabling its growth and success. We are also grateful to our clients for their patronage, to the Securities & Exchange Commission of Pakistan (SECP) for its guidance as regulator of the insurance industry and to our reinsurers and shareholders for their trust and confidence in the company.

	Mohammad Hussain Hirji
Chairman	Director & Chief Executive
Karachi: 26 April 2024

Century Insurance Company Limited 5

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6 Quarterly Report March 2024

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Century Insurance Company Limited 7

Condensed Interim Statement of

Financial Position

As at March 31, 2024

		(Un-audited)		(Audited)
		March 31,		December 31,
		2024	2023
	Note	--------------(Rupees)-------------
Assets
Property and equipment	9	128,699,621	100,890,307
Intangible assets		724,016	747,250
Investment in associates	10	71,957,899	73,966,924
Investments
Equity securities	11.1	956,846,047	941,604,326
Debt securities	11.2	1,907,512,605	1,851,391,049
Loan and other receivable	12	131,636,068	95,975,373
Insurance / reinsurance receivable	13	619,657,240	822,041,695
Reinsurance recoveries against outstanding claims	22	265,093,226	193,897,623
Salvage recoveries accrued		6,977,394	2,785,000
Deferred commission expense	23	35,764,767	32,747,815
Deferred taxation	17	16,879,248	1,941,781
Retirement benefit obligations		13,096,977	14,059,440
Prepayments	14	267,717,809	280,250,689
Cash and bank	15	350,225,261	436,347,757
Total assets of Window Takaful Operations -	16	247,825,884	223,551,545
Operator's fund
Total assets
	5,020,614,062	5,072,198,574

8 Quarterly Report March 2024