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Assurance

Century Insurance Company Limited

Annual Report 2021

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 Co. Limited, signifying a 'very high capacity to meet policyholders' and contractual obligations'.

  • • Total equity in excess of Rs. 2.2 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.

Contents

  • 03 Vision and Mission

    • 46 Pattern of Shareholding

  • 05 Corporate Information

    • 48 Key Operating and Financial Data

  • 06 Products and Services

    • 50 Statement of Value Addition

  • 13 Core Values

    • 51 Statement of Compliance with the Code of Corporate Governance

  • 14 Code of Conduct

    • 54 Independent Auditor's Review Report on Statement of Compliance contained in

    • Listed Companies (Code of Corporate Governance) Regulations, 2019

  • 16 Notice of Annual General Meeting

    • 55 Shariah Advisor's Review Report to the Board of Directors

  • 21 Corporate Calendar

    • 56 Statement of Compliance with the Shariah Principles

  • 22 Access to Reports and Enquiries

  • 23 Organisation Chart

    • 57 Independent Reasonable Assurance Report on Compliance with the Shariah Principles

  • 24 Performance Highlights

    Financial Statements

  • 25 DuPont Analysis

    60

  • 26 Horizontal and Vertical AnalysisIndependent Auditor's Report to the Members of Century Insurance Company Limited on the Audit of the Financial Statements

  • 28 Share Price & Volume Analysis

    66 Financial Statements

  • 29 Chairman's Review Report

    Window Takaful Operations - Financial Statements

  • 35 Chairman's Review Report (Urdu)

    120 Independent Auditor's Report to the Members of Century Insurance Company Limited - Window Takaful Operations on the Audit of the Financial Statements

  • 36 Directors' Report

    123 Financial Statements

  • 42 Directors' Report (Urdu)

    Form of Proxy

  • 43 Board Committees

  • 45 Management Committees

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

Annual Report 2021

Corporate Information

Board of Directors

Mr. Iqbal Ali Lakhani - Chairman Mr. Amin Mohammed Lakhani Ms. Anushka Lakhani

Mr. Aftab Ahmad

Mr. Sadrudin Ismail Mohamed Mr. Akber Dawood Vazir

Mr. Mohammad Hussain Hirji - Chief Executive Officer

Advisor

Mr. Sultan Ali Lakhani

Chief Financial Officer

Mr. Sabza Ali Pirani

Company Secretary

Mr. Mansoor Ahmed

Audit Committee

Mr. Sadrudin Ismail Mohamed - 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. Sadrudin Ismail Mohamed - Chairman Mr. Amin Mohammed Lakhani

Mr. Akbar Dawood Vazir

Mr. Mohammad Hussain Hirji

External Auditors

M/s. EY Ford Rhodes Chartered Accountants

Shares Registrar

M/s. FAMCO Associates (Pvt.) Ltd. 8-F, Near to Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahra-e-Faisal, Karachi.

Tel: (021) 34380101-2 Fax: (021) 34380106

Email:info.shares@famco.com.pkWebsite:www.famco.com.pk

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

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Century Insurance Company Ltd. published this content on 01 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 11:34:09 UTC.