TPL Insurance : Transmission of Quarterly Report for the Period Ended 2023-06-30

TABLE OF CONTENTS

Company Information	02
Geographical Presence	03
Directors' Report	04
Independent Auditors' Review Report	06
Financial Statements
Condensed Interim Statement of Financial Position	08
Condensed Interim Statement of Comprehensive Income	09
Condensed Interim Statement of Changes in Equity	10
Condensed Interim Cash Flow Statement	1 2
Notes to the Condensed Interim Financial Statements	1 4
Annexure - A: Window Takaful Operations
Independent Auditors' Review Report	31
Condensed Interim Statement of Financial Position	32
Condensed Interim Statement of Comprehensive Income	33
Condensed Interim Statement of Changes in Fund	34
Condensed Interim Cash Flow Statement	35
Notes to the Condensed Interim Financial Statements	37
Other Information
Pattern of Shareholding	49
Category of Shareholding	50

COMPANY INFORMATION

BOARD OF DIRECTORS
Mr. Jameel Yusuf Ahmed (S. St.)	Chairman
Mr. Muhammad Ali Jameel	Director
Mr. Muhammad Aminuddin	Chief Executive Officer
Ms. Naila Kassim	Director
Ms. Ayla Majid	Director
Rana Assad Amin	Director
Mr. Aqueel .E. Merchant	Director
Mr. Benjamin Brink	Director
BOARD COMMITTEES
Ethics, HR, Remuneration and
Nomination Committee
Ms. Naila Kassim	Chairperson
Mr. Muhammad Ali Jameel	Member
Rana Assad Amin	Member
Ms. Ayla Majid	Member
Mr. Nader Nawaz	Secretary
Investment Committee
Mr. Muhammad Ali Jameel	Chairman
Rana Assad Amin	Member
Mr. Muhammad Aminuddin	Member
Mr. Benjamin Brink	Member
Mr. Yousuf Zohaib Ali	Secretary
Audit Committee
Mr. Aqueel .E. Merchant	Chairman
Rana Assad Amin	Member
Mr. Muhammad Ali Jameel	Member
Ms. Ayla Majid	Member
Mr. Hashim Sadiq Ali	Secretary
MANAGEMENT COMMITTEES:
Underwriting Committee
Mr. Aqueel .E. Merchant	Chairman
Syed Ali Hassan Zaidi	Member
Mr. Shumail Iqbal	Secretary
Claim Settlement Committee
Mr. Benjamin Brink	Chairman
Mr. Tariq Ali Farooqui	Member
Mr. M. Kumail Mushtaq Ali	Member
Ms. Ayla Majid	Member
Mr. Yousuf Zohaib Ali	Member
Mr. Ovais Alam	Secretary
Reinsurance &
Co-insurance Committee
Mr. Aqueel .E. Merchant	Chairman
Syed Ali Hassan Zaidi	Member
Mr. Muhammad Aminuddin	Member
Ms. Shadab Khan	Secretary
Risk Management &
Compliance Committee
Ms. Ayla Majid	Chairperson
Syed Ali Hassan Zaidi	Member
Mr. Muhammad Aminuddin	Member
Mr. Kamran Rafique	Member
Mr. Benjamin Brink	Member
Ms. Shadab Khan	Secretary

BANKERS

Al-Baraka Bank Pakistan Ltd.

Askari Bank Limited

Bank Alfalah Limited.

Bank Al Habib Ltd.

Bank Islami Pakistan Ltd.

Dubai Islamic Bank Pakistan Ltd.

Faysal Bank Ltd.

Habib Bank Ltd.

Habib Metropolitan Bank Ltd.

JS Bank Ltd.

Kushhali Microfinance Bank Ltd.

MCB Bank Ltd.

Meezan Bank Ltd.

Mobilink Micro Finance Bank Ltd.

National Bank of Pakistan

Samba Bank Ltd.

Silk Bank Ltd.

Soneri Bank Ltd.

Summit Bank Ltd.

Telenor Micro Finance Bank Ltd.

The Bank of Punjab

United Bank Ltd.

AUDITORS

BDO Ebrahim & Co.

Chartered Accountants

LEGAL ADVISOR

Lari & Co.

Maritime & Insurance Advocates

SHARE REGISTRAR

THK Associates (Pvt) Limited

Plot No. 32-C, Jami Commercial Street 2,

DHA Phase VII, Karachi - 75500

Tel: [phone]

Fax: [phone]

REGISTERED OFFICE

20th Floor, Sky Tower - East Wing

Dolmen City, HC-3, Abdul Sattar

Edhi Avenue, Block No. 4 Clifton

Karachi, Karachi East, Sindh

Fax: [phone]

UAN: [phone]

Tel: [phone]

WEB PRESENCE

Website: www.tplinsurance.com

Facebook: insurancetpl

Instagram: tplinsurance

LinkedIn: tplinsurance

Half Yearly Report 2023

GEOGRAPHICAL PRESENCE

KARACHI	FAISALABAD
Registered Office	Branch Office Faisalabad
20th Floor, Sky Tower - East Wing,	Office No. F-02, 4th Floor
Dolmen City, HC-3, Block 4,	Meezan Executive Tower,
Abdul Sattar Edhi Avenue,	Civil Lines, Faisalabad.
Clifton, Karachi	UAN: 051-111-000-301
UAN: [phone]-301 (021) 3713-0227	Tel: [phone]
Fax: [phone]	Fax: [phone]

Branch Office	MULTAN
Plot 19-B, Sindhi Muslim Cooperative	Branch Office Multan
Housing Society (SMCHS),	Haider Street, Shalimar Colony
Near Roomi Masjid,	Northern Bypass-Boson Road,
Shahrah-e-Faisal, Karachi.	Multan.
UAN: 021) 111-000-301 (021) 3713-0223	UAN: 061-111-000-301
	Fax: [phone]
Branch Office
Export Processing Zone (EPZ) Landhi,	HYDERABAD
Plot No. N-4, Sector B-III,	2nd Floor Plot # 15/5, Main Auto Bhan Road,
Export Processing Zone,	Railway Cooperative Housing Society,
Landhi, Karachi.	Near Bank Al Falah Hyderabad.
	Tel: [phone]
LAHORE	Fax: [phone]
Branch Office Lahore
Tower 75, 4th Floor
Near Honda City Sales &
Hondai Central Motors,
Kalma Chowk Lahore.
Tel: [phone]
UAN: 042-111-000-301
Fax: [phone]
ISLAMABAD
Branch Office Islamabad
55-B, 10th Floor (South) ISE Tower,
Jinnah Avenue, Blue Area, Islamabad.
UAN: 051-111-000-301 Fax: [phone]

Half Yearly Report 2023

Directors' Report

FOR THE HALF YEAR ENDED 30 JUNE 2023

On behalf of the Board of Directors, I am pleased to present the condensed interim financial statements of the Company for the six months period ended June 30, 2023.

During the period, the Company reported Gross Written Premium ("GWP") of Rs. 1,976 million Vs Rs. 1,808 million at HY 2022 (including Window Takaful Operations), registering a growth of 9%.

The Company's motor insurance portfolio reported GWP of Rs. 1,330 million (June 2022: Rs. 1,330 million). GWP from Property business reported increase of Rs. 151 million (growth of 80%). Marine business reported growth of 5% year on year. The Company reported profit before tax of Rs. 128 million (YTD June 2022: loss before tax of Rs. 65 million), including results of Window Takaful operations.

The Board of the Directors of the Company, in terms of its meeting dated May 26, 2023 has approved the draft of the Scheme of Arrangement, under Section 279 to Section 282 and Section 285 of the Companies Act, 2017 intended to be sanctioned by the High Court, for the acquisition of the assets and liabilities of the Pakistani branch of New Hampshire Insurance Company ("NHIC"). Subsequently, the shareholders of the Company in Extraordinary General Meeting dated June 27, 2023 have approved the same.

By virtue of the Scheme of Arrangement, the assets and liabilities of NHIC shall stand transferred and vested with and into the company. The Scheme of Arrangement remains subject to obtaining all necessary regulatory approvals, and the sanction of the same by the High Court along with fulfilment of related legal formalities. It is intended that the Scheme of Arrangement shall be sanctioned and the transaction is expected to be consummated by September 30, 2023.

Political and economic uncertainties continued to impact the business climate during the period. Discount rate was increased from 16% to 22% by the Central Bank, while PKR devalued 27.6% during the period declining from Rs.224.14 to Rs. 285.99 against USD. Motor Assemblers have increased vehicle prices multiple times during the six months period, with significant production cuts. Although increase in discount rate will improve the investment income on fixed income portfolio in the period to come, the increase in discount rate, decline in motor sales significantly, coupled with current political and economic situation poses risks may impact the industry growth during 2023.

We would like to thank all our stakeholders, business partners, Pakistan Stock Exchange, SECP and staff for their continued support.

For and on behalf of the Board of Directors

Chief Executive Officer

August 24, 2023

Half Yearly Report 2023