Atlas Insurance : Transmission of Annual Report for the Year Ended 2023

BRANCHING OUT

THE YEAR OF SUSTAINABLE GROWTH

ANNUAL REPORT 2023

BRANCHING OUT

THE YEAR OF SUSTAINABLE GROWTH

Atlas Insurance's growth, like a resilient tree, expands its reach with comprehensive coverage. Our deep commitment, represented by the roots, ensures stability and security for clients. The flourishing leaves signify diverse insurance solutions, nurturing and safeguarding futures. This visual metaphor encapsulates years of sustained growth, rooted in our dedication to protecting what matters most.

FINANCIAL HIGHLIGHTS 2023

Table of Contents

Company Overview	Shareholders' Information
Notice of Annual General Meeting	36
About the Group	01
Corporate Information	41
About the Company	01
Report of the Board Audit Committee	43
Group Structure	02
Access to Reports and Enquiries	44
Vision and Mission	03
Major Events	47
Corporate Strategy	05
Forward Looking Statement	48
Core Values	07
Code of Conduct	09
Company's Profile	11	Financial Highlights
Geographical Presence	14
Six Years at a Glance	49
Board of Directors	15
Performance at a Glance	51
Company Information	19
Comments on Key Financial Data and Ratios	53
Organogram	21
Quarterly Performance Analysis	54
Business Model	23
Analysis of Financial Statements	55
Policy and Procedures for Engagement
Economic Value Added	59
of Stakeholders	25
DuPont Analysis	60
Strategic Objectives	27
Statement of Value Addition	61
Risk Management	30
Sustainability & Corporate Social Responsibility	62
Cybersecurity Framework	34
Board of Directors	67
Health, Safety and Environment	35
Board and Management Committees	69

Corporate Governance	Financial Statements
Window Takaful Operations
Chairman's Review	74
Shariah Advisor's Report to the Board
Chairman's Review (Urdu)	81
of Directors	153
Directors' Report	82
Auditors' Report to the Members	154
Directors' Report (Urdu)	91
Statement of Financial Position	156
Pattern of Shareholding	92
Profit and Loss Account	157
Statement of Compliance with the Code of
Statement of Comprehensive Income	158
Corporate Governance	94
Statement of Changes in Fund	159
Auditors' Review Report to the Members
Cash Flow Statement	160
on Statement of Compliance	98
Notes to and Forming Part of the
Financial Statements	Financial Statements	162
Auditors' Report to the Members	99
Other Information
Statement of Financial Position	102
Profit and Loss Account	103	Company Offices	188
Statement of Comprehensive Income	104	Glossary	191
Statement of Changes in Equity	105	Atlas Group Companies	194
Cash Flow Statement	106	Form of Proxy	196
Notes to and Forming Part of the
Financial Statements	108

About the Group

The foundation of Atlas Group was laid down by our late Chairman, Mr. Yusuf H. Shirazi in 1962 when "Shirazi Investments (Private) Limited" (SIL) was formed with a initial capital of half a million rupees and two associates by his side. The Atlas motto coined by him, 'Organization Development through Self-Development', has been the mantra of success for Atlas since inception.

Today Atlas is a diversified group dealing in manufacturing, power generation, trading and financial services. The Group embodies the spirit of development as it endeavor to fuel the growth of Pakistan's economy through it's diversified presence and especially through 4 companies listed on the Pakistan Stock Exchange Limited.

Atlas with its focus on development, has firmly established as the technology and knowledge leader in Pakistan. The Group has harmonized professional management and institutionalized the Group shareholding to build businesses that last generation after generation. Atlas is driven by the ambition of making Pakistan self-sufficient and prosperous. Atlas plays a leading role as a responsible corporate citizen promoting professional education, contributing to health facilities, helping law enforcement agencies and improving the standard of life.

About the Company

Atlas Insurance Limited (the Company) was incorporated as a public limited company on September 06, 1934 under the Companies Act, 1913 (now the Companies Act, 2017) and is listed on the Pakistan Stock Exchange. The Company is engaged in general insurance business. The registered office of the Company is situated at 63/A, Block - XX, Phase III (Commercial), Khyaban-e-Iqbal, Defence Housing Authority, Lahore, Pakistan. The Company is a subsidiary of Shirazi Investments (Private) Limited.

The Company was granted license to work as Window Takaful Operator (WTO) on March 02, 2016 by the Securities and Exchange Commission of Pakistan (SECP) under the Takaful Rules, 2012 to carry on Window Takaful Operations in Pakistan.

The Company is proud of it's successful journey of nearly nine decades by satisfying its policyholder's insurance needs. The Company has a wide range of products offered to customers, including but not limited to Fire, Marine, Motor, Personal Accident, Health, Travel, Home, Engineering, Crop, Livestock, Bond, Terrorism etc. Today Atlas Insurance is one of the nation's preferred choice not only for better services to insured but enhanced risk management and safeguarding the interest of the stakeholders.

01 | Annual Report 2023