Jubilee General Insurance : Transmission of Annula Report for the year ended December 31, 2023

GENERAL INSURANCE

GOING FURTHER

&BEYOND

A N N U A L R E P O R T 2 0 2 3

GOING FURTHER

The insurance ecosystem evolving at a rapid

To remain relevant, need to be nimble. businesses have to ready. At Jubilee means being proactive, reactive, by bringing capabilities to drive efficiency, transformation automation and reduction of our carbon and fostering of a inclusive culture. Thatʼs future ready.

&BEYOND

AA++	AA++	B
PACRA	VIS	AM BEST

MAP

Top Position in Non-Life Insurance Sector (Financial Category) in 38th MAP Corporate Excellence Award.

ICAP & ICMAP

4th Position among Insurance Companies for Best Corporate Report & Sustainability Award - 2022.

LLOYDʼS REGISTER LRQA

ISO 9001:2015 certified (All Functions including Enterprise Risk Management).

FPCCI

Outstanding Service in Insurance.

SAFA

Certificate of Merit (Insurance Sector) 2022.

THE HIGHEST PROFIT ACHIEVEMENT

At Jubilee General, we believe our success is a reflection of the trust invested in us by our all stakeholders particularly our customers. With Gross Written Premium of Rs. 19.5 billion and highest ever Profit after tax of Rs. 3 billion, we thank everyone profoundly for this confidence. Thank you!

Our journey of growth over the last years has been defined by this trust which drives us to forge ahead towards new achievements.

F I N A N C I A L
	H I G H L I G H T S	2 0 2 3		RUPEES
					01	19,459MILLION
					WRITTEN PREMIUM / CONTRIBUTION
					RUPEES
				02	8,764 MILLION
				NET PREMIUM/CONTRIBUTION
					REVENUE
				RUPEES
			03	853MILLION
			UNDERWRITING PROFIT
			RUPEES
		04	3,690MILLION
		INVESTMENT INCOME
		RUPEES
	05	2,996MILLION
	PROFIT AFTER TAX
	RUPEES
06	13,477MILLION
SHAREHOLDERSʼ EQUITY
	RUPEES
07	6,022 MILLION
CLAIMS PAID
		RUPEES
	08	1,712 MILLION
	UNDERWRITING CASH FLOWS
			RUPEES
		09	20,185MILLION
		INVESTMENTS & PROPERTIES
				RUPEES
			10	37,235MILLION
			TOTAL ASSETS
					RUPEES
				11	15.09
				EARNINGS PER SHARE
						RUPEES
					12	5.00 CASH
					DIVIDEND PER SHARE

C O N T E N T S

ORGANISATION OVERVIEW & EXTERNAL ENVIRONMENT

1. Corporate Information

1. Board of Directors

1. Matters Delegated by the Board of Directors

1. Directors' Training and Orientation

1. Security Clearance of a Foreign Director

1. Directors' Remuneration Policy

1. Board's Policy on Diversity
2. Changes in the Board of Directors

1. Board Meetings outside Pakistan

1. Online Arrangement of Board and Committees' Meetings

1. Disclosure for Non Executive Directors

1. External Oversight
2. Independent Directors

1. Justification for Directors' Independence

1. Board Performance Evaluation
2. Board's Performance Evaluation Carried Out by an External Consultant
3. Vision, Mission, Core Values & Objective

1. Our Journey

1. Company Overview

1. Ownership chart
2. The Company and its Associates
3. Insurance/Takaful Products

1. Management Team

1. Organisation Structure
2. Upstream and Downstream Model
3. Upstream and Downstream - Detail

1. SWOT Analysis
2. Competitive Landscape & Market Positioning
3. Political Environment where Organisation Operates
4. Legislative & Regulatory Environment

1. The Legitimate needs, interest of key Stakeholders and Industry trends
2. Code of Conduct

1. Organisational Ethics
2. Organisational Culture

1. Significant Changes from prior Years
2. PESTEL Analysis - A Snapshot
3. PESTEL Analysis - Detail

1. Geographical Location of the Company's Offices

OUR BUSINESS MODEL

1. Our Business Model
2. Input and Output under Business Model

STAKEHOLDERS' RELATIONSHIP & ENGAGEMENT

1. Notice of Annual General Meeting

1. Calendar of Major Events
2. Chairman's Review Report
3. Chairman's Review Report in Urdu language
4. The Directors' Report

1. The Directors' Report in Urdu language
2. Engagement with stakeholders

1. Access to Reports and Enquiries

1. Investors' Grievances Policy

1. Steps taken by the Management to encourage Minority Shareholders
2. Issues raised at the last Annual General Meeting

1. Presence of Chairman - Audit Committee in the Annual General Meeting

1. Corporate Briefing of Shareholders and Analysts
2. Pattern of Shareholding

1. Pattern of Shareholding Additional Information

GOVERNANCE

84 Governance

1. Structure of The Board and Its Modus Operandi

1. Governance Policies

1. Training & Development

1. Succession Planning
2. Value of Investments in Provident & Gratuity Funds

1. Actual and Perceived Conflicts of Interest

1. Whistle Blowing Policy

1. Grievance Function
2. Anti-MoneyLaundering and Countering Financing Terrorism Policy
3. Corporate Social Responsibility Policy

1. Policy for Related Party Transactions

1. Related Parties and their basis of Association
2. Internal Control Framework
3. Compliance Framework
4. Board Committees

1. Management Committees

IT GOVERNANCE &

CYBERSECURITY

1. Board's Oversight and Responsibilities with Respect to Cyber Risk, Cybersecurity and Data Protection
2. Cybersecurity Programs and Policies

103 IT Governance Policy

1. Safety of Records of the Company
2. Cybersecurity Framework
3. Board's Risk Oversight On Cybersecurity

105 Information Technology Committee Oversight IT Risk and Cybersecurity Matters

1. Company's Controls as "Early Warning System"
2. Policy for Independent Security Assessment of IT Environment

1. Business Continuity Plan (BCP)
2. Education and Training of IT Personnel

SUSTAINABILITY &

CORPORATE SOCIAL

RESPONSIBILITY

1. Corporate Social Responsibility

1. Sports Activities

1. Plantation Campaign

1. International Women's Day

1. Blood Donation Campaign

1. Industrial Relations

1. Employment of Special Persons

1. Spreading Joy Drive
2. Business Ethics and Anti-Corruption Measures

1. Occupational Safety and Health

1. Safety Measures during COVID-19 Pandemic

1. Financial Contribution to the National Exchequer

1. Community Investment and Welfare Schemes
2. Products and Services

1. Procedure adopted for Quality Assurance of Products

1. Consumer Protection Measures

1. Environment Protection Measures

1. Energy Conservation
2. Climate Change Initiatives

1. Natural Catastrophe Impact
2. Memorable Glimpses
3. Sustainable Development Goals

1. Jubilee General's Progress on SDGs
2. Awards & Certificates
3. Memberships & Affiliations

1. Company Status of Compliance with CSR Voluntary Guidelines 2013

FUTURE OUTLOOK

122 Future Outlook

1. Cautionary Note on Forwarding Looking Statement

1. Forward Looking Statement
2. Analysis of prior year's Forward Looking Disclosure
3. Responding Critical Challenges in Future
4. Future Projects

STRIVING FOR EXCELLENCE IN CORPORATE REPORTING

128 Statement of Management Responsibilities towards the Preparation and Presentation of Financial Statements

128 Statement of Adherence with the International Integrated Reporting Framework

130 Significant changes in the basis of Preparation and Presentation of Financial Statements

130 Best Corporate Report (BCR) Criteria Duly Cross Referred with the Annual Report 2023

1. Statement of Unreserved Compliance of IFRS issued by IASB
2. Implementing Governance Practices exceeding legal requirements

STRATEGY & RESOURCE ALLOCATION

1. Strategic Objectives
2. Management Objectives and Strategies
3. Organisational Resources

138 Organisational Resource Plan

1. Significant changes in Assets & Liabilities

1. Liquidity Management Strategy
2. Key Sources and Capailities

1. Value Created by the Business
2. Effects of Technological Change, Societal Issues, Environmental Challenges and Resource Shortages
3. Specific Processes Used to Make Strategic Decisions
4. Critical Performance Indicators
5. Method, Assumptions in Identifying and Compiling CPIs

RISKS & OPPORTUNITIES

146 Risks

146 Risk Governance

1. Enterprise Risk Management - ERM
2. ERM - Model
3. Key Risks Analysis

153 Key Opportunities Analysis

155 Sources of Risk and Opportunities

159 Establishment of Company's Risk Management Policies

1. Strategy to Overcome Liquidity Problems

1. Capital Structure and Further Plans

1. Capital Structure Level
2. Materiality Approach

160 Key Sources of Uncertainty

1. Sensitivity Analysis of Company's Profitability

1. Key Sensitivities for Underwriting Income

1. Key Sensitivities for Investment Income
2. Share Price Sensitivity Analysis
3. Prospects of the Company including Targets for Financial and Non-Financial Measures
4. Sensitivity to the Fluctuation in Foreign Currencies Exchange Rates

PERFORMANCE & POSITION

1. Key Financial Data - Six Years
2. Financial Ratios
3. Financial Statements Analysis

1. Comments on Key Financial Data and Performance Ratios
2. Quarterly Analysis
3. Dupont Analysis 2023 and 2022
4. Free Cash Flow
5. Performance at a glance - Six Years

1. Graphical Composition of Financial Statements

1. Performance Measurement

1. Economic Value Added
2. Market Value Added

1. Major Capital and IT Expenditures
2. Market Capitalisation
3. Share Price Analysis
4. Statement of Value Added

1. Value Chain

1. Report of the Board Audit Committee

1. Profile of Sharia'h Advisor
2. Shariah Advisor's Report to the Board of Directors
3. Independent Auditors' Review Report to the members on the Statement of Compliance
4. Statement of Compliance with the Code of Corporate Governance

1. Statement of Compliance with the Sharia'h Principles
2. Independent Assurance Report on the Statement of Compliance with the Sharia'h Principles

FINANCIAL STATEMENTS

1. Independent Auditors' Report to the members

1. Financial Statements

WINDOW TAKAFUL

OPERATIONS

1. Independent Auditors' Report to the members

1. Financial Statements

1. Glossary

1. Geographical Presence - Branch Network Proxy Form
   Proxy Form in Urdu language

EMBRACING THE FUTURE WITH RESILIENCE

ORGANISATIONAL OVERVIEW & EXTERNAL ENVIRONMENT

CORPORATE INFORMATION

Chairman of the Board of Directors

Akbarali Pesnani(Non-Executive Director)

Directors

John Joseph Metcalf	(Non-Executive Director)
Amin A. Hashwani	(Non-Executive Director)
Riyaz Chinoy	(Independent Director)
Abrar Ahmed Mir	(Non-Executive Director)
Nausheen Ahmad	(Independent Director)
Mohammad Akhtar Bawany	(Non-Executive Director)
Ava Ardeshir Cowasjee	(Non-Executive Director)
Badaruddin Fatehali Vellani	(Non-Executive Director)

Managing Director and Chief Executive

Hassan Khan	(Executive Director)

Chief Financial Officer

Nawaid Jamal

Company Secretary

Abdul Wahid

Auditors

A.F. Ferguson & Co. (Chartered Accountants)

Sharia'h Advisor

Mufti Zeeshan Abdul Aziz

Legal Advisor

Surridge & Beecheno

08

ANNUAL REPORT 2023