Reliance Insurance : Corporate Briefing Session - Presentation -2023

Corporate Briefing Session 2023

RELIANCE INSURANCE COMPANY LIMITED

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About Us

Reliance Insurance Company Limited (RICL) was incorporated in 1981 with a Share Capital of Rs.2.5 Million by two prominent industrialist groups in Pakistan, Al-Noor Group and Amin Bawany Group. Al-Noor Group, was led by (Late) Mr. Ismail H. Zakaria, and Amin Bawany Group, founded by (Late) Mr. Mohammed Amin Ahmed Bawany, were known for their successful implementation of numerous industrial and commercial projects.

RICL has earned a strong reputation and is recognized as one of the most reputable and distinguished names in the sector. Its Head Office is in Karachi, Pakistan, and boasts an extensive and dynamic branch network covering major cities and towns throughout the country. This widespread presence ensures that the company can provide prompt service to its customers, no matter where they are located.

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Our Vision

To be recognized as a professional and

dependable business entity committed to play

a meaningful role in the development of insurance industry in Pakistan and to safeguard the legitimate interests of all stakeholders, namely policy-holders,share-holders, reinsurers, employees and all other business associates / partners.

Our Mission

To provide quality service and protection to its

clients aiming at achieving a respectable

volume of business and become a prominent player through good governance and sound professionalism focusing to become a well-known and respected Corporate entity in the eyes of Society and Government.

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Our Board

Irfan Zakaria Bawany	Chairman
Muhammad Omar Bawany	Director
Ahmed Ali Bawany	Director
Noor M. Zakaria	Director
Zia Zakaria	Director
Muhammad Patel	Director
Naeem Ahmed Shafi	Director
Tasneem Yusuf	Director
Jahangir Adam	Director

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Our Team

Management (Team RICL)

The management of Reliance Insurance is fully conscious of the challenges lying ahead and has developed a comprehensive strategy which focuses on sustained growth in operations with a particular focus on the bottom line and offering reasonable returns to its valued shareholders.

The operations of the Company are run by a team of professionals. Reliance Insurance is one of the most well managed company in the market. The team is headed by Mr. A Razak Ahmed, Chief Executive & Managing Director, FCII (Chartered Insurer). The senior management includes

A. Razak Ahmed	Chief Executive & Managing Director
Ghulam Haider	Chief Financial Officer
Faraz	Company Secretary & Compliance Officer
M. A. Hannan Shadani	SVP - Underwriting Conventional
Najamullah Khan	SVP - Head of Takaful
Muhammad Siddique	Chief Manager Claims
Abdul Rahim Patni	Chief Manager Reinsurance

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Company History

Capital Structure

RICL initiated its operations with a Share Capital of Rs.2.5 million and has demonstrated steady growth over time. The company's Authorized Capital has now reached Rs.1,000 million, with a paid-up share capital of Rs.665.379 million. This strong financial position underscores the company's reliability and stability. Reliance Insurance is growing steadily and stands on a sound footing with regards to its capital and intends to continue enhancing its capital base in the coming years commensurate with its growth. General Reserves stands at Rs.310 million.

1982

Reserve Rs.0.15 million

1982

Authorized Capital Rs.15

million.

Paid up Capital Rs.2.5 million

2023 Authorized Capital Rs.1

billion

Paid up Capital Rs.665

million

Reserve Rs.310 million Assets Rs.2 billion

1982

Assets Rs.10 million

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Our Services

RICL offers a wide range of insurance products and services. The company underwrites various classes of insurance and provides risk coverage for a variety of needs. These offerings include:

Traditional insurance products

Fire & Allied Perils, Marine Cargo, Marine Export, Motor Vehicles, Personal & Group

Accident, Workmen's Compensation, Burglary, and Cash in Safe or Transit

Non-Traditional insurance products

Machinery Breakdown, Loss of

Profits, Terrorism and

Contractor All Risks

General Takaful (Islamic Insurance)

In May 2016, RICL commenced its Window Takaful Operations (WTO), offered within the framework of conventional insurance company. This initiative was undertaken under the guidance of renowned, qualified, and certified Sharia Scholar. Window Takaful allows conventional insurance companies to offer Takaful products alongside their regular offerings, ensuring they comply with Islamic principles.

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Our Products

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Underwriting Capacity

RICL has demonstrated the capacity to meet the insured requirements across various classes of business. In addition to underwriting capacities covered by automatic treaty agreements, the company has back-to-back arrangements with foreign and domestic "A" rated insurance companies for facultative placements, providing substantial capacities on a case-by-case basis.

Reinsurance

RICL recognizes the importance of reinsurance and maintains sound reinsurance treaty arrangements with reputable foreign and local reinsurance companies of global repute. Notable reinsurance partners include Swiss Re, Hannover Re, Kuwait Re, Peak Re, and Trust Re.

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