Universal Insurance : Transmission of Quarterly Report for the Period Ended March 31, 2023

Condensed Interim

Financial Information

For the Period Ended

March 31,

2023

63rd

YEAR OF

CONTINUOUS

SERVICES

Vision and Mission Statement / Quality Policy					02
Corporate Information								03
Board & Management Committees								04
Director's Review Report								05
Statement of Financial Position								07
Statement of Pro?t or Loss								08
Statement of other Comprehensive Income							09
Statement of Changes in Equity								10
Statement of Cash Flows								11
Notes to the Condensed Interim Financial Statements				13
THE UNIVERSAL INSURANCE COMPANY LIMITED	|	01	|	SECURITY	-	SERVICES	-	PROSPERITY

We, at Universal Insurance Company Limited recognize the importance of satisfying our customers by consistently providing quality insurance service in accordance with their needs and expectations. We strive to be competent partner of our customers against insured perils.

We, strive to provide our customers cost effective insurance cover by continually increasing the productivity of our employees. To increase productivity, we conduct regular training programs during which employees are assessed and allocated a career path in accordance with their performance.

We diligently follow the applicable laws ensure strict compliance by conducting regular internal audit and educating our employees about the law.

We try to improve our services by continually assessing our systems and procedures bases on customers and team feedback. We strive to maintain a customer focused approach by ensuring that our service is delivered to the customer on time, according to the customer required specifications and with in our stipulated Cost.

THE UNIVERSAL INSURANCE COMPANY LIMITED

| 02 |

SECURITY - SERVICES - PROSPERITY

Board of Directors	Lt. Gen (Retd.) Ali Kuli Khan Khattak	Chairman
	Mr. Gohar Ayub Khan		Chief Executive
	Mr. Ahmed Kuli Khan Khattak
	Mrs. Shahnaz Sajjad Ahmed
	Mr. Khalid kuli Khan Khattak
	Wing Commander (Retd.) Javaid Ahmad Afzal
	Dr. Hassan Iqbal
Principal Officer	Mr. Amir Raza
Chief Financial Officer	Mr. Ashfaq Ahmed
Company Secretary	Mr. Liaqat Ali Shaukat
Internal Auditor	Mr. Abdul Waheed Chaudhry
Auditors	M/s. Junaidy Shoaib Asad
Legal Adviosor	Chartered Accountants
Rana Muhammad Aamir Zulfiqar (Advocate)
Share Registrar	M/s. Hameed Majeed Associates (Pvt.) Ltd.
	H.M House, 7-Bank Square, Lahore
	Phone # [phone] Fax: # [phone]
Registered Office:	Universal Insurance House
	63-Shahrah-e-Quaid-e-Azam, Lahore, 54000
	Pakistan
	Ph: 042-37355426-37324244
	Fax: [phone]
	Web: www.uic.com.pk
	Email: [e-mail]
THE UNIVERSAL INSURANCE COMPANY LIMITED	| 03 |	SECURITY -	SERVICES	-	PROSPERITY

	BOARD AND MANAGEMENT COMMITTEES
Board Committees:
i)	Ethics, Human Resource & Remuneration Committee
	Wing Commander (R) Javaid Ahmad Afzal		Chairman			Independent
	Mr. Ahmed Kuli Khan Khattak		Member			Non-Executive
	Mr. Gohar Ayub Khan		Member			Executive
	Mr. Liaqat Ali Shaukat		Secretary
ii)	Investment Committee
	Dr. Hassan Iqbal		Chairman			Independent
	Mr. Ahmed Kuli Khan Khattak		Member			Non-Executive
	Mr. Gohar Ayub Khan		Member			Executive (CEO)
	Mr. Ashfaq Ahmed		Member/ Secretary		Chief Financial Officer
iii)	Audit Committee
	Dr. Hassan Iqbal		Chairman			Independent
	Mr. Ahmed Kuli Khan Khattak		Member			Non-Executive
	Mrs. Shahnaz Sajjad Ahmed		Member			Non-Executive
	Mr. Khalid Kuli Khan Khattak		Member			Non-Executive
	Mr. Abdul Waheed Ch.		Secretary
Management Committees:
iv)	Underwriting, Reinsurance & Co-Insurance Committee;
	Dr. Hassan Iqbal		Chairman			Independent
	Mr. Gohar Ayub Khan		Member			Executive
	Mr. Muhammad Imran Mehmood		Member
	Mr. Muhammad Alyas		Member/ Secretary
v)	Claims Settlement Committee;
	Mr. Ahmed Kuli Khan Khattak		Chairman			Non-Executive
	Mr. Gohar Ayub Khan		Member			Executive
	Mr. Amir Raza		Member
	Mr. Abdul Waheed Ch.		Secretary
vi)	Risk Management & Compliance Committee
	Mr. Gohar Ayub Khan		Chairman			Executive
	Wing Commander (R) Javaid Ahmad Afzal		Member			Independent
	Mr. Amir Raza		Member
	Mr. Ashfaq Ahmed		Member
	Mr. Muhammad Alyas		Secretary
THE UNIVERSAL INSURANCE COMPANY LIMITED	|	04 |	SECURITY	-	SERVICES - PROSPERITY