Habib Insurance : Transmission of Half Yearly Accounts for the Period Ended June 30 2023
August 30, 2023 at 12:02 am EDT
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Habib Insurance
Est.1942
Habib Insurance Company Limited
Accounts for the Half Year ended
June 30, 2023
(Unaudited)
Habib Insurance Company Limited
Contents
Company Information
1
Directors' Review
2
Independent Auditor's Review Report
4
Condensed Interim Statement of Financial Position
5
Condensed Interim Statement of Profit or Loss and Other Comprehensive Income
6
Condensed Interim Statement of Changes in Equity
7
Condensed Interim Statement of Cash Flow
8
Notes to the Condensed Interim Financial Statements
9
Financial Statements - Window Takaful Operations
Independent Auditor's Review Report
28
Condensed Interim Statement of Financial Position
29
Condensed Interim Statement of Profit and Loss and Comprehensive Income
30
Condensed Interim Statement of Changes in Fund
31
Condensed Interim Statement of Cash Flow
32
Notes to the Condensed Interim Financial Statements
33
Habib Insurance Company Limited
Company Information
Board of Directors
Chairman
:
Rafiq M. Habib
Directors
:
Mansoor G. Habib
Muhammad Hyder Habib
Qumail R. Habib
Aun Mohammad A. Habib
Shahid Ghaffar
Ali Fadoo
Maleeha Humayun Bangash
Shabbir Gulamali
Chief Executive
:
Syed Ather Abbas
Chief Financial Officer
:
Murtaza Hussain
Company Secretary
:
Muhammad Maaz Akbar
Auditors
:
M/s. Grant Thornton Anjum Rahman
Chartered Accountants
Share Registrar
:
M/s. CDC Share Registrar Services Limited
CDC House, 99-B,Block-B
SMCHS, Main Shahrah-e-Faisal
Karachi-74400
Registered Office
:
1st Floor, State Life Bldg. No. 6
Habib Square, M. A. Jinnah Road
P.O. Box 5217, Karachi-74000
Pakistan
Tel
:
(92-21) 32424030/38/39
Fax
:
(92-21) 32421600
UAN
: (92-21) 111 03 03 03
Website
:
www.habibinsurance.net
1
Habib Insurance Company Limited
DIRECTORS' REVIEW
The Directors are pleased to present the unaudited accounts of the Company for the period ended June 30, 2023.
Reviewing the underwriting results for the 1st half of the year, by the Grace of Allah, the written gross premium grew by 15% from Rs. 1.16 billion to Rs. 1.3 billion with net premium revenue also rising from Rs. 639.6 million to Rs. 914.9 million, an increase to 43%. The underwriting loss of the Company for the period was Rs. 102.5 million primarily due higher claims in marine & motor class of business and higher expenses recorded in the period.
Investment Income for the period under review was Rs. 139.6 million as compared to Rs. 29.6 million of last year. A positive factor has been the growth of the KSE 100 Index rising to 47000 points.
As a result, the profit after tax was Rs. 59.1 million with an earning of Rs. 0.48 per share after tax.
We pray to Allah for peace and prosperity within the Country and also for successful year closing of the Company with improvement in underwriting results and with stable investment income.
On behalf of the Board of Directors
AUN MOHAMMAD A. HABIB
SYED ATHER ABBAS
Director
Chief Executive
Karachi: August 29, 2023
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Habib Insurance Company Ltd. published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 04:01:07 UTC.
Habib Insurance Company Limited is a Pakistan-based company, which is engaged in general insurance business. The Companyâs segments include Fire and property, Marine and transport, Motor, Group hospitalization and other classes. Fire and property segment includes the perils covered under fire insurance include damages caused by fire, riot and strike, explosion, earthquake, atmospheric damage, flood, electric fluctuation, impact and other coverage. Marine and transport segment provides coverage against cargo risk, war risk and damages occurring in inland transit. Motor segment provides comprehensive car coverage and indemnity against third party loss. Group hospitalization segment provides cover to compensate personal accident, hospitalization and outpatient medical coverage to the insured. Other classes segment includes mainly bankers blanket bond, liability, engineering and others.
HABIB INSURANCE COMPANY LIMITED 
