from 3rd quarter directors report
"Performance Overview (3rd Quarter)
The United Insurance Company of Pakistan Limited is jubilant to announce that the company is able to achieve
the quarterly goals that the Directors had set at the start of the fiscal year. The following financial data is the
evidence that the company performance been escalated during the period of nine months.
• The increase of 33.23% in the Gross Written Premium is significant that show the true depiction of the
honest and determined efforts of the Company’s management and the dedication and enthusiasm of
the field staff. The Gross Written Premium for the Third quarter boost from Rs. 1,356.016 million in 2013
to Rs. 1,806.638 million in 2014. The Company’s net premium income for the Third quarter stands at Rs.
• The underwriting results show noteworthy increase of 48.04%. Its use to be Rs. 350.976 million in Sep
2013 that blossom to Rs. 519.590 million in Sep 2014.
• The Company earned Profit before tax has been increased by 97.97% the total figure stand at Rs. 428.988
million in Sep 2014 compare to Rs.216.692 million in Sep 2013. Furthermore Profit after tax also been on
the growing side which is Rs. 380.341 million as against Rs.192.827 million in Sep 2013.
• Earnings per share (basic & diluted) of the Company, for the period increased to Rs. 4.13 per share as
against to Rs. 2.10 per share for the same period in Sep 2013 that’s show the promising sign.
• Cash & Bank deposits show increase of approximately 55.28% as the figure increases from Rs. 249.656
million in Sep 2013 to Rs. 387.662 million in Sep 2014.
• The investments have been escalated to around 59.45%. The investments in third quarter in 2014 rise to
Rs. 657.726 million from Rs. 412.493 million in Sep 2013 including investment in associate and United
Window Takaful Operations.
Company anticipate Financial Year 2014 as another challenging year The Company will continue to strive and
to focus on its trends in growth of premium and market development and maintain its profitability to high
The company has followed the product extension strategy by introducing “Takaful” service for its customers
by the name of “Amaan”. Company has been granted with the Window Takaful License from SECP. Takaful
is basically a type of insurance system devised to comply with the Sharia laws, in which money is pooled
and invested. The introduction of “Amaan” would help in increasing the customer base and in increasing the
market development that will eventually help in generating more revenue.
Investment In Associate
Company has purcahsed 34,018,838 Shares of Apna Microfinance Bank Limited (hereafter referred as
associated company) during 3rd Quarter 2014 which represents 30.93% of paid up capital of associated
company. The inclusion of different sector in portfolio of the company will improve market development that
will eventually results in risk reduction."