A publicly listed company established in 1979, Asia Insurance provides a wide range of property casualty insurance to support its esteemed clients in business and in daily life through its general insurance, and general Takaful cover.

We aim to become the leading insurance and takaful company in Pakistan, focusing on customer care and service quality over pricing. Our goal is to make our customer journey as smooth as possible with solutions that are inclusive, economical and tailored according to the needs of the clients. 

Asia Insurance has won the confidence of German development bank KFW, who, through their InsuResilience Investment Fund (Rated AAA by Fitch, AA+ by Standard & Poor’s) and managed by Swiss based manager BlueOrchard Finance, has invested Rs 350 million for taking 25.4% shareholding in Asia Insurance Company Ltd. Taking the Company’s total equity to over Rs one billion. 

Vision

We aim to become the ideal Insurance Company with a large equity base to provide more opportunities and options for utilization of funds and to increase profitability through economies of scale, better resource mobilization and reduction in operational cost; to achieve this while providing better service to our clients and stakeholders.

Mission

To provide excellent services by way of best risk management and hassle-free settlement of claims through a nation-wide network of branches manned by a sound, dynamic team that ensures good governance.

CODE OF CONDUCT

STATEMENT OF ETHICS

  • Statement of Ethics All Directors and Staff are required to:
  • Act with integrity, and dignity and in an ethical manner when dealing with the public, clients, and peers.
  • Protect the confidentiality of client information at all times except where required by law to disclose it.
  • Protect the confidentiality of information relating to the Company both during the course of Directorship or employment (as the case may be) and after its termination (regardless of reason).
  • Obtain written permission from the Company’s Compliance Officer (or the Chief Executive Officer in the event that the Compliance Officer is unavailable) to hold any position (paid or unpaid) with any outside party, firm, or organization. For clarity, positions covered include but are not limited to consultant, employee, Director, representative, and agent. Directors are exempt from this requirement.

STATEMENT OF ETHIC

  • Maintain accurate records of business transactions related to the Company or its clients.
  • Report any business or professional activities or any beneficial interests that may result in a conflict with or be competitive with the interests of the Company.
  • Report any person or activity to the Compliance Officer or CEO that in their opinion is in violation of this statement.
  • Disclose their shareholding in the Company’s securities upon signing this agreement and any changes in shareholding within 24 hours of any such change.
  • Every Director and employee who has knowledge of confidential material information of the Company’s affairs is prohibited from trading in shares of the Company.

STATEMENT OF BUSINESS PRACTICES

  • Uncompromising integrity: Our business is founded on trust and we manage it ethically, lawfully, and fairly. It is our objective to conduct business with reputable clients and business partners who are involved in lawful business activities. We do not facilitate money laundering.
  • Clients’ interest: Nothing we do is more important than shielding and preserving our client’s lawful interests. We hold responsibilities toward our clients in the highest regard.
  • Entrepreneurship. We work hard every day to hire the best people, stimulate them, reward them and endorse them to innovate. We are an equal-opportunity employer.
  • Zeal for performance. We contribute toward our Company’s financial goals and focus on achieving better results.
  • A culture of distinction. We measure our performance on every task we undertake not just by the results but also by the quality of our work. • A tradition of success.
    While we are fair and ethical at all times, We compete fairly with the quality and the price of our innovative products and services, not by offering improper benefits to others. Employees are not permitted to use their jobs to solicit, demand, accept, obtain, or be promised advantages.

Name of the Legal Advisor

BARISTER MUNAWAR-US-SALAM

Cornelius Lane & Mufti

Advocates and Solicitors

Address: Nawa-e-Waqt Building, 4-Shahra-e-Fatima Jinnah, Lahore.

Phone: +92 42 36306301, 36360824, 36360868

Fax: +92 42 36303301

(W) clm.com.pk

(E) info@clm.com.pk

 

Awards

FPCCI Awards 2015. Asia Insurance Company Limited has been awarded gold medal for its “Excellence Insurance Services” by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) during the 04th Achievement Awards ceremony. Zain ul Haq Qureshi Executive Director Asia Insurance receiving Gold Medal Award from President of Pakistan Mamnoon hussain Abdul Rauf Alam – President FPCCI.

List of parties who have not encashed the claims as at December 31, 2023

This will be provided after obtaining from concerned department

Company Trading Symbol

 

Company Symbol: ASIC               

Pakistan Stock Exchange             

www.psx.com.pk

 

Company Registration Number

0007342

SECP Insurance Division License/Registration Number

143

Company Policies

KNOW YOUR CUSTOMER POLICY

RISK MANAGEMENT POLICY

HR POLICY

INVESTMENT POLICY

 

Free Float of Shares

Total Issued Shares 
Directors, Sponsors, Holding
Government Holding
73,008,243
49,501,743

993,654

Shares held in Physical form

Free-Float as of March 31, 2024   

Total number of shares available in CDC

Total number of shares available in physical form

Break-up Value as of on March 31, 2024

Break-up Value with revaluation surplus   

Break-up Value without revaluation surplus 

EPS (Basic & Diluted) as of March 31, 2024

 

P/E Ratio as of December 31, 2023

 

19,584,830

72,890,431

117,812

Rs.12.84

Rs.12.84

Rs. 0.44

15.73

BOARD COMMITTEES

INVESTMENT COMMITTEE

Mr. Ihtisham Ul Haq Qureshi (Chairman)

Mr. Zain Ul Haq Qureshi (Member)

Mr. Wajahat Rasul Khan (Member)

Miss. Rafia Ashraf CFO (Secretary)

AUDIT COMMITTEE

Mr. Syed Murtaza Husnain Nadir (Chairman)

Mr. Thibaud Ponchon (Member)

Mr. Ihtisham Ul Haq Qureshi (Member)

Mr. Iftikhar Ahmed (HIA) (Secretary)

HUMAN RESOURCE AND REMUNERATION COMMITTEE

Mr. Wajahat Rasul Khan (Chairman)

Mrs. Nosheen Ihtisham (Member)

Mr.Ihtisham Ul Haq Qureshi (Member)

Mr.Shahbaz Hameed (Secretary)

MANAGEMENT COMMITTEES

UNDERWRITING COMMITTEE

Mr.Ihtisham Ul Haq Qureshi (Chairman)

Mr. Faisal Mehmood Qureshi (Member)

Mrs. Nosheen Ihtisham (Member)

Mr. Amjad Rao (Secretary) 

RISK MANAGEMENT & COMPLIANCE COMMITTEE

Mr. Zain Ul Haq Qureshi (Chairman)

Mr. Shahbaz Hameed (Member)

Mr. Muhammad Masood (Member)

Mrs. Shazia Hafeez (Secretary)

CLAIM SETTLEMENT COMMITTEE

Mrs.. Shiza Hassan (Chairman)

Mr. Zain Ul Haq Qureshi (Member)

Mr. Shahbaz Hameed (Member)

Mr. Asif Ali Mughal (Secretary)

REINSURANCE COMMITTEE

Mr.Ihtisham Ul Haq Qureshi (Chairman)

Mr .Zain Ul Haq Qureshi (Member)

Miss. Rafiq Ashraf (CFO) (Member)

Mr. Muhammad Masood (Secretary)

Member Of

MANAGEMENT

IHTSHAM UL HAQ QURESHI

Chairman

ZAIN UL HAQ QURESHI

Chief Executive Officer

RAFIA ASHRAF

Chief Financial Officer

SHAZIA HAFEEZ

Company Secertary

SHAHBAZ HAMEED

Deputy General Manager/HOD Admin/HR & Legal

GULFARAZ ANIS

Deputy General Manager/HOD MIS

MUHAMMAD AMJAD RAO

Deputy General Manager/HOD Co-ordination

RIAZ HUSSAIN SHAH

Executive Vice President

ASIF MASOOD BHATI

General Manager (North)

ASRAR HUSSAIN

Vice President LiveStock Projects

MUHAMMAD AHMAD CHAUHAN

Head of Health Insurance

ASIF ALI MUGHAL

Sr. Manager / Head of Claims

MUHAMMAD IMRAN QURESHI

Agri & Corporate Head

AMJAD HUSSAIN

Manager Claims

&

IFTIKHAR AHMAD

Manager/HOD of Internal Audit

MUHAMMAD MASOOD

Sr. Manager / Head of Re-Insurance

FAISAL MEHMOOD QURESHI

Manager/Head of Underwriting

PROFILE OF THE BOARD OF DIRECTORS OF ASIA INSURANCE COMPANY LIMITED

Ihtsham ul Haq Qureshi

(Chairman)

Mr. Ihtsham ul Haq Qureshi is the Chairman of Asia Insurance Company Limited. He is member of the Board of Directors of the Company.He is a recipient of the Prince Henrick Medal of Honor by the Royal Kingdom of Denmark. After graduating from University of Engineering & Technology Lahore with a BSc. Electrical Engineering in 1973, he was employed by Ameejee Valeejee an engineering company. Who were associates of Brown Boveri & Co Switzerland for some years and finally to Pak Elektron Ltd. In 1985, sensing a shift in Pakistan‟s economy towards privatization, he set up Falcon Engineering Services with the aim of bringing the best of European technology to Pakistan. Years later, this was followed by the founding of Indus Insurance, its merger with Asia Insurance and their buyout of the other shareholders in 2007 and currently is the Chief Executive of Asia Insurance Company Limited. Mr. Qureshi enjoys a very good reputation in the business community and he is the Chairman of the following companies;

C Soft (Pvt) Limited,

Falcon Engineering Services

Omega Project Management & Consulting (Pvt.) Limited

Nosheen Ihtsham Qureshi

(Director)

Mrs. Nosheen Ihtsham is the member of the Board of Directors of Asia Insurance Company Limited as a non-executive Director. She is a B.Sc. (Home Economincs). She was Awarded “Tamgha-e-Imtiaz” by Government of Pakistan in recognition of outstanding services rendered to the game of tennis from 1975 -2007. She was a National Champion in Lawn Tennis won various titles at National Level and remained among top 4 Lady Players of Pakistan for almost all of the period between1975-2005. Represented Pakistan in overseas competitions such as SAARC Games in India, Islamic Women Games in Tehran and Fed Cup in Thailand, New Zealand and Japan and won laurels and medals for Pakistan.

Zain Ul Haq Qureshi

(Chief Executive Officer)

Mr. Zain ul Haq Qureshi is a Chief Executive officer of Asia Insurance Company Limited and is on the Board of the Company. He has more than 12 years of experience in Project Sales, Customer Relationship Management, Customer Service, and General Management. Zain is responsible for special projects such as Digitization; Investment Portfolio Management and Business Development initiatives across the company. Zain is an MBA candidate at the University of Oxford’s Said Business School

Thibaud Ponchon

(Director)

Mr. Thibaud Ponchon is a Nominee Director at the Board of Directors of Asia Insurance Company Limited He is nominated by InsuResilience Investment Fund, SICAV RAIF (a Fund set up by the German Development Bank KFW and managed by Swiss-based Impact Investment Manager Blue Orchard Finance) at the Board of Directors of the Company

He has more than 15 years of experience in Private Equity, Venture Capital and Private Debt investments including 8 years focused on Asian emerging markets. Thibaud is responsible for Private Equity investments in Asia for BlueOrchard’s USD 80m InsuResilience Investment Fund focused on the insurance sector and sits at the board of portfolio companies such as Skymet Weather Services, a weather and crop yield data technology company in India. Prior to that, he was a Senior Investment Officer in charge of Venture Capital investments in Asia for Advans Group, a microfinance-focused investment company. Thibaud sat at the board of several portfolio companies there. He started his career in London where he worked in leveraged finance at M&G Investments. Thibaud holds an MSc in Finance from Lancaster University in the UK and is a CFA charter holder.

Syed Murtaza Hussan Nadir

( Director)

Mr. Syed Murtaza Hasnain Nadir is having an Honours degree in Economics from Lahore University of Management Sciences (LUMS) and having cleared CFA (Level I) from University of Waterloo, Canada. He is having an experience  of more than 10 years at senior management level positions. Currently serving as a CEO at Zarkhaiz Farms (Pvt.) Limited (first of its kind floriculture farm for essential oil extraction and cut-flower production in Pakistan). He is also a Partner at Creative Frontiers (a transmedia agency). From 2010 to 2013 he also worked with banks like HBL and UBL as Relationship Manager and a Risk Analyst respectively

Wajahat Rasul Khan

(Director)

Wajahat Rasul Khan has extensive experience of over 38 years in banking and financial management, strategic planning, banking regulatory and compliance issues, re-positioning and restructuring strategies and project planning & implementation; gained in senior leadership positions with banks, financial institutions, professional accountancy firms and business groups in Pakistan (including HBL & Fauji Foundation) and with KPMG in the UK.Held senior key appointments at leading commercial and investment banks Strong financial and management background. Board Member & Chair of the Audit Committee – First Women Bank Limited.

 He is a Certified Corporate Director; from the Pakistan Institute of Corporate Governance (PICG) and the Institute of Business Administration (IBA and also Member of the Hong Kong Institute of Directors. 

Shiza Hassan

(Director)

Shiza Hassan is the holder of BSc (Honours) degree in Social Sciences from the Lahore University of Management Sciences (LUMS) and also holding a diploma in Interior design from National college of Arts (NCA) and a member of Wapda Tennis team. She is a renowned  Fashion Designer, established  “Shiza Hassan” an Haute Couture Label in 2014.The coveted label had been showcasing repeatedly  in the most prestigious shows across the country

Sales tax and NTN

 

Sales Tax Registration: 0304980002619  

NTN: 0657868-3

 

 

 

Investor information

Shareholding pattern

Unclaimed Dividends and dividends

 

Auditor

Ilyas Saeed & Co (Chartered Accountants)

F108-J Street No. 3, Block J Model Town, Lahore, Punjab

Phone: 042-35861852

 

 

Credit rating

August 2023

Pakistan Credit Rating Agency

 

Share registrar

M/s. Corplink (pvt) Ltd, Wings Arcade, 1-K Commercial, Model Town, Lahore, Punjab, Pakistan

Phone: 042-35916714 and 042-35916719

Fax: 042-35869037

Email: corplink786@yahoo.com

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