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.

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, 2020

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 Outstanding Shares        

Less: Directors, Sponsors and Senior Management Officers and their Associates  

Government Holding 

      60,337,391      

43,199,916

    854,306    

Shares held in Physical form

938,057       

Free-Float as at March 31,2021  

Total number of shares available in CDC

Total number of shares available in physical form

Break-up Value as at March 31, 2021

Break-up Value with revaluation surplus   

Break-up Value without revaluation surplus

EPS (Basic & Diluted) as at March 31,2021

 

P/E Ratio as at December 31, 2020

 

  44,992,279    

15,345,112

59,399,334

938,057

Rs.16.36

Rs.16.36

Rs.0.04

25.18

BOARD COMMITTEES

INVESTMENT COMMITTEE

Mr. Ihtisham Ul Haq Qureshi (Chairman)

Mr. Zain Ul Haq Qureshi (Member)

Mr. Hassan Ahmed Khan (Member)

Mrs. Nosheen Ihtisham (Member)

Mr. Muhammad Ali Raza CFO (Secretary)

AUDIT COMMITTEE

Mr. Hassan Ahmed Khan (Chairman)

Mr. Thibaud Ponchon (Member)

Mr. Khalid Rasheed (Member)

Mr. Khawaja Suhail Iftikhar (Member)

Mr. Iftikhar Ahmed (HIA) (Secretary)

HUMAN RESOURCE AND REMUNERATION COMMITTEE

Mr. Hassan Ahmed Khan (Chairman)

Mrs. Nosheen Ihtisham (Member)

Mr.Ihtisham Ul Haq Qureshi (Member)

Mr.Shahbaz Hameed (Secretary)

MANAGEMENT COMMITTEES

UNDERWRITING COMMITTEE

Mr. Khalid Rashid (Chairman)

Mr. Zain Ul Haq Qureshi (Member)

Mr. Mustjab Ahmad (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

Mr. Khawaja Suhail Iftikhar (Chairman)

Mr. Hassan Ahmed Khan (Member)

Mr. Shahbaz Hameed (Member)

Mr. Asif Ali Mughal (Secretary)

REINSURANCE COMMITTEE

Mr .Khalid Rashid (Chairman)

Mr .Zain Ul Haq Qureshi (Member)

Mr. Muhammad Ali Raza (CFO) (Member)

Mr. Muhammad Masood (Secretary)

Member Of

MANAGEMENT

IHTSHAM UL HAQ QURESHI

Chief Executive Officer

ZAIN UL HAQ QURESHI

Executive Director

MUHAMMAD ALI RAZA

Chief Financial Officer

SHAZIA HAFEEZ

Company Secertary

SHAHBAZ HAMEED

Deputy General Manager/HOD Admin/HR & Legal

GULFARAZ ANIS

Assistant General Manager/HOD MIS

MUHAMMAD AMJAD RAO

Deputy General Manager/HOD Co-ordination

ABDUL HAMID

Head of Window Takaful Operations

ASIF MASOOD BHATI

General Manager (North)

RIAZ HUSSAIN SHAH

Executive Vice President

ASRAR HUSSAIN

Vice President LiveStock Projects

MUSTJAB AHMED

Manager Co-Insurance

MUHAMMAD IMRAN QURESHI

Agri & Corporate Head

AMJAD HUSSAIN

Manager Claims

&

MUHAMMAD AHMAD CHAUHAN

Head of Health Insurance

ASIF ALI MUGHAL

Manager/Head of Claims

FAISAL MEHMOOD QURESHI

Manager/Head of Underwriting

MUHAMMAD MASOOD

Manager/Head of Re-Insurance

IFTIKHAR AHMAD

Manager/HOD of Internal Audit

SHAHERYAR POPALZAI

Head of Digital Channels

PROFILE OF THE BOARD OF DIRECTORS OF ASIA INSURANCE COMPANY LIMITED

Khalid Rashid

(Chairman)

Mr. Khalid Rashid is a renowned name of Insurance Industry with more than 50 years of experience in Insurance Industry. Currently he is the Chairman of Board of Directors of Asia Insurance Company Limited and is an Independent Director at the Board of the Company.

He is an Associate of Chartered Insurance Institute, London, UK and was previously served as an External Consultants of Aerospace Risk Consultants, UK and during the same time worked for the First Services, a New York based Company, which provides Medical Insurance Investigative services. He joined Pakistan Insurance Corporation in 1958 and appointed Regional Officer, Punjab and KPK.

In 1968 he worked for National Security Insurance Limited and also worked as branch manager Chittagong and Divisional Manager Multan.

 

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.

Ihtsham ul Haq Qureshi

(Chief Executive Officer)

Mr. Ihtsham ul Haq Qureshi is the Chief Executive Officer of Asia Insurance Company Limited. He is member of the Board of Directors of the Company as an Executive Director.

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

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 technologycompany 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.

Khawaja Suhail Iftikhar

( Director)

Mr. Khawaja Suhail Iftikhar is a non-executive Director on the Board of Directors of Asia Insurance Company Limited.

He is a law graduate of University Law College, Lahore. He has more than 45 years’ of experience of senior management positions at PIA in Saudi Arabia, Europe and Pakistan. He retired from PIA as General Manager (Punjab) in 2011.

He is also an Advisor/Senior Vice President, Pakistan Tennis Federation and a member of Finance committee of Management at Lahore Gymkhana Club.

Hassan Ahmed Khan

(Director)

Mr. Hassan Ahmed Khan is an Independent Director on Board of Asia Insurance Company Limited.

He is an MBA in Finance and banking, having more than 18 years’ of progressively senior management and diversified experience in banking including the areas of Corporate Relationship Management, Sales, Retail and Consumer Banking. He is serving as a CEO at Shiza Hassan and Co. Prior to join the Board of Directors of Asia Insurance Company Limited, he was part of Board of Directors of Mutual Insurance Company during 2015-2016.

Held various senior roles at Bank Islamic Pakistan Limited, HSBC Bank, Citibank and United Bank Limited during the years 2004 -2015

Zain ul Haq Qureshi

(Director)

Mr. Zain ul Haq Qureshi is an Executive Director on Board of Asia Insurance Company Limited. He has 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.

Sales tax and NTN

Sales Tax Registration: 0304980002619  

NTN: 0657868-3

Investor information

Shareholding pattern

Unclaimed Dividends and dividends

Auditor

BDO Ebrahim & Company (Chartered Accountants)

F-2 1st Floor, Grace Centre, Canal Bank Road, 1-B Canal Park, Gulberg-II, Lahore, Punjab,  Pakistan

Phone: 042-35875709 and 042-35875710

Fax: 042-35717351

Credit rating

August 2020

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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