Riaz Ahmad and ComPanY

Chartered Accountants
1OB-109, 1't Ftoor, Park Avenue

BDO Ebrahim & Co.

Chartered Accountants
2nd Ftoor, Btock-C, Lakson Square
Buitding No. 1

Btock

6, P"E.C.H.S.

Shahrah- e- FaisaI

Sarwar Shaheed Road

Karachi - 75350

Karachi '75400

AUDITORS' REPORT TO THE MEMBERS OF STATE LIFE INSURANCE CORPORATION OF PAKISTAN

We have audited the annexed financial statements comprising of:

i)

iv)

batance sheet;
profit and loss account;
statement of comprehensive income;
statement of changes in equity;

v)

cash flow statement;

vi)

revenue account;
statement of premiums;

ii)
iii

vii)
viii)
ix)
x)

statement of claims;
statement of expenses; and
statement of investment income

lnsurance Corporation of Pakistan ("the Corporation") as

together with the notes forming part thereof, for the year then ended.

of the State Life

at

December

3'l

, 2415

It is the responsibitity of the Corporation's Board of Directors / management to establish and maintajn
a system of internal controt, and prepare and present the financia[ statements in conformity with the
approved accounting standards as appticabte in Pakistan and the requirements of the lnsurance
Ordinance, 2000 (XXXIX of 2000) and the Companies Ordinance, 1984 (XLVll of 1984). Our responsibitity
is to express an opinion on these statements based on our audit.
We conducted our audit in accordance with the auditing standards as appticabte in Pakistan" lhose
standards require that we ptan and perforrn the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An arrdit inctudes examining, on a test
basis, evidence supporting the amounts and disctosures in the financiaI stateinents" An audit also
inctudes assessing the accounting poticies used and significant estimates made by management, as wett
as, evatuating the overatl financial statements presentatjon. We betieve that our audjt provides a
reasonable basis for our opinion and, after due verification we report that:

accounts have been kept by the Corporation as required by the lnsurance

Ordinance, 2000 and the Companies Ordinance, 1984;

a)

proper books

b)

the balance sheet and profit and loss account together with the notes thereon have been drawn up
in conformity with the lnsurance Ordinance, 2000 and the Companies Ordinance, 1984, and
accuratety reftect the books and records of the Corporation and are further in accordance with
accounting poticies consistentty apptied;

of

Page

l'rilr 153
Riaz Ahmad and Company
Chartered Accountants

lDO Ebrahim & Co.

l-artered Accountants

the financiat statements together with the notes thereon present fairty, in alt materiaI respects,
the state of the Corporation's affairs as at December 31 , 2015 in accordance with lnternational
Accounting Standards as appticabte in Pakistan, and the information required to
be disctosed by the
lnsurance Ordinance, 2000 and the Companies Ordinance, 1984;
-lr

the apportionment of assets, tiabitities, revenue and expenses between funds has been performed
in accordance with the advice of the appointed actuary; and

e)

Zakat deductibte at source under the Zakat and Ushr Ordinance, 1980 (XVlll of 19gO), was
deducted
by the Corporation and deposited in the Central Zakat Fund estabtished under Section 7 of
that
Ordinance.

we draw attention to the contents as detaited in note 1.3 to the financial statements. As
consequence of the corporatization, the Corporation is not expected

to continue as a going concern.

The Company to be formed shatt be taking over the business, functions, contracts, poticies,
proceedings, undertakings, assets, tiabitities. etc of the Corporation.
As the assets and tiabitities of the
Corporation sha[[ vest into a Company to be incorporated under the Companies ordinance,
1984 no
adjustments are expected to the carrying vatues of the assets and tiabitities. Our opinion
is not

'n[ffo1iu'o""o"n,''utt*
mqdified in respect of this matter.

co.
Accountants
9r--Chartered
BDo Ebrahim &

Name of the engagement

Zutfikar Ati

fr^fl-./rr,

{tu} an,/a .ndtorpuny

Cnartq6aAccountants

partner:

Narfie of the engagement partner:

Causer

Muhammad Hamid Jan

Karachi

Dated: 2 t+ MAY 2016

Page

-2

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,irrr. |57
}I].{Tt

LIFE INSURANCE CORPORATION oF PAKISTAN

!,ROFIT AND LOSS ACCOUNT
I'I:X}R. THE YEAR ENDED DECEMBER 31,2015
Note

2015

(Rupees in'000)
2014

.irre-stment income not attributable to statutorv funds

I ::..-:r on Government securities

-:i:est income on loans and advances to employees /

agents

304,399

130,095

19,476

20,469

t2

153

323,826

1s0,706

-.:::est income on bank deposits

\et

investment income

:'rf,rnSS not attributable

to statutory funds

(4,291)

i*rplus appropriated to shareholders, fund

20.4

Prot-it before tax

iaxation

l5

1,1

1,588,465

1,332,692

96,2I 0

(421,575)

1,047,949

Earnings per share - basic and diluted

The annexed notes from

1,268,920

(540,5 1 6)

Profit after tax

(4,234)

I to 34 form

t6

34.93

101

12.0s

(d,

an integral part ofthese financial statements.

ir

/1,14** r)Ye|il-

i.
Dr.

Aliyl llashmi

cHrEE,,FrNANgt/ff-oFFICER

,-y

Khan

Muhammad Rashld

ls8
STATE LIFE INSURANCE CORPORATION OF PAKISTAN
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 3I,2OI5
(Rupees in'000)
2015
2014
Profit after tax for the year

1,047

,949

905, 1 07

047,949

905, I 07

Other comprehensive income for the year

Total comprehensive income for the year

,"(

twu\

lss

I[ LIFE INSURANCE CORPORATION OF PAKISTAN

:t\IE\T OF CHANGES IN EQUITY
"E

IHE YEAR ENDED DECEMBER 31,20I5

(Rupees in '000)

Issued,
Reserve for
sutrscribed and Accumulated takaful
paid up share
surplus
window
capital
ooeration
!,rlrnce as at January 1,2014

1,100,000

Reserve

for

issueofshare

Net
shareholders'

capital

equity

10,123

1,t22,293

(777,707

777,707

3,032,416

i:rnsactions with owners recordecl directly in equity

-:-isfer

to reserve tbr issue ofshare capital

-:::sferred to BESOS from profit

ofyear ended
le;ember 31,2013*

(97,215

..:uanCe of shares

1.900 000
1,900,000

..rtal comprehensive income for the year ended

Jecember 31,2014
Profit for the year

eo5'ro7

905,107

3,000,000

3l,Z0l4

r.900.000
(1,122,293)

(874,e22)

- ll

Other comprehensive income for the year

Balance as at December

(97,215

(9'7,21s)

r--ll[l[--"'5
905,107

840.308

3,840,308

Transactions with owners recorded directly in equity

Dividend paid
Transferred to BESOS tiom profit ofyear ended
December 31,2014*
Translerred lor takalul window operation reserve**

(564. I 80

(564, r 80)

(95, l 06

(95, l 06)

(181.022
(840,308)

Total comprehensive income for the year ended

181.022
t81,,022

(6sq,2 86

I l[.'Tfl[-:lt-lrtr"T"]

December3l,20l5
Profit for the year
Other comprehensive income for the year

: ll

Balance as at December 31, 2015

3.000.000

1.,041,e_4e

--t.04?.r4r_

* This represents the amount set

aside for shareholders on account ofdividend payable to BESOS trust
** This represents the amount transferred as per
Board ofDirectors resolution daied May 30,2015.

t8t.022

4.228.g7t

L
'$,wa-

CTO

Ghrlor:

CHIEF

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