ATLAS INSURANCE LIMITED
Nov 19 - 25, 2007
The Atlas Insurance Limited (Formerly Muslim Insurance Co. Ltd) was founded in 1934. It is the oldest insurance company in Pakistan. In the year 2006, the name of the company was changed from Muslim Insurance Company Ltd. to Atlas Insurance Limited. The company is providing efficient service to its clients. The company enjoys full support and backing of the Atlas Group and has re-insurance arrangements with world renowned re-insurers like Swiss-Re, Hannover-Re, Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance Inc.
The Company has consistently sought to offer unique solutions to its clients and has the ability to offer creative alternatives to meet the challenges associated with the ever changing needs of its clients by offering specially designed policies. The company has the privilege of having many blue-chip companies and large groups amongst its valued customers whom it serves through several offices and branches throughout the country backed by an advanced computerized information and control system.
Atlas is a diversified group dealing in engineering, financial services and trading. It consists of seven public limited companies out of which six are quoted on the Stock Exchanges in Pakistan, and five private limited companies. Atlas shareholders equity now stands over Rs.25bn. Assets have increased to over Rs.60b, personnel strength is over 7000 and annual sales have crossed Rs.60bn. The Group paid taxes of Rs.15bn over 2% of the total government revenues.
Atlas Insurance covers a wide network of clients and their various concerns under its insurance cover. The company has products catering to the following segments:
* Fire Insurance
* Marine Insurance
* Motor Insurance
* Miscellaneous Insurance
Under its fire insurance cover it has large client base which includes large scale manufacturing units, Cars Assembling, Motorcycle Assembling, Plants, Parts Manufacturing/Batteries, Fertilizer, Leather Industries, Surgical & Sports goods, Chemical Plants, Dying Mills, Textile, Sugar & Rice mills, Oil mills, cotton ginning & weaving factories, offices, godowns, commercial as well as residential buildings/apartments. Marine Insurance indemnifies losses to goods while in transit. Marine Cargo insurance is divided into three main segments i.e. Marine Import, Marine Export and Inland Transit. Whereas in the miscellaneous part it covers Machinery Insurance, Computer & Electrical Equipment, Product Liability Insurance, Fidelity Guarantee Insurance, Personal Accident Insurance and Cash in Safe / Cash in Transit Insurance.
The net premium of the company increased by 36% to Rs.330m as against Rs.242m in the matching period last year. On the other hand net claims increased by 79% which decreased the underwriting results by 6%. However on the back of support from investment income and rental income the company managed to get through the decline. Investment income increased by 17% to Rs.134m. Financial charges on the other hand declined by 15%. On the whole the company posted a growth of 3% in its profit after tax to Rs.184m (EPS: Rs.8.90) as against Rs.177.6m (EPS: Rs.8.60) in the nine month period of last calendar year.
Going forward, the company is well poised towards growth and is looking in to new avenue for growth. With the growth in the economy and the financial industry the company is expected to perform well.
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