EFU General Insurance Ltd.

EFU General Insurance Ltd.

OUR BEGINNING

In the early 30s of the 20th century, under the inspiration of the Quaid-e-Azam Mohammad Ali Jinnah, there began to appear signs of economic renaissance of the Muslims of India. Shipping, Airline, Banking and Insurance companies made their debut.

In 1932, Mr. Ghulam Mohammad, a far sighted man, established Eastern Federal Union Insurance Company (EFU) with financial assistance from the Aga Khan III and the Nawab of Bhopal. Mr. Abdur Rehman Siddiqui became the founder chairman. The company was originally registered at Kolkata.

In 1947, EFU found a new home in a new country. In Pakistan, EFU rapidly established itself as a progressive and innovative insurer. It gave the emerging insurance industry the leadership, the manpower and the drive needed to grow in a situation where at one time, three-fourths of insurance was held by foreign companies.

By 1961, EFU had become the flag bearer of Pakistan's insurance industry on the world stage, and the largest life company in Afro-Asian countries (excluding Japan) under the leadership of Mr. Roshen Ali Bhimjee. It remained so until 1972 when Life Assurance business in Pakistan was nationalized. Thereafter EFU operated solely as a General Insurance Company, and was subsequently renamed EFU General Insurance Limited. Now EFU General is the largest non-life insurance company in the country and the mother company of other insurance organizations of EFU Group.

Traditionally the EFU name has become synonymous with progressiveness and prompt claim settlement and now the EFU being the largest insurance group provides a full range of general, life and health insurance services.

 Profile of Company

• The Company was incorporated on September 2, 1932 and is engaged in non-life insurance business comprising of Property, Marine/Aviation, Motor and other Miscellaneous products.
• The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan.
• The Principal place of business is located at EFU House, M.A. Jinnah Road, Karachi, Pakistan.
• EFU is one of the few Pakistani organizations run totally by professional management and highly motivated field force.
• Policies accepted by all institutions in the country.
• Rating: Insurer Financial Strength AA, Outlook: Stable (Rating Agency: JCR-VIS).
• Client-base comprises of many leading business houses and multinational companies.
• EFU gave the emerging insurance industry the leadership, the manpower and the drive needed to grow in a situation where at one time, three-fourths of insurance was held by foreign companies.
• The company has also taken the initiative to transform its Enterprise Information System with an end to end solution comprising Oracle's latest technological software and hardware as part of the infrastructure solution to meet Company's projected Online Transaction Processing needs, keeping in view both the present requirements and future needs such as Data Warehouse, business intelligence and Customer Relationship Management System.

VISION, MISSION & VALUES

Vision

To continue our journey to be better than the best.

Mission

To provide services beyond expectation with a will to go an extra mile. In the process, continue to upgrade technology, human resource and reinsurance protection.

Values

Our philosophy is to be the leading company with service above par, with integrity, excellence and professionalism. Following are our core values:

Integrity & Ethics

Conduct business with ethics, dignity, fairness and transparency.

Excellence

We measure our performance by results but more by quality of service.

Professionalism

We believe professionalism is perfection. Business resources are utilized in a manner to achieve optimum returns on resources.

Our people

In EFU we work like a family. Everyone is treated with respect and without any discrimination.

Corporate Social Responsibility

We donate to various institutions in health and education sectors, for improving the lifestyle of common man.

Statements of Ethics and Business Practices

Introduction and objective

EFU General Insurance Ltd., is one of the leading insurance companies in Pakistan. The Management philosophy is to be the Leading Company for our Clients, Shareholders and employees. To achieve this we will be driven by an obsession to be better than the best in a continuous journey, not a destination. EFU General has an enhanced commitment and professionalism to provide expertise at a distinct level. We have the finest professional team in insurance industry of Pakistan who are more prone to quality and have expertise in their own working areas which makes us very proud.
Following are our Statement of Ethics and Statement of Business Practices that all members of staff and Directors are required to follow as “Code of Conduct”.

Statement of Ethics

All Directors and Staff are required to:

Act with integrity, 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. 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.
	Clients first. Nothing we do is more important than protecting and preserving our clients' interests. We hold responsibilities towards our clients in the highest regard.
	Entrepreneurship. We work hard every day to hire the best people, motivate them, reward them and encourage them to innovate. We are a meritocracy and an equal opportunity employer.
	Passion for performance. We contribute towards our Company’s financial goals and concentrate on achieving superior results.
	A culture of excellence. 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 aggressively by providing excellent service to our clients.

  Governance

 Profile of Board of Directors and Office Address

Mr. Saifuddin N. Zoomkawala
Chairman
C/o. EFU General Insurance Limited
EFU House, M.A Jinnah Road, Karachi

Mr. Saifuddin N. Zoomkawala did his Masters in Business Administration from Karachi University and B.Sc. from DJ Science College, Karachi.

He has been associated with EFU Group since 1965. He also worked for Credit & Commerce Insurance Company at UAE, an insurance company of EFU group. He served as Managing Director of EFU General Insurance Ltd, .from July 10, 1990 till July 2011 when he was elected Chairman of the Company.

He is also the Chairman Allianz EFU Health Insurance Ltd and Director of EFU Life Assurance Ltd., and EFU Services (Pvt.) Ltd., all being EFU Group Companies. He was also the Chairman of EFU Life Assurance Ltd., from February 1999 to July 2011.

In addition to EFU Group companies he is also associated with:

SAARC CCI Council on Financial Services & Insurance - Chairman
PII Council of Insurance Association of Pakistan - Member
Pakistan German Business Forum (2010-2013) - President/CEO
SAARC Chamber of Commerce & Industry - Member Executive Committee
Board of Investment, Government of Pakistan - Member
Pakistan Postal Services Management Board - Member
Horti-Business Finance, formed by Ministry of Finance for coordination and implementation of all agri-business initiatives - Member Sub-Committee
Community Development Board, Planning & Development Department, Government of Sindh - Member
Investment Consultative Group, Sindh Board of Investment, Government of Sindh - Member
Insurance Industry Reform Committee - Member
SECP Financial Markets and Corporate Sector Development Forum – Member
Academic Council for Pakistan Insurance Institute – Member

He is also associated with the following social institutions:

Aga Khan Resource Committee - Member
Shaukat Khanum Memorial Trust and Research Centre - Member Board of Governor Burhani Hospital, Karachi - Member Trustee
Cupola Cares Foundation - Member
Sindh Institute of Urology and Transplantation, Karachi - Member Board
Fakhr-e-Imdad Foundation - Member Board of Directors
IBA Advisory Council - Member

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Mr. Hasanali Abdullah
Managing Director & Chief Executive
EFU General Insurance Limited
EFU House, M.A Jinnah Road, Karachi

Mr. Hasanali Abdullah qualified as Chartered Accountant from Institute of Chartered Accountants of Pakistan in 1973. He is also a "Certified Director" from Pakistan Institute of Corporate Governance.

He was associated with Hyder Bhimji & Company, Chartered Accountants and Karachi Rolling Mills Ltd from 1964 to 1979. He is associated with EFU General Insurance Ltd since 1979. Having served in various capacities, Mr. Hasanali was appointed as Managing Director & Chief Executive of EFU General Insurance Ltd, in July 2011.

He is also the Director of two companies of EFU Group i.e. EFU Life Assurance Ltd and Allianz EFU Health Insurance Ltd.

In addition to EFU Group companies he is Director of Tourism Promotion Services (Pakistan) Ltd (owners of Serena Hotels in Pakistan), Honorary Treasurer of Aga Khan Hospital & Medical College Foundation, Member National Committee of Pakistan of Aga Khan University Foundation, Geneva.

He has served on the Boards and Committees of various Aga Khan Development Network institutions from 1976 to 2002. He has been Director of Pakistan Institute of Corporate Governance in 2011, Chairman of Insurance Association of Pakistan for the years 2008 and 2010-11, Executive Committee Member of Federation of Pakistan Chambers of Commerce & Industries for 2011. Mr. Hasanali Abdullah is also Vice Chairman of Pakistan Insurance Institute for the year 2012-13.

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Mr. Rafique R. Bhimjee
Director
C/o. EFU General Insurance Limited
EFU House, M.A Jinnah Road, Karachi

Mr. Rafique R. Bhimjee is B.Sc. (Hons) in Management Science, University of Warwick, MBA in Finance from City University, London and a "Certified Director" from Pakistan Institute of Corporate Governance.

Mr. Rafique Bhimjee has worked overseas in Merrill Lynch Asset Management, New York and Abu Dhabi Investment Authority.

He is associated with EFU group since August 22, 1991 when he was co-opted as Director on the Board of Directors of EFU General Insurance Ltd. He was the Chairman of EFU General Insurance Limited from February 1999 to July 2011 and now he is Chairman of EFU Life Assurance Limited, Mr. Rafique Bhimjee is also Director of Allianz EFU Health Insurance Limited and EFU Services (Pvt.) Ltd.

In addition to EFU Group he is also the Director of International Foundation Garments (Pak) Pvt. Ltd., and JS Bank Ltd.

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Mr. Ali Raza Siddiqui
Director
C/o. EFU General Insurance Limited
EFU House, M.A Jinnah Road, Karachi

Mr. Siddiqui is a consultant to JS Private Equity. From 2005-2010, he was an Executive Director at JS Investments Limited. Prior to joining JS Group he was Assistant Vice President at AIM Investments in Houston, a wholly owned subsidiary of INVESCO plc. (formerly known as AMVESCAP plc). At AIM, Mr. Siddiqui was part of a team responsible for the management of USD 60 billion in fixed income assets.

Mr. Siddiqui also serves on the Boards of Bank Islami Pakistan Limited and Mahvash & Jahangir Siddiqui Foundation. He holds a Bachelors Degree from Cornell University with double majors in Economics and Government.

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Mr. Abdul Rehman Haji Habib
Director
C/o. EFU General Insurance Limited
EFU House, M.A Jinnah Road, Karachi

Mr. Abdul Rehman Haji Habib belongs to Business community. He was Chairman of Arag Group. In 1971-72 he was President of Karachi Chamber of Commerce & Industry and in 1976-77 he was President of the Federation of Pakistan Chamber of Commerce & Industry. He is associated with EFU for the last 30 years.

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Mr. Jahangir Siddiqui
Founder, JS Group
C/o. EFU General Insurance Limited
EFU House, M.A Jinnah Road, Karachi

Mr. Jahangir Siddiqui founded JS Group in 1970 and led the group to become one of the largest business houses in Pakistan with over 20,000 employees. He retired from executive duties at JS Group in 1999 but continues to serve as Chairman of JS Bank Limited.

In the past he has served as a Member on the Economic Advisory Board formed by the Government of Pakistan in 1999 and the Exchange Reforms Committee of the Government of Pakistan which opened up Pakistan's capital markets to foreign investors. Mr. Siddiqui serves on various Government of Pakistan boards and committees, in particular those related to investment, taxation and finance.

Mr. Siddiqui was a member of the Karachi Stock Exchange from 1970-2001. He also served as a member of the Privatization Commission of the Government of Pakistan when it was formed in 1991. He was elected President of the Karachi Stock Exchange in 1990 and 1991.

He founded the Mahvash and Jahangir Siddiqui Foundation, one of Pakistan's largest private charities and dedicates a significant amount of time to philanthropic activities through a variety of organizations.

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Mr. Muneer R. Bhimjee
Director
C/o. EFU General Insurance Limited
EFU House, M.A Jinnah Road, Karachi

Mr. Muneer R. Bhimjee, Director is a Graduate (Hons) in Economics, London. He is also a Director of International Foundation Garments (Pak) Pvt. Limited and EFU Life Assurance Ltd. He is associated with EFU since July 1993.

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Mr. Taher G. Sachak
Director
C/o. EFU General Insurance Limited
EFU House, M.A Jinnah Road, Karachi

Mr. Taher G. Sachak, Director is Graduate in Business Studies and post-graduate in Management Studies from UK. Prior to coming to Pakistan in 1994 he held senior executive positions spanning over 18 years in the UK Life Insurance Industry. He is Vice Chairman of Allianz EFU Health Insurance Limited and Managing Director / Chief Executive of EFU Life Assurance Ltd.