Professional Documents
Culture Documents
Reliance Insurance Company Limited was incorporated in Pakistan as a public limited company on 4th novmber in the year 1981 with a Share Capital of Rs.5.0 Million by two Leading Industrial Houses of Pakistan, namely (i) AlNoor Group and (ii) Amin Bawany Group. Al-Noor Group is headed by renowned industrialist Mr. Ismail H. Zakaria, who is also the Chairman of Reliance Insurance, while Amin Bawany Group is headed by Mr. Mohammad Amin Ahmed Bawany, who is also the Director of Reliance Insurance. Both the groups having successfully implemented a number of projects are currently leading industrial groups of Pakistan the registered office of the company is situated at 96- A, sindhi muslim co-operative housing society Karachi.
VISION
To be recognized as a professional and dependable business entity committed to play a meaningful role in the development of insurance industry in Pakistan and to safeguard the legitimate interests of all stakeholders, namely policy-holders, share-
MISSION
To provide quality service and protection to its clients aiming at achieving a respectable volume of business and become a prominent player through good governance and sound professionalism focusing to become a well-known and respected Corporate entity in the eyes of Society and Government.
COMPANY INFORMATION
PRODUCTS
It underwrites all classes of General Insurance and enjoys reputation second to none. Apart from the traditional at covers such as Fire, Accident, Motor, Marine (Import & Exports),Loss of Profits, Personal Accident, Group Hospitalization, Workmens Compensation, Burglary, Cash in-Safe or in Transit etc., it also transacts non-traditional cover such as Machinery Breakdown and Loss of Profits following Machinery Breakdown, Contractors All Risks, Erection All Risks, Bond and the like.
OUR SERVICES
Fire Insurance Cargo Insurance Motor Insurance Engineering Insurance Bond & Surety Insurance MISC. / Accident Insurance
FIRE INSURANCE
CARGO INSURANCE
MOTOR INSURANCE
ENGINEERING INSURANCE
MISC./ACCIDENT INSURANCE
PERFORMANCE
Reliance is one of the leading General Insurance Company of Pakistan having a network of 27 Branches at all important places throughout Pakistan employing a full time work force of 242 persons. It underwrites all classes of General Insurance and enjoys reputation second to none.
HEAD OFFICE
"Reliance Insurance House PABX : 34539415-17 181-A, Sindhi Muslim Co-operative Fax : 34539412 Housing Society, E-mail : reli-ins@cyber.net.pk Karachi. ric-re@cyber.net.pk Web : www.relianceins.com
BRANCHES
1.
2. 3.
M.A. Jinnah Road Branch Business Plaza Branch Namco Centre Branch Tariq Road Branch Land Mark Plaza Branch Hyderabad Branch
Gulberg Branch Eden Centre Branch Al-Rehman Branch Garden Town Branch Khan Plaza Branch Model Town Branch
Gujrat Branch Khanpur Branch Sialkot Branch Gojra Branch Rawalpindi Branch Islamabad Branch Peshawer Branch
BALANCE SHEET
BALANCE SHEET
STATEMENT OF PREMIUMS
STATEMENT OF CLAIMS
STATEMENT OF EXPENSES
PROGRESS
Since its establishment Reliance has progressed smoothly and steadily. Its Gross Premium Income has increased from Rs. One Million in 1983 to Rs.506.336 Million in 2009. At the end of 2009 General Reserve stood at Rs.87.50 Million and Technical Reserves at Rs.493.359 Million.
PERFORMANCE REVIEW
PEST ANALYSIS
POLITICAL
ECONOMICAL
SOCIAL
TECHNOLOGICAL
SWOT ANALYSIS
STRENGTHS
RIC has established its reputation in domestic as well as international insurance market for quality insurance business and adherence to high ethical and professional standards. Total commitment to customer satisfaction. Highly professional attitude towards underwriting risk and prudent management Practices. Value creation for customers and shareholders alike. Very Strong Claims Paying rating. RIC has one of the HIGHEST Solvency Margins. Customer satisfaction through superior customer service. Prompt settlement of claims. Professional & ethical business practice.
WEAKNESSES
CREDIT facility with them and patients may subsequently seek reimbursement from RIC. Claim procedures need a lot of documentation and verification. Lacks some of the services offered by competitor insurance companies.
OPPORTUNITIES
Increased trend of insurance now days. Car insurance must by government on leased cars. RIC investment bank enjoys repute build by its insurance division. RIC securities services as its another division capitalizing. RIC funds division gives edge over competitors
THREATS
High markup rates discouraged sales of leased cars. Competition by other companies like EFU, ADAMJEE, STATELIFE etc. Changing laws and regulations with every new government. Ministries involved in contracts to governmental clients which cause delay in decision making.
DIRECTORS RECOMMENDATIONS
OUR MESSEGE