Muslim Insurance Company Ltd.

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1

2 Muslim Insurance Company Ltd.

3 Muslim Insurance Company Limited VISION MISSION

4 Muslim Insurance Company Limited CONTENTS

5 Muslim Insurance Company Limited COMPANY INFORMATION BOARD OF DIRECTORS GROUP EXECUTIVE COMMITTEE GROUP PERSONNEL COMMITTEE GROUP SYSTEMS & TECHNOLOGY COMMITTEE AUDIT COMMITTEE INVESTMENT COMMITTEE

6 Annual Report 2003 COMPANY INFORMATION UNDERWRITING COMMITTEE CLAIMS SETTLEMENT COMMITTEE RE-INSURANCE & CO-INSURANCE COMMITTEE MANAGEMENT COMMITTEE

7 Muslim Insurance Company Limited NOTICE OF ANNUAL GENERAL MEETING A. ORDINARY BUSINESS B. OTHER BUSINESS

8 Annual Report 2003 NOTES: A. FOR ATTENDING THE MEETING B. FOR APPOINTING PROXIES

9 Muslim Insurance Company Limited TEN YEARS AT A GLANCE (Rupees in million)

10 Annual Report 2003 PERFORMANCE AT A GLANCE

11 Muslim Insurance Company Limited STATEMENT OF VALUE ADDED AND ITS DISTRIBUTION WEALTH GENERATED WEALTH DISTRIBUTED To Employees To Shareholders To Government Retained in Business To Employees To Shareholders To Government Retained in Business

12 Annual Report 2003 CHAIRMAN S REVIEW THE INSURANCE INDUSTRY THE ECONOMY

13 Muslim Insurance Company Limited THE COMPANY RESULTS Growth of Pr ofit After Tax Growth of Pr emium Growth of Investment Income Total Assets

14 Annual Report 2003 Capital & Reserves RATING BY PACRA HUMAN RESOURCE MIC WEBSITE FUTURE OUTLOOK

15 Muslim Insurance Company Limited ACKNOWLEDGEMENT

16 Annual Report 2003 DIRECTORS' REPORT

17 Muslim Insurance Company Limited

18 Annual Report 2003

19 Muslim Insurance Company Limited

20 Annual Report 2003 STATEMENT OF COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE

21 Muslim Insurance Company Limited Chief Executive Chairman Lahore: March 25, 2004

22 Annual Report 2003 STATEMENT OF COMPLIANCE WITH THE BEST PRACTICES ON TRANSFER PRICING

23 Muslim Insurance Company Limited REVIEW REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE WITH BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE Lahore: March 25, 2004 Chartered Accountants

24 Annual Report 2003 AUDITORS REPORT TO THE MEMBERS Lahore: March 25, 2004 Chartered Accountants

25 Muslim Insurance Company Limited BALANCE SHEET

26 Annual Report 2003 FINANCIAL YEAR ENDED DECEMBER 31, 2003 Chief Executive Director Director Chairman

27 Muslim Insurance Company Limited PROFIT AND LOSS ACCOUNT Chief Executive Director Director Chairman

28 Annual Report 2003 STATEMENT OF CASH FLOWS

29 Muslim Insurance Company Limited Reconciliation to Profit and Loss Account Chief Executive Director Director Chairman

30 Annual Report 2003 STATEMENT OF CHANGES IN EQUITY Chief Executive Director Director Chairman

31 Muslim Insurance Company Limited STATEMENT OF PREMIUMS Chief Executive Director Director Chairman

32 Annual Report 2003 STATEMENT OF CLAIMS Chief Executive Director Director Chairman

33 Muslim Insurance Company Limited STATEMENT OF EXPENSES Chief Executive Director Director Chairman

34 Annual Report 2003 STATEMENT OF INVESTMENT INCOME FINANCIAL YEAR ENDED DECEMBER 31, 2003 Chief Executive Director Director Chairman

35 Muslim Insurance Company Limited CLASSIFIED SUMMARY OF ASSETS IN PAKISTAN AS AT DECEMBER 31, 2003

36 Annual Report 2003 NOTES TO THE FINANCIAL STATEMENTS FINANCIAL YEAR ENDED DECEMBER 31, STATUS AND NATURE OF BUSINESS 2. BASIS OF PRESENTATION 3. STATEMENT OF COMPLIANCE 4. BASIS OF MEASUREMENT 5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

37 Muslim Insurance Company Limited

38 Annual Report 2003

39 Muslim Insurance Company Limited

40 Annual Report 2003

41 Muslim Insurance Company Limited

42 Annual Report 2003

43 Muslim Insurance Company Limited

44 Annual Report PAID-UP SHARE CAPITAL

45 Muslim Insurance Company Limited 7. RESERVES Notes (Rupees in thousand) 8. PROVISION FOR OUTSTANDING CLAIMS (INCLUDING IBNR) / REINSURANCE RECOVERIES AGAINST OUTSTANDING CLAIMS 9. STAFF RETIREMENT BENEFITS 1 0. AMOUNT DUE TO / FROM OTHER INSURERS / REINSURERS AND PREMIUM DUE BUT UNPAID

46 Annual Report (Rupees in thousand) 1 1. OTHER CREDITORS 1 2. DIVIDEND 1 3. OBLIGATIONS AGAINST ASSETS SUBJECT TO FINANCE LEASE

47 Muslim Insurance Company Limited 1 4. CONTINGENCIES AND COMMITMENTS CLAIMS NOT ACKNOWLEDGED AS DEBT 1 5. CASH AND BANK DEPOSITS (Rupees in thousand) 1 6. LOANS

48 Annual Report INVESTMENTS

49 Muslim Insurance Company Limited

50 Annual Report ACCRUED INVESTMENT INCOME 1 9. PREPAYMENTS 20. SUNDRY RECEIVABLES

51 Muslim Insurance Company Limited 21. OPERATING FIXED ASSETS - TANGIBLE R u p e e s i n t h o u s a n d R u p e e s i n t h o u s a n d

52 Annual Report 2003 Notes (Rupees in thousand) 22. INTANGIBLE ASSET 23. EXPENSES OF MANAGEMENT 24. OTHER INCOME

53 Muslim Insurance Company Limited 25. GENERAL AND ADMINISTRATIVE EXPENSES Notes (Rupees in thousand) 26. FINANCIAL CHARGES 27. PROVISION FOR TAXATION (%) (%)

54 Annual Report BASIC EARNINGS PER SHARE

55 Muslim Insurance Company Limited 29. REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES 30. NUMBER OF EMPLOYEES

56 Annual Report RELATED PARTY TRANSACTIONS

57 Muslim Insurance Company Limited 32. SEGMENT REPORTING

58 Annual Report FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES.

59 Muslim Insurance Company Limited 34. RISK MANAGEMENT

60 Annual Report AUTHORISATION FOR ISSUE 36. COMPARATIVE FIGURES 37. GENERAL Chief Executive Director Director Chairman

61 Muslim Insurance Company Limited DISTRIBUTION OF SHAREHOLDING IN CENTRAL DEPOSITORY COMPANY OF PAKISTAN LIMITED PATTERN OF SHAREHOLDING CATEGORIES OF SHAREHOLDING

62 Annual Report 2003 PATTERN OF SHAREHOLDING AS AT DECEMBER 31, 2003 INFORMATION AS REQUIRED UNDER CODE OF CORPORATE GOVERNANCE

63 Muslim Insurance Company Limited COMPANY OFFICES HEAD OFFICE NORTH ZONE OFFICES & BRANCHES LAHORE

64 Annual Report 2003 RAWALPINDI FAISALABAD BRANCH - I FAISALABAD BRANCH - II SIALKOT SAHIWAL MULTAN BAHAWALPUR SOUTH ZONE OFFICE

65 Muslim Insurance Company Limited SOUTH ZONE BRANCHES KARACHI HYDERABAD SUKKUR

66 Annual Report 2003 Atlas Group Companies Shirazi Investments (Pvt) Ltd Atlas Honda Ltd Atlas Battery Ltd Shirazi Trading Co. (Pvt) Ltd Muslim Insurance Co. Ltd. 1980* Allwin Engineering Industries Ltd. 1981* Atlas Investment Bank Ltd Honda Atlas Cars (Pakistan) Ltd Honda Atlas Power Product (Pvt) Ltd Total Atlas Lubricants Pakistan (Pvt) Ltd

67 FORM OF PROXY I,... of... being a Shareholder of the Muslim Insurance Company Limited do hereby appoint of... also a Shareholder of the said Company, to be my proxy and to vote for me at the Annual General Meeting of the Company to be held on the April 26, 2004 at 11:00 a.m. for the year ended 31st December, 2003 and at any adjournment thereof in the same manner as I myself would vote if personally present at such meeting. As witness my hand in this day of Signature:... Address:... Affix Revenue Stamp Holder of Shares No...to... Witness : Name:... Address:...

68 Fold Here Fold Here Fold Here Fold Here

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