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FINANCIAL STATEMENTS

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  1. Premier Insurance Limited Caring for You……………Since 1952 FINANCIAL STATEMENTS IGNORE & REGRET

  2. Premier Insurance Limited Caring for You……………Since 1952 KYC KNOW YOUR CLIENT FINANCIAL STATEMENTS INFORMATION TREASUREHOUSE

  3. Premier Insurance Limited Caring for You……………Since 1952 OBJECTIVES OF THIS SESSION • NOT A THESIS ON FINANCIAL STATEMENTS • AIMED AT NON-FINANCIAL INSURANCE PROFESSIONALS • OVERVIEW OF F/S: COMPONENTS & USERS • THE INSURER’S PERSPECTIVE • WHERE TO LOOK & FOR WHAT • ADDITIONAL SOURCE OF INFORMATION TO UNDERSTAND, ASSESS & MONITOR – NOT A SUBSTITUTE FOR OTHER MEANS & METHODS

  4. Premier Insurance Limited Caring for You……………Since 1952 COMPONENTS OF FINANCIAL STATEMENTS • COMPANY INFORMATION • DIRECTORS’ REPORT • AUDITORS’ REPORT • BALANCE SHEET, P&L ACCOUNT, CASH FLOW, CHANGES IN EQUITY, NOTES, HISTORICAL SUMMARY: KEY NUMBERS & RATIOS • MISSION, VISION , COMPLIANCE WITH CCG • SHAREHOLDING PATTERN • SUPPLEMENTARY / VOLUNTARY INFORMATION

  5. Premier Insurance Limited Caring for You……………Since 1952 THE MEAT TO EAT • COMPANY INFORMATION: DIRECTORS, REPUTATION & EXPERIENCE, AUDITORS’ REPUTATION – KEY TO CREDIBILITY • DIRECTORS’ REPORT: INSIGHT INTO BUSINESS, INDUSTRY, SEGMENT PERFORMANCE, FUTURE PLANS & PROJECTS – SEPARATE WORDS FROM INFORMATION - TRANSPARENCY & QUALITY • AUDITORS REPORT: “CLEAN” OR “RESERVED” • MISSION , VISION, CCG COMPLIANCE

  6. Premier Insurance Limited Caring for You……………Since 1952 ORIGIN & NATURE OF THE BEAST ACCOUNTING: RECORDING & MEASURING ACTIVITIES IN MONETARY TERMS REPORTING: PERIODIC SUMMARIZATION OF ACCOUNTING RECORDS TO SHOW RESULTS OF MONETARY ACTIVITY AND FINANCIAL POSITION AT A POINT IN TIME USERS: MANAGEMENT, INVESTORS, LENDERS, REGULATORS, RATING AGENCIES, SUPPLIERS, CUSTOMERS, EMPLOYEES, TAX AUTHORITIES, INSURERS ( ?? ) AUDITORS: INDEPENDENT OPINION ON CREDIBILITY OF INFORMATION & CONFORMITY WITH APPLICABLE LAWS, ACCOUNTING & REPORTING STANDARDS PURPOSE: DECISION MAKING BY RESPECTIVE USERS’ OWN PERSPECTIVES

  7. Premier Insurance Limited Caring for You……………Since 1952 WHAT’S IN IT FOR UNDERWRITERS ? • NATURE, SIZE, HISTORY OF BUSINESS • BUSINESS SEGMENTS, LOCATIONS, PROFITS • INSTALLED CAPACITY VS. PRODUCTION • FIXED / CURRENT ASSETS’ NATURE, VALUE, LOCATIONS • NATURE OF CONTINGENCIES / LAW SUITS /COMMITMENTS • EQUITY VS. LOAN CAPITAL (SECURITY / TERMS) • PEERS’ COMPARISON, PROSPECTS, PROJECTS & PLANS • CASH FLOWS, ROE & OTHER RATIOS & TRENDS, GOING CONCERN • UNDERINSURANCE, UNDERDECLARATIONS, LOSS OF PROFITS / BI, ENGINEERING, LIABILITY, EXPOSURE TO PERILS, MORAL HAZARD, ADDITIONAL BUSINESS, RATING, EXCLUSIONS, SPECIAL CONDITIONS & WARRANTIES, INSURABILITY & DESIRABILITY

  8. Premier Insurance Limited Caring for You……………Since 1952 WHAT’S IN IT FOR CLAIMS & RISK MANAGERS • ACCIDENTS BY DESIGN & MOTIVATION • “SHE” POLICY & IMPORTANCE • LOCATIONS, LEGAL & OTHER CONTINGENCIES • HAZARDOUS PROCESSES, MATERIALS, PRODUCTS & MITIGANTS • TRAINING, MAINTENANCE & SPARES STOCK • SCRUTINY OF CLAIMS, FREQUENCY & FOCUS OF INSPECTIONS

  9. Premier Insurance Limited Caring for You……………Since 1952 SUGGESTED READING SOME F/S TO UNDERSTAND SCOPE & NATURE OF CONTENTS – MIX OF NATIONAL, MULTINATIONAL, MANUFACTURING, NON-MANUFACTURING, FOR AND NOT FOR PROFIT ORGANIZATIONS: ENGRO; ICI; GLAXOSMITHKLINE; MCB; UBL; NISHAT; AIC; FFC; DGKCC; PACKAGES; TCF OR SEVERAL OTHERS ACCORDING TO NEED