Achievements

Code of Conduct & Ethics

CODE OF CONDUCT AND ETHICS

The staff, officers and directors of the Pakistan Reinsurance Company Limited (the Company) shall:

Have an obligation to carry their duties professionally, impartially, with integrity, without any fear or influence, and in the best interest of Company at large, keeping in view the code of conduct and ethics as defined hereunder.
Protect and conserve the Company assets, property and funds and not use it for other than authorized activities.
Not participate in, influence or attempt to influence an officer or an official decision or administrative action in violation of the Company laws particularly where, they have a personal interest.
Not solicit participation in or influence voters for the election / selection of a member of the Board / Council or administrative body of any company, organization, professional body or any association not for profit, except the Insurance Association of Pakistan (IAP). However, they can exercise their individual voting right.
Comply with the applicable rules governing their respective professional bodies including but not limited to chartered accountants, lawyers, cost and management accountants, CFAs, etc.
Not communicate or allow to be communicated to any person not legally entitled thereto, any information relating to the affairs of the Company nor will allow any such person to inspect or have access to any books or documents belonging to or in the possession of the Company and relating to the business of the Company.
Ensure the confidentiality of client information at all times except where required by law to disclose it.
Ensure the confidentiality of information relating the Company both during the course of Directorship or employment (as the case may be) and after its termination (regardless of reasons)
Not engage in activities or transactions which may give rise to, or which may be seen to be giving rise to conflict between their personal interests and the interests of Company.
Not hold any personal financial interest, directly or indirectly, in any deal of supplying goods or services to the Company.
Not keep or make copies of correspondence, documents, papers, record, list of clients or customers without an authorized purpose and all such information should be surrendered to the Company while quitting the employment / or directorship and the Company information and record should be kept on company’s premises only.
Not contribute directly or indirectly, any funds or assets to any political party or organization or to any individual who either holds public office or is a candidate to a public office.

DECLARATION OF COMPLIANCE WITH

PAKISTAN REINSURANCE COMPANY LIMITED’S CODE OF CONDUCT

I,                                     do hereby affirm and declare that I have read the contents of the above Code of Conduct and undertake to abide by the requirements of the Code in discharge of my duties, and perform my functions, as a director / employee of the Pakistan Reinsurance Company Limited (PRCL), to the best of my knowledge, ability and belief.

Name:

Employee Personal No.     ____

Designation:

Signature:___________________

Date:_    ______________________

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Insurer Financial Strength (IFS) Rating of Pakistan Reinsurance Company Limited (PRCL)

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The Japan Credit Rating – Vital Information Services (JCR-VIS) Credit Rating Company Limited has reaffirmed the Insurer Financial Strength (IFS) Rating of Pakistan Reinsurance Company Limited at `AA’ (Double A) for the year 2012. Outlook on the rating is Stable.

2. The rating derives strength from the significant holding of Government of Pakistan in the Company. Moreover, given that all insurance companies of Pakistan are mandated to offer 35% of their surplus business to PRCL in the form of cession, the Company is expected to maintain a sizeable market share in premium ceded by the insurance industry.

3. The JCR-VIS have taken into account the improvement in underwriting profit of the Company on a timeline basis in 2011 on account of lower retrocession. While overall claims ratio has remained at prior year’s level, claims performance in facultative business continues to be superior relative to that of treaty business. In view of this, further growth in the share of treaty business in overall business may result in upward pressure on net claims ratio, going forward. It observed that overall profitability of the Company receives strong impetus from recurring earnings on investment portfolio.

4. Even though insurance debt represented more than one-third of gross premium, JCR-VIS have noted that outstanding liabilities are adequately covered by liquid assets.

5. This is the second year running that PakRe has earned this distinction in 2012. Besides, PakRe has been acclaimed the best Non-Life Reinsurance Company by Management Association of Pakistan (MAP) for 2011 for Corporate Governance Excellence Award–2011. PakRe, the lone reinsurer in Pakistan is a Public Sector Enterprise, has earned Rs.900.00 Million after tax profit, announced and distributed 30% dividend to its shareholders (51% - Federal Government, 24% - SLIC and rest minority including staff of Pak Re) amounting to Rs.900 Million, and six bonuses to its employees.