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Insurance Sector

- - - - - Insurance Sector Insurance

55 replies to this topic

#13
Farhan rawala

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    IGIIL VERY NICE GROUP APP LOG KYA BOLTY HA SLOW SLOW LAOO HO RAHA HA KEEP YOUR EYES THIS SCRIP 18-08-2009 KO METTING HA PLZ ADVICE FOR ALL MEMBERS


    #14
    NEEDY NEEDO

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    in the previous meeting it's EPS was RS 22
    at that time it was at RS 101.it went upto just 106.5
    now
    i think it should make a move towards north before or after meeting.



    ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLAH ALLH ALLAH


    #15
    MJI

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    QUOTE (Farhan rawala @ Aug 13 2009, 08:24 PM) <{POST_SNAPBACK}>
    IGIIL VERY NICE GROUP APP LOG KYA BOLTY HA SLOW SLOW LAOO HO RAHA HA KEEP YOUR EYES THIS SCRIP 18-08-2009 KO METTING HA PLZ ADVICE FOR ALL MEMBERS



    PAST HISTORY GOOD MEANS IT TRADE AROUND 200+


    QUOTE (NEEDY NEEDO @ Aug 17 2009, 05:32 PM) <{POST_SNAPBACK}>
    in the previous meeting it's EPS was RS 22
    at that time it was at RS 101.it went upto just 106.5
    now
    i think it should make a move towards north before or after meeting.



    WHEN ITS ANNOUNCE his 1QTR result his RATE WAS AROUND 50-60 then he go to Rs.100+

    and ALSO I watch him carefully he run around Rs.82-88/- but tommorrow meeting will show his next target if any well announcement with payout it might be go Rs.100+ otherwise it may be sustain around 70-72/-



    Take care yourself

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    MJI

    http://islamicgolden...e.blogspot.com/


    #16
    azam56

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    09/09/2009


    Insurers’ profits jump 45pc for 1H





    Mansoor Khanani
    KARACHI: There are 24 listed non-life insurance companies in the sector, out of which, 21 major companies have announced their results for the 1HCY09 period. The period under review has appeared as marvellous one for the industry in terms of core insurance operations as the underwriting profits of the sector have witnessed a 45 per cent growth compared to the same period last year.
    The underwriting result of the sector has remained Rs1.54 billion in the period under review as against Rs1.06 billion during the corresponding period of last year.
    On the other hand, net premium revenue of the sector has reached to Rs11.21 billion from Rs11.39 billion, 1HCY08 depicting a 2 per cent decline in the premium income, resulting in a slow down in economic activity. However despite of 2 per cent drop in the premium revenue, the growth in underwriting profit is the major beneficiary of 11 per cent decline in the industry's claim ratio which stood at 57 per cent for the period as against 63 per cent during the corresponding period last year.
    The total profitability has witnessed 83 per cent tumble to Rs762.7 million in 1HCY09 only as against Rs4.60 billion witnessed during the same period last year. Such massive drop in the bottom line of the sector is due to investment income as 90 per cent of the insurance sector's profitability is supported by it. The investment income during the period stood at Rs613.77 million in the period under review as compared to Rs4.24 billion in the corresponding period of last year.





    #17
    MJI

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    TIP accuses NICL of PPR violations

    KARACHI (December 16 2009): The National Insurance Company Limited (NICL) has been accused of blatant violation of Public Procurement Rules (PPR) 2004 in inviting tenders for procurement of 100-200 acres plot for housing society and 4000-10000 sq yds plots for commercial development in Islamabad, Karachi and Lahore. This is "in total violation of PPR-2004," according to Transparency International Pakistan (TIP).

    Syed Adil Gilani, Chairman of TIP, in a letter sent to the Chairman of NICL, Karachi, has reminded him that TIP had been objecting for last many months "on your procurements" and these objections were also sent to NICL by Public Procurement Regulatory Authority (PPRA) for clarification. NICL has not yet justified its actions are in compliance with PPRA rules.

    It has been reported that the amount of these alleged mis-procurements, listed below, under PPRA rule No 50 ranges from Rs 3 billion to Rs 5 billion, Gilani said in his letter.

    -- Selection of consultants for Heating, Ventilation & Air-conditioning (HAVC) works.

    -- Award of HAVC contract to Roma Business Consultants, reported at Rs 120 million higher cost, against consultants recommendations and also not to a licensed contractor.

    -- Purchase in 2009 of office space in Dubai, and

    -- Purchase in 2009 of plots in Lahore.

    The violations being committed by NICL in the current tender for procurement of land have been itemised as follows:

    -- Rule 13 requires minimum 15 days time for submission of tender after tender notice is published in the press, whereas, NICL has allowed only seven days.

    -- Tender documents shall be issued under rule no. 23 which shall include all relevant information including detailed evaluation criteria, bid award method, signing of integrity pact, rights of bidders for compliance on evaluation report prior to award, declaration of evaluation report before the award of contract etc. NICL is not complying with this requirement.

    -- Under rule no. 29, NICL shall formulate unambiguous evaluation criteria and inform bidders, and under rule. 30, the bid will only be evaluated in accordance with the declared evaluation criteria. NICL by not announcing any evaluation criteria is reported to be manipulating the procurement, which if correct, has to be dealt with under rule 2(i) corrupt and fraudulent practices.

    In accordance with PPR 2004, rule 11, NICL is required to provide clear authorisation and delegation of powers for different categories of procurement, and shall only initiate procurements once approval of the competent authorities concerned has been acquired.

    Gilani said TIP would like to know whether NICL has complied with rule no. 11 and taken approval of authorisation from the competent authority including condo nation/exemption from compliance of relevant PPR 2004 (be it Board of Directors or PPRA under the Rules of Business), in case of previous four procurements mentioned above and from the violations in the present procurements.

    Procurement rules 2004 have eliminated all discretions in procurement process and made corruption low profit and high risk business, Gilani said. Copies of the letter have been sent to:

    Prime Minister's secretariat, Chairman, PAC, National Assembly, Auditor General of Pakistan, Chairman, NAB, Registrar, Supreme Court of Pakistan, Managing Director, PPRA and NICL Board members who have been reminded that "you all as Directors of NICL are public servants within the meaning of section 21 of the Pakistan Penal Code, and accountable for public funds expenditure, under NAB Ordinance 1999.



    Take care yourself

    Regards,

    MJI

    http://islamicgolden...e.blogspot.com/


    #18
    azam56

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