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

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Presentation transcript:

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

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