UIG Group’s Audit Committee
Audit Committee formed by the board of UIG group as on July 3, 2013 and Mr. Naeem Tariq elected as a Chairman of Audit Committee.
Mian Shahid elected Chairman Pakistan’s Apna Microfinance Bank
Reposes full confidence in Pakistan’s economy, policies UIG will continue to play role in national development
Vows to attract foreign investment, boost employment.
The Board of Directors (BoD) of Apna Micro Finance Bank has elected Mian M. A. Shahid as Chairman of the bank.
Mian M. A. Shahid is a noted investor who is already serving as Chairman of the United International Group (UIG) that include Saudi Pak Insurance Company, United Insurance Company, Tawasal Insurance Services, Abu Dhabi, UIG Global, UK, and United Track Systems etc.
The board of directors appreciated his services and skills as he swung to profit Saudi Pak Insurance Company which was in loss at the time of acquisition and transformed United Insurance Company in one the of the reputed organisations in country’s insurance sector.
The BoD hoped that the new chairman will work hard for making organisations profitable while stressing corporate social responsibility, loans for homeless and supporting the cottage industry.
Speaking at the occasion, Mian Shahid expressed full confidence in the economy which he said is doing well despite hurdles.
He lauded the policies of the government terming them highly enabling and supportive for investors. “I will try best to attract foreign investment in Pakistan to boost economy and reduce unemployment,” he said.
Shahid said that 56 per cent of the adult population has no access to formal financial services while only 10 per cent of SMEs are served by banks resulting in socio-economic disparities.
Low-income groups remain deprived of proper financial services which is impeding their development, he said
Stressing the importance of ethics, he said that insurance is a good social welfare tool that can have a positive impact on businesses and lives of millions in which principles should not be compromised under any circumstances.
Effective cooperation among team members is essential to the success of any business while lack of cooperative environment is fatal for organisations, he said.
To a question, he said that farmers deserve right production decisions to reduce risks associated with their occupation. To me business should be humane to serve the humanity, he said.
Chairman’s New Year Message
The year 2012 has flown but marked stars on UIG history. The year 2012 was full of various challenges, strong competition and burdened global economy markets. UIG Companies faced these challenges with passion and hard work out.
The mother Company of UIG the United Insurance Company of Pakistan Limited stepped ahead and its overall financial performance further improved by the Grace of Almighty Allah.
United Track System is well known in the Pakistan’s Tracking market. UTS enhanced its image and trust through its quality products and services.
Window Takaful
KARACHI – Window Takaful will take a Positive Change in the World of Insurance. Chairman of United International Group of Companies Mian MA Shahid has said, “The Window Takaful” will prove a breath of fresh air in the world of insurance and hoped insurance companies will be able to make variety in their products through the implementation of Window Takaful and people will get more facilities in Insurance as compare to past. He was presiding a meeting on “Effects of Window Takaful”. Addressing to the meeting he has said before the Implementation have got suggestion with experts in Shariah and legal matters. He hoped, with Window Takaful the peoples trend will increase in Insurance.
Published in The Nation Sept., 6, 2012
PACRA maintains IFS rating of UIC
Islamabad—The Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating of The United Insurance Company of Pakistan Limited (UIC) at “A” (Single A). The rating denotes strong capacity to meet policyholder and contract obligations. Risk factors are moderate, and the impact of any adverse business and economic factors is expected to be small.
The rating reflects UIC’s strong risk absorption capacity emanating from a robust financial base that adequately supports the company’s high growth stance. The company’s business plan predominantly focuses on wide-spread small sized business volumes. Although this has led to high business acquisition cost, the benefits are accrued in the form of low loss ratio, engendering superior underwriting performance compared to peers. The rating incorporates improved control environment supplemented by real time IT platform.
The rating is dependent on management’s ability to successfully execute its business strategy of diversification and growth, while preserving underwriting profitability. A more structured approach towards claim handling, thereby bringing clarity as to the claims processing and reporting mechanism, would remain critical for the rating. Meanwhile, strengthening of governance framework, bringing further oversight to the corporate strategy, and compliance to
the regularity matters are important. At the occasion, Mian Shahid, Chairman said that UIC will continue to serve masses and boost insurance industry as well as its image in country and abroad. He said that insurance industry is vital part of the economy which needs further support of the government and masses as well. The insurance industry should further efforts to serve masses through corporate social responsibility initiatives, said Mian Shahid.
He said that we are expanding our network by acquiring other companies and a microfinance bank. Established in 1959, is listed on the Karachi Stock Exchange. It is operating through an extensive network of 110 branches covering all major cities of the country (with high concentration in the North region). Aside from the three major types of insurance products available in the market (fire, Marine and Motor), the company is doing Crop, Livestock, and other micro insurance. Majority ownership of the company is held by family and associates of the chairman of BoD, Mian M. A. Shahid. This represents diverse number of individuals, making ownership structure complex.
Insurance Can Be Used As A Good Social Welfare Tool in Pakistan: Chairman UIG Mian Shahid
Ethical practices by insurance companies, agents stressed
Dishonesty harmful for personal life, fatal in business
Chairman of the United International Group (UIG) Mian Shahid has said that insurance is a good social welfare tool that can have a positive impact on businesses and lives of millions.
Insurance if used properly can help people in hard times by transferring their losses, he said.
Speaking at launching ceremony of UIG News, he said that insurance is popular in west but it is yet to make inroads in the east for which the insurance companies are partly responsible.
He said insurance can only be made popular when companies prefer interests of customers over their own interests and spend part of their profit on social uplift of the dispossessed.
Mian Shahid said that UIG has planned to launch a campaign to create awareness among masses regarding different insurance schemes.
He said that insurance can become a respectable venture if ethics are employed by the companies in an acceptable manner.
Ethics awareness programmes should be a continuous process across the whole insurance industry, he stressed.
For the good of the society, we should embrace a value system comprising honesty and respect for other person which must be the qualifying parameters for any insurance professional.
“Without honesty, there is no chance of a successful business relationship; dishonesty is destructive for personal life and it is disastrous in business,” he said.
There is no law against rudeness but no one would you continue to do business with someone who is rude, he said adding that those who cheat their customers fail soon.
Moral perfection can only be achieved through personal accountability and discipline which seems to be unpleasant in the beginning but pay dividends in the end.
Mian Shahid said that we have to go a long way as far as fair treatment of competitors, full disclosure and faithful control over other people’s money is concerned.
A manager who lacks moral clarity should not expect it from subordinates; he can transform good assistants into mercenaries, he said.
Published in The Nation, Islamabad dated Oct. 17, 2011