intended to produce competitive rates of return commensurate with the risk assessment for each qualifying project. 1.2. Investment Funds & Their Performance for the Last Fiscal Year: The net asset value of all unit linked funds under management increased from Rs. 23.60 billion to Rs. 32.28 billion in 2012, a growth in size of 36.8%. The Managed Growth Fund is the largest unit linked fund of the Company and its net asset value increased to Rs. 30.96 billion as compared to Rs. 22.70 billion as at 31 December 2011. The annualized return (net of all charges) is 11.51% over last 10 years. In 2012, the one year return on the fund was 17.48%, which is the highest return offered by a managed unit linked fund of a life insurance company in the country. The Company manages three other unit linked funds with specific investment strategies: Capital Growth Fund - for single premium policies, and has provided an annualized return (net of all charges) of 18.42% over 2012. Aitemad Growth Fund - interest free investments, and has provided an annualized return (net of all charges) of 16.87% over 2012. Internship Report Page 6
EFU Life Assurance Ltd. Guaranteed Growth Fund - stable investment strategy with a guarantee that bid price will not fall. This fund has provided an annualized return (net of all charges) of 10.09% over 2012. 1.3. Work done in the Department As an intern, I was assigned to work on Financial Models of major companies in Oil & Gas Sector. These Financial Models are developed and maintained on regular basis to serve the purpose of In-house research for major scrips in the Pakistani Equity Markets. The In-house research is a significant function of the investments department as it helps the managers to project the future market prices of the major stocks. These stocks are frequently traded and held for the future, in some cases, in order to allocate assets for the funds managed by the company. The companies I worked on during my internship are as follows, Financial Models Compiled During The Internship Oil & Gas Exploration Companies Pakistan Petroleum Ltd. PPL Pakistan Oil Fields Ltd. POL Oil & Gas Development Company Ltd. OGDCL Mari Gas Company Ltd. MGCL Oil Refineries National Refinery Ltd. NRL Attock Refinery Ltd. ARL Oil & Gas Marketing Companies (OMCs) Pakistan State Oil Ltd. PSO Attock Petroleum APL Internship Report Page 7
EFU Life Assurance Ltd. I had to update all of the above mentioned Models with recent financial data, on quarterly basis. Also, I had to review the projected prices of the stocks in accordance with the recent developments in the company and the macroeconomic changes that have occurred in the last few months. Apart from these models, I was also assigned to update the Energy Database from the Energy Year Book, which is published by The Ministry of Water & Power on yearly basis.
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