Pakistan Reinsurance Company Limited
Balance Sheet
as at March 31, 2003 (Unaudited)
1st Qtr. 2003 2002 1st Qtr. 2003 2002
Note Rupees Rupees Note Rupees Rupees
Share Capital Reserves Cash and Bank deposits
Authorised Share Capital Cash and other equipment            72,225            49,528
100,000,000 ordinary shares of Rs. 10/- each  1,000,000,000  1,000,000,000 Current and other accounts    160,604,202    129,117,686
Issued, Subscribed and paid up share capital     450,000,720     450,000,720 Deposits maturing within 12 months        1,700,000        1,700,000
   162,376,427    130,867,396
Exceptional Losses Reserve     281,000,000     281,000,000
General Reserve     377,419,085     377,419,085
Retained earnings     369,022,612     137,852,321
 1,027,441,697     796,271,406 Loans (Considered good)
TOTAL EQUITY  1,477,442,417  1,246,272,126 to employees      29,997,973      29,864,637
Underwritting Provisions to others        6,502,318        5,260,378
- Provision for outstanding claims     689,161,845     582,267,377      36,500,291      35,125,015
  (including IBNR)    
- Provision for unearned premium  1,346,508,580  1,373,762,924
 2,035,670,425  1,956,030,301 Investments  1,905,189,745  1,905,189,745
Deferred Liability
Staff retirement benefits     119,189,138     119,189,138 Other Assets
Amount due from persons and bodies
Creditors and Accruals carrying on insurance business  1,131,828,015    995,789,533
Amount due to other persons and bodies Deposits held by creding companies      21,795,132        6,375,255
carrying on insurance business Profit, dividend and return accrued / outstanding      80,707,774      83,664,267
    536,035,367     694,526,732 Other Receivable    119,748,063    113,863,220
Deposit retained / received from other Companies       69,746,750       71,452,250 Prepaid reinsurance ceded    790,347,220    712,046,362
    Advance for taxation ceded    106,112,775    102,883,538
Advances and deposits         7,093,537         7,093,537 Stock of stationery           396,800           396,800
Sundry creditors       19,729,688       21,440,741  2,250,935,779  2,015,018,975
Provision for taxation     120,000,000  
Retention money payable         6,482,291         6,479,441 Fixed Assets
    759,087,633     800,992,701 Tangible and Intangible Assets
Other liabilities Land and building, furniture, fixture, office
Dividend payable           655,654           655,654 equipment, vehicales, books and computers    104,105,515    104,001,279
Proposed dividend       67,500,108       67,500,108 Intagible Assets        1,789,417        1,789,417
Surplus profit payable         1,351,799         1,351,799 Assets related to Bangladesh  -  -
      69,507,561       69,507,561
TOTAL LIABILITIES     298,454,757  2,945,719,701    
CONTINGENT LIABLITIES  4,460,897,174  4,191,991,827  4,460,897,174  4,191,991,827
The annexed notes for an integral part of these financial statements
Naheed Hyder Maj.( R) Mohammad Fazal Durrani Mr. Sharif Ijaz Ghauri Fazlur Rehman Dittu
Executive Director (F&A) Chief Executive Director Director
Karachi, June 19, 2003