Reinsurance

Net claims expenses

and other

Reinsurance and other recoveries

and other

Outstanding Claims

recoveries

in respect of outstanding claims

recoveries

Dec 31, 2004

Dec 31, 2003

Class

Claims Paid

Opening

Closing

Claims Expense

received

Opening

Closing

revenue

(A)

(B)

(C)

(D=A+C-B)

(E)

(F)

(G)

(H=E+G-F)

(I=D-H)

-------------------------------------------------------------------------------------------R u p e e s---------------------------------------------------------------------------------------------------

Direct and

Facultative

Fire

7,201,072

84,668,000

73,163,899

(4,303,029)

-

64,063,000

76,629,401

12,566,401

(16,869,430)

1,390,259

Marine Cargo

34,036

129,797,000

12,083

(129,750,881)

-

21,249,000

-

(21,249,000)

(108,501,881)

8,696

Marine Hull

84,890

10,288,000

53,716,475

43,513,365

68,447

-

47,728,412

47,796,859

(4,283,494)

-

Accident

-

Aviation

217,753,667

423,065,000

947,262,294

741,950,961

210,806,206

453,000

912,811,985

1,123,165,191

(381,214,230)

3,627,366

Engineering

278,623,392

931,817,000

475,058,570

(178,135,038)

258,895,450

884,265,000

422,987,974

(202,381,576)

24,246,538

8,743,072

Total

503,697,057

1,579,635,000

1,549,213,321

473,275,378

469,770,103

970,030,000

1,460,157,772

959,897,875

(486,622,497)

13,769,393

Comp. TREATY

Proportional

1,427,354,458

1,004,509,414

1,319,196,679

1,742,041,723

200,206,581

811,090,395

536,412,228

(74,471,586)

1,816,513,309

997,500,417

Grand Total

1,931,051,515

2,584,144,414

2,868,410,000

2,215,317,101

669,976,684

1,781,120,395

1,996,570,000

885,426,289

1,329,890,812

1,011,269,810

The annexed notes form an integral part of these financial statements.

Naheed Hyder

Maj (R) Mohammad Fazal Durrani

Imtiaz Kazi

Fazlur Rehman Dittu

Executive Director (F&A)

Chief Executive

Director