PAKISTAN REINSURANCE COMPANY LIMITED

STATEMENT OF INVESTMENT INCOME

FOR THE YEAR ENDED DECEMBER 31, 2004

Dec 31, 2004

Dec 31, 2003

For Three Months ended Sep,04

For Three Months ended Sep,03

Rupees

Income from non-trading investment

Held to maturity investments

Return on government securities

108,689,485

133,209,601

54,623,848

25,912,125

Amortization of premium on Pakistan investment Bond

(17,319,229)

(5,274,124)

Return on other fixed income securities and deposits

4,515,016

3,424,544

2,280,684

170,183

Income on treasury bills

359,018

Available for sale investments

Dividend income

260,131,116

199,061,894

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94,640,524

Gain on sale of non-trading investments

Available for sale investments

2,889,213

(1)

Gain on revaluation of non-trading investments

Available for sale investments

3,874,734

3,483,123

363,139,353

335,696,039

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Less: investment related expenses

2,613,658

2,885,157

1,346,217

629,368

Net investment income

360,525,695

332,810,882

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The annexed notes form an integral part of these financial statement

Naheed Hyder

Maj (R) Muhammad Fazal Durrani

Imtiaz Kazi

Fazlur Rehman Dittu

Executive Director (F&A)

Chief Executive

Director