PAKISTAN REINSURANCE COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 1ST QUARTER ENDED MARCH  31, 2005  (UNAUDITED)
	Share Capital	Share Premium Account	Exceptional Losses reserve	General Reserve	Reserve for issue of bonus shares	Unappropriated profit	Total
	----------------------------------------------------------- Rupees ---------------------------------------------------------------
Balance as at January 1, 2004  as previously reported	450,000,720	-	281,000,000	677,419,085	-	22,647,840	1,431,067,645
Change in accounting policy with respect to dividend declared after the balance sheet
	-	-	-	-	-	112,500,180	112,500,180
Balance as at January 1, 2004  as restated	450,000,720	-	281,000,000	677,419,085	-	135,148,020	1,543,567,825
Final dividend 2003 @ 25% (Rs. 2.5 per share)	-	-	-	-	-	(112,500,180)	(112,500,180)
Net profit for the Year ended 31-12-2004	-	-	-	-	-	325,535,746	325,535,746
Transfer to reserves	-	-	-	200,000,000	-	(200,000,000)	-
Balance as at December  31, 2004	450,000,720	-	281,000,000	877,419,085	-	148,183,586	1,756,603,391
Balance as at January 1, 2005	450,000,720	-	281,000,000	877,419,085	-	148,183,586	1,756,603,391
Final dividend 2004 @ 25% (Rs. 2.5 per share)	-	-	-	-	-	(112,500,180)	(112,500,180)
Net profit for the Quarter ended 31-03-2005	-	-	-	-	-	202,694,947	202,694,947
Transfer to reserves	-	-	-	-	-	-	-
Balance as at March  31, 2005	450,000,720	-	281,000,000	877,419,085	-	238,378,353	1,846,798,158
The annexed notes form an integral part of these financial statements
Naheed Hyder	Maj (R) Muhammad Fazal Durrani			Fazlur Rehman Dittu		S.M. Rafique Akhtar
Executive Director (F&A)	Chief Executive			Director		Director