PAKISTAN REINSURANCE COMPANY LIMITED
	STATEMENT OF INVESTMENT INCOME
	FOR THE 1ST QUARTER ENDED MARCH  31, 2005  (UNAUDITED)
			March   31,  2005	March   31,  2004	For Three Months ended Sep,04	For Three Months ended Sep,03
			Rupees	Rupees	Rupees	Rupees
	Income from non-trading investment
	Held to maturity investments
	Return on government securities		16,265,683	9,042,010	-37,799,954	25,912,125
	Amortization of premium on Pakistan investment Bond		-	-	########
	Return on other fixed income securities and deposits		128,233	-	-2,106,099	170,183
	Income on treasury bills		2,109,172	-
	Available for sale investments
	Dividend income		7,119,133	10,650,874	-18,964,036	94,640,524
	Gain on sale of non-trading investments
	Available for sale investments		-	2,599,838	(2,889,214)	-
	Gain on revaluation of non-trading investments
	Available for sale investments		-	-	(391,611)	-
			25,622,221	22,292,722	-50,105,809	########
	Less: investment related expenses		847,954	633,724	-419,487	629,368
	Net investment income		24,774,267	21,658,998	-49,686,322	########
	The annexed notes form an integral part of these financial statement
	Naheed Hyder	Maj (R) Muhammad Fazal Durrani	Fazlur Rehman Dittu	S.M. Rafique Akhtar
	Executive Director (F&A)	Chief Executive	Director	Director