PAKISTAN REINSURANCE COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE 1ST QUARTER ENDED MARCH  31, 2005 (UNAUDITED)
Note Fire Marine Cargo Marine Hull Accident Aviation Engineering Treaty March   31,  2005 March   31,  2004
    ------------------------------------------------------------------------ Rupees ---------------------------------------------------------------------------------
Revenue Account
Net premium revenue (813,991) 918,936 (284,323) 867,234 3,972,142 8,676,112 482,319,444 495,655,554 327,825,004
Net claims 39,624                    -                      -                      -   2,303,226 1,370,819 (2,107,329) 1,606,340 (73,518,155)
Management expenses 1,359,249 832,899 490,404 860,056 1,078,862 845,507 22,615,190 28,082,167 24,015,002
Net commission (1,754,475) 36,758 (445,086) 98,141 (1,849,205) (6,604,288) 202,363,745 191,845,590 115,691,208
                 
Underwriting result (458,389) 49,279 (329,641) (90,963) 2,439,259 13,064,074 259,447,838 274,121,457 261,636,949
Investment income 24,774,267 21,658,998
Rental income 5,195,880 3,975,723
Exchange gain (49,850) (242,493)
Other income 10,015,507 112,583
General and administration expenses (5,502,314) (2,210,161)
Provision for doubtful debts/Litigation                      -                         -  
Amortization of premium on Pakistan investment Bond    
Praior Years adjustment    
Provision / reversal of dimunition in value of Investments                      -                         -  
34,433,490 23,294,650
Profit  before tax 308,554,947 284,931,599
Provision for taxation     105,860,000 96,500,000
Profit  after tax 202,694,947 188,431,599
Profit and loss appropriation account - Opening balance 148,183,586 135,148,020
 
Reversal of dimunition in value of Investments
Transfers (to) / from reserves
General reserve                      -                         -  
Proposed Dividend (112,500,180) (112,500,180)
Profit and loss appropriation account - closing balance 238,378,353 211,079,439
   
Earning per share - basic and diluted 4.50 4.19
The annexed notes form an integral part of these financial statements.
*   Negative entries in this case are showing excess retrocession
**  Negative entries are actually showing excess recovery from retrocessionaires.
Naheed Hyder Maj (R) Muhammad Fazal Durrani Fazlur Rehman Dittu S.M. Rafique Akhtar
Executive Director (F&A) Chief Executive Director Director