PAKISTAN REINSURANCE COMPANY LIMITED
STATEMENT OF EXPENSE
FOR THE 1ST QUARTER ENDED MARCH 31, 2005 (UNAUDITED)

			Deferred Commission
	Class	Commission paid or payable	Opening	Closing	Net commission expense	Other management expenses	Underwriting expense	Commission from reinsurers	Opening	Closing	Net commission retrocession	March 31, 2005 Net underwriting expense	March 31, 2004 Net underwriting expense
		(A)	(B)	(C)	(D=A+B-C)	(E)	(F=D+E)	(G)	(H)	( I )	(J=G+H-I)	(K=F-J)
Direct and		----------------------------------------------------------------------------------R u p e e s-------------------------------------------------------------------
Facultative	Fire	12,303,511	10,901,577	16,960,754	6,244,334	1,359,249	7,603,583	13,222,720	14,233,384	19,457,295	7,998,809	(395,226)	17,893,382
	Marine Cargo	-	36,758	-	36,758	832,899	869,657	-	-	-	-	869,657	(731,805)
	Marine Hull	-	1,961,017	1,268,427	692,590	490,404	1,182,994	-	3,373,230	2,235,554	1,137,676	45,318	(1,873,387)
	Accident	182,023	201,631	280,912	102,742	860,056	962,798	-	6,528	1,927	4,601	958,197	(4,183,105)
	Aviation	-	906,252	528,519	377,733	1,078,862	1,456,595	1,958,016	5,004,732	4,735,810	2,226,938	(770,343)	(16,643,834)
	Engineering	9,297,676	9,289,356	14,642,055	3,944,977	845,507	4,790,484	12,641,688	24,641,380	26,733,803	10,549,265	(5,758,781)	(9,339,158)

	Total	21,783,210	23,296,591	33,680,667	11,399,134	5,466,977	16,866,111	27,822,424	47,259,254	53,164,389	21,917,289	(5,051,178)	(14,877,907)


TREATY	Proportional	10,248,507	488,054,780	285,629,968	212,673,319	22,615,190	235,288,509	3,983,773	20,880,643	14,554,842	10,309,574	224,978,935	154,584,116


	Grand Total	32,031,717	511,351,371	319,310,635	224,072,453	28,082,167	252,154,620	31,806,197	68,139,897	67,719,231	32,226,863	219,927,757	139,706,209



	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