| 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 | ||||||||