Pakistan Reinsurance Company Limited
Balance Sheet
June 30, 2003 (Unaudited)
1ST HALF. 2003  2002 1ST HALF. 2003  2002
  Note Rupees Rupees   Note Rupees Rupees
Share Capital and Reserves Cash and Bank deposits
Authorized Share Capital Cash and other equivalent 53,265 49,528
100,000,000 ordinary shares of Rs. 10/- each 1,000,000,000 1,000,000,000 Current and other accounts 320,353,629 129,117,868
Deposits maturing within 12 months 1,700,000 1,700,000
Issued, subscribed and paid up share capital 450,000,720 450,000,720 322,106,894 130,867,396
   
Exceptional Losses Reserve 281,000,000 281,000,000 Loans (Considered good)
General Reserve 377,419,085 377,419,085 to employees 32,646,963 29,864,637
Retained earnings 441,430,995 137,852,321 to others 6,404,510 5,260,378
1,099,850,080 796,271,406 39,051,473 35,125,015
TOTAL EQUITY 1,549,850,800 1,246,272,126
Underwriting Provisions Investments 1,905,189,745 1,905,189,745
-  Provision for outstanding claims 817,742,697 582,267,377
   (including IBNR)    
-  Provision for unearned premium 1,038,518,564 1,373,762,924 Other Assets
1,856,261,261 1,956,030,301 Amount due from persons and bodies carrying on insurance business 1,104,728,990 995,789,533
Deferred Liability    
Staff retirement benefits 124,539,288 119,189,138 Deposits held by ceding companies 39,576,643 6,375,255
Profit, dividend and return accrued/outstanding 83,953,275 83,664,267
Creditors and Accruals     Other Receivable 177,084,369 113,863,220
Amount due to other persons and bodies carrying on insurance business     Prepaid reinsurance ceded 594,240,640 712,046,362
552,432,273 694,526,732 Advance for taxation less provision 52,361,166 102,883,538
Deposits retained/received from other Companies 73,151,835 71,452,250 Stock of stationary 213,775 396,800
    2,052,158,858 2,015,018,975
Advances and deposits 12,580,441 7,093,537
Sundry creditors 16,722,498 21,440,741
Provision for taxation 155,300,000  
Retention money payable 6,364,985 6,479,441 Fixed Assets
816,552,032 800,992,701 Tangible and Intangible Assets
Other liabilities Land and building, furniture, fixture, office equipment, vehicles books and computers 96,414,555 104,001,279
Dividend payable 655,654 655,654
Proposed dividend         67,500,108      67,500,108 Intangible Assets 1,789,417 1,789,417
Surplus profit payable 1,351,799 1,351,799 Assets related to Bangladesh                      -                         -  
69,507,561 69,507,561
TOTAL LIABILITIES 2,866,860,142 2,945,719,701
CONTINGENT LIABILITIES
4,416,710,942 4,191,991,827 4,416,710,942 4,191,991,827
The annexed notes form an integral part of these financial statements.
Naheed Hyder Maj (R) Mohammad Fazal Durrani Syed Yawar Ali Fazlur Rehman Dittu
Executive Director (F&A) Chief Executive Director
Director
Karachi,  August, 20  2003