Pakistan Reinsurance Company Limited
Statement of Cash Flow
for the Half Year ended June 30, 2003 (Unaudited)
						Rupees '000'		Rupees '000'
						June 30,		June 30,
						2003		2002
Operating Cash Flows:
Underwriting activities:-
Premium received						2,003,022		839,954
Reinsurance premium paid						(1,217,630)
Claims paid						(607,029)		(430,202)
Reinsurance and other recoveries received						356,232
Commision paid						(215,245)		(259,905)
Commision received						56,941
Due from person carrying on insurance business						(62,100)		(251,800)
Due to person carrying on insurance business						(142,094)		171,857
Deposits received from/paid to ceding companies						(31,500)		40,245
Expenses paid						(54,930)		(65,504)
Net cash flows from underwriting activities						85,667		44,645
Other Operating Activities
Income tax paid						-
General management expenses paid						(10,411)		(15,861)
Interest/dividend/rental income receipts						94,079		57,562
Loans, advances, deposits and prepaid						(3,926)		30,082
Advance, deposits received/adjusted						-		1,513
Premium reserve net						(217,438)		6,575
Reserve for outstanding claims						235,475		(117,035)
Other receipts						207		7,979
Other payments						-		(86)
Net cash flows from other operating activities						97,986		(29,271)
Total cash flow from all operating activities						183,653		15,374
Investment activities
Fixed Capital expenditure						7,587		8,652
Acquisition of investments						-		(933)
Sale proceeds of investments						-		-
Total Cash Flow from investment activities						7,587		7,719
Financing activities
Dividend paid						-
Transfer of reserves						-		400,000
Transfer of share capital						-		(400,000)
Issue of share capital						-
Tota cash flows from financing activities						-		-
Net cash flow from all activities						191,240		23,093
Cash and cash equivalents at beginning of the year						130,876		75,096
Cash and cash equivalents at end of the quarter						322,116		98,189
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
						Rupees '000'		Rupees '000'
						June 30,		June 30,
						2003		2002
Reconciliation to profit and loss account
Operating cash flows						183,611		15,374
Depreciation expense						(7,705)		(8,710)
Exchange gain						6,932		(5,203)
Rental income						5,877
Investment income						81,270		112
(Decrease)/Increase in operating assets/liabilities						230,809		231,659
						500,794		233,232
Other adjustments:
Decrease / (Increase) in provision for diminution in
value of investments						0
Rentals received						(7,227)
Investment income received						(34,689)		(32,171)
Income tax paid								(7,720)
						(41,916)		(39,891)
Profit or (loss) before taxation						458,879		193,341
Provision for taxation						(155,300)		(68,500)
								-
Profit or (loss) after taxation						303,579		124,841
Cash and cash equivalents:
Cash and other equivalent						53		134
Current and other accounts						320,354		96,355
Deposit maturing within 12 months						1,700		1,700
						322,107		98,189
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