PAKISTAN REINSURANCE  COMPANY LIMITED

BALANCE SHEET AS AT  SEPTEMBER 30, 2003 (UNAUDITED)

 
THREE QTR 2003  2002 THREE QTR 2003  2002
  Note Rupees Rupees   Note Rupees Rupees
Share Capital and Reserves Cash and Bank deposits
Authorized Share Capital Cash and other equivalent 65,148 49,528
100,000,000 ordinary shares of Rs. 10/- each 1,000,000,000 1,000,000,000 Current and other accounts 320,893,051 129,117,868
Deposits maturing within 12 months 1,700,000 1,700,000
Issued, subscribed and paid up share capital 450,000,720 450,000,720 322,658,199 130,867,396
   
Exceptional Losses Reserve 281,000,000 281,000,000 Loans (Considered good)
General Reserve 377,419,085 377,419,085 to employees 30,815,724 29,864,637
Retained earnings 458,603,996 137,852,321 to others 6,920,949 5,260,378
1,117,023,081 796,271,406 37,736,673 35,125,015
TOTAL EQUITY 1,567,023,801 1,246,272,126
Underwriting Provisions Investments 1,905,189,745 1,905,189,745
-  Provision for outstanding claims 884,196,881 582,267,377
   (including IBNR)    
-  Provision for unearned premium 1,308,997,719 1,373,762,924 Other Assets
2,193,194,600 1,956,030,301 Amount due from persons and bodies carrying on insurance business 1,051,623,830 995,789,533
Deferred Liability    
Staff retirement benefits 123,539,288 119,189,138 Deposits held by ceding companies 37,303,642 6,375,255
Profit, dividend and return accrued/outstanding 82,799,735 83,664,267
Creditors and Accruals     Other Receivable 278,953,968 113,863,220
Amount due to other persons and bodies carrying on insurance business     Prepaid reinsurance ceded 808,846,029 712,046,362
610,698,099 694,526,732 Advance for taxation less provision 86,063,354 102,883,538
Deposits retained/received from other Companies 64,519,018 71,452,250 Stock of stationary 213,775 396,800
    2,345,804,333 2,015,018,975
Advances and deposits 8,796,958 7,093,537
Sundry creditors 21,548,939 21,440,741
Provision for taxation 117,900,000  
Retention money payable 6,369,686 6,479,441 Fixed Assets
829,832,700 800,992,701 Tangible and Intangible Assets
Other liabilities Land and building, furniture, fixture, office equipment, vehicles books and computers 102,419,475 104,001,279
Dividend payable 655,654 655,654
Proposed dividend        67,500,108 Intangible Assets 1,789,417 1,789,417
Surplus profit payable 1,351,799 1,351,799 Assets related to Bangladesh                      -                         -  
2,007,453 69,507,561
TOTAL LIABILITIES 3,148,574,041 2,945,719,701
CONTINGENT LIABILITIES
4,715,597,842 4,191,991,827 4,715,597,842 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,  October  22,  2003