PAKISTAN REINSURANCE  COMPANY LIMITED

PROFIT AND LOSS ACCOUNT
FOR NINE MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED)

		Note	Fire	Marine Cargo	Marine Hull	Accident	Aviation	Engineering	For Nine Months ended Sep,03	For Nine Months ended Sep,02	For Three Months ended Sep,03
			------------------------------------------------------------------------- Rupees --------------------------------------------------------------------
	Revenue Account
	Net premium revenue		431,914,734	161,733,453	569,443	443,557,216	28,342,475	71,312,253	1,137,429,574	1,177,599,181	298,210,885
	Net claims		203,426,162	91,281,221	638,444	209,577,134	8,877,850	28,482,542	542,283,353	429,833,638	291,486,299
	Management expenses		30,927,717	11,837,011	0	35,067,126	3,466,985	5,221,022	86,519,861	91,862,130	31,406,703
	Net commission		124,558,199	51,501,883	(628,536)	102,758,397	(1,702,902)	(454,361)	276,032,680	414,019,796	117,728,166
	Underwriting result		73,002,656	7,113,338	559,535	96,154,559	17,700,542	38,063,050	232,593,680	241,883,617	(142,410,283)
	Investment income								201,363,855	169,579,416	120,093,464
	Exchange gain								7,230,429	(5,257,249)	298,801
	Rental income								9,019,976	714,184	3,142,812
	Other income								480,303	2,551,075	273,111
									450,688,243	409,471,043	(18,602,095)
	General and administration expenses								12,036,568	12,310,841	1,624,904
	Provision / reversal of dimunition in value of Investments
	Profit  before tax								438,651,675	397,160,202	(20,226,999)
	Provision for taxation								117,900,000	116,000,000	(37,400,000)
	Profit  after tax								320,751,675	281,160,202	17,173,001
	Profit and loss appropriation account -
	Opening balance								137,852,321	54,747,866	-
	Reversal of dimunition in value of Investments									-
	Transfers (to) / from reserves
	General reserve
	Proposed Dividend
	Profit and loss appropriation account - closing balance								458,603,996	335,908,068	17,173,001
	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