PAKISTAN REINSURANCE  COMPANY LIMITED

STATEMENT OF EXPENSE
FOR NINE MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED)

			Deferred Commission						Net underwriting expense
	Class	Commission paid or payable	Opening	Closing	Net commission expense	Other management expenses	Underwriting expense	Commission from reinsurers	For Nine Months ended Sep,03	For Nine Months ended Sep,02
		(A)	(B)	(C)	(D)	(E)	(F)	(G)	(H=D+E-G)
		--------------------------------------------------------------------------------------------------R u p e e s---------------------------------------------------
	Fire	166,197,800			166,197,800	30,927,717	197,125,517	41,639,601	155,485,916	235,394,409
	Marine Cargo	58,767,356			58,767,356	11,837,011	70,604,367	7,265,473	63,338,894
	Marine Hull	141,983			141,983		141,983	770,519	(628,536)	79,552,149
	Accident	110,037,979			110,037,979	35,067,126	145,105,105	7,279,582	137,825,523
	Aviation	2,374,014			2,374,014	3,466,985	5,840,999	4,076,916	1,764,083
	Engineering	34,323,813			34,323,813	5,221,022	39,544,835	34,778,174	4,766,661	190,935,368
	Grand Total	371,842,945	-	-	371,842,945	86,519,861	458,362,806	95,810,265	362,552,541	505,881,926
	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