PAKISTAN REINSURANCE  COMPANY LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR NINE MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED)

	Share Capital	Share Premium Account	Exceptional Losses reserve	General Reserve	Reserve for issue of bonus shares	Unappropriated profit	Total
Particulars
	----------------------------------------------------------- Rupees ---------------------------------------------------------------
Balance as at Jan 1, 2002	50,000,080	10,725	631,000,000	127,409,000		54,747,866	863,167,671
Net profit for the year ended  31-12-2002	-	-	-	-	-	333,374,848	333,374,848
Issue of bonus shares	-	(10,725)	(350,000,000)	(49,989,915)	400,000,640	-	-
Issue of bonus shares	400,000,640	-	-	-	(400,000,640)	-	-
Write back of investment fluctuation reserve	-		-		-	117,229,715	117,229,715
Transfer to reserves				300,000,000		(300,000,000)	-
Propsed dividend @ 15% (Rs. 1.5 per share)						(67,500,108)	(67,500,108)
Balance as at Dec 31, 2002	450,000,720	-	281,000,000	377,419,085	-	137,852,321	1,246,272,126
Net profit for the Three Qtr ended 30-09-2003	-	-	-	-	-	320,751,675	320,751,675
Balance as at September 30, 2003	450,000,720	-	281,000,000	377,419,085	-	458,603,996	1,567,023,801
The annexed notes form an integral part of these financial statements
Naheed Hyder	Maj (R) Mohammad Fazal Durrani			Yawar Ali		Fazlur Rehman Dittu
Executive Director (F&A)	Chief Executive			Director		Director
Karachi,  October  22,  2003