PAKISTAN REINSURANCE  COMPANY LIMITED

FOR NINE MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED)

Rupees '000' Rupees '000'
Sep 30, Sep 30,
Operating Cash Flows; 2003 2002
Underwriting activities:-
Primium received     2,476,986     1,436,845
Reinsurance premium paid  (1,752,050)  -
Cliams paid  (493,399)  (585,073)
Reinsurance and other recoveries received        253,045  -
Commission paid  (371,842)  (414,019)
Commission received          95,810  -
Due from person carrying on insurance business  (55,834)  (446,872)
Due to person carrying on insurance business  (83,828)        223,735
Deposits received from / paid to ceding companies  (37,861)          29,403
Expenses paid  (86,520)  -
Net cash flows from underwriting activities  (55,493)        244,019
Other Operating Activities
Income tax paid         (30,612)  (42,000)
General management expenses paid         (12,036)         (17,568)
Interest / dividend / rental income receipts        217,615          33,494
Loans, advances, deposits and prepaid           (2,611)         (22,696)
Advance, deposits received / adjusted  -            2,175
Premium reserve net       (161,565)            7,592
Reserve for outstanding claims        301,930       (155,240)
Other receipts              481  -
Other payments  -  -
Net cash flows from other operating activities        313,202       (194,243)
Total cash flow from all operatoing activities        257,709          49,776
Investment activities
Fixed Capital expenditure 1,582 8,584
Acquisition of Investments - 241,823
Sale proceeds of investments - -
Total Cash Flow from investment activities 1,582 250,407
Financing activities
Surplus paid - -
Dividend paid (67500)  -
Transfer of reserves -        271,097
Transfer of share capital -  -
Issue of share capital -  -
Total cash flow from financing activities (67500)        271,097
Net cash flow from all activities        191,791        273,395
Cash and cash equivalents at beginning of the year        130,867          75,096
Cash and cash equilents at end of the quarter        322,658        348,491
Naheed Hyder Maj. ( R) Mohammad Fazal Durrani Syed Yawar Ali
Fazalur Rehman Dittu
Executive Director (F&A)
 Chief Executive Director
Director
Karachi, June 19, 2003