| PAKISTAN
REINSURANCE COMPANY LIMITED |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED
DECEMBER 31, 2004 |
|
|
|
|
Note |
Fire |
Marine Cargo |
Marine Hull |
Accident |
Aviation |
Engineering |
Treaty,Comp. |
Dec 31,
2004 |
Dec 31,
2003 |
|
|
------------------------------------------------------------------
Rupees ----------------------------------------------------------------- |
|
|
Revenue Account |
|
|
|
|
|
Net premium revenue |
|
(21,400,636) |
2,565,687 |
(366,139) |
2,351,020
|
24,968,487
|
21,891,130
|
2,259,339,595 |
######### |
######### |
|
Net claims |
|
(16,869,430) |
(108,501,881) |
(4,283,494) |
- |
(381,214,230) |
24,246,538
|
1,816,513,309 |
######### |
######### |
|
Management expenses |
|
4,134,182
|
3,061,840 |
1,852,360
|
3,021,959 |
3,383,065 |
2,122,224 |
116,450,236 |
134,025,866 |
140,446,444 |
|
Net commission |
|
(5,751,397) |
101,592 |
(975,154) |
161,744 |
(5,673,941) |
(21,809,397) |
808,266,895 |
774,320,342 |
219,472,353
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting result |
|
(2,913,991) |
107,904,136 |
3,040,149
|
(832,683) |
408,473,593 |
17,331,765 |
(481,890,845) |
51,112,124 |
76,290,426 |
|
|
|
|
|
|
Investment income |
|
|
360,525,695 |
332,810,882
|
|
Rental income |
|
|
27,192,029 |
11,899,686 |
|
Exchange gain |
|
|
|
25,078,440 |
9,878,673 |
|
Other income |
|
|
6,659,108 |
11,019,489 |
|
General and administration expenses |
|
|
(19,725,338) |
(16,451,741) |
|
Provision for doubtful debts/Litigation |
|
|
(60,000,000) |
(49,976,338) |
|
Amortization of premium
on Pakistan investment Bond |
|
|
|
|
Praior Years adjustment |
|
|
|
|
|
Provision / reversal of
dimunition in value of Investments |
|
|
(9,175,378) |
|
|
339,729,934
|
290,005,273
|
|
Profit before tax |
|
|
390,842,058
|
366,295,699
|
|
Provision for taxation |
|
|
65,306,312 |
69,000,000 |
|
Profit after tax |
|
|
325,535,746
|
297,295,699
|
|
Profit and loss appropriation account - |
|
|
|
|
|
Opening balance |
|
|
135,148,020 |
205,352,429 |
|
Reversal of dimunition in
value of Investments |
|
|
|
|
Transfers (to) / from reserves |
|
|
|
|
|
|
|
|
|
General reserve |
|
|
######### |
######### |
|
Proposed Dividend |
|
|
######### |
(67,500,108) |
|
Profit and loss
appropriation account - closing balance |
|
148,183,586
|
135,148,020
|
|
|
|
|
|
|
|
Earning per
share - basic and diluted |
|
7.23 |
6.61 |
|
The annexed notes form an
integral part of these financial statements. |
|
|
|
* Negative entries in this case are showing
excess retrocession |
|
|
** Negative entries are actually showing
excess recovery from retrocessionaires. |
|
|
|
|
|
Naheed Hyder |
|
|
Maj (R) Muhammad Fazal Durrani |
|
__________ |
|
__________ |
|
|
|
|
|
Chief Executive |
|
Director |
|
Director |
|
|
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