PAKISTAN REINSURANCE COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER  31, 2004 
  Share Capital Share Premium Account Exceptional Losses reserve General Reserve Reserve for issue of bonus shares  Unappropriated profit Total 
Particulars
   
----------------------------------------------------------- Rupees ---------------------------------------------------------------
Balance as at January 1, 2003  as previously reported        450,000,720        281,000,000         377,419,085             137,852,321      1,246,272,126
Change in accounting policy with respect to dividend declared after the balance sheet
              67,500,108            67,500,108
             
Balance as at January 1, 2003  as restated         450,000,720                  -          281,000,000         377,419,085                        -               205,352,429      1,313,772,234
Final dividend 2002 @ 15% (Rs. 1.5 per share)              (67,500,108)          (67,500,108)
Net profit for the year ended  31-12-2003                            -                    -                              -                               -                          -               297,295,699          297,295,699
Transfer to reserves                             -                    -                              -           300,000,000                        -             (300,000,000)                             -  
Balance as at December  31, 2003 as restated        450,000,720                  -          281,000,000         677,419,085                        -               135,148,020      1,543,567,825
Balance as at January 1, 2004  as previously reported        450,000,720                  -          281,000,000         677,419,085                        -                 22,647,840      1,431,067,645
Change in accounting policy with respect to dividend declared after the balance sheet
                           -                    -                              -                               -                          -               112,500,180          112,500,180
             
Balance as at January 1, 2004  as restated         450,000,720                  -          281,000,000         677,419,085                        -               135,148,020      1,543,567,825
Final dividend 2003 @ 25% (Rs. 2.5 per share)                            -                    -                              -                               -                          -             (112,500,180)        (112,500,180)
Net profit for the Year ended 31-12-2004                            -                    -                              -                               -                          -   325,535,746          325,535,746
Transfer to reserves                             -                    -                              -           200,000,000                        -   (200,000,000)                             -  
Balance as at December  31, 2004        450,000,720                  -          281,000,000         877,419,085                        -               148,183,586      1,756,603,391
The annexed notes form an integral part of these financial statements
Naheed Hyder Maj (R) Muhammad Fazal Durrani __________ __________
Executive Director (F&A)
Chief Executive Director Director