PAKISTAN REINSURANCE COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE QUARTER ENDED MARCH 31, 2004 (UNAUDITED)
Note Fire Marine Cargo Marine Hull Accident Aviation Engineering March 31, 2004 March 31, 2003
------------------------------------------------------------------------- Rupees --------------------------------------------------------------------
Revenue Account
Net premium revenue 3 118,998,884 34,295,336 1,303,717 134,291,434 11,142,867 27,792,766 327,825,004 584,546,706
Net claims (112,839,701) (25,052,545) 675,157 18,994,311 33,316,228 11,388,395 (73,518,155) 118,372,682
Management expenses 9,376,761 1,372,378 248,654 1,235,175 9,588,142 2,193,892 24,015,002 22,022,828
Net commission 61,115,746 19,481,645 (245,011) 40,173,404 (1,664,078) (3,170,498) 115,691,208 124,030,880
               
Underwriting result 161,346,078 38,493,858 624,917 73,888,544 (30,097,425) 17,380,977 261,636,949 320,120,316
Investment income 21,658,998 36,490,595
Exchange gain (242,493) (3,326,650)
Rental income 3,975,723 -
Other income 112,583 37,437
287,141,760 353,321,698
General and administration expenses 2,210,161 2,151,407
Provision / reversal of dimunition in value of Investments  
 
Profit  before tax 284,931,599 351,170,291
Provision for taxation 96,500,000 120,000,000
Profit  after tax 188,431,599 231,170,291
Profit and loss appropriation account - Opening Balance 22,647,840 137,852,321
Reversal of dimunition in value of Investments  -  -
Transfers (to) / from reserves
General reserve
Proposed Dividend
Profit and loss appropriation account - closing balance 211,079,439 369,022,612
The annexed notes form an integral part of these financial statements.
Naheed Hyder
Maj (R) Muhammad Fazal Durrani
Syed Yawar Ali
 Fazlur Rehman Dittu
Executive Director (F&A)
Chief Executive
Director
 Director