Pakistan Reinsurance Company Limited
Statement of Expenses
for the Half Year ended June 30, 2003 (Unaudited)
			Deferred Commission						Net underwriting expense
	Class	Commission paid or payable	Opening	Closing	Net commission expense	Other management expenses	Underwriting expense	Commission from reinsurers	For Six Months ended June,03	For Six Months ended June,02	For Three Months ended June,03
		(A)	(B)	(C)	(D)	(E)	(F)	(G)	(H=D+E-G)
		--------------------------------------------------------------------------------------------------R u p e e s---------------------------------------------------
	Fire	103,341,468			103,341,468	21,265,796	124,607,264	23,289,505	101,317,759	153,004,654	40,420,799
	Marine Cargo	27,318,072			27,318,072	5,907,297	33,225,369	3,990,280	29,235,089		6,137,450
	Marine Hull	40,874			40,874	17,298	58,172	282,032	(223,860)	51,521,475	-140,531
	Accident	62,002,804			62,002,804	21,708,134	83,710,938	4,839,414	78,871,524		13,596,108
	Aviation	1,963,282			1,963,282	2,680,895	4,644,177	2,525,723	2,118,454		1,885,953
	Engineering	20,578,843			20,578,843	3,533,738	24,112,581	22,013,875	2,098,706	120,882,833	5,464,185
	Grand Total	215,245,343	-	-	215,245,343	55,113,158	270,358,501	56,940,829	213,417,672	325,408,962	67,363,964
	The annexed notes form an integral part of these financial statements.
		Naheed Hyder			Maj (R) Mohammad Fazal Durrani			__________		__________
		Executive Director (F&A)			Chief Executive			Director		Director
	Karachi,  August 20,  2003