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For the year
ended December 31, 2002
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Marine,
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Fire and
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Aviation and
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2002
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2001
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Note
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Property
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Transport
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Motor
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Others
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Aggregate
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Aggregate
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------------ (Rupees
in thousand) -----------
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| Revenue
Account |
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| Net
Premium Revenue |
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4,282
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44,939
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73,623
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12,125
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134,969
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102,179
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| |
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| Net
Claims |
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(3,451)
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(5,190)
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(27,238)
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(4,705)
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(40,584)
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(42,710)
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| Expenses |
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(14,569)
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(8,464)
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(10,722)
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(2,197)
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(35,952)
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(31,502)
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| Net
Commission |
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21,571
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13,405
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(4,315)
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988
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31,649
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42,513
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| Underwriting
result |
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7,833
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44,690
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31,348
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6,211
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90,082
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70,480
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| Investment
Income |
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-
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-
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-
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147,158
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147,158
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90,875
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| Other Income |
14
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-
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-
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-
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4,103
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4,103
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3,320
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| Mark-up/finance
charges |
15
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-
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-
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-
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(7,779)
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(7,779)
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(22,064)
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| General
and administration expenses |
16
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-
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-
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-
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(18,149)
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(18,149)
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(14,526)
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-
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-
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-
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125,333
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125,333
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57,605
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| Profit
before tax |
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7,833
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44,690
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31,348
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131,544
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215,415
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128,085
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| Provision
for Taxation |
17
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-
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-
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-
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41,543
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41,543
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17,514
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| Profit
after tax |
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7,833
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44,690
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31,348
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90,001
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173,872
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110,571
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| Profit
and Loss Appropriation Account |
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| Balance
at commencement of year |
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-
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-
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-
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-
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12,322
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-
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| Adjustment
resulting from change in accounting policy |
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-
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-
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-
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-
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(3,234)
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-
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| Adjusted
balance at commencement of year |
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-
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-
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-
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-
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9,088
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-
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| Profit
after tax for the year |
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-
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-
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-
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-
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173,872
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110,571
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| Proposed
Dividend@ 60% (2001: 50%) per share |
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-
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-
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-
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-
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(64,074)
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(48,541)
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| Reserve
for bonus shares |
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(16,018)
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| Transfers
to general reserves |
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-
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-
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-
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-
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(65,000)
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(40,000)
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| Reserve
for contingencies |
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-
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-
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-
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-
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(30,000)
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(9,708)
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-
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-
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-
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-
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(1,220)
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12,322
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| Balance
Unappropriated Profit at end of year |
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-
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-
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-
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-
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7,868
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12,322
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| The
annexed notes form an integral part of these financial statements. |
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Director |
|
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Director |
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Chairman
|
Chief Executive
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