East West Insurance Company Limited’s financial results for the six Months period ended June 30, 2011
Karachi: We have to inform you that the Board of Directors of our company in their meeting held on Monday 29th August 2011 at 11:00 A.M at 410, EFU House M.A. Jinnah Road, Karachi, recommended the following:
(Rupees in ‘000’) |
||||
January to June | April to June | |||
2011 | 2010 | 2011 | 2010 | |
Net Premium Revenue | 170,386 | 146,223 | 83,628 | 58,133 |
Net Claims | (69,587) | (60,669) | (33,005) | (26,640) |
——- | ——- | ——- | ——- | |
Management expenses | (42,291) | (38,069) | (24,306) | (17,014) |
Net Commission | (28,043) | (23,451) | (14,010) | (9,840) |
——- | ——- | ——- | ——- | |
Net underwriting expenses | (70,334) | (61,520) | (38,315) | (26,854) |
——- | ——- | ——- | ——- | |
Underwriting Results | 30,465 | 24,035 | 12,308 | 4,639 |
Net Investment income | 4,214 | 3,103 | 1,526 | 85 |
Gain on sale affixed assets | 846 | 1,257 | 156 | 296 |
Other Income | 236 | 880 | 170 | 768 |
General and administrative expenses | (29,887) | (30,007) | (13,753) | (15,560) |
Workers welfare fund | – | (14) | – | (14) |
——- | ——- | ——- | ——- | |
Profit/ (loss) before Tax | 5,873 | (746) | 406 | (9,787) |
Provision for taxation | ||||
-Current | (1,709) | (338) | (209) | 1,362 |
-Prior | – | (5,794) | – | – |
-Deferred | – | (2,214) | – | (2,214) |
——- | ——- | ——- | ——- | |
Profit/ (loss) after Tax | 4,164 | (9,091) | 198 | (10,639) |
——- | ——- | ——- | ——- | |
Profit and loss appropriation account: | ||||
Balance at commencement of the period | 9,576 | 986 | 16,840 | 2,534 |
profit / (loss) after Tax | 4,164 | (9,091) | 198 | (10,639) |
Less: Reversal of Profit recommended by auditor in January to March-2011 | – | – | (3,297) | – |
——- | ——- | ——- | ——- | |
Balance accumulated profit / (loss) at the end of the period | 13,741 | (8,105) | 13,741 | (8,105) |
——- | ——- | ——- | ——- | |
Earning Profit / (loss) per share – basic and diluted | 0.17 | (0.36) | 0.01 | (0.42) |
For more information, contact:
Shabbir Ali Kanchwala
Company Secretary
East West Insurance Company Limited
410 – 414. EFU House,
M.A. Jinnah Road, Karachi-2
PABX: +92 (021)32313304-11
Fax: +92 (021) 32310851,
E-mail: info@eastewstinsurance.com.pk
Web: www.eastewstinsurance.com.pk