IGI Insurance Limited’s result for the nine months ended september 30, 2011

Karachi: We have to inform you that the Board of directors in their meeting held on October 14, 2011 at. 10:30 a.m. at our registered office in Karachi, have approved the results for the nine months ended September 30, 2011 and recommended.

 

The financial results of the Company for the year nine months ended September 30, 2011 are as follows:

 

Nine Months Ended 30 September

Fire and

Property

Marine,

aviation and

Transport

Motor Others

Including

miscellaneous

 2011

Total

(Rupees in ‘000’)

Revenue account
Net premium revenue 43,293 106,970 345,145 136,593 632,001 545,628
Net claims (5,877) (52,044) (213,725)  (109,802) (381,448) (259,917)
Expenses (45,693) (17,942) (45,118)  (24,606) (133,359) (138,634)
Net commission 66,487  20,863 (24,677)  10,883 73,556 22,905
——  ——- ——-  ——- ——- ——-
Underwriting result 58,209  57,847 61,624 13,068  190,750 169,622
—— ——- ——-  ——-
Investment income 156,153 223,755
Rental income 14,681 8,266
Other income 5,178 6,753
Financial charges (27,699) (48,437)
General and administration expenses (96,277) (72,461)
 ——- ——-
52,036 117,876
——-  ——-
242,786 287,498
(Loss) /income from associated companies – net of tax (132,982) 52,926
 ——-  ——-
Profit before taxation 109,803 340,474
Taxation  (25,162) (50,000)
 ——-  ——-
Profit after taxation 84,641 290,474
 ——- ——-
Profit and loss appropriation account
Balance at the commencement of the period 592,463 (172,250)
Transferred from general reserve 337,661 149,672
Final dividend Rs. 2.5 per share (2009: 2.5) (143,685) (149,672)
Interim dividend Rs 2 per share (2010: Rs 1 per share) (193,976) (71,843)
Profit after tax for the period 84,641 290,474
——- ——-
Balance at the end of the period 677,104 46,381
——- ——-

(Rupees)

Basic and diluted earnings per share 0.76 2.60

 

The financial results for the year Quarter ended September 30, 2011

 

Quarter Ended 30 September

Fire and

Property

Marine,

aviation and

Transport

Motor Others

Including

miscellaneous

2011           Total 201

Total

(Rupees in ‘000’)

Revenue account
Net premium revenue (12,160)  31,308 115,474 51,139 185,761 176,127
Net claims (1,394)  (14,277) (53,055)  (46,171) (114,897) (97,345)
Expenses (13,301) (5,340) (21,493) (10,601) (50,735) (45,361)
Net commission 35,389 5,887 (7,542)  3,122 36,856 10,651
 ——  ——- ——- ——- ——-  ——-
Underwriting result 8,534  17,578 33,383 (2,511) 56,985 44,072
—— ——- ——- ——-
Investment income 464 98,069
Rental income 5,041 (872)
Other income 1,350 3,421
Financial charges (11,513) (16,970)
General and administration expenses (20,192) (23,328)
——-  ——-
(24,850) 60,320
——-  ——-
Profit before tax 32,134 104,392
Taxation (17,268)
——-  ——-
Profit after tax 32,134  87,124
——-  ——-

(Rupees)

Basic and diluted earnings per share 0.29  0.78

 

For more information, contact:
Haider Raza
Company Secretary
IGI Insurance Limited
7th Floor, The Forum, Suit No. 701-713,
G-20, Block-9, Khayaban-e-Jami,
Clifton, Karachi- 75600, Pakistan
Tel: 111-234-234
Fax: 92-21-3530 1772-3530-1729

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