Shaheen Insurance Company Limited’s financial results for the half year ended June 30, 2011
Karachi: We have to inform you that the Board of Directors of our company in their meeting held on Monday, August 29, 2011 at 10: AM at the registered office of the Company situated at 10th Floor, Shaheen Complex , M.R. Kayani Road, Karachi recommended the Following:
(i) | Cash Dividend | Nil |
(ii) | Bonus Shares | Nil |
(iii) | Right Shares | Nil |
(iv) | Any Other Entitlement/Corporate Action | Nil |
(v) | Any Other Price-Sensitive Information | Nil |
The Financial Result of the Company are as follows:
Shaheen Insurance Company Limited (SHNI)
Condensed Interim Profit and Loss Account (Unaudited)
For the quarter and six month period ended June 30, 2011
Quarter ended June 30 |
|||||||||||
Fire and
Property damage |
Marine aviation | Motor
And transport |
Accident and
Health |
Other | 2011 | 2010 | |||||
Rupees |
|||||||||||
Aggregate | Aggregate | ||||||||||
Revenue Account | |||||||||||
Net premium revenue | 11,740,795 | 4,533,033 | 35,112,280 | 27,282,681 | 7,278,093 | 115,946,882 | 92,189,056 | ||||
Net claims | (399,809) | (1,028,445) | (29,025,757) | (21,331,883) | (10,134,894) | (61,920,788) | (92,580,853) | ||||
Management expenses | (2,201,422) | (910,492) | (12,209,528) | (5,046,281) | (1,360,168) | (21,727,890) | (11,417,030) | ||||
Net Commission | (2,182,791) | (1,484,622) | (8,860,527) | (2,328,922) | 390,309 | (14,466,553) | (18,815,711) | ||||
Net Underwriting expenses | (4,384,213) | (2,395,114) | (31,070,055) | (7,375,203) | (969,859) | (36,194,444) | (30,232,741) | ||||
——— | ——— | ———- | ———- | ———- | ———- | ———- | |||||
Underwriting results | 6,956,773 | 1,109,473 | 15,016,468 | (1,424,404) | (3,826,660) | 17,831,650 | (25,624,538) | ||||
Investment Income | 5,865,532 | 1,247,987 | |||||||||
Rental Income | 523,818 | 518,802 | |||||||||
Other Income /(Charges) | 1,163,459 | (46,255) | |||||||||
General and administrative expenses | (17,226,284) | (19,889,386) | |||||||||
——— | ——— | ———- | ———- | ———- | ———- | ———- | |||||
Profit / (Loss) before tax | 8,158,175 | (43,793,390) | |||||||||
Provision for taxation – current | (1,824,636) | (1,962,960) | |||||||||
——— | ——— | ———- | ———- | ———- | ———- | ———- | |||||
Profit / (Loss) after tax | 633,540 | (45,756,350) | |||||||||
Resrated |
|||||||||||
Earning / (Loss) per share – basic and diluted | 0.25 | (2.17) | |||||||||
Quarter ended June 30 |
||||||||
Fire and
Property damage |
Marine aviation | Motor
and transport |
Accident and
Health |
Other | 2011 | 2010 | ||
Rupees |
||||||||
Aggregate | Aggregate | |||||||
Revenue Account | ||||||||
Net premium revenue | 23,620,529 | 15,207,478 | 131,080,314 | 47,922,017 | 14,190,918 | 232,021,257 | 205,718,371 | |
Net claims | (897,485) | (1,374,363) | (72,172,681) | (48,934,308) | (735,311) | (124,114,148) | (149,989,824) | |
Management expenses | (4,191,222) | (2,698,412) | (23,258,863) | (8,503,273) | (2,518,034) | (41,169,803) | (28,187,958) | |
Net Commission | (4,783,187) | (4,221,542) | (17,796,684) | (4,146,253) | (976,547) | (29,971,119) | (39,550,192) | |
Net Underwriting expenses | (8,974,187) | (6,919,954) | (41,055,547) | (12,649,526) | (1,541,486) | (71,140,922) | (67,738,150) | |
——— | ——— | ———- | ———- | ———- | ———- | ———- | ||
Underwriting results | 13,748,635 | 6,913,161 | 17,852,086 | (13,661,817) | 11,914,121 | 36,766,186 | (12,009,603) | |
Investment Income | 11,680,935 | 3,021,353 | ||||||
Rental Income | 1,047,636 | 1,037,601 | ||||||
Other Income | 1,469,085 | 1,667,726 | ||||||
General and administrative expenses | (34,404,139) | (35,114,144) | ||||||
——— | ——— | ———- | ———- | ———- | ———- | ———- | ||
Profit / (Loss) before tax | 16,559,703 | (41,397,037) | ||||||
Provision for taxation – current | (2,824,636) | (2,462,960) | ||||||
——— | ——— | ———- | ———- | ———- | ———- | ———- | ||
Profit / (Loss) after tax | 13,735,068 | (43,859,997) | ||||||
——— | ——— | ———- | ———- | ———- | ———- | ———- | ||
Balance of accumulated (loss) at | ||||||||
end of the period | (10,044,939) | (38,607,067) | ||||||
——— | ——— | ———- | ———- | ———- | ———- | ———- | ||
Resrated |
||||||||
Earning / (Loss) per share – basic and diluted | 0.60 | (2.08) | ||||||
For more information, contact:
Huzaifa Hanif Tola
Company Secretary
Shaheen Insurance Company Limited
10th Floor Shaheen Complex, M.R. Kayani Road, Karachi – 74200
Tel: (9221) 32630370-75
Fax: (9221) 32626674
Email: sihifc@cyber.net.pk
Web: www.shaheeninsurance.com