The United Insurance Company of Pakistan Limited’s financial results for the 2nd quarter ended June 30, 2011

August 25, 2011   Financial Results   No comments

Karachi: We have to inform you that the Board of Directors of our Company in their meeting held on August 25, 2011 at Company’s Registered Office, Karachi at 11.00 am. Recommended the following:-

Cash Dividend/Bonus Shares/Right Shares

The Board has not recommended interim cash dividend and / or Bonus Shares and/or Right Shares for the 2nd Quarter ended June 30, 2011.

Financial Results

The Financial Results of the Company for the 2nd Quarter ended June 30, 2011 are as follows:-

(Rupees in Millions)

 

June 30, 2011 June 30, 2011 June 30, 2009
Gross Premium  488,308 395,044 387,169
Retained Premium 335,869 283,750 284,672
Net Incurred Expense  129,195 86,035 68,759
Management Expense 70,264 54,160 32,893
Reserve for Un-Expired Risks  317,398  233,525 117,487
General Reserve 75,116 75,116 75,116
Underwriting Profits 125,626 124,369 155,533
Investment Income 13,074 06,757  4,736
Profit before Tax 75,455 73,143 93,194
Paid Up Capital 496,248 400,200 345,000

 

Profit and Loss Account with Appropriation and Earning Per Share

A copy of Profit and Loss Account statement which also shows Appropriation and Earning per Share for the 2nd Quarter ended June 30, 2011 is also enclosed.

Condensed Interim Profit and Loss Account for the Six Months Period Ended JUNE 30, 2011 (Un-Audited)

 Fire & Property Damage Marine,Aviation &Transport Motor MiscellaneousAggregate Quarter endedJune 30, 2011 Aggregate Quarter endedJune 30, 2010
Revenue account

Rupees
Net premium revenue 37,704,834 17,143,330 47,193,651  62,952,516 164,994,131 112,416,978
Net claims  (10,026,028)  (2,658,984) (24,757,414)  (25,903,373) (63,345,799) (34,457,666)
Management expenses (9,461,500) (2,981,844) (7,287,506) (13,155,235) (32,885,083)  (23,904,816)
Net Commission  2,251,537 (770,641) (7,114,821)  (1,815,030)  (7,398,955)  (8,795,929)
 ———- ———- ———- ———-  ———- ———
Underwriting results  20,468,843  10,781,861 8,033,912  22,078,878 61,363,494 45,258,567
 ———- ———- ———   ———- ———-  ———-
Investment income 8,344,255 4,681,372
Rental income  105,000 120,000
Other income / (Loss)  649,450  (3,214)
General and admin expenses (32,024,145) (33,907,817)
Finance charge on lease rentals  (1,890,799) (2,233,472)
 ———-  ———-
(24,816,231) (31,343,131)
Profit / (loss) before tax 36,547,263 13,915,436
Provision for taxation
– Current  (3,000,000) (1,016,642)
– Current (Prior)  (1,379,832) –
– Deferred  (650,000)  (566,766)
———- ———-
Profit/ (loss) after tax  31,517,431 12,332,028
———- ———-
Earnings per share of Rs 10/- each – basic and diluted  0.64 0.25

 

Fire &Property Damage Marine,Aviation & Transport Motor Miscellaneous Six months ended  June 30, 2011Aggregate  Six months ended June 30, 2010 Aggregate
Revenue account

Rupees
Net premium revenue 68,991,557 34,975,361 102,517,289 129,385,168 335,869,375 283,750,016
Net claims  (26,955,328) (7,559,090) (55,689,821)  (38,990,633) (129,194,872)  (86,034,922)
Management expenses  (20,189,031) (7,620,431) (16,607,791) (25,847,054) (70,264,307) (54,160,273)
Net commission 4,310,472  (331,968) (12,573,872) 2,188,690) (10,784,057) (19,185,333)
———-  ———-  ———– ———–  ———–  ———–
Underwriting results  26,157,670 19,463,872 17,645,805 62,358,791 125,626,138 124,369,489
———- ———- ———–  ———– ———– ———–
Investment income 13,074,331  6,756,886
Rental income 210,000 210,000
Other Income 653,197 367,152
General and admin expenses (60,089,512) (53,710,761)
Finance charges on lease rentals  (4,019,201) (4,850,010)
 ———–  ———–
(50,171,186)  (51,226,733)
 ———– ———–
Profit/ (less) before tax 75,454,952 73,142,756
Provision for taxation
– Current  (6,000,000) (3,506,642)
– Current (Prior)  (1,379,832) –
– Deferred (650,000) (566,766)
 ———– ———–
Profit/ (loss) after tax 67,425,120  69,069,348
 ———–  ———–
Profit and loss appropriation account
Balance at commencement of the period 191,489,570 128,228,439
Incremental depreciation net of deferred tax 35,130 36,979
Profit / (loss) after tax for the year 67,425,120 69,069,348
 ———–  ———–
Profit available for appropriation 258,949,820 192,334,766
Bonus shares issued –  (96,048,000) (55,200,000)
Transfer to general reserve  –   –
 ———– ———–
 (96,048,000) (55,200,000)
 ———– ———–
Balance un-appropriated profit at the end of period  152,901,820 142,134,766
———– ———–
Earnings per share of Rs 10/- each – basic and diluted 1.36 1.39

 

The annexed notes 1 to 15 from an integral part of this condensed interim financial information.

For more information, contact:
The United Insurance Company of Pakistan Limited
204, 2nd Floor, Madina City Mall,
Abdullah Haroon Road,
Saddar Karachi,
Phones: (021) 35621460-35621462
Fax: (021)35621459
Email: info@theunitedinsurance.com
Website: www.theunitedinsurance.com

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