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