Asia Insurance Company Limited’s announcement

Karachi: Please find enclosed Financial Results of the Company i.e., Profit and Loss Account for the year ended December 31, 2011 duly approved by the Directors in their meeting held on April 04, 2012 with comparative figures of immediately preceding Corresponding period for your information and circulation.

Form-7 duly filled in all respect is also being enclosed for your information and circulation.

Financial Results for the Year Ended 31.12.2011

We have to inform you that Board of Directors of our Company in their meeting held on Wednesday April 04, 2012 at 11 a.m. at Registered Office, 456-K, Model Town, Lahore recommended the following:

(xv) Cash Dividend

A final Cash Dividend for the war ended 31.12.2011 at Rs. Nil per share i.e. Nil%.

And/ Or

(xvi) Bonus Share

It has been recommended by the Board of Directors to Issue the Bonus Share in the proportion of Nil share (s) for every Nil share (s) held i.e. Nil %. This is in addition to Interim Bonus Shares already issued

@ Nil%.

And/ Or

(xvii) Right Shares

The Board has recommended to issue Nil Right Shares at par i.e. Rs. Nil per share in proportion of Nil shares for every Nil shares subject to approval of SECP.

And/ Or

(xviii) Any Other Entitlement/Corporate Action

And/ Or

(v) Any Otter Price-Sensitive Information

The financial Results of the Company are enclosed here with.

Balance Sheet as at December 31, 2011

Assets

 

2011 2010
Note Rupees Rupees
Cash and bank deposits 13
Cash in hand - 6,750,108
Current and other accounts 62,365,493 4,437,356
Deposits maturing within 12 months 97,510,229 152,213,293
———– ———–
159,875,722 163,400,757
Investments 14 113,378,489 56,821,226
Current Assets- Others
Premiums due but unpaid-unsecured 15 7,947,632 6,637,622
Amounts due from other insurers / reinsurers-unsecured 38,345,117 25,592,311
Accrued investment income 1,991,733 3,603,789
Reinsurance recoveries against outstanding claims 1,868,760 7,059,329
Deferred commission expense 3,392,125 3,900,270
Prepaid reinsurance Premium ceded 6,345,616 6,422,775
Sundry receivables 16 6,043,238 6,302,243
———– ———–
65,934,221 59,518,339
Fixed Assets (Tangible) 17
Land – freehold 160,000,000 151,147,800
Building 419,931 466,590
Furniture and fixtures 661,002 654,403
Office equipment 1,736,759 1,737,148
Motor vehicles 7,956,393 8,811,986
computers and Accessories 263,634 294,108
———– ———–
171,037,719 163,112,035
Capital Work in Progress (Building) 29,042,694 13,160,237
———– ———–
Total Assets 539,268,845 456,012,594
———– ———–

 

Chief Financial Officer

Balance Sheet as at December 31, 2011

Liabilities

2011 2010
Note Rupees Rupees
Share capital and Reserves
Authorised share capital
30,000,000 ordinary shares of Rs. 10/- each 300,000,000 300,000,000
———– ———–
Paid up share capital 6 300,000,000 250,000,000
Retained Earnings 40,082,627 30,417,763
Reserves 7 2,500,000 2,500,000
———– ———–
342,582,627 282,917,163
Surplus on revaluation of fixed assets 8 136,060,170 127,207,970
Underwriting provisions
Provision for outstanding claims (including IBNR) 9 13,875,084 15,748,464
Provision for unearned premium 18,410,261 17,675,620
Commission income unearned 1,496,913 1,321,216
———– ———–
33,782,258 34,745,300
Deferred liabilities
Deferred Taxation 10 1,266,645 1,410,174
Premiums received in advance 24,585 -
Amounts due to other insurers /reinsurers 6,820,600 2,148,935
Accrued expenses 330,000 250,000
Taxation – provision less payment - 419,601
Other creditors and accruals 11 18,341,998 6,852,889
———– ———–
25,517,183 9,671,425
Other liabilities
Unclaimed Dividend 59,962 59,962
———– ———–
Total Liabilities 60,626,048 45,886,861
———– ———–
Total Equity and Liabilities 539,268,045 456,012,594

 

Chief Financial Officer

Profit and Loss Account for the Year Ended December 31, 2011

 

Marine, 2011 2010
Note Fire and Aviation and Motor Miscellaneous Aggregate Aggregate
Property Transport
Rupees
Net Premium Revenue 9,703,894 6,207,402 15,882,356 1,910,727 33,704,379 29,450,745
Net Claims (1,149,921) (524,342) (9,149,367) (92,433) (10,916,063) (7,473,508)
Expenses (6,050,027) (2,316,881) (5,138,262) (2,291,148) (15,796,318) (15,432,370)
Net Commission (3,126,196) (1,778,102) (2,396,948) 643,164 (6,658,082) (2,444,246)
——— ——— ———- ——— ———- ———-
Underwriting results (622,250) 1,588,077 (802,221) 170,310 333,916 4,100,621
——— ——— ———- ———
Investment income 24,319,048 21,108,043
Other income 19 1,249,722 1,077,160
———- ———-
25,568,770 22,185,203
———- ———-
25,902,686 26,285,824
General and administration expenses 20 (14,358,173) (17,243,228)
———- ———-
Profit before tax 11,544,513 9,042,596
Provision for taxation 21 (1,879,649) (4,581,576)
———- ———-
Profit after tax 9,664,864 4,461,020
———- ———-
Earnings per share (EPS) 22 0.350 0.175

 

For more information, contact:
Asia Insurance Company Limited
456-K, Model Town,
Lahore. Ph: 042-35916801-3,
Fax: +92-42-35865579,
E-mail: info@asiainsurance.com.pk

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