Century Insurance Company Limited’s financial results for the half-year ended 30 June 2011

Karachi: We have to inform you that the Board of Directors of the Company in their meeting held on Wednesday 24 August 2011 at 9:30 a.m., considered and approved the unaudited financial statements duly reviewed by the auditors of the Company for the half-year ended 30 June 2011.

The financial results of the Company are as per Annexure ‘A’ attached.

Annexure ‘A’

Condensed Interim profit and Loss Account (Un-audited) for the Three and Six Months period ended 30 June 2011.

Three months period ended 30 June 2011

 

Fire

And

Property

Marine

aviation and

transport

Motor

 

Miscellaneous30 June

2011

Aggregate

30 June

2010

Aggregate

(Rupees)

Revenue account
Net premium revenue9,160,95814,971,64723,583,11913,570,94161,286,66555,027,123
Net claims(225,204)(2,351,438)(15,515,982)(4,145,168)(22,237,792)(28,902,798)
Expenses(10,638,745) (2,639,651)(2,437,113)(2,603,171)(18,318,680)(11,392,896)
Net commission 4,111,89820,349 (1,490,013)2,123,9192,123,9195,213,131
———-———-———-——————-———-
Underwriting result 2,408,90710,000,9074,140,0116,304,28722,854,11216,944,560
Net investment (loss)/ income(2,576,190)8,907,127
Other income – net2,772,5911,932,563
General and administrative expenses(15,289,332)(14,216,668)
Share of profit / (loss) of associates – net435,713(459,777)
Reversal in value of investment in associates 3,299,2803,813,129
———- ———-
Profit before tax11,496,17416,920,934
Taxation – net(4,680,400)(3,435,831)
 ———-———-
Profit after tax6,815,77413,485,103

 

 

Six months period ended 30 June 2011

 

FireMarineMotorMiscellaneous30 June30 June
Andaviation and20112010
PropertytransportAggregateAggregate
(Rupees)
Revenue account
Net premium revenue16,705,45429,993,108 49,206,56522,103,017118,008,144117,181,633
Net claims (4,335,631)(2,990,540)(24,451,461)(8,164,316)(39,941,948)(53,076,042)
Expenses(17,318,470)(6,174,413)(6,507,786)(5,022,968)(35,023,637)(28,806,837)
Net commission8,913,412(826,621)(2,841,532)(548,976)4,696,2838,568,284
———-———- ———- ——————-———-
Underwriting result 3,964,76520,001,53415,405,7868,366,75747,738,84243,867,038
Net investment (loss)/ income131,135,82628,620,590
Other income – net 4,922,934 4,144,671
General and administrative expenses (31,927,547)(28,252,865)
Share of profit / (loss) of associates – net 435,713 (459,777)
Reversal in value of investment in associates3,299,2803,813,129
———-———-
Profit before tax37,605,04851,732,786
Taxation – Current (9,307,520) (11,071,187)
- deferred (873,812)175,711
 ———-———-
(10,181,332)(10,895,176)
 ———-———-
Profit after tax27,423,716 40,837,310
———-———-
Profit and loss appropriation account
Balance at commencement of the six months period131,365,19421,732,162
Profit after tax for the period27,423,71640,837,310
Final cash dividend of Re. 1 (10%) (2009: Nil) per share (45,724,366)-
 ———-———-
Balance of unappropriated profit at end of the six months period113,064,54462,569,472
———-———-
Basic earrings per share of Rs. 10 each0.60 0.89

 

For more information, contact:
Century Insurance Company Limited
Lakson Square, Building No. 2
Sarwar Shaheed Road,
Karachi-74200 Pakistan
Phone:- 3569 8000
Fax: 92-21-3568 3410