East West Insurance Company Limited’s financial results for the six Months period ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on Monday 29th August 2011 at 11:00 A.M at 410, EFU House M.A. Jinnah Road, Karachi, recommended the following:

 

(Rupees in ‘000’)

 January to JuneApril to June
2011201020112010
Net Premium Revenue170,386 146,223 83,62858,133
Net Claims(69,587)(60,669)(33,005)(26,640)
 ——- ——-——- ——-
Management expenses (42,291) (38,069)(24,306)(17,014)
Net Commission(28,043)(23,451)  (14,010) (9,840)
 ——- ——- ——- ——-
Net underwriting expenses (70,334) (61,520)(38,315) (26,854)
——- ——- ——-——-
Underwriting Results30,46524,035 12,3084,639
Net Investment income4,2143,103 1,52685
Gain on sale affixed assets8461,257156296
Other Income236880170 768
General and administrative expenses(29,887)(30,007)(13,753)(15,560)
Workers welfare fund-(14)- (14)
 ——-——- ——-——-
Profit/ (loss) before Tax 5,873(746)406(9,787)
Provision for taxation
-Current(1,709)(338) (209)1,362
-Prior -(5,794) - -
-Deferred- (2,214) -(2,214)
 ——- ——-——-——-
Profit/ (loss) after Tax4,164(9,091)198(10,639)
 ——- ——-——-——-
Profit and loss appropriation account:
Balance at commencement of the period9,576986 16,8402,534
profit / (loss) after Tax4,164(9,091)198 (10,639)
Less: Reversal of Profit recommended by auditor in January to March-2011-- (3,297)-
——-——-——-——-
Balance accumulated profit / (loss) at the end of the period 13,741 (8,105)13,741(8,105)
——- ——- ——-——-
Earning Profit / (loss) per share – basic and diluted  0.17(0.36) 0.01(0.42)

 

For more information, contact:
Shabbir Ali Kanchwala
Company Secretary
East West Insurance Company Limited
410 – 414. EFU House,
M.A. Jinnah Road, Karachi-2
PABX: +92 (021)32313304-11
Fax: +92 (021) 32310851,
E-mail: info@eastewstinsurance.com.pk
Web: www.eastewstinsurance.com.pk