EFU General Insurance Limited’s financial results for the year ended 31st December 2011

Karachi: We have to inform you that the Board or Directors of EFU General Insurance Limited (EFUG), at its meeting held on March 10, 2012 recommended Dividend for the year ended December 31, 2011 @ Rs. 2.75/= per share (i.e. 27.5 %).

The Financial results of the Company are as follows:

 

(Rupees in 000)
2011 2010
Profit/ (Loss) before tax 841,544 (359,763)
Taxation – net (280,596) (53,558)
——- ——-
Profit/ (Loss) after tax 560,948 (413,321)
Add: Un-appropriated Profit brought
forward from last year 22,019 91,590
——- ——-
582,967 (321,731)
Add: Transfer from General Reserve - 500,000
——- ——-
Available for appropriation 582,967 178,269
Less: to be appropriated as follows
Proposed Dividend 343,750 156,250
Transfer to General Reserve 200,000 -
——- ——-
Un-appropriated Profit carried forward 39,217 22,019
——- ——-
Earnings/ (Loss) per share – basic and diluted (Rupees) 4.49 (3.31)

 

The Profit and Loss Account of the Company is enclosed.

The Annual General Meeting of the Company will be held at 9:30 a.m. on Saturday April 14, 2012 at Dodhy Building, 2nd Floor, 52-E, Jinnah, Avenue, (Blue Area), Islamabad.

The Share Transfer Books of the Company will be closed from April 7, 2012 to April 14, 2012 (both days inclusive). Transfers received in order by our Shares Registrar, Technology Trade (Pvt) Ltd., Dagia House, 241-C, Block-2, P.E.C.H.S., Shahrah-e-Quaideen, Karachi at the close of’ business on April 6, 2012 will be treated in time for the entitlement of Dividend to the transferees.

Profit and Loss Account for the Year Ended 31 December 2011

 

Rupees ‘000
Fire and Marine,
property aviation and           Aggregate
damage transport Motor Others Treaty 2011 2010
Revenue account
Net premium revenue 2,000,364 1,323,523 2,611,631 288,960 17 6,224,495 5,846,591
Net claims (1,094,910) (812,577) (1,695,331) (105,633) 904 (3,707,552) (3,941,583)
Change in premium deficiency reserve 57,029 - - - - 57,029 (2,129)
Management expenses (351,032) (232,257) (652,319) (58,250) - (1,193,858) (1,134,685)
Net commission (347,500) (210,920) (191,136) 62,792 (2) (686,766) (656,319)
——— ——— ——— ——- ——— ———
Underwriting result 263,951 67,769 172,645 187,864 919 93,348 111,875
——— ——— ——— ——-
Investment income (loss) 185,101 (357,955)
Rental income 86,846 83,513
Profit on deposits 110,924 87,232
Other income 23,017 38,778
Share of profit of an associate 243,918 151,114
Exchange gain 3,921 4,342
General and administration expenses (505,531) (478,662)
——- ——-
148,196 (471,638)
——- ——-
Profit/ (loss) before tax 841,544 (359,763)
Provision for taxation (280,596) (53,558)
——- ——-
Profit/ (loss) after tax 560,948 (413,321)
——- ——-
Earnings / (loss) per share – basic and diluted                                                     (Rupees) 4.49 (3.31)

 

For more information, contact:
EFU General Insurance Limited
EFU House, M.A. Jinnah Rood.
P. O. Box 5005, Karachi- 74000.
Phones: 32313471 -90
Fax: 92-21-32310450
E-mail: info@efuinsuronce.com
Web: www.efuinsurance.com

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