IGI Insurance Limited’s result for the half year ended June 30, 2011.

Karachi: We are pleased to inform you that the Board of Directors in their meeting held on August 26, 2011 at 10:00 am at Lahore Office of the Company have approved the results for the half year ended June 30, 2011.

Dividend Declaration- Interim Cash Dividend of Rs. 1/- per share which is 10%. This in addition to interim cash dividend already paid for the 1st quarter ended March 31, 2011 of Rs. 1/- (One) per share (i.e. 10%)

Bonus shares in the proportion of 1.5 shares for every 10 (Ten) shares held (i.e., 15%).

We will send you the auditor’s certificate for the free reserve in due course. The Financial results of the Company for the half year ended June 30, 2011 are as follows:

Six month period ended 30 June

 

Fire and

property

damage

Marine

aviation and

transport

MotorMiscellaneousAggregate

2011

Aggregate

2010

 Note

(Rupeess in 000)

Revenue account
Net premiumrevenue55,45375,662229,67185,455446,241369,141
Net claims(4,484) (37,767)(160,669)(63,631) (266,551)(162,572)
Expenses(32,392)(12,602)(23,625)(14,005) (82,624)(93,273)
Net commission31,098 14,976(17,135)7,76136,70012,254
 ——- ——- ——-——-——-——-
Underwritting Result49,675 40,26928,24215,580133,766125,550
——-——- ——-——-——-——-
Investment Income155,687125,686
rental income9,6409,138
Other income3,8283,332
Financial charges (16,186)(31,467)
General and administrative expenses (76,085) (49,133)
 ——-——-
 76,88457,556
——- ——-
210,650183,106
Share of (loss) /profit of associates (132,981)52,976
 ——-——-
Profit before taxatio77,669236,082
taxation (25,162)(32,733)
——- ——-
profit after taxation52,507203,349
Other comprehensive income - -
——-——-
Total comprehensive income52,507203,349
——- ——-
Profit and loss appropriation account
Balance at the Commencement of six months592,463(172,250)
Profit after taxation——-——-
Profit after taxation52,507 203,349
Transferred from general reserve240,673149,672
Interim dividend for the quarter ended 31 March 2011 Rs. 1 per share (2010: Nil)(96,988) -
Final dividend for the year ended 31 December 2010 Rs. 2 per share (2009: Rs. 1.5 per share)(143,685)(149,672)
 52,507203,349
——- ——-
Balance of Unappropriated profits at the end of six months644,97031,099
——- ——-

(Rupees)

Earning per share-

basic and diluted

0.542.10

 

The financial results for the quarter ended June 30, 2011 are as follow:

 

Three month period ended 30 June

 

Fire and

property

damage

Marine

aviation

transport

MotorMiscellaneousAggregate

2011

Aggregate

2010

(Rupeess in ’000)

Revenue account
Net premium revenue31,331 37,675119,744 40,891229,641190,553
Net claims expense(3,338)(28,435)(86,271) (35,693)(153,737)(85,106)
Expenses(14,676)(6,208)(6,914) (6,222)  (34,020)(49,086)
Net commission 8,17910,090 (7,600) 4,99915,66844,325
 ——- ——- ——- ——- ——- ——-
Underwriting result21,49613,12218,959 3,97557,55270,686
——- ——-——-——- ——-——-
Investment Income(4,406)15,051
Rental income5,0459,138
Other imcome785(1,966)
Financial Charges(7,272)(16,631)
General and administration expenses (24,587)(19,519)
——- ——-
 (30,735)(13,927)
——-  ——-
26,81756,759
Share of loss cf associates (201,458)(62,432)
Loss before taxation (174,641)(5,673)
Taxation9,838 (12,733)
——-——-
Loss after taxation(164,803)(18,406)
 ——-——-

(Rupees)

Loss per share – basic and diluted(1.70)(0.9)

 

Share transfer hooks of the Company shall remain closed from Thursday September 15, 2011 to Monday September 26, 2011, both days inclusive. We will be sending you 300 copies of printed financial statements for distribution amonsgst the member of the Karachi Stock Exchange and 100 copies tO Lahore Stock Exchange.

 

For more information, contact:
IGI Insurance Limited
7th Floor The Forum, Suite No. 701-713,
G-20, Block-9, Khayaban-e-jami Clifton,
Karachi-75600,
Pakistan.
Tel: 111-234-234
Fax: 92-21-3530-1772-3530-1729