IGI Insurance Limited’s financial result for the year ended December 31, 2011

Karachi: We have to inform you that the Board of directors in their meeting held on March 26, 2012 at 11:30 a.m. at our Lahore office, have approved the results for the year ended December 31 2011 and recommended.

Final Cash Dividend for the year ended December 31, 2011 of Rs. 3/- (three) per share (i.e. 30%).This is in addition to interim dividend already paid at Rs. 2/- (two) per share (i.e. 20%).

 

Fire and Marine Motor Miscellaneous 2011 2010
Property aviation
damage and Aggregate Aggregate
transport
(Rupees in 000)
Revenue account
Net premium revenue 89,165 134,267 444,751 184,146 852,329 720,733
Net claims (31,415) (67,655) (296,887) (134,568) (530,525) (364,411)
Expenses (62,333) (24,500) (62,060) (32,163) (181,056) (186,172)
Net commission 64,370 25,913 (32,775) 9,526 67,034 34,945
——– ——— ——— ——— ———- ———
Underwriting result 59,787 68,025 53,029 26,941 207,782 205,095
——– ——— ——— ——— ———- ———
Investment income 492,524 929,344
Rental income 19,745 18,581
Other income 5,776 9,647
Financial charges (40,952) (66,563)
General and administrative expenses (130,368) (109,054)
———- ———
346,725 781,955
———- ———
554,507 987,050
Share of loss of loss of associate, (497,875) (66,279)
———- ———
Profit before tax 56,632 920,771
Taxation (6,929) (84,215)
———- ———
Profit after tax 49,703 836,556
Other Comprehensive Income - -
———- ———
Total comprehensive income 49,703 836,556
———- ———
Profit and loss appropriation account
Balance at commencement of the year 592,463 (172,250)
Profit after tax for the year 49,703 836,556
Transfer from general reserve 337,661 149,672
Final dividend 2010: Rs. 2 per share (143,685) (149,672)
(2009: Rs. 2.5 per share)
Interim dividend 2011: Rs. 2 per share (193,976) (71,843)
(2010: Re. 1 per share)
———- ———
49,703 764,713
———- ———
Un-appropriated profit 642,166 592,463
———- ———
Earnings per share – basic and diluted 0.45 7.50

 

The Annual General Meeting (AGM) of the Shareholders of the Company will be held on Thursday, April 26, 2012 at 10:00 a.m., at our Registered Office of the Company at 7th Floor, The Forum, Block 9, Khayaban-e-Jami, Clifton, Karachi.

Share transfer books of the Company shall remain closed from Friday April 13, 2012 to Thursday April 26, 2012, both days inclusive. We will be sending you 300 copies of printed financial statements for distribution amongst the members of the Karachi Stock, 21 days before the date of AGM.

For more information, Contact:
IGI Insurance Limited
7th Floor, The Forum, Suit 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

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