Premier Insurance Limited’s financial results for the year ended December 31, 2011

Karachi: Further, to our letter Ref. #.BOD-60/l 2 dated March 17, 2012, we hereby inform you that the Board of Directors of our company in their meeting held on March 24, 2012 at 12:00 noon at the Cotton Exchange, I.I. Chundrigar Road, Karachi recommended the following:

i) Cash Dividend

A Final cash dividend for the year ended December 31, 2011 at Re. l.00 per share of Rs. 5 each i.e. 20%

The above entitlement will be paid to the shareholders whose names will appear in the register of members at the close of business on April 18, 2012.

The Financial results of the Company are as follows:

 

2011 2010
(Rs. in ‘000)
Profit before Tax 90,009 141,746
taxation – net (18,953) (20,763)
——- ——-
Profit after Tax 71,056 120,983
Add: Unappropriated profit from
Previous year 119,107 148,829
——- ——-
Available for appropriation 190,163 260,812
——- ——-
Earnings per share of Rs. 5/- each          Rupees 1.17 2.00
——- ——-
To be appropriated as follows:
Cash Dividend at 20% (2010: 25%) 60,564 75,705
Transfer to general reserve - 75,000
Unappropriated profit carried forward 129,599 119,107
——- ——-
190,163 269,812

 

The Profit and Loss Account of the Company is enclosed.

The 60th Annual General Meeting (AGM) of the company will be held on April 28, 2012 at 9:00 a.m. at Karachi.

The Share transfer Books of the company will be closed from April 19, 2012 to April 28, 2012 (both days inclusive). Transfers received at our Registrar, FAMCO Associates (Pvt) Limited, State Life Building No.1-A, 1st Floor, I. I. Chundrigar Road, Karachi, Pakistan by the close of business on April 18, 2012 will be treated in time for the purpose of above entitlement to the transferees.

Profit and Loss Account for the Year Ended December 31, 2011 (Amounts in Rupees ‘000)

 

2011 2010
Marine,
Fire and Aviation and
Property transport Motor Others Treaty Average Aggregate
Revenue accounts
Net premium revenue 153,865 63,910 216,113 28,529 (1) 462,416 376,719
Net claims (32,854) (21,858) (139,136) (24,976) (4) (218,828) (168,204)
Expenses (62,332) (25,890) (87,550) (11,557) 1 (187,328) (158,597)
Net commission (21,134) (6,703) (30,952) 7,477 1 (51,311) (33,036)
——- —— ——- —— ——- ——-
Underwriting result 37,545 9,459 (41,525) (527) (3) 4,949 16,882
——- —— ——- ——
Investment income 143,448 158,638
Gain on disposal of fixed assets 434 1,323
Rental income 2,930 332
Other income 2,089 1,821
General and administration expenses (63,841) (37,250)
—— ——-
Profit before tax 90,009 141,746
Provision for taxation (18,953) (20,763)
—— ——-
Profit after tax 71,056 120,983
—— ——-
Profit and loss appropriations account
Balance at commencement of year 269,812 240,992
Profit after tax for the year 71,056 120,983
Cash dividend for 2010 Rs. 1.25 per share (2009: Re. 1 per share) (75,705) (52,665)
Bonus shares for 2010 Nil (2009: 15%) - (39,498)
Transfer to general reserve (75,000) -
—— ——-
Balance unappropriated profit at the end of the year 190,163 269,812
—— ——-
Earnings per share – basic and diluted (in Rupees) 1.17 2.00

 

For more information, contact:
Afroz Qureshi
Chief Financial Officer and
Company Secretary
Premier Insurance Limited
5th Floor, State Life Building No. 2A,
Wallace Road, P.O. Box No. 4140,
Karachi- 74000, Pakistan.
Phone: (92-21) 3241 6331-4
Fax: (92-21) 3241 6572
Email: info@pil.com.pk
Web: www.pil.com.pk

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