Reliance Insurance Company Limited’s financial results for the year ended 31ST December 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held at 11.30 a.m. on Monday March 26, 2012, recommended the following:

(i) Cash Dividend                      7.50%

A final Cash Dividend for year ended December 31, 2011

(ii) Bonus Issue                        Nil

The Interim bonus shares already issued during the year 2011@ 12.50%

(iii) Right Shares                      Nil

The financial results of the company are attached herewith. (Profit and Loss Account).

The Annual General Meeting of the Company will be held at 12:30 p.m. on Monday the 30th April, 2012 at Head Office of the Company at “Reliance Insurance House” 181-A, Sindhi Muslim Co-operative Housing Society Karachi.

The Share Transfer Book of the Company shall remain closed from 21st April, 2012 to 30th April, 2012 (both days inclusive).

Transfer received at Company’s Share Registrar Office, M/s. C and K Management Associates (Pvt.) Limited 404 – Trade tower, Abdullah Haroon Road, Near Hotel Metropole Karachi at the close of business on 20th April, 2012 will be treated in time for the purpose to determine entitlement of Dividend to the transferees and to attend the meeting.

We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange.

Profit and Loss Account Financial Year Ended December 31, 2011

 

Amount in Amount in
Rupees Rupees
Fire Marine Motor Misc.
and Aviation and 2011 2010
Property Transport Aggregate Aggregate
Revenue Account
Net Premium Revenue 81,358,804 58,914,315 94,385,890 4,047,273 238,706,282 267,919,727
———- ———- ———- ——— ———– ———–
Net Claims (9,501,809) (15,927,881) (58,066,123) (2,826,352) (86,322,165) (96,429,748)
———- ———- ———- ——— ———– ———–
Expenses (33,793,601) (24,470,945) (39,204,597) (1,681,096) (99,150,239) (99,461,415)
———- ———- ———- ——— ———– ———–
Net Commission (17,222,650) (8,985,706) (13,673,620) 1,891,603 (37,990,373) (40,098,979)
———- ———- ———- ——— ———– ———–
Underwriting result 20,840,744 9,529,783 (16,558,450) 1,431,428 15,243,505 31,929,385
———- ———- ———- ——— ———– ———–
Investment Income 94,084,797 54,860,926
Other Income (Profit on Sale of Fixed Assets) 3,011,999 1,406,516
Financial Charges (453,492) (193,498)
General and administration expenses (29,342,396) (31,318,841)
———- ———-
Profit before tax during the year 82,544,413 56,684,488
Provision for Taxation: (6,500,000) (4,750,000)
———- ———-
Profit after tax during the year 76,044,413 51,934,488
———- ———-
Profit and Loss Appropriation Account
Balance at Commencement of year 35,014,918 (22,024,570)
Profit after tax during the year 76,044,413 51,934,488
Transfers to reserves (General Reserve) (2,500,000) -
Issuance of Bonus Shares for the year 2010 @ 12.5% (2009 Nil %) (31,500,220) -
Issuance of interim Bonus Shares during the 2011 @ 12.5% (35,437,750) -
Transfers from Reserves for Permanent Diminution in value of investment - 5,105,000
———- ———-
Balance Unappropriated profit at the end of year 41,621,361 35,014,918
———- ———-
Earning per Share – Basic and Diluted 2.38 1.63

 

The annexed notes from 1 to 28 form an integral part of these financial statements.

For more information, Contact:
Reliance Insurance Company Limited
“Reliance Insurance House” 181-A,
Sindhi Muslim Co-Operative Housing Society,
P.O. Box No: 13356, Karachi – 74400, Pakistan
Tel: 34539415-17
Fax: 34539412
E-mail: reli-ins@cyber.net.pk
Web: www.reliance.com

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