Shaheen Insurance Company Limited’s financial results for the half year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on Monday, August 29, 2011 at 10: AM at the registered office of the Company situated at 10th Floor, Shaheen Complex , M.R. Kayani Road, Karachi recommended the Following:

 

(i)Cash DividendNil
(ii)Bonus Shares Nil
(iii)Right SharesNil
(iv)Any Other Entitlement/Corporate ActionNil
(v)Any Other Price-Sensitive InformationNil

 

 

The Financial Result of the Company are as follows:

 

Shaheen Insurance Company Limited (SHNI)

Condensed Interim Profit and Loss Account (Unaudited)

For the quarter and six month period ended June 30, 2011

 

Quarter ended June  30

Fire and

Property damage

Marine aviationMotor

And transport

Accident and

Health

 Other20112010

Rupees

 AggregateAggregate
Revenue Account
Net premium revenue11,740,7954,533,03335,112,28027,282,681 7,278,093115,946,88292,189,056
Net claims (399,809)(1,028,445)(29,025,757)(21,331,883)(10,134,894)(61,920,788)(92,580,853)
Management expenses(2,201,422) (910,492)(12,209,528)(5,046,281) (1,360,168)(21,727,890)(11,417,030)
Net Commission(2,182,791)(1,484,622)(8,860,527)(2,328,922)390,309(14,466,553)(18,815,711)
Net Underwriting expenses(4,384,213)(2,395,114) (31,070,055)(7,375,203)(969,859)(36,194,444)(30,232,741)
——— ——————- ———-———- ———-———-
Underwriting results6,956,7731,109,47315,016,468(1,424,404)(3,826,660)17,831,650(25,624,538)
Investment Income5,865,5321,247,987
Rental Income523,818518,802
Other Income /(Charges)1,163,459(46,255)
General and administrative expenses(17,226,284)(19,889,386)
 —————— ———-———- ———-  ———- ———-
Profit / (Loss) before tax8,158,175(43,793,390)
Provision for taxation – current(1,824,636)(1,962,960)
 —————————- ———- ———- ———-———-
Profit / (Loss)  after tax 633,540(45,756,350)

Resrated

Earning / (Loss) per share – basic and diluted  0.25 (2.17)

 

 

 

Quarter ended June  30

 Fire and

Property damage

Marine aviationMotor

and transport

Accident and

Health

Other20112010

Rupees

Aggregate Aggregate
Revenue Account
Net premium revenue23,620,52915,207,478131,080,31447,922,01714,190,918232,021,257205,718,371
Net claims(897,485) (1,374,363) (72,172,681)(48,934,308) (735,311)(124,114,148)(149,989,824)
Management expenses (4,191,222) (2,698,412)(23,258,863) (8,503,273)(2,518,034) (41,169,803)(28,187,958)
Net Commission(4,783,187) (4,221,542) (17,796,684) (4,146,253)(976,547)(29,971,119)(39,550,192)
Net Underwriting expenses(8,974,187)(6,919,954) (41,055,547)(12,649,526)(1,541,486) (71,140,922)(67,738,150)
——— ——— ———-  ———-———- ———- ———-
Underwriting results13,748,635 6,913,16117,852,086(13,661,817)11,914,12136,766,186(12,009,603)
Investment Income11,680,935 3,021,353
Rental Income 1,047,6361,037,601
Other Income1,469,0851,667,726
General and administrative expenses (34,404,139)(35,114,144)
—————— ———-———- ———-———- ———-
Profit / (Loss) before tax16,559,703(41,397,037)
Provision for taxation – current(2,824,636)(2,462,960)
 —————— ———-———-———- ———-———-
Profit / (Loss) after tax13,735,068 (43,859,997)
——— ——— ———- ———- ———- ———-  ———-
Balance of accumulated (loss) at
end of the period (10,044,939)(38,607,067)
——— ———  ———- ———- ———- ———-  ———-

Resrated

Earning / (Loss) per share – basic and diluted0.60 (2.08)

 

For more information, contact:
Huzaifa Hanif Tola
Company Secretary
Shaheen Insurance Company Limited
10th Floor Shaheen Complex, M.R. Kayani Road, Karachi – 74200
Tel: (9221) 32630370-75
Fax: (9221) 32626674
Email: sihifc@cyber.net.pk
Web: www.shaheeninsurance.com