The United Insurance Company of Pakistan Limited’s financial results for the 2nd quarter ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our Company in their meeting held on August 25, 2011 at Company’s Registered Office, Karachi at 11.00 am. Recommended the following:-

Cash Dividend/Bonus Shares/Right Shares

The Board has not recommended interim cash dividend and / or Bonus Shares and/or Right Shares for the 2nd Quarter ended June 30, 2011.

Financial Results

The Financial Results of the Company for the 2nd Quarter ended June 30, 2011 are as follows:-

(Rupees in Millions)

 

June 30, 2011June 30, 2011June 30, 2009
Gross Premium 488,308395,044387,169
Retained Premium335,869283,750284,672
Net Incurred Expense 129,19586,03568,759
Management Expense70,26454,16032,893
Reserve for Un-Expired Risks 317,398 233,525117,487
General Reserve75,11675,11675,116
Underwriting Profits125,626124,369155,533
Investment Income13,07406,757 4,736
Profit before Tax75,45573,14393,194
Paid Up Capital496,248400,200345,000

 

Profit and Loss Account with Appropriation and Earning Per Share

A copy of Profit and Loss Account statement which also shows Appropriation and Earning per Share for the 2nd Quarter ended June 30, 2011 is also enclosed.

Condensed Interim Profit and Loss Account for the Six Months Period Ended JUNE 30, 2011 (Un-Audited)

 Fire & Property DamageMarine,Aviation &TransportMotorMiscellaneousAggregateQuarter endedJune 30, 2011 AggregateQuarter endedJune 30, 2010
Revenue account

Rupees

Net premium revenue37,704,83417,143,33047,193,651 62,952,516164,994,131112,416,978
Net claims (10,026,028) (2,658,984)(24,757,414) (25,903,373)(63,345,799)(34,457,666)
Management expenses(9,461,500)(2,981,844)(7,287,506)(13,155,235)(32,885,083) (23,904,816)
Net Commission 2,251,537(770,641)(7,114,821) (1,815,030) (7,398,955) (8,795,929)
 ———-———-———-———- ———-———
Underwriting results 20,468,843 10,781,8618,033,912 22,078,87861,363,49445,258,567
 ———-———-———  ———-———- ———-
Investment income8,344,2554,681,372
Rental income 105,000120,000
Other income / (Loss) 649,450 (3,214)
General and admin expenses(32,024,145)(33,907,817)
Finance charge on lease rentals (1,890,799)(2,233,472)
 ———- ———-
(24,816,231)(31,343,131)
Profit / (loss) before tax36,547,26313,915,436
Provision for taxation
- Current (3,000,000)(1,016,642)
- Current (Prior) (1,379,832)-
- Deferred (650,000) (566,766)
———-———-
Profit/ (loss) after tax 31,517,43112,332,028
———-———-
Earnings per share of Rs 10/- each – basic and diluted 0.640.25

 

Fire &Property DamageMarine,Aviation & TransportMotorMiscellaneousSix months ended  June 30, 2011Aggregate Six months ended June 30, 2010 Aggregate
Revenue account

Rupees

Net premium revenue68,991,55734,975,361102,517,289129,385,168335,869,375283,750,016
Net claims (26,955,328)(7,559,090)(55,689,821) (38,990,633)(129,194,872) (86,034,922)
Management expenses (20,189,031)(7,620,431)(16,607,791)(25,847,054)(70,264,307)(54,160,273)
Net commission4,310,472 (331,968)(12,573,872)2,188,690)(10,784,057)(19,185,333)
———- ———- ———–———– ———– ———–
Underwriting results 26,157,67019,463,87217,645,80562,358,791125,626,138124,369,489
———-———-———– ———–———–———–
Investment income13,074,331 6,756,886
Rental income210,000210,000
Other Income653,197367,152
General and admin expenses(60,089,512)(53,710,761)
Finance charges on lease rentals (4,019,201)(4,850,010)
 ———– ———–
(50,171,186) (51,226,733)
 ———–———–
Profit/ (less) before tax75,454,95273,142,756
Provision for taxation
- Current (6,000,000)(3,506,642)
- Current (Prior) (1,379,832)-
- Deferred(650,000)(566,766)
 ———–———–
Profit/ (loss) after tax67,425,120 69,069,348
 ———– ———–
Profit and loss appropriation account
Balance at commencement of the period191,489,570128,228,439
Incremental depreciation net of deferred tax35,13036,979
Profit / (loss) after tax for the year67,425,12069,069,348
 ———– ———–
Profit available for appropriation258,949,820192,334,766
Bonus shares issued - (96,048,000)(55,200,000)
Transfer to general reserve -  -
 ———–———–
 (96,048,000)(55,200,000)
 ———–———–
Balance un-appropriated profit at the end of period 152,901,820142,134,766
———–———–
Earnings per share of Rs 10/- each – basic and diluted1.361.39

 

The annexed notes 1 to 15 from an integral part of this condensed interim financial information.

For more information, contact:
The United Insurance Company of Pakistan Limited
204, 2nd Floor, Madina City Mall,
Abdullah Haroon Road,
Saddar Karachi,
Phones: (021) 35621460-35621462
Fax: (021)35621459
Email: info@theunitedinsurance.com
Website: www.theunitedinsurance.com