Century Insurance Company Limited’s financial results for the half-year ended 30 June 2011

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Karachi: We have to inform you that the Board of Directors of the Company in their meeting held on Wednesday 24 August 2011 at 9:30 a.m., considered and approved the unaudited financial statements duly reviewed by the auditors of the Company for the half-year ended 30 June 2011.

The financial results of the Company are as per Annexure ‘A’ attached.

Annexure ‘A’

Condensed Interim profit and Loss Account (Un-audited) for the Three and Six Months period ended 30 June 2011.

Three months period ended 30 June 2011

 

	Fire And Property	Marine aviation and transport	Motor	Miscellaneous	30 June 2011 Aggregate	30 June 2010 Aggregate
			(Rupees)
Revenue account
Net premium revenue	9,160,958	14,971,647	23,583,119	13,570,941	61,286,665	55,027,123
Net claims	(225,204)	(2,351,438)	(15,515,982)	(4,145,168)	(22,237,792)	(28,902,798)
Expenses	(10,638,745)	(2,639,651)	(2,437,113)	(2,603,171)	(18,318,680)	(11,392,896)
Net commission	4,111,898	20,349	(1,490,013)	2,123,919	2,123,919	5,213,131
	———-	———-	———-	———	———-	———-
Underwriting result	2,408,907	10,000,907	4,140,011	6,304,287	22,854,112	16,944,560
Net investment (loss)/ income					(2,576,190)	8,907,127
Other income – net					2,772,591	1,932,563
General and administrative expenses					(15,289,332)	(14,216,668)
Share of profit / (loss) of associates – net					435,713	(459,777)
Reversal in value of investment in associates					3,299,280	3,813,129
					———-	———-
Profit before tax					11,496,174	16,920,934
Taxation – net					(4,680,400)	(3,435,831)
					———-	———-
Profit after tax					6,815,774	13,485,103

 

 

Six months period ended 30 June 2011

 

	Fire	Marine	Motor	Miscellaneous	30 June	30 June
	And	aviation and			2011	2010
	Property	transport			Aggregate	Aggregate
			(Rupees)
Revenue account
Net premium revenue	16,705,454	29,993,108	49,206,565	22,103,017	118,008,144	117,181,633
Net claims	(4,335,631)	(2,990,540)	(24,451,461)	(8,164,316)	(39,941,948)	(53,076,042)
Expenses	(17,318,470)	(6,174,413)	(6,507,786)	(5,022,968)	(35,023,637)	(28,806,837)
Net commission	8,913,412	(826,621)	(2,841,532)	(548,976)	4,696,283	8,568,284
	———-	———-	———-	———	———-	———-
Underwriting result	3,964,765	20,001,534	15,405,786	8,366,757	47,738,842	43,867,038
Net investment (loss)/ income					131,135,826	28,620,590
Other income – net					4,922,934	4,144,671
General and administrative expenses					(31,927,547)	(28,252,865)
Share of profit / (loss) of associates – net					435,713	(459,777)
Reversal in value of investment in associates					3,299,280	3,813,129
					———-	———-
Profit before tax					37,605,048	51,732,786
Taxation – Current					(9,307,520)	(11,071,187)
– deferred					(873,812)	175,711
					———-	———-
					(10,181,332)	(10,895,176)
					———-	———-
Profit after tax					27,423,716	40,837,310
					———-	———-
Profit and loss appropriation account
Balance at commencement of the six months period					131,365,194	21,732,162
Profit after tax for the period					27,423,716	40,837,310
Final cash dividend of Re. 1 (10%) (2009: Nil) per share					(45,724,366)	–
					———-	———-
Balance of unappropriated profit at end of the six months period					113,064,544	62,569,472
					———-	———-
Basic earrings per share of Rs. 10 each					0.60	0.89

 

For more information, contact:
Century Insurance Company Limited
Lakson Square, Building No. 2
Sarwar Shaheed Road,
Karachi-74200 Pakistan
Phone:- 3569 8000
Fax: 92-21-3568 3410