Silver Star Insurance Company Limited’s financial results for the year ended December 31, 2012 : AsiaNet-Pakistan

Silver Star Insurance Company Limited’s financial results for the year ended December 31, 2012

July 12, 2013 | Financial Results | Share:

Karachi, July 12, 2013 (PPI-OT): We have to inform you that the Board of Directors of our Company in their Meeting held on Wednesday 10th July, 2013 at 03:30 p.m. at Head Office Lahore recommended the following:

(i) Cash Dividend Nil
And/ Or

(ii) Bonus Shares Nil
And/ Or

(iii) Right Shares Nil
And/ Or

(v) Any Other Price-Sensitive Information (Not Applicable)

Copy of profit & Loss is enclosed herewith.

The Annual General Meeting of the Company will be held on July 31, 2013 at 03:00 p.m. at the company Head Office, Sliver Star House, 5-Bank Square, Lahore.

The Share Transfer Books of the Company will be closed from July 20, 2013 to July 31, 2013 (both days inclusive). Transfers received at the Registered and Head Office: Silver Star House, 5-Bank Square, Lahore at the close of business on July 19, 2013 will be treated as in time.

We will be sending you 300 copies of printed accounts for distribution amongst the members of the exchange 21 days before the date of AGM.

Profit and Loss Account Financial Year Ended December 31, 2012

                              Fire            Marrine,                                          2012           2011
                          and Property      Aviation and        Motor       Miscellaneous
                             Damage          Transport                                       (Aggregate)    (Aggregate)
                               Rs.              Rs.              Rs.            Rs.              Rs.            Rs.

Revenue Account
Net premium revenue        129,675,383      40,899,320       26,430,358      23,019,669      220,024,730     188,429,338
Net claims                 (13,680,265)     (4,744,055)      (5,221,553)     (1,722,260)     (25,368,133)    (33,999,091)
Expenses                   (67,813,996)    (21,388,380)     (13,821,807)    (12,038,181)    (115,062,364)    (75,983,932)
Net commission             (18,841,422)     (1,817,213)      (3,680,207)     (4,252,997)     (28,591,839)    (21,183,892)
                           -----------      ----------       ----------      ----------      -----------     -----------
Underwriting results        29,339,700      12,949,672        3,706,791       5,006,231       51,002,394      57,262,473
                           -----------      ----------       ----------      ----------      -----------     -----------
Investment Income                                                                              2,391,693       3,368,064
Rental income                                                                                    536,712         415,552
Other Income                                                                                   9,208,167       4,933,829
General and administrative expenses                                                          (15,554,147)    (17,842,572)
                                                                                             -----------     -----------
Total                                                                                         (3,417,586)     (9,125,127)
                                                                                             -----------     -----------
Profit before tax                                                                             47,584,809      48,137,346
Provision for taxation                                                                         5,705,038         317,046
                                                                                             -----------     -----------
Profit after tax                                                                              41,879,770      48,454,392
Profit and Loss Appropriation Account
Balance at commencement of year                                                               59,308,934      76,305,671
Incremental depreciation net of deferred tax                                                     215,085         222,310
Profit after tax for the year                                                                 41,879,770      43,454,393
                                                                                             -----------     -----------
Profit available for appropriation                                                           101,403,789     124,982,374
Appropriations
Issue of bonus shares for the year 2012: NIL (2011:5%)                                               -       (52,523,440)
Transfer to general reserve                                                                          -       (13,150,000)
                                                                                             -----------     -----------
                                                                                                     -       (65,673,440)
                                                                                             -----------     -----------
Balance-unappropriated profit at the end of year                                             101,403,789      59,308,934
                                                                                             -----------     -----------
Earnings per share of Rs. 10 each- basic and diluted                                                1.37            1.59

For more information, contact:
Tanveer Ahmed Alvi
Company Secretary
Silver Star Insurance Company Limited
Silver Star House,
5-Bank Square,
P. O. Box 2533
Lahre-54000 (Pakistan)
PABX: +92-42-3732 4488,
Telefax: +92-42-3722 9965

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Category: Financial Results