EFU General Insurance Limited’s condensed interim 2nd quarterly accounts-2011 (Un-audited)

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Karachi: We have to inform you that the Board of Directors of our Company in their meeting held at Karachi on Saturday August 27, 2011 have reviewed and approved the Condensed interim 2nd Quarterly Accounts (Unaudited.) for the six months period ended June 30, 2011.

 

A copy of the Condensed Interim Profit and Loss Accounts for the six months ended June 30, 2011 is enclosed.

 

Condensed Interim Profit and Loss Account for the six months period ended 30 June 2011 (Unaudited)

Rupees in ‘000’

 

Three months period ended 30 June

	Fire and Property damage	Marine aviation and transport	Motor	Others	Aggregate Treaty	2011	2010
Revenue account
Net premium revenue	401,966	290,327	652,872	66,847	–	1,412,002	1,400,962
Net claims	(153,945)	(185,492)	(398,867)	(49,823)	(284)	(788,411)	(930,300)
Change in premium deficiency reserve	20,790	–	–	–	–	20,790	(1,616)
Management expenses	(79,043)	(56,508)	(152,307)	(12,658)	–	(300,516)	(309,479)
Net commission	(84,394)	(48,501)	(46,689)	15,733	–	(163,851)	(176,495)
	——-	——-	——-	——	—	———	———
Underwriting result	105,364	(174)	55,009	20,099	(284)	180,014	(16,928)
	——-	——-	——-	——	—
Investment income / (loss)						17,102	(532,140)
Rental income						21,505	20,163
Profit on deposits						28,170	18,598
Other income						5,654	4,508
Share of profit of an associate						62,740	8,226
Exchange (loss) / profit						(372)	1,980
General and administration expenses						(135,903)	(112,615)
						———	———
						(1,104)	(591,280)
						———	———
Profit/ (loss) before tax						178,910	(608,208)
Provision for taxation – current						(37,618)	(33,944)
– deferred						(31,905)	23,853
						(69,523)	(10,091)
						———	———
Profit/ (loss) after tax						109,387	(618,299)
						———	———
Earnings / (loss) per share – basic and diluted (Rupees)						0.88	(4.95)

 

 

Six months Period ended 30 June

 

 

Revenue account
Net premium revenue	886,371	601,099	1,332,433	114,194	–	2,934,697	2,845,551
Net claims	(421,169)	(355,800)	(896,034)	(63,041)	945	(1,735,099)	(1,929,205)
Change in premium deficiency reserve	26,896	–	–	–	–	26,896	(2,867)
Management expenses	(158,344)	(107,362)	(293,441)	(20,507)	–	(579,674)	(581,355)
Net commission	(167,102)	(98,107)	(94,070)	50,149	–	(309,130)	(311,604)
	——-	——-	———	——-	—	———	———
Underwriting result	166,652	39,810	48,888	81,395	945	337,690	21,520
	——-	——-	———	——-
Investment income / (loss)						4,801	(614,277)
Rental income						42,972	39,998
Profit on deposits						48,909	40,388
Other income						7,559	6,309
Share of profit of an associate						126,517	22,585
Exchange (loss) / profit						(2,087)	1,425
General and administration expenses						(244,390)	(212,613)
						———	———
						(15,719)	(716,185)
						———	———
Profit / (loss) before tax						321,971	(694,665)
Provision for taxation – current						(58,451)	(38,265)
– deferred						(70,646)	24,489
Profit/ (lost) after tax						(12,097)	(13,776)
						———	———
Profit and loss appropriation account						192,874	(708,441)
Balance at commencement of period						(321,731)	801,590
Profit / (logs) after tax						192,874	(708,441)
Dividend 2010 @12.50% (2009 @40%)						(156,250)	(460,000)
Issue of bonus shares						–	(100,000)
Transfer from / (to) general reserve						500,000	(150,000)
						———	———
Balance unappropriated profit at and of the period						214,893	(616,851)
						———	———
Earnings / (loss) per share – basic and diluted (Rupees)						1.54	(5.67)

 

For more information, contact:
EFU General Insurance Limited
EFU House, M.A. Jinnah Rood,
P.O. Box 5005, Karachi-74000
Phones: 2313471-90
Fax: 92-21 23-2310450
E-mail: info@efuinsuranc.com
Web: www.efuinsurance.com