IGI Insurance Limited’s result for the half year ended June 30, 2011.

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Karachi: We are pleased to inform you that the Board of Directors in their meeting held on August 26, 2011 at 10:00 am at Lahore Office of the Company have approved the results for the half year ended June 30, 2011.

Dividend Declaration- Interim Cash Dividend of Rs. 1/- per share which is 10%. This in addition to interim cash dividend already paid for the 1st quarter ended March 31, 2011 of Rs. 1/- (One) per share (i.e. 10%)

Bonus shares in the proportion of 1.5 shares for every 10 (Ten) shares held (i.e., 15%).

We will send you the auditor’s certificate for the free reserve in due course. The Financial results of the Company for the half year ended June 30, 2011 are as follows:

Six month period ended 30 June

 

	Fire and property damage	Marine aviation and transport	Motor	Miscellaneous	Aggregate 2011	Aggregate 2010
	Note	(Rupeess in 000)
Revenue account
Net premiumrevenue	55,453	75,662	229,671	85,455	446,241	369,141
Net claims	(4,484)	(37,767)	(160,669)	(63,631)	(266,551)	(162,572)
Expenses	(32,392)	(12,602)	(23,625)	(14,005)	(82,624)	(93,273)
Net commission	31,098	14,976	(17,135)	7,761	36,700	12,254
	——-	——-	——-	——-	——-	——-
Underwritting Result	49,675	40,269	28,242	15,580	133,766	125,550
	——-	——-	——-	——-	——-	——-
Investment Income					155,687	125,686
rental income					9,640	9,138
Other income					3,828	3,332
Financial charges					(16,186)	(31,467)
General and administrative expenses					(76,085)	(49,133)
					——-	——-
					76,884	57,556
					——-	——-
					210,650	183,106
Share of (loss) /profit of associates					(132,981)	52,976
					——-	——-
Profit before taxatio					77,669	236,082
taxation					(25,162)	(32,733)
					——-	——-
profit after taxation					52,507	203,349
Other comprehensive income					–	–
					——-	——-
Total comprehensive income					52,507	203,349
					——-	——-
Profit and loss appropriation account
Balance at the Commencement of six months					592,463	(172,250)
Profit after taxation					——-	——-
Profit after taxation					52,507	203,349
Transferred from general reserve					240,673	149,672
Interim dividend for the quarter ended 31 March 2011 Rs. 1 per share (2010: Nil)					(96,988)	–
Final dividend for the year ended 31 December 2010 Rs. 2 per share (2009: Rs. 1.5 per share)					(143,685)	(149,672)
					52,507	203,349
					——-	——-
Balance of Unappropriated profits at the end of six months					644,970	31,099
					——-	——-
	(Rupees)
Earning per share- basic and diluted					0.54	2.10

 

The financial results for the quarter ended June 30, 2011 are as follow:

 

Three month period ended 30 June

 

	Fire and property damage	Marine aviation transport	Motor	Miscellaneous	Aggregate 2011	Aggregate 2010
	(Rupeess in ‘000)
Revenue account
Net premium revenue	31,331	37,675	119,744	40,891	229,641	190,553
Net claims expense	(3,338)	(28,435)	(86,271)	(35,693)	(153,737)	(85,106)
Expenses	(14,676)	(6,208)	(6,914)	(6,222)	(34,020)	(49,086)
Net commission	8,179	10,090	(7,600)	4,999	15,668	44,325
	——-	——-	——-	——-	——-	——-
Underwriting result	21,496	13,122	18,959	3,975	57,552	70,686
	——-	——-	——-	——-	——-	——-
Investment Income					(4,406)	15,051
Rental income					5,045	9,138
Other imcome					785	(1,966)
Financial Charges					(7,272)	(16,631)
General and administration expenses					(24,587)	(19,519)
					——-	——-
					(30,735)	(13,927)
					——-	——-
					26,817	56,759
Share of loss cf associates					(201,458)	(62,432)
Loss before taxation					(174,641)	(5,673)
Taxation					9,838	(12,733)
					——-	——-
Loss after taxation					(164,803)	(18,406)
					——-	——-
	(Rupees)
Loss per share – basic and diluted					(1.70)	(0.9)

 

Share transfer hooks of the Company shall remain closed from Thursday September 15, 2011 to Monday September 26, 2011, both days inclusive. We will be sending you 300 copies of printed financial statements for distribution amonsgst the member of the Karachi Stock Exchange and 100 copies tO Lahore Stock Exchange.

 

For more information, contact:
IGI Insurance Limited
7th Floor The Forum, Suite No. 701-713,
G-20, Block-9, Khayaban-e-jami Clifton,
Karachi-75600,
Pakistan.
Tel: 111-234-234
Fax: 92-21-3530-1772-3530-1729