| Commercial Union Life Assurance |
|
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|
| Annual
Report 2001 |
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| Contents |
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| COMPANY
INFORMATION |
|
| CHAIRMAN'S
STATEMENT |
|
| REPORT
OF THE DIRECTORS |
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| BALANCE
SHEET |
|
| REVENUE
ACCOUNT |
|
| PROFIT
& LOSS ACCOUNT |
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| CASH
FLOW STATEMENT |
|
| NOTES
TO THE ACCOUNTS |
|
| CLASSIFIED
SUMMARY OF THE ASSETS |
|
| PATTERN
OF SHAREHOLDING |
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
|
| Company
Information |
|
|
| Chairman |
|
Robert Anderson |
|
|
|
|
| Managing
Director & |
Moin M. Fudda |
|
| Chief Executive |
|
|
|
|
|
| Director |
|
Ian Stewart Nelson |
|
|
|
Irtiza Husain |
|
|
|
Naseem S. Mirza |
|
|
|
Nasir Ali Shah Bukhari |
|
|
|
Muhammad Usman Ali Usmani |
|
|
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| Company
Secretary |
Iftekhar Alam |
|
| Auditors |
|
A.F.Ferguson & Co. |
|
| Legal Advisors |
|
Orr Dignam & Co. |
|
| Registered
Office |
16/2, KSB Building |
|
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|
Sir Agha Khan Road |
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|
Lahore. |
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| Share
Department |
1st Floor, Westland Trade
Centre |
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|
Opp. Flyover |
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|
Shaheed-e-Millat Road |
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|
Karachi. |
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| Chairman's
Statement |
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| Year
2001 was a good year for business, despite global recession. The Company
earned total net premia of Rs.363.33 |
|
| m
in the year 2001 as against Rs.219.10 m in 2000 showing a growth of 65.81%. |
|
|
| Both
Individual and Group businesses performed well. New individual life insurance
business and group premia |
|
| achieved
growth of 8.07% and 79.53% respectively. |
|
|
| Renewal
premia played a major role as it increased from Rs.53.54 m in the year 2000
to Rs. 113.49 m in year 2001. |
|
| In
percentage term the growth was 111.95%. The company has been making
continuous efforts to further increase its |
|
| persistency
both in terms of policies and premium. |
|
|
| The
Company's hiring policy with respect to its field force remained focused on
quality, so as to improve the productivity. |
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| It
is expected that these efforts would certainly have a favourable impact in
growth of company's business. |
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| The
Company did not open any new branch or sub-office in the year 2001. However,
couple of sub-offices were given |
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| branch status. |
|
|
| Pakistan's
national savings as a percentage of GNP in FY 01 further declined to 12.90
percent as compared to 13.90 |
|
| percent
in FY 00. It is earnestly hoped that government will exempt life insurance
from tax to encourage savings. |
|
|
| As
a part of its global strategy to focus on selected market, CGNU Plc, the
holding company of CGU International |
|
| Insurance
Company (the parent company of CULAP) sold many businesses in the year 2001.
In continuation of the |
|
| above
strategy, CGU International Insurance Company also decided in principle to
sell its shares in CULAP and |
|
| accordingly
had entered into negotiation with Old Mutual Group (South African based
insurance group), however the |
|
| deal
could not be materialized due to changing environment. CGUII is negotiating
with other interested parties with |
|
| an
aim to protect the interest of all the stakeholders. |
|
|
| It
is encouraging, however to note that CGUII in the meantime has further
injected additional capital of Rs. 102 million |
|
| towards
the end of the year 2001. |
|
|
| The
Company would continue to create and develop Life Insurance awareness in the
general public and strive to become |
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| a
pre-eminent Life insurer in Pakistan, surpassing the expectations of its
shareholders. |
|
|
|
|
Robert Anderson |
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| Karachi:
March 22, 2002 |
|
Chairman |
|
|
|
|
| REPORT
OF THE DIRECTORS |
|
|
| The
Directors have pleasure in presenting the Company's Seventh |
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| Annual
Report and its audited accounts for the year ended December |
|
| 31, 2001. |
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|
| BUSINESS
PROGRESS |
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| INDIVIDUAL
LIFE |
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| Pakistan's
economy in the year 2001 remained sluggish. It suffered |
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| heavily
on account of September 11,2001 event as well as Afghan |
|
| War
and as such the targets have been revised downwards. As |
|
| per
State Bank of Pakistan Annual Report FY01, Gross National |
|
| Product
(GNP) grew by 2.4 percent in FY 01 as compared to 3.5 |
|
| percent
last year. National Savings as a percent of GNP stood at |
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| 12.9
percent in FY 01 as compared to 13.9 percent last year, while |
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| gross
total investment declined from 15.8 percent of GNP in FY |
|
| 00
to 14.9 percent this year. Imports have reduced largely on |
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| account
of lower payment for oil resulting. in improvement in |
|
| balance
of payment. It is expected that the approval in early |
|
| December
2001 by the IMF Executive Board for a three year |
|
| US$1.3
billion Poverty Reduction and Growth Facility (PRGF), |
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| would
further consolidate the external account in the medium term. |
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| Agreements
were also made with different donor agencies and |
|
| countries
for rescheduling current debts and it is estimated that |
|
| this
would result in an overall reduction of US$3-4 billion in total |
|
| debts
over the next 5-10 years. |
|
|
| Individual
life new business increased modestly. It went up to |
|
| Rs.71.74m
from Rs.66.38 m showing a growth of 8.07%. CULAP's |
|
| parent
company's decision to sell its interest in Pakistan also |
|
| affected
the business. The results could have shown further improvement, had there
been a favorable economic situation. |
|
| Renewal
business improved favourably from Rs.53.54 m in year 2000 to Rs.113.49 m in
year 2001. |
|
|
| EMPLOYEE
BENEFIT SERVICES |
|
| The
Company continued its upward surge on group life business and in the process
further consolidated its clientele. |
|
| Group
Health business also made satisfactory progress. Overall, the Company
increased its group premia from Rs.99.19 |
|
| m
in the year 2000 to Rs.178.09 m in the year 2001 showing a very satisfactory
growth of 79%. |
|
|
| PARENT
COMPANY |
|
| The
Company's parent company is CGU International Insurance plc (formerly
Commercial Union Assurance plc) |
|
| incorporated
in the United Kingdom. During the year 2001, the parent company further
injected additional capital of |
|
| Rs.
102 million and as such now holds 63.43% shares of the Company's issued
capital. |
|
|
| INVESTMENTS |
|
| The
Company continued to invest its surplus funds in Government Securities, Term
finance Certificates, Equities and |
|
| Deposits
with leasing companies and banks. The Company's investments and bank balances
appreciated tremendously, |
|
| as
it increased from Rs.301.$$ m in the year 2000 to Rs.474.16 m in the year
2001. The increase in investments and |
|
| bank
balances of Rs. 172.28 m have been generated mainly on account of increased
premium and investment income. |
|
| The
Company further consolidated its investments in Government Securities through
Pakistan Investment Bonds (PIBs) |
|
| and
also increased investments in Term Finance Certificates (TFCs). The Company
earned investment income of |
|
| Rs.31.$2
m in year 2001 as compared to Rs.24.67 m in the year 2000. The stock market
was adversely affected on |
|
| account
of incident of September 11, 2001, however it improved towards the end of the
year. Introduction of T+3 |
|
| settlement
system and ban on short selling also hampered the overall progress of the
stock market. |
|
|
| ISO 9000 |
|
| The
Company has been complying strictly with the requirements of ISO 9002
certification in order to ensure efficient |
|
| and
satisfactory services to its policyholders. |
|
|
| DIRECTORS |
|
| The
term of the former directors expired in March 2002 and on 11th March 2002,
new directors were elected. The |
|
| Board
welcomes Mr. Muhammad Usman Ali Usmani who was appointed as the nominee
director of Muslim Commercial |
|
| Bank
Limited., in place of Shaikh Mukhtar Ahmed who did not stand for the
election. The Board wishes to place on |
|
| record
its warm appreciation for the valuable contribution made by Shaikh Mukhtar
Ahmed. |
|
|
|
| AUDITORS |
|
| The
Auditors, Messrs. A.F. Ferguson & Co., Chartered Accountant, are due to
retire on conclusion of Annual General |
|
| Meeting
and being eligible, have sought reappointment. |
|
|
| FUTURE
PROSPECTS |
|
| The
Company has continued to show improvement in its business and the premia
income as well as the number of |
|
| policyholders
have also grown. Efforts are continuing to systemize the procedure and
provide efficient services to |
|
| clients.
The Company has maintained excellent training standards for its sales force. |
|
|
| The
Company has not yet been successful in its efforts to obtain tax exemption
for life insurance. However it is |
|
| continually
pursuing the case. It is envisaged that the company's business will grow in
future. |
|
|
| The
Draft Insurance Rules have recently been issued by the Securities and
Exchange Commission of Pakistan and are |
|
| expected
to be finalized by June 2002. The Company is taking adequate measures to
comply with the requirements of |
|
| the
Insurance Ordinance 2000. The Company during the year increased its
Authorized Capital from Rs.500.0 million |
|
| to
Rs. 1.0 billion and also increased its issued Capital from Rs.300 million as
at December 31, 2000 to Rs.402 million |
|
| as
at December 31, 2001. |
|
|
| HUMAN
RESOURCES AND TRAINING |
|
| The
Company adhered to its existing policy of recruitment on the basis of merit.
The Company continues to place due |
|
| emphasis
on training in all spheres of its activity and to provide a good working
environment. |
|
|
| GRATITUDE |
|
| The
directors thank the Ministry of Commerce, the Securities & Exchange
Commission, its Department of Insurance, |
|
| the
Registrar Joint Stock Companies, the State Bank of Pakistan and the Karachi
Stock Exchange for continuous |
|
| cooperation
extended to the Company throughout the year. Besides, the directors thank all
the employees and field |
|
| staff
of the Company for their devotion and diligence in performing their duties to
enable the Company |
|
| achieve
its goals. |
|
|
| The
directors also express their gratitude to the Company's shareholders as well
as to its policyholders for their faith |
|
| and
confidence in the company. |
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|
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|
On behalf of the Board of Directors |
|
|
|
|
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|
(MOIN M FUDDA) |
|
|
|
Managing Director & Chief Executive |
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| Karachi:
March 22, 2002 |
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|
|
| Auditors'
Report to the Members |
|
|
| We
have audited the annexed balance sheet of Commercial Union Life Assurance
Company (Pakistan) Limited as at |
|
| December
31, 2001, and the related revenue account, profit and loss account, statement
of changes in equity and cash |
|
| flow
statement together with the notes forming part thereof, for the year then
ended and we state that we have obtained |
|
| all
the information and explanations which to the best of our knowledge and
belief were necessary for the purposes |
|
| of our audit. |
|
|
| It
is the responsibility of the Company's management to establish and maintain a
system of internal control, and prepare |
|
| and
present the above said statements in conformity with the approved accounting
standards and the requirements of |
|
| the
Insurance Ordinance, 2000. Our responsibility is to express an opinion on
these statements based on our audit. |
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards require |
|
| that
we plan and perform the audit to obtain reasonable assurance about whether
the above said statements are free of |
|
| any
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures |
|
| in
the above said statements. An audit also includes assessing the accounting
policies and significant estimates made |
|
| by
management, as well as, evaluating the overall presentation of the above said
statements. We believe that our audit |
|
| provides
a reasonable basis for our opinion and, after due verification, we report
that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the Company as
required by the Companies Ordinance, |
|
| 1984
and Insurance Ordinance, 2000; |
|
|
| (b)
in our opinion: |
|
|
| (i)
the balance sheet, revenue account, profit and loss account, statement of
changes in equity and cash |
|
| flow
statement together with the notes thereon, have been drawn up in conformity
with the provisions |
|
| of
the Insurance Ordinance, 2000, and are in agreement with the books of account
and are further in |
|
| accordance
with the accounting policies consistently applied. |
|
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the Company's
business; and |
|
|
| (iii)
the business conducted, investments made and expenditure incurred during the
year was in accordance |
|
| with
the objects of the Company; |
|
|
|
|
| (c)
we have verified the cash and bank balances and the securities relating to
the Company's loans and investments |
|
| by
actual inspection or by production of certificates, from the loanees,
custodians of investment and Company's |
|
| bankers; |
|
|
| (d)
no part of the assets of Life Insurance Fund has been directly or indirectly
applied in contravention of the |
|
| provisions
of the Insurance Ordinance, 2000 relating to the application and investment
of Life Insurance |
|
| Funds; |
|
|
| (e)
in our opinion and to the best of our information and according to the
explanations given to us and as shown |
|
| by
the books of the Company, the balance sheet, revenue account, profit and loss
account, statement of changes |
|
| in
equity and cash flow statement, together with the notes forming part thereof
confirm with the approved |
|
| accounting
standards as applicable in Pakistan, and give the information required by the
Insurance Ordinance, |
|
| 2000,
in the manner so required, and respectively give a true and fair view of the
Company's affairs as at |
|
| December
31, 2001 and of the loss and cash flows for the year then ended; and |
|
|
| (f)
in our opinion no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| Without
qualifying our opinion we would like to draw attention to note 2.4 wherein it
is stated that as no specific rules |
|
| have
yet been framed regarding the actuarial valuation of the Life Insurance Fund
under the Insurance Ordinance, 2000 |
|
| the
Company has maintained its past valuation approach. |
|
|
|
|
|
A.F. Ferguson & Co. |
|
| Karachi:
March 22, 2002 |
|
Chartered Accountants |
|
|
|
| Balance
Sheet as at December 31, 2001 |
|
|
|
Note |
2000 |
2001 |
|
|
|
|
Rupees |
Rupees |
|
| SHARE
CAPITAL |
|
| Authorised |
|
| 100,000,000
(2000: Rs. 50,000,000) |
|
| ordinary
shares of Rs. 10 each |
|
|
1,000,000,000 |
500,000,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
| 40,200,000
(2000: 30,000,000) ordinary shares of |
|
|
| Rs.
10 each fully paid in cash |
|
3 |
402,000,000 |
300,000,000 |
|
| Accumulated
loss |
|
|
(295,522,469) |
(236,192,658) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
106,477,531 |
63,807,342 |
|
| Advance
from Parent Company |
|
|
-- |
102,000,000 |
|
| Balance
of life insurance fund |
|
|
293,680,224 |
136,124,053 |
|
|
| LIABILITIES
AND PROVISIONS |
|
| Short
term finance |
|
4 |
30,000,000 |
-- |
|
| Estimated
liability in respect of outstanding |
|
|
|
| claims,
whether due or intimated |
|
|
51,295,579 |
26,844,736 |
|
| Amounts
due to other persons or bodies |
|
|
|
| carrying
on insurance business |
|
|
32,407,120 |
28,180,093 |
|
| Sundry
creditors (including outstanding and |
|
|
|
| accruing
expenses and taxes) |
|
5 |
60,656,417 |
50,101,967 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
174,359,116 |
105,126,796 |
|
| COMMITMENTS |
|
6 |
|
|
------------------ |
------------------ |
|
|
|
574,516,871 |
407,058,191 |
|
|
|
========== |
========== |
|
|
|
| LOANS-on personal security |
|
-- |
403,336 |
|
|
| INVESTMENTS |
|
|
Maturity date |
|
|
|
| Deposit
with State Bank of Pakistan |
|
|
|
|
| 10
years Federal Investment Bond - at cost |
2006 |
24,400,000 |
24,400,000 |
|
|
| 10
years Defence Saving Certificates - at cost |
2009-2010 |
6,500,000 |
-- |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
30,900,000 |
24,400,000 |
|
|
| Government
Securities |
|
| Pakistan
Investment Bonds - 10 years - at market value |
2010-11 |
105,051,912 |
15,079,770 |
|
|
|
- 5 years - at market value |
2005-6 |
21,328,540 |
15,054,045 |
|
|
| 10
years Defence Saving Certificates - at cost |
2007-10 |
17,500,000 |
24,000,000 |
|
|
| 5
years WAPDA Bonds - at cost |
|
2005 |
4,999,990 |
5,000,000 |
|
|
| 3
years Special Saving Certificates - at cost |
2002 |
5,000,000 |
9,000,000 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
153,880,442 |
68,133,815 |
|
|
| Term
Finance Certificates - at market value |
7 |
63,337,690 |
16,960,924 |
|
|
| Investment
in associated company under Musharika |
|
|
| arrangement
- at cost |
|
2002 |
2,500,000 |
2,500,000 |
|
|
| Other
investments |
|
8 |
|
|
|
| Certificates
of Investment - at cost |
|
|
60,130,192 |
34,000,000 |
|
|
| Term
Deposits - at cost |
|
125,000,000 |
23,880,000 |
|
|
| Ordinary
shares and stocks - at market value |
|
5,289,350 |
7,144,086 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
190,419,542 |
65,024,086 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
441,037,674 |
177,018,825 |
|
|
| FURNITURE,
FIXTURES, OFFICE EQUIPMENTS, |
|
|
|
| COMPUTERS
AND VEHICLES |
|
9 |
31,747,677 |
47,341,261 |
|
|
| CAPITAL
WORK-IN-PROGRESS |
|
-- |
188,519 |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
| Agent balances |
|
-- |
-- |
|
|
| Outstanding
premiums |
|
22,562,897 |
18,945,886 |
|
|
| Interest,
return on deposits and rent accrued but not due |
22,722,058 |
17,320,126 |
|
|
| Sundry
debtors, advances, deposits and prepayments |
10 |
23,327,709 |
20,981,134 |
|
|
| Cash |
|
| At
banks on current accounts |
|
7,083,280 |
5,905,217 |
|
|
| At
banks on saving accounts |
|
25,122,062 |
118,326,225 |
|
|
| Cash
and stamps in hand |
|
913,514 |
627,662 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
101,731,520 |
182,106,250 |
|
|
|
------------------ |
------------------ |
|
|
|
574,516,871 |
407,058,191 |
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
| We certify that: |
|
|
| 1.
The investments in stocks and shares shown in the Balance Sheet have been
valued at the market value. The market |
|
| values
have been ascertained from the published quotations as on December 31, 2001. |
|
|
| 2.
The value of all the assets in Pakistan have been reviewed as at December 31,
2001 and in our belief the assets |
|
| set
forth in the Balance Sheet are shown in the aggregate amounts not exceeding
their realisable market value under |
|
| the
several headings given therein. |
|
|
| 3.
No part of the assets of Life Insurance Fund has been directly or indirectly
applied in contravention of the provisions |
|
| of
the Insurance Ordinance, 2000 relating to the application and investment of
Life Insurance. |
|
|
|
Robert Anderson |
|
Irtiza Husain |
|
Moin M. Fudda |
|
|
Chairman |
|
Director |
|
Managing Director & |
|
|
|
|
|
Chief Executive |
|
|
|
| Revenue
Account for the year ended December 31, 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
Rupees |
Rupees |
|
|
|
| Claims
under policies (including provision for |
|
| claims
due or intimated), less reinsurances |
|
| By death |
|
|
4,716,679 |
5,718,441 |
|
| By maturity |
|
|
-- |
-- |
|
| Under
group insurance |
|
|
86,143,986 |
44,045,281 |
|
| Surrenders,
less reinsurances |
|
|
8,015,768 |
381,961 |
|
| Bonuses
in reduction of premiums, less reinsurances |
6,437,166 |
9,110,263 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
105,313,599 |
59,255,946 |
|
|
|
| Expenses
of management |
|
| 1
(a) Commission to insurance agents |
|
| (less
that on reinsurance) |
|
|
51,795,085 |
47,245,803 |
|
| (b)
Allowances and commission |
|
|
|
|
| (other
than commission included in sub-item (a) |
|
|
|
| preceding) |
|
|
-- |
-- |
|
| 2.
Salaries and other benefits (other than to agents and |
|
|
| those
contained in item No. 1) |
|
|
56,090,352 |
46,851,440 |
|
| 3.
Travelling expenses |
|
|
1,597,695 |
2,816,639 |
|
| 4. Directors' fees |
|
|
-- |
-- |
|
| 5.
Auditors' remuneration |
|
11 |
583,530 |
430,570 |
|
| 6. Medical fees |
|
|
1,631,694 |
1,572,383 |
|
| 7. Law charges |
|
|
54,850 |
46,000 |
|
| 8.
Advertisements |
|
|
570,407 |
2,426,456 |
|
| 9.
Printing and stationery |
|
|
5,485,509 |
7,481,805 |
|
| 10.
Other expenses of management |
|
| Policy stamps |
|
|
|
2,231,164 |
2,182,558 |
|
| Staff welfare |
|
|
|
6,794,449 |
6,539,884 |
|
| Postage,
telegram, and telephone |
|
|
9,202,961 |
9,910,625 |
|
| Electricity
and gas |
|
|
3,578,332 |
3,172,987 |
|
| Entertainment |
|
|
|
552,482 |
738,776 |
|
| Vehicle
running expenses |
|
|
6,687,669 |
5,708,590 |
|
| Repair
& Maintenance |
|
|
2,331,755 |
3,094,241 |
|
| Professional
charges |
|
|
2,957,586 |
2,502,526 |
|
| Training
expenses |
|
|
700,509 |
851,241 |
|
| Computer
expenses |
|
|
1,181,341 |
1,451,747 |
|
| Insurance
expenses |
|
|
2,174,438 |
1,869,397 |
|
| Bank
charges & brokerage |
|
|
534,046 |
377,763 |
|
| Miscellaneous
expenses |
|
|
3,438,830 |
2,538,417 |
|
|
------------------ |
------------------ |
|
|
|
|
42,365,562 |
40,938,752 |
|
|
|
|
------------------ |
------------------ |
|
|
carried forward |
265,488,283 |
209,065,794 |
|
|
| Balance
of life fund at the beginning of the year |
|
136,124,053 |
66,369,027 |
|
|
|
| Premiums,
less reinsurances |
|
| (i)
First year premium where the maximum premiums |
|
| paying period is: |
|
|
| Four years |
|
|
5,148,896 |
56,626 |
|
| Ten years |
|
|
128,527 |
244,390 |
|
| Eleven years |
|
|
-- |
-- |
|
| Twelve
years or over (including throughout life) |
|
66,469,853 |
66,085,650 |
|
|
| (ii)
Renewal premiums |
|
113,488,280 |
53,544,323 |
|
| (iii)
Group premiums |
|
178,096,921 |
99,199,283 |
|
|
|
------------------ |
------------------ |
|
|
|
|
363,332,477 |
219,130,272 |
|
|
|
|
| Interest,
return on deposit, dividend and rent |
12 |
31,523,903 |
24,672,518 |
|
| Loss
transferred to profit and loss account |
|
65,481,112 |
73,793,925 |
|
|
------------------ |
------------------ |
|
|
carried forward |
596,461,545 |
383,965,742 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| Revenue
Account for the year ended December 31, 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
Rupees |
Rupees |
|
|
|
brought forward |
265,488,283 |
209,065,794 |
|
|
|
|
|
|
| 11
Rent of other offices occupied by the company |
|
10,517,882 |
10,406,059 |
|
| 12 Bad debts |
|
|
-- |
-- |
|
| 13
Depreciation expense |
|
|
20,436,486 |
19,380,815 |
|
| 14
Agency development and recruitment |
|
4,338,670 |
3,489,829 |
|
| 15
Provision for taxation |
|
13 |
2,000,000 |
3,500,000 |
|
|
|
|
|
|
| Preliminary
and deferred expenses amortized |
|
-- |
1,999,192 |
|
|
|
| Balance
of life fund at the end of the year as |
|
| shown
in the balance sheet |
|
|
293,680,224 |
136,124,053 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
596,461,545 |
383,965,742 |
|
|
========== |
========== |
|
|
|
|
|
brought forward |
596,461,545 |
383,965,742 |
|
