| Pakistan Insurance Corporation |
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| Annual Report 1998 |
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| Contents |
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| Board of Directors |
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| Senior Management |
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| Notice |
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| Directors' Report to the
Shareholders |
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| 46 Years at a Glance |
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| Auditors' Report to the
Members |
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| Consolidated Revenue Account |
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| Revenue Account-Fire |
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| Revenue Account-Marine |
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| Revenue Account-Miscellaneous |
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| Profit
and Loss Account and Profit and Loss Appropriation Account |
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| Balance Sheet |
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| Cash
Flow Statement for the year ended December 31, 1998 |
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| Notes to the Accounts |
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| Shareholders'
Statistics for the year ended December 31, 1998 |
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| Board of Directors |
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| SAYED MUZAFAR ALI SHAH |
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CHAIRMAN |
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| DR. NAJEEB SAMIE |
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DIRECTOR |
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| MR. S. M. RAFIQUE AKHTAR |
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DIRECTOR |
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| MR. AFTAB AHMED KHAN |
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DIRECTOR |
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| MR. M. JAMIL ERICKZADA |
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DIRECTOR |
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| MR. SALEEM IQBAL QURESHI |
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DIRECTOR |
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| MR. NAVEED HASAN |
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DIRECTOR |
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| AUDITORS: |
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| SIDAT HYDER QAMAR & CO. |
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RAHMAN SARFRAZ & CO. |
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| Chartered Accountants |
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Chartered Accountants |
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| HEAD
OFFICE: |
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| PIC
Towers, 32-A, Lalazar Drive, M. T. Khan Road, |
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| P.O.Box: 4777, Karachi -
Pakistan. |
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| Telephone No.: 9202908 to 14 |
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| Telex:
20428 PAKRE PK Telefax :9202921 - 9202922 |
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| E Mail: pic@khi.compol.com |
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| ZONAL OFFICE: |
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| Al-Jannat, Bank Square,
Lahore. |
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| BANKERS |
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| National Bank of Pakistan
Ltd. |
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| Habib Bank Limited |
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| Muslim Commercial Bank Ltd. |
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| Senior
Management |
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| Mr. Abdul Ghaffar Qureshi |
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Executive Director
(Reinsurance) |
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| Mr. S.S. Momin |
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Secretary |
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| Mr. Mohammad Ali |
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Chief Manager
(Reinsurance) |
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| Mr. Mohammad Yakoob |
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Chief Manager (Finance
& Accounts) |
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| Mr. Sajid Ali Khan |
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Chief Manager (DPD) |
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| Mrs. Ghazala Imran |
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Chief Manager (NZO),
Lahore |
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| Mr. Asghar Imam Khalid |
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Manager (Internal Audit) |
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| Mr. Ayaz Hussain M. Gaad |
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Manager (Administration) |
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| Mr. Abbas Raza Rizvi |
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Manager (CR T/AVN/ECO) |
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| Mr. Fida Hussain Samoo |
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Manager (Investment/FT) |
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| Mr. Reyazul Hasan |
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Manager (Accident/Engg.) |
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| Mr. S. M. Sadiq |
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Manager (Marine) |
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| Mr. Shehzad Farooq Lodhi |
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Manager (Establishment) |
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| Mr. Haq Nawaz Shah |
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Manager (F&A) |
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| Notice |
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| Notice is hereby given that the Forty
Sixth annual general meeting of the shareholders of the Pakistan |
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| Insurance
Corporation will be held on Monday 6th December, 1999 at 10 a.m. at PIC
Towers, 32-A, Lalazar |
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| Drive,
M. T. Khan Road, Karachi, to transact the following business: |
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| (1)
To confirm the minutes of the 45th annual general meeting held on 29th
December 1998. |
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| (2)
To receive, consider and adopt the audited balance sheet as at 31st December,
1998, the revenue |
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| accounts,
the profit & loss account and the profit & loss appropriation account
for the year ended |
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| 31 st December, 1998. |
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| (3)
To declare dividend, as recommended by the Board of Directors for the year
ended 31 st December, |
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| 1998. |
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| (4)
To transact any other business with the permission of the Chair. |
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By order of the Board |
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(S.S. MOMIN) |
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| Karachi, the 25th October,
1999. |
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Secretary |
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| NOTES |
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| (i)
The share transfer books of the corporation shall remain closed for seven
days from 30th November, |
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| 1999
to 6th December, 1999 (both days inclusive) to ascertain the entitlement of
the dividend. |
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| (ii)
A shareholder eligible to attend and vote at the meeting may appoint another
shareholder as his/her |
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| proxy to attend and vote on his/her behalf.
In order to be effective, proxies must be received by the |
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| Secretary of the Corporation not less than
four (4) clear days before the date of the meeting. |
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| (iii)
The shareholders are requested to immediately notify change in their address,
if any. |
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| Report
of the Board of Directors on the Working of the |
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| Corporation for the year ended 31st
December, 1998. |
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| The Shareholders, |
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| Pakistan Insurance
Corporation, |
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| Gentlemen, |
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| Your
directors again feel pleasure in presenting the 46th annual report on the
accounts of the Corporation for the year |
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| 1995. |
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| 2.
The growth of PIC business since 1968 is shown in the following table: |
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Gross |
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| Year |
Premium Income |
Profit/Loss |
Total Reserves |
Total Investments |
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| 1968 |
131.9 |
7.4 |
63.4 |
42.3 |
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| 1973 |
238.9 |
10.9 |
127.4 |
37.1 |
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| 1978 |
578.6 |
33.60 |
390.0 |
251.5 |
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| 1983 |
897.6 |
66.6 |
640.0 |
476.6 |
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| 1988 |
1104.6 |
119.4 |
885.0 |
620.0 |
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| 1991 |
1526.3 |
48.9 |
1,175.4 |
724.0 |
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| 1992 |
1735.4 |
116 |
1,329.5 |
847.5 |
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| 1993 |
1677.3 |
169.5 |
1,447.7 |
841.0 |
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| 1994 |
1983.70 |
142.20 |
1,442.9 |
903.9 |
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| 1995 |
2207.8 |
136.2 |
1,468.8 |
860.2 |
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| 1996 |
2548.5 |
211.6 |
1,610.0 |
953.8 |
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| 1997 |
2704.1 |
(14.6) |
1,763.0 |
1085.0 |
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| 1998 |
2708.7 |
56.2 |
1,928.0 |
1271.0 |
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| 3.
At a glance, the position of Revenue Accounts
is as under:- |
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Fire |
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Marine |
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Misc. |
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Total |
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|
1997 |
1998 |
1997 |
1998 |
1997 |
1998 |
1997 |
1998 |
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| Gross premium |
851 |
937 |
386 |
399 |
1467 |
1372 |
2704 |
2708 |
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| Retro. Premium |
510 |
443 |
165 |
150 |
807 |
641 |
1482 |
1234 |
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| Net Premium |
341 |
494 |
221 |
249 |
660 |
371 |
1222 |
1474 |
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| Net Commission |
164 |
206 |
76 |
84 |
208 |
212 |
448 |
502 |
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| Net Claims |
161 |
161 |
150 |
112 |
448 |
502 |
759 |
775 |
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| Prem. Res. Adjustment |
(11) |
61 |
6 |
15 |
43 |
30 |
38 |
106 |
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| Underwriting surplus |
27 |
66 |
(11) |
38 |
(39) |
(13) |
(23) |
91 |
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| Management Exp. |
22 |
36 |
14 |
18 |
43 |
58 |
79 |
107 |
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| Underwriting Profit/loss |
5 |
30 |
(25) |
20 |
(82) |
(66) |
(102) |
(16) |
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| 4.
The gross premium income in 1998 is Rs. 2,708 million against Rs. 2,704
million in 1997 which shows the same level |
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| of
business as last year. PIC continues to retain about 29% market share in the
general insurance market of Pakistan. |
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| 5.
The management expenses, in percentage terms, are only about 4% of the gross
premium income. This ratio com- |
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| pares
favourably both with the direct insurance companies and the reinsurance
companies operating either national- |
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| ly or internationally. |
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| 6.
PIC installed an IBM Computer AS/400 and started expanding computerisation to
more areas of its operations. |
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| 7.
As in the past, Premium Reserve has been calculated at 100% of the net
premium in respect of Marine Hull and |
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| Aviation Hull, 50% of the net premium for
the Marine Cargo and 40% of the net premium for Fire, Accident and |
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| Engineering Business. |
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| 8.
In 1998, PlC's investments crossed the Rs. twelve hundred million and touched
the all-time high figure of |
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| Rs. 1,271 million from that of Rs. 1,085
million in 1997 and Rs. 954 million in 1996. The investments thus increased |
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| by about Rs. 186 million in 1998 over those
of 1997 and by Rs. 131 million in 1996, The break-up value of PIC's |
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| share as at 31st December, 1998 was above
Rs. 1,900/- and the price/earning ratio for the year 1998 was Rs. 112/- per |
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| share. |
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| DIVIDEND: |
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| The
Directors are pleased to declare a dividend of 10% for the year 1998 and also
take this opportunity |
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| to
thank all insurance companies, its chairman, directors, officers and staff of
the corporation for the co-operation |
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| extended
by them in running the affairs of the corporation. |
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|
| 46 Years at a Glance |
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|
(In Million of Rupees) |
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Paid up |
Dividend |
Gross |
Net |
Underwriting |
Management |
Under- |
Net |
Total |
Investments |
Total investments |
| Years |
Capital |
Declared |
Premium |
Premium |
surplus/deficit before |
expenses |
writing |
Profit/Loss |
Reserves |
into shares |
including Land |
|
% |
|
management exp. |
|
profit/loss |
|
& NIT Units |
and Building |
|
| 1953 |
2.000 |
-- |
1.638 |
1.447 |
0.083 |
0.071 |
0.012 |
0.013 |
0.795 |
-- |
1.046 |
| 1954 |
2.000 |
5 |
4.492 |
3.840 |
0.408 |
0.199 |
0.209 |
0.106 |
3.202 |
0.757 |
3.514 |
| 1955 |
2.000 |
4 |
5.674 |
4.338 |
0.755 |
0.307 |
0.448 |
0.510 |
3.462 |
1.603 |
4.510 |
| 1956 |
2.000 |
5 |
8.045 |
5.193 |
0.807 |
0.334 |
0.473 |
0.575 |
4.844 |
2.339 |
5.099 |
| 1957 |
2.000 |
6-1/4 |
9.461 |
5.696 |
0.851 |
0.371 |
0.480 |
0.634 |
6.424 |
2.970 |
6.030 |
| 1958 |
2.000 |
10 |
20.734 |
8.288 |
1.333 |
0.445 |
0.888 |
1.069 |
8.704 |
3.964 |
8.993 |
| 1959 |
2.000 |
10 |
25.012 |
9.060 |
1.833 |
0.558 |
1.275 |
1.592 |
10.995 |
5.238 |
10.455 |
| 1960 |
2.000 |
10 |
33.110 |
10.890 |
1.620 |
0.602 |
1.018 |
1.694 |
11.258 |
5.221 |
11.381 |
| 1961 |
2.000 |
10 |
37.663 |
12.307 |
1.376 |
0.611 |
0.765 |
1.509 |
13.624 |
6.030 |
12.299 |
| 1962 |
2.000 |
10 |
47.889 |
15.403 |
1.285 |
0.939 |
0.654 |
1.561 |
17.032 |
6.754 |
14.902 |
| 1963 |
4.994 |
10 |
57.165 |
17.381 |
1.295 |
0.747 |
0.548 |
1.648 |
21.069 |
10.595 |
20.306 |
| 1964 |
5.000 |
10 |
67.400 |
25.931 |
1.813 |
1.009 |
0.804 |
2.017 |
25.901 |
14.600 |
25.789 |
| 1965 |
5.000 |
10 |
72.298 |
33.246 |
1.242 |
1.070 |
0.172 |
2.334 |
35.547 |
16.032 |
31.040 |
| 1966 |
5.000 |
10 |
93.806 |
38.251 |
1.540 |
1.252 |
0.288 |
2.308 |
39.501 |
16.950 |
35.407 |
| 1967 |
5.000 |
10 |
108.431 |
46.808 |
2.984 |
1.390 |
1.594 |
3.621 |
49.117 |
19.929 |
38.709 |
| 1968 |
5.000 |
10 |
131.942 |
54.168 |
5.802 |
1.783 |
4.019 |
7.397 |
63.364 |
27.818 |
42.456 |
| 1969 |
5.000 |
10 |
156.291 |
69.519 |
6.348 |
2.410 |
3.938 |
6.728 |
77.448 |
30.586 |
47.762 |
| 1970 |
5.000 |
10 |
155.445 |
61.644 |
7.165 |
3.307 |
3.858 |
8.752 |
91.108 |
32.195 |
51.242 |
| 1971 |
5.000 |
10 |
166.767 |
65.040 |
5.882 |
3.364 |
2.518 |
7.079 |
107.060 |
31.787 |
52.084 |
| 1972 |
4.997 |
10 |
215.202 |
89.049 |
5.304 |
3.285 |
2.019 |
6.287 |
116.223 |
24.676 |
35.986 |
| 1973 |
5.000 |
7-1/2 |
238.288 |
106.354 |
9.777 |
3.777 |
6.000 |
10.924 |
127.400 |
24.676 |
37.075 |
| 1974 |
5.000 |
7-1/2 |
319.887 |
157.391 |
19.817 |
4.878 |
14.939 |
16.022 |
174.027 |
25.530 |
47.584 |
| 1975 |
5.000 |
10 |
399.717 |
189.810 |
20.983 |
5.349 |
15.634 |
19.865 |
207.712 |
27.767 |
92.768 |
| 1976 |
5.000 |
10 |
942.368 |
200.463 |
16.667 |
6.091 |
10.576 |
26.518 |
262.956 |
30.484 |
138.739 |
| 1977 |
5.000 |
10 |
554.482 |
237.556 |
8.379 |
7.893 |
0.486 |
18.069 |
330.725 |
30.484 |
212.265 |
| 1978 |
5.000 |
10 |
578.556 |
263.661 |
17.508 |
8.286 |
9.222 |
33.550 |
390.044 |
30.976 |
251.465 |
| 1979 |
5.000 |
10 |
666.478 |
313.851 |
16.770 |
7.867 |
8.903 |
6.975 |
474.789 |
37.882 |
249.973 |
| 1980 |
8.000 |
10 |
733.309 |
370.117 |
(15.569) |
9.499 |
(25.086) |
7.396 |
539.195 |
135.052 |
327.114 |
| 1981 |
8.000 |
10 |
780.507 |
368.972 |
38.457 |
9.782 |
25.675 |
70.606 |
588.358 |
142.542 |
387.655 |
| 1982 |
10.000 |
10 |
872.829 |
414.346 |
35.112 |
10.629 |
24.483 |
72.639 |
577.241 |
144.081 |
414.704 |
| 1983 |
12.500 |
10 |
897.624 |
388.253 |
27.351 |
15.143 |
12.208 |
66.580 |
640.010 |
150.955 |
476.642 |
| 1984 |
17.500 |
10 |
817.497 |
350.317 |
36.870 |
14.298 |
22.572 |
76.049 |
707.578 |
151.791 |
505.673 |
| 1985 |
24.500 |
10 |
903.596 |
341.846 |
32.321 |
16.392 |
15.929 |
90.760 |
730.558 |
150.331 |
620.673 |
| 1986 |
35.000 |
10 |
981.198 |
381.047 |
49.154 |
19.876 |
29.278 |
96.893 |
748.086 |
156.309 |
591.001 |
| 1987 |
50.000 |
10 |
1165.766 |
476.128 |
60.393 |
22.910 |
37.483 |
102.836 |
815.746 |
296.926 |
623.446 |
| 1988 |
50.000 |
10 |
1104.600 |
485.300 |
66.724 |
26.171 |
40.55.3 |
119.411 |
884.675 |
331.533 |
678.644 |
| 1989 |
50.000 |
10 |
1156.986 |
557.182 |
24.129 |
32.399 |
(8.270) |
88.889 |
958.312 |
353.317 |
719.463 |
| 1990 |
50.000 |
10 |
1333.101 |
680.201 |
22.808 |
41.482 |
(18.674) |
82.962 |
1058.624 |
524.233 |
776.851 |
| 1991 |
50.000 |
10 |
1526.299 |
801.312 |
4.992 |
51.167 |
(46.171 ) |
48.971 |
1175.438 |
528.414 |
801.015 |
| 1992 |
50.000 |
10 |
1735.423 |
920.608 |
(12.586) |
51.545 |
(64.131 ) |
115.957 |
1329.442 |
628.404 |
968.968 |
| 1993 |
50.000 |
10 |
1677.307 |
925.259 |
85.959 |
65.995 |
19.964 |
169.491 |
1447.679 |
632.660 |
1020.004 |
| 1994 |
50.000 |
10 |
1983.690 |
825.799 |
63.727 |
75.858 |
(12.131) |
142.193 |
1442.878 |
705.784 |
1122.541 |
| 1995 |
50.000 |
10 |
2207.803 |
984.800 |
96.552 |
91.320 |
5.232 |
136.183 |
1468.831 |
707.109 |
1059.532 |
| 1996 |
50.000 |
10 |
2548.542 |
1137858 |
138.070 |
88.574 |
49.496 |
211.560 |
1609.863 |
808.803 |
1132.120 |
| 1997 |
50.000 |
10 |
2704.065 |
1221.506 |
(23.662) |
78.826 |
(102.488) |
(14.605) |
1763.023 |
922.000 |
1245.000 |
| 1998 |
50.000 |
10 |
2708.774 |
1474.006 |
90.596 |
107.287 |
(16.691) |
56.223 |
1927.719 |
946.000 |
1408.000 |
|
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|
|
| Auditors'
Report to the Member |
|
|
| We
have audited the annexed balance sheet of PAKISTAN INSURANCE CORPORATION as
at 31 December 1998 and the |
|
| related
revenue accounts of Fire, Marine and Miscellaneous insurance business, the
profit and loss account, profit and loss appro- |
|
| priation
account and cash flow statement together with the notes thereon for the year
then ended. These financial statements |
|
| are
responsibility of the Corporation's management. Our responsibility is to
express an opinion on these financial statements |
|
| based on our audit. |
|
|
| 2.
We conducted our audit in accordance with the International Standards on
Auditing. Those Standards require that we |
|
| plan
and perform the audit to obtain reasonable assurance whether the financial
statements are free of material mis- |
|
| statement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the |
|
| financial
statements. An audit also includes assessing the accounting principles used
and significant estimates |
|
| made
by management, as well as evaluating the overall financial statement
presentation. We have obtained all the |
|
| information
and explanations which to the best of our knowledge and belief were necessary
for the purposes of |
|
| audit
except the matters reported below: |
|
|
| 3.
AMOUNT DUE TO/DUE FROM PERSONS AND BODIES CARRYING ON INSURANCE BUSINESS |
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| AND OTHER RECEIVABLES |
|
|
|
| The
accounting of revenue from premium, commission and losses is based on
prescribed statutory Returns sub- |
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| mitted
by the ceding companies and considering the inherent nature of the 'business
of the Corporation. Likewise, |
|
| transactions
relating to retrocession are for the purposes of accounting based on written
communication |
|
| between
the Corporation and the insurance companies concerned. These returns and
communications have |
|
| been
relied upon for the purpose of audit. However, we were unable to verify the
accuracy of balance due to / from |
|
| persons
and bodies carrying on insurance business stated in the balance sheet at Rs.
452.822 million and Rs. 708.629 |
|
| million
(gross) respectively and Rs. 32.956 million of other receivables in view of
the fact that our request for |
|
| confirmation
of balances from certain companies either remained mostly unresponded or
where a reply was |
|
| received,
those revealed substantial differences compared to the position revealed by
the Corporation's accounts. In |
|
| view
of differences as stated above we were unable to satisfy ourselves about the
reliability of the said balances. |
|
| Additionally,
in the absence of an age analysis and reconciliation of the said balances, we
could neither form any |
|
| opinion
about the correctness nor the realizability of the balances stated to be due
from such insurance com- |
|
| panies
concerned. In view t)f the foregoing, we were also unable to verify the
adequacy or otherwise of the provision |
|
| for
bad and doubtful debts of Rs. 55.000 million as disclosed in the financial
statements. |
|
|
| 4. DEPOSIT RETAINED / HELD |
|
|
|
| We
were unable to verify the correctness and realizability of the deposits of
Rs. 61.211 million held by ceding compa- |
|
| nies,
as disclosed in note 13 to the financial statements, in the absence of an
individual party-wise record of such |
|
| deposits.
Accordingly, the Corporation could not provide an age analysis of such
deposits and no provision has |
|
| been
made for any loss as may arise on account of unrealizability of any of such
deposits. |
|
|
|
|
| For
reasons explained afoesaid, we were also unable to verify deposits of Rs.
35.118 million retained or held by the |
|
| Corporation
as disclosed in note 6 to the financial statements. |
|
|
| 5. COST OF PIC TOWERS |
|
|
| The
Corporation has not accounted for costs of approximately Rs. 20.9 million
(Rs. 245.5 million less Rs. |
|
| 224.6
million) in the building account due to certain disputes with the architect
and contractors / suppliers as fully |
|
| explained
in note 9.5 to the financial statements. As a result, depreciation is also
understated to an extent the amount |
|
| whereof
is not ascertainable at the present time. |
|
|
| 6.
ASSETS RELATING TO BANGLADESH (FORMER EAST PAKISTAN) |
|
| The
Corporation has no control over the assets and liabilities in Bangladesh as
referred to in notes 4.1,8 and 16 has |
|
| maintained
in its records the position as it then was. No provision has been made for
any loss that may arise. |
|
|
| 7. We further state that: |
|
|
|
| a)
in our opinion, proper books of account have been kept by the (Corporation as
required by the Pakistan |
|
| Insurance
Corporation Act, 1952 (the Act); |
|
|
|
| b)
in our opinion , the annexed Balance Sheet, the Fire, Marine and
Miscellaneous Insurance Revenue |
|
| Accounts,
the Profit and Loss Account and the Profit and Loss Appropriation Account
together with the |
|
| notes
thereof have been drawn up in conformity with the Act and the form set out in
the Pakistan Insurance |
|
| Corporation
(General) Regulations, 1953 and are in agreement with the books of account
and are further in |
|
| accordance
with accounting policies consistently applied; |
|
|
| c)
the expenditure incurred during the year was for the purpose of Corporation's
business; |
|
|
| d)
the business conducted, investments made and expenditure incurred during the
year were in accor- |
|
| dance
with the objects of the Corporation; |
|
|
|
| e)
in our opinion and to the best of our information and according to the
explanation given to us, the balance |
|
| sheet,
the revenue accounts of fire, marine and miscellaneous insurance business,
the profit and loss account |
|
| and
the profit and loss appropriation account together with the notes forming
part thereof, give the informa. |
|
| tion
required by the Act in the manner so required and except for the financial
effect of the matters |
|
| reported
in paragraph s 3 to 6 above and the adjustments as may be determined to have
been necessary in |
|
| respect
of each of the matters so reported therein, the balance sheet, profit and
loss account and cash flow |
|
| statement
give, respectively, a true and fair view of the Corporation's affairs as at
31 December 1998 and its |
|
| profit
and cash flow for the year then ended; and |
|
|
|
| f)
in our opinion, no zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| 8.
Without qualifying our opinion, we draw attention to: |
|
|
| a)
notes 2.8 and 4 to the financial statements. The Corporation's operating
results are substantially dependent |
|
| on
the management's estimates of liability in respect of outstanding claims and
future claims (losses incurred |
|
| but
no recorded)and the recoveries there against from the retrocessionaries, the
ultimate outcome of |
|
| which
cannot presently be determined; and |
|
|
|
| b)
these financial statements have been prepared on a going-concern basis of
accounting, which is sub- |
|
| ject to: |
|
|
|
|
| i)
whether the Corporation would be able to continue as a going-concern in view
of the proposed enact- |
|
| ment
for regulation of insurance business which does not contain statutory
provision for compulso- |
|
| ry
cession of business to the Corporation, which is currently its main source of
revenue and operation; |
|
|
| ii)
the Ministry of Commerce, Government of Pakistan vide its letter 4(4)/974ns.
II dated 08 June 1999 has |
|
| directed
the Corporation to appoint qualified consultants for the purpose of the
Corporatization of Pakistan |
|
| Insurance
Corporation under the Companies Ordinance, 1984. Accordingly, the Corporation
has appoint- |
|
| ed
a firm of consultants for carrying out the above assignment. |
|
|
| RAHMAN, SARFRAZ & CO. |
|
|
SIDAT HYDER QAMAR &
CO. |
|
| Chartered Accountants |
|
|
Chartered Accountants |
|
|
| KARACHI: 19th October, 1999 |
|
|
| Revenue
Account for the year ended 31st December, 1998 |
|
| Consolidated
for all Classes of Business |
|
|
| PARTICULARS |
|
|
|
1998 |
1997 |
|
|
(Rs. '000) |
(Rs. '000) |
|
|
| Commission (less:
Retrocessions) |
|
502,289 |
448,158 |
|
| Claims
(less: Retrocessions) paid during the year |
|
736,425 |
651,586 |
|
| Add:
Total estimated liability in respect of |
|
| outstanding claims at the end
of the |
|
|
| year
whether due or intimated (Net of |
|
| estimated
claims from retrocessionaries) |
|
356,542 |
317,743 |
|
|
---------------------- |
---------------------- |
|
|
|
1,092,967 |
969,329 |
|
| Less:
Outstanding at the end of the previous year |
|
317,743 |
209,701 |
|
|
|
---------------------- |
---------------------- |
|
|
|
775,224 |
759,628 |
|
| Management Expenses |
|
|
107,287 |
78,826 |
|
| Premium Reserve for the
year-net |
|
|
611,727 |
505,830 |
|
|
---------------------- |
---------------------- |
|
|
|
1,996,527 |
1,792,442 |
|
|
| Premium
Reserve brought forward from last year |
|
505,830 |
468,447 |
|
| Premium |
|
2,708,774 |
2,704,065 |
|
| Less: Retrocessions |
|
1,234,768 |
1,482,558 |
|
|
|
---------------------- |
---------------------- |
|
|
|
1,474,006 |
1,221,507 |
