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Financial Results

Reliance Insurance Company Limited’s interim financial statements for the half year ended June 30, 2011 (Unaudited)

Karachi: We have to inform you that the Board of Directors of our company in their meeting held at 11:30 a.m. on Wednesday August 24, 2011, recommended the following:

 

1. Cash Dividend                               NIL

An Interim Cash Dividend for period ended June 30, 2011

 

2. Bonus Issue                                12.50%

An Interim Bonus Share / ordinary share for every 8 ordinary shares.

 

3. Right Shares                                NIL

 

The financial results of the company are attached herewith (Profit and Loss Account).

 

The Share Transfer Book of the Company shall remain closed from 23rd September, 2011 to 30th September, 2011 (both days inclusive).

 

Transfer received at Company’s Share Registrar Office, M/s. C and K Management Associates (Pvt.) Limited 404-Trade Tower, Abdullah Haroon React Near Hotel Metropole Karachi at the close of business on 22nd September, 2011 will be treated in time f or the purpose to determine entitlement of Bonus Share.

 

Reliance Insurance Company Limited

Condensed Interim Profit and Loss Account (Unaudited)

For The Quarter and Half Year Ended June 30, 2011

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Property

 Marine

Aviation and                Transport

Motor Misc 2011      Aggregate Quarter ended

June 30, 2010

Aggregate

Revenue Account
Net Premium Revenue 11,992,448 16,060,428 23,975,516  884,428 52,918,820 53,932,999
Net Claims  (2,545,459) (4,977,482) (16,573,550) (177,118)  (24,273,609) (25,405,428)
Expenses  (4,454,327) (5,956,712) (8,893,474)  (328,073)  (19,632,586) (17,788,139)
Net Commission (2,270,246) (2,206,664) (3,431,851) 641,203  (7,267,558) (8,220,325)
  ———– ———– ———–  ———–  ————   ————
Underwriting result   2,722,416  2,919,570 (4,923,359) 1,020,440 1,739,067 2,519,107
———–  ———– ———–  ———– ————  ————
Investment Income 34,493,832 17,429,529
Other Income (Profit on sale of Fixed Assets) 855,969 202,719
Financial Charges  –
General and administration expenses (5,038,084) (6,953,439)
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