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Financial Results

Atlas Insurance Limited’s financial results for the half year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on August 24, 2011 at 10:30 a.m. at Federation House, Clifton, Karachi, recommended the following:

 

1) Cash Dividend Nil
2) Bonus Shares Nil
3) Right Shares Nil

 

 

Condensed Interim Profit and Loss Account (Unaudited) for the Six Months Period Ended 30 June 2011

Three months period ended 30 June 2011

 

 Fire and

Property

Marine,

aviation and

transport

 Motor Others

Including

miscellaneous

Treaty 2011 2010

Note

(Rupees in thousunds)
Revenue account
Net premium revenue  23,764 63,228 47,852 7,685 142,417 126,470
Net claims  (1,212)  (3,362) (27,439) 3,110  – (28,903) (59,385)
Expenses  (18,629) (17,692) (9,571)  (12,807)  –  (58,799) (48,017)
Net commission  9,329 3,940 (2,955) 3,490 13,804 11,590
—— ——  —— ——  —— ——- ——-
Underwriting result 13,242 46,112 7,787 1,378 68,619 30,658
—— ——  ——  —— ——
investment income 35,381 36,359
Rental Income 1,321  1,294
Other Income 10,113 11,078
Financial charge (151)  (169)
General and administrative expenses  (9,222) (7,059)
——  ——
37,442 41,503
Profit before taxation 106,961 72,181
Provision for taxation  (29,076)  (17,658)
——  ——
Profit after taxation 76,885 54,503
—— ——
Basic earnings per
share – Rupees           9 1.74 1.23

 

 

Six months period ended 30 June 2011

Fire and

Property

Marine,

aviation and

transport

Motor Others

Including

miscellaneous

Treaty 2011 2010

Note

(Rupees in thousunds)
Net premium revenue 51,554 113,333 99,047 12,482 276,416 235,912
Net claims (6,998) (6,087)  (62,579)  (4,684) (80,348) (106,237)
Expenses  (30,608)  (32,809)  (19,355) (22,225)  –  (105,097) (88,885)
Net commission 18,712 8,792 (4,742) 7,048 29,810 25,449
 ——  ——- ——-  ——  —— ——- ——-
Underwriting result 32,660 83,129 12,371 (7,379)  – 120,781 66,459
—— ——-  ——-   —— ——
Investment Income 74,719 76,706
Rental Income  2,642 2,312
Other income 22,698  26,176
Financial charges (216) (227)
General and administration expenses  (15,474) (13,411)
——-  ——-
  84,367 91,556
——-  ——-
Profit before taxation 205,148  158,015
Provision for taxation    10  (54,205)  (32,991)
  ——-  ——-
Profit after taxation  150,943  125,024
 ——-   ——-
Profit and loss appropriation account
Balance at commencement of the year  243,218 190,340
Profit after taxation for the six months ended 30 June 2011  150,94 125,024
Transfer to general reserve  (21,000)  (22,000)
Final dividend for 2010 @ Rs. 4 per share (2009: Rs 4 per share) (147,646) (134,224)
Transfer to reserve for issue of bonus shares  (73,823) (33,556)
 ——-  ——-
Balance unappropriated profit at the end of the period 151,692 125,584
——- ——-
Basic earnings per
share – Rupees            9  3.41 2.82

 

The annexed notes 1 to 6 form an integral part of condensed interim financial information.

For more information, contact:
Atlas Insurance Limited
3- Bank Square,
Shahrah-e-Quaid-e-Azam,
Lahore – 54000, Pakistan
Ph: + 92 (42) 37320542-3
Fax: + 92 (42) 37234742
Email: info@atlasinsurance.com.pk

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