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Financial Results

Silver Star Insurance Company 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 Wednesday 24th August, 2011 at 3:00 p.m. at Head Office Lahore recommended the following:

(1) Cash Dividend (Not Applicable)

An interim cash Dividend for the half year ended Nil at Rs. Nil per share i.e. Nil %. This is in addition to interim Dividend (s) already paid at Rs. Nil per share i.e. Nil %.

And / Or

(2) Bonus Shares

It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of One share for every Twenty shares held i.e. @5%.

And / Or

(3) Right Shares (Not Applicable)

The board has recommended to issue Nil % Right Shares at par/at a discount/ premium of Rs. Nil per share in proportion of Nil share (s) for every Nil share (s). the entitlement of right shares being declared simultaneously will be / will not be applicable on Bonus Shares declared as above.

(4) Any Other Entitlement / Corporate Action ( Not Applicable )

And/ Or

(5) Any Other Price – Sensitive Information (Not Applicable)

And/ Or

The financial results of Company are enclosed herewith

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on 15th September, 2011

The Share Transfer Books of the Company will be closed from 16th September, 2011 to 23rd September, 2011 both days inclusive). Transfers received at the Registered & Head Office: Silver Star House, 5-Bank Square. Lahore at the closure of business on 15th September, 2011will be treated in time for the purpose of above entitlement to the transferees.

We will be sending you 300 copies of printed Accounts for distribution amongst the members of the Exchange.

Yours Sincerely,

For Silver Star Insurance Company Limited (SSIC)

Nazir Ahmed Khan

Company Secretary

Condensed Interim Profit and Loss Account (Unaudited for the Half Year Ended June 30, 2011

Quarter ended June 30, 2011

 

Fire and

Property

Damage

Rupees

Marine,

Aviation &

Transport

Rupees

 Motor

Rupees

Miscellaneous

Rupees

Quarter ended

June 30, 2011

Aggregate

Rupees

Quarter ended

June 30, 2010

Aggregate

Rupees

Note
Revenue account
Net premium revenue 35,200,033 9,420,004 5,084,735 5,880,533 55,585,306 35,436,134
Net claims  (8,296,308) (298,258) 600,105 (2,020,335) (10,014,796) (5,658,121)
Management expenses (9,495,620) (2,672,123) (1,593,200) (806,881) (14,567,824) (11,513,098)
Net commission  (2,246,193) (1,252,939)  (405,583)  (1,144,381) (5,049,096) (1,271,136)
———- ——— ——— ——— ———- ———-
Underwriting results 15,161,912 5,196,684 3,686,058 1,908,936 25,953,590 16,993,779
Investment income 1,846,778 1,545,577
Rental income 113,587 107,344
other income 1,519,081
General and administration expenses (8,188,044) (4,643,320)
 ———- ———-
Profit / (loss) before tax  21,245,262 14,003,380
Provision for taxation  (1,809,541)  (1,271,940)
Current  (1,809,541) (1,271,940)
Deferred  (325,410) (1,204,500)
———-  ———-
Profit/ (loss) before tax 19,110,311 11,526,940
 ———-  ———-
Basic earning per share  0.66 0.40

 

 

Six months ended June 30, 2011

 

 

Fire and

Property

Damage

Rupees

Marine,

Aviation &

Transport

Rupees

Motor

Rupees

Miscellaneous

Aggregate

Rupees

Quarter ended

June 30, 2011

Aggregate

Rupees

Quarter ended

June 30, 2010

Rupees

 Note
Revenue account Rupees
Net premium revenue 77,489,708 23,758,739 16,304,421 18,040,447 135,593,315  101,392,681
Net Claims (13,866,319) (2,911,709) (1,028,295) (2,880,391) (20,686,714) (12,561,268)
Management expenses (16,868,392)  (5,171,935)  (3,549,237)  (3,927,145) (29,516,709) (20,777,530)
Net commission  (8,781,106) 1,003,059  (1,911,645) (2,175,275) (11,864,970) (7,503,740)
———- ———-  ———- ———- ———– ———–
Underwriting results  37,973,891 16,678,154  9,815,244 9,057,633 73,524,922 60,550,143
Investment income 1,118,316  3,916,555
Rental Income 240,535 214,688
Other income 2,986,442  –
General and administration expenses (14,488,241) (8,725,649)
———– ———–
Profit/ (loss) before tax 63,381,974 55,954,737
Provision for taxation
current  (2,575,319) (3,623,040)
Deferred  (395,232) (1,407,610)
———– ———–
Profit/ (lass) after Tax 60,411,423 50,924,087
———–  ———–
Profit and Loss Appropriation Account
Balance at commencement 76,305,671 91,592,527
Amortizaiton of Surplus on revaluation 49,747 104,731
Profit after tax for the period  60,411,423 50,927,087
 ———–  ———–
Profit available for appropriation 136,766,841 142,621,345
Bonus shares issued (37,968,750)  (47,187,500)
Transfer to general reserve  (13,150,000) (10,600,000)
 ———– ———–
Balance un-appropriated profit at end of period 85,648,091 89,833,845
———– ———–
Basic earning per share 2.08 1.75

 

Certificate

We the statutory auditors of M/s Silver Star Insurance Company Limited, hereby confirm and certify as required by Rule 6 (iii) of Companies (Issue of Capital) Rates.1996 that the paid-up capital of the company after issuance of’ proposed bonus shares of Rs 14,554,688/- (Rupees fourteen million five hundred fifty four thousunds six hundred and eighty eight only) will be increased to Rs.305,648,438/- (Rupees three hundred and five million six hundred forty eight thousand four hundred and thirty eight only) as at August 24, 2011. It is also confirm that free reserves exceed 25% of the increased paid up capital as at August 24, 2011.

 

For more information, contact:
Silver Star Insurance Company Limited
Silver Star House,
5-Bank Square,
P.O. Box 2533
Lahre-54000 (Pakistan)
PABX +92-42-3732 4488,
Telefax: +92-42-3722 9965

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