Pakistan Reinsurance : Financial Results for the Quarter ended.
April 27, 2023 at 06:41 am EDT
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Pakistan Reinsurance Company Limited
Condensed Interim Statement of Profit and Loss Account (Unaudited)
For the period ended March 31, 2023
Note
Net insurance premium
17
Net Insurance claims
18
Net Commission and other acquistion costs
19
Premium deficiency reserve expense
Insurance claims and acquisition expenses
Management Expenses
Provision for doubtful debts
Underwriting results
Investment income
Rental income - net
Finance cost
Other income
20
Other expenses
Profit before tax from general operations
Profit from Window Retakaful Operations
Profit before tax
Income tax expense
21
Profit after tax
Earnings (after tax) per share - Rupees
2023
2,451,457,968
(1,635,945,817)
(263,647,567)
-
(1,899,593,384)
(224,610,588)
-
327,253,996
408,232,290
35,420,912
(17,643)
195,080,454
(2,993,758)
962,976,251
3,060,890
966,037,141
(316,302,565)
649,734,576
0.72
2022
2,279,839,009
(1,412,049,025)
(255,475,660)
-
(1,667,524,685)
(210,688,348)
-
401,625,976
264,240,193
21,928,827
(25,857)
21,247,698
(236,498)
708,780,339
2,049,220
710,829,559
(233,318,788)
477,510,771
0.53
The annexed notes 1 to 28 form an integral part of this condensed interim financial information.
CFO
CEO
DIRECTOR
DIRECTOR
CHAIRMAN
2
PAKISTAN REINSURANCE COMPANY LIMITED - WINDOW RETAKAFUL OPERATIONS CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS
FOR THE PERIOD ENDED MARCH 31, 2023
2022
2021
Note
-------------Rupees------------
PARTICIPANTS' RETAKAFUL FUND
Revenue account
Contribution earned
16
354,146,374
246,746,107
Less: contributions ceded to retrotakaful
16
(31,189,342)
(26,140,171)
Net contribution revenue
16
322,957,032
220,605,936
Wakala fee expense
17
(70,829,275)
(49,349,221)
Net underwriting income
252,127,757
171,256,715
Net claims - reported/ settled - IBNR
18
(185,374,508)
(127,801,953)
Charge of contribution deficiency reserve -net
-
Surplus before investment income
66,753,249
43,454,762
Investment income
777,772
859,424
Other income
-
10,672,196
Less: Modarib's fee
(194,443)
(2,882,905)
Surplus before taxation
67,336,578
52,103,477
Taxation
(116,666)
(359,164)
Surplus transferred to accumulated surplus
67,219,912
51,744,313
OPERATOR'S RETAKAFUL FUND
Revenue account
Wakala fee income
17
Commission expense
19
General, administrative and management expenses
Investment income
Other income
Modarib's fee
Profit before taxation
Taxation
Profit after taxation
70,829,275
(61,103,349)
(5,510,558)
4,215,368
158,682
-
194,443
353,125
4,568,493
(1,507,603)
3,060,890
49,349,221
(48,633,182)
(2,253,795)
(1,537,756)
138,614
1,362,377
2,882,905
4,383,896
2,846,140
(796,919)
2,049,220
The annexed notes 1 to 24 form an integral part of these financial statements
CFO
CEO
DIRECTOR
DIRECTOR
CHAIRMAN
23
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Pakistan Reinsurance Company Ltd. published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2023 10:40:02 UTC.
Pakistan Reinsurance Company Limited is a Pakistan-based company, which is engaged in providing reinsurance and other insurance business. The Company provides insurance solutions including fire, marine, engineering, accident, aviation, treaty & business development department services. Its segments include Fire and property damage, which specializes in building, building and contents, stocks, machinery, and other insurable interest; Marine, which is includes marine cargo, and marine hull. Marine Cargo is concerned with only cargo within the vessels whereas Marine Hull deals with reinsurance of machinery/ body of the boat; Accident, which specializes in the provision of reinsurance coverage to local Insurance companies, as well as foreign-based companies accommodating the acceptance/retro business, and Treaty. Its Engineering Insurance include property damage, business interruption, machinery breakdown/boiler, contractor all risks, erection all risks, third party liability.