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Central Insurance Company Limited’s financial results for the quarter and nine months ended September 30, 2011

Karachi: It is to inform you that the board of Directors of Central Insurance Company Limited (CICL) (“the company”) in their Meeting held on October 24, 2011 at 10:00 a.m., at the registered office of the company situated at Dawood Centre, M. T. Khan Road, Karachi has approved the Financial Statements of the company for the quarter and nine months ended September 30, 2011. and recommended the following:

 

(i) Cash Dividend:        Nil

(ii) Bonus Shares:        Nil

The financial results of the company are as follows:

 

Three Months Nine Months
30-Sep-11 30-Sep-10 30-Sep-11  30-Sep-10
(Rupees in ‘000)
Net premium Revenue (58)  2,668 756  8,153
Net Claims (1,312) 5,775 10,702 3,700
Expenses (5,563) (3,078) (18,041)  (8,811)
Net Commission  – 3,413 1,727 10,565
 ——- —— ———  ——-
Underwriting Result (6,933) 8,778  (4,856) 13,607
Net Investment Income 33,218 58,477 278,777 142,755
(Provision)/ reversal of impairment in value of available for
sale investments 249,424) 6,435  (198,083) 51,520
Other income 738  1,081  1,906  3,511
Financial Charges (5) (1,595)  (200) (1,595)
General and administration expenses 7,130 (3,111)  (23,991) (10,608)
——-  —— ——— ——-
(Loss)/ Profit before tax (215,276)  70,065 53,553 199,190
Provision for taxation (1,058) (8,191) (7,059)  (14,840)
 ——- —— ———  ——-
(Loss)/Profit after tax  (216,334) 61,874 46,494 184,350
Balance at commencement of the nine months  3,326,463 2,957,063
Issue of Bonus shares @ 40% (2010: 25%) (111,672)   (50,760)
Final dividend for the year ended December 31, 2010 at Rs. 1.50

per share (2009: Rs. 1 per share)

 (41,877)  (20,304)
issue of Bonus shares Nil (2010: 10%)  (25,380)
Interim Dividend Nil (2010: Rs.1 per Share)  (25,380)
 ———  ——-
Balance of un-appropriated profit at the end of the nine Months  3,219,408  3,019,589
 ———  ——-

Restated

Restated

 ——-   ——  ———   ——-
Earnings per shares (Rupees) (5.53) 1.58 1.19 4.72

 

For more information, contact:
Sulaiman S. Mehdi
COO and Company Secretary
Central Insurance Company Limited
Dawood Centre, MT. Khan Road,
Karachi, Pakistan
Tel: (92-21) 35686001
Fax: (92-21) 356860218

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