News Makers News From Pakistan
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
