Pakistan Reinsurance Company Limited
Statement of Changes in Equity
for the year ended March 31, 2003 (Unaudited)
Particulars	Share Capital	Share			Reserve for	Unappropriated	Total
		Premium	Exceptional		issue of bonus	profit
		Account	Losses reserve	General Reserve	shares
Balance as at Jan 1, 2002	50,000,080	10,725	631,000,000	127,409,000		54,747,866	863,167,671
Net Profit for the year ended 31-12-2002	-	-	-	-	-	333,374,848	333,374,848
Issue of bonus shares	-	(10,725)	(350,000,000)	(49,989,915)	400,000,640	-	-
Issue of bonus shares	400,000,640	-			(400,00,640)	-	-
Write back of investment fluctuation resrve					-	117,229,715	117,229,715
Transfer to reserves				300,000,000		(300,000,000)	-
Proposed dividend @ 15% (Rs. 1.5 per share)						(67,500,108)	(67,500,108)
Balance as at Dec 31, 2002	450,000,720	-	281,000,000	377,419,085		137,852,321	1,246,272,126
Net profit for the Quarter ended 31-03-2003	-	-	-	-	-	231,170,291	231,170,291
Balance as at March 31, 2003	450,000,720	-	281,000,000	377,419,085	-	369,022,612	1,477,442,417
The annexed notes form an integral part of these financial statements
Naheed Hyder	Maj.( R) Mohammad Fazal Durrani			Mr. Sharif Ijaz Ghauri	Fazlur Rehman Dittu
Executive Director (F&A)	Chief Executive			Director	Director
Karachi, June 19, 2003