Pakistan Reinsurance Company Limited
Statement of Expenses
for the year ended March 31, 2003 (Unaudited)
		Deferred Commission
				Net	Other			Net underwriting expanse
	Commission			Commission	management	Underwriting	Commission	March 31,	March 31,
Class	paid or payable	Opening	Closing	expanses	expanses	expanses	from reinsurance	2003	2002
	(A)	(B)	( C )	(D)	(E)	(F)	(G)	(I=D-H)
					-------R u p e e s-----
Fire	75,646,695			75,646,695	6,561,695	82,208,390	21,311,430	60,896,960	83,699,421
Marine Cargo	23,693,746			23,693,746	2,619,616	26,313,362	3,215,723	23,097,639
Marine Hull	39,108			39,108	8,813	47,921	131,250	(83,329)	26,082,730
Accident	59,247,953			59,247,953	10,782,159	70,030,112	4,754,696	65,275,416
Aviation	774,725			774,725	734,403	1,509,128	1,276,627	232,501
Engineering	17,329,941			17,329,941	1,316,142	18,646,083	22,011,562	(3,365,479)	68,269,126
Grand Total	176,732,168			176,732,168	22,022,828	198,754,996	52,701,288	146,053,708	178,051,277
The annexed notes form an ingegral part of these financial statements.
	Naheed Hyder			Maj.( R ) Mohammad Fazal Durrani		M.Sharif Ijaz Ghauri		Fazlur Rehman Dittu
	Executive director (F&A)			Chief Executive		Director		Director
Karachi, June 19, 2003