| PAKISTAN REINSURANCE
COMPANY LIMITED |
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| STATEMENT OF EXPENSE |
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| FOR THE YEAR ENDED DECEMBER 31, 2004 |
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Deferred Commission |
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Net underwriting expense |
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Class |
Commission paid or payable |
Opening |
Closing |
Net commission expense |
Other management expenses |
Underwriting expense |
Commission from reinsurers |
Opening |
Closing |
Net commission retrocession |
Dec 31,
2004 |
Dec 31,
2003 |
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(A) |
(B) |
(C) |
(D=A+B-C) |
(E) |
(F=D+E) |
(G) |
(H) |
( I ) |
(J=G+H-I) |
(K=F-J) |
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| Direct and |
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----------------------------------------------------------------------------------R
u p e e s------------------------------------------------------------------- |
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| Facultative |
Fire |
22,814,311 |
11,313,046 |
10,901,577 |
23,225,780 |
4,134,182 |
27,359,962 |
31,754,018 |
11,456,543 |
14,233,384 |
28,977,177 |
(1,617,215) |
(2,866,694) |
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Marine Cargo |
114,573
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23,777 |
36,758 |
101,592 |
3,061,840 |
3,163,432 |
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- |
- |
- |
3,163,432 |
21,319 |
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Marine Hull |
2,818,048
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1,014,395 |
1,961,017 |
1,871,426 |
1,852,360 |
3,723,786 |
4,550,705
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1,669,105 |
3,373,230 |
2,846,580 |
877,206 |
(183,862) |
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Accident |
369,675
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247,371 |
201,631 |
415,415 |
3,021,959 |
3,437,374 |
21,394 |
238,805 |
6,528 |
253,671 |
3,183,703 |
(41,974) |
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Aviation |
1,675,874
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489,577 |
906,252 |
1,259,199 |
3,383,065 |
4,642,264 |
8,801,629
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3,136,243 |
5,004,732 |
6,933,140 |
(2,290,876) |
5,303,400 |
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Engineering |
8,598,975 |
23,738,641 |
9,289,356 |
23,048,260 |
2,122,224 |
25,170,484 |
38,026,833 |
31,472,204 |
24,641,380 |
44,857,657 |
(19,687,173) |
(12,540,356) |
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Total |
36,391,456 |
36,826,807 |
23,296,591 |
49,921,672 |
17,575,630 |
67,497,302 |
83,154,579 |
47,972,900 |
47,259,254 |
83,868,225 |
(16,370,923) |
(10,308,167) |
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| Comp. TREATY |
Proportional |
887,620,878 |
457,506,503 |
488,054,780 |
857,072,601 |
116,450,236 |
973,522,837 |
42,896,254 |
26,790,095 |
20,880,643
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48,805,706 |
924,717,131
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370,226,964 |
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Grand Total |
924,012,334 |
494,333,310 |
511,351,371 |
906,994,273 |
134,025,866 |
1,041,020,139 |
126,050,833 |
74,762,995 |
68,139,897 |
132,673,931 |
908,346,208 |
359,918,797 |
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The annexed notes form
an integral part of these financial statements. |
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Naheed Hyder |
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Maj (R) Muhammad Fazal Durrani |
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__________ |
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__________ |
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Executive Director (F&A) |
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Chief Executive |
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Director |
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Director |
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