KARACHI: Pakistan Reinsurance Company Limited (PRCL), rated as AA Company, has posted a net profit of Rs925 million for the three Quarters ending September 30, 2012.
The break-up of Profit and Loss Account of PRCL showed Rs578 million underwriting profit in nine months ending on Sept.30, 2012 as compared to Rs283 million during the corresponding period last year.
The investment income stood at Rs785 million as compared to Rs747 million while the rental and other income went up from Rs36 million to Rs45 million. The general and administration expenses were brought down from Rs30 million to Rs29 million with the exchange gain being Rs39 million as compared to Rs27 million last year.
The net profit before tax and value of available for Sale Investment-write-off was Rs1408 million as Rs1073 million last year, less Provision for Taxation Rs337 million to Rs217 million, net Profit after Tax and before Value of available for Sale Investment-write-off Rs1071 million to Rs856 million, and value of available for Sale Investment-write-off Rs146 million to Rs61 million.
The summary of accounts for the nine months ended Sept. 30, 2012 as compared with the accounts for the nine months ended September 30, 2011 is Premium Written Rs5472 million to Rs4212 million, Reinsurance ceded Rs2669 million to Rs1278 million, Net Retention Rs2803 million to Rs2934 million, Premium Reserve Rs282 million to Rs372 Million, Net Premium Rs3085 million to Rs2562 million, Net Commission Rs644 Million to Rs574 Million, Net Claims Rs1530 million to Rs1451 million Underwriting Profit before Management Expenses Rs911 million to Rs537 million, and Less Management Expenses Rs333 million to Rs254 million.
The underwriting profit during the period under report was Rs578 million as compared to Rs283 million during last corresponding period.
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