East West Insurance Company Limited’s financial results for the six Months period ended June 30, 2011

East West Insurance Company Limited’s financial results for the six Months period ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on Monday 29th August 2011 at 11:00 A.M at 410, EFU House M.A. Jinnah Road, Karachi, recommended the following:

 

(Rupees in ‘000’)

 January to June April to June
2011 2010 2011 2010
Net Premium Revenue 170,386  146,223  83,628 58,133
Net Claims (69,587) (60,669) (33,005) (26,640)
 ——-  ——- ——-  ——-
Management expenses  (42,291)  (38,069) (24,306) (17,014)
Net Commission (28,043) (23,451)   (14,010)  (9,840)
 ——-  ——-  ——-  ——-
Net underwriting expenses  (70,334)  (61,520) (38,315)  (26,854)
——-  ——-  ——- ——-
Underwriting Results 30,465 24,035  12,308 4,639
Net Investment income 4,214 3,103  1,526 85
Gain on sale affixed assets 846 1,257 156 296
Other Income 236 880 170  768
General and administrative expenses (29,887) (30,007) (13,753) (15,560)
Workers welfare fund (14)  (14)
 ——- ——-  ——- ——-
Profit/ (loss) before Tax  5,873 (746) 406 (9,787)
Provision for taxation
-Current (1,709) (338)  (209) 1,362
-Prior  – (5,794)  –  –
-Deferred  (2,214)  – (2,214)
 ——-  ——- ——- ——-
Profit/ (loss) after Tax 4,164 (9,091) 198 (10,639)
 ——-  ——- ——- ——-
Profit and loss appropriation account:
Balance at commencement of the period 9,576 986  16,840 2,534
profit / (loss) after Tax 4,164 (9,091) 198  (10,639)
Less: Reversal of Profit recommended by auditor in January to March-2011  (3,297)
——- ——- ——- ——-
Balance accumulated profit / (loss) at the end of the period  13,741  (8,105) 13,741 (8,105)
——-  ——-  ——- ——-
Earning Profit / (loss) per share – basic and diluted   0.17 (0.36)  0.01 (0.42)

 

For more information, contact:
Shabbir Ali Kanchwala
Company Secretary
East West Insurance Company Limited
410 – 414. EFU House,
M.A. Jinnah Road, Karachi-2
PABX: +92 (021)32313304-11
Fax: +92 (021) 32310851,
E-mail: info@eastewstinsurance.com.pk
Web: www.eastewstinsurance.com.pk

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