Shaheen Insurance Company Limited’s financial results for the half year ended June 30, 2011

Shaheen Insurance Company Limited’s financial results for the half year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on Monday, August 29, 2011 at 10: AM at the registered office of the Company situated at 10th Floor, Shaheen Complex , M.R. Kayani Road, Karachi recommended the Following:

 

(i) Cash Dividend Nil
(ii) Bonus Shares  Nil
(iii) Right Shares Nil
(iv) Any Other Entitlement/Corporate Action Nil
(v) Any Other Price-Sensitive Information Nil

 

 

The Financial Result of the Company are as follows:

 

Shaheen Insurance Company Limited (SHNI)

Condensed Interim Profit and Loss Account (Unaudited)

For the quarter and six month period ended June 30, 2011

 

Quarter ended June  30

Fire and

Property damage

Marine aviation Motor

And transport

Accident and

Health

 Other 2011 2010

Rupees

 Aggregate Aggregate
Revenue Account
Net premium revenue 11,740,795 4,533,033 35,112,280 27,282,681  7,278,093 115,946,882 92,189,056
Net claims  (399,809) (1,028,445) (29,025,757) (21,331,883) (10,134,894) (61,920,788) (92,580,853)
Management expenses (2,201,422)  (910,492) (12,209,528) (5,046,281)  (1,360,168) (21,727,890) (11,417,030)
Net Commission (2,182,791) (1,484,622) (8,860,527) (2,328,922) 390,309 (14,466,553) (18,815,711)
Net Underwriting expenses (4,384,213) (2,395,114)  (31,070,055) (7,375,203) (969,859) (36,194,444) (30,232,741)
———  ——— ———-  ———- ———-  ———- ———-
Underwriting results 6,956,773 1,109,473 15,016,468 (1,424,404) (3,826,660) 17,831,650 (25,624,538)
Investment Income 5,865,532 1,247,987
Rental Income 523,818 518,802
Other Income /(Charges) 1,163,459 (46,255)
General and administrative expenses (17,226,284) (19,889,386)
 ——— ———  ———- ———-  ———-   ———-  ———-
Profit / (Loss) before tax 8,158,175 (43,793,390)
Provision for taxation – current (1,824,636) (1,962,960)
 ——— ——— ———-  ———-  ———-  ———- ———-
Profit / (Loss)  after tax  633,540 (45,756,350)

Resrated

Earning / (Loss) per share – basic and diluted   0.25  (2.17)

 

 

 

Quarter ended June  30

 Fire and

Property damage

Marine aviation Motor

and transport

Accident and

Health

Other 2011 2010

Rupees

Aggregate  Aggregate
Revenue Account
Net premium revenue 23,620,529 15,207,478 131,080,314 47,922,017 14,190,918 232,021,257 205,718,371
Net claims (897,485)  (1,374,363)  (72,172,681) (48,934,308)  (735,311) (124,114,148) (149,989,824)
Management expenses  (4,191,222)  (2,698,412) (23,258,863)  (8,503,273) (2,518,034)  (41,169,803) (28,187,958)
Net Commission (4,783,187)  (4,221,542)  (17,796,684)  (4,146,253) (976,547) (29,971,119) (39,550,192)
Net Underwriting expenses (8,974,187) (6,919,954)  (41,055,547) (12,649,526) (1,541,486)  (71,140,922) (67,738,150)
———  ———  ———-   ———- ———-  ———-  ———-
Underwriting results 13,748,635  6,913,161 17,852,086 (13,661,817) 11,914,121 36,766,186 (12,009,603)
Investment Income 11,680,935  3,021,353
Rental Income  1,047,636 1,037,601
Other Income 1,469,085 1,667,726
General and administrative expenses  (34,404,139) (35,114,144)
——— ———  ———- ———-  ———- ———-  ———-
Profit / (Loss) before tax 16,559,703 (41,397,037)
Provision for taxation – current (2,824,636) (2,462,960)
 ——— ———  ———- ———- ———-  ———- ———-
Profit / (Loss) after tax 13,735,068  (43,859,997)
———  ———  ———-  ———-  ———-  ———-   ———-
Balance of accumulated (loss) at
end of the period  (10,044,939) (38,607,067)
———  ———   ———-  ———-  ———-  ———-   ———-

Resrated

Earning / (Loss) per share – basic and diluted 0.60  (2.08)

 

For more information, contact:
Huzaifa Hanif Tola
Company Secretary
Shaheen Insurance Company Limited
10th Floor Shaheen Complex, M.R. Kayani Road, Karachi – 74200
Tel: (9221) 32630370-75
Fax: (9221) 32626674
Email: sihifc@cyber.net.pk
Web: www.shaheeninsurance.com

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