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Tuesday, November 21st, 2017

East West Insurance Company Limited’s free reserves certificate

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Karachi: This is to certify that the free reserve of East West Insurance Company Limited (EWIC) as at September 15, 2011 as per their reviewed balance sheet as on that date are Rs. 101,094,682 which are not less than 25% of the enhanced capital amounting to Rs. 276,516,911.

Calculation of free reserve is as under:

 

Rupees in ‘000’

Issued, Subscribed and Paid up Capital
(before issue of bonus shares)  251,379
Free Reserves
Un-appropriated profit 23,895
General Reserves  77,200
 ——-
101,093
Reserve for issue of bonus shares (25,138)  25,138
——-  ——-
Free Reserves and capital
(after issue of bonus shares) 75,957 276,517
 ——-  ——-
Free reserves as a percentage of

enhanced capital

27.47%

 

This certificate has been issued on the request of the management of East West Insurance Company Limited under clause (iii) of Rule 6 read together with clause (i) and (iii) of Rule 6 of Companies (Issue of Capital) Rules, 1996.

 

(Rupees in `000)

January to

January to

September

September

15,

30,

2011

2010

Net Premium Revenue 218,056  208,078
Net Claims (83,674) (84,557)
Management expenses (48,783) (47,048)
Net Commission (43,173) (36,341)
 ——-  ——-
Net underwriting expenses (91,958)  (83,389)
Underwriting Results 42,426  40,132
Net Investment income 14,108 11,787
Gain on sale of fixed assets 1,763  949
Other Income 845  1,257
General and administrative expenses (41,702)  (39,813)
Workers welfare fund  (912) (281)
 ——-  ——-
Profit / (loss) before Tax 16,528 14,031
Provision for taxation
Current (2,209) (2,375)
Prior  (5,794)
Deferred  –  (2,214)
  ——-   ——-
Profit / (loss) after Tax  14,319 3,648
 ——-  ——-
Profit and loss appropriation account:
Balance at commencement of the period 9,576 986
Add: Transfer from general reserve 2,200  –
Profit/ (loss) after Tax 14,319 3,649
——-  ——-
Balance accumulated profit /(loss) at the end of the period 26,095 4,635
 ——-  ——-
Earning Profit / (loss) per share – basic and diluted  0.57  0.15

 

The Extraordinary General Meeting of the Company will be held on Wednesday October 12, 2011 at 12:00 Noon at the registered office, 27, Regal Plaza Jinnah Road, Quetta. The Share Transfer Books of the Company will remain closed from October 12, 2011, to October 16, 2011, (both days inclusive) for Extraordinary General Meeting and from November 9, 2011, to November 13, 2011 (both days inclusive) for entitlement of Bonus Shares and Right Shares.

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

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