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IGI Insurance Limited’s financial result for the year ended December 31, 2011

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Karachi: We have to inform you that the Board of directors in their meeting held on March 26, 2012 at 11:30 a.m. at our Lahore office, have approved the results for the year ended December 31 2011 and recommended.

Final Cash Dividend for the year ended December 31, 2011 of Rs. 3/- (three) per share (i.e. 30%).This is in addition to interim dividend already paid at Rs. 2/- (two) per share (i.e. 20%).

 

Fire andMarineMotorMiscellaneous20112010
Propertyaviation
damageandAggregateAggregate
transport
(Rupees in 000)
Revenue account
Net premium revenue89,165134,267444,751184,146852,329720,733
Net claims(31,415)(67,655)(296,887)(134,568)(530,525)(364,411)
Expenses(62,333)(24,500)(62,060)(32,163)(181,056)(186,172)
Net commission64,37025,913(32,775)9,52667,03434,945
——–————————————-———
Underwriting result59,78768,02553,02926,941207,782205,095
——–————————————-———
Investment income492,524929,344
Rental income19,74518,581
Other income5,7769,647
Financial charges(40,952)(66,563)
General and administrative expenses(130,368)(109,054)
———-———
346,725781,955
———-———
554,507987,050
Share of loss of loss of associate,(497,875)(66,279)
———-———
Profit before tax56,632920,771
Taxation(6,929)(84,215)
———-———
Profit after tax49,703836,556
Other Comprehensive Income
———-———
Total comprehensive income49,703836,556
———-———
Profit and loss appropriation account
Balance at commencement of the year592,463(172,250)
Profit after tax for the year49,703836,556
Transfer from general reserve337,661149,672
Final dividend 2010: Rs. 2 per share(143,685)(149,672)
(2009: Rs. 2.5 per share)
Interim dividend 2011: Rs. 2 per share(193,976)(71,843)
(2010: Re. 1 per share)
———-———
49,703764,713
———-———
Un-appropriated profit642,166592,463
———-———
Earnings per share – basic and diluted0.457.50

 

The Annual General Meeting (AGM) of the Shareholders of the Company will be held on Thursday, April 26, 2012 at 10:00 a.m., at our Registered Office of the Company at 7th Floor, The Forum, Block 9, Khayaban-e-Jami, Clifton, Karachi.

Share transfer books of the Company shall remain closed from Friday April 13, 2012 to Thursday April 26, 2012, both days inclusive. We will be sending you 300 copies of printed financial statements for distribution amongst the members of the Karachi Stock, 21 days before the date of AGM.

For more information, Contact:
IGI Insurance Limited
7th Floor, The Forum, Suit No. 701-713,
G-20, Block-9, Khayaban-e-Jami,
Clifton, Karachi- 75600, Pakistan
Tel: 111-234-234
Fax: 92-21-3530 1772-3530-1729

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