PRCL registers substantial growth

By Abdul Qadir Qureshi  
(Pakistan News & Features Services)

The Pakistan Reinsurance Company Limited (PRCL), rated as AA Company, has posted a net profit of Rs.925 million for the three Quarters ending September 30, 2012. 

The break-up of Profit & Loss Account of PRCL in Underwriting Profit in nine months having ended on September 30, 2012, is Rs.578 million, as compared to Rs.283 million during the corresponding period last year. 

The investment income stood at Rs.785 million as compared to Rs.747 million while the rental and other income went up from Rs.36 million to Rs.45 million. 

The general and administration expenses were brought down from Rs.30 million to Rs.29 million with the exchange gain being Rs.39 million compared to Rs.27 million last year. 

The net profit before tax and value of available for Sale Investment-write-off was Rs.1408 million as Rs.1073 million last year, less Provision for Taxation Rs.337 million to Rs.217 million, net Profit after Tax and before Value of available for Sale Investment-write-off Rs.1071 million to Rs.856 million, and value of available for Sale Investment-write-off Rs.146 million to Rs.61 million. 

The summary of accounts for the nine months ended September 30, 2012, as compared with the accounts for the nine months ended September 30, 2011 is Premium Written Rs.5472 million to Rs.4212 million, Reinsurance ceded Rs.2669 million to Rs.1278 million, Net Retention Rs.2803 million to Rs.2934 million, Premium Reserve Rs.282 million to Rs. 372 Million, Net Premium Rs.3085 million to Rs.2562 million, Net Commission Rs.644 Million to Rs.574 Million, Net Claims Rs.1530 million to Rs.1451 million Underwriting Profit before Management Expenses Rs.911 million to Rs.537 million, and Less Management Expenses Rs.333 million to Rs.254 million. 

The Underwriting Profit during the period under report was Rs.578 million as compared to Rs.283 million during last corresponding period.