|
| |
Profit & Loss
Account
For the year ended 31st December, 1997
|
|
Notes |
|
1997 |
|
1996 |
|
|
|
|
=N= |
|
=N= |
|
Premium Earned |
|
|
|
|
|
|
(Non-Life department) |
15.3 |
|
149,049,374 |
|
118,609,773 |
|
Less: |
|
|
|
|
|
|
Claims paid |
|
39,948,353 |
|
19,866,561 |
|
|
Commission |
|
26,528,044 |
|
18,744,499 |
|
|
Expenses |
|
66,120,650 |
|
49,817,823 |
|
|
Outstanding claims |
|
(3,413,254) |
|
13,351,66 |
|
|
Increase in reserve for unexpired risk |
|
11,675,112 |
|
7,713,470 |
|
|
|
|
|
140,858,905 |
|
109,494,015 |
|
|
|
|
8,190,469 |
|
9,115,758 |
|
Life assurance fund surplus |
15.5 |
|
2,000,000 |
|
2,000,000 |
Investment income -
|
|
|
|
|
|
|
Income from fixed investment |
|
18,832,185 |
|
13,420,103 |
|
|
Interest receivable and similar income |
|
4,960,599 |
|
7,907,974 |
|
|
Provision for investment loses |
|
(2,568,802) |
|
(2,979,201) |
|
|
|
|
|
21,223,982 |
|
18,348,876 |
|
Profit on ordinary activities before taxation |
15 |
|
31,414,451 |
|
29,464,634 |
|
Taxation |
8.1 |
|
6,786,932 |
|
|
|
Profit on ordinary activities after tax |
|
|
24,627,519 |
|
24,130,159 |
|
Deduct: appropriation-Proposed dividend |
16 |
|
17,000,000 |
|
9,600,000 |
|
|
|
|
7,627,519 |
|
14,530,159 |
|
Contingency reserve (non-life) |
|
|
4,471,481 |
|
3,558,293 |
|
Retained profit for the year transferred to general
reserve |
13 |
|
3,156,038 |
|
10,971,866 |
|
