|
Profit & Loss
Account
For the year ended 31st December, 1998
| |
|
|
|
1998 |
|
|
|
1997 |
| |
Notes |
=N= |
|
=N= |
|
|
|
=N= |
|
Premium earned(net) |
16.3 |
|
|
196,182,524 |
|
|
|
149,049,374 |
|
Less: |
|
|
|
|
|
|
|
|
|
Claims paid |
|
33,641,871 |
|
|
|
39,948,353 |
|
|
|
Commissions |
|
32,222,830 |
|
|
|
26,528,044 |
|
|
|
Outstanding claims |
|
11,599,896 |
|
|
|
(3,413,254) |
|
|
|
Increase in reserve for unexpired risks |
|
20,942,548 |
|
|
|
11,675,112 |
|
|
|
Expenses |
|
89,692,716 |
|
|
|
66,120,650 |
|
|
| |
|
|
|
188,099,861 |
|
|
|
140,858,905 |
| |
|
|
|
8,082,663 |
|
|
|
8,190,469 |
|
Life assurance fund surplus |
16.5 |
|
|
- |
|
|
|
2,000,000 |
|
Investment incomes - |
|
|
|
|
|
|
|
|
|
Income from fixed investments |
|
45,898,954 |
|
|
|
18,832,185 |
|
|
|
Interest receivable and similar income |
|
3,624,164 |
|
|
|
4,960,599 |
|
|
|
Write-back/(provision) for investment losses |
|
1,088,597 |
|
|
|
(2,568,802) |
|
|
| |
|
|
|
50,611,715 |
|
|
|
21,223,982 |
|
Profit on ordinary |
|
|
|
|
|
|
|
|
|
activities before taxation |
16.1 |
|
|
58,694,378 |
|
|
|
31,414,451 |
|
Taxation |
9.1 |
|
|
8,253,188 |
|
|
|
6,786,932 |
|
Profit on ordinary activities after tax |
|
|
|
50,441,190 |
|
|
|
24,627,519 |
|
Deduct: Appropriation - |
|
|
|
|
|
|
|
|
|
Proposed dividend (30% gross) |
17 |
|
|
30,000,000 |
|
|
|
17,000,000 |
| |
|
|
|
20,441,190 |
|
|
|
7,627,519 |
|
Contingency reserve |
13 |
|
|
5,885,476 |
|
|
|
4,471,481 |
|
Retained profit for the year |
|
|
|
|
|
|
|
|
|
transferred to general reserve |
14 |
|
|
14,555,714 |
|
|
|
3,156,038 |
|
