|
Profit & Loss
Account
For the year ended 31st December, 2000
| |
|
|
|
2000 |
|
|
|
1999 |
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Notes |
|
|
=N= |
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|
|
=N= |
|
Premium earned |
|
|
|
|
|
|
|
|
|
(net of reinsurances) |
15.1 |
|
|
333,250,543 |
|
|
|
221,994,327 |
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Less: |
|
|
|
|
|
|
|
|
|
Claims paid |
|
53,509,366 |
|
|
|
46,198,888 |
|
|
|
Commissions |
|
59,552,870 |
|
|
|
43,083,606 |
|
|
|
Outstanding claims |
|
8,589,223 |
|
|
|
1,381,559 |
|
|
|
Increase in reserve for |
|
|
|
|
|
|
|
|
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unexpired risks |
|
35,333,801 |
|
|
|
22,173,957 |
|
|
|
Expenses |
|
122,850,509 |
|
|
|
97,053,144 |
|
|
| |
|
|
|
279,835,769 |
|
|
|
209,891,154 |
| |
|
|
|
53,414,774 |
|
|
|
12,103,173 |
|
Investment Income: |
|
|
|
|
|
|
|
|
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Income from fixed investments |
|
52,857,256 |
|
|
|
60,928,700 |
|
|
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Interest receivable and |
|
|
|
|
|
|
|
|
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similar income |
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2,388,586 |
|
|
|
8,099,127 |
|
|
|
Provision for investment |
|
|
|
|
|
|
|
|
|
write back/(losses) |
|
4,553,334 |
|
|
|
(898,945) |
|
|
| |
|
|
|
59,799,176 |
|
|
|
68,128,882 |
|
Profit on ordinary |
|
|
|
|
|
|
|
|
|
activities before taxation |
16 |
|
|
113,213,950 |
|
|
|
80,232,055 |
|
Taxation |
17 |
|
|
12,513,774 |
|
|
|
8,567,890 |
|
Profit on ordinary |
|
|
|
|
|
|
|
|
|
activities after tax |
|
|
|
100,700,176 |
|
|
|
71,664,165 |
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Deduct: Appropriation - |
|
|
|
|
|
|
|
|
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Proposed dividend |
|
|
|
|
|
|
|
|
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(36% gross) |
18 |
|
|
72,000,000 |
|
|
|
35,000,000 |
| |
|
|
|
28,700,176 |
|
|
|
36,664,165 |
|
Contingency reserve |
12 |
|
|
10,682,955 |
|
|
|
9,145,512 |
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Retained profit for the year |
|
|
|
|
|
|
|
|
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transferred to general reserve |
|
|
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18,017,221 |
|
|
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27,518,653 |
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