The Gross Written Premiums of your Company has shown a steady growth of 7% from Rs. 571 million in first nine months of year 2006 to Rs. 611 million in the current period whilst the net premium revenue has decreased slightly by 2% due to prudent risk management by the management and lower risk retentions as compared to the corresponding period.
Your Company’s underwriting results has shown a decline of Rs. 6.313 million (15.26%) as compared to corresponding period due to lower risk retentions by the Company as compared to corresponding period. The management of your Company is applying the policy of gradual and systematic decrease in motor portfolio. During the period under review motor portfolio of your company has further decreased to 65.89% of the total portfolio as compared to 70.11% in the corresponding period last year. This decrease has resulted in slight decrease of 2.994 million in underwriting profitability of motor portfolio as well. Underwriting results of Fire and marine businesses has shown an increase of 90.49% and 341.44% respectively. Miscellaneous business underwriting results has shown a loss of Rs. 5.709 million as compared to a profit of Rs. 8.551 million in corresponding period. This decrease is mainly due to a one time adjustment in reinsurance payments in corresponding period’s financial statements.
Investment Income of your Company has shown a remarkable increase of 1.10 times as compared to the corresponding period due to effective and professional management of the investment portfolio of the Company.
Profit before tax and after tax has shown an outstanding growth of 66.88 % and 75.40% from corresponding period in the last year.
Our progress is the result of constructive contribution made by our dedicated officers and staff members, our field force and of the cooperation and understanding extended towards us by our Reinsures, Securities and Exchange Commission of Pakistan, the State Bank of Pakistan and above all, by our...