| FORM NL-2-B-PL | ||||||
|---|---|---|---|---|---|---|
| Name of the Insurer:..GENERAL INSURANCE CORPORATION OF INDIA | ||||||
| Registration No...112 | ||||||
| Date of..Registration with the IRDA : 2nd April, 2001 | ||||||
| PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30.09.2012 | . | . | . | ( Rs IN 000) | ||
| . | PARTICULARS | SCHEDULE | FOR THE QUARTER | SIX MONTH ENDING 30.09.2012 | FOR THE QUARTER OF THE PRECEDING YEAR | SIX MONTH ENDING 30.09.2011 |
| 1 | OPERATING PROFIT/(LOSS) | . | . | . | . | . |
| . | (a). Fire Insurance | . | 234 554 | 551 396 | -2990 383 | -3187 856 |
| . | (b)..Marine Insurance | . | 2490 717 | 2446 288 | 110 069 | 425 268 |
| . | (c )..Miscellaneous Insurance | . | 6211 719 | 6243 457 | 5586 026 | 8060 138 |
| . | (d) Life Insurance | . | -20 621 | -89 675 | 19 316 | 105 349 |
| 2 | INCOME FROM INVESTMENTS | . | .. | .. | .. | .. |
| . | (a) Interest, Dividend & Rent – Gross | . | 1378 537 | 2390 893 | 2363 133 | 3816 130 |
| . | (b) Profit on sale of investments | . | 445 421 | 539 826 | 264 655 | 618 926 |
| . | ......Less: Loss on sale of investments | . | . | . | . | . |
| 3 | OTHER INCOME (To be specified) | . | . | . | . | . |
| . | Profit on Exchange | . | -1445 615 | 655 047 | 1909 892 | 2268 938 |
| . | Profit on sale of Assets (Net) | . | - 13 | 0 | 981 | 981 |
| . | Sundry Balances Written Back (Net) | . | 0 | 0 | 0 | 0 |
| . | Interest on Income-tax Refund | . | 9 144 | 9 144 | 0 | 34 966 |
| . | Motor Pool Service Charges | . | -11 957 | 15 270 | -8 088 | 96 462 |
| . | Miscellaneous Receipts | . | - 134 | 6 841 | 764 | 2 807 |
| . | TOTAL (A) | . | 9291 752 | 12768 487 | 7256 365 | 12242 109 |
| 4 | Provision for Doubtful Loans, Investment & Debts | . | 63 350 | 33 987 | 148 091 | 168 148 |
| 5. | Amortisation of premium on Investments | . | 46 928 | 92 915 | 50 788 | 104 042 |
| 6. | Diminution in the value of investments written off | . | 0 | 0 | 30 887 | 37 339 |
| 7. | OTHER EXPENSES | . | 0 | 0 | ||
| . | Expenses relating to Investments | . | 2 717 | 4 558 | 3 154 | 7 270 |
| . | Loss on Exchange | . | 0 | 0 | 0 | 0 |
| . | Loss on sale of Assets (Net) | . | 35 | 35 | 0 | 0 |
| . | Sundry Balances Written off (Net) | . | 0 | 0 | 0 | 0 |
| . | Loss on Distribution of LPA Assets | . | 0 | 0 | 0 | 0 |
| . | Interest on Service Tax | . | 0 | 0 | 0 | 0 |
| . | TOTAL (B) | . | 113 030 | 131 495 | 232 920 | 316 799 |
| . | Profit Before Tax................................. | . | 9178 722 | 12636 992 | 7023 445 | 11925 310 |
| . | Provision for Taxation : | . | . | . | . | . |
| . | Current Tax | . | 1312 700 | 1868 600 | 1424300 | 2786 006 |
| . | Wealth Tax | . | 28 | 28 | 463 | 463 |
| . | Mat Tax | . | -1312 700 | -1868 600 | 0 | 0 |
| . | Deferred Tax | . | -61 774 | 0 | -17968 | -17 968 |
| . | Fringe Benefit Tax | . | 0 | 0 | 0 | 0 |
| . | Provision for Tax in respect of earlier years | . | 0 | 0 | 0 | 0 |
| . | Profit after Tax | . | 9240 468 | 12636 964 | 5616 650 | 9156 809 |
| . | Balance brought forward from last year | . | 0 | -24678 928 | 0 | 599 |
| . | Profit available for appropriation | . | 9240 468 | -12041 964 | 5616 650 | 9157 408 |
| . | APPROPRIATIONS | . | . | . | . | . |
| . | (a).................Interim dividends paid during the year | . | . | . | . | . |
| . | (b).................Proposed final dividend | . | 0 | 0 | 0 | 0 |
| . | (c).................Dividend distribution tax | . | 0 | 0 | 0 | 0 |
| . | (d).................Transfer to General Reserve | . | 0 | 0 | 0 | 0 |
| . | (e) Balance carried forward to Balance Sheet | . | 9240 468 | -12041 964 | 5616650 | 9157 408 |
| . | . | . | 9240 468 | -12041 964 | 5616 650 | 9157 408 |
| Notes:..to Form NL-1-B-RA and NL-2-B- PL | . | . | . | . | . | |
| (a)..................Premium income received from business concluded in and outside India shall be separately disclosed. | . | . | . | |||
| (b).................Reinsurance premiums whether on business ceded or accepted are to be brought into account gross (i.e. before deducting commissions) under the head reinsurance premiums. | ||||||
| (c).................Claims incurred shall comprise claims paid, specific claims settlement costs wherever applicable and change in the outstanding provision for claims at the year-end,. | . | |||||
| (d).................Items of expenses and income in excess of one percent of the total premiums (less reinsurance) or Rs.5,00,000 whichever is higher, shall be shown as a separate line item. | . | |||||
| (e).................Fees and expenses connected with claims shall be included in claims. | . | . | . | . | ||
| (f)..................Under the sub-head "Others” shall be included items like foreign exchange gains or losses and other..items. | . | . | . | |||
| (g).................Interest, dividends and rentals receivable in connection with an investment should be stated as gross amount, the amount of income tax deducted at source being included under 'advance taxes paid and taxes deducted at source”.. | ||||||
| (h).................Income from rent shall include only the realised rent. It shall not include any notional rent. | . | . | . | . | ||