FORM NL-2-B-PL gic-logo-final
Name of the Insurer:  GENERAL INSURANCE CORPORATION OF INDIA   
Registration No.  112
Date of  Registration with the IRDAI : 2nd April, 2001
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2016 ( ` '000)
  PARTICULARS SCHEDULE For the year ended 31 March 2016 For the year ended 31 March 2015
1 OPERATING PROFIT/(LOSS)      
  (a)  Fire Insurance   7093 990 13580 424
  (b)  Marine Insurance   4579 345 -857 491
  (c )  Miscellaneous Insurance   3812 274 3189 103
  (d)  Life Insurance   711 176 395 131
2 INCOME FROM INVESTMENTS      
  (a)  Interest, Dividend & Rent – Gross   8411 453 7036 980
  (b)  Profit on sale of investments   5086 412 5249 329
        Less: Loss on sale of investments      
3 OTHER INCOME (To be specified)      
  Profit on Exchange   754 983 -275 131
  Profit on sale of Assets (Net)    0  0
  Sundry Balances Written Back (Net)    0  0
  Interest on Income-tax Refund    0 2327 674
  Motor Pool Service Charges   1578 527 -1075 122
  Miscellaneous Receipts   11 949 9 208
  TOTAL (A)   32040 109 29580 105
4 Provision for Doubtful Loans & Investment    420 091 32 008
5 Provision for Doubtful  Debts    0  0
6 Amortisation of premium on Investments   185 605 181 025
7 Diminution in the value of investments written off   1359 916 588 077
8 OTHER EXPENSES      
  Expenses relating to Investments   10 752 9 329
  Loss on Exchange    0  0
  Loss on sale of Assets (Net)    223 - 167
  Sundry Balances Written off (Net)    0  0
  Loss on Distribution of LPA Assets    0  0
  Interest on Service Tax   7 519 318 005
  Corporate Social Responsibility   490 936 179 481
  TOTAL (B)   2475 042 1307 758
  Profit Before Tax                                    29565 067 28272 347
  Provision for Taxation :      
  Current Tax 5122 682 5070 000
  Wealth Tax  0 11 359
  Mat Tax -1884 959 -3653 300
  Deferred Tax 150 425 -107 630
  Fringe Benefit Tax  0  0
  Provision for Tax in respect of earlier years   -101 341 14 713
  MAT Credit for earlier years   -2205 632  0
  Profit after Tax   28483 893 26937 205
  Balance brought forward from last year    769  896
  Profit available for appropriation   28484 662 26938 101
  APPROPRIATIONS      
  (a)                 Interim dividends paid during the year    0  0
  (b)                 Proposed final dividend   8600 000 5400 000
  (c)                 Dividend distribution tax   1750 788 1099 332
  (d)                 Transfer to General Reserve   18133 000 20438 000
  (e)          Balance carried forward to Balance Sheet    874  769
      28484 662 26938 101
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.