FORM NL-2-B-PL

 

Name of the Insurer:  GENERAL INSURANCE CORPORATION OF INDIA   

 

Registration No.  112

 

Date of  Registration with the IRDAI : 2nd April, 2001

 

REVENUE ACCOUNT FOR THE YEAR ENDED 31.03.2020

( Rs. IN 000)

 
 

PARTICULARS

SCHEDULE

For the  Three Months  ending 31.03.2020

For the Year ending 31.03.2020

For the  Three Months  ending 31.03.2019

For the Year ending 31.03.2019

 

1

OPERATING PROFIT/(LOSS)

      
 

(a)  Fire Insurance

 

7372 358

-5394 182

-3518 365

-11708 155

 
 

(b)  Marine Insurance

 

3116 199

4004 048

1743 500

3509 634

 
 

(c )  Miscellaneous Insurance

 

-579 687

 (6982 535)

14402 183

33205 937

 
 

(d)  Life Insurance

 

-207 984

286 963

-692 299

 (795 322)

 
        

2

INCOME FROM INVESTMENTS

      
 

(a)  Interest, Dividend & Rent – Gross

 

2626 275

9070 466

2920 943

10562 913

 
 

(b)  Profit on sale of investments

 

2131 910

6598 301

2144 493

7123 783

 
 

      Less: Loss on sale of investments

 

 0

 0

 0

 0

 
        

3

OTHER INCOME (To be specified)

      
 

Foreign gain/(loss)

 

750 156

1195 815

-132 559

845 697

 
 

Profit on sale of Assets (Net)

 

 0

 0

 0

 0

 
 

Sundry Balances Written Back (Net)

 

 0

 0

 0

 0

 
 

Interest on Income-tax Refund

 

 0

 0

 0

 0

 
 

(Provision)/doubtful debts written back

 

 0

 0

 0

 0

 
 

Motor Pool Service Charges

 

 0

 0

 0

 0

 
 

Miscellaneous Receipts

 

2 243

19 045

34 366

68 589

 
 

TOTAL (A)

 

15211 470

8797 921

16902 262

42813 076

 

4

Provision for Doubtful Loans & Investment

 

329 967

8589 428

1978 032

4797 004

 

5

Provision /(written off) for Doubtful  Debts

 

1012 315

1317 127

682 265

1017 935

 

6

Amortisation of premium on Investments

 

80 165

315 009

73 050

304 671

 

7

Diminution in the value of investments written off

 

2256 234

2256 234

1613 982

1618 482

 

8

OTHER EXPENSES

      
 

Expenses relating to Investments

 

 0

 0

 0

 0

 
 

Forex loss/(gain)

 

 0

 0

- 1

 0

 
 

(Profit)/Loss on sale of Assets (Net)

 

1 097

3 547

 42

 199

 
 

Sundry Balances Written off (Net)

 

- 446

 0

 0

 0

 
 

Interest & others

 

 110

 120

76 519

83 652

 
 

Corporate Social Responsibility

 

521 138

776 168

537 530

652 899

 
 

IPO expenses

 

 0

 0

 0

 0

 
 

TOTAL (B)

 

4200 580

13257 633

4961 419

8474 842

 
 

Profit Before Tax                                 

 

11010 890

-4459 712

11940 843

34338 234

 
 

Provision for Taxation :

      
 

Current Tax

 

19 587

110 001

 5,854,700

12025 900

 
 

Wealth Tax

 

 0

 0

 0

 0

 
 

MAT Credit

 

 0

 0

 0

 0

 
 

Deferred Tax

 

-186 281

-182 311

 101,638

118 471

 
 

Fringe Benefit Tax

 

 0

 0

 0

 0

 
 

Provision for Tax in respect of earlier years

 

-796 487

-796 487

 0

 0

 
 

MAT Credit of earlier year

 

 0

 0

 (49 196)

-49 196

 
 

Profit after Tax

 

11974 071

-3590 915

6033 701

22243 059

 
 

Appropriations

      
 

Balance brought forward from last year

 

 0

40303 305

 0

32336 730

 
 

(a)                 Interim dividends paid during the year

 

 0

 0

 0

 0

 
 

(b)                 Final dividend

 

 0

11842 200

 0

11842 200

 
 

(c)                 Dividend distribution tax

 

 0

2434 283

 0

2434 283

 
 

(d)                 Transfer to General Reserve

 

 0

 0

 0

 0

 
 

(e)          Balance carried forward to Balance Sheet

 

11974 069

22435 908

 6,033,697

40303 305

 
        

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.