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. | |||||||