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 PERIOD ENDED 31.03.2021 | ( ₹ in 000) | |||||
PARTICULARS | SCHEDULE | For the Three Months ending 31.03.2021 | For the Year ending 31.03.2021 | For the Three Months ending 31.03.2020 | For the Year ending 31.03.2020 | |
1 | OPERATING PROFIT/(LOSS) | |||||
(a) Fire Insurance | 5443 426 | 4788 292 | 7372 357 | -5394 182 | ||
(b) Marine Insurance | 1845 568 | -2431 144 | 3116 199 | 4004 048 | ||
(c ) Miscellaneous Insurance | 5231 984 | 1,22,49,494 | -579 687 | -6982 535 | ||
(d) Life Insurance | -1243 559 | -1249 129 | -207 984 | 2,86,963 | ||
2 | INCOME FROM INVESTMENTS | |||||
(a) Interest, Dividend & Rent – Gross | 3569 826 | 10534 985 | 2626 275 | 9070 466 | ||
(b) Profit on sale of investments | 2663 903 | 9431 592 | 2131 910 | 6598 301 | ||
Less: Loss on sale of investments | 0 | 0 | 0 | 0 | ||
3 | OTHER INCOME (To be specified) | |||||
Foreign gain/(loss) | 0 | 0 | 750 156 | 1195 815 | ||
Profit on sale of Assets (Net) | - 365 | 262 | 0 | 0 | ||
Sundry Balances Written Back (Net) | 0 | 0 | 0 | 0 | ||
Interest on Income-tax Refund | -22 488 | -22 488 | 0 | 0 | ||
(Provision)/doubtful debts written back | 0 | 0 | 0 | 0 | ||
Motor Pool Service Charges | 0 | 0 | 0 | 0 | ||
Miscellaneous Receipts | 13 493 | 22 684 | 2 243 | 19 046 | ||
TOTAL (A) | 17501 788 | 33324 548 | 15211 469 | 8797 922 | ||
4 | Provision for Doubtful Loans & Investment | 1710 053 | 3509 240 | 329 967 | 8589 428 | |
5 | Provision /(written off) for Doubtful Debts | -5950 349 | -3683 288 | 1012 315 | 1317 127 | |
6 | Amortisation of premium on Investments | 98 534 | 349 484 | 80 165 | 315 009 | |
7 | Diminution in the value of investments written off | 340 251 | 340 251 | 2256 234 | 2256 234 | |
8 | OTHER EXPENSES | |||||
Expenses relating to Investments | 0 | 0 | 0 | 0 | ||
Forex loss/(gain) | 316 716 | 623 047 | 0 | 0 | ||
(Profit)/Loss on sale of Assets (Net) | 0 | 0 | 1 097 | 3 547 | ||
Sundry Balances Written off (Net) | 4 | 4 | - 446 | 0 | ||
Interest & others | 5 338 | 7 988 | 1 080 | 1 090 | ||
Corporate Social Responsibility | 526 431 | 544 000 | 520 168 | 775 198 | ||
IPO expenses | 0 | 0 | 0 | 0 | ||
TOTAL (B) | -2953 022 | 1690 726 | 4200 580 | 13257 633 | ||
Profit Before Tax | 20454 810 | 31633 822 | 11010 889 | -4459 711 | ||
Provision for Taxation : | ||||||
Current Tax | 8085 252 | 12518 300 | 19,587 | 110 001 | ||
Wealth Tax | 0 | 0 | 0 | 0 | ||
MAT Credit | 0 | 0 | 0 | 0 | ||
Deferred Tax | -116 760 | 29 176 | (186 281) | -182 311 | ||
Fringe Benefit Tax | 0 | 0 | 0 | 0 | ||
Provision for Tax in respect of earlier years | -118 035 | -118 035 | (796 487) | -796 487 | ||
MAT Credit of earlier year | 0 | 0 | 0 | 0 | ||
Profit after Tax | 12604 353 | 19204 381 | 11974 070 | -3590 914 | ||
Appropriations | ||||||
Balance brought forward from last year | 0 | 22435 908 | 0 | 40303 305 | ||
(a) Interim dividends paid during the year | 0 | 0 | 0 | 0 | ||
(b) Final dividend | 0 | 0 | 0 | 11842 200 | ||
(c) Dividend distribution tax | 0 | 0 | 0 | 2434 283 | ||
(d) Transfer to General Reserve | 0 | 0 | 0 | 0 | ||
(e) Balance carried forward to Balance Sheet | 12604 353 | 41640 289 | 1,19,74,069 | 22435 908 | ||
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. | ||||||