Contents. Financial Statments. Reliance General Window Takaful Operations

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3 Contents Financial Statments Company Information s Report s Report in Urdu Condensed Interim Balance Sheet Condensed Interim Profit & Loss Account Condensed Interim Statement of Comprehensive Income Condensed Interim Statement of Changes in Equity Condensed Interim Statement of Cash Flows Condensed Interim Statement of Premiums Condensed Interim Statement of Claims Condensed Interim Statement of Expenses Condensed Interim Statement of Investment Income Notes to the Condensed Interim Financial Statements Reliance General Window Takaful Operations Financial Statements Reliance Window Takaful Operations Condensed Interim Balance Sheet Condensed Interim Profit & Loss Account Condensed Interim Statement of Comprehensive Income Condensed Interim Statement of Changes In Fund Condensed Interim Statement of Cash Flows Condensed Interim Statement of Contribution Condensed Interim Statement of Claims Condensed Interim Statement of Expenses Participants' Takaful Fund Condensed Interim Statement of Expenses Operators' Fund Condensed Interim Statement of Investment Income Notes to the Condensed Interim Financial Statements Offices Notice for unclaimed physical shares/dividends Mandatory Form

4 Company Information BOARD OF DIRECTORS CHAIRMAN ISMAIL H. ZAKARIA DIRECTORS A. AZIZ AYOOB IRFAN ZAKARIA BAWANY MUHAMMAD OMER BAWANY ZOHAIR ZAKARIA AHMED ALI BAWANY NOOR M. ZAKARIA HAMZA OMER BAWANY MUHAMMAD IQBAL CHIEF EXECUTIVE & MANAGING DIRECTOR A. RAZAK AHMED CHIEF ACCOUNTANT AND COMPANY SECRETARY HAROON A. SHAKOOR AUDIT COMMITTEE MUHAMMAD OMER BAWANY CHAIRMAN IRFAN ZAKARIA BAWANY MEMBER ZOHAIR ZAKARIA MEMBER MUHAMMAD IQBAL MEMBER INVESTMENT COMMITTEE IRFAN ZAKARIA BAWANY CHAIRMAN ZOHAIR ZAKARIA MEMBER AHMED ALI BAWANY MEMBER A. RAZAK AHMED MEMBER ETHICS, HUMAN RESOURCE & REMUNERATION COMMITTEE ZOHAIR ZAKARIA CHAIRMAN IRFAN ZAKARIA BAWANY MEMBER A. RAZAK AHMED MEMBER CREDIT RATING A ( SINGLE A ) BY JCRVIS OUTLOOK POSITIVE AUDITORS KRESTON HYDER BHIMIJI & CO. CHARTERED ACCOUNTANTS LEGAL ADVISOR ABDUL SATTAR PINGAR BANKERS HABIB BANK LIMITED MCB BANK LIMITED ALLIED BANK LIMITED SONERI BANK LIMITED BANK ALFALAH LIMITED NATIONAL BANK OF PAKISTAN UNITED BANK LIMITED THE BANK OF PUNJAB FAYSAL BANK LIMITED HABIB METROPOLITAN BANK LIMITED NIB BANK LIMITED JS BANK LIMITED REGISTERED OFFICE 96A, Sindhi Muslim Cooperative Housing Society, Karachi. HEAD OFFICE Reliance Insurance House, 181A, Sindhi Muslim Cooperative Housing Society, P.O. Box No , Karachi Phone : Fax : reliins@cyber.net.pk ricre@cyber.net.pk Website: SHARES REGISTRAR M/s. C&K Management Associates (Pvt.) Ltd. 404Trade Tower, Abdullah Haroon Road, Near Hotel Metropole, Karachi Tel: (021) & Reliance Insurance Company Limited

5 DIRECTORS REPORT The Shareholders, Reliance Insurance Company Limited, Your s are pleased to present before you the Third Quarter (Unaudited) Accounts for the period ended September 30,. During the period under review, your Company underwrote a Gross Premium of Rs million as compared to Rs million of the corresponding period of last year a decrease of 0.39%, and contribution of Rs million for Window Takaful Operation thus cumulative growth of 3.71%. The Net Premium Income stood at Rs million as against Rs million of last year and net contribution to Window Takaful Operation stood at Rs , thus cumulative increase works out to 7.88%. Net claims incurred decreased from Rs million to Rs million compared to corresponding period of last year, showing decrease of 8.35%. Underwriting profit surged from Rs million to Rs million, showing an increase of 5.05%. Investment income for the nine months period has shrunk to Rs. (25.782) million compared to Rs million of the corresponding period of last year. Pakistan Stock Exchange Index is continually declining showing downward trend due to political uncertainty and other factors. Remeasurement of Investments unrealized loss/impairment was booked for Rs million, additionally Insurance sector Dividend Income and Capital gain has now been subjected to tax at normal corporate tax rate i.e., 31% as against previous lower tax regime, resulting in severe blow to the profitability of insurance sector. Consequently, Loss before tax for the period ended September 30, was Rs.(7.565) million against Profit of Rs million of corresponding period of last year. Earnings per share (EPS) stood at Re.(0.45) compared to Re.1.03 for the corresponding period of last year. Your Management will continue to strive hard to improve upon its performance with the hope that the Government would tackle energy crisis on priority basis, enforce policies to boost economic activities to meet challenges ahead and concentrate on improving upon Law and Order situation in the Country. By order of the Board Karachi: 31st October, A. RAZAK AHMED Chief Executive & Managing Quarterly Report September 03

6 ڈا ز ہ م ن ٢٠١٧ ٣٠ ڈا ز ت آڈٹ ہ ت ى ا ت ل ا ررا رو ز ہ ت دوران آپ ٨٤٥ ٤٩٣ ٠ ٣٩ اور و و آ ى ا ت ٨٤٨ ٨٠١ رو رو ٢٦٠ ٧٩٨ ٣ ٧١ ا ا ح ر رو دارى ٥٤ ١٧١ ا ٢٢ ٤٠٨ ا آ و و ١ ور رو ٢٦٠ ٨٨١ ت ا ل ا ٧ ٨٨ ا ح رو ٨ ٣٥ ل رو ر رو ٦٩ ٦٠٩ ٧٥ ٩٥٠ ا ا ا ررا ٥٢ ٣٨٧ ٥٥ ٠٣٦ھ رو ا اس ح ٥ ٠٥ ا ت ل رو (٢٥ ٧٨٢) ت آ رى اور د و ا و ن ا ك ا ا رو ٥٤ ٤٩٢ وا رو ٦٥ ٠٩٤ ر ن ہ (Remeasurement) رى رر اب م ( ) ت ر او آ ڈ ا ر اور دو ے ٣١ (regime) وط ح ا ر د ا ح ٣٠ ٢٠١٧ ا ت از ن ٦٩ ٣٤٣ رو ن( ٠ ٤٥ ) (٧ ٥٦٥) رو ل ا ت رو ل ا ت ١ ٠٣ رو اس در ر ر اس ا دوں آ د وغ ں ا دى وا آ اور آ ان ا ر ز ر ل ا ن و ا اور ے ں ا ٢٠١٧ ٣١ :ا 04 Reliance Insurance Company Limited

7 Our Services Reliance Insurance Company Limited underwrites all classes of General Insurance and enjoys reputation second to none. Apart from the traditional covers such as Fire and Allied perils, Accident, Motor, Marine (Import and Exports), Loss of Profits, personal Accident, Group Hospitalization, Workmen s Compensation, Burglary, Fidelity Guarantee, Public Liability, Products Liability, CashinSafe or in Transit etc. RICL also transact nontraditional covers such as Machinery Breakdown and Loss of Profits following Machinery Breakdown, Contractors All Risks, Erection All Risks, Bonds, Aviation Hull and Liabilities, Terrorism Insurance and the like. Takaful Reliance Insurance has also commenced Window Takaful Operations. Reliance Takaful offering a wide range of Shariah Compliant General Takaful Products such as Fire & Property Takaful, Marine Cargo Takaful, Motor Takaful (Private/Commercial Vehicles), Engineering Takaful, Terrorism & Political Violence Takaful and Miscellaneous Accident Takaful. Quarterly Report September 05

8 Condensed Interim Balance Sheet (Un Audited) As at September 30, Note September 30, (Un Audited) December 31, (Audited) SHARE CAPITAL AND RESERVES Authorised share capital ( 75,000,000 Ordinary Shares of Rs.10/ each) 750,000, ,000,000 Issued subscribed and paidup share capital Retained earnings Reserves 7 561,412,850 1,179, ,000, ,375, ,150, ,000,000 UNDERWRITING PROVISIONS Provision for outstanding claims (including IBNR) Provision for unearned premium Commission income unearned 812,592, ,954, ,194,616 33,893, ,525, ,507, ,368,394 34,712,441 Total Underwriting Provisions 789,042, ,588,798 CREDITORS AND ACCRUALS Amounts due to other insurers/reinsurers Accrued Taxation provision less payments Other Creditors and Accuruals 88,347,743 2,152,689 16,385,493 73,572,532 71,401,782 3,779,536 7,591,756 76,047,677 OTHER LIABILITIES Unclaimed dividend 180,458,457 1,642, ,820,751 1,665,878 TOTAL EQUITY AND LIABILITIES 1,783,735,536 1,806,601,107 Total liabilities of takaful operationsoperator's Fund TOTAL EQUITY AND LIABILITIES 11,745,316 1,795,480,852 4,876,703 1,811,477,810 CONTINGENCIES AND COMMITMENTS 8 06 Reliance Insurance Company Limited

9 Condensed Interim Balance Sheet (Un Audited) As at September 30, Note September 30, (Un Audited) December 31, (Audited) CASH AND BANK DEPOSITS Cash and other equivalent Current and other accounts Deposit maturing within 12 months LOANS ( SECURED ) To employees 9 2,325,069 99,719,025 26,748, ,792,707 1,482, , ,835,079 26,719, ,958, ,775 INVESTMENTS ,805, ,662,862 CURRENT ASSETSOTHERS Premiums due but unpaid Amounts due from other insurers/reinsurers Accrued investment income Reinsurance recoveries against outstanding claims Deferred commission expense Prepaid reinsurance premium ceded Trade deposits and prepayments Sundry receivables FIXED ASSETS Tangible Land and buildings Furniture, fixtures and office equipment Motor vehicles Total assets of takaful operationsoperator's Fund TOTAL ASSETS ,488,635 3,206,765 8,939, ,754,107 60,239, ,027,950 1,613,974 1,338, ,609,422 7,671,983 7,324,660 69,104,134 84,100,777 62,689,448 1,795,480, ,903,439 2,781,333 1,436, ,078,362 61,298, ,533,433 1,664,515 1,749, ,445,770 8,294,036 6,876,059 71,900,994 87,071,089 53,341,804 1,811,477,810 The annexed notes from 1 to 18 form an integral part of these financial statements. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, Quarterly Report September 07

10 Condensed Interim Profit & Loss Account (Un Audited) For the Quarter and Nine Months Period Ended September 30, Quarter ended September 30 Revenue Account Net Premium Revenue Net Claims Expenses Net Commission Underwriting result Fire & Property Demage 27,501,681 (6,096,542) (9,760,072) (7,568,813) 4,076,254 Marine Aviation & Transport 12,533,858 (4,924,683) (4,485,831) (2,085,413) 1,037,931 Motor 42,486,050 (14,261,072) (15,078,474) (4,223,688) 8,922,816 Misc. Aggregate 763,308 (453,246) (282,287) 346, ,370 83,284,897 (25,735,543) (29,606,664) (13,531,319) 14,411,371 Aggregate 83,333,831 (27,162,032) (27,987,189) (14,348,078) 13,836,532 Investment (loss)/ Income Other Income Financial Charges General and administration Profit before tax from takaful operationsopf (Loss)/Profit before tax Provision for Taxation : Current (Loss) / profit after tax (6,323,504) 294,090 (10,956,356) 956,782 (1,617,617) (4,650,000) (6,267,617) 6,598, ,032 (30,979) (10,111,198) 958,024 11,531,096 (4,500,000) 7,031,096 Nine months ended September 30 Revenue Account Net Premium Revenue Net Claims Expenses Net Commission Underwriting result Note Fire & Property Demage 77,669,271 (12,742,865) (27,288,950) (21,382,639) 16,254,817 Marine Aviation & Transport 54,808,614 (14,789,328) (19,256,902) (11,157,836) 9,604,548 Motor 120,295,559 (41,268,597) (42,265,616) (11,954,015) 24,807,331 Misc. Aggregate 8,025,138 (809,060) (2,819,617) (26,787) 4,369, ,798,582 (69,609,850) (91,631,085) (44,521,277) 55,036,370 Aggregate 260,881,175 (75,950,943) (87,730,983) (44,811,971) 52,387,278 Investment (loss) /Income Other Income 12 Financial Charges General and administration Profit / (Loss) before tax from takaful operationsopf (loss) / profit before tax Provision for Taxation : Current (Loss) / Profit after tax Profit and Loss Appropriation Account Balance at Commencement of the Period (Loss)/Profit after tax during the half year Cash Dividend for the year : 5%(2015:5%) Transfers to reserves ( General Reserve) Bonus Shares for the year :10%(2015:10%) Balance Unappropriated profit at the end of the period (Loss) / earning per Share Basic and Diluted (Note : 16) The annexed notes from 1 to 18 form an integral part of these financial statements. (25,781,920) 1,416,170 (40,714,327) 2,479,031 (7,564,676) (17,850,000) (25,414,676) 133,150,360 (25,414,676) (25,518,766) (30,000,000) (51,037,530) 1,179,388 (0.45) 54,491, ,700 (30,979) (37,841,415) (382,020) 69,343,435 (11,300,000) 58,043, ,057,137 58,043,435 (23,198,878) (20,000,000) (46,397,760) 90,503, Mohammad Omar Bawany / Chairman Karachi: 31st October, A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing 08 Reliance Insurance Company Limited

11 Condensed Interim Statement of Comprehensive Income (Un Audited) For the Quarter and Nine Months Period Ended September 30, Quarter ended September 30 Nine months ended September 30 (Loss)/Profit after tax (6,267,617) 7,031,096 (25,414,676) 58,043,435 Other comprehensive income Total comprehensive (loss)/ income for the period (6,267,617) 7,031,096 (25,414,676) 58,043,435 The annexed notes from 1 to 18 form an integral part of these financial statements. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, Quarterly Report September 09

12 Condensed Interim Statement of Changes in Equity (Un Audited) For the Nine Months Period Ended September 30, Share Capital General reserves Unappropriated profit Total Balance as at January 01, 463,977, ,000, ,057, ,034,697 Total comprehensive income for the period 58,043,435 58,043,435 Issuance of bonus shares and transferred to general reserve 46,397,760 20,000,000 (66,397,760) Cash Dividend (23,198,878) (23,198,878) Balance as at September 30, 510,375, ,000,000 90,503, ,879,254 Balance as at January 01, 510,375, ,000, ,150, ,525,680 Total comprehensive loss for the period (25,414,676) (25,414,676) Issuance of bonus shares and transferred to general reserve 51,037,530 30,000,000 (81,037,530) Cash Dividend (25,518,766) (25,518,766) Balance as at September 30, 561,412, ,000,000 1,179, ,592,238 The annexed notes from 1 to 18 form an integral part of these financial statements. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, 10 Reliance Insurance Company Limited

13 Condensed Interim Statement of Cash Flows (Un Audited) For the Nine Months Period Ended September 30, September 30, September 30, Operating Cash Flow a) Underwriting activities Premium received Reinsurance premium paid Claims paid Reinsurance and other recoveries received Commission paid Commission received Net cash flow from underwriting activities b) Other operating activities Income tax paid General management paid Other operating payments Loans advanced / repayment received Other payments on operating assets Other receipts in respect of operating assets Net cash (outflow) from other operating activities Total cash (outflow) / inflow all operating activities Investment activities Interest / Dividend received Payments for Investments Proceeds from disposal of investments Fixed Capital Expenditures Proceeds from disposal of fixed assets Total cash inflow / (outflow) from Investing activities 817,100,261 (572,842,236) (157,375,194) 88,535,910 (97,210,564) 53,737, ,945,319 (9,056,263) (91,631,085) (30,815,952) (485,075) (4,101,992) 461,978 (135,628,389) (3,683,070) 26,154,825 (206,250,074) 196,667,022 (9,399,593) 3,887,700 11,059, ,087,503 (556,792,966) (190,521,433) 116,392,258 (88,222,619) 52,348, ,291,126 (4,739,208) (87,730,983) (28,958,694) 238,805 8,848,198 (433,241) (112,775,123) 55,516,003 23,104,114 (493,777,783) 424,458,645 (19,546,746) 3,196,000 (62,565,770) Quarterly Report September 11

14 Condensed Interim Statement of Cash Flows (Un Audited) For the Nine Months Period Ended September 30, Financing activities September 30, September 30, Dividend paid Financial Charges Total cash (outflow) from financing activities Net cash (outflow) from all activities Cash & cash equivalent at the beginning of the year Cash & cash equivalent at the end of the period (25,542,613) (25,542,613) (18,165,803) 146,958, ,792,707 (23,201,181) (30,979) (23,232,160) (30,281,927) 133,927, ,645,234 Reconciliation to profit and loss Account Operating cash flow Depreciation expense Financial Charges Gain on disposal of fixed assets Increase/(decrease) in assets other then cash (Increase)/decrease in liabilities other then running finance Investment (loss)/income Profit /(Loss) before tax from takaful operationsoperator's Fund (loss)/profit after tax as per profit & loss account Definition of Cash Cash in hand and at Bank, Stamps in hand and short term placements with banks cash for the purposes of the Statement of Cash Flows consists of: Cash and Equivalents Current and other accounts Deposits maturing within 12 months (3,683,070) (9,898,375) 1,416,170 38,145,206 (28,091,718) (25,781,920) 2,479,031 (25,414,676) 2,325,069 99,719,025 26,748, ,792,707 55,516,003 (8,882,721) (30,979) 718,700 (88,742,992) 45,355,573 54,491,871 (382,020) 58,043,435 1,418,540 75,507,238 26,719, ,645,234 The annexed notes from 1 to 18 form an integral part of these financial statements. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, 12 Reliance Insurance Company Limited

15 Condensed Interim Statement of Premiums (Un Audited) For the Quarter and Nine Months Period Ended September 30, Business underwritten inside Pakistan Class Direct and Facultative Fire and Property Damage Marine, Aviation and Transport Motor Miscellaneous Grand Total Premium written 85,568, ,639,083 43,982,959 6,366, ,557,267 Unearned Premium reserve Prepaid Reins Premium ceded Opening Closing Opening Closing Rupees 172,118, ,748,146 82,816,331 12,061, ,744, ,334, ,241,568 83,628,178 12,990, ,194,616 Premium earned 77,353, ,145,661 43,171,112 5,437, ,107,204 Quarter ended September 30 Reinsurance ceded 54,512, ,014, ,438 3,709, ,965, ,048, ,196,977 1,448,686 9,189, ,884, ,709, ,599,810 1,492,062 8,226, ,027,950 Reinsurance 49,851, ,611, ,062 4,673, ,822,307 Class Direct and facultative Fire and Property Damage Marine, Aviation and Transport Motor Miscellaneous Grand Total Premium written 226,333, ,195, ,018,045 20,946, ,493,052 Nine month ended September 30 Unearned Premium reserve Premium Reinsurance Prepaid Reins Premium ceded Opening Closing earned ceded Opening Closing Rupees 175,693, ,051,958 85,909,234 14,714, ,368, ,334, ,241,568 83,628,178 12,990, ,194, ,691, ,005, ,299,101 22,669, ,666, ,753, ,580,322 2,185,314 12,843, ,362, ,979, ,216,834 1,310,290 10,026, ,533, ,709, ,599,810 1,492,062 8,226, ,027,950 Reinsurance 144,022, ,197,346 2,003,542 14,644, ,868,248 The annexed notes from 1 to 18 form an integral part of these financial statements. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, Net Premium revenue 27,501,681 12,533,858 42,486, ,308 83,284,897 Net Premium revenue 77,669,271 54,808, ,295,559 8,025, ,798,582 Net Premium revenue 23,534,343 19,429,350 39,822, ,272 83,333,831 Net Premium revenue 73,167,137 54,759, ,680,288 7,273, ,881,175 Quarterly Report September 13

16 Condensed Interim Statement of Claims (Un Audited) For the Quarter and Nine Months Period Ended September 30, Business underwritten inside Pakistan. Class Direct and facultative Fire and Property Damage Marine, Aviation and Transport Motor Miscellaneous Grand Total Claims paid 25,218,156 13,871,086 14,640,792 1,493,187 55,223,221 Outstanding claims Reinsurance and other recoveries in respect of outstanding claims Opening Closing Opening Closing Rupees 119,700,809 88,585,027 21,482,555 1,904, ,672, ,450,877 83,834,201 19,602,835 2,066, ,954,274 Claims 32,968,224 9,120,260 12,761,072 1,654,955 56,504,511 Quarter ended September 30 Reinsurance and other recoveries received 21,851,932 7,425,837 1,098,432 30,376, ,244,762 75,282,440 2,470,896 1,363, ,361, ,264,512 72,052, ,896 1,466, ,754,107 Reinsurance and other recoveries revenue 26,871,682 4,195,577 (1,500,000) 1,201,709 30,768,968 Class Direct and facultative Fire and Property Damage Marine, Aviation and Transport Motor Miscellaneous Grand Total Claims paid 76,127,994 32,534,410 44,188,854 4,523, ,375,194 Outstanding claims Opening Closing Opening Closing Rupees 107,374,419 86,294,663 23,975,092 2,863, ,507, ,450,877 83,834,201 19,602,835 2,066, ,954,274 Claims 96,204,452 30,073,948 39,816,597 3,726, ,821,505 Nine months ended September 30 Reinsurance and other recoveries received 66,434,835 17,724, ,000 3,523,514 88,535,910 Reinsurance and other recoveries in respect of outstanding claims 92,237,760 74,492,121 3,275,896 2,072, ,078, ,264,512 72,052, ,896 1,466, ,754,107 Reinsurance and other recoveries revenue 83,461,587 15,284,620 (1,452,000) 2,917, ,211,655 The annexed notes from 1 to 18 form an integral part of these financial statements. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, Net Claims 6,096,542 4,924,683 14,261, ,246 25,735,543 Net Claims 12,742,865 14,789,328 41,268, ,060 69,609,850 Net Claims 6,150,464 5,583,416 15,193, ,536 27,162,032 Net Claims 17,975,796 12,759,101 44,545, ,980 75,950, Reliance Insurance Company Limited

17 Condensed Interim Statement of Expenses (Un Audited) For the Quarter and Nine Months Period Ended September 30, Business underwritten inside Pakistan Class Direct and facultative Fire and Property Damage Marine, Aviation and Transport Motor Miscellaneous Grand Total Commissions paid or payable 21,944,770 5,897,332 4,304,873 1,222,029 33,369,004 Opening Deferred commission 44,463,684 3,619,364 8,281,633 2,119,992 58,484,673 Closing Deferred commission 46,359,396 3,211,792 8,362,818 2,305,705 60,239,711 Quarter ended September 30 Net commission Expense 20,049,058 6,304,904 4,223,688 1,036,316 31,613,966 Other Management Expenses 9,760,072 4,485,831 15,078, ,287 29,606,664 Underwritting Expenses 29,809,130 10,790,735 19,302,162 1,318,603 61,220,630 Commission from reinsurers 12,480,245 4,219,491 1,382,911 18,082,647 Net underwriting expense a b c d=a+bc e f=d+e g h=fg Rupees 17,328,885 6,571,244 19,302,162 (64,308) 43,137,983 Class Direct and facultative Fire and Property Damage Marine, Aviation and Transport Motor Miscellaneous Grand Total Commissions paid or payable 58,056,908 24,312,349 11,725,910 3,922,993 98,018,160 Opening Deferred commission 45,351,626 4,678,322 8,590,923 2,677,620 61,298,491 Closing Deferred commission 46,359,396 3,211,792 8,362,818 2,305,705 60,239,711 Nine months ended September 30 Net commission Expense 57,049,138 25,778,879 11,954,015 4,294,908 99,076,940 Other Management Expenses 27,288,950 19,256,902 42,265,616 2,819,617 91,631,085 Underwritting Expenses 84,338,088 45,035,781 54,219,631 7,114, ,708,025 Commission from reinsurers 35,666,499 14,621,043 4,268,121 54,555,663 Net underwriting expense a b c d=a+bc e f=d+e g h=fg Rupees 48,671,589 30,414,738 54,219,631 2,846, ,152,362 The annexed notes from 1 to 18 form an integral part of these financial statements. Karachi: 31st October, Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Net underwriting expense 14,692,678 10,668,625 17,264,062 (290,098) 42,335,267 Net underwriting expense 45,575,457 30,027,358 54,651,032 2,289, ,542,954 Quarterly Report September 15

18 Condensed Interim Statement of Investment Income (Un Audited) For the Quarter and Nine Months Period Ended September 30, Quarter ended Sep. 30 Nine months ended Sep. 30 Income from NonTrading Investments Held to maturity Return on Government Securities Return on other fixed income, securities and deposits 12,148 1,135,928 1,148, , ,074 1,627,252 1,568,192 2,997,702 4,565,894 3,572,284 2,879,389 6,451,673 Available for sale Dividend Income Gain on sale of Available for sale investments Impairment 1,988, ,327 (3,506,246) (1,341,853) 909,670 (2,228,963) (1,319,293) 11,167,304 4,658,475 (15,417,761) 408,018 1,500,570 9,082,285 (2,531,237) 8,051,618 Income from Trading Investments Held for Trading Dividend Income Gain on sale of Investments Unrealized Loss/gain on remeasurement 7,038,812 (13,168,539) (6,129,727) 6,741, ,151 (1,185,866) 6,307,150 17,932, ,896 (49,675,875) (30,748,382) 22,000,582 3,853,116 14,166,563 40,020,261 Less: Investment related (16,424) (7,450) (31,681) Net Investment (Loss) / Income transferred to P&L A/c. (6,323,504) 6,598,685 (25,781,920) 54,491,871 The annexed notes from 1 to 18 form an integral part of these financial statements. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, 16 Reliance Insurance Company Limited

19 Notes to the Condensed Interim Financial Statements (Un Audited) For the Nine Months Period Ended September 30, 1. STATUS AND NATURE OF BUSINESS Reliance Insurance Company Limited (the Company) was incorporated in Pakistan as a public limited company on November 4, The Company is engaged in general insurance business and has also been allowed to undertake Window Takaful Operations (WTO) on May 25, by Securities and Exchange Commission of Pakistan (SECP) under SECP Takaful Rules, 2012 to carry on General Window Takaful Operations in Pakistan. The shares of the Company are quoted on Pakistan Stock Exchange Limited. The registered office of the Company is situated at 96A, Sindhi Muslim Cooperative Housing Society, Karachi. JCRVIS Credit Rating Company Limited has assessed the Insurer Financial Strength (IFS) rating of the Company as 'A' (Single A). Outlook on the assigned rating is 'Positive'. 2. BASIS OF PRESENTATION 2.1 Statement of compliance This condensed interim financial information has been prepared in accordance with the requirements of International Accounting Standard 34: 'Interim Financial Reporting and provisions of and directives issued under the Repealed Companies Ordinance, 1984, the Insurance Ordinance, 2000, the Repealed SEC (Insurance) Rules, 2002 and Takaful Rules, 2012 read with Circular No. 25 of 2015 dated July 9, In case where the requirements differ, the provisions or directives issued under the Repealed Companies Ordinance, 1984, the Insurance Ordinance, 2000, the Repealed SEC (Insurance) Rules, 2002 and SECP Takaful Rules, 2012 have been followed. During the period new Insurance Rules and Insurance Accounting Regulations have been issued; however SECP vide its letter No. ID/OSM /Reliance//12203 dated 06th October has granted exemption to the Company to prepair their third quarter accounts for the period ended September 30, and annual audited accounts for the year ending December 31, in accordance with the requirements previous Rules (SEC (Insurance) Rules, 2002) and has allowed the application of new regulations effective from the accounting year commencing from January 1, Hence, then condenced interim financial information for the period ended September 30, are prepared to accordance with requirements of previous Insurance Rules Companies Act, (the Act) has been promulgated through notification in official Gazette and hence Companies Ordinance 1984 stands repealed; however the SECP vide its circular No. 23 / dated 4th October has notified that the Companies whose financial year closes on or before December 31, shall prepare their financial statements in accordance with the provisions of repealed Companies Ordinance Accordingly the provisions of Repealed Companies Ordinance 1984 have been followed while preparing this condensed interim financial information. This condensed interim financial information do not include all of the information required for full financial statements and should be read in conjunction with the financial statements of the Company for the year ended December 31,. In term of requirements of Takaful Rules, 2012, read with SECP Circular 25 of 2015 dated July 9, 2015, the assets, liabilities and profit and loss of Operator Fund of General Takaful Operations of the Company have been presented as a single line item in the balance sheet and profit and loss account of the Company respectively. A separate set of financial statements of the General Takaful Operations has been annexed to these financial statements as per the requirements of the Takaful Rules, Functional and presentation currency This condensed interim financial information has been presented in Pak Rupees, which is the functional and presentation currency of the Company. 2.3 Basis of measurement This condensed interim financial information has been prepared under the historical cost convention except for certain financial assets and liabilities which are stated at fair value or amortized cost as applicable. This condensed interim financial information has been prepared under the accrual basis of accounting except for cash flow statement. Quarterly Report September 17

20 Notes to the Condensed Interim Financial Statements (Un Audited) For the Nine Months Period Ended September 30, 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies adopted in the preparation of this condensed interim financial information are same as those adopted in the preparation of annual financial statements for the year ended December 31,. During the period certain standards became effective; however, they are either irrelevant or do not have material effect on this condensed interim financial information, hence not disclosed. 4. USE OF ESTIMATES AND JUDGEMENTS Preparation of the condensed interim financial information requires management to make judgments, estimates and assumptions that effect the application of accounting policies and the reported amounts of assets and liabilities, income and. Actual results may differ from these estimates. In preparing the condensed interim financial information, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those that applied to the audited financial statements as at and for the year ended December 31,. 5. FINANCIAL RISK MANAGEMENT The Company s financial risk management objectives and policies are consistent with those disclosed in the annual financial statements for the year ended December 31,. 6. TAXATION The provision for taxation for the period ended september 30, has been made using the estimated effective tax rate applicable to expected total annual earnings. 7. SHARE CAPITAL Issued, subscribed and paid up capital September 30, December 31, (Unaudited) (Audited) (Number of shares) 1,156,680 1,156,680 54,984,605 56,141,285 49,880,852 51,037,532 Ordinary shares of Rs.10 each issued as fully paid in cash Ordinary shares of Rs.10 each issued as fully paid bonus shares September 30, December 31, (Unaudited) (Audited) 11,566,800 11,566, ,846, ,412, ,808, ,375, During the period the Company issued 5,103,753 (December 31, : 4,639,776) bonus shares at 10% (December 31, : 10%) amounting to Rs million (December 31, : Rs million). 8. CONTINGENCIES AND COMMITMENTS 8.1 An aviation claim has been reported on November 3, Investigations are underway and loss adjustors have not yet established liability. Should this loss be considered payable at any later stage, a maximum gross reserve of Rs. 550 million would arise. The impact on the Company s net account would be Rs. 2.5 million and the rest would be recoverable under fronting arrangements as per agreed terms. 8.2 There is no other significant change in contingencies and commitments as disclosed in published annual statements for the year ended December 31,. 18 Reliance Insurance Company Limited

21 Notes to the Condensed Interim Financial Statements (Un Audited) For the Nine Months Period Ended September 30, Note September 30, December 31, (Unaudited) (Audited) 9. CASH AND BANK DEPOSITS Cash and other equivalents Policy stamps and bond paper in hand Current and other accounts Current accounts PLS saving accounts Deposit maturing within 12 months ,325,069 51,100,274 48,618,751 99,719,025 26,748, ,792, ,974 40,508,964 79,326, ,835,079 26,719, ,958, PLS saving accounts carry profit rates ranging from 3.75% to 5.50% per annum (December 31,: 3.75% to 5.50% per annum). 9.2 The rate of return on term deposit certificates issued by various banks range from 4.0% to 5.75% per annum (December 31,: 4.15% to 5.75% per annum) due on maturity. These deposits include an advantage account amounting to Rs million (December 31,: Rs million) which is pledged against the running finance facility availed from a commercial bank. Note September 30, December 31, (Unaudited) (Audited) 10. INVESTMENTS The investments comprise of the following: Held to maturity Available for sale Less: Provision for impairment Held for trading ,000, ,620,330 (20,772,272) 280,848, ,957,590 70,833, ,731,970 (5,354,511) 268,377, ,452, ,805, ,662, GOP Ijara Sukuk Bonds having face value amounted to Rs million and market value amounted to Rs million (December 31, face value Rs.55 million and market value amounted to Rs million) are placed as statutory deposits with State Bank of Pakistan in accordance with the requirement of Section 29(2)(a) of Insurance Ordinance Market Value of investments in shares and securities (AFS) as at September 30, was Rs million (December 31, : Rs million). Quarterly Report September 19

22 Notes to the Condensed Interim Financial Statements (Un Audited) For the Nine Months Period Ended September 30, 11. OPERATING FIXED ASSETS AND DEPRECIATION These are stated at cost less accumulated depreciation. Depreciation is charged to profit and loss account using the reducing balance method. Depreciation on assets is charged from the month of addition while no depreciation is charged for the year in which assets are disposed off. Maintenance and repairs are charged to profit and loss account as and when incurred. Major renewals and improvements are capitalized and the assets so replaced, if any, are retired. 12. OTHER INCOME September 30, September 30, (Unaudited) (Unaudited) Gain on sale of tangible fixed assets 1,416, , TRANSACTIONS WITH RELATED PARTIES Related parties comprise of associated companies, entities under common control, entities with common directors, major shareholders and key management personnel of the Company. Transactions with related parties are carried out at arm's length prices determined under "Comparable uncontrolled price method". Transactions with related parties are as follows: September 30, September 30, (Unaudited) (Unaudited) Balances as at period / year end Premium due but unpaid Provision for outstanding claims 13,617,557 5,646,588 9,249,263 5,073,199 Transactions during the period Premium underwritten Premium collected Claims paid Dividend paid Dividend received Remuneration to key management personnel Staff retirement benefits 10,667,682 52,750,267 3,465,428 33,136 62,546 20,887,608 2,157,994 5,480,732 52,592,811 32,911, ,878 17,931,183 1,895, Reliance Insurance Company Limited

23 Notes to the Condensed Interim Financial Statements (Un Audited) For the Nine Months Period Ended September 30, 14. FAIR VALE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (i.e. an exit price) regardless of whether that price is directly observable or estimated using another valuation technique. A number of the Company s accounting policies and disclosure require the measurement of fair values, for both financial, if any and nonfinancial assets and financial liabilities. When measuring the fair value of an asset or a liability, the Company uses valuation techniques that are appropriate in the circumstances and uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: Fair value measurements using quoted (unadjusted) in active markets for identical asset or liability. Level 2: Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 : Fair value measurements using inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value as at balance sheet the fair value of all the financial assets and liabilities approximates to their carrying values in view of their short term maturities. Fair value of held to maturity invested approximates to Rs milllion (December 31, : Rs million) and is estimated using level 2 hierarchy inputs whereas fair value of available for sale investments approximates to Rs milllion (December 31, : Rs million) mainly based on using quoted market prices i.e level 1 input. 15. SEGMENT REPORTING Class of business wise revenue and results have been disclosed in the profit and loss account prepared in accordance with the requirements of Insurance Ordinacne, 2000 and the Repealed SEC (Insurance) Rules, The following table presents information regarding segment assets, liablities as at September 30,, and December 30, unallocated capital expenditure and noncash during the year: SEGMENT ASSETS Segment assets Unallocated corporate assets Consolidated corporate assets Fire & property 222,594, ,088,045 Marine 157,077,518 94,367,174 Motor 344,758, ,583,326 Misc 22,999,464 12,534,840 Total (Unaudited) (Audited) 747,429,848 1,048,051,004 1,795,480, ,573,385 1,312,350,381 1,761,923,766 SEGMENT LIABILITIES Segment liabilities 288,730,315 Unallocated corporate liabilities Consolidated corporate liabilities CAPITAL EXPENDITURE Unallocated capital expenditure Consolidated capital expenditure 261,928, ,747, ,033, ,190, ,919,157 29,832,913 26,039, ,501,267 13,387, ,888,614 9,399,593 9,399, ,920,825 7,123, ,044,512 19,546,746 19,546,746 Unallocated depreciation 9,898,375 8,882,721 Quarterly Report September 21

24 Notes to the Condensed Interim Financial Statements (Un Audited) For the Nine Months Period Ended September 30, Three months period ended 30 September (Unaudited) Restated Nine month period ended 30 September (Unaudited) Restated 16. (LOSS) / EARNINGS PER SHARE BASIC AND DILUTED (Loss) / profit after tax (6,267,617) 7,031,096 (25,414,686) 58,043,435 Number Weighted average number of shares during the period 56,141,285 56,141,285 56,141,285 56,141,285 (Loss) / earnings per share (0.11) 0.13 (0.45) No figures for diluted earnings per share has been presented as the Company has not issued any instrument which would have any dilutive an impact on earnings per share when exercised Earnings per share for the comparative period has been adjusted on account of issuance of bonus share as per IAS 33 "Earnings per share". 17. DATE OF AUTHORIZATION FOR ISSUE This condensed interim financial information has been authorized for issue on 31st October, by the Board of s of the Company. 18. GENERAL Figures have been rounded off to the nearest rupee. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, 22 Reliance Insurance Company Limited

25 Financial Period Ended September 30, (Unaudited)

26 Condensed Interim Balance Sheet (Un Audited) As at September 30, Note 30th September (Un Audited) Operator's Fund Participants' Takaful Fund Aggregate Dec. 31. (Audited) Aggregate FUND AND LIABILITES OPERATOR'S FUND Statutory Fund Accumulated Profit / (Loss) 50,000, ,132 50,944,132 50,000, ,132 50,944,132 50,000,000 (1,534,899) 48,465,101 Waqf / Participants' Takaful Fund Ceded Money Accumulated Surplus 500,000 11,911,042 12,411, ,000 11,911,042 12,411, ,000 3,971,191 4,471,191 Underwriting Reserves Provision for outstanding claims (including IBNR) Provision for unearned contribution Unearned retakaful rebate Total Underwriting Provisions 6,592,983 22,816,407 1,171,712 30,581,102 6,592,983 22,816,407 1,171,712 30,581,102 2,200,000 6,902, ,796 9,596,278 Creditors and Accruals Amounts due to other takaful / retakaful operators Unearned wakala fees Accrued Wakala and mudarib fees payable Other Creditors and Accuruals 7,094,070 4,651,246 11,745,316 6,955,736 11,700,673 1,144,071 19,800,480 6,955,736 7,094,070 11,700,673 5,795,317 31,545,796 8,055,350 2,235, ,000 30,900 2,271,953 12,968,356 TOTAL LIABILITIES 11,745,316 50,381,582 62,126,898 22,564,634 TOTAL FUND AND LIABILITIES 62,689,448 62,792, ,482,072 75,500,926 CONTINGENCIES AND COMMITMENTS 6 The annexed notes from 1 to 8 form an integral part of this condensed interim financial information. 24 Reliance Insurance Company Limited Window Takaful Operations

27 Condensed Interim Balance Sheet (Un Audited) As at September 30, Operator's Fund 30th September (Un Audited) Participants' Takaful Fund Aggregate Dec. 31. (Audited) Aggregate ASSTES Cash and other equivalent Saving accounts 37,622,140 37,622,140 32,625 22,179,086 22,211,711 32,625 59,801,226 59,833,851 36,106 44,854,990 44,891,096 INVESTMENTS 10,000,000 10,000,000 10,000,000 Current AssetsOthers Contribution due but unpaid Amounts due from other takaful / retakaful operators Accrued investment income Reinsurance recoveries against outstanding claims Deferred wakala fee Deferred commission expense Prepaid retakaful contribution ceded Wakala and mudarib fees receivable Taxation 73,311 2,879,445 11,700, ,879 15,067,308 20,332,989 3,064,750 3,404,465 7,094,070 6,684,639 40,580,913 20,332,989 3,064,750 73,311 3,404,465 7,094,070 2,879,445 6,684,639 11,700, ,879 55,648,221 9,857,736 1,828, ,654 2,045,500 2,235,153 1,037,485 3,150,427 30, ,914 20,609,830 TOTAL ASSETS 62,689,448 62,792, ,482,072 75,500,926 Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, Quarterly Report September 25

28 Condensed Interim Profit & Loss Account (Un Audited) For the Quarter and Nine Months Period Ended September 30, Participants' Takaful Fundrevenue account Net Contribution Revenue Wakala expense Direct Net Claims Rebate from retakaful operations Underwriting result Investment Income Modarib's Shares Surplus for the period Opertor's Fundrevenue account Wakala fee Commission Management Fire & Property 1,008,325 (1,131,823) (4,374) (95,452) 481, ,967 1,131,823 (626,932) (232,671) 272,220 Marine Aviation & Transport 17,180 (308,444) (3,699) (1,294,316) 198,736 (1,390,543) 308,444 (166,682) 67, ,247 Quarter ended September 30 Motor Misc. Aggregate 5,246,345 (1,740,402) (24,249) (671,996) 2,809,698 1,740,402 (572,259) (1,197,475) (29,332) 215,769 (229,950) (887) 133, , ,950 (102,751) (50,129) 77,070 6,487,619 (3,410,619) (33,209) (2,061,764) 813,414 1,795, ,848 (78,554) 1,978,735 3,410,619 (1,468,624) (1,412,790) 529,205 Aggregate 1,100,418 (4,353,241) (16,117) (187,500) 2,538,077 (918,363) 36,061 (10,818) (893,120) 4,353,241 (2,441,273) (1,653,861) 258,107 Investment Income Modarib's Share of PTF Investment General and administrative 399,091 78,554 (50,068) 689,099 10,818 Profit for the period 956, ,024 Participants' Takaful Fundrevenue account Net Contribution Revenue Wakala expense Direct Net Claims Rebate from retakaful operations Underwriting result Fire & Property 2,044,280 (2,377,356) (7,600) (95,452) 1,061, ,386 Marine Aviation & Transport 6,893,209 (5,357,554) (25,112) (4,358,541) 1,935,237 (912,761) Nine Months ended September 30 Motor 13,112,046 (4,429,185) (48,744) (946,900) 7,687,217 Misc. Aggregate 358,953 (383,322) (1,334) 222, ,807 22,408,488 (12,547,417) (82,790) (5,400,893) 3,219,261 7,596,649 Aggregate 1,635,962 (4,591,752) (16,117) (187,500) 2,584,259 (575,148) Investment Income Modarib's Share Surplus for the period 490,288 (147,086) 7,939,851 36,061 (10,818) (549,905) Accmulated surplus Balance at the beginning for the period surplus for the period Balance at the end for the period 3,971,191 7,939,851 11,911,042 (549,905) (549,905) Opertor's Fundrevenue account Wakala fee Commission Management 2,377,356 (1,318,991) (483,748) 5,357,554 (3,034,189) (1,598,265) 4,429,185 (1,457,135) (3,102,732) 383,322 (171,386) (84,841) 12,547,417 (5,981,701) (5,269,586) 4,591,752 (2,548,342) (4,019,929) 574, ,100 (130,682) 127,095 1,296,130 (1,976,519) Investment Income Modarib's Share of PTF Investment General and administrative 1,336, ,086 (300,204) 1,583,681 10,818 Profit / (Loss) for the period 2,479,031 (382,020) Accmulated Profit / (loss) Balance at the beginning for the period Profit/ (loss) for the period Balance at the end for the period (1,534,899) 2,479, ,132 (382,020) (382,020) The annexed notes from 1 to 8 form an integral part of this condensed interim financial information. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing 26 Karachi: 31st October, Reliance Insurance Company Limited Window Takaful Operations

29 Condensed Interim Statement of Comprehensive Income (Un Audited) For the Quarter and Nine Months Period Ended September 30, OPERATOR'S FUND Quarter ended September 30, Nine Months ended September 30, Profit / (loss) for the period 956, ,024 2,479,031 (382,020) Other comprehensive income Total comprehensive income / (loss) for the period 956, ,024 2,479,031 (382,020) The annexed notes from 1 to 8 form an integral part of this condensed interim financial information. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, Quarterly Report September 27

30 Condensed Interim Statement of Changes In Fund (Un Audited) For the Nine Months Period Ended September 30, Operator's Fund Statutory Fund Accumulated (loss) / Profit Total Balance as at January 01, Contribution made during the period 50,000,000 50,000,000 Total comprehensive loss for the period (382,020) (382,020) Balance as at September 30, 50,000,000 (382,020) 49,617,980 Balance as at January 01, 50,000,000 (1,534,899) 48,465,101 Total comprehensive profit for the period 2,479,031 2,479,031 Balance as at September 30, 50,000, ,132 50,944,132 Participants'Takaful Fund Ceded Money Accumulated surplus Total Balance as at January 01, Ceded money 500, ,000 Deficit for the period (549,905) (549,905) Balance as at September 30, 500,000 (549,905) (49,905) Balance as at January 01, 500,000 3,971,191 4,471,191 Surplus for the period 7,939,851 7,939,851 Balance as at September 30, 500,000 11,911,042 12,411,042 The annexed notes from 1 to 8 form an integral part of this condensed interim financial information. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, 28 Reliance Insurance Company Limited Window Takaful Operations

31 Condensed Interim Statement of Cash Flows (Unaudited) For the Nine Months Period Ended September 30, Operator's Fund Participants' Takaful Fund Aggregate Aggregate Operating Cash Flow a) Takaful activities Contribution received Retakaful Contributions paid Claims paid Retakaful and other recoveries received Commission paid Retakaful rebate received Wakala and mudarib fees received Wakala and mudarib fees paid (5,589,576) 5,883,647 43,637,248 (19,383,267) (4,950,411) 2,583,536 3,897,177 (5,883,647) 43,637,248 (19,383,267) (4,950,411) 2,583,536 (5,589,576) 3,897,177 5,883,647 (5,883,647) 10,437,390 (3,553,481) (323,285) 242,464 (300,959) 3,327,134 (902,283) 902,283 Net cash flow from takaful activities 294,071 19,900,636 20,194,707 9,829,263 b) Other operating activities Income tax paid General administrative management paid Other payments on operating assets (195,965) (5,494,790) (299,389) (82,790) (1,138,668) (195,965) (5,577,580) (1,438,057) (139,774) (3,200,546) (787,742) Net cash (outflow) from other operating activities (5,990,144) (1,221,458) (7,211,602) (4,128,062) Total cash (outflow) / inflow all operating activities (5,696,073) 18,679,178 12,983,105 5,701,201 Investment activities Profit / Dividend received 1,469, ,288 1,959,650 1,397,539 Total cash inflow from Investing activities 1,469, ,288 1,959,650 1,397,539 Financing activities Contribution to the Operator's Fund Cede money Total cash inflow from financing activities 50,000, ,000 50,500,000 Net cash (outflow) / inflow from all activities (4,226,711) 19,169,466 14,942,755 57,598,740 Cash & cash equivalent at the beginning of the year 41,848,851 3,042,245 44,891,096 Cash & cash equivalent at the end of the period 37,622,140 22,211,711 59,833,851 57,598,740 Reconciliation to profit and loss Account Operating cash flow Increase in assets other then cash (Increase) in liabilities other then running finance Investment Income (5,696,073) 13,707,698 (6,868,613) 1,336,019 18,679,178 21,464,036 (32,693,651) 490,288 12,983,105 35,171,734 (39,562,264) 1,826,307 5,701,201 26,568,765 (34,821,633) 1,619,742 Profit after tax as per profit & loss account. 2,479,031 7,939,851 10,418,882 (931,925) The annexed notes from 1 to 8 form an integral part of this condensed interim financial information. Mohammad Omar Bawany / Chairman A. Aziz Ayoob Irfan Zakaria Bawany A. Razak Ahmed Chief Executive & Managing Karachi: 31st October, Quarterly Report September 29