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REV - Consolidated Financial Statement 2015-16

GENERAL INSURANCE CORPORATION OF INDIA
Registration No. 112
Date of Registration with IRDAI : 2nd April 2001
CONSOLIDATED REVENUE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2016
IN RESPECT OF FIRE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 46235 952 39840 269
2. Profit on sale of Investments (Net)   3440 836 4634 506
3. Forex Gain/( Loss)   493 701 (206 921)
4. Interest, Dividend & Rent - Gross   5692 524 6218 450
  Total (A)   55863 013 50486 304
1. Claims Incurred (Net) 2 35070 446 26635 633
2. Commission (Net) 3 12555 948 9745 045
3. Operating Expenses related to Insurance Business 4 738 349 578 563
4. Expenses relating to Investments   7 577 8 478
5. Premium Deficiency   0 0
  Total (B)   48372 320 36967 719
  Operating Profit /- Loss from Fire Business C = (A-B) 7490 693 13518 585
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   7490 693 13518 585
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   7490 693 13518 585
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Fire Insurance Business have been fully debited in the Fire Insurance Revenue Accounts as expenses.
IN RESPECT OF MISCELLANEOUS INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 94913 992 84874 806
2. Profit on sale of Investments (Net)   6092 644 7201 778
3. Forex Gain/( Loss)   918 693 (317 983)
4. Interest, Dividend & Rent - Gross   10079 196 9663 225
  Total (A)   112004 525 101421 826
1. Claims Incurred (Net) 2 86508 172 81557 919
2. Commission (Net) 3 20622 451 16169 225
3. Operating Expenses related to Insurance Business 4 1059 898 966 174
4. Expenses relating to Investments   13 355 13 178
5. Premium Deficiency   0 0
  Total (B)   108203 876 98706 496
  Operating Profit/-Loss from Miscellaneous Business C = (A-B) 3800 649 2715 330
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   3800 649 2715 330
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   3800 649 2715 330
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Miscellaneous Insurance Business have been fully debited in the Miscellaneous Insurance Revenue Accounts as expenses.
IN RESPECT OF MARINE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 9443 297 9356 772
2. Profit on sale of Investments (Net)   989 040 1042 710
3. Forex Gain/( Loss)   152 359 (57 173)
4. Interest, Dividend & Rent - Gross   1636 084 1398 994
  Total (A)   12220 780 11741 303
1. Claims Incurred (Net) 2 6330 217 9933 675
2. Commission (Net) 3 1811 133 1995 631
3. Operating Expenses related to Insurance Business 4 79 411 106 147
4. Expenses relating to Investments   2 154 1 904
5. Premium Deficiency   -584 596 584 596
  Total (B)   7638 319 12621 953
  Operating Profit/-Loss from Marine Business C = (A-B) 4582 461 -880 650
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   4582 461 -880 650
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  <b   4582 461 -880 650
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Marine Insurance Business have been fully debited in the Marine Insurance Revenue Accounts as expenses.
IN RESPECT OF LIFE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 2411 272 1394 511
2. Profit on sale of Investments (Net)   47 906 48 917
3. Forex Gain/( Loss)   11 253 (2 822)
4. Interest, Dividend & Rent - Gross   83 712 76 287
  Total (A)   2554 143 1516 893
1. Claims Incurred (Net) 2 1750 283 986 033
2. Commission (Net) 3 74 359 78 376
3. Operating Expenses related to Insurance Business 4 26 025 64 394
4. Expenses relating to Investments   674 543
5. Premium Deficiency   0 0
  Total (B)   1851 341 1129 346
  Operating Profit/-Loss from Life Business C = (A-B)   702 802 387 547
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   702 802 387 547
  Transfer to Catastrophe Reserve   0 0
  Transfer to Other Reserves (to be specified)   0 0
  Total (C)   702 802 387 547
As required by Section 40C (2) of the Insurance Act, 1938, we certify that, all expenses of management, wherever incurred, whether directly or indirectly, in respect of Life Insurance Business have been fully debited in the Life Insurance Revenue Accounts as expenses.
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