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REV - Consolidated Financial Statement 2016-17

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 2017
IN RESPECT OF FIRE INSURANCE BUSINESS
  Particulars Schedule Current Year Previous Year
      (` '000) (` '000)
1. Premiums earned (Net) 1 56,635,928 46,235,952
2. Profit on sale of Investments (Net)   3,883,973 3,440,837
3. Forex Gain/( Loss)   (140,154) 493,701
4. Interest, Dividend & Rent - Gross   6,431,184 5,692,524
  Total (A)   66,810,931 55,863,014
1. Claims Incurred (Net) 2 42,505,597 35,070,446
2. Commission (Net) 3 16,708,297 12,555,948
3. Operating Expenses related to Insurance Business 4 710,173 738,349
4. Expenses relating to Investments   10,106 7,577
5. Premium Deficiency   - -
  Total (B)   59,934,173 48,372,320
  Operating Profit /- Loss from Fire Business C = (A-B) 6,876,758 7,490,694
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   6,876,758 7,490,694
  Transfer to Catastrophe Reserve   - -
  Transfer to Other Reserves (to be specified)   - -
  Total (C)   6,876,758 7,490,694
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) 1 198,118,924 94,913,993
2. Profit on sale of Investments (Net)   6,655,641 6,092,645
3. Forex Gain/( Loss)   (186,102) 918,694
4. Interest, Dividend & Rent - Gross   11,012,297 10,079,196
  Total (A)   215,600,760 112,004,528
1. Claims Incurred (Net) 2 161,679,858 86,508,174
2. Commission (Net) 3 35,828,252 20,622,450
3. Operating Expenses related to Insurance Business 4 1,715,680 1,059,898
4. Expenses relating to Investments   15,976 13,355
5. Premium Deficiency   - -
  Total (B)   199,239,766 108,203,877
  Operating Profit/-Loss from Miscellaneous Business C = (A-B) 16,360,994 3,800,651
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   16,360,994 3,800,651
  Transfer to Catastrophe Reserve   - -
  Transfer to Other Reserves (to be specified)   - -
  Total (C)   16,360,994 3,800,651
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 10,613,366 9,443,297
2. Profit on sale of Investments (Net)   942,665 989,040
3. Forex Gain/( Loss)   (28,535) 152,359
4. Interest, Dividend & Rent - Gross   1,559,650 1,636,084
  Total (A)   13,087,146 12,220,780
1. Claims Incurred (Net) 2 7,560,956 6,330,217
2. Commission (Net) 3 1,601,637 1,811,133
3. Operating Expenses related to Insurance Business 4 67,904 79,411
4. Expenses relating to Investments   2,252 2,154
5. Premium Deficiency   - (584,596)
  Total (B)   9,232,749 7,638,319
  Operating Profit/-Loss from Marine Business C = (A-B) 3,854,397 4,582,461
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   3,854,397 4,582,461
  Transfer to Catastrophe Reserve   - -
  Transfer to Other Reserves (to be specified)   - -
  Total (C)   3,854,397 4,582,461
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 2,391,444 2,411,272
2. Profit on sale of Investments (Net)   38,434 47,906
3. Forex Gain/( Loss)   (19,042) 11,253
4. Interest, Dividend & Rent - Gross   70,600 83,712
  Total (A)   2,481,436 2,554,143
1. Claims Incurred (Net) 2 3,490,565 1,750,283
2. Commission (Net) 3 59,354 74,359
3. Operating Expenses related to Insurance Business 4 25,000 26,025
4. Expenses relating to Investments   1,227 674
5. Premium Deficiency   - -
  Total (B)   3,576,146 1,851,341
  Operating Profit/-Loss from Life Business C = (A-B)   (1,094,710) 702,802
  APPROPRIATIONS      
  Transfer to Shareholders’ Account   (1,094,710) 702,802
  Transfer to Catastrophe Reserve   - -
  Transfer to Other Reserves (to be specified)   - -
  Total (C)   (1,094,710) 702,802
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.