FORM NL-2-B-PL


Name of the Insurer:  GENERAL INSURANCE CORPORATION OF INDIA   


Registration No.  112


Date of  Registration with the IRDA : 2nd April, 2001


PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 31.03.2013

( ` IN 000)

PARTICULARS SCHEDULE FOR THE QUARTER TWELVE MONTH ENDING 31.03.2013 FOR THE QUARTER OF THE PRECEDING YEAR TWELVE MONTH ENDING 31.03.2012

- - ( Rs. IN 000) ( Rs. IN 000) ( Rs. IN 000) ( Rs. IN 000)
1 OPERATING PROFIT/(LOSS)





(a)  Fire Insurance
5956 686 3816 233 -9126 052 -24055 370

(b)  Marine Insurance
2899 456 5958 037 -3310 210 -4700 705

(c )  Miscellaneous Insurance
865 940 8550 157 -5087 497 -7014 448

(d) Life Insurance
-76 513 22 852 27 404 229 442







2 INCOME FROM INVESTMENTS





(a) Interest, Dividend & Rent – Gross
1156 620 4492 459 1598 136 6937 370

(b) Profit on sale of investments
1369 705 2400 613 541 691 1443 844

      Less: Loss on sale of investments











3 OTHER INCOME (To be specified)





Profit on Exchange
-1756 302 274 019 -1243 462 3381 161

Profit on sale of Assets (Net)
0 0 - 68 895

Sundry Balances Written Back (Net)
0 0 0 0

Interest on Income-tax Refund
298 386 307 530 411 505 490 633

Motor Pool Service Charges
-10 867 0 -53 858 257 435

Miscellaneous Receipts
798 7 856 4 997 10 292

TOTAL (A)
10703 909 25829 756 -16237 414 -23019 451
4 Provision for Doubtful Loans, Investment & Debts
50 283 95 680 1153 281 1506 990
5. Amortisation of premium on Investments
49 026 188 507 48 262 202 050
6. Diminution in the value of investments written off
30 832 32 281 109 932 161 486
7. OTHER EXPENSES
0
0

Expenses relating to Investments
2 491 9 915 5 421 16 748

Loss on Exchange
0 0 0 0

Loss on sale of Assets (Net)
39 85 0 0

Sundry Balances Written off (Net)
0 0 0 3

Loss on Distribution of LPA Assets
0 0 0 0

Interest on Service Tax
1681 570 1681 570 0 0

TOTAL (B)
1814 241 2008 038 1316 896 1887 277

Profit Before Tax                                 
8889 668 23821 718 -17554 310 -24906 728

Provision for Taxation :





Current Tax
1833 138 4060 000 1 7

Wealth Tax
2 000 2 028 2265 2 728

Mat Tax
-1439 872 -3666 672 0 0

Deferred Tax
-19 939 -19 855 -21679 -35 340

Fringe Benefit Tax
0 0 0 0

Provision for Tax in respect of earlier years
0 0 -186624 -186 624

Profit after Tax
8514 341 23446 217 -17348 273 -24687 499

Balance brought forward from last year
0 -24678 928 0 599

Profit available for appropriation
8514 341 -1232 711 -17348 273 -24686 900

APPROPRIATIONS





(a)                 Interim dividends paid during the year





(b)                 Proposed final dividend
4687 000 4687 000 0 0

(c)                 Dividend distribution tax
796 556 796 556 0 -7 972

(d)                 Transfer to General Reserve
2344 622 2344 622 0 0

(e) Balance carried forward to Balance Sheet
686 163 -9060 889 -17348273 -24678 928



8514 341 -1232 711 -17348 273 -24686 900
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.