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 31.03.2014 ( ' IN 000)
  PARTICULARS SCHEDULE TWELVE MONTH ENDING 31.03.2014 TWELVE MONTH ENDING 31.03.2013
1 OPERATING PROFIT/(LOSS)



(a)  Fire Insurance
239165 3816233

(b)  Marine Insurance
5102498 5958037

(c )  Miscellaneous Insurance
11403423 8550157

(d) Life Insurance
70868 22852





2 INCOME FROM INVESTMENTS



(a) Interest, Dividend & Rent – Gross
6260620 4492459

(b) Profit on sale of investments
2868141 2400613

      Less: Loss on sale of investments







3 OTHER INCOME (To be specified)



Profit on Exchange
935657 274019

Interest on Income-tax Refund
54695 307530

Motor Pool Service Charges
32360 0

Miscellaneous Receipts
3167 7856

TOTAL (A)
26970594 25829756
4 Provision for Doubtful Loans, Investment & Debts
1248847 95680
5. Amortisation of premium on Investments
200695 188507
6. Diminution in the value of investments written off
1111486 32281
7. OTHER EXPENSES



Expenses relating to Investments
6574 9915

Loss on sale of Assets (Net)
232 85

Interest on Service Tax
1368396 1681570

TOTAL (B)
3936230 2008038

Profit Before Tax                                 
23034364 23821718

Provision for Taxation :



Current Tax
4130000 4060000

Wealth Tax
4183 2028

Mat Tax
-3634844 -3666672

Deferred Tax
3280 -19855

Profit after Tax
22531745 23446217

Balance brought forward from last year
-9060889 -24678928

Profit available for appropriation
13470856 -1232711

APPROPRIATIONS



(a)                 Interim dividends paid during the year
1182500 0

(b)                 Proposed final dividend
3311000 4687000

(c)                 Dividend distribution tax
763670 796556

(d)                 Transfer to General Reserve
8212790 2344622

(e) Balance carried forward to Balance Sheet
896 -9060889



13470856 -1232711
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.