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 31.03.2015 |
( ' IN 000) |
|
PARTICULARS |
SCHEDULE |
For the year ended 31.03.2015 |
For the year ended 31.03.2014 |
1 |
OPERATING PROFIT/(LOSS) |
|
|
|
|
(a) Fire Insurance |
|
13580 424 |
239 165 |
|
(b) Marine Insurance |
|
-857 491 |
5102 498 |
|
(c ) Miscellaneous Insurance |
|
3189 103 |
11403 423 |
|
(d) Life Insurance |
|
395 131 |
70 868 |
|
|
|
|
|
2 |
INCOME FROM INVESTMENTS |
|
|
|
|
(a) Interest, Dividend & Rent – Gross |
|
7036 980 |
6260 620 |
|
(b) Profit on sale of investments |
|
5249 329 |
2868 141 |
|
Less: Loss on sale of investments |
|
|
|
|
|
|
|
|
3 |
OTHER INCOME (To be specified) |
|
|
|
|
Profit on Exchange |
|
0 |
935 657 |
|
Profit on sale of Assets (Net) |
|
167 |
0 |
|
Sundry Balances Written Back (Net) |
|
0 |
0 |
|
Interest on Income-tax Refund |
|
2327 674 |
54 695 |
|
Motor Pool Service Charges |
|
0 |
32 360 |
|
Miscellaneous Receipts |
|
9 208 |
3 167 |
|
TOTAL (A) |
|
30930 525 |
26970 594 |
4 |
Provision for Doubtful Loans & Investment |
|
32 008 |
484 081 |
5 |
Provision for Doubtful Debts |
|
1075 122 |
764 767 |
6 |
Amortisation of premium on Investments |
|
181 025 |
200 694 |
7 |
Diminution in the value of investments written off |
|
588 077 |
1111 486 |
8 |
OTHER EXPENSES |
|
|
|
|
Expenses relating to Investments |
|
9 329 |
6 574 |
|
Loss on Exchange |
|
275 131 |
0 |
|
Loss on sale of Assets (Net) |
|
0 |
232 |
|
Sundry Balances Written off (Net) |
|
0 |
0 |
|
Loss on Distribution of LPA Assets |
|
0 |
0 |
|
Interest on Service Tax |
|
318 005 |
1368 396 |
|
Corporate Social Responsibility |
|
179 481 |
0 |
|
TOTAL (B) |
|
2658 178 |
3936 230 |
|
Profit Before Tax |
|
28272 347 |
23034 364 |
|
Provision for Taxation : |
|
|
|
|
Current Tax |
|
5070 000 |
4130 000 |
|
Wealth Tax |
|
11 359 |
4 183 |
|
Mat Tax |
|
-3653 300 |
-3634 844 |
|
Deferred Tax |
|
-107 630 |
3 280 |
|
Fringe Benefit Tax |
|
0 |
0 |
|
Provision for Tax in respect of earlier years |
|
14 713 |
0 |
|
Profit after Tax |
|
26937 205 |
22531 745 |
|
Balance brought forward from last year |
|
896 |
-9060 889 |
|
Profit available for appropriation |
|
26938 101 |
13470 856 |
|
APPROPRIATIONS |
|
|
|
|
(a) Interim dividends paid during the year |
|
0 |
1182 500 |
|
(b) Proposed final dividend |
|
5400 000 |
3311 000 |
|
(c) Dividend distribution tax |
|
1099 332 |
763 670 |
|
(d) Transfer to General Reserve |
|
20438 000 |
8212 790 |
|
(e) Balance carried forward to Balance Sheet |
|
769 |
896 |
|
|
|
26938 101 |
13470 856 |
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. |