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.