FORM NL-2-B-PL

Name of the Insurer:  GENERAL INSURANCE CORPORATION OF INDIA   

Registration No.  112

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

PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 31.12.2019

   

( ` IN 000)

 

PARTICULARS

SCHEDULE

For the  Three Months  ending 31.12.2019

Up to  the   Nine  Months  ending 31.12.2019

For the corresponding Three months  of the preceeding year

Up to the corresponding  Nine months  of the prceeding year

1

OPERATING PROFIT/(LOSS)

         
 

(a)  Fire Insurance

 

-7599 385

-12766 539

-3211 251

-8189 791

 

(b)  Marine Insurance

 

1002 495

887 849

296 238

1766 133

 

(c )  Miscellaneous Insurance

 

-5304 069

 (6402 848)

12042 056

18803 755

 

(d)  Life Insurance

 

789 799

494 947

-139 949

 (103 023)

             

2

INCOME FROM INVESTMENTS

         
 

(a)  Interest, Dividend & Rent – Gross

 

1653 008

6444 191

2368 964

7641 970

 

(b)  Profit on sale of investments

 

2153 664

4466 391

1711 453

4979 290

 

      Less: Loss on sale of investments

 

 0

 0

 0

 0

             

3

OTHER INCOME (To be specified)

         
 

Foreign gain/(loss)

 

 0

445 659

-670 464

978 256

 

Profit on sale of Assets (Net)

 

 0

 0

 0

 0

 

Sundry Balances Written Back (Net)

 

153 773

 0

 0

 0

 

Interest on Income-tax Refund

 

 0

 0

 0

 0

 

(Provision)/doubtful debts written back

 

 0

 0

 0

 0

 

Motor Pool Service Charges

 

 0

 0

 0

 0

 

Miscellaneous Receipts

 

2 057

16 803

1 467

34 224

 

TOTAL (A)

 

-7148 658

-6413 547

12398 514

25910 814

4

Provision for Doubtful Loans & Investment

 

3208 940

8259 461

1960 398

2818 972

5

Provision /(written off) for Doubtful  Debts

 

78 177

304 812

-141 944

335 670

6

Amortisation of premium on Investments

 

81 667

234 844

75 642

231 621

7

Diminution in the value of investments written off

 

 0

 0

4 500

4 500

8

OTHER EXPENSES

         
 

Expenses relating to Investments

 

 0

 0

 0

 0

 

Forex loss/(gain)

 

 0

 0

   
 

(Profit)/Loss on sale of Assets (Net)

 

2 423

2 450

- 73

 157

 

Sundry Balances Written off (Net)

 

 6

 446

 

 0

 

Interest & others

 

 0

 10

 0

7 132

 

Corporate Social Responsibility

 

139 435

255 030

98 950

115 369

 

IPO expenses

 

 0

 0

 0

 0

 

TOTAL (B)

 

3510 648

9057 053

1997 473

3513 421

 

Profit Before Tax                                 

 

-10659 306

-15470 600

10401 041

22397 393

 

Provision for Taxation :

         
 

Current Tax

 

30 922

90 413

 4,176,200

6171 200

 

Wealth Tax

 

 0

 0

 0

 0

 

MAT Credit

 

 0

 0

 0

 0

 

Deferred Tax

 

6 171

3 970

 874,483

16 833

 

Fringe Benefit Tax

 

 0

 0

 0

 0

 

Provision for Tax in respect of earlier years

 

 0

 0

 0

 0

 

MAT Credit of earlier year

 

 0

 0

 1,993,660

 0

 

Profit after Tax

 

-10696 399

-15564 983

3356 698

16209 360

 

Appropriations

         
 

Balance brought forward from last year

 

 0

40303 305

 0

32336 730

 

(a)                 Interim dividends paid during the year

 

 0

 0

 0

 0

 

(b)                 Final dividend

 

 0

11842 200

 0

11842 200

 

(c)                 Dividend distribution tax

 

 0

2434 283

 0

2434 282

 

(d)                 Transfer to General Reserve

 

 0

 0

 0

 0

 

(e)          Balance carried forward to Balance Sheet

 

-10696 399

10461 839

3356 698

34269 608

             

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.