State Life Insurance Corporation of Pakistan

Statement of Changes in Equity

for the year ended December 31, 2011
(Rupees in '000)
Issued,
subscribed
and paid up
share capital

Balance as at January 01, 2010

1,100,000

Accumulated
surplus

Net
shareholders
equity

318,769

1,418,769

Dividend for the year ended December 31, 2009

(318,769)

(318,769)

Profit for the year ended December 31, 2010

406,878

406,878

406,878

1,506,878

Balance as at December 31, 2010

1,100,000

Dividend for the year ended December 31, 2010

(406,878)

(406,878)

Profit for the year ended December 31, 2011

520,223

520,223

520,223

1,620,223

Balance as at December 31, 2011

1,100,000

The annexed notes from 1 to 33 form an integral part of these financial statements.

Shahid Aziz Siddiqi

Chairman

Farooq Hadi
Director

Wazir Ali Khoja

Director

Yasmeen Saud
Executive Director (Finance and Accounts)

Protect What Matters Most

33

State Life Insurance Corporation of Pakistan

Statement of Cash Flows

for the year ended December 31, 2011
(Rupees in '000)
Shareholders
Note

Fund

Statutory Funds

Aggregate

Pakistan

Overseas

Pension

Life Fund

Life Fund

Fund

2011

2010

OPERATING ACTIVITIES
a) Underwriting activities
Premiums received
Reinsurance premium paid
Claims paid
Surrenders paid
Reinsurance and other recoveries received
Commissions paid

41,589,045
(112,247)
(13,229,994)
(4,609,625)
14,968
(12,642,390)

1,367,285
(7,660)
(271,858)
(219,988)
(353,585)

16,713
(29,762)
(105)

42,973,043
(119,907)
(13,531,614)
(4,829,613)
14,968
(12,996,080)

34,418,307
(199,838)
(14,804,515)
(3,560,961)
138,044
(10,112,055)

Net cash flows from/(used in) underwriting activities

b) Other operating activities

11,009,757

514,194

(13,154)

11,510,797

5,878,982

(265,358)
(2,923)
(233,850)
232,657
327,954

17,201
(3,588,354)
(3,183,146)
4,118,691
35,724

(166,036)
(18,101)
16,532

1
178
12,860

(248,156)
(3,757,135)
(3,435,097)
4,351,348
393,070

(598,208)
(1,298,074)
(2,244,690)
2,400,667
331,366

Net cash (used in)/from other operating activities

58,480

(2,599,884)

(167,605)

13,039

(2,695,970)

(1,408,939)

Total cash flows from/(used in) all operating activities

58,480

8,409,873

346,589

(115)

8,814,827

4,470,043

33,294
(1,922,423)
1,311,002
-

19,449,348
4,113,663
699,279
(83,283,119)
56,598,595
(343,388)
17,081

367,657
5,882
(781,880)
115,933
(1,914)
-

15,654
(25,981)
-

19,865,953
4,119,545
699,279
(86,013,403)
58,025,530
(345,302)
17,081

17,593,304
3,097,815
716,564
(28,706,536)
14,429,969
(378,023)
26,572

(578,127)

(2,748,541)

(294,322)

(10,327)

(3,631,317)

6,779,665

660,646
(358,053)

(648,727)
-

(11,919)
-

(358,053)

(318,769)

Income tax paid

General management expenses paid
Loans advanced
Loan repayments received
Other receipts on operating assets

INVESTING ACTIVITIES
Profit received
Dividend received
Rentals received
Payments for investments
Proceeds from disposal of investments
Fixed capital expenditure
Proceeds from disposal of fixed assets
Total cash (used in)/flows from investing activities
FINANCING ACTIVITIES
Surplus appropriated to shareholders' fund
Dividend paid

Total cash flows from/(used in) financing activities

302,593

(648,727)

(11,919)

Net cash flows from/(used in) all activities

(217,054)

5,012,605

40,348

(10,442)

Cash and cash equivalents at the beginning of year

(358,053)

(318,769)

4,825,457

10,930,939

291,648

23,512,131

706,589

14,179

24,524,547

13,593,608

74,594

28,524,736

746,937

3,737

29,350,004

24,524,547

Operating cash flows

Depreciation expense
Investment income and rental income
Rental income
Amortization/capitalisation/adjustments
Surplus allocation
Non-cash adjustment
Increase in assets other than cash
(Increase) in liabilities other than running finance
Revaluation adjustment

58,480
127,857
(19,231)
660,646
54,527
(362,056)
-

8,409,873
(126,651)
30,445,635
395,405
(648,727)
(2,827,070)
5,111,384
(3,435,757)
(15,864)

346,589
(2,547)
584,248
(541)
(11,919)
(39,533)
48,662
(98,771)
541

(115)
20,254
16,518
(13,552)
-

8,814,827
(129,198)
31,177,994
375,633
(2,866,603)
5,231,091
(3,910,136)
(15,323)

4,470,043
(103,660)
27,437,084

Profit after tax

520,223

37,308,228

826,729

23,105

38,678,285

31,383,122

Cash and cash equivalents at the end of year

19

Reconciliation to profit and loss account

399,474
(2,232,838)
4,141,333
(2,728,314)
-

The annexed notes from 1 to 33 form an integral part of these financial statements.

Shahid Aziz Siddiqi

Chairman

34

annual report

2011

Farooq Hadi
Director

Wazir Ali Khoja

Director

Yasmeen Saud
Executive Director (Finance and Accounts)