Reliance Insurance : Financial Results for the Year Ended 31-12-2022

Head Office :

Reliance Insurance Company Ltd.

Dated : March 30, 2023

The General Manager,

(Incorporated in Pakistan)

Pakistan Stock Exchange Limited, Stock Exchange Building,

Stock Exchange Road Karachi.

Dear Sir,

"Reliance Insurance House"

181-A, Sindhi Muslim Co-operative Housing Society, Karachi-74400, Pakistan. Tel: [phone]

E-mail:[e-mail] Site :relianceins.com

P.O. Box No. : 13356

GRAMS :TRUSTONUS FaxNo. :92-21-34539412

FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31. 2022.

We have to inform you that the Board of Directors of our company in their meeting held at 12.00 p.m. on Thursday March 30, 2023 recommended the following :

• (i) CASH DIVIDEND

  A final Cash Dividend for year ended December 31, 2022 5%

• (ii) BONUS ISSUE

  It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of 5 share(s) for every 100 share(s) held i.e. 5%.

• (iii) RIGHT SHARES

NILThe financial results of the company are attached herewith (Profit & Loss Account).

The Annual General Meeting of the Company will be held on Thursday the 27th April, 2023 at 12.30 p.m. at Head Office of the Company at "RELIANCE INSURANCE HOUSE" 181-A, Sindhi Muslim Co-operative Housing Society Karachi and through online via Video-Link (ZOOM).

The Share Transfer Book of the Company shall remain closed from 19th April, 2023 to 27th April, 2023. (both days inclusive).

Transfer received at Company's Share Registrar Office, M/s. C & K Management Associates (Pvt.) Limited 404 - Trade Tower, Abdullah Haroon Road, Near Hotel Metropole Karachi at the close of business on 18th April, 2023 will be treated in time for the purpose of above entitlement to the transferees and to attend the meeting.

The Annual Report of the Company will be transmitted through PUCARS atlest 21st days before holding of Annual General Meeting.

Certified Ture copy of Board Resolution regarding issue of bonus shares is enclosed.

( A. RAZAK AHMED )

Chief Executive & Managing Director

copy to:

The Commissioner Fax # [phone] & 9100428

Insurance Division,

Securities & Exchange Commission of Pakistan, 63,NIC Building

Jinnah Avenue, Blue Area, Islamabad.

The Executive Director / HOD Fax # [phone]

Offsite-II, Department, Supervision Division,

Securities & Exchange Commission of Pakistan, 63, NIC Building,

Jinnah Avenue, Blue Area, Islamabad.

"Reliance Insurance House"

Head Office :

^ / V / '

181-A, Sindhi Muslim Co-operative Housing Society, Karachi-74400, Pakistan. Tel: [phone]

(Incorporated in Pakistan)

RELIANCE INSURANCE COMPANY LIMITED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2022

Net insurance premiumNet insurance claims

Net commission and other acquisition costs Insurance claims and acquisition expensesManagement expenses

Underwriting results

Investment income Other income Other expenses

Results of operating activities

Profit from takaful operations- Operators' Fund

Profit before taxation

Income tax expense

Profit after taxation

Earning (after tax) per share - Rupees

Karachi: 30th March, 2023

E-mail:[e-mail] Site :relianceins.com

P.O. Box No. : 13356

GRAMS :TRUSTONUS FaxNo. :92-21-34539412

December 31,	December 31,
2022	2021
360,467,082	303,130,014
(93,637,667)	(64,167,541)
(77,236,662)	(54,980,900)
(170,874,329)	(119,148,441)
(150,167,130)	(152,112,391)
39,425,623	31,869,182
67,384,914	74,747,448
549,597	3,257,143
(59,083,797)	(50,048,168)
48,276,337	59,825,605
19,324,137	10,681,702
67,600,474	70,507,307
(23,491,337)	(17,496,862)
44,109,137	53,010,445
Restated
0.70	0.84

Rupee.

A. RAZAK AHMED

Chief Executive & Managing Director

"Reliance Insurance House"

Head Office :

^/ j / /

181-A, Sindhi Muslim Co-operative Housing Society, Karachi-74400, Pakistan. Tel: [phone]

(Incorporated in Pakistan)

E-mail:[e-mail] Site :relianceins.com

P.O. Box No. : 13356

GRAMS :TRUSTONUS FaxNo. :92-21-34539412

RELIANCE INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2022

PARTICIPANT'S TAKAFUL FUND

2022_______________2021 ---------- (Rupees)------------

Contributions earned	56,356,393	38,185,981
Less: Contributions ceded to retakaful	(51,349,344)	(34,221,825)
Net contributions revenue	5,007,049	3,964,156
Retakaful rebate earned	10,163,807	7,088,419
Net underwriting income	15,170,856	11,052,575
Net claims - reported / settled - IBNR	(11,928,151)	(6,829,050)
Other direct expenses	(941,653)	(411,722)
Surplus before investment income	2,301,052	3,811,803
Investment income	2,933,221	2,440,628
Surplus transferred to accumulated surplus	5,234,273	6,252,431
OPERATOR'S FUND
Wakala fee	37,570,926	25,457,322
Commission expense	(15,652,448)	(10,465,462)
General, administrative and management expenses	(14,267,103)	(10,401,274)
7,651,375	4,590,586
Modarib's shares of PTF investment income	I, 955,481	1,627,086
Investment income	II, 104,281	5,476,030
Direct expenses	(1.387.000)	(1,012,000)
Profit before taxation	19.324.137	10,681,702
Taxation	(5.604.000)	(3,097,694)
Profit after taxation	13.720.137	7,584,008

Head Office :

"Reliance Insurance House"

181-A, Sindhi Muslim Co-operative Housing Society, Karachi-74400, Pakistan. Tel: [phone]

(Incorporated in Pakistan)

E-mail:[e-mail] Site :relianceins.com

P.O. Box No. : 13356

GRAMS:TRUSTONUS FaxNo. :92-21-34539412

EXTRACTS FROM THE MINUTES OF THE MEETING OF BOARD

OF DIRECTORS* HELD ON MARCH 30, 2023

"Resolved that a final cash dividend @ 5% i.e. Rs. 0.50 per share be and is hereby recommend by the Board of Directors of Reliance Insurance Company Limited for distribution among those member whose name appear in the Register of Members of the Company at the close of business on 18thApril, 2023."

"Further Resolved that a sum of Rs.31,684,740,/- out of profit be capitalized and applied for issue of 3,168,474 ordinary shares of Rs.10 each and allotted as fully paid up shares to those members whose name appear in the members register of the Company at the close of business on 18th

April, 2023 in the ratio of 5 shares for every hundred shares held."

"Further Resolved that Bonus shares forming part of such fraction holding which is not in exact multiple of 5:100 shares will be sold in the Stock Market and to pay the proceeds of sale thereof, when realized, to a Charitable Institution.

That for the purpose of giving effect to the foregoing, the Chief Executive and Company Secretary be and is hereby authorized to give such directions as may be necessary and as they deem fit to settle any questions or any difficulties that may arise in the distribution of the said new shares or in the payment of sale proceeds of the fractional shares".

"Further Resolved that the Chief Executive or Company Secretary be and is hereby authorized to issue a certified true copy of above mentioned resolution as and when required."

Certified True Copy

GHULAM HAIDER

Company Secretary.