INSURED INSURER

NIZAM SIR XYZ INSURANCE LTD

20000 PREMIUM
1000000 POLICY AMOUNT
7/15/2021 7/14/2022

600000

REVENUE ACCOUNT
PROFIT AND LOSS ACCOUNT
BALANCE SHEET
XYZ INSURANCE LTD

INSURANCE
LIFE INSURANCE

20 years
10000 40000
800000
1200000
XYZ INSURANCE CO.
INSURANCE
NON LIFE INSURANCE/ GENERAL INSURANCE
MARINE INSURANCE
FIRE INSURANCE
MISC. INSURANCE

PREMIUM
INTEREST, DIVIDEND & RENT
PROFIT ON SALE OF INVESTMENT

CLAIM
COMMISSION
OPERATING EXPENSES
 REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2021
PARTICULAR SCHEDULE AMOUNT
PREMIUM EARNED (NET) 1 XXX 2020
INTEREST, DIVIDEND & RENT (GROSS) XXX
PROFIT/ LOSS ON SALE OF INVESTMENT XXX 80000
OTHER INCOME XXX 20000
TOTAL (A) XXX
CLAIM INCURRED (NET) 2 XXX CURRENT YEAR O/S- AD
COMMISSION 3 XXX LAST YEAR O/S - LESS
OPERATING EXPENSES 4 XXX
TOTAL (B) XXX
OPERATING PROFIT /LOSS (A-B) XXX

schedule 1: Net Premium Earned

Premium received on Direct Business xxx Unexpired Risk Reserve
(+) Premium received on reinsurance business Accepted xxx MARINE
(-) Premium paid on reinsurance business Ceded (xxx) FIRE
Premium Earned xxx MISC
(+) Opening Unexpired Risk Reserve(URR) xxx
(+) Opening Additional Unexpired Risk Reserve xxx
(-) Closing Unexpired Risk Reserve(URR) (50% or 100%) (xxx)
(-) Closing Additional Unexpired Risk Reserve (xxx)
Net Premium Earned xxx

schedule 2: Claim Incurred

Claim Paid on Direct Business xxx
(+) Claim Paid on Reinsurance Business Accepted xxx
(-) Claim Received on Reinsurance Business Ceded (xxx)
xxx
(+) Expenses related to the Claim( Surveyor Expenses) xxx
claim Incurred xxx

Schedule 3: Commission
Commission Paid on Direct Business xxx
(+) Commission Paid on Reinsurance Business Accepted xxx
(-) Commission Received On Reinsurance Business Ceded (xxx)
Commission xxx

Schedule 4: Operating Expenses

Salary xxx INCOME TAX
Rent xxx
Electricity Charges xxx
Printing and stationery xxx
legal charges xxx
Management Expenses xxx
Depreciation on Assets xxx
Operating Expenses xxx
 2021

RECEIVED 150000
O/S 20000 O/S

CURRENT YEAR O/S- ADD

LAST YEAR O/S - LESS

Unexpired Risk Reserve(URR)

100%
50%
50%
 IRDA
SARITA INS LTD MIJABA INS LTD KAVITA INS LTD
50,00,000 30,00,000 60,00,000

60,00,000
REINSURANCE BUSINESS ACCEPTED 10,00,000 80,000
DIRECT BUSINESS 25,00,000 2,00,000
REINSURANCE BUSINESS CEDED 5,00,000 30,000
 IN THE BOOK OF SAGAR BHIMA CO. LTD (MARINE INSURANCE)
REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2014
PARTICULAR
PREMIUM EARNED (NET)
INTEREST, DIVIDEND & RENT (GROSS) (115500 + 24500)
PROFIT/ LOSS ON SALE OF INVESTMENT
OTHER INCOME
TOTAL (A)
CLAIM INCURRED (NET)
COMMISSION
OPERATING EXPENSES
TOTAL (B)
OPERATING PROFIT ON MARINE INSURANCE BUSINESS(A-B)

schedule 1: Net Premium Earned

Premium received on Direct Business (24,00,000 -120000 + 180000)
(+) Premium received on reinsurance business Accepted(3,60,000 -21000 +28000)
(-) Premium paid on reinsurance business Ceded (240000 -20000+42000)
Premium Earned
(+) Opening Unexpired Risk Reserve(URR)
(+) Opening Additional Unexpired Risk Reserve
(-) Closing Unexpired Risk Reserve(URR) (2565000 x 100%)
(-) Closing Additional Unexpired Risk Reserve (2565000 x 5%)
Net Premium Earned

schedule 2: Claim Incurred

Claim Paid on Direct Business(165000 -95000 +175000)
(+) Claim Paid on Reinsurance Business Accepted(125000 -13000+22000)
(-) Claim Received on Reinsurance Business Ceded(100000-9000+12000)

(+) Expenses related to the Claim( Legal Expenses)

claim Incurred

Schedule 3: Commission
Commission Paid on Direct Business
(+) Commission Paid on Reinsurance Business Accepted
(-) Commission Received On Reinsurance Business Ceded
Commission

Schedule 4: Operating Expenses

Salaries
Rent, Rates & taxes
Printing and Stationery
Legal Expenses
Operating Expenses
ANCE)
, 2014
SCHEDULE AMOUNT
1 2521750
140000
----
---
2661750
2 296000
3 147000
4 341000
784000
1877750

2460000
367000
-262000
2565000
2325000
325000
-2565000
-128250
2521750

245000
134000
-103000
276000
20000
296000

150000
11000
-14000
147000

260000
18000
23000
40000
341000
 IN THE BOOKS OF FIRE INSURANCE
REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2018
PARTICULAR SCHEDULE AMOUNT
PREMIUM EARNED (NET) 1 4060000
INTEREST, DIVIDEND & RENT (GROSS) 240000
PROFIT ON SALE OF INVESTMENT 30000
OTHER INCOME ----
TOTAL (A) 4330000
CLAIM INCURRED (NET) 2 3450000
COMMISSION 3 481000
OPERATING EXPENSES 4 1008000
TOTAL (B)
OPERATING LOSS ON FIRE INSURANCE BUSINESS

schedule 1: Net Premium Earned

Premium received on Direct Business 4860000
(+) Premium received on reinsurance business Accepted 320000
(-) Premium paid on reinsurance business Ceded -430000
Premium Earned 4750000
(+) Opening Unexpired Risk Reserve(URR) 1800000
(+) Opening Additional Unexpired Risk Reserve 360000
(-) Closing Unexpired Risk Reserve(URR) (4750000 X 50%) -2375000
(-) Closing Additional Unexpired Risk Reserve -475000
Net Premium Earned 4060000

schedule 2: Claim Incurred

Claim on Direct Business/Reinsurance Accepted (3650000-310000+420000) 3760000
(-) Claim on Reinsurance Ceded -310000
3450000

Schedule 3: Commission
Commission Paid on Direct Business 486000
(+) Commission Paid on Reinsurance Business Accepted 16000
(-) Commission Received On Reinsurance Business Ceded -21000
Commission 481000

Schedule 4: Operating Expenses

legal expenses 60000
Miscellaneous Expenses 40000
Bad debts 8000
Expenses on Management 900000
1008000
CURRENT YEAR O/S- ADD
LAST YEAR O/S - LESS

1800000 2375000
360000 475000

Unexpired Risk Reserve(URR)

MARINE 100%
FIRE 50%
MISC 50%
 IN THE BOOKS OF KRISHNA GENERAL INSURANCE CO.
REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2014
PARTICULAR
PREMIUM EARNED (NET)
INTEREST, DIVIDEND & RENT (GROSS) (30000 + 6000)
PROFIT/ LOSS ON SALE OF INVESTMENT
OTHER INCOME
TOTAL (A)
CLAIM INCURRED (NET)
COMMISSION
OPERATING EXPENSES
TOTAL (B)
OPERATING PROFIT /LOSS (A-B)

schedule 1: Net Premium Earned

Premium received on Direct Business(3000000 - 180000 + 240000)
(+) Premium received on reinsurance business Accepted (240000 - 24000 + 36000)
(-) Premium paid on reinsurance business Ceded (360000 - 30000 + 42000)
Premium Earned
(+) Opening Unexpired Risk Reserve(URR) (2400000 x 50%)
(+) Opening Additional Unexpired Risk Reserve (2400000 x 7.5%)
(-) Closing Unexpired Risk Reserve(URR) (2940000 x 50%)
(-) Closing Additional Unexpired Risk Reserve (2940000 x 5%)
Net Premium Earned

schedule 2: Claim Incurred

Claim Paid on Direct Business (1800000 - 60000 + 120000)
(+) Claim Paid on Reinsurance Business Accepted(180000 - 12000 + 18000)
(-) Claim Received on Reinsurance Business Ceded(120000 - 18000 + 12000)

(+) Expenses related to the Claim( Legal Expenses)

claim Incurred

Schedule 3: Commission
Commission Paid on Direct Business
(+) Commission Paid on Reinsurance Business Accepted
(-) Commission Received On Reinsurance Business Ceded
Commission

Schedule 4: Operating Expenses

Management Expenses
Operating Expenses
E CO.
RCH, 2014
SCHEDULE AMOUNT
1 2703000
36000
----
----
2739000
2 1944000
3 68400
4 120000
2132400
606600

3060000
252000
-372000
2940000
1200000
180000
-1470000
-147000
2703000

1860000
186000
-114000
1932000
12000
1944000

72000
10800
-14400
68400

120000
120000
 IN THE BOOKS OF FG INSURANCE COMPANY LTD -FIRE INSURANCE
REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2010
PARTICULAR
PREMIUM EARNED (NET)
INTEREST, DIVIDEND & RENT (GROSS)
PROFIT/ LOSS ON SALE OF INVESTMENT
OTHER INCOME
TOTAL (A)
CLAIM INCURRED (NET)
COMMISSION
OPERATING EXPENSES
TOTAL (B)
OPERATING PROFIT /LOSS (A-B)

schedule 1: Net Premium Earned

Premium received on Direct Business
(+) Premium received on reinsurance business Accepted
(-) Premium paid on reinsurance business Ceded
Premium Earned
(+) Opening Unexpired Risk Reserve(URR)
(+) Opening Additional Unexpired Risk Reserve
(-) Closing Unexpired Risk Reserve(URR) (990000 X 50% )
(-) Closing Additional Unexpired Risk Reserve
Net Premium Earned

schedule 2: Claim Incurred

Claim (400000 - 100000 + 75000)
(+) Expenses related to the Claim( Legal Expenses)
claim Incurred

Schedule 3: Commission
Commission Paid on Direct Business
(+) Commission Paid on Reinsurance Business Accepted
(-) Commission Received On Reinsurance Business Ceded
Commission
Schedule 4: Operating Expenses
Management Expenses

Operating Expenses
E INSURANCE
ARCH, 2010
SCHEDULE AMOUNT
1 795000
45000
---
---
840000
2 390000
3 12500
4 300000
702500
137500

1000000
15000
-25000
990000
300000
----
-495000
----
795000

375000
15000
390000

15000
2500
-5000
12500
300000

300000
 IN THE BOOKS OF NEW HORIZON INSURANCE CO. (FIRE INSURANCE)
REVENUE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2014
PARTICULAR
PREMIUM EARNED (NET)
INTEREST, DIVIDEND & RENT (GROSS)
PROFIT/ LOSS ON SALE OF INVESTMENT
OTHER INCOME
TOTAL (A)
CLAIM INCURRED (NET)
COMMISSION
OPERATING EXPENSES
TOTAL (B)
OPERATING PROFIT /LOSS (A-B)

schedule 1: Net Premium Earned

Premium received on Direct Business
(+) Premium received on reinsurance business Accepted
(-) Premium paid on reinsurance business Ceded
Premium Earned
(+) Opening Unexpired Risk Reserve(URR)
(+) Opening Additional Unexpired Risk Reserve
(-) Closing Unexpired Risk Reserve(URR) (2696145 x 50%)
(-) Closing Additional Unexpired Risk Reserve
Net Premium Earned

schedule 2: Claim Incurred

Claim (503745 - 40,000 + 100000)
(+) Expenses related to the Claim( Surveyor Expenses + legal fees)
claim Incurred

Schedule 3: Commission
Commission Paid on Direct Business
(+) Commission Paid on Reinsurance Business Accepted
(-) Commission Received On Reinsurance Business Ceded
Commission
Schedule 4: Operating Expenses
Expenses of Management (341860-36000-20000)
SURANCE)
H, 2014
SCHEDULE AMOUNT
1 2608072
---
---
---
2608072
2 619745
3 279999
4 285860
1185604
1422468

2809400
----
-113255
2696145
930000
330000
-1348073
----
2608072

563745
56000
619745

277999
60000
-58000
279999
285860