April 1, 2006	Saturday	Rabi-ul-Awwal 2, 1427

KARACHI, March 31: Adamjee Insurance Company Limited achieved highest ever pre-tax profit amounting to Rs1,278 million and after tax profit at Rs1,163 million, Wasif M. Khan, chairman of the Annual General Meeting (AGM) held on Thursday, told shareholders.

Final cash dividend at 15 per cent was declared by the company along with 10 per cent bonus issue. This was in addition to the interim cash at 15 per cent already declared, making total distribution of 40 per cent.

The chairman observed that the gross premium of Rs6,682 million for the year ended December 31, 2005, was the highest in the history of the company. Earning per share (eps) worked out at Rs14.08. The chairman termed the overall performance of the company as “remarkable”.

A press release issued by the company stated that the shareholders appreciated that Adamjee Insurance was the first company to hold its AGM within three months of the close of financial year and one month before the end of mandatory period. Syed Jawad Gillani, Managing director said that it was due to improvement in internal systems and control, induction of professional staff and better use of technology.