Neco Insurance registers impressive performance in third quarter; Net profit rises by 63.32% to Rs 21.03 crore

Neco Insurance Limited (NIL) has reported impressive rise in its net profit by 63.32 % in the third quarter of the ongoing fiscal year 2074/75.

Publishing the financial report today, it stated net profit of Rs 21.03 crore in Q3 of the FY 2074/75, up from Rs 12.88 crore in the corresponding quarter of the FY 2073/74.

While its income from net premium has also increased from Rs 58.05 crore to Rs 72.08 crore at the end of Q3 this year, its income from reinsurance commission has increased to Rs 12.47 crore.

Its paid up capital stand at Rs 78.41 crore and after adjustment of 10% bonus and 50% right share its capital will reach Rs 1.17 arba. As per the new guideline, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75 and NIL will meet the requirement after issuance of bonus and right share.

Its annualized earning per share stands at Rs 35.77, net worth per share at Rs 236.14 and P/E ratio at 15.29 times.