Bottom Line Of Siddhartha Insurance Slightly Increased In Q2; Company to Merge With Premier Insurance (PIC)
Mon, Feb 6, 2023 1:03 PM on Latest, Financial Analysis, Stock Market,
Siddhartha Insurance Limited (SIL) has stated a rise in its net profit by 4.40% in the second quarter of the ongoing fiscal year 2079/80.
Publishing the unaudited financial report today, it stated a net profit of Rs 14.73 crore in Q2 of the FY 2079/80, up from Rs 14.11 crore in the corresponding quarter of the FY 2078/79.
Further, its income from net premium has increased from Rs 60.34 crore to Rs 75.14 crore at the end of Q2 this year, and its income from reinsurance Income has decreased to Rs 14.88 crore.
Its current paid-up capital stands at Rs 1.40 arba with a reserve fund of Rs 28.14 crores and an insurance fund of Rs 1.25 Arba. The company declared 9% bonus shares and 0.4737 % cash dividend (for tax purposes) from the paid-up capital for the fiscal year 2078/79.
The total number of policies issued stood at 73,760 policies by the end of the second quarter. The annualized EPS stands at Rs. 20.99 and the net worth per share at Rs. 127.31.
Also, Siddhartha Insurance Company and Premier Insurance Company Nepal have inked a merger agreement with a share swap ratio of 1:1.
Major Financial Highlights:
| Particulars (In Rs '000) | Siddhartha Insurance Limited | ||
| Q2 2079/80 | Q2 2078/79 | Difference | |
| Paid Up Capital | 1,403,920.00 | 1,120,000.00 | 25.35% |
| Reserve and Surplus | 281,431.00 | 406,446.00 | -30.76% |
| Insurance Fund | 1,257,953.00 | 1,074,957.00 | 17.02% |
| Contingent Fund | 101,933.00 | 83,599.00 | 21.93% |
| Net Premium | 751,439.00 | 603,446.00 | 24.52% |
| Re-Insurance Income | 148,846.00 | 225,756.00 | -34.07% |
| Income from Investment, Loan and others | 61,276.00 | 44,969.00 | 36.26% |
| Claim Payment (Net) | 306,806.00 | 334,321.00 | -8.23% |
| Agent Commission | 14,364.00 | 16,306.00 | -11.91% |
| Net Profit | 147,363.00 | 141,154.00 | 4.40% |
| No of Policies | 73,760.00 | ||
| Annualized EPS (In Rs.) | 20.99 | 25.21 | -16.71% |
| Net Worth per Share (In Rs.) | 127.31 | 143.75 | -11.44% |
