Citizen Life Insurance Company Q3 Report: Net Profit Surges 87.35%, Net Premiums Rise 7.05%, Investment Income at Rs. 1.15 Arba
Mon, May 13, 2024 11:45 AM on Financial Analysis, Company Analysis, Latest,
Citizen Life Insurance Company Limited (CLI) has disclosed its financial performance for the third quarter of the fiscal year 2080/2081, showcasing a remarkable surge of 87.35% in net profit. The company's net profit soared to Rs. 28.13 crores, marking a substantial increase from the Rs. 15.01 crores recorded in the corresponding quarter of the previous fiscal year.
CLI maintains a significant financial standing with a paid-up capital of Rs. 3.93 Arba accompanied by a share premium of Rs. 1.55 Arba. Additionally, notable reserves include Rs. 63.17 Crores in retained earnings, Rs. 63.24 Crores in other equity, and Rs. 16.53 Crores in catastrophe reserves.
Furthermore, CLI holds Rs. 13.07 Arba as insurance fund and Rs. 17.87 Arba as investments.
During the reviewed period, CLI experienced a remarkable incline of 7.05% in net premiums, reaching Rs. 3.99 Arba in Q3 FY 2080/81 compared to the previous year. Additionally, the company demonstrated financial astuteness by generating Rs. 1.15 Arba from income derived from investments, loans, and other financial activities.
However, the quarter also witnessed a noteworthy 15.59% increase in net claims, totaling Rs. 3.94 Arba. Similarly, commission expenses declined by 12.58%, reaching Rs. 43.35 Crores.
Key financial metrics further underscore CLI's performance, with an annualized earnings per share (EPS) of Rs. 9.53. Moreover, the net worth per share stands at Rs. 175.72, while the Price-to-Earnings (P/E) ratio stood at 47.40 times, indicating positive investor sentiment towards the company's performance.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Citizen Life Insurance Company | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Share Capital | 3,937,500.00 | 2,625,000.00* | 50.00% |
| Share Premium | 1,552,037.44 | 13,037.44* | 11804.47% |
| Catastrophe Reserves | 165,380.49 | 137,250.19* | 20.50% |
| Retained Earnings | 631,742.30 | 579,539.08* | 9.01% |
| Other Equity | 632,434.74 | 657,177.78* | -3.77% |
| Insurance Fund | 13,076,426.63 | 10,204,161.33* | 28.15% |
| Investment | 17,877,553.25 | 12,127,149.59* | 47.42% |
| Net Premium | 3,991,108.14 | 3,728,289.47 | 7.05% |
| Income from Investment, Loan and others | 1,150,226.27 | 784,284.47 | 46.66% |
| Claim Payment (Net) | 3,944,393.88 | 3,412,434.02 | 15.59% |
| Commission Expenses | 433,550.66 | 495,956.07 | -12.58% |
| Net Profit | 281,303.01 | 150,148.99 | 87.35% |
| No of Policies | 1,231,578.00 | 1,542,146.00 | -20.14% |
| EPS (In Rs.) | 9.53 | 7.63 | 24.90% |
| Net Worth per Share (In Rs.) | 175.72 | 152.84 | 14.97% |
| PE Ratio | 47.40 | ||
| Solvency Ratio | 1.82 | - | - |
