Himalayan Everest Insurance Reports Impressive 162.86% Surge in Q3 Net Profit; Generates Rs. 27.36 Crores from Investment Income
Sun, May 12, 2024 10:26 AM on Financial Analysis, Company Analysis, Latest,
Himalayan Everest Insurance Limited (HEI) has unveiled its third-quarter financial results for the fiscal year 2080/2081, showcasing a significant surge in net profit. The company's net profit witnessed an impressive jump of 162.86%, reaching Rs. 60.65 crores compared to Rs. 23.07 crores in the corresponding quarter of the previous fiscal year.
HEI has a paid-up capital of Rs. 2.5 Arba and substantial reserves, including Rs. 35.14 Crores in retained earnings, Rs. 7.55 Crores in other equity, Rs. 7.22 crores in catastrophe reserves, and Rs. 1.71 Arba as special reserves.
During the reviewed quarter, HEI experienced a notable increase of 25.90% in net premiums, amounting to Rs. 83.64 Crores in Q3 FY 2080/81 compared to the corresponding period last year. Additionally, the company generated Rs. 27.36 Crores from income derived from investments, loans, and other financial activities.
However, there was a significant 2.15% increase in net claims during the quarter, totaling Rs. 35.82 Crores. Notably, HEI augmented its investments, reaching Rs. 4.39 Arba.
Key financial metrics further underscore HEI's performance, with an annualized earnings per share (EPS) of Rs. 32.35 and a net worth per share of Rs. 188.52.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Himalayan Everest Insurance | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Paid Up Capital | 2,500,157.40 | 2,301,535.00* | 8.63% |
| Share Premium | 0.00 | 0.00 | - |
| Special Reserve | 1,713,777.67 | 1,410,503.66* | 21.50% |
| Catastrophe Reserves | 72,224.89 | 57,061.19* | 26.57% |
| Retained Earnings | 351,490.63 | 226,482.88* | 55.20% |
| Other Equity | 75,566.15 | 294,796.84* | -74.37% |
| Insurance Fund | 3,732,161.08 | 4,187,573.34* | -10.88% |
| Investment | 4,394,207.57 | 4,654,708.23* | -5.60% |
| Net Premium | 836,475.71 | 664,382.36 | 25.90% |
| Income from Investment, Loan and others | 273,689.70 | 223,761.37 | 22.31% |
| Claim Payment (Net) | 358,254.64 | 350,728.14 | 2.15% |
| Commission Expenses | 45,887.61 | 46,416.89 | -1.14% |
| Net Profit | 606,548.03 | 230,747.57 | 162.86% |
| No of Policies | 155,613.00 | 162,174.00 | -4.05% |
| EPS (In Rs.) | 32.35 | 13.37 | 141.98% |
| Net Worth per Share (In Rs.) | 188.52 | 186.41 | 1.13% |
