Himalayan Re-Insurance Reports 100.54% Surge in Q3 Net Profit Boosted by Increase in Net Premiums and Investment Income; Investment Portfolio Reaches Rs. 15.91 Arba
Sun, May 12, 2024 10:42 AM on Financial Analysis, Company Analysis, Latest,
Himalayan Re-Insurance Limited (HRL) has announced a notable increase in its net profit, with a remarkable surge of 100.54% to reach Rs. 93.11 crore in the current quarter, compared to Rs. 46.43 crore in the corresponding quarter of the previous year.
HRL boasts a substantial financial position, with a paid-up capital of Rs. 10 Arba and Rs. 3.18 Arba in share premium. The company's financial reserves include Rs. 77.5 Crores in retained earnings, Rs. 2.74 Crores in other equity, Rs. 92.11 Crores in special reserves, and Rs. 9.34 Crores in catastrophe reserves.
With an insurance fund of Rs. 5.9 Arba and a formidable investment portfolio amounting to Rs. 15.91 Arba, HRL demonstrated impressive financial performance in the third quarter of the fiscal year 2080/81. The company saw a significant surge of 123.96% in net premiums, reaching Rs. 3.49 Arba compared to the previous year. Additionally, HRL generated Rs. 76.72 Crores from income derived from investments, loans, and other financial activities.
However, it is noteworthy that the quarter also witnessed a substantial 94.61% increase in net claims, totaling Rs. 1.6 Arba.
Key financial indicators reflect HRL's performance, with an annualized earnings per share (EPS) of Rs. 12.41 and a net worth per share that stands at Rs. 149.97.
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 | 10,000,000.00 | 7,000,000.00* | 42.86% |
| Share Premium | 3,180,000.00 | 0.00 | - |
| Special Reserve | 921,120.17 | 455,565.77* | 102.19% |
| Catastrophe Reserves | 93,473.50 | 46,918.06* | 99.23% |
| Retained Earnings | 775,089.35 | 427,626.13* | 81.25% |
| Other Equity | 27,481.22 | 18,151.30* | 51.40% |
| Insurance Fund | 5,906,667.26 | 4,501,947.09* | 31.20% |
| Investment | 15,915,072.00 | 9,553,942.72* | 66.58% |
| Net Premium | 3,490,933.93 | 1,558,761.71 | 123.96% |
| Income from Investment, Loan and others | 767,241.43 | 560,821.29 | 36.81% |
| Claim Payment (Net) | 1,602,559.90 | 823,484.58 | 94.61% |
| Commission Expenses | 888,035.74 | 501,975.01 | 76.91% |
| Employees Benefit Expenses | 230,157.55 | 154,764.27 | 48.71% |
| Net Profit | 931,108.80 | 464,310.07 | 100.54% |
| EPS (In Rs.) | 12.41 | 8.84 | 40.38% |
| Net Worth per Share (In Rs.) | 149.97 | 113.55 | 32.08% |
