Himalayan Re-Insurance Sees Profit Jump by 29.22% in Q1, Net Premium Reaches Rs. 92.44 Crores
Fri, Nov 15, 2024 8:43 AM on Financial Analysis, Company Analysis, Latest,
Himalayan Re-Insurance Limited (HRL) has delivered a notable performance in the first quarter of fiscal year 2081/82, with net profit soaring by 29.22% to Rs. 22.63 Crores, up from Rs. 17.52 Crores in the same period last year.
The company's financial base remains solid, with a paid-up capital of Rs. 10.4 Arba and a share premium of Rs. 3.18 Arba. HRL’s reserves highlight its strong financial position, including Rs. 81.95 Crores in retained earnings, Rs. 3.16 Crores in other equity, Rs. 1.3 Arba in special reserves, and Rs. 13.21 Crores in catastrophe reserves.
A major driver of HRL's growth this quarter was its impressive net premium income, which rose by 10.95% to Rs. 92.44 Crores. The company's extensive investment portfolio also contributed Rs. 31.21 Crores to its bottom line through income from investments, loans, and other financial sources.
The quarter saw a 13.73% increase in net claims, totaling Rs. 49.72 Crores, reflecting the company’s broad coverage. Despite rising claims, HRL maintained strong metrics, with an annualized earnings per share (EPS) of Rs. 8.71 and a net worth per share of Rs. 152.61.
Major Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Himalayan Re-Insurance Limited | ||
|---|---|---|---|
| Q1 2081/82 | Q1 2080/81 | Difference | |
| Paid Up Capital | 10,400,000.00 | 10,400,000.00* | 0.00% |
| Share Premium | 3,180,000.00 | 3,180,000.00* | 0.00% |
| Special Reserves | 1,307,736.05 | 1,097,332.74* | 19.17% |
| Catastrophe Reserves | 132,135.09 | 111,094.76* | 18.94% |
| Retained Earnings | 819,568.16 | 564,341.90* | 45.23% |
| Other Equity | 31,613.20 | 27,405.13* | 15.36% |
| Insurance Fund | 7,196,751.37 | 6,260,961.04* | 14.95% |
| Investments | 17,915,088.23 | 16,476,131.73* | 8.73% |
| Net Premium | 924,482.35 | 833,229.18 | 10.95% |
| Income from Investment, Loan and others | 312,147.20 | 184,305.04 | 69.36% |
| Claim Payment (Net) | 497,272.49 | 437,251.07 | 13.73% |
| Commission Expenses | 226,967.45 | 185,464.32 | 22.38% |
| Net Profit | 226,396.56 | 175,207.50 | 29.22% |
| Annualized EPS (In Rs.) | 8.71 | 6.74 | 29.22% |
| Net Worth per Share (In Rs.) | 152.61 | 147.89 | 3.19% |
| PE Ratio | 102.90 | - | - |
