IGI Prudential Insurance Posts 156.67% Surge in Q4 Net Profit to Rs. 61.21 Crores; Net Premiums Hit Rs. 1.41 Arba
Mon, Aug 12, 2024 8:45 AM on Financial Analysis, Company Analysis, Latest,
IGI Prudential Insurance Limited (IGI) has announced its financial results for the fourth quarter of the fiscal year 2080/2081, showcasing a significant growth in profitability. The company reported a 156.67% increase in net profit, reaching Rs. 61.21 crores, up from Rs. 23.84 crores in the same quarter of the previous fiscal year.
IGI’s strong financial position is underpinned by a paid-up capital of Rs. 3.02 Arba and reserves including Rs. 34.62 crores in retained earnings, Rs. 50.33 crores in other equity, Rs. 8.12 crores in catastrophe reserves, and Rs. 1.72 Arba in special reserves.
The quarter saw a substantial 90.56% rise in net premiums, amounting to Rs. 1.41 Arba, compared to the same period last year. Additionally, the company generated Rs. 57.57 crores from investments, loans, and other financial activities, contributing to its strong financial performance.
Despite the increase in profitability, IGI also faced a 64.12% rise in net claims, totaling Rs. 74.81 crores. The company has significantly augmented its investments, which now stand at Rs. 5.67 Arba.
Key financial metrics reflect IGI's significant performance, with an earnings per share (EPS) of Rs. 20.21 and a net worth per share of Rs. 187.70.
Major Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | IGI Prudential Insurance | ||
|---|---|---|---|
| Q4 2080/81 | Q4 2079/80 | Difference | |
| Paid Up Capital | 3,029,334.64 | 3,029,334.64* | 0.00% |
| Share Premium | 0.00 | 0.00 | - |
| Special Reserve | 1,725,739.02 | 1,356,304.05* | 27.24% |
| Catastrophe Reserves | 81,251.36 | 62,779.62* | 29.42% |
| Retained Earnings | 346,277.05 | 2,702.53* | 12713.08% |
| Other Equity | 503,350.16 | 440,646.66* | 14.23% |
| Insurance Fund | 4,493,387.11 | 4,736,800.25* | -5.14% |
| Investment | 5,676,247.83 | 4,923,810.45* | 15.28% |
| Net Premium | 1,418,281.29 | 744,269.94 | 90.56% |
| Income from Investment, Loan and others | 575,773.88 | 219,407.35 | 162.42% |
| Claim Payment (Net) | 748,164.06 | 455,857.95 | 64.12% |
| Commission Expenses | 53,355.65 | 42,390.90 | 25.87% |
| Net Profit | 612,131.18 | 238,486.13 | 156.67% |
| No of Policies | 232,523.00 | 134,494.00 | 72.89% |
| EPS (In Rs.) | 20.21 | 7.87 | 156.67% |
| Net Worth per Share (In Rs.) | 187.70 | 161.48 | 16.24% |
