IGI Prudential's Investment Income Drives Triple-Digit Growth in Net Profit, Surging by 181.04% in Q3; EPS Rose to Rs 20.58
Wed, May 8, 2024 9:17 AM on Financial Analysis, Company Analysis, Latest,
IGI Prudential Insurance Limited (IGI) has announced its third-quarter financial results for the fiscal year 2080/2081, showing a remarkable surge in net profit. The company's net profit jumped by 181.04% to Rs. 46.76 crores from Rs. 16.63 crores in the same quarter of the previous fiscal year.
IGI has a paid-up capital of Rs. 3.02 Arba and also holds substantial reserves, including Rs. 27.97 Crores in retained earnings, Rs. 46.99 Crores in other equity, Rs. 7.76 crores in catastrophe reserves, and Rs. 1.65 Arba as special reserves.
During the quarter, IGI saw a notable increase of 88.26% in net premiums, reaching Rs. 86.73 Crores in Q3 FY 2080/81 compared to the same period last year. The company also generated Rs. 49.64 Crores from income derived from investments, loans, and other financial activities.
However, there was a significant 94.83% increase in net claims during the quarter, totaling Rs. 51.19 Crores. Notably, IGI has augmented its investments, reaching Rs. 5.23 Arba.
Key financial metrics further highlight IGI's performance, with an annualized earnings per share (EPS) of Rs. 20.58 and a net worth per share of Rs. 181.92.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | IGI Prudential Insurance | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Paid Up Capital | 3,029,334.64 | 3,029,334.64* | 0.00% |
| Share Premium | 0.00 | 0.00 | - |
| Special Reserve | 1,654,177.82 | 1,356,304.05* | 21.96% |
| Catastrophe Reserves | 77,673.31 | 62,779.62* | 23.72% |
| Retained Earnings | 279,725.13 | 2,702.53* | 10250.50% |
| Other Equity | 469,951.82 | 440,646.66* | 6.65% |
| Insurance Fund | 4,924,574.07 | 4,736,800.25* | 3.96% |
| Investment | 5,239,801.93 | 4,923,810.45* | 6.42% |
| Net Premium | 867,379.25 | 460,730.95 | 88.26% |
| Income from Investment, Loan and others | 496,435.52 | 136,683.34 | 263.20% |
| Claim Payment (Net) | 511,915.11 | 262,746.93 | 94.83% |
| Commission Expenses | 44,562.64 | 24,697.84 | 80.43% |
| Net Profit | 467,629.89 | 166,394.37 | 181.04% |
| No of Policies | 183,989.00 | 98,603.00 | 86.60% |
| EPS (In Rs.) | 20.58 | 7.32 | 181.04% |
| Net Worth per Share (In Rs.) | 181.92 | 161.48 | 12.66% |
