IME Life Insurance Overall Business Volume and Profitability Increases for Q3; Net Profit Increased by 78.88%, Company Soon to Issue IPO at Premium Price
Wed, May 3, 2023 11:17 AM on Latest, Financial Analysis, Stock Market,
IME Life Insurance Company Limited (IMELIC) has published its third-quarter report for the FY 2079/2080 with an increment in Net Profit by an impressive 78.88%. The company's net profit has increased from Rs. 10.19 crores in the third quarter of FY 2078/2079 to Rs. 18.42 crores in the third quarter of FY 2079/2080.
The paid-up capital of the company stands at Rs. 2.80 Arba and reserve and surplus stood at Rs. 1.10 Arba. Its life insurance fund increased by 43.09% to Rs. 6.07 arba and its contingent fund stood at Rs. 12.22 crores.
The net premium increased by 21.49% to Rs. 2.89 Arba and income from Investment, and Loan increased by 68.97% to Rs 43.6 Crores.
The agent commission decreased by 17.19% to Rs 32.62 Crores in this quarter. The company's net claim payment increased by 27.19% to Rs 79.36 crores till Q3. The number of policies stood at 353,137.
The EPS stood at Rs. 8.69 and net worth per share stood at Rs. 143.67.
The Initial Public Offering (IPO) of IME Life Insurance Company Limited has been added to SEBON’s IPO pipeline for approval.
The company is seeking to issue 12 Million unit shares to the general public at a price of Rs. 276 per share (Rs 100 face value + Rs 176 premium price). The IPO issue will raise a total of Rs. 3.312 Billion for the company.
Major Highlights:
| Particulars (In Rs '000) | IME Life Insurance Company Limited | ||
| Q3 2079/80 | Q3 2078/79 | Difference | |
| Paid Up Capital | 2,800,000.00 | 1,400,000.00 | |
| Reserve and Surplus | 1,100,572.00 | 608,840.00 | 80.77% |
| Life Insurance Fund | 6,077,321.00 | 4,247,266.00 | 43.09% |
| Contingent Fund | 122,230.00 | 61,606.00 | 98.41% |
| Net Premium | 2,890,445.00 | 2,379,209.00 | 21.49% |
| Income from Investment, Loan and others | 436,960.00 | 258,602.00 | 68.97% |
| Claim Payment (Net) | 793,672.00 | 624,000.00 | 27.19% |
| Provision for Losses | 6,849.00 | 12,730.00 | -46.20% |
| Agent Commission | 326,213.00 | 393,930.00 | -17.19% |
| Transferred to Life Insurance Fund | 1,597,557.00 | 1,274,302.00 | 25.37% |
| Net Profit | 182,450.00 | 101,997.00 | 78.88% |
| No of Policies | 353,137.00 | 233,816.00 | 51.03% |
| Annualized EPS (In Rs.) | 8.69 | 5.67 | 53.32% |
| Net Worth per Share (In Rs.) | 143.67 | ||
