IME Life Insurance Witnesses a Staggering 96.14% Spike in Net Profit in Q2; EPS at Rs. 11.74
Sun, Jan 28, 2024 11:38 AM on Financial Analysis, Company Analysis, Latest,
IME Life Insurance Company Limited (ILI) reported impressive results for the second quarter of the fiscal year 2080/2081. The company witnessed a substantial 96.14% surge in net profit, soaring to Rs. 23.47 crores from Rs. 11.96 crores compared to the corresponding quarter last year.
ILI's financial snapshot showcases a paid-up capital of Rs. 4 Arba and a share premium of Rs. 1.53 Arba. Complementing this, the company holds Rs. 85.02 crores in retained earnings, Rs. 55.36 crores in other equity, and Rs. 15.35 crores in catastrophe reserves.
Notably, IME Life experienced an 11.20% increase in net premiums, reaching Rs. 1.99 Arba in Q2 FY 2080/81 compared to the previous year. The company showcased its financial acumen by generating Rs. 63.92 crores from income derived from investments, loans, and other financial activities.
However, the quarter also witnessed a 21.88% increase in net claims, reaching Rs. 1.87 Arba.
Key financial indicators underline the company's robust performance, with an annualized earnings per share (EPS) of Rs. 11.74, net worth per share of Rs. 177.27, and a P/E ratio of 47.29 times.
Major Highlights:
| Particulars (In Rs '000) | IME Life Insurance Company | ||
|---|---|---|---|
| Q2 2080/81 | Q2 2079/80 | Difference | |
| Paid Up Capital | 4,000,000.00 | 4,000,000.00 | 0.00% |
| Share Premium | 1,533,406.27 | 1,535,809.42 | -0.16% |
| Catastrophe Reserves | 153,522.97 | 130,050.43 | 18.05% |
| Retained Earnings | 850,272.57 | 641,367.00 | 32.57% |
| Other Equity | 553,685.33 | 551,174.35 | 0.46% |
| Net Premium | 1,995,764.76 | 1,794,790.80 | 11.20% |
| Interest Income on Loan to Policyholders | 14,266.64 | 21,099.66 | -32.38% |
| Income from Investment, Loan and others | 639,271.83 | 344,556.88 | 85.53% |
| Claim Payment (Net) | 1,870,173.69 | 1,534,457.10 | 21.88% |
| Commission Expenses | 204,400.09 | 224,631.49 | -9.01% |
| Net Profit | 234,725.35 | 119,675.40 | 96.14% |
| Total inforce Policies count | 415,494.00 | 230,800.00 | 80.02% |
| Annualized EPS (In Rs.) | 11.74 | 5.98 | 96.14% |
| Net Worth per Share (In Rs.) | 177.27 | 171.46 | 3.39% |
| PE Ratio | 47.29 | - | - |
