Neco Insurance Limited (NIL) Records Q2 Performance with 15.23% Rise in Net Profit; EPS at Rs. 21.99
Tue, Feb 13, 2024 9:39 AM on Financial Analysis, Company Analysis, Latest,
Neco Insurance Limited (NIL) has unveiled its second-quarter financial report for the fiscal year 2080/81, showcasing a commendable 15.23% surge in Net Profit. The company achieved a net profit of Rs. 22.12 crores, a marked improvement from the Rs. 19.2 crores recorded in the corresponding quarter of the previous fiscal year.
In tandem with its profit growth, NIL demonstrated a substantial 16.43% increase in its insurance fund, reaching Rs. 3.63 Arba in Q2 of FY 2080/81. However, the company experienced a marginal 0.21% dip in income derived from investments, loans, and other sources, totaling Rs. 21.64 crores.
The net claim payment of the company exhibited a decrease of 10.69% in the second quarter of the current fiscal year.
NIL has a paid-up capital of Rs. 2.01 Arba with Rs. 36.34 Crores in retained earnings, Rs. 26.47 Crores in other equity, and Rs. 12.23 Crores in catastrophe reserves. The company upholds a formidable investment portfolio amounting to Rs. 5.64 Arba.
Meanwhile, the annualized Earnings per Share (EPS) of the company has increased to Rs. 21.99 and maintains a Net worth per Share of Rs. 230.01.
Lastly, the Price to Earnings (PE) ratio of the company stands at 38.33 times.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Neco Insurance Limited | ||
|---|---|---|---|
| Q2 2080/81 | Q2 2079/80 | Difference | |
| Share Capital | 2,012,360.62 | 2,012,360.62* | 0.00% |
| Special Reserves | 1,865,602.52 | 1,754,968.99* | 6.30% |
| Catastrophe Reserves | 122,366.77 | 111,303.42* | 9.94% |
| Retained Earnings | 363,492.95 | 276,134.57* | 31.64% |
| Other Equity | 264,762.33 | 255,045.31* | 3.81% |
| Insurance Fund | 3,633,551.97 | 3,120,725.82* | 16.43% |
| Investment | 5,645,356.39 | 5,097,280.52* | 10.75% |
| Net Premium | 616,059.70 | 580,637.09 | 6.10% |
| Income from Investment, Loan and others | 216,486.35 | 216,940.00 | -0.21% |
| Claim Payment (Net) | 339,108.40 | 379,712.21 | -10.69% |
| Commission Expenses | 25,774.71 | 29,042.58 | -11.25% |
| Net Profit | 221,267.07 | 192,025.17 | 15.23% |
| No of Policies | 154,109.00 | 154,620.00 | -0.33% |
| Annualized EPS (In Rs.) | 21.99 | 19.08 | 15.23% |
| Net Worth per Share (In Rs.) | 230.01 | 219.14 | 4.96% |
| PE Ratio | 38.33 | ||
| Solvency Ratio | 3.32 | - | - |
