Neco Insurance Reports Slight Decline In Net Profit; A Look At Major Financial Highlights Of Q3
Thu, May 12, 2022 8:40 AM on Company Analysis, Latest,
Neco Insurance Company Limited (NIL) has published its third-quarter report of the fiscal year 2078/2079 with a decline in Net Profit by 2.36% compared to the corresponding quarter of the previous year. The company’s net profit declined to Rs. 34.26 crores in this quarter from Rs. 35.09 crores in the corresponding quarter.
As per the unaudited report for the third quarter published today, NECO Insurance has a paid-up capital of Rs. 1.52 Arba with a reserve of Rs. 62.22 crores. Similarly, the company has Rs. 8.58 crores as a contingent fund. The company has an insurance fund of Rs. 1.27 Arba.
The Net Premium rose by 1.17% to Rs. 1.37 arba in FY 2078/2079 from Rs. 1.36 arba in the corresponding quarter of the previous year. The company has earned Rs. 10.62 crores from income from investment, loans, and other headings.
The company’s Net claim increased by 35.01% to Rs. 60.83 crores in this quarter. The company’s number of policies stood at 237,652 till Q3 of 2078/2079.
Its annualized earnings per share (EPS) stood at Rs. 30.02 whereas Net worth per share stood at Rs. 230.05. The company traded at a P/B multiple of 3.89 times.
Major Highlights:
|
Particulars |
Neco Insurance Company Limited |
||
|---|---|---|---|
|
Q3, 2078/2079 |
Q3, 2077/2078 |
Difference |
|
|
Paid-Up Capital |
1,521,634.00 |
1,317,432.00 |
15.50% |
|
Reserve & Surplus |
622,251.00 |
682,317.00 |
-8.80% |
|
Insurance Fund |
1,270,709.00 |
1,007,155.00 |
26.17% |
|
Contingent Fund |
85,871.00 |
96,874.00 |
-11.36% |
|
Net Premium |
1,376,377.00 |
1,360,407.00 |
1.17% |
|
Re-Insurance Income |
223,440.00 |
164,780.00 |
35.60% |
|
Income from Investment, Loan and others |
106,208.00 |
110,116.00 |
-3.55% |
|
Claim Payment (Net) |
608,321.00 |
450,589.00 |
35.01% |
|
Agent Commission |
50,295.00 |
40,618.00 |
23.82% |
|
Net Profit |
342,640.00 |
350,922.00 |
-2.36% |
|
No. Of Policies |
237,652.00 |
224,395.00 |
5.91% |
|
Annualized EPS (Rs.) |
30.02 |
35.52 |
- |
|
Net Worth Per Share |
230.05 |
235.59 |
- |
|
Price/Book Ratio (times) |
3.89 |
- |
- |
