Nepal Insurance (NICL) Net Profit Increases by 47.65% in Q2; Insurance Fund Stands at Rs. 82.98 Crore
Thu, Feb 9, 2023 12:14 PM on Latest, Financial Analysis, Stock Market,
Nepal Insurance Company Limited (NICL) has published its second-quarter report of the fiscal year 2079/2080 with an increase in Net Profit by 47.65% as compared to the corresponding quarter of the previous year. The company’s net profit increased to Rs. 15.32 crores in this quarter from Rs. 10.38 crores in the corresponding quarter.
As per the unaudited report for the second quarter published today, Nepal Insurance has a paid-up capital of Rs. 1.37 Arba with a reserve of Rs. 47.77 crores. The company has an insurance fund of Rs. 82.98 crore.
The Net Premium decreased by 10% to Rs. 39.19 crore in FY 2079/2080 from Rs. 43.55 crores in the corresponding quarter of the previous year. The company has earned Rs. 4.59 crores from income from investment, loans, and other headings.
The company’s Net claim increased by 17.42% to Rs. 11.48 crores in this quarter. The company’s number of policies stood at 87,942 till Q2 of 2079/2080.
Its annualized earnings per share (EPS) stood at Rs. 22.23 whereas Net worth per share stood at Rs. 194.82. The company traded at a P/E multiple of 33.02 times.
Major Highlights:
| Particulars (In Rs '000) | Nepal Insurance Company | ||
| Q2 2079/80 | Q2 2078/79 | Difference | |
| Paid Up Capital | 1,378,996.00 | 1,242,339.00 | 11.00% |
| Reserve and Surplus | 477,781.00 | 43,232.00 | 1005.16% |
| Insurance Fund | 829,809.00 | 619,856.00 | 33.87% |
| Net Premium | 391,960.00 | 435,504.00 | -10.00% |
| Re-Insurance Income | 94,383.00 | 96,648.00 | -2.34% |
| Income from Investment, Loan and others | 45,932.00 | 30,963.00 | 48.34% |
| Claim Payment (Net) | 114,871.00 | 97,832.00 | 17.42% |
| Provision for Losses | 28,764.00 | ||
| Provision Written Back | 32,965.00 | ||
| Agent Commission | 11,631.00 | 10,868.00 | 7.02% |
| Net Profit | 153,278.00 | 103,815.00 | 47.65% |
| No of Policies | 87,942.00 | 89,885.00 | -2.16% |
| EPS (In Rs.) | 22.23 | 16.71 | 33.01% |
| Net Worth per Share (In Rs.) | 194.82 | 153.37 | 27.02% |
| PE Ratio | 33.02 | - | - |
