Prabhu Mahalaxmi Life Insurance Reports Impressive 38.75% Surge in Net Profit for Q3 Driven by Growth in Net Premiums and Investment Income
Thu, May 9, 2024 10:48 AM on Financial Analysis, Company Analysis, Latest,
Prabhu Mahalaxmi Life Insurance Company Limited (PMLI) has disclosed its impressive financial performance for the third quarter of the fiscal year 2080/2081, showcasing a significant surge of 38.75% in net profit. The company's net profit surged to Rs. 26.89 crores, marking a substantial increase from Rs. 19.38 crores recorded in the corresponding quarter of the previous fiscal year.
PMLI boasts a paid-up capital of Rs. 4.29 Arba alongside a significant share premium of Rs. 1.93 Crores. Additionally, the company maintains substantial reserves, including Rs. 75.55 Crores in retained earnings, Rs. 12.32 Crores in other equity, and Rs. 8.76 Crores in catastrophe reserves.
During the period under review, PMLI witnessed an incline of 102.84% in net premiums, reaching Rs. 2.96 Arba in Q3 FY 2080/81 compared to the preceding year. Demonstrating financial acumen, the company generated Rs. 84.17 Crores from income derived from investments, loans, and other financial activities.
However, the quarter also witnessed a noteworthy 140.26% increase in net claims, totaling Rs. 2.78 Arba. Likewise, commission expenses increased by 58.84%, reaching Rs. 33.5 Crores.
Key financial metrics further underscore PMLI's performance, with an annualized earnings per share (EPS) of Rs. 8.35. Moreover, the net worth per share stands at Rs. 122.95 while the Price-to-Earnings (P/E) ratio stood at 61.34 times.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Prabhu Mahalaxmi Life Insurance | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Share Capital | 4,296,000.00 | 4,296,000.00* | 0.00% |
| Share Premium | 19,352.49 | 19,352.49* | 0.00% |
| Catastrophe Reserves | 87,644.04 | 74,198.03* | 18.12% |
| Retained Earnings | 755,559.85 | 502,774.93* | 50.28% |
| Other Equity | 123,265.78 | 82,926.54* | 48.64% |
| Insurance Fund | 9,237,793.86 | 7,321,986.49* | 26.17% |
| Investment | 13,043,972.31 | 10,369,998.09* | 25.79% |
| Net Premium | 2,964,017.86 | 1,461,276.85 | 102.84% |
| Income from Investment, Loan and others | 841,729.17 | 374,467.19 | 124.78% |
| Claim Payment (Net) | 2,783,787.49 | 1,158,676.42 | 140.26% |
| Commission Expenses | 335,076.17 | 210,958.57 | 58.84% |
| Net Profit | 268,920.13 | 193,821.81 | 38.75% |
| No of Policies | 489,060.00 | 442,671.00 | 10.48% |
| EPS (In Rs.) | 8.35 | 6.02 | 38.75% |
| Net Worth per Share (In Rs.) | 122.95 | 115.81 | 6.16% |
| PE Ratio | 61.34 | ||
| Solvency Ratio | 1.41 | - | - |
