Siddhartha Premier Insurance Boasts Remarkable 138.56% Surge in Net Premiums, Accompanied by 109.65% Jump in Net Profit for Q3
Fri, May 3, 2024 10:45 AM on Financial Analysis, Company Analysis, Latest,
Siddhartha Premier Insurance Limited (SPIL) has announced its third-quarter financial results for the fiscal year 2080/2081, showing a remarkable surge in net profit. The company's net profit jumped by 109.65% to Rs. 59.71 crores from Rs. 28.48 crores in the same quarter of the previous fiscal year.
SPIL's has a paid-up capital of Rs. 2.8 Arba and a share premium of Rs. 4.75 lakhs. The company also holds substantial reserves, including Rs. 71.02 Crores in retained earnings, Rs. 96.04 Crores in other equity, Rs. 16.74 crores in catastrophe reserves, and Rs. 2.5 Arba as special reserves.
During the quarter, Siddhartha Premier Insurance saw a notable increase of 138.56% in net premiums, reaching Rs. 1.32 Arba in Q3 FY 2080/81 compared to the same period last year. The company also generated Rs. 52.73 Crores from income derived from investments, loans, and other financial activities.
After the third quarter ended in Chaitra 2080, the company sold 20,73,446 promoter shares of Nepal Reinsurance Company (NRIC) at Rs. 280 per share, resulting in a net profit before tax of Rs. 41.71 crores.
However, there was a significant 93.09% increase in net claims during the quarter, totaling Rs. 66.25 Crores.
Key financial metrics further highlight SPIL's performance, with an annualized earnings per share (EPS) of Rs. 28.37 and a net worth per share of Rs. 254.59.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Siddhartha Premier Insurance Limited | ||
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Paid Up Capital | 2,806,549.90 | 2,806,549.90* | 0.00% |
| Share Premium | 475.94 | 475.94* | 0.00% |
| Special Reserve | 2,500,000.00 | 2,500,000.00* | 0.00% |
| Catastrophe Reserves | 167,489.69 | 137,634.53* | 21.69% |
| Retained Earnings | 710,290.81 | 457,734.32* | 55.18% |
| Other Equity | 960,411.50 | 1,664,208.65* | -42.29% |
| Insurance Fund | 5,350,828.32 | 5,344,011.96* | 0.13% |
| Investment | 8,567,731.61 | 9,405,735.64* | -8.91% |
| Net Premium | 1,328,652.48 | 556,958.19 | 138.56% |
| Income from Investment, Loan and others | 527,375.98 | 306,643.00 | 71.98% |
| Claim Payment (Net) | 662,537.88 | 343,124.30 | 93.09% |
| Commission Expenses | 23,886.40 | 21,405.72 | 11.59% |
| Net Profit | 597,103.17 | 284,802.74 | 109.65% |
| No of Policies | 232,576.00 | 138,536.00 | 67.88% |
| EPS (In Rs.) | 28.37 | 13.53 | 109.65% |
| Net Worth per Share (In Rs.) | 254.59 | 269.61 | -5.57% |
