Sun Nepal Life Insurance Company Q3 - Net Profit Increased by Massive 209.48% to Rs. 44.45 Crore; Company Set to Issue IPO at a Premium Price
Tue, May 9, 2023 3:55 PM on Latest, Financial Analysis, Stock Market,
Sun Nepal Life Insurance Company Limited (SNLICL) has published its unaudited financial report for the third quarter of the current fiscal year 2079/80.
The profit has been reported as Rs 44.45 crore till the end of Chaitra month of this FY 2079/80. It is a 209.48% incline from the previous year's corresponding quarter's profit of Rs 14.36 crore.
The insurance company collected Rs 2.51 Arba as earnings from premiums in the third quarter of FY 2079/80.
The paid-up capital of the company is Rs 2.24 arba with Rs 81.9 crore in the reserve and surplus. It has Rs 4.61 Arba in the life insurance fund of the company. The company has sold 941,014 insurance policies till the end of the review period.
The Initial Public Offering (IPO) of Sun Nepal Life has been added to SEBON’s IPO pipeline for approval.
The company is seeking to issue 9,600,000 unit shares to the general public at a premium price of Rs. 250.55 per share (Rs 100 face value + Rs 150.55 premium price). The IPO issue will raise a total of Rs. 2,40,52,80,000.
The paid-up capital of the company will reach Rs. 3.2 Arba after IPO issuance.
Major Highlights
| Particulars (In Rs '000) | Sun Nepal Life Insurance | ||
|---|---|---|---|
| Q3 2079/80 | Q3 2078/79 | Difference | |
| Paid Up Capital | 2,240,000.00 | 1,400,000.00 | 60.00% |
| Reserve and Surplus | 819,268.00 | 443,450.00 | 84.75% |
| Life Insurance Fund | 4,611,871.00 | 3,365,489.00 | 37.03% |
| Contingent Fund | 91,030.00 | 56,025.00 | 62.48% |
| Net Premium | 2,515,326.00 | 2,019,506.00 | 24.55% |
| Income from Investment, Loan and others | 284,735.00 | 179,852.00 | 58.32% |
| Claim Payment (Net) | 807,002.00 | 331,078.00 | 143.75% |
| Provision for Losses | 90,006.00 | ||
| Provision Written Back | 103,691.00 | ||
| Agent Commission | 251,813.00 | 291,825.00 | -13.71% |
| Transferred to Life Insurance Fund | 1,100,395.00 | 1,066,602.00 | 3.17% |
| Net Profit | 444,519.00 | 143,632.00 | 209.48% |
| No of Policies | 941,014.00 | 503,558.00 | 86.87% |
| EPS (In Rs.) | 26.46 | 13.68 | 93.43% |
| Net Worth per Share (In Rs.) | 136.98 | 135.68 | - |
