SuryaJyoti Life Insurance Records Rs. 7.51 Arba Net Premium, Rs. 2.60 Arba Investment Income, and 31.90% Surge in Net Profit in Q3

Surya Jyoti Life Insurance Company (SJLIC) has reported a solid growth in net profit during the third quarter of the fiscal year 2081/82. The insurer posted a net profit of Rs. 29.57 crores, marking a 31.90% increase compared to Rs. 22.42 crores in the same period of the previous year. This rise in profitability has translated into an annualized earnings per share (EPS) of Rs. 7.87, up from Rs. 5.97.

The company's net premium income rose by 17.85%, reaching Rs. 7.51 Arba, while income from investment, loan, and other sources climbed by 13.98%, amounting to Rs. 2.60 Arba. Meanwhile, SuryaJyoti also made notable investments worth Rs. 39.23 Arba, which is 12.23% higher compared to last year’s third quarter.

On the policyholder side, the life insurance fund expanded by 17.03% to Rs. 39.45 Arba, indicating a strong growth in the insurer’s long-term liabilities. However, this growth was accompanied by a 20.16% increase in net claim payments, which stood at Rs. 8.38 Arba, reflecting the rising cost of policy servicing. Likewise, commission expenses went up by 14.38%, reaching Rs. 66.32 crores.

Despite the rise in income and profitability, retained earnings dropped significantly by 63.33%, falling to Rs. 42.19 crores from Rs. 1.15 Arba a year ago. Additionally, net worth per share declined by 10.31%, currently standing at Rs. 125.41, down from Rs. 139.84. 

The insurer maintained a stable capital base with paid-up capital unchanged at Rs. 5.01 billion, and the catastrophe reserve slightly increased by 3.92%. As of Q3’s end, the company’s PE ratio stood at 55.90 times.

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* Figure is of the Immediate Fiscal Year Ending