Lumbini General Insurance net profit decrease by 20.56% to Rs 3.09 crore; Everest Insurance earns Rs 44.85 lakh

Lumbini General Insurance Company Limited (LGIL) has posted decrease in its net profit by 20.56% in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 3.09 crore in Q1 of the FY 2074/75, decrease from Rs 3.89 crore in the corresponding quarter of the FY 2073/74. While its income from net premium has also increased from Rs 21.32 crore to Rs 21.50 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 5.77 crore. Its paid up capital stands at Rs 78 crore with reserve fund of Rs 12.53 crore and insurance fund amounts to Rs 34.15 crore. To meet the capital requirement of Rs 1 arba, it should hike its capital by Rs 22 crore (around 28%). Likewise, it has paid claim of Rs 9.96 crore. Its annualized earning per share stands at Rs 15.84, net worth per share at Rs 163.59 and P/E ratio at 55.55 times. Everest Insurance Company Limited (EIC) has stated growth in its net profit by 326.71 % in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 44.85 lakh in Q1 of the FY 2074/75, up from Rs 10.51 lakh in the corresponding quarter of the FY 2073/74. While its income from net premium has decreased from Rs 2.96 crore to Rs 2.50 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 1.73 crore. Its current paid up capital stands at Rs 12.15 crore with reserve fund of Rs 11.93 crore and insurance fund of Rs 15.23 crore. EIC will issue 600% right share to its shareholders after which its paid up capital will reach to Rs 85.05 crore. Further it should hike its capital by Rs 14.95 crore to meet the capital requirement of Rs 1 arba. Likewise, it has paid claim of Rs 12.99 crore. Its annualized earning per share stands at Rs 14.76, net worth per share at Rs 323.62 and P/E ratio at 179.49 times.