NLG & Siddhartha Insurance net profit surges by 20.68% & 8.40% to Rs 5.25 crore & Rs 4.12 crore respectively

NLG Insurance Company Limited (NLG) has posted increase in its net profit by 20.68% in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 5.25 crore in Q1 of the FY 2074/75, up from Rs 4.35 crore in the corresponding quarter of the FY 2073/74. While its income from net premium has also increased from Rs 13.89 crore to Rs 18.42 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 4.77 crore. Its paid up capital stands at Rs 51.23 crore with reserve fund of Rs 18.90 crore  and insurance fund amounts to Rs 61.44 crore. To meet the capital requirement of Rs 1 arba, it should hike its capital by Rs 48.77 crore (around 95%). Likewise, it has paid claim of Rs 5.34 crore. Its annualized earning per share stands at Rs 41.06, net worth per share at Rs 262.17 and P/E ratio at 37.99 times. Siddhartha Insurance Limited (SIL) has stated growth in its net profit by 8.40% in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 4.12 crore in Q1 of the FY 2074/75, up from Rs 3.80 crore in the corresponding quarter of the FY 2073/74. While its income from net premium has also increased from Rs 21.74 crore to Rs 25.07 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 6.98 crore. Its current paid up capital stands at Rs 53.45 crore with reserve fund of Rs 16.53 crore and insurance fund of Rs 4.33 crore. SIL had proposed 20% bonus on its current paid up capital of Rs 53.45 crore including its recently floated 19.23% right share. After issuance of 20% bonus share, its paid up capital will reach Rs 64.15 crore and after issuance of  further 35% right share its capital will reach 86.60 crore. As per the new guideline, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75 and SIL will meet the requirement after issuance of bonus and right share. Likewise, it has paid claim of Rs 8.86 crore. Its annualized earning per share stands at Rs 30.84, net worth per share at Rs 222.63 and P/E ratio at 190.14 times.