Premier Insurance meager rise in net profit by 3.92% to Rs 2.12 crore; Oriental Insurance cent percent rise in net profit to Rs 91.80 lakh

Premier Insurance Company Limited (PIC) has reported increment in its net profit by 3.92% in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 2.12 crore in Q1 of the FY 2074/75, up from Rs 2.04 crore in the corresponding quarter of the FY 2073/74. While its income from net premium has also increased from Rs 19.04 crore to Rs 21.22 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 4.57 crore. Its paid up capital stands at Rs 44.85 crore with reserve fund of Rs 13.15 crore and insurance fund amounts to Rs 34.04 crore. To meet the capital requirement of Rs 1 arba, it will issue 6.59 lakh unit FPO shares at Rs 895 per share. Moreover it has stated in its capital plan to issue 15% bonus shares from the profit of the fiscal year 73/74 and issuance of 13% right shares worth Rs 6.60 crore. For the Fiscal Year 2074/75, the paid up capital of the insurance company will be Rs 1.01 arba after issuing 75% bonus share worth Rs 43.63 crore. Likewise, it has paid claim of Rs 12.74 crore. Its annualized earning per share stands at Rs 18.95, net worth per share at Rs 211.96 and P/E ratio at 85.95 times. Oriental Insurance has posted rise in its net profit by 100.96 % in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 91.80 lakh in Q1 of the FY 2074/75, up from Rs 45.67 lakh in the corresponding quarter of the FY 2073/74. While its income from net premium has also increased from Rs 25.01 crore to Rs 26.31 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 96.58 lakh. Its reserve fund is negative at Rs 8.69 crore and insurance fund amounts to Rs 43.30 crore. It will be issuing IPO shares to the general public in upcoming days. Likewise, it has paid claim of Rs 10.06 crore.