Prime Life Insurance reports highest quarterly profit with 179% yearly growth; EPS reaches Rs 41.58

Prime Life Insurance Company Limited (PLIC) has made a profit of Rs 6.34 crore in the first three months of the ongoing fiscal year 2074/74, registering a whopping 179% year-on-year growth. Last year, it had made only Rs 2.27 crore in the first quarter. As per the unaudited quarterly report published for the first quarter, it has earned Rs 46.41 crore in net premium in the first quarter from a total of 5.01 lakh insurance policies. This is the highest quarterly profit in its history. Its paid-up capital now stands at Rs 61.02 crore with reserve of Rs 90.12 crore. Its insurance fund has also increased massively to Rs 5.21 arba from Rs 3.86 arba in the same period last year. Its claims liability has increased to Rs 1.71 crore. Even after capitalization of recently issued 25% bonus share, its annualized Earnings Per Share (EPS) has increased to Rs 41.58, net worth at Rs 260.57 per share and P/E ratio at 45.45 times. PLIC is currently seeking approval from SEBON to issue 160% right shares. After issuance of the 160% right shares, its paid-up capital will reach Rs 1.58 arba. To meet the capital requirement of Rs 2 arba till the end of Ashad 2075, it should further hike its capital by Rs 42 crore (around 26.58%).