Prudential Insurance net profit rises by 39.22% to Rs 2.52 crore; EPS at Rs 23.60

Prudential Insurance Company Limited (PICL) has reported impressive rise in its net profit by 39.22% in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 2.52 crore in Q1 of the FY 2074/75, up from Rs 1.81 crore in the corresponding quarter of the FY 2073/74. While its income from net premium has also increased from Rs 10.10 crore to Rs 12.69 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 6.86 crore. Its paid up capital now stands at Rs 42.76 crore (including 20% bonus from the net profit of FY 2073/74) with reserve of Rs 14.96 crore. It has pending claims rises by 79.60% to Rs 80.45 crore. Its insurance fund stands at Rs 36.50 crore. PICL has got approval from the SEBON to issue 30% right shares to its shareholders. After right, its paid up capital will reach to Rs 64.20 crore. Insurance Board of Nepal has directed all non-life insurance company to increase its capital to Rs 1 arba by the end of Ashad 2075, PICL should hike its capital by Rs 35.80 crore (around 55.76%). Its annualized earning per share stands at Rs 23.60, net worth per share at R 220.36 and P/E ratio at 61.43 times.