Shikhar Insurance profit soars by 88.30 % despite claims of Rs 1.36 arba arises due to massive earthquake, EPS stands Rs 69
Sun, Aug 16, 2015 12:00 AM on Others,
ShareSansar, August 16:
Shikhar Insurance Company Limited (SICL) stated 88.30 percent increase in its net profit for the fourth quarter of the current fiscal year 2071/72.
In the unaudited fourth quarterly financial report published today, the non-life insurance company has stated increase in the net profit to Rs 24.69 crore as compared to Rs 13.12 crore in the corresponding quarter of 2070/71 FY.
Despite the massive claims of Rs 1.36 arba arises due to April earthquake, the company has suffered net loss of only Rs 2 crore due to earthquake, thanks to SICL’s effective policy regarding reinsurance.
After the massive earthquake on April, there have been 16,000 damage reports worth Rs 1500 crore recorded by the insurance sector. Out of which, Shikhar Insurance Company Limited (SICL) has received 1,446 claims worth Rs 136 crore. Of the total claims, it has settled 725 claims which are 50 percent of the total claims received by the company till Asad end of 2072.
The company has able to collect Rs 66.42 as insurance premium which is the growth of 47.63% where as its insurance fund rises from Rs 19.70 crore to Rs 32.04 crore and the reserve also increased to Rs 13.56 crore from Rs 8.42 crore as compared to corresponding quarter of the last fiscal year 2070/71.
Till fourth quarter SICL’s has 15.52 lakh policyholders whereas there was only 10.12 lakh policyholders previous fiscal year.
The company’s EPS is Rs 69; net worth per share is Rs. 230 and the P/E ratio is 10 times.
