Surya Life Insurance EPS surges to Rs 31.38 after massive rise in net profit by 323.20% to Rs 5.22 crore

Surya Life Insurance Company Limited (SLICL) has stated massive rise in net profit by 323.20% till the end of first quarter of the current FY 2074/75. As per the unaudited financial statement of the life insurance company published today, its net profit amounts to Rs 5.22 crore in Q1 of the FY 2074/75 from Rs 1.23 crore in corresponding Q1 of FY 2073/74. On the other hand, its net premium earning amounts to Rs 34.96 crore from Rs 21.66 crore. As of the end of Q1 this year, it’s paid up capital stand at Rs 65.62 crore. Its reserves and surplus rises to Rs 37.81 crore from Rs 20.27 crore and life insurance fund amounts to Rs 2.71 arba from Rs 1.85 arba. SLICL has distributed 10% bonus shares to its shareholders from the profit it had earned in the FY 2072/73 and 40% right shares as well. After the issuance of the 10% bonus share and 40% right share, its paid up capital will reach Rs 1.01 arba. As per Insurance Board’s directive for all life insurance companies to increase their paid up capital to a minimum of Rs 2 arba by the end of FY 2074/75, SLICL will need to issue a further capital hike of around Rs 99 crore (98%). SLICL has paid claims worth Rs 41.30 crore this year, while it has pending claims of Rs 5.02 lakh only. SLICL’s current earning per share (EPS) stands at Rs 31.38 and net worth per share stands at Rs 163.75, while P/E ratio is at 32.06 times.