United Ins reports dismal performance, net profit Rs 53.68 lakh, EPS Rs 5.33

ShareSansar, August 27:

United Insurance Company Limited (UIC) has posted a net profit of Rs 53.68 lakh in the fourth quarter of the last fiscal year 2071/72.

As per the unaudited financial report for the fourth quarter published today, its net profit dropped to Rs 53.68 lakh in fourth quarter from Rs 5.56 crore in the corresponding quarter of the previous fiscal year 2070/71.

The company’s net earnings from premiums grew to Rs 23.56 crore in Q4 from Rs 18.60 crore in the same quarter last year.

The non- Life Insurance Company has a paid up capital of Rs 10 crore 8 lakhs. Its reserve fund has reached 10.36 crore in Q4, up from Rs 8.13 crore in the previous fiscal year.

Earlier, UIC had issued 1: 1.5 ratio 15,12,000 units Right shares from 13th Baisakh to 32nd Jestha, 2072 to its shareholders. The allotment of the issue happened only in this fiscal year, which is why the paid up capital shown in the Q4 report of UIC is Rs 10.08 crores. The present paid up capital after the right share issue stands Rs 25.20 crore.

UIC policy holders have increased to 4.26 crore by the end of this quarter from 2.65 crore reported in the same period of last year.

United Insurance EPS stand at Rs 5.33, P/E ratio is at 109.84times and net worth per share at Rs 268.13.