Asian posts modest profit growth; Nepal, National, Prime’s life funds grow significantly

ShareSansar, August 15:

Asian Life Insurance Company Limited today reported modest profit growth in the fourth quarter of the last fiscal year 2070/71 while Nepal Life Insurance Company Limited, National Life Insurance Company Limited and Prime Life Insurance Company Limited have reported drop it profit.

Publishing their unaudited report for the fourth quarter today non-life insurers such as Sagarmath Insurance Company Limited, United Insurance Company (Nepal) Limited and Neco Insurance have also reported net profit growth.

Before we go into the facts and figure, it may be noted that the unaudited financial reports for the fourth quarter do not necessarily reflect the exact profit scenario of the insurance companies, and in most of the cases the profit surges by the time they come up with the audited report.

As per the unaudited quarterly report of Asian Life , its net profit has risen to Rs 2.91 crore in the fourth quarter, up from Rs 2.63 crore in the corresponding quarter of the previous fiscal year .

The profit is attributable to reduced expenses, which dropped to Rs 1.98 crore, up from Rs 3.04 crore in the corresponding quarter.

Its EPS has now reached Rs 5.60, P/E ratio has risen to 219 times and its net worth per share stands at Rs 154.42.

Nepal Life has reported a net profit of Rs 33.14 crore, down from Rs 77.46 crore in the corresponding quarter. Please note here that the figure for the corresponding quarter is the audited amount while the latest figure is unaudited.

The profit is stemmed as Nepal Life is yet to transfer the income from its life fund, which has surged to Rs 17.25 arba up from Rs 12.57 arba.

Its EPS is now at Rs 30.58, P/E ratio at 143.23 times and the net worth per share at Rs 153.37.

Similarly, National Life has reported that its net profit has dropped to Rs 14.09 crore, down from Rs 44.27 crore.  But its figure for the correspondent quarter is audited while the latest figure is unaudited.

National Life’s life fund has also surged from Rs 8.26 arba to Rs 9.93 arba.

Its EPS is now priced at Rs 17.97, P/E ratio at 112.11 times and the net worth per share at Rs 149.07.

Likewise, Prime Life has posted a net profit of Rs 9.72 crore, down from Rs 12.62 crore. However, in this case, please note that both the figures are unaudited.
 
Prime’s life fund has also grown impressively from Rs 1.23 arba to Rs 1.88 arba over the last fiscal year.

Its EPS stands at Rs 19.92, P/E ratio at 55.33 and the net worth per share at Rs 186.64.

Sagarmath, United and Neco, too, post good profit

Among the non-life insurers, Sagarmatha Insurance has reported a modest profit growth as its net profit has increased from Rs 20.52 crore in the fourth quarter, up from Rs 17.90 crore in the corresponding quarter.  

But note that all the figures for the corresponding quarter are audited while those of the fourth quarter are unaudited.

Its income rose to Rs 33.27 crore, up from Rs 29.24 in the corresponding quarter of the previous fiscal year.

Its EPS now stands at Rs 66.20, P/E ratio at 18.88 and the net worth per share at Rs 237.30.

Similarly, United Insurance’s net profit has risen to Rs 5.56 crore, up from Rs 2.66 crore in the corresponding quarter.

Its profit was also propelled by its operational profit as it earned Rs 9.49 crore from its regular business up from Rs 4.78 crore.

United Insurance’s EPS has reached Rs 55.21, P/E ratio now stands at 13.40 times and its net worth per share stands at Rs 243.13.

Neco has also reported net profit rise in the fourth quarter. Its net profit has Rs 4.09 crore, up from Rs 3.69 crore – propelled by its core business. It’s income has surged to Rs 7.20 crore from Rs 6.51 crore.

Neco’s EPS has now risen to Rs 30, P/E ratio to 25 times and the net worth per share now stands at Rs 208.