Both Premier and Neco Insurance post impressive profit

ShareSansar, May 15:

Premier Insurance Company Nepal Limited posted a growth of 45.94 percent likewise Neco Insurance Limited posted growth of 34.89 percent for this third quarter of the current fiscal year 2070/71.

Publishing the unaudited financial report for the third quarter today, Premier Insurance Company Nepal Limited stated increase in net profit to Rs 3.05 crore from 2.09 crore. Similarly, Neco Insurance Limited stated that its net profit has rise to Rs 2.32 crore up from Rs 1.72 crore as compared to the corresponding quarter of the last fiscal year 2069/70.

The net profit for both the insurance company was mainly triggered by the rise in the operation profit. Premier Insurance Company’s operation profit increased to Rs 3.79 crore from Rs 2.12 crore in the same way Neco Insurance Limited’s operation profit also rose from Rs 1.95 crore to Rs 3.15 crore as compared to the corresponding quarter.

There is increase in the insurance fund to Rs 7.35 crore from Rs 5.15 crore along with that, the reserves and surplus have also increased to 6.48 crore from Rs 6.01 crore. In addition to that NIL also increased its insurance fund from Rs 4.48 crore to Rs 6.63 crore and the reserve and surplus also increased to Rs 6.16 crore from Rs 5.41 crore as compared to corresponding quarter of the last fiscal year 2069/70.

PIC’s EPS is Rs 26.08; net worth per share is Rs 217.95 and the P/E ratio 9.43 times. Likewise, NIL’s EPS stands at Rs 19; net worth per share is Rs. 217 and the P/E ratio 11 times.