Despite decline in net premium General insurance reports massive increment in net profit; Look at major highlights to know why
Mon, May 10, 2021 8:01 AM on Latest, Financial Analysis,
General Insurance Company Limited (GIC) has published its third-quarter report of the fiscal year 2077/2078 with an increase in Net Profit by a massive 107.48% compared to the corresponding quarter of the previous year. The company’s net earnings increased to Rs. 6.36 crores in this quarter from Rs. 3.06 crores in the corresponding quarter.
As per the unaudited report for the 3rd quarter published today, General Insurance has a paid-up capital of Rs. 1.00 Arba with a reserve of Rs. 7.56 crores. The company has Rs. 8.84 crores in insurance fund.
The company has earned Rs. 1.89 crores from income from investment, loans, and other headings.
The company’s Net claim decreased by 8.73% to Rs. 4.59 crores in this quarter. The company’s number of policies stood at 61,313 till Q3 of 2077/2078.
Its annualized earnings per share (EPS) stood at Rs. 8.49 whereas Net worth per share stood at Rs. 117.02. The company traded at a P/B multiple of 6.33 times.
Major Highlights:
|
Particulars |
General Insurance Company Limited |
||
|---|---|---|---|
|
Q3, 2077/2078 |
Q3, 2076/2077 |
Difference |
|
|
Paid-Up Capital |
1,000,000.00 |
1,000,000.00 |
0.00% |
|
Reserve & Surplus |
75,644.00 |
37,634.00 |
101.00% |
|
Insurance Fund |
88,456.00 |
41,066.00 |
115.40% |
|
Contingent Fund |
6,077.00 |
4,182.00 |
45.31% |
|
Gross Premium |
522,886.00 |
416,080.00 |
25.67% |
|
Net Premium |
163,625.00 |
195,025.00 |
-16.10% |
|
Re-Insurance Income |
97,432.00 |
58,711.00 |
65.95% |
|
Income from Investment, Loan and others |
18,918.00 |
19,760.00 |
-4.26% |
|
Claim Payment (Net) |
45,971.00 |
50,369.00 |
-8.73% |
|
Agent Commission |
9,907.00 |
10,267.00 |
-3.51% |
|
Net Profit |
63,687.00 |
30,695.00 |
107.48% |
|
No. Of Policies |
61,313.00 |
40,657.00 |
- |
|
Annualized EPS (Rs.) |
8.49 |
4.09 |
- |
|
Net Worth Per Share |
117.02 |
108.29 |
- |
|
Price/Book Ratio (times) |
6.33 |
- |
- |
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