Everest Insurance reports fair growth in Net Profit; Net Premium remains stagnant
Thu, Nov 12, 2020 7:28 AM on Latest, Company Analysis,
Everest Insurance Company Limited (EIC) has published its first-quarter report of fiscal year 2077/2078 with an increase in Net Profit by 51.08% compared to the corresponding quarter of the previous year. The company’s net earnings increased to Rs. 3.05 crores in this quarter from Rs. 2.02 crores in the corresponding quarter.
As per the unaudited report for the first quarter published today, Everest Insurance has a paid-up capital of Rs. 1.09 Arba with a reserve of Rs. 28.98 crores. The company has an insurance fund of Rs. 34.20 crores.
The Net Premium rose by a meager of 3.34% to Rs. 12.11 crores in FY 2077/2078 from Rs. 11.92 crores in the corresponding quarter of the previous year. The company has earned Rs. 85.89 Lakhs from income from investment, loans, and other headings.
The company’s Net claim decreased by 0.41% to Rs. 4.02 crores in this quarter. The company’s number of policies stood at 25,871 till Q1 of 2077/2078.
Its annualized earnings per share (EPS) stood at Rs. 11.15 whereas Net worth per share stood at Rs. 126.45. the company traded at a P/B multiple of 4.14 times.
Major Highlights:
|
Particulars |
Everest Insurance Company Limited |
||
|---|---|---|---|
|
Q1, 2077/2078 |
Q1, 2076/2077 |
Difference |
|
|
Paid-Up Capital |
1,095,930.00 |
1,095,930.00 |
- |
|
Reserve & Surplus |
289,844.00 |
151,266.00 |
91.61% |
|
Insurance Fund |
342,014.00 |
2,372,377.89 |
-85.58% |
|
Gross Premium |
269,119.00 |
257,179.00 |
4.64% |
|
Net Premium |
121,104.00 |
119,290.00 |
1.52% |
|
Re-Insurance Commission Income |
29,603.00 |
39063 |
-24.22% |
|
Income from Investment, Loan, and others |
8,589.00 |
8,311.00 |
3.34% |
|
Claim Payment (Net) |
40,220.00 |
40,385.00 |
-0.41% |
|
Agent Commission |
4,799.00 |
5,586.00 |
-14.09% |
|
Gross Profit |
23,799.00 |
12,447.00 |
91.20% |
|
Net Profit |
30,540.00 |
20,214.00 |
51.08% |
|
No. of Policies |
25,871 |
25,857 |
0.05% |
|
Annualized EPS (In Rs.) |
11.15 |
7.38 |
51.08% |
|
Net Worth per share (In Rs.) |
126.45 |
113.80 |
11.11% |
|
Price/Book |
4.14 |
- |
- |
