Growth of more than 46% in the net profits of Neco Insurance for the second quarter; income from net premium crosses Rs.60 Crore

Neco Insurance Limited (NIL) has reported impressive rise in its net profit by 46.18 % in the second quarter of the ongoing fiscal year 2075/76.

Publishing the financial report today, it stated net profit of Rs 17.03 crore in Q2 of the FY 2075/76, up from Rs 11.65 crore in the corresponding quarter of the FY 2074/75.

While its income from net premium has also increased from Rs 47.98 crore to Rs 60.31 crore at the end of Q2 this year, its income from reinsurance commission has increased to Rs 10.49 crore.

Its paid up capital stand at Rs 1.17 arba with Rs 44 crore in the reserve and surplus. It has Rs 54.34 crore as insurance fund till the end of the second quarter.

Its annualized earning per share stands at Rs 28.96, net worth per share at Rs 187.93 and P/E ratio at 18.34 times.