Himalayan General Insurance reports 17.46% rise in net profit; unpaid claims at Rs 5.44 arba

Himalayan General Insurance Co. Ltd. (HGI) has posted 17.46% rise in its net profit in the second quarter of the fiscal year 2073/74. As per the unaudited financial statement published by the insurance company today, its net profit has increased to Rs 4.03 crore, up from Rs 3.43 crore in the second quarter last year. Its net earnings from premium has increased to Rs 15.19 crore till the end of this Q2, up 34.10% from last year. HGI has a paid up capital of Rs 38.52 crore with a reserve of Rs 7.48 arba. Its insurance fund has increased to Rs 28.47 crore from Rs 21 crore last year. In the same period, its number of insurance policies has increased from 9,715 to 13,495. However, its unpaid claims stands at a massive Rs 5.44 arba. As of Q2, its annualized EPS stands at Rs 20.95, net worth at Rs 193.36 per share and P/E ratio at 63.43 times. Himalayan General Insurance had distributed 20% bonus share to its shareholders for the FY 2072/73. It is going to issue 166% right share (amended from 220%) after which its paid up capital will reach Rs 1.02 arba.