Himalayan Re-Insurance Reports Impressive 99.73% Surge in Net Profit, Fueled by 154.65% Rise in Net Premiums; EPS at Rs. 12.05
Mon, Feb 12, 2024 8:37 AM on Financial Analysis, Company Analysis, Latest,
Himalayan Re-Insurance Limited (HRL) has announced a noteworthy surge in its net profit, registering an impressive 99.73% increase to reach Rs. 60.27 crore in the current quarter, as opposed to Rs. 30.17 crore in the corresponding quarter of the previous year.
HRL, boasting a substantial paid-up capital of Rs. 10 Arba, demonstrates a robust financial position with Rs. 69.28 Crores in retained earnings, Rs. 2.41 Crores in other equity, Rs. 75.69 Crores in special reserves, and Rs. 7.7 Crores in catastrophe reserves. The company upholds an insurance fund of Rs. 5.36 Arba and holds a formidable investment portfolio amounting to Rs. 15.12 Arba.
In the second quarter of the fiscal year 2080/81, HRL exhibited an impressive 154.65% surge in net premiums, reaching a substantial figure of Rs. 1.99 Arba compared to the previous year. The company's financial acumen was further underscored by a commendable generation of Rs. 47.32 Crores from income derived from investments, loans, and other financial activities.
However, it is crucial to acknowledge that the quarter also witnessed a 50.90% increase in net claims, totaling Rs. 73.15 Crores.
Key financial indicators paint a picture of HRL's robust performance, with an annualized earnings per share (EPS) of Rs. 12.05, net worth per share standing at Rs. 147.31, and a P/E ratio of 41.30 times, highlighting the company's resilience and promising financial outlook.
Major Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Himalayan Re-Insurance Limited | ||
|---|---|---|---|
| Q2 2080/81 | Q2 2079/80 | Difference | |
| Paid Up Capital | 10,000,000.00 | 10,000,000.00* | 0.00% |
| Share Premium | 3,180,000.00 | 0.00 | - |
| Special Reserves | 756,926.82 | 358,193.66* | 111.32% |
| Catastrophe Reserves | 77,054.16 | 37,180.85* | 107.24% |
| Retained Earnings | 692,823.86 | 39,307.00* | 1662.60% |
| Other Equity | 24,178.52 | 309,256.63* | -92.18% |
| Investments | 15,123,959.85 | 9,747,567.13* | 55.16% |
| Insurance Fund | 5,362,998.24 | 4,937,490.00* | 8.62% |
| Net Premium | 1,996,051.12 | 783,844.77 | 154.65% |
| Income from Investment, Loan and others | 473,286.12 | 374,296.95 | 26.45% |
| Claim Payment (Net) | 731,543.15 | 484,802.51 | 50.90% |
| Commission Expenses | 555,154.15 | 243,228.43 | 128.24% |
| Employees Benefit Expenses | 152,707.39 | 55,187.31 | 176.71% |
| Other Operating Expenses | 120,628.07 | 33,003.92 | 265.50% |
| Net Profit | 602,722.11 | 301,771.62 | 99.73% |
| EPS (In Rs.) | 12.05 | 6.04 | 99.73% |
| Net Worth per Share (In Rs.) | 147.31 | 107.44 | 37.11% |
| PE Ratio | 41.30 | - | - |
| Solvency Ratio | 2.06 | - | - |
