IME Life Insurance Reports Impressive Q3 Results with 75.79% Surge in Net Profit, Net Premiums Rise by 7.79%
Mon, Apr 29, 2024 10:57 AM on Financial Analysis, Company Analysis, Latest,
IME Life Insurance Company Limited (ILI) has reported impressive financial results for the third quarter of the fiscal year 2080/2081, marked by a remarkable surge of 75.79% in net profit. The company's net profit escalated to Rs. 33.15 crores from Rs. 18.86 crores in the corresponding quarter of the previous fiscal year.
ILI's financial overview portrays a foundation, with a paid-up capital of Rs. 4 Arba and a notable share premium of Rs. 1.52 Arba. Additionally, the company maintains substantial reserves, including Rs. 85.92 Crores in retained earnings, Rs. 54.59 Crores in other equity, and Rs. 15.91 crores in catastrophe reserves.
During the period, IME Life witnessed a significant uptick of 7.79% in net premiums, reaching Rs. 3.11 Arba in Q3 FY 2080/81 compared to the preceding year. Demonstrating financial acumen, the company generated Rs. 96.13 Crores from income derived from investments, loans, and other financial activities.
However, the quarter also saw a noteworthy 14.10% increase in net claims, totaling Rs. 2.93 Arba.
Key financial metrics further underscore ILI's performance, with an annualized earnings per share (EPS) of Rs. 11.05, net worth per share of Rs. 177.25, and a P/E ratio of 49.80 times.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | IME Life Insurance Company | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Share Capital | 4,000,000.00 | 4,000,000.00* | 0.00% |
| Share Premium | 1,525,836.61 | 1,535,809.42* | -0.65% |
| Catastrophe Reserves | 159,107.53 | 125,951.53* | 26.32% |
| Retained Earnings | 859,246.76 | 617,086.32* | 39.24% |
| Other Equity | 545,979.94 | 542,664.34* | 0.61% |
| Insurance Fund | 8,906,728.91 | 7,057,417.51* | 26.20% |
| Investment | 14,418,229.69 | 10,039,924.07* | 43.61% |
| Net Premium | 3,115,638.13 | 2,890,444.54 | 7.79% |
| Income from Investment, Loan and others | 961,390.48 | 573,396.02 | 67.67% |
| Claim Payment (Net) | 2,936,354.81 | 2,573,568.96 | 14.10% |
| Commission Expenses | 311,796.48 | 326,212.58 | -4.42% |
| Net Profit | 331,560.07 | 188,613.57 | 75.79% |
| No of Policies | 471,635.00 | 353,137.00 | 33.56% |
| EPS (In Rs.) | 11.05 | 6.29 | 75.79% |
| Net Worth per Share (In Rs.) | 177.25 | 170.54 | 3.94% |
| PE Ratio | 49.80 | ||
| Solvency Ratio | 2.80 | - | - |
