Neco Insurance net profits grow by 35.75% in Q1; Himalayan, Prudential and Lumbini General Insurance report fall

Neco Insurance Limited (NIL) net profit rises by 35.75% at the end of the first quarter of FY 2076/77. The non-life insurance company stated that it earned a net profit of Rs.7.53 Crore in Q1 of the FY 2076/77, up from Rs.5.67 Crore in the corresponding quarter of the FY 2075/76.

The net income from premium has increased from Rs.30.49 Crore to Rs.33.13 Crore at the end of Q1 of 2076/77. The company net claims fell to Rs.10.10 Crore till Q1.

Its current paid up capital stands at Rs.1.17 Arba. It has a reserve fund of Rs.49.76 Crore and the insurance fund amounts to Rs.64.50 Crore.

The company has issued a total of 68,455 insurance policies till Q1 of 2076/77. Its annualized earning per share stands at Rs.22.81, net worth per share stands at Rs.202.30 and quarter end P/E ratio at 15.78 times.

Himalayan General Insurance (HGI) published the quarterly report for the first quarter of FY 2076/77. The company has posted a fall in the net profits. The net profit of the company was previously at Rs.4.05 Crore which fell to Rs.3.19 Crore by the end of the first quarter.

The paid up capital of the company stands at Rs.1.02 Arba. The reserves of the company grew from Rs.17.29 Crore to Rs.26.01 Crore by the end of the first quarter. Insurance fund of the company stands at Rs.49.27 Crore.

The net premium decline from Rs.9.31 Crore to Rs.7.78 Crore. The number of total inforce policies stands at 46,205 policies which was previously 15,685 policies. The company claim payment (net) stood at Rs.3.17 Crore.

The EPS of the company stands at Rs.3.11 and the net worth per share stands at Rs.177.44. The quarter end PE stands at 85.63 times.

Prudential Insurance Company Limited (PICL) has stated fall in its net profit by 5.88% in the first quarter of the ongoing fiscal year 2076/77.

The non-life insurance company stated that it earned a net profit of Rs.3.12 Crore in Q1 of the FY 2076/77, down from Rs.3.32 Crore in the corresponding quarter of the FY 2075/76; continuing the losing streak.

Its net income from premium (net) has decreased from Rs.13.77 Crore to Rs.12.41 Crore at the end of Q1 this year. Its current paid up capital stands at Rs.64.15 Crore. It has a reserve fund of Rs.20.61 Crore and the insurance fund amounts to Rs.47.90 Crore.

Its earning per share stands at Rs.19.50, net worth per share at Rs.213.58 and P/E ratio at 23.48 times.

Lumbini General Insurance Limited (LGIL) has earned a net profit of Rs.3.74 Crore in the Q1 of 2076/77 Fiscal Year. The profit of the company has fallen from Rs.4.18 Crore in corresponding quarter.

The net earnings from premium has decreased to Rs.19.39 Crore in Q1 2076/77 from Rs.21.02 Crore in the corresponding quarter of last fiscal year. The company's number of policyholders increased to 30,284 in Q1 2076/77.

The insurance company has a paid-up capital of Rs.88 Crore with a reserve of Rs.28.17 Crore in Q1 2076/77. The company is currently issuing 20% right shares. Its EPS has stood at Rs.16.98, net worth per share at Rs.205.09 and P/E ratio at 18.67 times as per the first quarter reports.