Neco Insurance profit accelerates by 65.72% in Q3

Neco Insurance Company Limited (NIL) has posted 65.72 % rise in net profit for the third quarter of the fiscal year 2072/73. As per the unaudited report for the third quarter published today, the insurance company reported a net profit of Rs.7 crore in the Q3 of current fiscal year, up from Rs.4.22 crore in the corresponding period last year. The company’s net earnings from premiums increased to Rs.29.74 crore from Rs. 18.13 crore. It has a paid up capital of Rs. 28.17 crore. The reserve fund of the company has increased to Rs.13.08 crore in Q3 from Rs.8.76 crore in the same quarter previous fiscal year. Likewise, the company’s insurance fund has risen to Rs. 15.43 crore from Rs. 9.43 crore. The company’s number of policy holders increased to 83.06 thousand this quarter compared to 36.96 thousand reported in the same period last year. Neco Insurance’s earning per share (annualized) stands at Rs. 24.85, net worth per share is at Rs. 201.28 and P/E ratio at 43.58 times.