Neco Insurance profit growth at astounding 119% to Rs 7.33 crore; Insurance fund up 59%

Neco Insurance Limited (NIL) has posted a 119.57% rise in its net profit in the ongoing fiscal year 2073/74. As per the unaudited quarterly report published by the insurance company today, its net profit as of the end of second quarter this year stands at Rs 7.33 crore, up from Rs 3.34 crore in the corresponding quarter last year. Its net earnings from premium has also increased 118% to Rs 38.59 crore. Its number of insurance policies has increased to 97,345 from 46,201 last year. NIL's reserve has increased to Rs 14.76 crore in this period. Its insurance fund now stands at Rs 21.67 crore and pending claims at Rs 28.57 crore. Its paid up capital remains at Rs 32.40 crore. It has endorsed 20% bonus for the FY 2072/73 and is issuing 100% right shares from Falgun 3, 2073. After issuance of 20% bonus and 100% right share, its paid up capital will reach Rs 71.28 crore. As of the end of Q2, its EPS stands at Rs 45.26, net worth per share at Rs 212.45 and P/E ratio at 18.31 times.