Neco Insurance reports massive increment in net profit in Q2; Look at the major highlights of the quarter
Fri, Feb 12, 2021 9:35 AM on Latest, Company Analysis,
Neco Insurance Company Limited (NIL) has published its second-quarter report of the fiscal year 2077/2078 with an increase in Net Profit by 60.22% compared to the corresponding quarter of the previous year. The company’s net earnings increased to Rs. 26.40 crores in this quarter from Rs. 16.47 crores in the corresponding quarter.
As per the unaudited report for the 2nd quarter published today, Neco Insurance has a paid-up capital of Rs. 1.31 Arba with a reserve of Rs. 64.32 crores. The company has Rs. 96.36 crores in life insurance fund.
The Net Premium increased by 33.02% to Rs. 94.43 crores in FY 2077/2078 from Rs. 70.99 crores in the corresponding quarter of the previous year. The company has earned Rs. 5.98 crores from income from investment, loans, and other headings.
The company’s Net claim decreased by a meagre 0.21% to Rs. 25.79 crores in this quarter. The company’s number of policies stood at 174,710 till Q2 of 2077/2078.
Its annualized earnings per share (EPS) stood at Rs. 40.08 whereas Net worth per share stood at Rs. 229.00. The company traded at a P/B multiple of 5.59 times.
Major Highlights:
|
Particulars |
Neco Insurance Company Limited |
||
|---|---|---|---|
|
Q2, 2077/2078 |
Q2, 2076/2077 |
Difference |
|
|
Paid-Up Capital |
1,317,432.00 |
1,317,432.00 |
0.00% |
|
Reserve & Surplus |
643,204.00 |
396,711.00 |
62.13% |
|
Insurance Fund |
963,696.00 |
689,814.00 |
39.70% |
|
Contingent Fund |
92,528.00 |
65,140.00 |
42.04% |
|
Gross Premium |
1,364,700.00 |
1,157,100.00 |
17.94% |
|
Net Premium |
944,369.00 |
709,922.00 |
33.02% |
|
Re-Insurance Income |
117,916.00 |
123,782.00 |
-4.74% |
|
Income from Investment, Loan and others |
59,846.00 |
49,466.00 |
20.98% |
|
Claim Payment (Net) |
257,978.00 |
258,514.00 |
-0.21% |
|
Agent Commission |
27,788.00 |
22,643.00 |
22.72% |
|
Net Profit |
264,004.00 |
164,771.00 |
60.22% |
|
No. Of Policies |
174,710.00 |
117,809.00 |
- |
|
Annualized EPS (Rs.) |
40.08 |
25.01 |
- |
|
Net Worth Per Share |
229.00 |
187.42 |
- |
|
Price/Book Ratio (times) |
5.59 |
- |
- |
