Neco & Prabhu Insurance Q4 earning surges by 72.80% & 16.37% respectively

Neco Insurance Limited (NIL) has reported 72.80% rise in its net profit in fourth quarter of the last fiscal year 2073/74. As per the unaudited quarterly report published by the insurance company today, its net profit as of the end of fourth quarter this year stands at Rs 21 crore, up from Rs 12.15 crore in the corresponding quarter last year. Its net earnings from premium has risen to Rs 74.68 crore in Q4 from Rs 42.74 crore in corresponding quarter. Its number of insurance policies has increased to 2.04 lakh from 1.26 lakh last year. NIL’s reserve has increased to Rs 23.60 crore in fourth quarter from Rs 11.09 crore in corresponding quarter. Its insurance fund now stands at Rs 28.51 crore and pending claims at Rs 17.61 crore. NIL has paid up capital of Rs 71.28 crore. Recently, Neco Insurance has announced to issue 2:1 right shares to its shareholders. After issuance of 50% right share its capital will reach Rs 1.06 arba. As per the new guideline, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75 and NIL will meet the requirement after issuance of right share. As of the end of Q4, its EPS stands at Rs 29.46, net worth per share at Rs 173.11 and P/E ratio at 33.30 times. Likewise, Prabhu Insurance Company Limited (PRVU) has reported a profit growth of 16.37 percent in the fourth quarter of the last fiscal year 2073/74. According to the unaudited financial report for the fourth quarter the non-life insurer has published today, its net profit increases to Rs. 17.38 crore in fourth quarter as compared to Rs. 14.93 crore in the corresponding quarter of the last fiscal year 2072/73. The company’s net earnings from premium has declined to Rs 39.37 crore in Q4 from Rs. 43.58 crore in the same quarter last year. The insurance company has paid up capital of Rs 57.75 crore and has Rs 33.50 crore in Insurance fund. Prabhu Insurance has issued 17% bonus share from the profit it made in the fiscal year 2072/73 & endorsed to issue 50% right share. The company has not yet submitted capital plan to Insurance board. PRIN’s reserve fund has reached Rs 15.02 crore, up from Rs. 10.40 crore in the previous fiscal year. The reserve fund of the company increased by 44.49%. PRIN policy holder has increased to 72.64 thousand in Q4 from 71.34 thousand reported in the same period of last year. Its earning per share (EPS) stand at Rs 30, Price Earning (P/E) ratio is at 33 times and net worth per share at Rs. 184.