Net profit of Siddhartha Insurance Limited stands at Rs.18.10 Crore after minimal growth; net income from premium of Rs.65.67 Crore posted for the third quarter end

Wed, May 15, 2019 1:05 PM on Financial Analysis, Latest, Stock Market,
Net profit...

Siddhartha Insurance Limited (SIL) has stated minimal growth in its net profit by 0.33% in the third quarter of the ongoing fiscal year 2075/76.

Publishing the unaudited financial report today, it stated net profit of Rs 18.10 crore in Q3 of the FY 2075/76, up from Rs 18.04 crore in the corresponding quarter of the FY 2074/75.

Further, its income from net premium has decreased from Rs 65.67 crore to Rs 61.96 crore at the end of Q3 this year, and its income from reinsurance commission has increased to Rs 21.11 crore.

Its current paid-up capital stands at Rs 86.59 crore with a reserve fund of Rs 27.47 crore and insurance fund of Rs 64.79 crore.

The total number of policies issued stands at 89,783 policies by the end of the third quarter which was 84,895 in the corresponding quarter of the previous year. 

Recently the company has announced 15% bonus share from the profit of last FY, after which the paid up capital of SIL will reach Rs 1 arba.