Net profits of United Insurance decline to Rs.9.21 Crore by 41.90%; income from premium fall by 13.39% till fourth quarter end

United Insurance Company (Nepal) Limited net profit declined by 41.90% in the fourth quarter of the ongoing fiscal year 2075/76.

Publishing the financial report today, the non-life insurance company stated that it earned a net profit of Rs 9.21 crore till Q4 of the FY 2075/76, down from Rs 15.85 crore in the corresponding quarter of the FY 2074/75.

Along with its net profit, its net income from premium has also decreased by 13.39% from Rs 28.38 crore to Rs 24.58 crore at the end of Q4 this year. Its income from reinsurance commission has decreased to Rs 6.13 crore.

It has made claim payment worth Rs 18.82 crore to 1,850 policies and it has provisioned Rs 14.77 crore for pending claims.

Its current paid up capital stands at Rs 30.24 crore. It has a reserve fund of Rs 6.05 crore and the insurance fund amounts to Rs 32.61 crore. The company is in process to issue 240% right share of worth Rs 72.57 crore. Post right share the total paid up capital will increase to Rs 102.81 crore. 

Its annualized earning per share stands at Rs 30.46 and P/E ratio at 27.91 times. The net worth per share amounts to Rs.230.15.