Premier and Siddhartha Insurance profit upsurges by 49.98% & 41.42% in Q1 respectively

Premier Insurance Company Limited (PIC) has reported a profit growth of 49.98 percent in the first quarter of the current fiscal year 2072/73. In the unaudited fourth quarterly financial report published today, the non-life insurance company has stated its net profit surged to Rs. 1.35crore in first quarter as compared to Rs. 90.40lakh in the corresponding quarter of the last fiscal year 2071/72. The company’s net earnings from premiums grew to Rs. 9.51crore in Q1 from Rs. 5.87crore in the corresponding quarter. PIC managed to increase its policy holders to 17,868 in Q1 from 8,821 in the previous year report. PIC paid up capital remains at Rs. 28.75 crore. Its reserve fund has risen to Rs. 18.35crore in the first quarter report up from Rs. 7.61crore in the corresponding year. The company’s earnings per Share (EPS) stand at Rs. 4.72, P/E ratio to 107.93 times and net worth per share at Rs. 219.32. Similarly, Siddhartha Insurance Limited (SIL) has reported 41.42 % increase in profit for the first quarter of the fiscal year 2072/73. As per the unaudited report for the first quarter published today, the insurance company reported a net profit of Rs.2.87 crore in the Q1 of current fiscal year, rising from Rs.2.03 crore in the corresponding period last year. The company’s earnings from premiums rose to Rs.14.78 crore, up from Rs.13.41 crore. Siddhartha Insurance has a paid up capital of Rs.27.58 crore. The reserve fund of the company inflated to Rs.17.88 crore in Q1 from Rs.12.76 crore as in the corresponding quarter previous fiscal year. The company’s insurance fund increased to Rs.22.29 crore from Rs.13.66 crore. The company’s number of policy holders decreased to 15,475 this quarter from 23,297 as in the same period last year. Siddhartha Insurance’s EPS stands at Rs.10.42, net worth per share at Rs.245.63  and P/E ratio at 64.97 times.