Premier Insurance net profit shrinks by 23.04% to Rs 5.41 crore; EPS & Net worth at Rs 24.21 & Rs 234.69 respectively

Premier Insurance Company Limited (PIC) has stated shrinks in its net profit by 23.04% in the second quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it has posted net profit of Rs 5.41 crore in Q2 of the FY 2074/75, down from Rs 7.03 crore in the corresponding quarter of the FY 2073/74. While its income from net premium has increased from Rs 35.83 crore to Rs 40.78 crore at the end of Q2 this year, its income from reinsurance commission has also increased to Rs 8.49 crore. Its current paid up capital stands at Rs 44.85 crore with Rs 20.38 crore in reserve and insurance fund amounts to Rs 36.74 crore. Likewise, it has paid claim of Rs 1.13 arba. It has proposed 13.52% bonus share from the net profit of FY 2073/74 which will also be awarded to FPO allottee shareholders also, after bonus and FPO shares adjustment, its paid-up capital will reach Rs 58.41 crore. To meet the capital requirement of Rs 1 arba as per Insurance Board till Ashad 2075, it should further hike its capital by Rs 41.59 crore (around 71.20%). Its annualized earning per share stands at Rs 24.12, net worth per share at Rs 234.69 and P/E ratio at 57.24 times.