Premium income of Everest Insurance rises by 194%; earns Rs 2.51 crore in Q2

Mon, Feb 11, 2019 10:22 AM on Financial Analysis, Latest, SS Pro,
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Everest Insurance Company (EIC) has reported a meager rise in net profit by 5.87% in the second quarter of the FY 2075/76.

As per the unaudited report for the second quarter, the non life insurance company reported net profit of Rs 2.51 crore in Q2 of fiscal year 2075/76, from Rs 2.37 crore of the corresponding quarter in last fiscal year. It's paid up capital stands at Rs 13.36 crore.

The reserve fund of the company has increased to Rs 12.33 crore from the corresponding year’s of Rs 7.89 crore. The company’s insurance fund has increased to Rs 20.94 crore from Rs 18.78 crore in the corresponding quarter of the previous year.

The company’s earnings from premium (net) increased by 194.20% to Rs 18.80 crore in Q2 from Rs 6.39 crore in the corresponding quarter of last fiscal year.

The company’s has made claim payment (net) worth Rs 4.23 crore for 1,373 claims whereas the same amount stood at Rs 1.70 crore in corresponding quarter and the company had provisioned Rs 7.83 crore for 1,306 pending claims.

The number of policies of EIC is 41,276 with 133.11% growth compared to corresponding quarter.

Its annualized EPS stands at Rs 37.65 while its PE ratio is at 22.70 times. The net worth per share of the company amounts to Rs 402.91.

EIC’s has issued 105% promoter right shares to its shareholders. The current paid-up capital of the company stands at Rs 13.36 crore which will rise to Rs 27.39 crore after adjustment of 105% right shares. The company is also set to issue 300% right shares after which the paid-up capital of the insurance company will reach Rs 1.09 arba.

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