Prime Life Insurance profit rises by 44.71% in Q4; AGM and dividend announcement of FY 2074/75 still pending

Tue, Aug 6, 2019 6:25 AM on Financial Analysis, Stock Market, Latest,

Prime Life Insurance Company Limited (PLIC) net profit has increased by 44.71% in the fourth quarter of the last fiscal year 2075/76. The company earnings have increased from Rs 21.63 crore to Rs 31.30 crore in Q4 of the FY 2075/76. The net profit figure is without the profit generated from actuarial valuation.

As per the unaudited report for the fourth quarter published today, PLIC has a paid up capital of Rs 1.78 arba with a reserve of Rs 1.24 arba. The PLIC have to increase its paid-up by 12% more to meet the regulators minimum paid-up requirement criteria of Rs 2 arba for the life insurance company.

Prime Life Insurance AGM and dividend announcement is still pending for the fiscal year 2074/75.

The company has Rs 8.90 arba in life insurance fund and Rs 12.35 crore in contingent fund.

The net earnings from premium rose by 29.60% to Rs 2.86 arba till Q4 of FY 75/76 from Rs 2.21 arba in the corresponding quarter of last fiscal year. The company has earned Rs 77.36 crore from investment, loans and others headings.

The company net claim payment rises by 29.92% to Rs 39.68 crore till Q4. The company’s number of policyholders decreased from 5.86 lakh in the corresponding quarter to 3.55 lakh in Q4.

It's EPS and net worth per share stands at Rs 17.54 and Rs 176.70. The P/E ratio of the company according to the report is at 25.03 times.

Major Highlights:

Particulars (In Rs '000)

Prime Life Insurance

Q4 2075/76

Q4 2074/75

Difference

Paid Up Capital

1,784,835.00

1,784,835.00

0.00%

Reserve and Surplus

1,245,446.00

963,407.00

29.28%

Life Insurance Fund

8,905,146.00

6,539,891.00

36.17%

Contingent Fund

123,571.00

92,233.00

33.98%

Net Premium

2,867,403.00

2,212,440.00

29.60%

Income from Investment, Loan and others

773,670.00

538,626.00

43.64%

Claim Payment (Net)

396,870.00

305,478.00

29.92%

Agent Commission

332,882.00

223,845.00

48.71%

Gross Profit

149,332.00

133,431.00

11.92%

Net Profit

313,097.00

216,367.00

44.71%

No of Policies

355,744.00

586,540.00

-39.35%

EPS (In Rs.)

17.54

12.12

44.71%

Net Worth per Share (In Rs.)

176.70

159.14

11.03%

Qtr End PE Ratio

25.03

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