Prime life net premium and claims increases by 29% and 45% respectively; still need to increase capital by 12% to reach Rs 2 arba
Mon, Apr 29, 2019 8:10 AM on Financial Analysis, Latest,
Prime Life Insurance Company Limited (PLIC) net profit has increased by 14.33% in the third quarter of the current fiscal year 2075/76. The company earnings have increased from Rs 14.31 crore in the Q3 of the last fiscal year to Rs 15.36 crore in Q3 of this FY 2075/76. The net profit figure is without the profit generated from actuarial valuation of assets and liabilities.
As per the unaudited report for the third quarter published today, PLIC has a paid up capital of Rs 1.78 arba with a reserve of Rs 1.11 arba, the company has raised the paid-up capital by 192.5% in last one year. The PLIC has 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 8.14 arba in life insurance fund and Rs 10.86 crore in contingent fund.
The net earnings from premium rose by 29% to Rs 1.87 arba till Q3 of FY 75/76 from Rs 1.45 arba in the corresponding quarter of last fiscal year. The company has earned Rs 55.64 crore from investment, loans and others headings.
The company net claim payment rises by 45.42% to Rs 27.32 crore till Q3.
The company’s number of policyholders decreased from 5.59 lakh in the corresponding quarter to 4.92 lakh in Q3 of the current fiscal year.
It's annualized EPS and net worth per share stands at Rs 12.23 and at Rs 168.33. The P/E ratio of the company according to the report is at 37.61 times.
