Prudential Insurance reports 25% decrease in net premium earnings; reinsurance commission up 252%

Prudential Insurance Co. Ltd. has reported a slight increase in its net profit in the second quarter of the ongoing fiscal year 2073/74. While its income from net premium has decreased by 25% from Rs 23.71 crore to Rs 17.78 crore at the end of Q2 this year, its income from reinsurance commission has increased 3.5 folds. As per the unaudited financial report published by the non-life insurance company today, its earnings from reinsurance has reached Rs 11.58 crore, up from only Rs 3.29 crore last year. Its net profit has increased by 26.64% to Rs 4.04 crore till the end of Q2. Its paid up capital now stands at Rs 35.64 crore with reserve of Rs 20.40 crore. It has pending claims of Rs 54.60 crore. Its insurance fund stands at Rs 26.37 crore. PICL is endorsing 20% bonus share for the FY 2072/73 with a further 30% right. After the distribution of the bonus and right shares, its paid up capital will reach Rs 55.6 crore. Its annualized EPS now stands at Rs 22.68, net worth per share at Rs 231.24 and P/E ratio at 51.76 times.