Rastriya Beema Company’s profit impressively rises by 44.77% to Rs 23.70 crore, Premier Insurance’s profit slightly decline by 2.26% to Rs 18.15 crore; EPS at Rs 88.88 & Rs 40.47 respectively

Rastriya Beema Company Limited (RBCL) has stated 44.77% rise in its net profit in fourth quarter of the last fiscal year 73/74. As per the unaudited quarterly report published by the insurance company today, its net profit as of the end of fourth quarter this year amounts to Rs 23.70 crore, up from Rs 16.37 crore in the corresponding quarter last year. Its net earnings from premium has risen to Rs 23.92 crore in Q4 from Rs 26.75 crore in corresponding quarter. Its number of insurance policies has increased to 16,769. Its reserve has increased to Rs 1.93 arba in the fourth quarter from Rs 1.81 arba in corresponding quarter. Its insurance fund now stands at Rs 1.07 arba. RBCL has paid up capital of Rs 12.44 crore only. It had distributed 114.27% bonus shares to its shareholders from the profit it had earned in the FY 2062/63, but the shares are yet to be listed for trading. Furthermore, RBCL has not conducted AGM from 2063/64. After adjustment of bonus shares, its paid up capital will reach 26.65 crore. To meet the capital requirement as directed by the Insurance Board, it should hike capital of Rs 73.35 crore ( around 275%). As of the end of Q4, its EPS stands at Rs 88.88, net worth per share at Rs 1177.35 and P/E ratio at 147.50 times. Likewise, Premier Insurance Limited (PIC) has reported 2.26% decline in its net profit in fourth quarter of the last fiscal year 73/74. As per the unaudited quarterly report published by the insurance company today, its net profit as of the end of fourth quarter this year amounts to Rs 18.15 crore, down from Rs 18.57 crore in the corresponding quarter last year. Its net earnings from premium has risen to Rs 74.16 crore in Q4 from Rs 46.99 crore in corresponding quarter. Its number of insurance policies has increased to 1.79 lakh from 1.21 lakh last year. PIC’s reserve has increased to Rs 12.09 crore in fourth quarter from Rs 11.46 crore in corresponding quarter. Its insurance fund now stands at Rs 32.98 crore and pending claims at Rs 1.39 arba for which the company has already provisioned Rs 18.00 crore. PIC has paid up capital of Rs 44.85 crore.  As per the new guideline, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75 and PIC has stated, from the profit of the fiscal year 73/74 it will provide 15% bonus share and issuance of 13% right shares worth Rs 6.60 crore. For the Fiscal Year 2074/75, the paid up capital of the insurance company will be Rs 1.01 arba after issuing 75% bonus share worth Rs 43.63 crore. PIC will be issuing 6.59 lakh unit shares as FPO at Rs 895 per share. It's in pipeline for the approval from SEBON. PIC has distributed 20% bonus shares to its shareholders from the profit it had earned in the FY 2072/73. As of the end of Q4, its EPS stands at Rs 40.47, net worth per share at Rs 206.98 and P/E ratio at 41.76 times.