Rise in profit of Sagarmatha & Siddhartha Insurance; EPS at Rs 47.48 & Rs 41.47 respectively

Sagarmatha Insurance Limited (SIC) has stated 23.61% 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 stands at Rs 25.55 crore, up from Rs 20.67 crore in the corresponding quarter last year. Its net earnings from premium has risen to Rs 71.64 crore in Q4 from Rs 53.91 crore in corresponding quarter. Its number of insurance policies has increased to 63,657 from 48,373 last year. SIC’s reserve has increased to Rs 31.56 crore in fourth quarter from Rs 15.71 crore in corresponding quarter. Its insurance fund now stands at Rs 39.17 crore and pending claims at Rs 1.02 arba. SIC has paid up capital of Rs 53.82 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 SIC shall meet the requirement by distributing 70% bonus shares and 17% right shares in the FY 2073/74 as mentioned in the capital plan submitted to Beema Samiti. As of the end of Q4, its EPS stands at Rs 47.48, net worth per share at Rs 236.62 and P/E ratio at 34.54 times. Similarly, Siddhartha Insurance Limited (SIL) has reported 18.93% 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 stands at Rs 22.13 crore, up from Rs 18.60 crore in the corresponding quarter last year. Its net earnings from premium has risen to Rs 72.86 crore in Q4 from Rs 56.92 crore in corresponding quarter. Its number of insurance policies has increased to 1.24 lakh from 1.05 lakh last year. SIC’s reserve has increased to Rs 14.41 crore in fourth quarter from Rs 15.18 crore in corresponding quarter. Its insurance fund now stands at Rs 41.34 crore and pending claims at Rs 30.27 arba. SIL has paid up capital of Rs 53.36 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 SIL has not submitted capital plan yet to the insurance board. As of the end of Q4, its EPS stands at Rs 41.47, net worth per share at Rs 214.49 and P/E ratio at 36.17 times.