Sagarmatha Insurance profit drops by 66.62% to Rs 1.04 crore in Q1due to highest claim filed after the earthquake

Sagamatha Insurance Company Limited (SIC) has posted a net profit of Rs 1.04 crore for the first quarter of the fiscal year 2072/73.The figure stood at Rs 3.14 crore in the corresponding quarter for the previous fiscal year. This is drop of 66.62% in profit as compared to the corresponding quarter of last year. SIC has received highest claim filed from the insured due the damage from the earthquake which took a toll in its profit of Q1. As per the unaudited report for the first quarter published today, the company’s earnings from premiums increased to Rs.24.81 crore from Rs.24.23 crore as compared to the corresponding quarter of last fiscal year. Sagarmatha Insurance has a paid up capital of Rs.35.65 crore which stood at 31 crore in the Q1 of last fiscal year. The reserve fund of the company slightly decreased to Rs 20.14 crore in Q1 from Rs.21.30 crore as compared to the corresponding quarter previous fiscal year. The company’s insurance fund remained constant to Rs. 23.05 crore. The company’s number of policy holders decreased to 10,855 this quarter from 12,193 as in the same period last year. Sagarmatha Insurance’s EPS stands at Rs.2.94, net worth per share at Rs.233.19 and P/E ratio at 294.66 times.