Shikhar Insurance rise in profit by 22.51% to Rs 37.58 crore, Nepal Insurance double its profit to Rs 11.20 crore

Shikhar Insurance Company Limited (SICL) has posted 22.51% 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 37.58 crore, up from Rs 30.66 crore in the corresponding quarter last year. Its net earnings from premium has risen to Rs 1.57 arba in Q4 from Rs 1.03arba in corresponding quarter of the FY 2072/73. Its number of insurance policies has increased to 2.64 lakh from 2.31 lakh last year. SICL’s reserve has decreased to Rs 30.11 crore in fourth quarter from Rs 42.09 crore in corresponding quarter. Its insurance fund now stands at Rs 64.62 crore and pending claims at Rs 67.79 crore. SICL has paid up capital of Rs 81.76 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 SICL will meet its capital requirement by distributing bonus 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 45.97, net worth per share at Rs 220.06 and P/E ratio at 42.23 times. Similarly, Nepal Insurance Company Limited (NICL) has posted 100.44% 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 11.20 crore, up from Rs 5.58 crore in the corresponding quarter last year. Its net earnings from premium has risen to Rs 31.67 crore in Q4 from Rs 37.26 crore in corresponding quarter of the FY 2072/73. Its number of insurance policies has diminished to 53,157 from 57,443 last year. NICL’s reserve has inclined to Rs 16.07 crore in fourth quarter from Rs 14.07 crore in corresponding quarter. Its insurance fund now stands at Rs 13.40 crore and pending claims at Rs 64.31 crore. NICL has paid up capital of Rs 28.76 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 NICL has not submitted its capital plan to the Insurance Board. Also it has announced to distribute 5% 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 37.09, net worth per share at Rs 192.86 and P/E ratio at 38.55 times.