Surya Life Insurance bounces back; 662% increase in net profit to Rs 6.03 crore; net worth per share at Rs 153.65

Surya Life Insurance Company Limited (SLICL) has posted a massive 662% increase in its net profit in the third quarter of the fiscal year 2073/74. The life insurance company was in loss of Rs 1.78 crore till the second quarter this year, but has bounced to a positive net profit of Rs 6.03 as of the end of the third quarter. SLICL has earned net premium of Rs 77.62 crore in this period, up from Rs 57.02 crore posted last year. As of the end of Q3 this year, its investments stand at Rs 1.39 arba, up from Rs 74.55 crore last year. It has paid claims worth Rs 10.21 crore while it has pending claims of Rs 6.94 crore up to this period. SLICL has proposed 10% stock dividend (bonus share) to its shareholders for the FY 2072/73 and a further 40% right share after issuance of bonus shares. Its paid up capital currently stands at Rs 62.50 crore. It has issued 5% bonus share for the FY 2071/72. After the issuance of 5% bonus share, proposed 10% bonus share and 40% right share, its paid up capital will reach Rs 1.01 arba. As per Insurance Board’s directive for all life insurance companies to increase their paid up capital to a minimum of Rs 2 arba by the end of FY 2074/75, SLICL will need to issue a further capital hike of around Rs 99 crore (98%).