SuryaJyoti Life Insurance Company Q3 Report: Net Profit Surges 33.89%, Net Premiums Rise 38.68%, Investment Income at Rs. 2.28 Arba
Thu, Apr 25, 2024 8:10 AM on Financial Analysis, Company Analysis, Latest,
SuryaJyoti Life Insurance Company Limited (SJLIC) has unveiled impressive outcomes for the third quarter of the fiscal year 2080/2081, marked by a notable 33.89% surge in net profit, ascending to Rs. 29.54 crores from Rs. 22.06 crores in the corresponding quarter of the previous year.
SJLIC's financial overview reveals a paid-up capital of Rs. 4.54 Arba, complemented by a share premium of Rs. 3.72 Crores. Furthermore, the company boasts significant reserves, including Rs. 1.6 Arba in retained earnings, Rs. 1.02 Arba in other equity, and Rs. 34.17 crores in catastrophe reserves.
The period witnessed a substantial uptick of 38.68% in net premiums for SuryaJyoti Life, reaching Rs. 6.37 Arba in Q3 FY 2080/81 compared to the preceding year. Demonstrating financial expertise, the company generated Rs. 2.28 Arba from income derived from investments, loans, and other financial activities.
However, the quarter also saw a noteworthy 51.67% increase in net claims, totaling Rs. 7.15 Arba.
Key financial metrics underscore SJLIC's performance, with an annualized earnings per share (EPS) of Rs. 8.67, net worth per share of Rs. 166.31, and a P/E ratio of 56.89 times.
Note that the company recently convened its 16th AGM on 21st Baisakh, 2081, and endorsed a 10.26% bonus shares and 24.74% cash dividend (tax purposes).
Major Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | SuryaJyoti Life Insurance Company | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Share Capital | 4,545,572.10 | 4,545,572.10* | 0.00% |
| Share Premium | 37,201.86 | 37,201.86* | 0.00% |
| Catastrophe Reserves | 341,761.28 | 326,989.61* | 4.52% |
| Retained Earnings | 1,607,218.70 | 1,329,786.42* | 20.86% |
| Other Equity | 1,027,996.49 | 1,026,417.64* | 0.15% |
| Insurance Fund | 32,027,271.19 | 27,299,317.19* | 17.32% |
| Investment | 33,541,368.25 | 28,932,719.46* | 15.93% |
| Net Premium | 6,374,405.00 | 4,596,334.13 | 38.68% |
| Income from Investment, Loan and others | 2,285,060.67 | 1,410,844.54 | 61.96% |
| Claim Payment (Net) | 7,158,803.25 | 4,720,065.58 | 51.67% |
| Commission Expenses | 579,842.48 | 471,785.45 | 22.90% |
| Net Profit | 295,433.31 | 220,652.16 | 33.89% |
| No of Policies | 951,737.00 | 840,739.00 | 13.20% |
| EPS (In Rs.) | 8.67 | 6.47 | 33.89% |
| Net Worth per Share (In Rs.) | 166.31 | 159.85 | 4.04% |
| PE Ratio | 56.89 | ||
| Solvency Ratio | 3.00 | - | - |
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