UIC’s profit grows by almost 5 times; NLG posts slight growth while AIC’s profit drops
Tue, May 13, 2014 12:00 AM on Others,
ShareSansar, May 13:
United Insurance Company (Nepal) Limited posted astounding growth of 496.15 percent in the third quarter of the current fiscal year 2070/71, according to the unaudited financial report published today.
Compared to the corresponding quarter of the last fiscal year, the profit reached Rs 3 crore from Rs 50.33 lakh by the end of the third quarter. The astounding growth in profit was mainly facilitated by the core business of the insurance company as its operational profit rose to Rs 4 crore from just Rs 42.25 lakh.
UIC’s insurance fund rose to Rs 5 crore and reserve fund to Rs 6.85 crore from Rs 2.37 crore and Rs 5.73 crore as compared to the last fiscal year.
Similarly, NLG Insurance Company Limited has reported a slight growth in the profit whereas Alliance Insurance Company Limited’s net profit has dropped in the third quarter.
NLG insurance stated that its net profit has increased by 2.48 percent, as it reached to Rs 9.1 crore up from Rs 8.88 crore in this quarter as compared to the corresponding quarter of the last fiscal year 2069/70.
NLG’s net profit was mainly fueled by the rise in the income from loan and investment to Rs 3.56 crore up from Rs 1.94 crore.
AIC’s net profit reduced dramatically by 40.15 percent as the profit reduced to Rs 1.67 crore from Rs 2.79 crore since the core business of the insurance company shrunk from Rs 3.73 crore to Rs 2.19 as compared to the last fiscal year.
There is increase in NLG’s insurance fund from Rs 15.61 crore to Rs 23.39 crore whereas the reserve and surplus decreased to Rs 8.3 crore from Rs 11.07 crore as compared to corresponding quarter of the last fiscal year.
AIC also has in insurance fund from Rs7.46 crore to 10.46 crore and the reserves and surplus also rose to Rs 7.34 crore from Rs 4.65 crore.
The EPS of NLG insurance is Rs 40.86; net worth per share is Rs. 207 and the P/E ratio is 19 times.
AIC’s EPS stands at Rs 10; net worth per share is Rs 210 and the P/E ratio is 89 times. Likewise, UIC’s EPS is Rs 29.77; net worth per share is Rs 217.69 and the P/E ratio is 13.84 times.
