United Insurance reports decreased profit; Net profit stands at Rs 1.74 crores

United Insurance Company (UIC) has stated decrease in net profit by 57.22% in the second quarter of the FY 2075/76.

As per the unaudited report for the second quarter, the insurance company reported net profit of Rs 1.74 crore in Q2 of fiscal year 2075/76, down from Rs 4.06 crore of the corresponding fiscal year. Its paid up capital stands at Rs 30.24 crore.

The company’s earnings from premium declined to Rs 15.57 crore in Q2 from Rs 17.37 crore in the corresponding quarter.

The reserve fund of the company is Rs 4.40 crore compared with negative reserve of Rs 4.90 crore in corresponding year’s same period. The company’s insurance fund has also increased to Rs 30.68 crore from Rs 19.54 crore in the corresponding quarter of the previous year.

Its EPS stands at Rs 5.76. The net worth per share of the company amounts to Rs 218.81.

The company will issue 240% Right Share to meet Rs 1 arba paid up capital requirement.