November 16, 2022 | Investopaper
Neco Insurance Company Limited (NIL) has reported a 6 percent decline in net profit as per the unaudited first quarterly report of the fiscal year 2079/80. NIL has earned Rs 6.71 crores in net profit in the three months period. In the same period of the previous fiscal year, such profit stood at Rs 7.19 crores.
The decline in net profit is due to the decrease in net premium by almost 9 percent. During this period, Neco Insurance collected a total premium of Rs 82.84 crores. Likewise, the net premium income stood at Rs. 44.93 crores.
In the three months period, the company has paid a net claim of Rs 18.68 crores, down from 20.13 crores of the same period last year.
The first-quarterly report of Neco Insurance is summarized in the table below:
Neco Insurance (NIL): Q1 Report Summary, FY 2079/80
|Financial Indicators||Q1, F.Y. 2079/80||Q1, F.Y. 2078/79||Percent Change|
|Paid-up Capital (Rs. ‘crores’)||174.98||131.74||32.82|
|Reserve & Surplus (Rs. ‘crores’)||51.97||73.29||-29.09|
|Insurance Fund (Rs. ‘crores’)||140.31||115.33||21.66|
|Total Investments & Loans (Rs. ‘crores’)||455.86||403.89||12.87|
|Total Premium (Rs. ‘crores’)||82.84||81.37||1.81|
|Net Premium (Rs. ‘crores’)||44.93||49.35||-8.96|
|Net Claim (Rs. ‘crores’)||18.68||20.13||-7.20|
|Total Outstanding Claim (Rs. ‘crores’)||182.75||199.26||-8.29|
|Net Profit (Rs. ‘crores’)||6.71||7.19||-6.68|
|Management Expenses (Rs. ‘crores’)||12.67||8.9||42.36|
|Number Of Policies||78,608||81,557||-3.62|
|Earnings Per Share (Rs.)||15.36|
|Networth Per Share (Rs.)||215.59|
|Market Price Per Share (Rs.) [Ashwin end, 2079 BS]||672|
Source: Unaudited Q1 Report, FY 2079/80
The above figures are based on the unaudited quarterly report published by the respective company. Investors are advised to take other things into consideration along with this report while making investment decisions. The numbers may vary after the final audit.
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