Neco Insurance Increases Net Insurance Premium

Feb 12, 2019 Merolagani

Neco Insurance (NIL) has earned a net insurance premium of Rs 603.1 million in the second quarter of the current FY compared to Rs 479.8 million of the corresponding period of the last FY.

Similarly, the company earned Rs 104.9 million in reinsurance commission and Rs 40.4 million from other income.

During the period, the company earned Rs 170.3 million in net profit which was Rs 116.5 million in review period of the last FY.

The company with Rs 1.19 billion in paid-up capital has reserve fund of Rs 440 million, insurance fund of Rs 543.4 million and disaster fund of Rs 50.4 million.

Till date, the company has issued 138,368 insurance policies and has earned Rs 979.7 million in total insurance premium. The renewed insurance policies of the company remained at 18,532.

In the review period, the company paid Rs 421.9 million on 2,033 claims while it has Rs 328.8 million outstanding claim payment.

The company has maintained EPS of Rs 28.96, net worth per share of Rs 187.93 and P/E ratio of 18.34 times.

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