Ajod Insurance Increases Net Profit by 50.85%

Aug 11, 2020 09:57 AM Merolagani

Ajod Insurance that is thriving in the secondary market with positive circuits has published its fourth quarter report of the last FY.

As per the report, the company earned a net profit of Rs 62 million in the review period. the net profit increased by 50.85 percent compared to Rs 41.1 million of the corresponding period of the previous FY.

The increase in net profit can be attributed to the increase in net insurance premium as well as reinsurance commission.

By the fourth quarter of the last FY, the company earned Rs 277.9 million in net insurance premium. The net insurance premium increased by Rs 122.8 million compared to Rs 155.1 million of the previous FY.

In the review period, the company earned Rs 143.9 million in reinsurance commission and Rs 32.47 million in investment, loan and other income.

During the period, the company paid Rs 87.2 million in net claim.

The company that has paid-up capital of Rs 715 million has reserve fund of Rs 45.4 million, insurance fund of Rs 61.6 million and disaster fund of Rs 7 million.

In the review period,  the company earned Rs 8.6 million in total insurance premium. By the period, it issued 91,227 insurance policies and 5,092 renewed policies. During the period, it paid Rs 225.4 million to 1,980 claims. It has outstanding claim payment of Rs 54.7 million to 143 claims.

Ajod Insurance logged EPS of Rs 8.68 and net worth per share of Rs 115.97.



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