Neco Insurance Increases Net Profit by 60%

Feb 12, 2021 01:17 PM Merolagani

Neco Insurance (NIL) has earned net profit of Rs 264 million in the second quarter of the current FY compared to Rs 164.7 million of the corresponding period of the last FY. the net profit increased by Rs 60.1 percent during the review period.

During the period, the company earned net insurance premium of Rs 944.3 million compared to Rs 709.9 million of the review period of the last FY.

In the review period, the company earned Rs 117.96 million from the reinsurance commission and Rs 59.8 million from loans, investments and others.

The company has paid-up capital of Rs 1.31 billion, reserve fund of Rs 643.2 million, insurance fund of Rs 963.6 million and disaster fund of Rs 92.5 million. 

The company issued 174,710 insurance policies and has earned Rs 1.36 billion in  total insurance premium. It paid Rs 441.7 million to 3,329 policies and has outstanding payment of Rs 881.2 million to 4,919 claims.

The company logged EPS of Rs 40.08, net worth per share of Rs 229 and P/E ratio of 31.94  times.

 

 

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