Neco Insurance Increases Net Profit by 45%

May 10, 2021 10:39 AM Merolagani

Neco Insurance (NIL) has increased its net profit by 45.57 percent to Rs 350.9 million in the third quarter of the current FY compared to Rs 161.9 million of the corresponding period of the last FY.

Simillary, its net insurance premium also increased by 46.46 percent to Rs 1.36 billion from earlier Rs 928.8 million.

The company earned Rs 164.7 million from reinsurance commission and Rs 110.1 million from investment, loan and others.

The company with Rs 1.31 billion in paid-up capital has reserve fund of Rs 682.3 million, insurance fund of Rsz 1.71 billion and catastrophe fund of Rs 96.8 million.

The company has EPS of Rs 35.52, net worth per share of Rs 235.59 and P/E ratio of 46.88 times.

The company has issued 224,394 polices and has earned Rs 1.97 billion in total insurance premium.

Similarly, it paid Rs 818.3 million to 5,788 policies and has outstanding payment of Rs 1.09 billion to 5,610 policies.

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