Net Profit of Neco Insurance Increases by 17%

Feb 12, 2023 12:57 PM Merolagani

Neco Insurance (NIL) has earned a net profit of Rs 176 million in the second quarter of the current FY.

The net profit increased by 17.20 percent compared to Rs 150.2 million of the corresponding period of the last FY.

During the period, the company collected net insurance premium of Rs 872.5 million in the review period. The net insurance premium decreased by 11.46 percent compared to Rs 985.4 million of the corresponding period of the last FY.

Moreover, the company earned Rs 160.2 million from reinsurance commission and Rs 76.9 million from investment, loans and other income.

 The company with Rs 2.01 billion in paid-up capital has reserve fund of Rs 321.6 million and an insurance fund of Rs 1.44 billion.

The company logged EPS of Rs 17.50, net worth per share of Rs 192.05 and P/E ratio of 51.16 times.

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