As per the report, the company has raised its net insurance premium by 3.71 percent to Rs 3.72 billion in the review period.
The company earned net insurance premium of Rs 3.59 billion in the corresponding period of the last FY.
Similarly, the company earned Rs 612.3 million from investment, loan and other income and Rs 32.9 million from loans against policies of Rs 481.7 million.
Along with net insurance premium, it earned net profit of Rs 150.1 million. The net profit increased by Rs 2.60 percent compared to Rs 146.3 million.
The company with Rs 2.62 billion in paid-up capital is preparing to issue IPO at premium rate. The company is issuing ordinary shares at Rs 290 including a face value of Rs 100 with a premium of Rs 190 per unit.
After the IPO, the paid-up capital of the company will reach Rs 3.75 billion. As per NIA directive, it must maintain paid-up capital of Rs 5 billion, thus, it is required to add Rs 1.25 billion in its capital.
During the period, it issued 22,877 policies through which it collected total insurance premium of Rs 4.01 billion. In the review period, it paid Rs 1.33 billion to 4,654 policies and has an outstanding claim of Rs 112.9 million to 304 policies.
