IGI Prudential Insurance Profit Drops 43.31% in Q3 Despite Growth in Premium Income

Kathmandu — IGI Prudential Insurance Company has reported a sharp decline in net profit in the third quarter of the current fiscal year, even as key indicators such as premium income and insurance fund size posted positive growth.

According to the unaudited financial statement released on Sunday, the company recorded a net profit of Rs 265.1 million as of end of Chaitra, down by 43.31 percent compared to Rs 467.3 million during the same period last fiscal year.

Despite the profit decline, the company’s total insurance premium income rose by 10.93 percent to Rs 2.53 billion, up from Rs 2.28 billion in the corresponding period of the previous year. Likewise, net insurance premium income increased by 7.12 percent to Rs 929.1 million from last year’s Rs 867.3 million.

The company’s insurance fund expanded by 2.03 percent, reaching Rs 4.6 billion. The company maintains a special reserve fund of Rs 1.8 billion, a disaster fund of Rs 922 million, and retained earnings amounting to Rs 125.2 million.

The company’s earnings per share (EPS) stand at Rs 11.67, while its net worth per share is recorded at Rs 185.30.