IGI Prudential Insurance Reports 22.14% Decline in Profit in Second Quarter

Kathmandu – IGI Prudential Insurance Company Limited has published its financial statement for the second quarter of the current financial year, reporting a significant decline in net profit due to reduced income and net insurance premiums.

According to the statement, the company’s net profit dropped by 22.14%, reaching Rs 143 million. In the same period last year, the company earned a profit of Rs 183.7 million. The company’s total income fell from Rs 900.1 million last year to Rs 897.8 million this year. Similarly, net premium income, which was Rs 51.23 million last year, slightly decreased to Rs 50.8 million this year.

The fall in profit also affected the company’s earnings per share (EPS), which dropped from Rs 12.13 last year to Rs 9.45 this year.

Despite the drop in profitability, IGI Prudential Insurance maintains a strong financial base. The company’s paid-up capital stands at Rs 3.2 billion, with Rs 1.75 billion in a special reserve, Rs 36 million in retained earnings, and over Rs 8 million allocated to the disaster fund.

The company’s non-life insurance fund has shown growth, increasing from Rs 4.55 billion last year to Rs 4.92 billion this year. The net worth per share is recorded at Rs 190.94 and PE ratio at Rs 60.81.