Siddhartha Premier Insurance Limited (SPIL) has unveiled its third-quarter financial results for the fiscal year 2080/2081, showcasing a remarkable surge in net profit. The company’s net profit soared by 109.65% to Rs. 59.71 crores from Rs. 28.48 crores in the corresponding quarter of the previous fiscal year.
With a paid-up capital of Rs. 1.4 Arba and a substantial share premium of Rs. 4.75 Crores, SPIL also boasts considerable reserves, including retained earnings, other equity, catastrophe reserves, and special reserves amounting to millions.
During Q3 FY 2080/81, Siddhartha Premier Insurance witnessed a notable increase of 138.56% in net premiums, reaching Rs. 1.32 Arba compared to the same period last year. Additionally, the company generated Rs. 52.73 Crores from income derived from investments, loans, and other financial activities.
The quarter also saw SPIL’s strategic move of selling 20,73,446 promoter shares of Nepal Reinsurance Company (NRIC) at Rs. 280 per share, resulting in a significant net profit before tax of Rs. 41.71 crores.
However, there was a substantial 93.09% increase in net claims during the quarter, totaling Rs. 66.25 Crores.
Key financial metrics further underscore SPIL’s performance, with an annualized earnings per share (EPS) of Rs. 56.71 and a net worth per share of Rs. 409.04.
