Siddhartha Premier Insurance (SPIL), a prominent player in Nepal’s insurance sector, has released its third-quarter report for the current fiscal year, showcasing impressive growth in both its net insurance premium and net profit. The company’s financial performance during the review period has been nothing short of remarkable, reflecting its strong position in the market and its commitment to delivering value to its stakeholders.
According to the report, SPIL recorded a net insurance premium of Rs 1.32 billion, a staggering 138.56% increase compared to Rs 556.9 million reported during the corresponding period of the previous fiscal year. This substantial growth in net insurance premium underscores the company’s robust business operations and its ability to capitalize on emerging opportunities in the Nepali insurance market.
Complementing the impressive growth in net insurance premium, SPIL also reported a significant surge in its net profit. During the review period, the company’s net profit soared by 109.66%, reaching Rs 57.1 million, compared to the previous year’s figure. This remarkable performance can be attributed to the company’s effective strategies, prudent risk management practices, and its commitment to delivering high-quality services to its customers.
In addition to the impressive growth in net insurance premium and net profit, SPIL also witnessed substantial increases in other key financial metrics. The company’s total income grew by 102.23%, while its total expenses increased by 93.09%. Furthermore, the company’s claim payment rose by 96.29%, reflecting its ability to fulfill its obligations to policyholders in a timely and efficient manner.
The strong financial performance of Siddhartha Premier Insurance has translated into attractive returns for its shareholders. During the review period, the company reported an Earnings per Share (EPS) of Rs 28.37, a Price-to-Earnings (P/E) ratio of 26.44 times, and a net worth per share of Rs 254.59, highlighting the company’s profitability and growth potential.
With a robust paid-up capital of Rs 2.80 billion, SPIL boasts a reserve fund of Rs 2.50 billion, a catastrophic fund of Rs 167.4 million, retained earnings of Rs 710.2 million, and other equity of Rs 960.4 million, further solidifying its financial strength and resilience.
Siddhartha Premier Insurance’s exceptional performance in the third quarter of the current fiscal year has positioned it as a leader in Nepal’s insurance sector. As the company continues to focus on innovation, customer-centric solutions, and sustainable growth strategies, it is poised to play a pivotal role in driving the development of the Nepali insurance industry and contributing to the overall economic growth of the nation.
