Siddhartha Premier Insurance Q3 Sees Impressive 138.56% Spike in Net Premiums, Coupled with 109.65% Surge in Net Profit

Siddhartha Premier Insurance Limited (SPIL) has unveiled its unaudited financial results for the third quarter of the fiscal year 2080/81, showcasing a substantial leap in net profit. The company's net profit surged by an impressive 109.65%, reaching Rs. 59.71 crores compared to Rs. 28.48 crores in the corresponding period of the previous fiscal year.

Throughout the nine-month period, SPIL demonstrated robust fiscal performance, highlighted by a 138.56% surge in net premiums, totaling Rs. 1.32 Arba in Q3 FY 2080/81. This notable growth trajectory is echoed in the company's financial achievements, where it recorded a gross premium collection of Rs. 260.58 crores, marking a significant 71% rise from the previous year.

Despite the exponential rise in profits, SPIL also reported a noteworthy increase in net claims, climbing by 93.09% to Rs. 66.25 crores during the same quarter. However, the company's diversified investment portfolio contributed positively, generating Rs. 52.73 crores from various financial activities, including investments and loans.

SPIL's solid financial foundation is underscored by its robust capital structure, boasting a paid-up capital of Rs 2 Arba 80 crores and substantial reserves of Rs 4 Arba 33 crores, including Rs. 71.02 Crores in retained earnings, Rs. 96.04 Crores in other equity, Rs. 16.74 crores in catastrophe reserves, and Rs. 2.5 Arba as special reserves.

Moreover, SPIL's strategic moves, such as the recent sale of promoter shares of Nepal Reinsurance Company (NRIC), have contributed significantly to its profitability. The sale of 20,73,446 promoter shares at Rs. 280 per share resulted in a net profit before tax of Rs. 41.71 crores, further fortifying the company's financial standing.

Key financial metrics further affirm SPIL's strong performance, with an annualized earnings per share (EPS) of Rs. 56.71 and a net worth per share of Rs. 409.04. These figures not only reflect SPIL's resilience in navigating challenging market conditions but also underscore its commitment to delivering sustainable value to stakeholders amidst dynamic economic landscapes.

As SPIL continues to chart its course forward, these robust financial results position the company favorably to capitalize on emerging opportunities, driving sustained growth and profitability in the dynamic insurance sector.