IGI Prudential Insurance Limited (IGI) has announced its third-quarter financial results for the fiscal year 2080/2081, revealing a significant surge in net profit. The company’s net profit soared by 181.04% to Rs. 46.76 crores from Rs. 16.63 crores in the same quarter of the previous fiscal year, demonstrating robust performance and growth in the insurance sector.
IGI maintains a strong financial position with a paid-up capital of Rs. 3.02 Arba and substantial reserves, including retained earnings, other equity, catastrophe reserves, and special reserves. This solid foundation underscores the company’s stability and resilience in the market.
During the quarter, IGI witnessed a notable increase of 88.26% in net premiums, reaching Rs. 86.73 Crores in Q3 FY 2080/81 compared to the same period last year. Additionally, the company generated Rs. 49.64 Crores from income derived from investments, loans, and other financial activities, highlighting diversified revenue streams and effective financial management.
However, there was a significant 94.83% increase in net claims during the quarter, totaling Rs. 51.19 Crores. Despite this, IGI has augmented its investments, reaching Rs. 5.23 Arba, showcasing strategic investment decisions and a forward-looking approach to asset management.
Key financial metrics further highlight IGI’s performance, with an annualized earnings per share (EPS) of Rs. 20.58 and a net worth per share of Rs. 181.92, indicating profitability and shareholder value creation.
In summary, IGI Prudential Insurance Limited’s third-quarter financial report reflects its strong growth trajectory, robust financial performance, and strategic initiatives, positioning the company as a key player in the insurance industry.