15 August 2024, Kathmandu
Himalayan Everest Insurance (HEI) has reported a remarkable 50.08% increase in net profit for the fourth quarter of the fiscal year, as detailed in its latest financial report.
Himalayan Everest Insurance Boosts
The company’s net profit surged to Rs 667.9 million, up from Rs 445 million recorded in the same period last year.
The significant profit increase comes amid robust growth in the company’s financial metrics. HEI reported a 36.94% rise in net insurance premiums and a 44.14% boost in total income during the review period. This growth was accompanied by a 56.60% increase in net claim payments and a 37.44% rise in total expenses, reflecting the company’s expanding business operations and its investment in service improvements.
The financial report highlights that HEI maintained an Earnings Per Share (EPS) of Rs 26.42 and a Price-to-Earnings (P/E) ratio of 23.65 times. The net worth per share stood at Rs 191.83, showcasing the company’s strong financial health.
HEI’s paid-up capital amounts to Rs 2.50 billion. Its financial stability is further supported by a special reserve of Rs 1.74 billion, a catastrophic fund of Rs 73.7 million, retained earnings of Rs 380 million, and other equity totalling Rs 97.7 million. These figures reflect HEI’s solid capital base and prudent financial management.
This exceptional performance underscores Himalayan Everest Insurance’s strong position in the market and its capability to deliver impressive financial results. The company’s upward trajectory highlights its successful strategies in navigating the insurance sector, promising continued growth and stability in the future.
Himalayan Everest Insurance Boosts
