Himalayan Everest Insurance Achieves Remarkable 162.86% Surge in Net Profit During Q3
Himalayan Everest Insurance (HEI), a leading player in Nepal’s insurance sector, has released its third-quarter report for the current fiscal year, showcasing a staggering increase in net profit. The company’s net profit soared by an impressive 162.86 percent, driven by a significant rise in income across various segments.
According to the report, Himalayan Everest Insurance earned a net profit of Rs. 606.5 million during the review period, a substantial increase from Rs. 230.7 million in the corresponding period of the previous fiscal year. This remarkable growth in net profit underscores the company’s strategic initiatives and strong financial performance.
The surge in net profit can be attributed to a substantial increase in income. During the review period, the company raised its net insurance premium by 25.90 percent and its total income by an impressive 64.41 percent. Additionally, Himalayan Everest Insurance reported a 2.15 percent increase in net claim payment and a 15.43 percent rise in total expenses, reflecting the company’s ability to effectively manage costs while driving revenue growth.
The strong financial performance translated into attractive shareholder returns. Himalayan Everest Insurance logged an earnings per share (EPS) of Rs. 32.27, a price-to-earnings (P/E) ratio of 18.27 times, and a net worth per share of Rs. 185.49.
With a paid-up capital of Rs. 2.50 billion, the company boasts a robust financial position, including a special reserve of Rs. 1.71 billion, a disaster fund of Rs. 72.2 million, retained earnings of Rs. 351.4 million, and other equity of Rs. 75.5 million.
Himalayan Everest Insurance’s remarkable performance in the third quarter solidifies its position as a leading player in Nepal’s insurance sector. As the industry continues to evolve, the company’s strong financial position, strategic initiatives, and commitment to risk management position it well to capitalize on emerging opportunities and drive sustainable growth.
