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March 28: The proposed right share issuance of Prabhu Insurance has been granted Grade 4+ rating by ICRA Nepal which indicates below average fundamentals. Prabhu Insurance is issuing 50 percent right shares of 1,925,078.8 units of equity shares worth Rs 192.5 million. The company is issuing the right shares with a face value of Rs 100 to be issued to the existing shareholders at par.
According to ICRA, institutional promoter support of Employees Provident Fund with 15% shareholding and partnership with Prabhu Group is the positive aspects of the company. Moreover, underwriting performance, backed by higher premium retention of 57% in FY2015-16 and decline in commission expense leading to fair profitability indicators are also positive aspects of the company, mentioned ICRA.
However, the grading is constrained by the company’s modest business growth and high reliance on institutional clients for premium earnings, as per ICRA. ICRA highlighted that the impact of April/May 2015 earthquake on the company’s claims paying ability, solvency position and profitability was cushioned by adequate catastrophic reinsurance arrangements. However, delayed recovery of claims from reinsurers post-earthquake undermines the level of reinsurance support available with Prabhu Insurance in case of similar catastrophe in future. The grading is also limited by declining yield on investment portfolio which could affect incremental returns and stiff competition from larger players in the Nepalese general insurance industry, said ICRA.
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'content' => '<p>March 28: The proposed right share issuance of Prabhu Insurance has been granted Grade 4+ rating by ICRA Nepal which indicates below average fundamentals. Prabhu Insurance is issuing 50 percent right shares of 1,925,078.8 units of equity shares worth Rs 192.5 million. The company is issuing the right shares with a face value of Rs 100 to be issued to the existing shareholders at par.</p>
<p>According to ICRA, institutional promoter support of Employees Provident Fund with 15% shareholding and partnership with Prabhu Group is the positive aspects of the company. Moreover, underwriting performance, backed by higher premium retention of 57% in FY2015-16 and decline in commission expense leading to fair profitability indicators are also positive aspects of the company, mentioned ICRA.</p>
<p>However, the grading is constrained by the company’s modest business growth and high reliance on institutional clients for premium earnings, as per ICRA. ICRA highlighted that the impact of April/May 2015 earthquake on the company’s claims paying ability, solvency position and profitability was cushioned by adequate catastrophic reinsurance arrangements. However, delayed recovery of claims from reinsurers post-earthquake undermines the level of reinsurance support available with Prabhu Insurance in case of similar catastrophe in future. The grading is also limited by declining yield on investment portfolio which could affect incremental returns and stiff competition from larger players in the Nepalese general insurance industry, said ICRA. </p>
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'content' => '<p>March 28: The proposed right share issuance of Prabhu Insurance has been granted Grade 4+ rating by ICRA Nepal which indicates below average fundamentals. Prabhu Insurance is issuing 50 percent right shares of 1,925,078.8 units of equity shares worth Rs 192.5 million. The company is issuing the right shares with a face value of Rs 100 to be issued to the existing shareholders at par.</p>
<p>According to ICRA, institutional promoter support of Employees Provident Fund with 15% shareholding and partnership with Prabhu Group is the positive aspects of the company. Moreover, underwriting performance, backed by higher premium retention of 57% in FY2015-16 and decline in commission expense leading to fair profitability indicators are also positive aspects of the company, mentioned ICRA.</p>
<p>However, the grading is constrained by the company’s modest business growth and high reliance on institutional clients for premium earnings, as per ICRA. ICRA highlighted that the impact of April/May 2015 earthquake on the company’s claims paying ability, solvency position and profitability was cushioned by adequate catastrophic reinsurance arrangements. However, delayed recovery of claims from reinsurers post-earthquake undermines the level of reinsurance support available with Prabhu Insurance in case of similar catastrophe in future. The grading is also limited by declining yield on investment portfolio which could affect incremental returns and stiff competition from larger players in the Nepalese general insurance industry, said ICRA. </p>
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View::_renderElement() - CORE/Cake/View/View.php, line 1224
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View::_evaluate() - CORE/Cake/View/View.php, line 971
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'summary' => 'March 28: The proposed right share issuance of Prabhu Insurance has been granted Grade 4+ rating by ICRA Nepal which indicates below average fundamentals. Prabhu Insurance is issuing 50 percent right shares of 1,925,078.8 units of equity shares worth Rs 192.5 million. The company is issuing the right shares with a face value of Rs 100 to be issued to the existing shareholders at par.',
'content' => '<p>March 28: The proposed right share issuance of Prabhu Insurance has been granted Grade 4+ rating by ICRA Nepal which indicates below average fundamentals. Prabhu Insurance is issuing 50 percent right shares of 1,925,078.8 units of equity shares worth Rs 192.5 million. The company is issuing the right shares with a face value of Rs 100 to be issued to the existing shareholders at par.</p>
<p>According to ICRA, institutional promoter support of Employees Provident Fund with 15% shareholding and partnership with Prabhu Group is the positive aspects of the company. Moreover, underwriting performance, backed by higher premium retention of 57% in FY2015-16 and decline in commission expense leading to fair profitability indicators are also positive aspects of the company, mentioned ICRA.</p>
<p>However, the grading is constrained by the company’s modest business growth and high reliance on institutional clients for premium earnings, as per ICRA. ICRA highlighted that the impact of April/May 2015 earthquake on the company’s claims paying ability, solvency position and profitability was cushioned by adequate catastrophic reinsurance arrangements. However, delayed recovery of claims from reinsurers post-earthquake undermines the level of reinsurance support available with Prabhu Insurance in case of similar catastrophe in future. The grading is also limited by declining yield on investment portfolio which could affect incremental returns and stiff competition from larger players in the Nepalese general insurance industry, said ICRA. </p>
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'content' => '<p>March 28: The proposed right share issuance of Prabhu Insurance has been granted Grade 4+ rating by ICRA Nepal which indicates below average fundamentals. Prabhu Insurance is issuing 50 percent right shares of 1,925,078.8 units of equity shares worth Rs 192.5 million. The company is issuing the right shares with a face value of Rs 100 to be issued to the existing shareholders at par.</p>
<p>According to ICRA, institutional promoter support of Employees Provident Fund with 15% shareholding and partnership with Prabhu Group is the positive aspects of the company. Moreover, underwriting performance, backed by higher premium retention of 57% in FY2015-16 and decline in commission expense leading to fair profitability indicators are also positive aspects of the company, mentioned ICRA.</p>
<p>However, the grading is constrained by the company’s modest business growth and high reliance on institutional clients for premium earnings, as per ICRA. ICRA highlighted that the impact of April/May 2015 earthquake on the company’s claims paying ability, solvency position and profitability was cushioned by adequate catastrophic reinsurance arrangements. However, delayed recovery of claims from reinsurers post-earthquake undermines the level of reinsurance support available with Prabhu Insurance in case of similar catastrophe in future. The grading is also limited by declining yield on investment portfolio which could affect incremental returns and stiff competition from larger players in the Nepalese general insurance industry, said ICRA. </p>
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simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
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View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
