The release of financial statements confirmed the successful performance of Mellat insurance
According to the financial news report, citing the public relations of Mellat insurance, this company, which experienced management changes in 1401, managed to make a brilliant record with the presence of the new board members and Alireza Yazdandoost, the young CEO of this company.
The audited financial statements of Bimah Mellat for the period ending March 29, 1401 show that the company’s net profit has recorded an impressive growth of 337% compared to last year.
The growth of 337% profit per share of Mellat Insurance Company in 1401 shows the very good performance of this company, which has been achieved in the shadow of management stability, away from the margins and focusing on insurance activities, and can guarantee profitability and sustainable growth for Mellat Insurance. At the same time, proper management of the insurance portfolio and non-renewal of loss-making contracts with high loss ratio by the company are other reasons for the growth of Mellat Insurance’s profitability.
Insurance premiums issued by Mellat Insurance in 1401 reached 31,887 billion Rials with a six percent growth compared to 1400. This year, the highest growth in the amount of issued insurance premiums belongs to body insurance with a growth of 75%, followed by third party insurance, fire and energy with a growth of 40% and 20%.
In terms of the share in the portfolio, the largest share is related to third-party insurance with a 31% share, which has grown by about 40% compared to 1400. Life and accident insurance with a 16% share is in the second position of the portfolio of Mellat insurance company.
According to the audited financial statements of this company in the year ending March 29, 1401, Bima Mellat has managed to achieve an income of 28 thousand and 230 billion riyals from the sale of insurance policies, and the gross premium income of this company in the financial year of 1401 compared to the previous financial year. , has increased by 34 percent.
In 1401, Bima Mellat managed to achieve 100.5% of the projected portfolio in the budget approved by the board of directors. This company has achieved 144.6% of the projected medical insurance budget due to the renewal of past contracts and the conclusion of new contracts with large customers. Development of the sales network and contract with the pension fund and the social security organization also led to the realization of 110% of the third party insurance budget and 136.8% of the company’s car body insurance.
On the other hand, the presence of sanctions and the increase in the exchange rate also caused the company to not be able to fully realize the anticipated budget in the field of freight insurance, ship insurance, engineering and energy insurance, and reliable acceptance insurance.
In 1401, according to the available resources, the Mellat Insurance Company earned four thousand and 858 billion rials from investment, 12% of this income is related to the profit from the sale of investments, 13% is related to the interest on bank deposits, 72% is the cash dividend and Four percent was the profit of other securities.
At the same time, the income from cash dividends had a significant growth of 234% compared to 1400 and reached 3,475 billion Rials from 1,400 billion Rials.
In contrast to the losses and gross benefits paid by this company in 1401, a figure of about 24 thousand billion rials and the loss of the share of reinsurance insurers was 3 thousand 948 billion rials, which has grown by 471% compared to the previous fiscal year.
But perhaps the most important point of the financial statements of Mellat Insurance in 1401 is the rows of net profit and basic profit per share of this company. The net profit of this company in the fiscal year 1401 is 2,121,000 billion Rials, which shows a 337% growth compared to last year, and finally, the basic profit per share of this company has reached 70 Rials with a 337% growth, which is good news. It is for the shareholders of this company.
The consolidated profit and loss statement of Mellat Insurance Company also indicates a significant growth in the consolidated profit of Mellat Insurance Group. The consolidated operating profit of Mellat Insurance reached 1,602 billion Rials with a growth of 582%. The consolidated net profit of the company has also increased from 1,892 billion Rials in 1400 with a growth of 126% to 4,278 billion Rials in 1401.