Nepal Re earns Rs.916 million profit

Kathmandu: Nepal Reinsurance has earned a profit of Rs. 916.1 million in the third quarter of the last fiscal year. The non-life insurance business has earned a profit of Rs. 824.7 million while the life insurance business has managed to earn a profit of Rs 101 million.

Reinsurance has managed to improve its own premium income by 14.72 percent. It has earned Rs 5.92 billion in net premiums during the period. 4.94 billion in the corresponding period of the previous year.

Similarly, claim payment has also increased by 7.87 percent. A claim of Rs. 1.98 billion has been paid during this period. The non-life business has paid Rs. 1.70 billion while the life side has paid Rs. 285 million.

With the issuance of IPO in the previous FY, the company’s EPS has shrunk by Rs. 2 to Rs 12. The company has accumulated Rs.3.36 billion in the reserve fund. It has earned Rs. 316 million by investing in various sectors. During this period, the company is yet to pay the claim of Rs. 23.4 million.

The company has earned Rs.18.7 million from reinsurance commission. But companies and brokers providing business in reinsurance have been provided a commission of Rs 1.68 billion.

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