Kathmandu: Sun Nepal Life Insurance Company’s net profit has declined as per its published financial statements of the last quarter of the FY 2077/78.
The company, which made a net profit of Rs. 114.2 million in the previous fiscal year, has earned only Rs. 106 million in the fourth quarter of last fiscal year, 2077/78. The company’s net profit decreased by 7.15 percent compared to the same period of the previous fiscal year.
The company has earned net insurance premium of Rs. 1.90 billion during the review period. The company had earned net insurance premium of Rs. 1.73 billion in the corresponding period of the previous FY. Compared to the corresponding period of the previous FY, the company’s net premium income increased by 77.04 percent.
Similarly, the company has paid Rs. 148.4 million in net claims during the review period. The company had paid only Rs. 7.2 million in the corresponding period of the previous fiscal year. Compared to the same period of the previous fiscal year, the company’s net claim payment has become wider.
The company has spent Rs. 43.2 million on management during the review period. The company had spent Rs. 35.3 million in the corresponding period of the previous FY.
The company, which has a paid-up capital of Rs. 1.40 billion, has a reserve fund of Rs. 341.7 million. In the corresponding period of the previous FY, the reserve fund of the company was only Rs. 246.2 million. During the evaluation period, the company’s life insurance fund has Rs. 23.9 million. The company’s life insurance fund was of Rs. 12.5 million in the corresponding period of the previous fiscal year. In the last FY, the company has Rs. 37.9 million in the catastrophe fund.
