Met Life’s profit declined by 17.95 pc

Kathmandu: American Life Insurance Company(Met Life)’s profit declined by 17.85 percent. The company has earned a profit of Rs. 269.4 million in the last FY. The net profit of the company was Rs. 327.9 million in the previous FY.

The company’s net claim payments have increased by 38.76 percent. The company has paid Rs. 3.51 billion in claims during the period. The company had paid Rs. 2.53 billion in the corresponding period of the previous year.

Meanwhile, long-term investment and credit have also declined by a few points. Such investment is Rs. 19.30 billion. Similarly, the loan obtained by the insured by pledging the insurance policy has also decreased. The insured has taken a loan of Rs. 988.3 million by pledging his insurance policy.

Investment, loans and other income from various sectors increased by 21 percent. Such income is Rs. 5.3 billion. Net premium income and total insurance increased by 20.33 percent and 21.29 percent respectively. The company earned net insurance premium of Rs. 4.83 billion last year.

The commission received by agents has also increased by 19.62 percent. The agents received a commission of Rs 483.6 million last year. Similarly, the total number of insurance policies has also increased by 7.33 percent. The current number of insurance policies in the company is 1.182 million. It has managed to deposit Rs 2.67 billion in the reserve fund. Similarly, the life insurance fund has Rs 19.30 billion.

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