Kathmandu: Reliance Life Insurance Company(RLI) has been able to achieve a growth of 38 percent in net profit despite whooping increase in claim payment in the first quarter of the current fiscal year.
Its net profit has surged by 38 percent during the review period. The company has made a net profit of Rs 41.5 million. It has paid Rs. 142.9 million in net claims during the review period. The company had paid Rs 67.8 million in the same period last FY 77/78. Compared to the same period of the last FY, the company’s net claim payment has surged by 110 percent.
It has been able to achieve a growth of 58.10 percent in net premium income during the first quarter of current fiscal year. The company has earned Rs. 735.5 million net premium during the first quarter of current Fiscal Year 2078/79. As per the unaudited quarterly report published by RLI the net premium was Rs. 465.2 million in the corresponding period of the previous FY 2077/78.
The company has a life insurance fund of Rs. 3.2 billion. The company, which has a paid-up capital of Rs 2.10 billion, has a reserve fund of Rs. 263.4 million. In the corresponding period of the previous FY, the company had a reserve fund of only Rs.173 million. The company has Rs. 29.2 million in its catastrophe fund.