Asian Life’s claim payment surged by 100 percent in first quarter

Kathmandu: Asian Life Insurance Company Limited (ALIC)’s profit has improved modestly in the first quarter of the current FY as compared to the corresponding period of last FY.

The company has earned a net profit of Rs. 96.2 million in the first quarter of the current Fiscal Year 2078/79. The company had earned Rs 94 million in the same period last year.

Net premium income has increased by 8.50 percent. The company has managed to earn Rs. 1.57 billion net insurance premium in the first quarter while it was Rs. 1.45 billion in the corresponding period of the last year.

The life insurance fund has surged by 21.21 percent to Rs. 27.95 billion. More than Rs. 100 million has been allocated for the catastrophe reserve fund. Credit investment and other income also increased by 13.51 percent.Such income of the company is Rs. 508.8 million. During this period, the agents have earned Rs. 198.8 million. The company has sold 7,376 life insurance policies in first quarter.

The company’s claim payment has witnessed a whopping increase of 100 percent. A total sum of Rs. 3.33 billion against 8,060 policy claims have been paid.

The company’s paid-up capital is Rs 2.1 billion and it has allocated Rs. 985.9 million in the reserve fund. The company’s earnings per share is Rs. 19 on the basis of profit.

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