Kathmandu: Nepal Life Insurance Company(NLIC)’s profit has shrinked sharply in the first quarter of the current fiscal year 2078/79.
The company has earned profit of Rs. 70.33 million while it was Rs. 229 million in the corresponding period of the last fiscal year 2077/78. The decline is profits seen due to provisioning of Rs. 180.8 against loss.
The company’s net premium has increased by 9.19 percent to Rs. 9.74 billion whole it was Rs.8.92 billion in the corresponding period of the last year.
Life Insurance Fund is expanded by 25.21 percent to Rs. 118 billion. Nepal Life, which has the largest life insurance fund among the life insurance companies, has a long-term investment of over Rs. 50 billion. It has invested Rs. 20.57 billion only by pledging insurance policies. Short-term investment and credit stood at Rs. 54 billion.
The company’s paid-up capital is Rs 7.19 billion and reserve fund is Rs. 869.6 million. Nepal Life’s earnings per share is less than one rupee. During this period, the agents have received commission of Rs. 996.1 million.