Kathmandu:There has been a modest improvement in LIC Nepal’s premium income during first quarter of the current FY as compared to the corresponding period of last FY.
The company has earned net premium of Rs. 5.22 billion in the first quarter of the current Fiscal Year 2078/79. The company had earned Rs 5.3 billion in the same period last year.
The company’s profit declined by 44 to Rs. 31.9 million in the first quarter. The company had earned Rs. 57.9 million in the same period last year. Despite significant improvement in the company’s income, expenses have increased. It is seen that the interest income earned by the insurer by policy loan has declined.The insured have borrowed more than Rs. 14 billion by against insurance policy loan.
The size of LIC’s life insurance fund has exceeded Rs. 83.40 billion. The agent commission of the company has decreased due to paying more attention to the renewal insurance fee than the new one. During this period, the agents have received commission of Rs. 501.4 million. Such commission was Rs. 543.2 million in the corresponding period of the last year.
Earnings per share have shrunk to Rs. 1 Since the mentioned profit will change after the actuarial valuation, it is not appropriate to analyze it on the basis of unaudited financial statement.
