Kathmandu: Himalayan Re-insurance Company (Himalayan Re) has paid 18.81 percent of the net insurance premium income as broker commission. In the first quarter the current FY, the company has earned net insurance premium of Rs.88 million out of which Rs.10.8 million has been disbursed as commission.
During the Q1, it has earned a profit of Rs. 47.6 million in the Q1 of current Fiscal Year 2078/79. The company’s long-term investment and credit stood at Rs. 4.25 billion while the short term investment remained Rs. 2.76 billion only. The company’s investment, loan and other income is only Rs. 1 million 18 thousand.
Although the Insurance Board had given nod to operate in Jesth last year, the Office of the Company Registrar(OCR) had given permission to operate in reinsurance only after the month of Asar. However, the data in the company’s financial statements shows that the company had already earned its reinsurance premium even before it getting permission to conduct business in re-insurance from the OCR. The company’s premium income was Rs.1,64,000 during the month of Asar 2077.
The company has already paid the claim of Rs. 17 million in the first three months of its operation. Also, Rs. 2.91 million claims are yet to be paid. The authorized capital of the company is Rs. 20 billion while the paid up capital is Rs. 7 billion. Rs. 51.8 million has been allocated in the reserve fund.