Kathmandu: Out of the total 20 non-life insurance companies, as many as 18 non-life insurance companies have published their financial statements for the second quarter of the current fiscal year 2078/79.These companies have earned Rs.1 billion 988 million 893 thousand profit till the second quarter of FY 78/79. Companies had earned a net profit of Rs. 2.81 billion in the corresponding period of the last FY.
Compared to the same period of the previous FY, the net profit of the companies has declined by 4.45 percent.
Most non-life insurance companies have seen a decline in profits in the Q2 of the current FY. The profits of Premier Insurance Company, NECO Insurance Company, IME General Insurance Company, NLG Insurance Company, Prudential Insurance Company, Everest Insurance Company and Himalayan General Insurance Company has declined as compared to the same period of the last FY.
In the Q2 of the current FY, United Insurance Company has increased it profit by 118 percent. It’s profit is Rs. 60 million during the period. The company had earned a profit of Rs. 27.4 million in the Q2 of the last FY. Similarly, Shikhar Insurance Company has earned a profit of Rs. 243 million as compared to the Rs. 241.4 million profit of last FY.
The profit in Q2 is the Rastriya Beema Company, the state-owned non life insurer, has earned a profit of Rs.194.3 million profit during the period. While Sagarmatha Insurance Company has earned Rs.177.7 million.
The company has earned a profit of Rs. 177.7 million. In the fourth place, Premier Insurance Company has earned a profit of Rs. 155.6 million.
Similarly, NECO Insurance Company has earned Rs. 152 million, Siddhartha Insurance Company Rs 141.1 million, IME General Insurance Company Rs. 121.3 million, Nepal Insurance Company Rs 103.8 million, Lumbini General Rs 103.8 million and NLG Insurance Rs 102.9 million profit during the same period. Prabhu Insurance Company has earned a profit of Rs. 95 million and Prudential Insurance Company has earned a profit of Rs. 77 million respectively.
Similarly, Everest Insurance has earned a profit of Rs. 60 million, Sanima General Rs 56.8 million, Himalayan General Rs 52.2 million and Azod Insurance Rs 46.3 million in the second quarter of the current fiscal year.