Kathmandu: Himalayan Reinsurance Company (Himalayan Re) has managed to make significant improvements in a short period of time. The company has earned net insurance premium of Rs. 299.9 million in the second quarter of the current fiscal year 78/79. It had earned Rs. 88 million in the first quarter.
The total premium earned during this period is Rs. 305.5 million.
Himalayan Re has earned a profit of Rs. 124.7 million in the last six months. It had made a profit of Rs. 47.6 million during the first quarter. The company has allocated bonus Rs. 19.8 million to the employees from the profits as per the provision of labor law.
The net claim payment in the second quarter is only 3 million 29 thousand while Rs. 129.3 million has been allocated to Reserve Fund,
It has Rs. 48.19 million in the insurance fund. Similarly, Rs. 460,000 has been deposited in the catastrophe fund.
AM Best credit rating agency has give it credit rating for financial strength as a ‘B’ Fair and a ‘Double B Plus’ ‘Fair’ as a long-term share issuer. The company is collecting insurance premiums from domestic and foreign insurance companies.