National Life’s Profit Plunges by 20 percent

Kathmandu: The profit earning of National Life Insurance Company (NLICL) has shrunk by 20 percent in the third quarter of the current fiscal year 2078/79. The company has made a profit of Rs. 255.6 million as of Chaitra end. It had earned a profit of Rs 322.5 million in the same period last fiscal year.

The actual profit earning of life insurers are realized only after actuarial valuation.

NLICL has earned Rs 10.17 billion total premium in the third quarter of the current FY. The company has improved by 17 percent compared to last year. 8.69 billion in the corresponding period of the previous year.

It has added Rs 9 billion in the life insurance fund to Rs 49.04 billion in the third quarter. Out of which, the company has a long-term investment of Rs. 31.70 billion. The policy loan of Rs 7.5 billion and other short-term investment is over Rs. 14 billion.

This year, the agents alone have taken a commission of Rs. 1.10 billion. The company had spent Rs. 973 million on agency commission during the same period last FY. The paid-up capital of the company has reached Rs. 4.3 billion and the reserve fund has Rs. 529.2 million. It’s earnings per share(EPS) is Rs. 8 and net worth per share is Rs. 121 based on the third quarters result.

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