Kathmandu: Himalayan Reinsurance Company has made significant progress in various financial indicators in the short period of its operation. The company has earned a profit of Rs. 196.4 million in the first nine months of the current fiscal year.
Himalayan Re has managed to earn net premium of Rs. 474.9 million in the third quarter. The company had earned Rs 299.9 million in the second quarter. The company, which has a paid-up capital of Rs 7 billion, has accumulated Rs 200 million in its reserve fund.
The company has a long-term loan and investment of Rs 3.90 billion and a short-term investment of Rs 3.44 billion. Management expenditure during the review period was Rs. 91.44 million. From the profits made so far, Rs. 31.1 million has been allocated for staff bonuses.
The company has paid Rs 1.46 crore net claims in the third quarter. The company has spent Rs 98.5 million on reinsurance commission to bring in business worth Rs 474.9 million.
Himalayan Re is the first and only private sector driven re-insurance company in Nepal. It has started its operation from mid-July of last financial year. It has announced for special annual general meeting for the next month to pass the agenda of IPO with premium.