Kathmandu: Asian Life Insurance(ALICL) has witnessed surge in net profit by 21.58 percent in the first quarter of current financial year. The company has posted a net profit of Rs.117 million in Q1 while the net profit was Rs.96.2 million during last FY in the same period.
ALICL has earned Rs. 1.64 billion net insurance premium income in Q1 of current FY 2079-80. The net premium income has increased by 4.26 percent during the review period. According to quarterly financial statement, ALICL has paid Rs. 466.5 million net claims in Q1 while Rs. 58.88 million is in outstanding claim.
The company has Rs. 689 million in it’s reserve fund while it’s paid-up capital is Rs. 2.53 billion. Reserve fund has decreased by 30% during the review period as compared to last FY. Since the bonus shares distributed from the profits of FY 2077-78 were not listed by the end of Ashoj 2079, the company has not included them in the paid-up capital in the published financial statements.
The life insurance fund has Rs. 33.63 billion which is an increase by 20.32 percent as compared to the review period of last FY. According to quarterly financial statement, the company’s earning per share(EPS) is Rs. 18.44 and net worth Rs. 132. 98 per share.