Neco Insurance Witnesses Poor Performance in Q1

Kathmandu: Neco Insurance has witnessed poor performance in the first quarter of current financial year 2079-80. According to the quarterly financial statement published by the company, most of the indicators are in negative status.

The net profit of the company has decreased by 6.63 percent to Rs. 671 million in Q1 as compared to the same period of last FY 2078-79. The company had earned Rs. 71.9 million in Q1 of last FY. Likewise, net insurance premium income has also decreased by 8.9 percent to Rs. 444.49 million.

Net claim payment has decreased by 7.17 percent to Rs. 186.68 million. The company has outstanding claim of Rs.1.82 billion against 10,000 policy claims.

In the Q1, the company has sold 78,000 policies and renewed 21,000 policies. Its paid-up capital is Rs. 1.74 billion and Rs. 51.97 crore is in the reserve fund. The earning per share of the company is Rs. 15 and the net worth per share is Rs. 215.

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