Siddhartha Insurance’s Profit Surge by 4.4 percent in Q2

Kathmandu: Siddharth Insurance Company’s profit increased by 4.4 percent during the second quarter of the current financial year 2079-80. The company earned a profit of Rs. 147.3 million in Q2. During the same period the last year, it earned a profit of Rs. 141.1 million.

During the period under review, net insurance premiums income increased by 24 percent to Rs. 751.4 million in net insurance fees. During the same period last year, the company earned Rs. 603.4 million.

Net claim payment decreased by 8.23 percent to Rs. 300.68 million in Q2 of FY 7980. The outstanding claim remained Rs. 1.37 billion. In the Q2 of last FY the insurer’s outstanding claim was Rs. 1.89 billion.

The company has Rs. 281.4 million in its reserve fund against the reserve fund Rs. 400 million of Q2 of FY 7879.

The insurer has recently signed a merger agreement with Premier Insurance under a regulatory obligation to meet the minimum paid-up capital.

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