Kathmandu: The aggregate life insurance fund of two leading life insurers has crossed Rs. 2.51 trillion by the end of the second quarter of the current financial year 2079-80.
According to the unaudited quarterly financial reports, the size of the life fund of Nepal Life Insurance(NLIC) is above Rs. 1.5 trillion while LIC Nepal(LICN) has a life fund of Rs.1.01 trillion by the end of Q2 of the current FY 7980. NLIC and LICN had life funds of Rs. 1.24 trillion and Rs. 86.49 billion respectively in the second quarter of the last FY 7879.
LICN made a net profit of Rs. 987 million in the Q2 of the current FY against Rs.769 in Q2 of last FY7879. NLIC had a profit of Rs.440 million in the review period.
LICN had a reserve fund of Rs. 713.4 million and a paid-up capital of Rs. 2.65 billion in the period under review. During the same period of the last financial year, the reserve fund of the company had Rs.1.23 billion. Compared to the same period of the last financial year, the amount in the company’s reserve fund has decreased.
A total of Rs. 8 billion 681.9 million net insurance premiums was earned by LICN in the review period of the current FY. Compared to the last financial year, the company’s net insurance fee income decreased by 9 percent. NLIC earned net insurance premiums Rs.18.40 billion in Q2 of 7980.
A total of Rs. 3.97 billion was paid by the LICN against claims in Q2. The company had Rs. 361.5 million in catastrophe funds in Q2 of the current FY. NLIC had a total of Rs.833 million in its catastrophe fund in the review period.