Kathmandu: The net profit of Neco Insurance Company increased by 17 percent by the end of second quarter of current financial year 2079-80. According to the unaudited financial statement published by the insurer, a total of Rs. 176 million profit has been booked by the end of second quarter. The net profit was Rs.150.2 million
Despite the improvement in profits, the insurer witnessed a decline of 11 percent in net insurance premium income and 2.5 percent in total insurance premium income. The insurer earned a total of Rs. 872.5 million net insurance premium while the total insurance premium was Rs 1.54 billion. In the same period of last FY, the insurance premiums was Rs. 980 million and the total insurance premium was Rs.1.58 billion.
The number of insurance policies issued also declined by 6 percent to 1,54,000.
The company paid total claims of Rs. 362.3 million during by the second quarter. There’s still Rs.1.78 billion outstanding claim.