Kathmandu. In the second quarter of the fiscal year 2082/83, most of the non-life insurance companies were in loss. According to the financial details published by the companies, the profit of 5 non-life insurance companies has been negative while the profit of 8 companies has decreased. Only Prabhu Insurance has increased its profit compared to the previous year.
The losses caused by the GenG agitation in Nepal this year have negatively impacted the profits of non-life insurance companies during the review period. The profitability of non-life insurers has been affected due to the impact of floods, landslides and natural disasters caused by climate change.
According to the data published by the company, Shikhar Insurance has earned a profit of Rs 25.73 crore in the same period of the previous year. Sanima GIC Insurance Company has incurred a loss of Rs. 9.59 crores during the review period.
United Ajod Insurance Company has incurred a loss of Rs 10.6
6 crore. Siddhartha Premier Insurance Company has posted a net loss of Rs 17.85 crore during the review period. IGI Prudential Insurance Company has incurred a loss of Rs 18.11 crore.
In the second quarter of the current fiscal year, the company has earned the highest profit, but the profit of the company has decreased by 48 percent compared to the previous year. During this period, the company made a profit of Rs 17.72 crore.
Oriental Insurance Company has posted a net profit of Rs 16.22 crore in the review period, which was Rs 19.75 crore in the previous year. Prabhu Insurance has earned a net profit of Rs 12.24 crore in the review period. Among the non-life insurance companies, only Prabhu Insurance has increased its profit during this period compared to the previous year.
In the previous year, the company had posted a net profit of Rs 6.10 crore as against a loss of Rs 36.98 crore in the previous year. Similarly, the profit of Sagarmatha Lumbini Insurance has decreased by 43 percent compared to the previous year.
During the period, the company made a profit of Rs 1.57 crore. The company’s profit is down 90 percent compared to the previous year. NLG Insurance Company has earned a profit of Rs 1.10 crore during the period. The company’s profit decreased by 85 percent compared to the previous year. Neco Insurance has earned a profit of Rs 1.07 crore. The company’s profit is down 93 percent compared to the previous year. Nepal Insurance Company (LIC) has earned a net profit of Rs 49.58 lakh. The company’s profit is down 94 percent compared to the previous year.
