Kathmandu: Among 20 non-life insurance companies, 18 companies have earned a net profit of Rs. 915.13 million in the first three months of the current fiscal year 2078/79.
These company had earned a net profit of Rs. 935.28 million in the corresponding period(mid July to mid September)of the last fiscal year. The net profit has declined by 2.16 percent as compared to the same period last FY 2077/78.
Indian joint ventures Oriental Insurance and National Insurance Company have yet to publish their quarterly financial statements.
Profits of four companies declined:
During the period under review, net profit of four companies – NECO Insurance Company, NLG Insurance Company, Prudential Insurance Company and Ajod Insurance Company has declined while the profit of remaining 14 companies has surged.
The net profit of NECO Insurance Company has decreased by 42 percent compared to the same period last fiscal year. The company has earned a net profit of Rs 71.9 million during the period. NLG Insurance Company’s profit declined by 5 percent to Rs 58.2 million compared to the same period last fiscal year.
Similarly, the profit of Prudential Insurance Company has decreased by 10 percent compared to the same period of the last fiscal year. The company has earned a profit of Rs. 36.5 million during the period. Ajod Insurance Company has earned a profit of Rs. 11 million during the period. The company’s net profit is down 79 percent compared to the same period last fiscal year.
Shikhar Insurance Company has earned a net profit of Rs 133.6 million. The company has managed to increase its profit by 9 percent compared to the same period last fiscal year.
Premier Insurance Company has earned a net profit of Rs. 81.5 million in the first quarter of the current fiscal year. The company had earned a net profit of Rs. 79 million in the corresponding period of the last fiscal year.
Prabhu Insurance Company has earned a profit of Rs. 65.40 million in the first quarter of the current fiscal year. The company’s profit has increased by 16 percent compared to the same period last fiscal year. Rastriya Beema Company, a state-owned non-life insurer, has managed to earn Rs. 62 million with an increase of 19 percent. Sagarmatha Insurance Company has managed to earn a profit of Rs. 61.7 million by increasing its profit by 10 percent.
Similarly, the net profit income of Nepal Insurance Company Rs. 59.5 million, Siddhartha Insurance Company Rs. 54.3 million, IME General Insurance Company Rs. 43.5 million, Lumbini General Insurance Company Rs. 43 million, General Insurance Company Rs. 38.3 million, Everest Insurance Rs. 30.9 million.
Himalayan General Insurance Company has earned a net profit of Rs 26.9 million, Sanima General Insurance Company Rs 24.3 million and United Insurance Company Rs. 11.9 million during the review period.
