Kathmandu. Last fiscal year 2082. At 83, the cost of salary of employees of life insurance companies increased slightly.
This is evident from the financial statements of 14 life insurers in operation in the last fiscal year. In the review year, the companies spent Rs 7.29 billion in salaries and allowances to their employees. Previous fiscal year 2081. In 2018, the companies spent Rs 6.66 billion on salaries and allowances of their employees. In the review year, companies spent on this headline increased by 5.05 percent compared to the previous year.
Compared to the previous year, the cost of salary of employees of 9 life insurers has increased while the cost of salary of 5 life insurers has decreased. Himalayan Life Insurance Company is the highest spender and National Life Insurance Company is the lowest spender.
In the review year of the current fiscal year, Himalayan Life has spent Rs 90.27 crore on salary and allowances of its employees. The company had posted a total expenditure of Rs 85.94 crore in the same period last year. The company’s employee salary increased by 5.05 percent in the review year compared to the previous year.
Similarly, Nepal Life Insurance Company is in second place. In the review year, Nepal Life Insurance spent Rs 88.74 crore which decreased by 5.36 percent to Rs 83.98 crore in the review year.
The third is Surya Jyoti Life. In the last fiscal year, the company spent Rs 68.55 crore on salary and allowances of its employees. Last year, the company had spent Rs 65.71 crore. Such expenditure has increased by 4.33 percent compared to the previous year.
In the review year, National Life has spent Rs 54.63 crore on salary and allowances of its employees. Last year, the company had spent Rs 50.5 million. In this way, the cost of salary of the employees of the company has increased by 8.10 percent.
National Life Insurance Company is the lowest spender. In the last fiscal year, the company spent Rs 16.69 crore on salaries and allowances. Last year, the company had spent Rs 17.06 crore. The company’s expenses also decreased by 2.15 percent.
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