Kathmandu. Current fiscal year 2082. As of the second quarter of 83 years (July-December), the cost of salary of employees of life insurance companies has increased.
This is according to the financial statements of the second quarter of the current fiscal year made public by 14 life insurers in operation. During the review period, the companies spent Rs 3.61 billion in salaries and allowances to their employees. Last year, 2081. In the same period of 2018-19, the companies had spent Rs 3.18 billion on employees’ salaries and allowances. Compared to the previous year, the company’s expenses under this headline increased by 13.32 percent.
Compared to the previous year, the cost of going to the salary of all life insurer employees has increased during the review period. Himalayan Life Insurance Company is the highest spender and National Life Insurance Company is the lowest spender.
Himalayan Life Insurance has spent Rs 53.19 crore in salary and allowances of its employees in the review period. The company had posted a net loss of Rs 47.24 crore in the same period last year. Compared to the previous year, the company’s employee salary increased by 12.59 percent in the review period.
Similarly, Nepal Life Insurance Company is in second place. In the review period of the previous year, Nepal Life Insurance spent Rs 47.99 crore, an increase of 31.25 percent.
The third is Surya Jyoti Life. In the second quarter of the current FY, the company has spent Rs 34.19 crore on salary and allowances of its employees. The company had posted a total of Rs 32.89 crore in the same period last year. Such expenditure has increased by 3.93 percent compared to the previous year.
As of the review period, National Life Insurance has spent Rs 26.23 crore on salaries and allowances of its employees. The company had posted a net loss of Rs 24.65 crore in the same period last year. In this way, the cost of salary of the employees of the company has increased by 6.41 percent.
The cost of going to the salary of all other life insurers has increased. In terms of expense growth, Reliable Nepal Life Insurance is ahead by 34.09 percent.
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