Kathmandu. Non-life insurance companies in the last financial year 2082. They have spent more than Rs 5.5 billion on salaries and allowances of employees in 83 years.
According to the unrefined financial details of the last fiscal year, 14 non-life insurance companies have spent Rs 5.55 billion in salary and allowances of employees. Previous fiscal year 2081. In 2018, the companies spent Rs 5.47 billion on salaries and allowances of employees. Compared to the previous year, the expenditure increased by 1.38 percent.
In the review year, Siddhartha Premier Insurance has been the highest consumer in terms of salary and allowances of employees, while Oriental Insurance is ahead in terms of growth rate. Compared to the previous year, the expenses of 7 companies have increased while the expenses of 7 companies have decreased.
In the last fiscal year, Siddhartha Premier Insurance spent Rs 68.64 crore on salary and allowances of its employees. In the previous year, such expenditure was Rs 63.88 crore. The company’s expenses increased by 7.46 percent in the review year compared to the previous year.
Shikhar Insurance is the second largest consumer of employees’ salaries. The company had spent Rs 62.31 crore in the last fiscal year. In the previous year, such expenditure was Rs 61.49 crore. Compared to the previous year, the expenditure increased by 1.33 percent.
Sagarmatha Lumbini Insurance is in the third position. The company spent Rs 55.33 crore in the review year as against Rs 56.42 crore in the previous year. In the review year, the expenditure decreased by 1.94 percent compared to the previous year.
Sagarmatha Lumbini Insurance, IGI Prudential Insurance, United Ajod Insurance, Sanima GIC Insurance, Nepal Insurance, Rastriya Beema Company and National Insurance have reduced their salary and allowances in the review year as compared to the previous year. Siddhartha Premier Insurance, Shikhar Insurance, Himalayan Everest Insurance, Neco Insurance, NLG Insurance, Oriental Insurance, and Prabhu Insurance were among the companies that saw the increase in expenses.
Oriental Insurance’s employee salary has increased by 71.59 percent compared to the previous year. This growth rate is the highest among the non-life insurers.
Similarly, National Insurance Company has spent the least on salary and allowances of employees in the review year. The company has spent Rs 9.78 crore. This is 29.78 percent less than the previous year.
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