LIC Nepal’s progress in all indices with113 Billion Rupees Profit in Life Insurance Fund Increased by 59 percent

Kathmandu: LIC Nepal has published the financial statement for the second quarter of the current Fiscal year 2023/024 A.D (2079/80 B.S).

According to which, the size of the company’s life insurance fund has exceeded 113 billion Rupees, and it has risen profit as well. According to the unrevised financial statement published on  Mid of January-February, 2023/024 A.D (29th of Magh, 2080 B.S), the net profit of the company has increased by 59.79 percent from 85.5 million to 136.6 million Rupees.

The profit that had decreased due to future bonus provisioning in the last fiscal year has increased this year with the relaxation of such provisioning. The company’s business has only slightly decreased compared to the same period of last fiscal year. The company, which earned 8.72 billion rupees in insurance fees in the last fiscal year, has managed to earn 8.66 billion Rupees in total insurance fees in the six months of the current fiscal year.

By the second quarter of current fiscal year, LIC Nepal has managed to accumulate 113 billion 800 million Rupees in the life insurance fund. In the same period of the previous fiscal year, the company had accumulated 101 billion 638 million Rupees in the life insurance fund.During the review period, the company’s total claim payment has increased from 3.98 billion Rupees to 5.25 billion Rupees.

Similarly, it is seen that the profit of the company has increased due to the increase in the income received from investment. As a result, the company’s earnings per share increased from Rs.6.45 to Rs.10.31.During the review period, the number of insurance policies maintained in the company increased from 689 thousand 740 to 693 thousand 377.