Sanima GIC Insurance Reports Strong Growth in Profit and Key Financial Indicators for First Quarter

Kathmandu: Sanima GIC Insurance Company Limited has published its financial results for the first quarter of the current financial year, showing significant growth in profit, total insurance fee earnings, and other key financial metrics.

For the first three months of the year, the company’s profit surged by 50 percent, rising from Rs. 33.7 million in the previous year to Rs. 50.8 million this year. This impressive increase has been attributed to the company’s strong management and improved insurance fee earnings.

The total insurance fee income for Sanima GIC Insurance also saw a notable increase of 6 percent compared to the same period last year, growing from Rs. 370.4 million to Rs. 394.1 million. Additionally, the company has deposited Rs. 263.0 million in reinsurance during this period, further bolstering its financial position.

With a paid-up capital of Rs. 2 million, Sanima GIC Insurance has accumulated a reserve fund of Rs. 216.4 million. The company has paid out insurance claims worth Rs. 150.2 million during the review period, marking a decrease in claim payments compared to the previous year.

The company currently holds Rs. 2.84 billion in outstanding insurance claims yet to be settled with its policyholders. Additionally, Sanima GIC Insurance issued 30,315 policies during the first quarter.

The company also saw an improvement in its earnings per share (EPS), which increased from Rs. 6.76 to Rs. 10.17. Its net worth per share stood at Rs. 151.57, reflecting the strong financial health of the company.