Citizen Life Insurance Reports Remarkable 86.78% Surge in Net Profit for Q2

Kathmandu – Citizen Life Insurance Company Limited has reported an impressive 86.78% increase in net profit for the second quarter of the current fiscal year, compared to the same period in the previous fiscal year. The significant growth has been attributed to an uptick in the company’s total income, alongside a substantial rise in net insurance premium income.

The company’s financial statements reveal that total income climbed to Rs 4.18 billion, a notable increase from Rs 3.36 billion recorded during the corresponding period last year. Similarly, net insurance premium income surged from Rs 2.57 billion in the previous fiscal year to Rs 3.18 billion in the current fiscal year, further boosting profitability.

As of the second quarter, Citizen Life Insurance’s life insurance fund also witnessed remarkable growth, rising from Rs 11.97 billion to Rs 16.85 billion within the span of a year. The company’s paid-up capital stands at Rs 3.93 billion, complemented by a share premium of Rs 1.55 billion, retained earnings of Rs 838 million, and a disaster fund of Rs 192.8 million.

The surge in profitability has also positively impacted shareholder returns. Citizen Life Insurance’s earnings per share (EPS) increased from Rs 6.60 in the previous fiscal year to Rs 11.73 this year, while the company’s net worth per share now stands at Rs 181.82.