Nepal Insurance Sees Strong Premium Growth Despite Profit Decline in Q3

Kathmandu — Nepal Insurance Company Limited has published its financial report for the third quarter of the current fiscal year, revealing a mixed performance with solid growth in premium income and insurance claims, but a notable dip in net profit.

According to the statement released today, the company recorded a net profit of Rs 178.4 million during the review period, marking a 39.44 percent decrease compared to Rs 294.6 million in the same period last fiscal year.

Despite the decline in profit, the company reported a 7.37 percent increase in total insurance premium income, reaching Rs 1.27 billion, up from Rs 1.19 billion in the previous year.

Nepal Insurance has also demonstrated strong performance in claim settlements, disbursing Rs 542.4 million in insurance claims over the nine-month period which is an impressive 53.61 percent rise year-on-year.

In terms of investment and Loan income, the company earned Rs 212.4 million during the period. Nepal Insurance currently holds a paid-up capital of Rs 1.89 billion, with a reserve fund of Rs 87.1 million and an insurance fund totaling Rs 2.78 billion.

The company’s earnings per share stood at Rs 12.58, while its net worth per share reached Rs 190.91. The company has 160,000 active insurance policies as of the third quarter.