LIC Nepal Reports 22.66% Profit Growth in Q3 of the Current Fiscal Year

Kathmandu — Life Insurance Corporation (LIC) Nepal has recorded a strong financial performance in the third quarter of the current fiscal year, achieving significant growth in profit, insurance premiums, and investment income.

According to its unaudited quarterly report published today, the company recorded a net profit of Rs 236 million during the review period, reflecting a 22.66 percent increase from Rs 192.4 million in the same period last fiscal year.

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LIC Nepal’s net insurance premium income rose by 8.43 percent to Rs 13.95 billion, up from Rs 12.86 billion in the corresponding period last year. The company also continued its commitment to timely claim settlements, paying out Rs 19.52 billion in insurance claims over nine months which is an increase of 7.91 percent year-on-year.

The company earned Rs 7.39 billion through loans and investments during the period. The total income reached Rs 23.34 billion, marking a 7.95 percent rise compared to the previous fiscal year.

Commission expenses climbed by 5.01 percent, totalling Rs 9.82 billion, compared to Rs 9.35 billion in the previous year. The company’s earnings per share stand at Rs 6.29, with a net worth per share of Rs 198.97.

LIC Nepal has a paid-up capital of Rs 5 billion, along with a reserve fund of Rs 3.37 billion, a disaster fund of Rs 6.77 billion, and a life insurance fund amounting to Rs 129.8 billion.