Himalayan Everest Insurance Maintains Financial Stability Despite Decline in Profit

Kathmandu — Himalayan Everest Insurance has released its unaudited financial statement for the third quarter of the fiscal year 2081/82, reporting a significant decline in profit and insurance fund, though some financial indicators remain stable.

According to the report, the company earned a net profit of Rs 332.3 million in the first nine months of the current fiscal year. This marks a 45.20 percent drop compared to Rs 606.5 million recorded during the same period in the previous fiscal year. The company’s insurance fund shrank by 11.55 percent, falling from Rs 3.99 billion to Rs 3.53 billion by Chaitra-end.

Himalayan Everest’s total income also declined by 4.01 percent to Rs 1.72 billion, down from Rs 1.79 billion last year. Meanwhile, the company’s total expenses surged by 48.21 percent, reaching Rs 1.30 billion.

As of the third quarter, the company’s paid-up capital stands at Rs 2.50 billion. The Disaster Fund saw an increase of 11.89 percent, reaching Rs 78.2 million, while the retained earning fell by 21.07 percent to Rs 240.5 million.

The company reported earnings per share (EPS) of Rs 17.73 and net worth per share of Rs 375.50.