Neco Insurance Reports Modest Profit Decline in Q3, Net Income Increases by 14.39%

Kathmandu — Neco Insurance Limited has unveiled its financial results for the third quarter of the current fiscal year 2081/82, reporting a slight dip in net profit despite growth in net insurance premium and total income.

The company reported a net profit of Rs 369.3 million in the first nine months of the fiscal year, marking a marginal decline of 2.16 percent compared to Rs 377.4 million during the same period last year.

Neco Insurance’s net insurance premium rose by 14.39 percent to Rs 1.22 billion, up from Rs 1.07 billion in the corresponding period of the previous fiscal year. The company also recorded a 7.09 percent rise in total income, which increased from Rs 1.64 billion to Rs 1.76 billion. However, total expenses surged by 12.29 percent, rising from Rs 1.09 billion to Rs 1.23 billion.

The company currently has a paid-up capital of Rs 2.01 billion. Its special reserves stand at Rs 2.21 billion, the disaster fund at Rs 156.7 million, and retained earning stands at Rs 676.1 million.

The company’s earnings per share (EPS) dropped slightly from Rs 25.01 to Rs 24.47, while the net worth per share is recorded at Rs 267.40.