Himalayan Reinsurance Reports Rs 989.3 Million Net Profit in Q3 of Current Fiscal Year

Kathmandu — Himalayan Reinsurance Limited has posted a net profit of Rs 989.3 million in the third quarter of the current fiscal year, reflecting a 6.25% year-on-year growth compared to Rs 931.1 million in the same period last year.

The steady rise in profitability has also contributed to an improvement in earnings per share (EPS), which increased from Rs 12.41 to Rs 12.68 during the review period.

According to the financial report published by the company, net insurance premiums surged by 19.76% to reach Rs 4.18 billion, up from Rs 3.49 billion in the corresponding period of the previous fiscal year.

Total income for the company rose by 21.76%, from Rs 4.27 billion to Rs 5.20 billion. However, total expenses also saw a 24.70% rise, climbing from Rs 2.98 billion to Rs 3.71 billion.

Himalayan Reinsurance currently maintains a paid-up capital of Rs 10.40 billion with a disaster fund of Rs 164.9 million, a retained earning of Rs 1.02 billion, a special reserve of Rs 1.63 billion, and Rs 3.12 billion in share premium. The company’s net worth per share stands at Rs 161.24.