Nepal Reinsurance Company Sees 55% Surge in Net Profit in Q2

Kathmandu — Nepal Reinsurance Company (Nepal Re) Limited has posted a 55.05 percent rise in net profit for the second quarter of the current fiscal year compared to the same period in the previous fiscal year.

According to the financial statement published by the company today, Nepal Re earned a net profit of Rs 523.6 million by the end of the second quarter in the current fiscal year. Correspondingly, the company’s earnings per share (EPS) have risen by Rs 1.33 percent to reach Rs 3.97.

As per the statement, the company’s net insurance premium also saw significant growth. Last year, the company recorded a net insurance premium of Rs 3.03 billion, which has increased by 31.78 percent this year, reaching up to 4.01 billion.

Nepal Re’s total income rose by 24.18 percent — from Rs 3.96 billion to Rs 4.92 billion. Meanwhile, total expenses increased by 19.55 percent, reaching Rs 4.16 billion, up from Rs 3.48 billion in the same period last fiscal year.

The company currently has a paid-up capital of Rs 13.42 billion, special reserves amounting to Rs 4.67 billion, a disaster fund of Rs 350.6 million, and a reserve fund of Rs 764.2 million. Its net worth per share stands at Rs 148.96.