Siddhartha Premier Insurance Reports Growth in Fourth Quarter Financial Results

Kathmandu — Siddhartha Premier Insurance Limited has reported an overall improvement in its financial indicators for the fourth quarter of the last fiscal year.

According to the company’s statement, net profit rose by 3.63 percent to Rs 713.1 million by the end of Ashar month, up from Rs 688.1 million in the same period a year earlier. Net insurance premium increased by 11.58 percent, reaching Rs 2.05 billion compared to Rs 1.84 billion previously.

The company’s total income grew slightly to Rs 3.09 billion from Rs 3.03 billion, while total expenses fell to Rs 2.08 billion from Rs 2.16 billion. Agent commission expenses also declined from Rs 37.5 million to Rs 34.7 million. Its insurance fund rose by 16.02 percent to Rs 5.75 billion from Rs 4.95 billion.

Siddhartha Premier Insurance currently has a paid-up capital of Rs 2.80 billion, a share premium of Rs 4,00,000, a special reserve of Rs 2.5 billion, a disaster fund of Rs 224.3 million, and a reserve fund of Rs 950.5 million. Earnings per share increased from Rs 24.52 to Rs 25.41, while net worth per share stands at Rs 274.56.