Non-Life Insurance Companies Earn 4.16 Billion Net Profit in FY 2081/82, Siddhartha Premier and Neco Insurance at the Lead

Kathmandu – The net profit of Nepal’s non-life insurance sector fell sharply in the last fiscal year 2081/82, declining by 28.92 percent compared to the previous year.

According to the financial statements published by the 14 non-life insurance companies currently in operation, the sector earned a combined net profit of Rs 4.16 billion during the review period, down from Rs 5.85 billion in the previous fiscal year.

In terms of profit generation, Siddhartha Premier Insurance led the market with Rs 713.1 million, marking a 3.63 percent increase from the previous year. Neco Insurance followed with Rs 550.8 million. Other notable performers include Himalayan Everest Insurance (Rs 532.3 million), Shikhar Insurance (Rs 452.7 million), the government-owned Rastriya Beema Company (Rs 427.6 million), and Sagarmatha Lumbini Insurance (Rs 403.2 million).

IGI Prudential Insurance posted a profit of Rs 364.9 million, Sanima GIC Insurance earned Rs 350.3 million, Nepal Insurance earned Rs 316.4 million, and United Ajod Insurance posted Rs 216.4 million. Prabhu Insurance recorded Rs 211.9 million, NLG Insurance earned Rs 161.1 million, and The Oriental Insurance posted Rs 82.9 million.

Source: According to the data published by all Non-Life insurance Companies

In terms of growth rate, Prabhu Insurance and Sanima GIC Insurance reported the highest percentage increases in profit compared to the previous year. However, only seven companies saw profit growth, while six recorded declines.

National Insurance Company posted the lowest performance, recording a negative profit of Rs 623.9 million, signaling severe financial distress.