Citizen Life Insurance Reports 27% Growth in Premium Income in Q1

Kathmandu — Citizen Life Insurance has released its financial results for the first quarter of the current fiscal year, reporting strong growth in premium income and life insurance reserves despite marginal pressure on profitability.

According to the company, total premium income rose by 27 percent to Rs 2.23 billion, compared to Rs 1.74 billion earned in the corresponding period last year. The company’s net premium income also grew substantially, increasing by 28.73 percent to Rs 2.12 billion, up from Rs 1.65 billion in the first quarter of the previous fiscal year.

However, profit growth remained subdued. Citizen Life posted a net profit of Rs 131.4 million, reflecting a slight 0.43 percent decrease from last year’s Rs 139.9 million during the same period.

The company’s life insurance fund showed robust expansion, increasing by 38 percent to reach Rs 21.59 billion. In the first quarter of the previous fiscal year, the fund had accumulated Rs 15.63 billion.

Citizen Life reported earnings per share (EPS) of Rs 10.52, while its net worth per share stands at Rs 148.93, indicating a solid financial position.