Reliable Nepal Life Insurance Achieves Strong 29.65% Profit Growth in Q1

Kathmandu – Reliable Nepal Life Insurance has released its unaudited financial statements for the first quarter of the current fiscal year, reporting notable improvements in profit, business volume, and its life insurance fund.

According to the statement, the insurer’s net profit surged by 29.65 percent to Rs 258.5 million by the end of Ashoj. During the same period last fiscal year, the company had earned Rs 199.3 million.

The company generated Rs 343.4 million from investment and interest income, while its insurance claim payments stood at Rs 1.10 billion during the review period.

Reliable Nepal Life Insurance also recorded a strong rise in its core business performance. The company’s net insurance premium income increased by 27.48 percent to Rs 1.42 billion, compared to Rs 1.12 billion in the corresponding period of the previous fiscal year.

Demonstrating firm financial discipline, the insurer reduced its total expenses by 7.67 percent, bringing the figure down to Rs 1.67 billion.

The company’s agent commission payments rose by 9.27 percent, reaching Rs 137.1 million, driven by the expansion of business through its agency network.

Reliable Nepal Life Insurance’s life insurance fund also posted healthy growth, increasing by 13.92 percent to Rs 19.79 billion.

With a paid-up capital of Rs 5.19 billion, the company’s earnings per share (EPS) stand at Rs 19.9, while its net worth per share has reached Rs 154.29.