IGI Prudential Insurance Reports Growth in Premium Income in Q1

Kathmandu – IGI Prudential Insurance has released its financial statements for the first quarter of the current fiscal year 2082/83, showing improvement in several key indicators despite pressure on profit.

During the review period, the company’s net insurance premium income increased by 7.31 percent to Rs 241.2 million, up from Rs 224.7 million in the same period last fiscal year.

Although the company had posted a net profit of Rs 61.65 million in the first quarter of the previous fiscal year, it has reported a loss of Rs 207.6 million this year. The decline in profit was mainly attributed to claim obligations arising from damage to private property during the recent Gen-Z movement.

The company’s total claim payments stood at Rs 483.05 million, compared to Rs 672.7 million in the corresponding period last year. By the end of Ashoj, IGI Prudential recorded total income of Rs 466 million and total expenses of Rs 668.2 million.

The company currently maintains a paid-up capital of Rs 3.2 billion, a disaster fund of Rs 95.9 million, while its reserve fund stands at a negative Rs 49 million.