Himalayan Everest Insurance Reports Growth in Premium Income and Insurance Fund in Q1

Kathmandu – Himalayan Everest Insurance Limited has released its first-quarter financial statement for the current fiscal year, showing a rise in both business volume and overall income.

According to the report, the company’s net insurance premium income increased by 10.52 percent, rising from Rs 564.7 million in the same period last fiscal year to Rs 624.1 million this year.

During the review period, total income also grew by 10.94 percent, reaching Rs 804.2 million, compared to Rs 724.9 million in the previous fiscal year. Total expenses, however, rose by 44.93 percent to Rs 913.5 million.

The company paid Rs 16.6 million in agent commissions during the first quarter, compared to Rs 9.5 million in the same period last year.

Claim payments have also increased. While the company settled Rs 243.8 million in claims last fiscal year, payments grew by 35 percent to Rs 329.3 million in the first quarter of the current fiscal year, influenced in part by claims related to the recent Gen-Z movement.

Himalayan Everest Insurance currently has a paid-up capital of Rs 2.5 billion, a special reserve of Rs 1.93 billion, a disaster fund of Rs 83.2 million, and a reserve fund of Rs 224.2 million.

The company’s insurance fund expanded by 32.51 percent, increasing from Rs 4.33 billion to Rs 5.74 billion within the first quarter. The insurer’s net worth per share stands at Rs 205.96, while earnings per share (EPS) for the period are negative at Rs 17.49.