Non-Life Insurance Companies Earn Rs 3.65 Billion Net Premium in First Quarter
Kathmandu – All 14 non-life insurance companies operating in Nepal have published their first-quarter financial statements for the current fiscal year, reporting a combined net premium income of Rs 3.65 billion. This marks a 14.13 percent increase compared to the Rs 3.20 billion earned during the same period last fiscal year.
The financial statements show varying levels of performance among insurers in both total earnings and growth rates.
Himalayan Everest Insurance recorded the highest net premium income at Rs 624.1 million, closely followed by Salico Insurance with Rs 621.1 million. Siddhartha Premier Insurance ranked third, earning Rs 309 million in net premiums during the review period.
Other companies reporting notable earnings include Neco Insurance with Rs 295.4 million, Shikhar Insurance with Rs 297 million, Oriental Insurance at Rs 288 million, United Ajod Insurance at Rs 245.5 million, and IGI Prudential Insurance at Rs 241.2 million.
Likewise, Nepal Insurance earned Rs 207.9 million, NLG Insurance Rs 175.7 million, Prabhu Insurance Rs 127 million, Sanima GIC Insurance Rs 111.9 million, National Insurance Rs 91.4 million, and the government-owned Rastriya Beema Company reported Rs 38.2 million.
In terms of growth, Salico Insurance led the industry with a sharp 99.20 percent increase in net premium income. It was followed by Nepal Insurance with 52.16 percent and Oriental Insurance with 44.46 percent growth.
Other companies showing positive growth include NLG Insurance (30.09 percent), United Ajod Insurance (27.21 percent), Himalayan Everest (10.52 percent), IGI Prudential (7.31 percent), Neco Insurance (3.44 percent), Sanima GIC (3.39 percent), Shikhar Insurance (3.02 percent), and Prabhu Insurance (1.09 percent).
However, not all insurers recorded growth. Siddhartha Premier Insurance saw a 10.98 percent decline, National Insurance decreased by 17.44 percent, and the government-owned Rastriya Beema Company reported a steep 79.74 percent decline in net premium earnings.