Neco Insurance Reports Rs 550.8 Million Profit in FY 2081/82

Kathmandu — Neco Insurance Company Limited has posted a net profit of Rs 550.8 million for the fiscal year 2081/82, according to its fourth-quarter financial statements published today. Despite a slight decline in profit, the company has shown impressive progress across major financial indicators.

The company’s paid-up capital increased by 25% to Rs 2.51 billion. During the review period, it accumulated Rs 165.8 million in the catastrophe reserve and Rs 755.9 million in retained earnings. The life insurance fund rose by 9.82% to Rs 3.75 billion.

Neco Insurance collected net insurance premiums of Rs 1.71 billion, reflecting a 7.29% growth compared to the previous fiscal year. The company paid Rs 1.67 billion in claims, marking a 61.47% increase from the prior year. Additionally, it earned Rs 278 million from investments, loans, and other income sources.

Total income rose by 2.34% to Rs 2.47 billion, while total expenses amounted to Rs 1.65 billion. The company reported earnings per share (EPS) of Rs 21.9.