Neco Insurance Reports First Quarter Financials

Kathmandu – Neco Insurance Company has released its financial statements for the first quarter of the current fiscal year 2082/83, showing moderate growth in some business indicators alongside a temporary impact on profits.

During the review period, the company’s net insurance premium income reached Rs 295.41 million, marking a 3.5 percent increase compared to the same period last year. Total income also grew by 4.22 percent to Rs 519.9 million.

However, the company’s profit was affected, recording a net loss of Rs 83.1 million, compared to a profit of Rs 70.4 million in the same period last fiscal year. Total claim payments increased by 65 percent to Rs 529.9 million, reflecting higher claim settlements during the period. Total expenses rose by 60 percent to Rs 638.7 million.

Neco Insurance maintains a paid-up capital of Rs 2.69 billion and reserves of Rs 487.4 million. The company’s earnings per share (EPS) stood at Rs -12.35, while the net worth per share is Rs 227.15.