SuryaJyoti Life Profit Rises 8 % as Insurance Fund Crosses NPR 51 Billion

Kathmandu — SuryaJyoti Life Insurance Company Limited has reported an increase in profit and most of its key financial indicators during the last fiscal year, according to its fourth-quarter financial results.

The company’s net profit rose 8.55% year-on-year to NPR 380.2 million from NPR 350.2 million. The increase was supported by a significant rise in interest income during the review period.

Net insurance premium income increased 15.73% to NPR 12.94 billion from NPR 11.19 billion in the previous fiscal year. Net benefits and claims paid also increased by 14.08%, reaching NPR 13.65 billion from NPR 11.96 billion.

The company’s total income grew by nearly 13% to NPR 17.10 billion from NPR 15.13 billion. Total expenses also increased, rising by around 13.5% from NPR 14.53 billion to more than NPR 16.49 billion.

SuryaJyoti Life’s earnings per share increased from NPR 6.99 to NPR 7.59 during the review period. Its life insurance fund also recorded substantial growth, rising from NPR 41.61 billion to NPR 51.56 billion.

The company’s net worth per share stood at NPR 122.68. Its solvency ratio, however, declined to 1.65% from 3% in the previous fiscal year.

SuryaJyoti Life has paid-up capital of NPR 5.01 billion. Its reserve fund decreased from NPR 923.6 million to NPR 609.2 million, while its catastrophe fund increased from NPR 420 million to NPR 458 million.

The company also expanded its investment portfolio during the year. Total investments increased from NPR 41.66 billion to NPR 52.80 billion.

Overall, the financial results show continued growth in the company’s insurance business, income and life insurance fund, although the decline in its solvency ratio and reserve fund remain notable changes in its financial position.