National Insurance Company Reports Loss in First Quarter of Current Financial Year

Kathmandu: National Insurance Company has released its financial statement for the first quarter of the current fiscal year, showing a significant downturn in its financial performance compared to the same period last year.

By the end of Ashoj (mid-October), the company posted a net loss of Rs. 180.3 million, a sharp contrast to the profit of Rs. 216.05 million reported during the same period of the previous financial year. This decline in profit highlights the financial challenges faced by the company in the current fiscal year.

The total insurance fee income for the company amounted to Rs. 202.0 million in the first quarter, down from Rs. 328.3 million earned during the same period last year. This decrease in income has contributed to the negative profit result.

Despite the challenges, National Insurance Company continues to maintain a substantial insurance fund, which has grown to Rs. 2.42 billion, compared to Rs. 1.6 billion last year. However, the company’s paid-up capital stands at Rs. 1.08 billion, and its reserve fund is in a negative position of Rs. 1.19 billion, indicating the financial difficulties the company is currently facing.