Neco Insurance Reports Decrease in Profit Despite Strong Growth in Insurance Fund

Kathmandu: Neco Insurance Company has released its financial statement for the first quarter of the current fiscal year, revealing a decrease in profit despite positive growth in key financial indicators.

The company reported a profit of Rs. 70.46 million for the first quarter, a 19% decline compared to Rs. 88 million during the same period last year. Despite the dip in profit, the company showed substantial growth in its insurance fund, which increased by 40.36% to Rs. 4.87 billion, up from Rs. 3.46 billion in the previous year.

Neco Insurance’s paid-up capital stands at Rs. 2.1 billion, and the company has accumulated Rs. 59 million in its reserve fund. The company’s earnings per share (EPS) is Rs. 14.01, while its net worth per share is Rs. 279.81, reflecting a strong financial position.