Reliable Nepal Life Insurance Reports 51.70% Profit Growth in Q2

Kathmandu – Reliable Nepal Life Insurance Limited has reported a significant 51.70 percent increase in net profit for the second quarter of the current fiscal year compared to the same period last year. The company’s financial statements reveal that its net profit rose from Rs 230.9 million in the previous fiscal year to Rs 350.3 million in the current fiscal year.

The rise in profit is attributed to an increase in both net premium income and total income. The company’s total income surged from Rs 2.41 billion last year to Rs 3.44 billion this year. Similarly, its net premium income grew from Rs 1.75 billion to Rs 2.21 billion during the same period.

Reliable Nepal Life Insurance’s life insurance fund also saw substantial growth. It increased by 35.79 percent, from Rs 8.49 billion in the second quarter of the previous fiscal year to Rs 11.53 billion in the current fiscal year.

As of the second quarter, the company’s paid-up capital stands at Rs 4.64 billion. It has accumulated Rs 1.75 billion in share premium, Rs 1.04 billion in retained earnings, and Rs 190 million in its disaster fund.

The company’s profitability is reflected in its earnings per share (EPS), which increased from Rs 11.55 in the second quarter of the last fiscal year to Rs 15.10 this year. Additionally, its net worth per share has risen to Rs 166.66.