Citizen Life Insurance Posts Rs 357.6 Million Profit in Q3, Total Income Surge by 22.52%

Kathmandu — Citizen Life Insurance has published its third quarter financial report for the current fiscal year, showing a significant growth in profitability and overall financial performance.

According to the report, the company earned a net profit of Rs 357.6 million by end of Chaitra, marking a 27.14 percent increase compared to Rs 281.3 million in the same period of the previous fiscal year. The company’s net earned premium surged by 20.67 percent, rising from Rs 3.99 billion last year to over Rs 4.81 billion this year.

During the review period, Citizen Life Insurance’s total income increased by 22.52 percent from Rs 5.21 billion to more than Rs 6.39 billion. Meanwhile, total expenses rose by 20.80 percent, reaching over Rs 5.96 billion from Rs 4.93 billion in the same period last year.

The company has a paid-up capital of Rs 5 billion, along with a disaster fund of Rs 211.2 million and a reserve fund of around Rs 985 million.

Notably, the life insurance fund has grown significantly expanding by 43.97 percent from Rs 12.51 billion last year to exceed Rs 18 billion this year. The company’s earnings per share stand at Rs 9.54, while its net worth per share is Rs 146.91.