Nepal Reinsurance Company Records Rs 63.3 Million Net Profit in First Quarter

Kathmandu — Nepal Reinsurance Company Limited has reported a net profit of Rs 63.3 million for the first quarter of the current fiscal year, a significant turnaround from the net loss of Rs 475.6 million recorded in the same period last year.

While most companies have already published financial statements up to the third quarter (Chaitra-end), Nepal Reinsurance has only released its report up to mid-Asoj. Despite this delay, the numbers indicate a strong recovery in the company’s financial position.

The company’s earnings per share (EPS) have improved notably, rising to Rs 0.47 from a negative Rs 3.71 in the first quarter of the previous fiscal year. Its net worth per share stands at Rs 145.54.

During the review period, Nepal Reinsurance earned a net insurance premium of over Rs 1.77 billion, marking a 38.42% increase from Rs 1.28 billion in the corresponding quarter last year. Total income surged by 38.72%, reaching Rs 2.40 billion, up from Rs 1.73 billion. Meanwhile, total expenses rose modestly by 4.79%, from Rs 2.21 billion to Rs 2.31 billion.

The company’s paid-up capital stands at Rs 13.42 billion. It has accumulated Rs 4.43 billion in special reserves, Rs 33.4 million in the disaster fund, and over Rs 55.7 million in the reserve fund.