Kathmandu. National Insurance Company (NIC) has released the revised financial statements for the third quarter of the current fiscal year (July-April).
According to the financial statement, the company has incurred a loss of Rs 728.1 million till the third quarter. In the same period of the previous fiscal year, the company had earned a profit of Rs 141 million.
As of the third quarter of the current fiscal year, the company’s special reserves stood at Rs 1.45 billion, disaster fund at Rs 32.1 million and other equities at Rs 290.5 million. As of Mid-July last year, rs 1.45 billion was in special reserves, Rs 32.1 million in disaster fund and Rs 331.5 million in other equities, while retained earnings stood at Rs 822.2 million.
As of the review period, the company’s insurance fund stood at Rs 3.12 billion. The insurance fund stood at Rs 1.58 billion as of Mid-June last year. The size of the company’s insurance fund increased by 96.53 percent in the review period compared to the previous year.
Till the third quarter, the company has earned a total insurance premium of Rs 900 million. In the same period of the previous fiscal year, the company had earned a total insurance premium of Rs 554.4 million. Compared to the same period of the previous fiscal year, the company’s total insurance revenue has increased by 62.42 percent.
The company has earned Rs 373.2 million in net insurance premium till the review period. In the same period of the previous fiscal year, the company had earned Rs 365.7 million in net insurance premium. Net insurance premium has increased by 2.03 percent compared to the previous year.
