Kathmandu. Life insurance companies have earned a profit of Rs 4.88 billion in the third quarter of the current fiscal year (July-April).
According to the financial statements of the second quarter released by the 14 insurance companies currently in operation, the companies have earned a total profit of Rs 4.88 billion. In the same period last year, the company had earned a profit of Rs 4.36 billion. Compared to the previous year, the profit of insurance companies increased by 11.93 percent.
In the third quarter of the current fiscal year, the profit of 12 life insurance companies has increased and the profit of two has decreased. Nepal Life is the highest profit earner while Asian Life is ahead in terms of growth rate.
In the third quarter of the current fiscal year, Nepal Life has earned a profit of Rs 652.2 million. The company had posted a net profit of Rs 600 million in the year-ago period. The company’s profit increased by 8.64 percent.
Himalayan Life is the second most profitable. Himalayan Life’s net profit increased from Rs 435.4 million in the previous fiscal year to Rs 472.4 million in the review period. The company’s profit has increased by 8.49 percent compared to the previous year.
Reliable Nepal Life is the third most profitable company. The company has earned a profit of Rs 465.7 million in the review period. The company had posted a net profit of Rs 340 million in the year-ago period. The company’s profit increased by 36.88 percent in the review period compared to the previous year.
In the third quarter of the current fiscal year, National Life Has earned a profit of Rs 408.5 million, IME Life Rs 366.3 million, Citizen Life Rs 357.6 million, MetLife Rs 345.1 million, Sanima Reliance Life Rs 337.6 million and Asian Life Rs 334.7 million. National Life’s profit increased by 5.19 percent, IME Life’s 10.49 percent, Citizen Life’s 27.14 percent, MetLife’s 27.61 percent, Sanima Reliance Life’s 10.77 percent and Asian Life’s 59.51 percent.
Similarly, Sun Nepal Life Has earned a profit of Rs 328.9 million, Suryajyoti Life Rs 295.7 million, Prabhu Mahalaxmi Life Rs 270 million, Life Insurance Corporation (LIC Nepal) Rs 236 million and Rastriya Life Insurance Company Rs 15.4 million. Sun Nepal Life’s profit decreased by 33.36 percent compared to the previous year, suryajyoti’s 31.90 percent, Prabhu Mahalakshmi’s 0.67 percent and LIC Nepal’s 22.66 percent. National Life Insurance Company’s profit has also contracted by 37.10 percent.
