Kathmandu. Current fiscal year 2082. Life insurance companies have earned a profit of more than Rs 4.5 billion in the third quarter of 2018-19.
According to the financial statements of the 14 insurance companies in operation, the total profit of the companies has been Rs 4.59 billion. Previous fiscal year 2081. The company had posted a net profit of Rs 4.86 billion in 2018-19. The company’s net profit declined by 5.55 percent compared to the previous year.
Compared to the previous year, the profit of 10 companies increased while the profit of 4 companies decreased. Reliable Nepal Life Insurance Company Ltd (LIC Nepal Ltd) is the top earner in terms of profit in terms of growth rate.
In the first quarter of the current fiscal year, Nepal Life Insurance has earned a net profit of Rs 47.04 crore. The company posted a net profit of Rs 46.57 crore in the same period last year. The company’s net profit increased by 0.99 percent in the review period compared to the previous year.
Nepal Life Insurance Company is the second highest profiter. The company posted a net profit of Rs 45.48 crore in the review period compared to Rs 62.66 crore in the corresponding period of the previous year. The company’s profit decreased by 27.40 percent in the review period compared to the previous year.
Similarly, National Life is the third most profitable company. The company earned a net profit of Rs 41.66 crore in the review period. It was 1.98 percent higher than the previous year. The company had posted a net profit of Rs 40.85 crore in the same quarter last year.
In the review period, IME Life Insurance earned Rs 14.69 crore, Citizen Life Insurance Rs 36.99 crore, Citizen Life Insurance Rs 36.73 crore, Sanima Life Insurance Rs 34.73 crore, Sun Nepal Life Insurance Rs 34.49 crore and Surya Jyoti Life Insurance Rs 34.03 crore. In the review period, the profit of IME Life Insurance increased by 0.43 percent, Citizen Life Insurance by 0.67 percent, Asian Life Insurance by 3.79 percent, Sanima Life Insurance by 0.95 percent, Sun Nepal Life Insurance by 3.35 percent and Surya Jyoti Life Insurance by 11.59 percent.
In the same period of the current fiscal year, LIC Nepal has earned a profit of Rs 32.04 crore, MetLife Rs 30.25 crore, Prabhu Mahalaxmi Life Insurance Rs 27.50 crore, Himalayan Life Insurance Rs 26.14 crore and Rastriya Life Insurance Rs 40.17 million. Similarly, Prabhu Mahalaxmi Life Insurance Company Ltd, Prabhu Life Insurance Company Ltd, Prabhu Life Insurance Company Ltd, Himalayan Life Insurance Company and Rastriya Life Insurance Company Ltd (73.95 percent) increased in the same period.
