Kathmandu. The total profit of the ten new life insurance companies in the first nine months of the current fiscal year has been Rs. 946.6 million. The same insurance companies had earned Rs 884.7 million in the same period last year. The average profit of these companies has increased by 7 percent this year as compared to last year.
Among the companies preparing to issue IPOs to the public, Sun Nepal Life and Union Life have seen lower profits this year than last. With the decline in revenue, the profit of both the companies has come down. The profit of Sun Nepal Life, which made a net profit of Rs 104 million last year, has shrunk to Rs 73.3 million this year. Sun Nepal Life, which earned Rs 124.1 million last year, has earned Rs 101.5 million this year.
Union Life, which made a net profit of Rs 108 million last year, has made only Rs 89.2 million this year. The union had earned Rs. 157.4 million last year and Rs. 154.7 million. Reliable Nepal has the highest profit this year. Reliable has posted a net profit of Rs 161.7 million this year, an increase of 8.30 per cent over the previous year.