Nepal Life Insurance profit increased by 237 percent

Feb Sun 2023 05:00:53


Nepal Life Insurance profit increased by 237 percent

Kathmandu. Nepal Life has made significant progress in the second quarter of the current year. According to the unrefined financial statement for the second quarter of the current financial year released by the company on Sunday, there has been a jump of 237.29 percent in the net profit of the company. In the same period of the last financial year, the company earned a net profit of 130 million 499 thousand rupees.

Till this period, it has earned 18 billion 62 crore 74 thousand rupees in total insurance fee and 8 billion 44 crore 25 lakh rupees has been paid in net claims. During the review period, the company's net claim payment has increased by 16 percent. By the end of March, the company's investment has increased by 20.46 percent to 1 trillion 56 crore 45 lakh 32 thousand rupees.

During this period, the paid-up capital of the company increased by 14 percent to 8 billion 2079 million 66 thousand rupees, the life insurance fund increased by 21 percent to 1 trillion 50 billion 8564 million 82 thousand rupees and the disaster fund increased by 16 percent to 833 million 36 million 49 thousand rupees. . Similarly, during the review period, the 21st and 22nd Annual General Meetings were completed and dividends were distributed, so the reserve fund reached 484,449,000 rupees. During the period under review, the earnings per share of the company was Rs 10.73. Similarly, the net worth per share of the company is 116.01 rupees and the price-to-earnings ratio is 68.44 times.

Overall, the success of Nepal Life in achieving excellent results despite the impact of the economic crisis in the country on the insurance sector can be considered as a strong point of the company. Praveen Raman Parajuli, Chief Executive Officer of Nepal Life Insurance, has said that the company is ready to provide quality insurance services to the homes of Nepalis by adopting various structural and procedural reforms to operate the company more effectively in the future and the company is working round the clock to provide it.