Nepal Reinsurance Company: Insurance premium income increased by more than 51 percent

Kathmandu, March 19

Nepal Reinsurance Company Limited has earned profit of Rs. 39.23 crores in the first quarter of the current fiscal year.

As per the statement published today of first quarter, the company has earned Rs 2.23 billion from non-life business and Rs 99.6 million from life insurance. This is an increase of 51.78 percent over the same period last year. During the same period last year, the company had earned Rs 1.53 billion from non-life business and Rs 34.50 million from life business.

The total income from non-life and life insurance during the review period was Rs. 59.4 million. The income in previous year at the same time was Rs 45.5 million. During this period, the company has paid Rs. 545.8 million in non-life and life business. Which was limited to Rs. 335 million last year.

The company has earned a net profit of Rs 39 crores and 23 lakh in the first quarter, both in non-life and in life business. The profit was 3.71 percent lower than the same period last year. Last year, the net profit was Rs. 407.5 million.

The reserve size of the company has risen to Rs 2.3 billion in non-life business and Rs 591 million in life business, bringing the total to Rs 3.34 billion. In the corresponding period of the previous year, the non-life and live business had a total reserve of Rs. 2.21 billion. The company has a paid-up capital of Rs 10 billion and an insurance fund of Rs 2.3 billion. Last year, the insurance fund had Rs 1.47 billion.

The company’s annual earnings per share is Rs 15.69. The company has a PE ratio of 54.41 times and a net worth of Rs 153.81 per share.