Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 115]
Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 115]
Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 116]

Life Insurers’ Profit up 31%

  1 min 46 sec to read

March 27: In the first six months of current fiscal year 2072/73, profit of life insurance companies has increased by 31% compared to the same period last year. According to financial reports published by eight of the companies, their combined profit in the six months of current fiscal year reached Rs. 336.3 million while in the corresponding period of last fiscal year it was Rs. 255.7 million. “Life insurance business is increasing due to escalating awareness among general public,” commented Shriman Karki, Director of Insurance Board. 

Among the companies that have published financial reports, Life insurance Corporation (Nepal)’s profit has boosted the maximum with 49% growth in review period. Company has earned Rs. 32.6 million profit by the end of the second quarter of current fiscal year which was Rs. 21.7 million in the corresponding period of last fiscal year. Similarly, profit of Prime Life Insurance has increased 46%. Prime Life was able to earn profit of Rs.  68.2 million in the six months period of current fiscal year which was Rs. 46.6 million in the corresponding period of last fiscal year. 

In terms of profit in absolute amount, Nepal Life Insurance has topped the list with the highest amount of profit. During the review period, the company earned Rs. 143.9 million that is 43% growth over the corresponding period of last fiscal year. 

The increase in profit of the companies is due to increase in their revenue complemented by reduction in operating expenses. As per the financial reports, income of these companies has gone up 14% while administration expenses have decreased 4.38%. 

Most of the companies have earned high on ‘loan, investment and others’ category, while the highest reduction in the expenses has been under the heading of employees’ bonus. Nepal life insurance has recorded the highest increase in income (31% to Rs. 54.1 million). 

Meanwhile, income of Gurans Life insurance and Rastriya Beema Sansthan has decreased by 10% each. Likewise, Nepal Life Insurance has decreased its expenses by 21% whereas Metlife Insurance and Gurans Life Insurance have increased thier expenses by 26% and 32% respectively.  

Deprecated (16384): Using key `action` is deprecated, use `url` directly instead. [CORE/Cake/View/Helper/FormHelper.php, line 383]
No comments yet. Be the first one to comment.