Kathmandu. Nepal Life, the most trusted life insurance company in Nepal, has made significant progress in the third quarter of the current financial year (FY). According to the unrefined financial statement of the third quarter of the current year published by the company, the net profit of the company has increased by 329.52 percent.
By the end of this quarter, the company has about Rs 480 crore in reserves and funds. Which is 9.40 percent higher than the corresponding quarter of the previous year.
In the same period of the last financial year, the life insurance fund which was around 131 billion 16 billion rupees has increased by 19.83 percent to around 157 billion 16 billion rupees. 83 crore rupees in the Mahabipatti fund. Which is 15.49 percent more than in the same period of last financial year. The company’s investment has increased by 20.07 percent. Till the end of March, the company has invested 162 billion 280 million rupees.
As per the published details, the outstanding claims of the company have reduced significantly. In the same period of the last financial year, about 1 billion 28 million rupees have been arranged for pending claims, in the third quarter of the current financial year, there has been a decrease of 34.19 percent to 84 million rupees.
Similarly, by the end of March, 26,837,400 rupees in net insurance fees have been earned and 11,820,000 rupees in net claims have been paid. During the review period, the company’s net claim payment increased by 11.44 percent. According to the company, the reason for this achievement is to make its claim payment process agile and fast in this quarter.
With a paid-up capital of 8.2 billion rupees, the company’s earnings per share during the review period is 7.25 rupees. Similarly, the company’s net worth per share is 116.01 rupees, price ratio is 93.19 times earnings, value of total assets per share is 2,090 rupees and the average rate of return is 10.84 percent.
Despite the impact of the economic crisis in the country on the insurance sector, the company said that Nepal Life has taken it as a strong point to be able to achieve excellent results.
Pravinaraman Parajuli, Chief Executive Officer of Insurance, informed that the company is ready to provide quality insurance services at the doorsteps of Nepalese by adopting various structural and procedural reforms to operate the company more effectively in the coming days and the company is working round the clock to make it a reality.