Profit Of Non-Life Insurance Companies Grows By 12.5 Percent In FY 2076/77

August 22, 2020 | Investopaper

The non-life insurance company’s profit has increased by 12.5 percent despite the effects of the global epidemic of the corona virus. In the last fiscal year 2076/77, the profit of non-life insurance companies has increased by 12.44 percent to Rs 4.36 Arba. Such profit stood at Rs 3.88 Arba in the fiscal year 2075/76.

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Out of the existing 20 non-life or general insurance companies in Nepal, the profits of only three companies have declined which include Himalayan General Insurance, Lumbini General Insurance and the government-owned Rastriya Beema Company. While other insurance have reported growth in their net profit.

Everest Insurance has posted a highest growth in net profit among the insurance companies during this period. Everest’s profit has surged by 381.52 percent and reached Rs 19.31 crores. Similarly, the Rastriya Beema Company the most profitable insurance companies in terms of amount. Its profit is Rs. 63.86 crores. However, its profit has declined by 18.27 percent. The company had earned a profit of Rs 78.13 crores in the previous fiscal year.

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Prudential Insurance’s profit rose only 0.65 percent during the period. Similarly, Sanima General Insurance has increased by 53.40 percent. Similarly, Azod Insurance’s profit increased by 50.85 percent, IME General Insurance’s by 45.44 percent and Premier Insurance’s by 44.07 percent. The profit of Sagarmatha, Siddhartha, Shikhar and Neco Insurance grew by 25 percent, 22.68 percent, 6.41 percent and 30.49 percent respectively.

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