2 new life Insurance companies publish quarterly reports for first time; IME & Union life Insurance both report profit in Q1

IME Life Insurance Company Limited and Union Life Insurance Company Limited have published their first quarter reports for the fiscal year 2074/75. Both companies are new life insurance companies that have not issued IPO yet to public. IME Life Insurance is among 10 of the insurance companies that were approved by the Nepal government. The company will issue general shares worth Rs 60 crores in order to meet the minimum paid-up capital of Rs 2 arba as per the IB directive. IME Life Insurance is a joint venture of IME group, Hathaway group, Bhatbhateni and individuals associated with these groups and organization. As per the unaudited financial report published by the company today, IME Life Insurance has paid up capital of Rs 1.40 arba while the reserves amounts to Rs 3.66 crores. The net profit of IME Insurance's stands at Rs. 3.002 crores. The company policy holder reached 720 in Q1 IME Insurance‘s net earnings from premium remains at Rs36.60 lakhs in Q1. Its earning per share (EPS) stands at 8.58 and net worth per share is at Rs. 102.91. Likewise, Union Life Insurance has also recently got license to start its operation. It has started its commercial operation from September 22, 2017. Reputed business houses including Jagadamba Group, Golchha Organization and Gadia Group are the promoters of Union Life Insurance. Publishing the unaudited financial report, Union Life Insurance has paid up capital of Rs 1.50 arba with reserves of Rs 5.05 crores. The net profit of Union Insurance's stands at Rs. 3.80 crores. The company policy holder reached 483 in Q1 Union Insurance‘s net earnings from premium remains at Rs 2.06 crore in Q1. Its earning per share (EPS) stands at 10.11.