Life Insurance Corporation Nepal & MetLife American Insurance net profit surges to Rs 3.72 crore & Rs 6.02 crore respectively

Life Insurance Corporation (Nepal) Limited (LICN) has reported that its net profit surges by 338.82 % in the first quarter of the current fiscal year 2074/75. As per the unaudited report for the first quarter, the insurance company reported net profit of Rs 3.73 crore in Q1 of fiscal year 2074/75, up from Rs. 85.80 lakh in the corresponding period last year. The company’s earnings from premiums rose to Rs 2.21 arba in Q1 from Rs 1.77 arba in the corresponding quarter. LICN has paid up capital of Rs. 1.33 arba. To meet the capital requirement of Rs 2 arba as directed by the Insurance Board of Nepal, it should hike its capital by Rs 67 crore (around 50%). The reserve fund of the company has also inclined to Rs.30.50 crore in Q1 from Rs.18.85 crore in the same quarter previous fiscal year. The company’s insurance fund has risen to Rs. 36.38 arba from Rs. 28.40 arba in Q1. LICN annualized earning per share (EPS) stands at Rs 3, net worth per share at Rs.129.71 and P/E ratio at 748 times. MetLife American Life Insurance Company Limited has also stated rise in net profit by 3.97% in the first quarter of the FY 2074/75. As per the unaudited report for the first quarter, the insurance company reported net profit of Rs 6.02 crore in Q1 of fiscal year 2074/75, up from Rs. 5.79 crore in the corresponding period last year. The company’s earnings from premiums rose to Rs 84.64 crore in Q1 from Rs 73.07 crore in the corresponding quarter. The reserve fund of the company has also inclined to Rs. 95.28 crore in Q1 from Rs.77.18 crore in the same quarter previous fiscal year. The company’s insurance fund has risen to Rs. 13.68 arba from Rs. 11.79 arba in Q1. MetLife will be issuing IPO to the general public in upcoming days.