Nepal Insurance net profit rises by 21.55% to Rs 2.65 crore

Nepal Insurance Company Limited (NICL) has reported increment in its net profit by 21.55 % in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 2.65 crore in Q1 of the FY 2074/75, up from Rs 2.18 crore in the corresponding quarter of the FY 2073/74. While its income from net premium has also increased from Rs 8.77 crore to Rs 9.44 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 3.13 crore. Its paid up capital stands at Rs 30.19 crore with reserve fund of Rs 15.99 crore and insurance fund amounts to Rs 14.96 crore. To meet the capital requirement of Rs 1 arba, it will issue 100% right shares, after which paid up will reach to Rs 60.40 crore and again NICL should hike its capital by Rs 39.60 crore (around 65%). Likewise, it has paid claim of Rs 3.24 crore. Its annualized earning per share stands at Rs 33.44, net worth per share at Rs 202.51 and P/E ratio at 178.71 times.