Metlife ALICO reports 8% rise in net profit reaching Rs 20.4 crore in Q3 of FY 2075/76; Sold 10 lakh policies for the period

MetLife American Life Insurance Company (ALICO) has stated Rs 20.46 crore net profit till the third quarter of the fiscal year 2075/76.

Note that the current year net profit excludes the profit that ALICO will earn after actuary valuation of life Insurance fund. So the profit earned from actuary valuation will change the figure of net profit and its net worth.

As per the unaudited report for the third quarter, the insurance company reported a net profit of Rs 20.46 crore in Q3 of FY 2075/76, from Rs 18.89 crore in the corresponding quarter of last fiscal year.

The company’s earnings from premium rose to Rs 2.96 arba in Q3 from Rs 2.53 arba in the corresponding quarter of FY 2074/75. The reserve fund of the company has also increased to Rs 1.71 arba from the corresponding year’s 1.47 arba.

Further, the company’s life insurance fund has also increased to Rs 16.34 arba from Rs 14.57 arba in the corresponding quarter of the previous year. The total number of policies in force is 10 lakh 55 thousand 541.

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