MetLife American Life Insurance’s profit diminish by 34.39% to Rs 22.24 crore; reserve hikes to Rs 1.09 arba; company yet to issue IPO

MetLife American Life Insurance Company has reported decline in its net profit by 34.39% by the end of fourth quarter of the last fiscal year 2073/74. As per the unaudited financial statement of the life insurance company published today, its net profit amounts to Rs 22.24 crore in Q4 of the FY 2073/74 from Rs 33.90 crore in corresponding Q4 of 2072/73. On the other hand, its net premium earnings has increased by 20.88 percent at Rs 3.01 arba from Rs 2.49 arba. It has also earned Rs 3.97 crore as reinsurance commission this year. As of the end of Q4 this year, its reserves and surplus rises to Rs 1.09 arba from Rs 89.15 crore by massive 22.33% and life insurance fund amounts to Rs 13.22 arba from Rs 11.17 arba. Metlife American Life Insurance Company is a branch of American Life Insurance Company which is incorporated under the laws of United State of America. The branch does not have any share capital. It has paid claims worth Rs 1.06 arba this year, while it has pending claims of Rs 17.05 crore. Total inforce policy count reached to 7.67 lakh from 6.68 lakh.