National Insurance posts profit rise of 48.6% in Q2

ShareSansar, March 13:

National Insurance Company Limited has a posted a net profit growth of 48.6 percent in the second quarter of the current fiscal year 2070/71.

Publishing the unaudited report for the second quarter, the insurer has stated that its net profit in the quarter rose to Rs 6.60 crore, up from Rs 4.44 crore in the corresponding quarter of the last fiscal year.

The profit is attributable to its core business as its income increased to Rs 10.48 crore in the second quarter from Rs 6.99 crore it earned in the second quarter of the last fiscal.

National Insurance managed to post the impressive growth even though its expenses have also risen from Rs 2.55 crore to Rs 3.87 crore largely due to Rs 92.93 lakh it has earmarked for staff bonus.

It has also provisioned Rs 20.39 crore for the unsettled claims and Rs 13.42 crore for risks.