Non-life insurance companies of Nepal earned net profits of Rs 888.84 million in the first three months of the current fiscal year, which is 3.08 percent less than the profit earned in the corresponding period of last year.
The aforementioned figure represents the financial health of 17 non-life insurers except National Insurance Company and Oriental Insurance Company. These two insurance companies have not disclosed their quarterly financial reports so far.
Of the companies under review, eight witnessed a drop in their profits. Premier Insurance Company, Neco Insurance, NLG Insurance, Himalayan Everest, Rastriya Beema Company, Sagarmatha Insurance, Siddhartha Insurance and General Insurance were in the list. Among them, the profit of General Insurance declined the highest of 50.78 percent to Rs 18.87 million.
Similarly, nine non-life insurers were successful in increasing their profits during the review period. United Insurance recorded the highest rise of 90.10 percent in its profit and earned Rs 22.69 million.
Prabhu Insurance, Lumbini General Insurance, Nepal Insurance, IME General Insurance, Prudential Insurance, Shikhar Insurance, Ajod Insurance and Sanima General Insurance were among others in this category. Overall, Shikhar Insurance made the highest profit of Rs 134.89 million in the first quarter.
