Net profit of Non-Life Insurance Companies Surges by 52.81% in Last FY

The total net profit of non-life insurance companies surged by 52.81% in the last fiscal year, 2023/24, recently published financial statements showed.

The 14 companies in operation have made public their unaudited financial statements for the fourth quarter, mid-April to mid-July, of the last fiscal year. 

The companies earned over Rs 7.43 billion in net profit in last fiscal year, compared to Rs 4.86 billion in the previous fiscal year.

Himalayan Reinsurance Company reported the highest net profit of around Rs 700.6 million, 87.79% more than that in the previous fiscal year. It was followed by Siddhartha Premier Insurance Company which recorded a net profit of Rs 692.3 million, 82.52% increase to that in the previous fiscal year.

On the contrary, NLG Insurance Company made the least net profit of Rs 253.3 million in the period. 

Of the total, two companies–Rastriya Beema Company and Neco Insurance saw their net profit decline in the last fiscal year.

The highest surge in net profit last year, 126.87%, was reported by the IGI Prudential Insurance.

Table below shows the net profit of non-life insurance companies in fiscal years 2023/24 and 2022/23.

 

                                               Source: Respective non-life insurance companies