MetLife American Life Insurance Company (MALIC) generates Rs 1.30 billion in Net Insurance Premiums
In the first quarter of this fiscal year, MetLife American Life Insurance Company (MALIC) has earned a net insurance premium of Rs 1.30 billion. Comparatively, the net insurance premium increased by Rs 134.9 million over Rs 1.16 billion during the same period last year.Reinsurance commission income amounted to Rs 29.8 million, investment loan income to Rs 424.9 million, and loan against policy income to Rs 31.8 million during that period.
The company’s net profit decreased by 7.9 million to Rs 67.5 million during the period as compared to Rs 75.5 million in the previous fiscal year.A reserve fund of Rs 2.74 billion, a life insurance fund of Rs 19.74 billion, and a catastrophic fund of Rs 273.9 million are held by the company.A total of 1,219, 649 policies were issued by the company during the review period, generating Rs 1.35 billion in insurance premiums. It has paid out Rs 1.09 billion in compensation for 2,713 claims, but 622 claims still need to be paid.