Nepal Reinsurance Company (NRIC) Earns a Net Profit of Rs 1.16 Billion
During the fourth quarter of the last fiscal year, Nepal Reinsurance Company (NRIC) earned a net profit of Rs 1.16 billion. Net profit for non-life insurance was Rs 1.01 billion while life insurance earned Rs 154.3 million.The net profit increased by 3.81 percent compared with the same period of the previous fiscal year. In the review period of the previous FY, the company earned Rs 1.99 billion through non-life and Rs 116.7 million through life insurance companies.
During the period, the company earned Rs 9.43 billion in net insurance premium. Non-life insurance contributed Rs 8.23 billion to the company’s revenue and life insurance contributed Rs 1.20 billion. During the previous FY, the company earned Rs 6.86 billion in net insurance premiums. In comparison to the previous fiscal year, the net insurance premium increased by 37.31 percent.
Reinsurance commissions spent by the company during the period amounted to Rs 2.49 billion. The company paid Rs 4.11 billion to non-life insurance companies during the review period and Rs 452.1 million to life insurance companies. It has a 1.91 billion rupee outstanding claim payable.With a paid-up capital of Rs 10 billion, the company has a reserve fund of Rs 3.35 billion and an insurance fund of Rs 2.46 billion.The company has EPS of Rs 11.69, a net worth of Rs 158.17 per share, and a P/E ratio of 136.29.