Out of the total general insurance companies, Shikhar Insurance increased the lowest net profit of 16.42 percent while United Insurance increased the highest net profit of 87.78 percent. Where Shikhar Insurance raised its net profit to Rs 310.1 million compared to Rs 266.4 million, United Insurance increased its profit to Rs 92 million from earlier Rs 49 million.
Similarly, 11 companies have increased their net insurance premium during the review period. In the review period, Prudential Insurance raised the highest insurance premium by 41.25 percent whereas companies like Nepal Insurance, Sagarmatha, Neco and Siddhartha Insurance also raised their net premium earning by 20 percent.
By the end of the third quarter, only three general insurance companies including Neco, Shikhar and Himalayan General Insurance have been able to meet the minimum paid-up capital set by Insurance Board. Out of the total companies, 9 companies have paid-up capital of Rs 500 million and United, Rastriya Beema Company and Everest Insurance have below Rs 300 million in paid-up capital.
The insurance companies require to meet the minimum paid-up capital of Rs 1 billion by the end of the current FY.