Citizen Life Insurance Logs Impressive Growth

Nov 14, 2019 02:38 PM Merolagani

Citizen Life Insurance (CLICl) has earned a net insurance premium of Rs 333.5 million in the first quarter of the current FY compared to Rs 153.9 million of the corresponding period of the last FY.

Similarly, the company earned net profit of Rs 50.1 million in the review period compared to Rs 21.9million of the review period of the previous FY.

During the period, the company earned Rs 25 million from investment, loan and other income and Rs 1.7 million from loan against insurance policies of Rs 56.2 million.

 By the period, the company issued 4,237 insurance policies and has earned Rs 339.4 Million in total insurance premium. The company paid Rs 10.5 million to 15 claims and has outstanding claim payment of Rs 4.4 million to 7 claims.

The company with Rs 1.75 billion in paid-up capital is set to issue ordinary shares worth Rs 750 milllion. After the IPO, the paid-up capital of the company will reach Rs 2.50 billion.

The company maintained reserve fund of Rs 375 million and life insurance fund of Rs 803.8 million.

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