Non-life Insurance Companies increase profit despite decrease in net insurance premium

Aug 26, 2020 03:54 PM Merolagani

In the last FY, the net insurance premium earning of general insurance companies decreased by 4.87 percent, however, their profit increased by 10 percent during the period.

Currently, there are 20 non-life insurance companies out of which National Insurance and Oriental Insurance have not published their fourth-quarter report thus, their data is not included in the analysis.

the companies that published their report has earned a cumulative net insurance premium of Rs 10.02 billion which is 4.87 percent less than the corresponding period of the previous FY. In the review period of the previous FY, these companies earned Rs 10.53 billion in net insurance premium.

However, their profit increased by 9.59 percent to Rs 4.36 billion from earlier Rs 3.98 billion.

Table

In the last FY, Sanima General Insurance logged the highest growth in net insurance premium. The company increased its net insurance premium by 80.35 percent to Rs 135.5 million from Rs 74.7 million of the previous FY.

Similarly, Everest Insurance logged the highest growth in net profit during the period. the company increased its net profit by 217.64 percent to Rs 193.1 million from earlier Rs 60.8 million.

Moreover, net profit of six non-life insurance companies including United Insurance, Lumbini General, Rastriya Beema Company, Himalayan General, Shikhar Insurance and Prabhu Insurance declined during the period.


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