KATHMANDU, Aug 16: The net profit of non-life insurance companies shrunk 30.88 percent in the last Fiscal Year (FY) due to their increased liabilities of claim settlement triggered by the floods and landslides.
As per the financial statements made public by the 14 non-life insurers, their aggregate net profit amount declined to Rs 4.15 billion in the FY 2024/25 from Rs 6.01 billion in the previous FY. Out of them, eight non-life insurers witnessed a drop in their profit amounts and one faced loss, while six had their profits increased.
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Prabhu Insurance is at the top of the list regarding the rise in profit percentage. Siddhartha Premier Insurance led in terms of the profit amounts. Prabhu Insurance’s profit increased by 39.22 percent, followed by Sanima GIC Insurance's 10.12 percent and NLG Insurance of 9.67 percent.
Siddhartha Premier Insurance earned the highest profit of Rs 713.1 million, which was followed by Neco Insurance with Rs 550.8 million and Himalayan Everest Insurance with Rs 532.3 million.
