(NIL) Neco Insurance Earns NPR 369.3 Million Profit in Q3; Premium Income Sees Strong Growth

(NIL) Neco Insurance Limited has reported a net profit of NPR 369.3 million for the third quarter of the current fiscal year 2080/81 (up to mid-April). This marks a slight decrease compared to the NPR 377.4 million profit reported during the same period last year.

On the positive side, the company’s net premium income increased to NPR 1.22 billion, up from NPR 1.07 billion in the previous fiscal year’s third quarter. This indicates a healthy growth in its core insurance business.

The company’s paid-up capital stands at NPR 2.01 billion. It has also accumulated NPR 156.7 million in the catastrophe reserve fund and NPR 676.1 million in the general reserve fund, reflecting strong financial safeguards and preparedness for future risks.

During the review period, the company's Earnings Per Share (EPS) was NPR 24.47, and the Net Worth Per Share stood at NPR 267.40, which are considered robust figures within the insurance sector.

In summary, while there has been a minor dip in profitability compared to last year, Neco Insurance has demonstrated solid growth in premium income and maintains strong financial health through high EPS and net worth.