Kathmandu. Shikhar Insurance Company Limited has published its financial results for the second quarter of the current fiscal year. According to the report, the company has earned Rs 78.05 crore in net insurance premiums till mid-January compared to Rs 63.76 crore in the same period last year, which is 22.41 percent higher.

Despite the expansion of the business, the company could not make a profit due to the large number of insurance claims due to the Gen G agitation in August and floods and landslides in September. The company had posted a net profit of Rs 25.73 crore in the same period last year, which was Rs 4.47 crore in the same period of the current FY.

In the review period, the company’s total income increased by 5.71 percent to Rs 1.22 billion and total expenses increased by 62.15 percent to Rs 1.29 billion. The commission paid to agents has also increased from Rs 2.68 crore to Rs 3.22 crore.

Earnings per share declined to Rs 3.06 from Rs 19.39. However, the solvency ratio has increased from 3.67 per cent to 4.74 per cent and the net worth per share is Rs 196.64.

Presently, the company has paid up capital of Rs 2.93 billion. The government has Rs 1.91 billion in special reserve, Rs 161.1 million in disaster fund and Rs 165.7 million in reserve fund. As of mid-January, the company has invested Rs 4.66 billion.