Kathmandu. In the first three months of the current fiscal year, the profit of the life insurance company has improved marginally.

According to the financial details published by the insurance company, the 14 life insurance companies in operation till the end of the current fiscal year have earned a profit of Rs 1.97 billion. The profit increased by 2.51 percent compared to the same period last year. The company had posted a net profit of Rs 1.92 billion in the same period last year.

Out of 14 insurance companies, the profit of three companies decreased while the profit of the remaining 11 companies increased. Reliable Nepal Life Insurance Company Ltd (LIC) has made the highest profit. The company has earned a profit of Rs 25.85 crore in the first three months of the current FY. The profit increased by 29.65 percent compared to the corresponding period of the previous year. The company had posted a net profit of Rs 19.93 crore in the same quarter last year.

Sun Nepal Life Insurance is the second company to make the highest profit. The company’s net profit increased by 44.02 percent to Rs 23.92 crore. Reliable Life Insurance and Sun Nepal Life Insurance are competing in the profit. Similarly, Nepal Life Insurance’s net profit increased by 4.94 percent to Rs 215.5 million, IME Life Insurance by 9.17 percent to Rs 158.3 million, Asian Life Insurance by 14.70 percent to Rs 152.5 million and Sanima Reliance’s profit by 12.53 percent to Rs 14.96 crore.

Likewise, Citizen Life Insurance has increased by 1.43 percent to Rs 131.4 million, Surya Jyoti Life Insurance has a profit of 11 percent to Rs 128 million, Life Insurance Corporation has a profit of 37.47 percent to Rs 10.83 crore and Mate Life Insurance has a profit of 0.68 percent to Rs 971 million.

Similarly, Prabhu Mahalaxmi Life Insurance has increased by 49.48 percent to Rs 63.7 million and Rastriya Life Insurance has increased by 46.54 percent to Rs 12.12 million.