Kathmandu. Shikhar Insurance Company has announced its financial results for the fourth quarter of the fiscal year 2082/83.

The company earned a net profit of Rs 13.08 crore during the period. The company had posted a net profit of Rs 45.20 crore in the same quarter last year. Accordingly, the profit decreased by 71.22 percent compared to the previous year.

The company’s paid-up capital has increased by 6.11 percent to Rs 3.10 billion. The company had posted a paid up capital of Rs 2.92 billion in the same period of the previous FY.

During the period, the insurance fund increased by 33.53 percent to Rs 7.94 billion. In the previous year, such fund had reached Rs 5.95 billion.

The company’s disaster fund has increased by 4.04 percent to Rs 16.76 crore. In the previous fiscal year, such fund was Rs 16.11 crore. The fund expansion for risk management has further strengthened the financial safety of the company.

The company has also made positive progress towards the expansion of insurance business. In the review period, the company earned Rs 1.95 billion in net insurance premium. Such income had been Rs. 1.76 billion in the same period of the previous FY. Accordingly, the net insurance premium has increased by 10.64 percent.

The company has issued 3,36,002 insurance policies during the period. The number of such cases was 309,863 in the previous fiscal year. The increase in the number of insurance policies has continued the reach and expansion of the company’s insurance business.

In the review period, the company paid a total claim of Rs 3.97 billion. Such payment was Rs 3.02 billion in the previous year. The 31.30 percent increase in claim payment is an indication that the company is prioritizing the responsibility towards the insured.

The company’s total income has also increased. Total income in the review period stood at Rs 2.95 billion. The company had posted a net profit of Rs 2.75 billion in the previous fiscal year. Accordingly, the total income increased by 7.44 percent.

On the other hand, the income from investment has decreased slightly. Investment income decreased to Rs 186.31 million in the review period from Rs 254.49 crore in the previous year. During the period, the company’s total expenses stood at Rs 2.77 billion. Such expenditure was Rs 2.08 billion in the previous year. The increase in expenses has been seen with the increase in business expansion and claim payment.

The company’s commission expense decreased by 16.79 percent. In the review period, it was Rs 7,29,96,000 which was Rs 7,29,96,000 in the previous fiscal year.

The company’s consolidated income decreased by 62.06 percent to Rs 7.98 crore compared to the previous year. Such income was Rs 21.04 crore in the previous year. The company has EPS of Rs 4.19 and net worth per share of Rs 191.95.