Shikhar Insurance Reports Mixed Financial Results for Second Quarter Amid Claims Surge

Kathmandu. Shikhar Insurance Company Limited has published its financial report for the second quarter of the current fiscal year. The insurance company stated that it earned over NPR 780 million in net insurance premiums during that period.

According to the company, the net insurance premium reached NPR 780.5 million by the end of Poush, which is a 22.41 percent increase compared to NPR 637.6 million in the same period last fiscal year.

Although business expanded, insurance claim payouts also increased. The company's financial results were affected after a large volume of claims arose due to the 'Je-N-Ji' agitation in Bhadra and the floods and landslides in the month of Ashoj.

During the review period, the company's total income increased from NPR 1.1633 billion to NPR 1.2298 billion. Total expenses, however, rose significantly from NPR 797.8 million to NPR 1.2993 billion. The company also reported that agent commission expenses increased to NPR 32.2 million.

During this period, the company's earnings per share (EPS) decreased from NPR 19.39 to a negative NPR 3.06, and the solvency ratio stood at 4.74 percent. The net worth per share was NPR 196.64.

The company, which has a paid-up capital of NPR 2.93 billion, has accumulated NPR 1.9176 billion in its Special Reserve, NPR 161.1 million in the Catastrophe Fund, and NPR 165.7 million in the Reserve Fund. By the end of Poush, the company reported investments totaling NPR 4.6692 billion.