February 22: In the second quarter of the current FY, the 17 insurance companies have logged 60.12 per cent increase in their net profit. According to the unaudited second quarter financial report of the companies, the net profit of the companies reached Rs 1.28 billion. Such profit was Rs 799.8 million during the corresponding period of the last FY. The increase in net profit is attributed by the increase in insurance premium of these companies.

During the second quarter, the insurance company earning the maximum net profit is United Insurance. It raised its net profit by 228 per cent to Rs 39.2 million in the second quarter. Similarly, Lumbini, NB, Everest, Neco and Sagarmatha Insurance raised their profit by 172, 137, 126, 119 and 103 per cent respectively.

As per the amount, Rastriya Beema Company is leading other companies. The company earned Rs 261.6 million net profit by mid-January which is 93.4 per cent more than the corresponding period of the last FY. Likewise, Shikhar Insurance increased its net profit by 78.1 per cent to Rs 180.1 million. Meanwhile, Oriental insurance logged decline in its net profit by 27.3 per cent to Rs 71.3 million.

During the first six months of the current FY, the insurance companies has earned Rs 4.95 billion insurance premium.