Prabhu Life Insurance Company has made public its financial statements for the first quarter of the current fiscal year. According to the financial statement, the company’s profit has increased 2.5 times in the first quarter of the current fiscal year as compared to the first quarter of the last fiscal year. The company has made a profit of more than NRs 30.9 million in the current fiscal year from Rs 12.2 million in the same period of the first quarter of the last fiscal year.
The increase in profit was due to an increase in revenue of the company in the first quarter of the current fiscal year. The company earned NRs 32.982 million in the first quarter of last fiscal year, an increase of NRs 41.31 million in the same period of the current fiscal year. At present, the company’s paid-up capital is Rs 1.40 billion. After issuing an IPO and distributing, the capital will reach NRs 2 billion. As of the first quarter of the current fiscal year, the company has accumulated more than NRs 239.1 million in the reserve fund and NRs 1.19 billion in the life insurance fund.
The company has earned more than NRs 259.7 million insurance premiums during the period. The premium has increased by 95 percent compared to last year. In the first quarter of the current fiscal year, the company has paid NRs 6.168 million to 58 people and Rs 4.1 million remains to be paid to two people.
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About Prabhu Life Insurance
Prabhu Life Insurance Ltd. has been providing services to the people since December 14 2017 which is Mangshir 28 2074. The company was formerly named Star Life Insurance Co. Ltd. The company provides several insurance services across Nepal. Prabhu Bank Limited and Shangrila Development Bank are known to be the major promoter for Prabhu life insurance. The main mission of Prabhu life insurance is to offer and deliver affordable and customized life insurance plans to the customers utilizing modern IT technology and by creating a customer-friendly environment. (source)
Besides this, the company’s vision is to be the most preferred “Nepalese Insurer” by their hard and efficient work, strong ethics, and enhance the reputation of trust by providing a top-level customer experience. In order to meet the mission and vision of the company, they have adopted the core values such as corporate governance, teamwork, reliability, and professionalism. (source)