In its recent disclosure of first-quarter financial results for the fiscal year 2080/2081, Citizen Life Insurance Company Limited (CLI) has reported a modest performance, revealing a 1.60% increase in net profit compared to the corresponding quarter of the previous year. The company’s net profit rose from Rs. 7.03 crores to Rs. 7.14 crores in the reported quarter.
According to the unaudited report, Citizen Life maintains a robust financial position with a paid-up capital of Rs. 3.75 Arba and a share premium of Rs. 1.55 Arba. Additionally, the company holds Rs. 65.14 crore in retained earnings, Rs. 70.43 crore in other equity, and Rs. 14.5 crore in the contingent fund.
The net premium of the company experienced a healthy uptick, marking a 3.46% increase to Rs. 1.42 Arba in FY 2080/81 compared to the corresponding quarter of the previous year. Furthermore, Citizen Life generated Rs. 26.64 crores from income derived from investments, loans, and other financial headings.
However, the company also reported an 11.10% increase in net claims, reaching Rs. 1.28 Arba in the first quarter of the fiscal year 2080/2081. The total number of policies held by the company stood at 207,261 as of the end of Q1.