Citizen Life Insurance (CLI), a leading player in the Nepali insurance sector, has announced its third-quarter financial report for the current fiscal year, showcasing remarkable growth in profitability. The company’s stellar performance can be attributed to a steady increase in net insurance premium and efficient operational strategies.
According to the report, CLI collected a net insurance premium of Rs. 3.99 billion during the review period, reflecting a 7.05 percent growth compared to Rs. 3.72 billion in the corresponding period of the previous fiscal year. This consistent growth in premiums underscores the company’s strong market position and customer confidence.
The most impressive aspect of CLI’s financial performance is the significant surge in net profit, which soared by an astonishing 87.35 percent. While the company reported a net profit of Rs. 150.1 million in the review period of the last fiscal year, it achieved a remarkable Rs. 281.3 million in net profit during the current review period. This substantial increase in profitability is a testament to CLI’s effective cost management strategies and operational efficiencies.
During the review period, CLI’s total income increased by 14.41 percent, while net claim payments rose by 15.59 percent, indicating the company’s commitment to meeting its obligations to policyholders. Additionally, total expenses grew by 19.93 percent, reflecting the company’s investments in expanding its operations and enhancing service delivery.
The company’s impressive financial performance is further reflected in its key performance indicators. CLI’s Earnings Per Share (EPS) increased by Rs. 1.90 to Rs. 9.53, while its Net Worth Per Share stood at Rs. 175.72. Furthermore, the company reported a Price-to-Earnings (P/E) ratio of 47.40 times, highlighting its strong growth potential and investor confidence.
With a paid-up capital of Rs. 3.93 billion, CLI boasts a robust financial position, including a share premium of Rs. 1.55 billion, a disaster fund of Rs. 165.3 million, retained earnings of Rs. 631.7 million, and other equity of Rs. 632.4 million. These strong financial reserves position the company favorably to navigate future challenges and capitalize on emerging opportunities in the insurance sector.
CLI’s remarkable performance in the third quarter of the current fiscal year underscores its commitment to delivering value to its stakeholders and solidifying its position as a leader in the Nepali insurance market. As the industry continues to evolve, CLI’s strategic focus on innovation, customer-centric solutions, and operational excellence will be crucial in sustaining its growth trajectory and maintaining its competitive edge.
