Submit your Article

The national flag carrier, Nepal Airlines Corporation (NAC), is set to operate regular flights to Hong Kong and New Delhi, India from the Bhairahawa-based Gautam Buddha International Airport from August 29 onward.

The Corporation has opened ticket booking for Hong Kong and Delhi from Bhairahawa with transit in Kathmandu.

NAC Spokesperson Ramesh Poudel informed that the Corporation has a plan to gradually increase the number of flights as per the market demand and NAC's market management by initiating a weekly flight from Bhairahawa on every Tuesday.

According to the flight schedule, a plane that takes off from Bhairahawa at 8.15 am would land in Kathmandu at 9 am.

Then after, passengers bound to Hong Kong and Delhi are onboard in the respective connecting flights of the NAC.

Arrangements have been made for the passengers to receive boarding passes up to the destination during check-in time and directly get luggage in the destination, the NAC said.

Passengers can book and obtain online tickets after logging onto the website of the NAC.

The Nepal Stock Exchange (NEPSE) plunged by 20. 54 points to close at 1,993.38 points on Sunday.

Similarly, the sensitive index dropped by 3. 44 points to close at 382. 11 points.

A total of 3,895,236-unit shares of 280 companies were traded for Rs 1. 26 billion.

Meanwhile, Kutheli Bukhari Small Hydropower Limited was the top gainer today with its price surging by 10. 00 percent. Likewise, Makar Jitumaya Suri Hydropower Limited was the top loser as its price fell by 9. 63 percent.

At the end of the day, the total market capitalization stood at Rs 2. 98 trillion.  

The gold is being traded at Rs 111, 100 per tola in the domestic market on Sunday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 110, 550 per tola.

Similarly, the silver is being traded at Rs 1,465 per tola today.  

While insurance companies’ business grew in single digits in the last fiscal year, they have managed to post handsome growth in their profit. The profit of life insurance and non-life insurance companies rose by 49 percent in 2022/23.

The profit of life insurance and non-life insurance companies stood at Rs 9.82bn in 2022/23 from Rs 6.59bn in 2021/22.

Non-life insurance companies increased their profit by 44.81 percent in the last fiscal year. The fourth quarter report shows non-life insurance companies recorded a net profit of Rs 5.17bn in FY 2022/23 from Rs 3.57bn in 2021/22.

The profit growth of life insurance companies is better than that of non-life insurance companies. The life insurance companies’ net profit grew by 54 percent in the last fiscal to Rs 4.64bn. Their profit in 2021/22 stood at Rs 3.01bn.

Insurers say their profits improved mainly due to the high-interest rates on deposits of banks and financial institutions. Insurance companies keep most of their investable capital in fixed deposits of commercial banks.

Over the past year, banks increased the interest rates of deposits in response to a prolonged liquidity crunch benefitting institutional depositors such as insurance companies.

Among the life insurers, Nepal Life Insurance Company earned the highest profit in 2022/23. The company recorded a net profit of Rs 674.43m. Himalayan Life Insurance Company is ranked second with a net profit of Rs 581.32m followed by Sun Nepal Life Insurance with a net profit of Rs 566.53m.

In the non-life insurance sector, the government-owned Rastriya Beema Company topped the chart with a net profit of Rs 772.54m. Neco Insurance is in second place with a net profit of Rs 553.14m followed by Sagarmatha Lumbini Insurance with a net profit of Rs 458.26m.

Though insurance companies managed to post good growth in their profit, their overall business expansion remained dismal in the last fiscal. After experiencing double-digit growth in previous years, the insurance sector (both life and non-life) saw a meager increase of 2.85 percent in 2022/23, which is significantly lower compared to the robust growth of 16.48 percent witnessed in 2021/22.

The preliminary data unveiled by the Nepal Insurance Authority shows that life and nonlife insurers collected insurance premiums totaling Rs 182.88bn in the last fiscal year. In 2021/22, the total premium collection stood at Rs 177.81bn.

The business of life insurance companies surged by 2.64 percent in the last fiscal year while non-life insurance companies saw their business grow by 3.6 percent.

According to NIA, life insurance companies collected premiums amounting to Rs 142.31 in the last fiscal year, while it was Rs 40.57bn for non-life insurance companies. The premium collection of life insurance companies in 2021/22 stood at Rs 138.64bn and non-life insurance companies at Rs 39.17bn.

Profit of life insurance

Profit of non-life insurance companies