द ओरिएण्टल इन्स्योरेन्सको चौथो त्रैमासिक वित्तीय विवरण सार्वजनिकThe Oriental Insurance Publishes Q4 Financial Results

ओरिएण्टल इन्स्योरेन्स

Quarterly Financial Results for (4th quarter), F.Y. 2079/80 B.S

CONDENSED STATEMENT OF FINANCIAL POSITION

As on Quarter end Ashadh 2080

Fig in NPR.

Particulars	Unaudited At the end of this Quarter	Audited At the end of Immediate Previous Year
Assets:
Goodwill & Intangible Assets	5,029,584	973,759
Property and Equipment	80,188,102	95,576,315
Investment Properties	-	-
Deferred Tax Assets	52,525,408	15,038,932
Investment in Subsidiaries	-	-
Investment in Associates	-	-
Investments	4,130,928,290	3,554,072,401
Loans	9,166,205	7,297,817
Reinsurance Assets	6,154,638,133	1,190,967,123
Current Tax Assets	-	165,498,495
Insurance Receivables	520,859,850	239,023,054
Other Assets	88,944,508	81,052,876
Other Financial Assets	94,345,276	228,372,885
Cash and Cash Equivalent	247,419,520	160,480,869
Total Assets	11,384,044,876	5,738,354,526
Equity:
Share Capital	-	-
Share Application Money Pending Allotment	-	-
Share Premium	-	-
Special Reserves	1,887,388,500	1,661,129,793
Catastrophe Reserves	85,970,149	63,344,278
Retained Earnings	45,563,995	(63,040,184)
Other Equity	913,797,870	781,937,275
Total Equity	2,932,720,514	2,443,371,162
Liabilities:
Provisions	199,298,517	122,021,790
Gross Insurance Contract Liabilities	7,769,553,763	2,801,987,776
Deferred Tax Liabilities	-	-
Insurance Payable	115,553,885	70,714,137
Current Tax Liabilities	(19,823,798)	-
Borrowings	-	-
Other Liabilities	291,259,151	220,665,893
Other Financial Liabilities	95,482,844	79,593,768
Total Liabilities	8,451,324,362	3,294,983,364
Total Equity and Liabilities	11,384,044,876	5,738,354,526

CONDENSED STATEMENT OF PROFIT OR LOSS

For the Quarter end Ashadh 2080

Fig in NPR.

Particulars Unaudited Current Year This Quarter Unaudited Current Year Upto this Quarter (YTD) Audited Corresponding Previous Year This Quarter Audited Corresponding Previous Year Upto this Quarter (YTD)
Income:
Gross Earned Premiums	1,015,340,131	2,823,296,597	973,085,257	2,601,448,638
Premiums Ceded	(486,026,591)	(1,228,028,867)	(526,680,845)	(1,323,089,684)
Net Earned Premiums	529,313,540	1,595,267,730	446,404,412	1,278,358,954
Commission Income	39,231,872	150,894,716	5,113,828	137,054,731
Other Direct Income	16,400	32,350	3,900	15,227
Income from Investments and Loans	36,026,349	145,059,749	57,154,923	225,747,755
Net Gain/(Loss) on Fair Value Changes	-	-	-	-
Net Realised Gains/(Losses)	-	-	-	-
Other Income	36,512	186,978	935,700	1,277,671
Total Income	604,624,673	1,891,441,523	509,612,763	1,642,454,338
Expenses:
Gross Claims Paid	386,457,351	1,683,243,483	986,752,377	1,752,474,522
Claims Ceded	(104,054,571)	(635,876,216)	(575,309,340)	(796,139,657)
Gross Change in Contract Liabilities	(862,527,872)	4,538,684,764	(860,053,754)	791,896,114
Change in Contract Liabilities Ceded to Reinsurers	752,581,526	(4,846,392,562)	902,315,246	(330,162,727)
Net Claims Incurred	172,456,434	739,659,469	227,105,813	1,418,068,252
Commission Expenses	28,511,103	112,922,530	(8,093,968)	69,343,446
Service Fees	5,234,729	19,505,306	3,833,564	16,270,568
Other Direct expenses	5,454,579	8,985,907	1,184,756	5,227,193
Employee Benefits Expenses	99,236,811	266,640,802	59,085,517	155,398,362
Depreciation and Amortization Expenses	5,221,839	19,655,969	3,871,213	15,214,522
Impairment Losses	-	-	9,578,079	9,578,079
Other Operating Expenses	16,602,812	45,921,090	10,988,849	40,459,261
Finance Cost	7,924,250	31,697,002	23,381,851	31,697,002
Total Expenses	340,642,557	1,244,988,075	330,935,675	1,761,256,685
Net Profit/(Loss) For The Period Before Share of Net Profits of Associates Accounted for Using Equity Method and Tax	263,982,117	646,453,449	(47,921,628)	(118,802,347)
Share of Net Profit of Associates accounted using Equity Method	-	-	-	-
Profit Before Tax	263,982,117	646,453,449	(47,921,628)	(118,802,347)
Income Tax Expenses	80,223,929	155,999,580	(68,614,362)	(1,154,858)
Net Profit/(Loss) For The Period	183,758,188	490,453,869	20,692,734	(117,647,489)
Earning Per Share
Basic EPS	-	-	-	-
Diluted EPS	-	-	-	-

CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME

For the Quarter End Ashadh 2080

Fig in NPR.

Particulars	Unaudited Current Year (This Quarter)	Unaudited Current Year (Upto this Quarter (YTD))	Audited Corresponding Previous Year (This Quarter)	Audited Corresponding Previous Year (Upto this Quarter (YTD))
Net Profit/(Loss) For The Period	183,758,188	490,453,869	20,692,734	(117,647,489)
Other Comprehensive Income	-	1,049,952	-	8,643,249
Total Comprehensive Income	183,758,188	491,503,821	20,692,734	(109,004,240)

OTHER DETAILS

Particulars	Current Year (Upto this Quarter (YTD))	Previous Year (Upto this Quarter (YTD))
1. Total Issued Policy Count (Only for Non Life and Non Micro Life)	48,946	33,501
2. Total Renewed Policy Count (Only for Non Life and Non Micro Life)	10,525	7,303
3. Total Claims Paid Count	5,815	3,204
4. Outstanding Claims Count	1,640	1,603
5. Gross Outstanding Claim including IBNR and IBNER (Amounts)	5,948,865,479	2,327,409,506
6. Net Outstanding Claim including IBNR and IBNER (Amounts)	495,396,705	815,454,692
7. Margin over Best Estimate(MOBE)	-	-
8. Unearned Premium Reserve (Amount)	953,435,252	929,464,249
9. Unexpired Risk Reserve (Amount)	971,970,241	948,565,279
10. Earthquake Premium Reserve (Amount)	52,376,684	38,343,298
11. Long Term Investments (Amount)	832,873,700	769,122,700
12. Short Term Investments (Amount)	2,985,104,889	3,076,000,000
13. Direct Premium (Amount)	2,743,871,456	1,809,776,722
14. Investment in Cost (Amount)	3,817,978,589	3,845,122,700
15. Solvency Margin Ratio	2.73	2.73

Disclosure as per Section 84(3) of Insurance Act, 2079

1. Disclosure on Solvency Ratio

Particulars Ratio

Solvency Ratio (Based on Latest Audited Financial Statement) 2.73

Solvency ratio of the company stands above the regulatory limit of 1.3

2. Reinsurance related disclosure:

We have done adequate reinsurance arrangement to comply with Regulatory requirements through various treaties; proportional and non-proportional beyond our retention and obligatory cession with GIC Re, Indian and international Reinsurers and local Reinsurers with the compliance of NIA directives.

Our commitment to prudential risk management has led us to carefully assess and select reinsurance partners that align with our business objectives and provide substantial support in managing potential liabilities. Through these strategic reinsurance arrangements, we have enhanced our capacity to meet the diverse needs of our policyholders while maintaining a robust financial position

3. Details regarding legal proceeding: NIL

4. Corporate Governance:

The company has established various structure and mechanism to be compliant with Corporate Governance Directives issued by Nepal Insurance Authority: The followings points are relevant regarding same:

A. Compliance of Insurance Acts, Regulation and various Directives & Circulars issued by Nepal Insurance Authority.

B. Periodic Internal Audit

C. Periodic Review and strengthening of Internal Control System.

5. Other Discloser:

Expenses ratio

Guest Refreshment, Business promotion, Advertisement & Publicity and Agent expenses are under the limit of Regulatory Limit,.

Disclosure as required by other regulatory bodies and Nepal Financial Reporting Standards

As per Financial Directive, 2080 Paragraph - 4, clause 11(Nga), insurer shall transfer appropriate amount as determined by actuary from retained earnings to insurance fund to maintain Solvency Margin required as per section 38 of the Act. Since the actural report of this financial year has not been done, no amount has been appropriated from retained earnings to insurance Fund for this said period.