Established in 2048 BS, Everest Company Limited has been giving the service of general insurance (Non-Life insurance) since 2051 BS. It is one of the foremost insurance company, offering general insurance service. Having 15% investment in the shares of Laxmi Bank, the Everest Company Limited has the paid of share capital of 10 crore 12 lakhs 50 thousands till the end of the financial year 2072/2073 .The company has even publicly declared to issue the 6 right shares for each unit of share so as to make the paid up capital equal to 1 billion within the financial year 2072/73. .As per the report publicly issued by the company on last Asadh 23, under the backup fund (reserved), the company has 8 crore 67 lakhs 83 thousands 9 hundred and 14 rupees. Similarly under the Great Calamity Fund Head, there is 27 lakh 53 thousand, 5 hundred and 2 rupees. Likewise under the Insurance fund, there is 15 crore 23 lakhs 37 thousand 3 hundred and 47 rupees.
Insurance premium, Insurance Contract
As per the report, in the financial year 2072/73, the company has collected the total insurance premium of 5 crore, 31 lakhs 40 thousand 6 hundred and 43 rupees. In the previous financial year, (2071/72), 4 crore 33 lakhs 97 thousand and 30 rupees was collected as the insurance premium. The company has done the claim payment of 3 crore 58 lakhs 78 thousand 8 hundred and 91 rupees in the financial year 2072/2073. In the previous financial year, 7 crore, 11 lakhs 19 thousand 4 hundred and 20 rupees claim was paid. In the financial year 2071/72, the company made the payment of claim more than the collected insurance premium by 2 crore 77 lakhs 22 thousand 3 hundred 90 rupees.
In the financial year 2072/73, the company has the maximum numbers of motor insurance policy i.e. 6 thousand 8 hundred 59. The total policy amount of it is nearly 4 billion rupees. By merely issuing nearly 7 thousand insurance policies , the company collected the total insurance policy of 3 crore 23 lakhs 79 thousand 4 hundred and 91 rupees .Likewise , under the motor insurance , the company has done the total claim payment of 2 crore 55 lakhs 75 thousand 3 hundred and 52 rupees . In the previous financial year, the company had a total motor insurance contracts of 5 thousand 2 hundred and 16. Similarly, the company has the lowest of 3 hundred 29 engineering insurance contracts. The total policy amount of which comes out to be 8 arabs, 62 crore 61 lakhs 1 thousand and 39 rupees. By the engineering insurance, the company has collected the total insurance premium of 14 lakhs 35 thousand 5 hundred and 76 rupees while the total claim of 69 thousand 8 hundred and 68 rupees has been disbursed. In the previous financial year, the no. of engineering insurance policy was just 2 hundred and 6.
In the financial year 2072/73, the company had a total 14 thousand 3 hundred 51 insurance policies whose total policy amount was 45 arabs 41 crore 68 lakhs 89 thousand 1 hundred and 62 rupees. Out of which, the risk in equal to the policy amount of 24 arabs 33 crore 42 lakhs 57 thousand 5 hundred and 56 rupees was assigned to the reinsurance company. The risk of the remaining policy amount was however carried by the company itself. In the previous financial year, the company had the total insurance policies of 9 thousand 7 hundred and 54 whose total policy amount was nearly 40 billion rupees.
Capital and Investment
In the financial year 2072/73, the company had made the long term investment of 16 crore, 55 lakhs 58 thousand 2 hundred and 36 thousand. Similarly the short term investment of 23 crore 26 lakhs 63 thousand 5 hundred and 34 rupees was invested by the company. The company has gained the insurance premium revenue of 17 crore 86 lakhs 89 thousand 5 hundred and 38 rupees. The report states that the company has invested 1 crore 26 lakhhs 46 thousand 4 hundred and 72 rupees in the shares of various financial institutions. Similarly the company has got the stock investment of 2 crore 11 lakhs 96 thousand 9 hundred and 19 rupees in various banks.
Income and expenditure
Company has gained the revenue of 8 crore 10 lakhs 89 thousand 4 hundred 70 rupees in the financial year 2072/73. In the previous year, the figure was 42 lakhs 23 thousand 8 hundred and 3 rupees. In the financial year 2072/73, the company had incurred the total expenditure of 1 crore 10 lakhs 57 thousand 2 hundred and 61 rupees. The company had spent 5 crore 16 lakhs 22 thousand 9 hundred and 28 rupees in the managerial head, as per the report.
It is seen that the Everest Insurance Company has utilized 28.49% of the total insurance premium in the management expenses .the company with the 70 whole time employees has the branch office in 9 places .in the financial year 2072/73 , out of total insurance policies , 0.4 % have met the claim.