Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Annuity brought in 68% of the revenue Bottlers Nepal (Terai) Limited broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annuity | $3.1B | $9.2B | $7.9B |
| Property & Casualty | $2.5B | $3.4B | $2.9B |
| Life | $1.2B | $1.0B | $603.0M |
| Corporate Other | $124.0M | $210.0M | $314.0M |
Regions
United States brought in 89% of the revenue Bottlers Nepal (Terai) Limited broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $5.5B | $10.4B | $10.4B |
| CA [member] | $653.0M | $2.6B | $552.0M |
| BM | $422.0M | $249.0M | $414.0M |
| Other Country | $292.0M | $811.0M | $303.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs92¢$10.7B
- Income tax1¢$104.0M
- Profit7¢$863.0M
Out of $11.6B in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Kept or used elsewhere100¢$2.6B
Out of $2.6B of cash from operations.2
Financial statements
No quarterly figures reported.
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net premiums | $4.5B | $8.3B | $4.1B |
| Other policy revenue | $790.0M | $781.0M | $413.0M |
| Net investment income | $5.8B | $4.3B | $1.8B |
| Investment related gains | $485.0M | $369.0M | $425.0M |
| Net investment results from reinsurance funds withheld | $54.0M | $422.0M | $128.0M |
| Total revenues | $11.6B | $14.1B | $6.9B |
| Policyholder benefits and claims incurred | -$4.5B | -$8.2B | -$3.9B |
| Interest sensitive contract benefits | -$2.1B | -$1.9B | -$687.0M |
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | -$1.4B | -$1.2B | -$632.0M |
| Change in fair value of insurance-related derivatives and embedded derivatives | -$219.0M | $234.0M | $41.0M |
| Change in fair value of market risk benefits | -$725.0M | -$107.0M | $166.0M |
| Other reinsurance expenses | -$5.0M | -$26.0M | -$21.0M |
| Operating expenses | -$1.4B | -$1.4B | -$777.0M |
| Interest expense | -$379.0M | -$362.0M | -$249.0M |
| Total benefits and expenses | -$10.7B | -$12.9B | -$6.1B |
| Net income before income taxes | $967.0M | $1.2B | $814.0M |
| Income tax recovery (expense) | -$104.0M | $34.0M | -$17.0M |
| Non-controlling interests | $97.0M | $33.0M | $1.0M |
| Net income | $863.0M | $1.2B | $797.0M |
| Net income per Class C share, Basic (in dollars per share) | $3.35 | $8.69 | $10.51 |
No quarterly figures reported.
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $4 and $27, respectively; amortized cost of $63,157 and $53,651, respectively) | $64.2B | $53.8B | |
| Equity securities, at fair value | $8.0B | $3.9B | |
| Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $113 and $158, respectively) | $11.2B | $12.4B | |
| Private loans, at amortized cost (net of allowance for credit losses of $181 and $97, respectively) | $8.4B | $5.2B | |
| Investment real estate, at cost (net of accumulated depreciation of $238 and $232, respectively) | $3.0B | $2.4B | |
| Real estate partnerships | $4.2B | $3.4B | |
| Investment funds | $9.0B | $6.1B | |
| Policy loans | $234.0M | $276.0M | |
| Short-term investments, at estimated fair value | $475.0M | $4.4B | |
| Other invested assets | $1.3B | $1.1B | |
| Total investments | $110.0B | $93.0B | |
| Cash and cash equivalents | $13.0B | $12.2B | |
| Accrued investment income | $892.0M | $860.0M | |
| Deferred policy acquisition costs, deferred sales inducements and value of business acquired | $11.7B | $10.7B | |
| Reinsurance funds withheld | $1.4B | $1.5B | |
| Premiums due and other receivables | $620.0M | $647.0M | |
| Ceded unearned premiums | $352.0M | $520.0M | |
| Deferred tax asset | $687.0M | $760.0M | |
| Reinsurance recoverables and deposit assets | $12.2B | $13.2B | |
| Property and equipment (net of accumulated depreciation of $400 and $377, respectively) | $290.0M | $272.0M | |
| Intangible assets (net of accumulated amortization of $237 and $106, respectively) | $1.6B | $1.7B | |
| Goodwill | $783.0M | $783.0M | $121.0M |
| Other assets | $2.8B | $2.5B | |
| Separate account assets | $822.0M | $1.3B | |
| Total assets | $157.2B | $140.0B | |
| Future policy benefits | $16.2B | $14.1B | |
| Policyholders account balances | $93.0B | $83.1B | |
| Policy and contract claims | $7.3B | $7.7B | $7.3B |
| Deposit liabilities | $1.4B | $1.5B | |
| Market risk benefits | $4.5B | $3.7B | |
| Unearned premium reserve | $1.3B | $1.8B | |
| Other policyholder funds | $360.0M | $347.0M | |
| Notes payable | $205.0M | $189.0M | |
| Corporate borrowings | $628.0M | $17.0M | |
| Non-recourse borrowings | $4.9B | $4.3B | |
| Funds withheld for reinsurance liabilities | $3.2B | $3.4B | |
| Separate account liabilities | $822.0M | $1.3B | $1.2B |
| Total liabilities | $139.3B | $126.9B | |
| Retained earnings | $2.8B | $2.1B | |
| Accumulated other comprehensive income | $1.1B | $204.0M | |
| Non-controlling interests | $331.0M | $850.0M | |
| Total equity | $17.9B | $13.1B | $6.2B |
| Total liabilities and equity | $157.2B | $140.0B | |
| Allowance for credit losses | $4.0M | $27.0M | $30.0M |
| Amortized cost | $63.2B | $53.7B | |
| Accumulated depreciation | $238.0M | $232.0M | |
| Property and equipment accumulated depreciation | -$400.0M | -$377.0M | |
| Intangible assets accumulated amortization | $237.0M | $106.0M | |
| Treasury shares (in shares) | 5.4M shares | 3.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $863.0M | $1.2B | $797.0M |
| Other policy revenue | -$790.0M | -$781.0M | -$413.0M |
| Accretion on investments | -$758.0M | -$597.0M | -$216.0M |
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired | $1.4B | $1.2B | $632.0M |
| Deferral of policy acquisition costs | -$1.6B | -$1.3B | -$1.1B |
| Gains on investments and derivatives | -$733.0M | -$1.1B | -$604.0M |
| Provisions for credit losses | $21.0M | $123.0M | $24.0M |
| Income from real estate partnerships, investment funds and corporations | -$744.0M | -$354.0M | -$190.0M |
| Distributions from real estate partnerships, investment funds and corporations | $499.0M | $499.0M | $91.0M |
| Interest credited to policyholders account balances | $2.1B | $2.2B | $633.0M |
| Change in fair value of embedded derivatives | $503.0M | $63.0M | $249.0M |
| Depreciation and amortization | $218.0M | $206.0M | $50.0M |
| Deferred income taxes | $21.0M | -$150.0M | $12.0M |
| Insurance-related liabilities | $888.0M | $2.5B | $3.3B |
| Deposit liabilities | -$95.0M | -$20.0M | -$100.0M |
| Funds withheld under reinsurance | -$175.0M | -$291.0M | -$1.4B |
| Reinsurance recoverables and deposit assets | $1.3B | $1.2B | $186.0M |
| Accrued investment income | -$60.0M | -$148.0M | $78.0M |
| Working capital and other | -$182.0M | $45.0M | -$492.0M |
| Cash flows from operating activities | $2.6B | $4.6B | $1.5B |
| Acquisition of subsidiary, net of cash acquired | $0 | $10.8B | -$346.0M |
| Disposition of business, net of cash disposed | $0 | $0 | $72.0M |
| Available-for-sale fixed maturity securities | -$19.1B | -$15.3B | -$4.8B |
| Equity securities | -$480.0M | -$709.0M | -$636.0M |
| Mortgage loans on real estate | -$1.8B | -$2.2B | -$566.0M |
| Private loans | -$3.3B | -$3.5B | -$535.0M |
| Investment real estate and real estate partnerships | -$1.5B | -$2.4B | -$1.4B |
| Investment funds | -$3.7B | -$517.0M | -$808.0M |
| Short-term investments | -$12.2B | -$18.2B | -$18.0B |
| Other invested assets | -$321.0M | -$265.0M | -$19.0M |
| Available-for-sale fixed maturity securities | $10.8B | $11.8B | $5.9B |
| Equity securities | $358.0M | $145.0M | $174.0M |
| Mortgage loans on real estate | $3.0B | $2.3B | $671.0M |
| Private loans | $1.4B | $1.1B | $542.0M |
| Investment real estate and real estate partnerships | $218.0M | $336.0M | $102.0M |
| Investment funds | $598.0M | $514.0M | $235.0M |
| Short-term investments | $15.8B | $16.8B | $17.7B |
| Other invested assets | $224.0M | $102.0M | $39.0M |
| Purchases of derivatives | -$1.2B | -$627.0M | -$238.0M |
| Proceeds from sales and maturities of derivatives | $1.1B | $1.3B | $66.0M |
| Purchase of intangibles and property and equipment | -$69.0M | -$40.0M | -$135.0M |
| Proceeds from sales of intangibles and property and equipment | $0 | $34.0M | $91.0M |
| Change in collateral held for derivatives | $283.0M | -$79.0M | $243.0M |
| Other | $95.0M | -$58.0M | -$196.0M |
| Cash flows from investing activities | -$9.7B | $1.4B | -$1.8B |
| Return of capital to common stockholders | -$112.0M | -$14.0M | -$5.0M |
| Borrowings from related parties | $127.0M | $2.0B | $614.0M |
| Repayment of borrowings to related parties | -$41.0M | -$2.2B | -$297.0M |
| Borrowings from external parties | $4.4B | $4.7B | $2.2B |
| Repayment of borrowings to external parties | -$3.2B | -$4.5B | -$2.7B |
| Borrowings issued to reinsurance entities | $3.0M | $63.0M | $0 |
| Repayment of borrowings issued to reinsurance entities | -$27.0M | -$129.0M | $0 |
| Policyholders account deposits | $17.6B | $10.9B | $4.9B |
| Policyholders account withdrawals | -$10.3B | -$8.8B | -$2.3B |
| Debt issuance costs | -$14.0M | -$4.0M | $0 |
| Proceeds from repurchase agreement | $106.0M | $364.0M | $313.0M |
| Repayments of repurchase agreement | -$106.0M | -$363.0M | -$313.0M |
| Issuance of capital to non-controlling interests | $299.0M | $4.0M | $1.0M |
| Redemptions to non-controlling interests | -$828.0M | $0 | $0 |
| Distributions to non-controlling interests | -$87.0M | -$46.0M | $0 |
| Cash flows from financing activities | $7.8B | $1.9B | $2.5B |
| Net change during the year | $752.0M | $7.9B | $2.2B |
| Foreign exchange on cash balances held in foreign currencies | $19.0M | $11.0M | $0 |
| Cash taxes paid (net of refunds received) | $35.0M | -$28.0M | $68.0M |
| Cash interest paid | $246.0M | $318.0M | $123.0M |
| Investments received in connection with pension risk transfer transactions | $175.0M | $2.3B | $0 |
| Investments received in relation to the issuance of common stock | $3.8B | $2.1B | $0 |
| Investments received in connection with the sale of investment funds | $786.0M | $0 | $0 |
| Equity securities transferred as consideration paid for acquisition of a subsidiary | $0 | $1.1B | $0 |
Sources
The numbers on this page point here. Each one links to the record it came from.
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