Kathmandu. Life insurance companies have done business of more than Rs 139 billion in the 10 months of the current fiscal year.
According to the data released by the Nepal Insurance Authority (NEA) today, 14 life insurance companies have earned a total insurance premium of Rs 139.36 billion by selling 13,728,342 insurance policies till Mid-April. In the same period last year, the companies had earned a total insurance premium of Rs 121.35 billion. Compared to the previous year, the business of companies increased by 14.84 percent in the review period.
During the review period, Nepal Life company has been the highest business bringer while National Life Insurance Company is ahead in terms of growth rate. The business of all life insurers has increased during the review period as compared to the previous year.
Nepal Life insurance has earned Rs 36.59 billion in insurance premiums till Mid-April of the current fiscal year. Which is 13 percent more than the same period last year. In the same period last year, the company had earned a total insurance premium of Rs 32.38 billion.
National Life is the second largest source of business. The company has earned a total insurance premium of Rs 17.20 billion till Mid-April. In the same period last year, the company had earned a total insurance premium of Rs 14.33 billion. Compared to the previous year, the company’s business increased by 20.03 percent in the review period.
The third is Life Insurance Corporation (LIC Nepal). The total insurance premium earned in the previous fiscal year increased by 9.40 percent to Rs 15.57 billion from Rs 14.23 billion in the previous year.
Similarly, Himalayan Life Insurance has earned Rs 13.79 billion, National Life Insurance Company Rs 8.67 billion, SuryaJyoti Life Insurance Rs 8.53 billion, Asian Life Insurance Rs 7.14 billion and Citizen Life Insurance Rs 5.68 billion. Compared to the same period last year, Himalayan Life’s business increased by 2.10 percent, National Life Insurance Company by 50.36 percent, Suryajyoti Life by 17.27 percent, Asian Life by 11.80 percent and Citizen Life by 20.83 percent.
Sanima Reliance Life insurance has earned Rs 5.33 billion, MetLife Rs 4.98 billion, IME Life Rs 4.19 billion, Reliable Nepal Life Rs 4.14 billion, Prabhu Mahalaxmi Life Rs 4.10 billion and Sun Nepal Life Insurance Rs 3.41 billion. Sanima Reliance Life’s business has increased by 13.71 percent, MetLife by 9 percent, IME Life by 14.80 percent, Reliable Nepal Life by 23.91 percent, Pramu Mahalaxmi Life by 20.09 percent and Sun Nepal Life by 10.73 percent compared to the previous year.
