Kathmandu. Current fiscal year 2082. In the first month of July 2018, life insurance companies have done business of more than Rs 19.65 billion.
According to the data released by the Nepal Insurance Authority (NEA) today, 14 life insurers have earned a total insurance premium of Rs 653.3 million. The previous year 2081. These companies had earned Rs 18.53 billion in insurance premiums in July 2018. Compared to the previous year, the business of life insurance companies increased by 6.02 percent in the review period.
During the review period, Nepal Life has been the highest number of business bringers while IME Life is ahead in terms of business growth. Compared to the previous year, the business of 11 companies has increased while the business of three companies has decreased.
In the current fiscal year, Nepal Life has earned a total insurance premium of Rs 6.19 billion. The company had earned Rs 5.71 billion in insurance premiums in july last year. Compared to the previous year, the company’s business increased by 8.44 percent in the review period.
The second is National Life. The total insurance premium earned in july last year has increased from Rs 2.26 billion to Rs 2.41 billion in the review period. Compared to the previous year, the company’s business increased by 6.58 percent in the review period.
Life Insurance Corporation Nepal is the third largest importer of business. The company has earned a total insurance premium of Rs 2.03 billion in the current fiscal year. In the same period last year, the company had earned a total insurance premium of Rs 2.07 billion. Compared to the previous year, the company’s business declined by 1.84 percent in the review period.
Similarly, Himalayan Life insurance earned Rs 2.02 billion, Suryajyoti Life Insurance Rs 1.24 billion, Asian Life Insurance Rs 948.6 million and Citizen Life Insurance Rs 856.4 million in the current fiscal year. Compared to the previous year, Himalayan Life increased by 4.88 percent, Suryajyoti Life by 10.26 percent, Asian Life by 2.29 percent and Citizen Life by 12.08 percent.
During the review period, Sanima Reliance Life earned Rs 719.5 million, IME Life Insurance Rs 670.5 million, Prabhu Mahalaxmi Life Insurance Rs 616.8 million, Reliable Nepal Life Insurance Rs 581.7 million and Met Life Insurance Rs 539.9 million. Sanima Reliance Life grew by 6.44 per cent, IME Life by 23.53 per cent, Prabhu Mahalakshmi Life by 5 per cent, Reliable Nepal Life by 16.41 per cent and Met Life by 6.81 per cent in the review period as compared to the same period last year.
Similarly, National Life Insurance Company has earned Rs 433.9 million and Sun Nepal Life Insurance Rs 365.2 million in the current fiscal year. In comparison to the previous year, National Life Insurance Company decreased by 7.44 percent and Sun Nepal Life by 18.61 percent in the review period.
