Kathmandu. Life insurance companies have done business of more than Rs 1.5 billion in the 11 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 154.59 billion by selling 13,836,375 insurance policies till June 30. In the same period last year, the companies had earned a total insurance premium of Rs 133.62 billion. Compared to the previous year, the business of companies increased by 15.29 percent in the review period.
Compared to the previous year, the business of all 14 life insurers has increased till the review period. Nepal Life is the largest importer of business while National Insurance Company is ahead in terms of growth rate.
Nepal Life has earned a total insurance premium of Rs 41.24 billion till May of the current fiscal year. Which is 15.35 percent more than the same period last year. In the same period last year, the company had earned a total insurance premium of Rs 35.56 billion.
National Life is the second largest source of business. The company has earned a total insurance premium of Rs 18.90 billion till May 2018. In the same period last year, the company had earned a total insurance premium of Rs 15.98 billion. Compared to the previous year, the company’s business increased by 18.30 percent in the review period.
Life Insurance Corporation (LIC Nepal) is in third place. The total insurance premium earned till May last year has increased by 8.47 percent to Rs 17.24 billion from Rs 15.89 billion in the previous year.
Similarly, Himalayan Life Insurance has earned Rs 15.22 billion, SuryaJyoti Life Insurance Rs 9.45 billion, National Life Insurance Company Rs 9.64 billion, Asian Life Insurance Rs 7.86 billion and Citizen Life Insurance Rs 6.32 billion. Compared to the same period last year, Himalayan Life’s business increased by 3.97 percent, Suryajyoti Life’s 18.13 percent, National Life Insurance Company’s 51.20 percent, Asian Life’s 11.88 percent and Citizen Life’s 19.58 percent.
Sanima Reliance Life insurance has earned Rs 5.90 billion, MetLife Rs 5.54 billion, IME Life Insurance Rs 4.72 billion, Reliable Nepal Life Insurance Rs 4.55 billion, Pramu Mahalaxmi Life Insurance Rs 4.54 billion and Sun Nepal Life Insurance Rs 3.73 billion. Sanima Reliance Life’s business grew by 10.80 percent, MetLife by 9.07 percent, IME Life by 16.65 percent, Reliable Nepal Life by 23.38 percent, Pramu Mahalaxmi Life by 22.26 percent and Sun Nepal Life by 10.22 percent compared to the previous year.
