Kathmandu. In the first eight months of the current fiscal year, life insurance companies have done business worth over Rs 100 billion.
According to the data released by the Nepal Insurance Authority today, 14 life insurance companies have sold 13.446 million insurance policies till Falgun and earned a total insurance premium of Rs 108.711 billion. Last year, the companies had earned a total insurance premium of Rs 98.531 billion. The companies’ business has increased by 10.33 percent during the review period compared to the previous year.
In the review period, the business of 13 life insurers has increased while that of one has decreased compared to the previous year. Nepal Life is the largest business earner, while Citizen and Reliable Nepal Life are ahead in terms of growth rate.
Until Falgun of the current fiscal year, Nepal Life has earned a total insurance premium of Rs 29.39 billion 89 million. This is 11.78 percent more than the same period of the previous year. The company had earned a total insurance premium of Rs 26.30 billion in the same period last year.
The second largest business earner is National Life. This company has earned a total insurance premium of Rs 13.62 billion 84 million as of Falgun. The company had earned a total insurance premium of Rs 11.56 billion 18 million in the same period last year. The company’s business has increased by 17.87 percent during the review period compared to the previous year.
The third largest company is Life Insurance Corporation (LIC Nepal). The total insurance premium earned was Rs 11.5779 billion in the previous year, which has increased by 8.49 percent to Rs 12.565 billion during the review period.
Similarly, till Falgun of the current fiscal year, Himalayan Life has earned Rs 11.222 billion, Suryajyoti Life Rs 6.695 billion, Asian Life Rs 5.6982 billion, Citizen Life Rs 4.49 billion and National Life Insurance Company Rs 4.479 billion. Compared to the same period of the previous year, Himalayan Life’s business increased by 0.38 percent, Suryajyoti Life’s by 17.29 percent, Asian Life’s by 10.46 percent and Citizen Life’s by 20.43 percent, while that of the National Life Insurance Company decreased by 14.37 percent.
As of Falgun, Sanima Reliance Life has earned a total insurance premium of Rs 4.29 billion 26 million, MetLife Rs 3.88 billion 9 million, IME Life Rs 3.28 billion 78 million, Pramu Mahalaxmi Life Rs 3.19 billion 76 million, Reliable Nepal Life Rs 3.17 billion 59 million and Sun Nepal Life Rs 2.70 billion 29 million. Compared to the previous year, the business of Sanima Reliance Life has increased by 12.86 percent, MetLife by 6.80 percent, IME Life by 16.32 percent, Pramu Mahalaxmi Life by 17.63 percent, Reliable Nepal Life by 20.66 percent and Sun Nepal Life by 9.38 percent.
