Kathmandu. Current fiscal year 2082. Life insurance companies have collected around Rs 40 billion in insurance premiums by renewing their policies till the first quarter of 2018.
According to the data made public by the Nepal Insurance Authority, 14 life insurance companies have earned Rs 39.68 billion in renewal insurance premium till mid-October of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 32.92 billion in renewal insurance premiums till mid-September 2018. The renewal premium has increased by 20.55 percent in the review period compared to the previous year.
Compared to the previous year, the renewal premium collection of all companies has increased till September of the current year. KATHMANDU: Nepal Life Insurance Company (NLIC) has been leading in terms of growth rate while collecting the highest renewal premium.
Nepal Life Insurance has collected Rs 10.74 billion in renewal insurance premiums till mid-September of the current fiscal year. The company had collected Rs 10.01 billion in the previous year. Compared to the previous year, the company’s premium collection increased by 7.26 percent.
National Life is the second highest collection of renewal insurance premiums. The company has collected Rs 4.36 billion in renewal premium till mid-September. The company had collected Rs 3.74 billion in renewal premium in the same period last year. The company’s renewal premium has increased by 16.54 percent compared to the previous year.
Life Insurance Corporation of Nepal Ltd (LIC Nepal) is in the third position. The company had collected Rs 4.05 billion in renewal premium till the previous year, which increased by 6.09 percent to Rs 4.30 billion in the review period.
Similarly, National Life Insurance Company has collected Rs 4.07 billion in renewal insurance premium till mid-October. The company had posted a net profit of Rs 1.01 billion in the same period last year. Compared to the previous year, the company’s renewal premium has increased by 301.77 percent.
Nepal Life Insurance has collected Rs 2.1 billion in renewal premiums, followed by Surya Jyoti Life Insurance Rs 2.4 billion, Asian Life Insurance Rs 1.81 billion, Citizen Life Insurance Rs 1.58 billion and Reliance Life Insurance Rs 1.87 billion. Likewise, Himalayan Life Insurance has increased by 5.66 percent, Surya Jyoti Life Insurance by 21.92 percent, Asian Life Insurance by 10.45 percent, Citizen Life Insurance by 25.55 percent and Sanima Life Insurance by 17.57 percent.
Likewise, Prabhu Life Insurance has collected Rs 1.19 billion in renewal insurance premiums, Prabhu Life Insurance Rs 1.8 billion, Reliable Nepal Life Insurance Rs 1.04 billion, and Sun Nepal Life Insurance Rs 1.19 billion. In the review period, MetLife Insurance increased by 14.91 percent, IME Life Insurance by 20.59 percent, Prabhu Mahalaxmi Life by 14.35 percent, Reliable Nepal Life Insurance by 20.94 percent and Sun Nepal Life Insurance by 21.55 percent.
