Kathmandu. Life insurance companies have done business of more than Rs 1.25 trillion in the third quarter of the current fiscal year (July-April).
According to the data released by the Nepal Insurance Authority (NEA) today, 14 life insurance companies have earned a total insurance premium of Rs 126.18 billion by selling 13.539 million insurance policies till Mid-April. In the same period last year, the companies had earned a total insurance premium of Rs 110 billion 827 million. Compared to the previous year, the business of companies increased by 14.62 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 Citizen and National Insurance Company are ahead in terms of growth rate.
Nepal Life has earned a total insurance premium of Rs 33.17 billion till Mid-April of the current fiscal year. Which is 12.10 percent more than the same period last year. In the same period last year, the company had earned a total insurance premium of Rs 29.45 billion. National Life is the second largest source of business. The company has earned a total insurance premium of Rs 15.64 billion till Mid-April. In the same period last year, the company had earned a total insurance premium of Rs 12.89 billion. Compared to the previous year, the company’s business increased by 21.26 percent in the review period.
The third is Life Insurance Corporation (LIC Nepal). The total insurance premium earned till March last year has increased by 9.39 percent to Rs 14.36 billion from Rs 12.83 billion in the previous year.
Similarly, Himalayan Life Insurance has earned Rs 12.59 billion, National Life Insurance Company Rs 8.16 billion, SuryaJyoti Life Insurance Rs 7.65 billion, Asian Life Insurance Rs 6.46 billion and Citizen Life Insurance Rs 5.08 billion. Compared to the same period last year, Himalayan Life’s business increased by 2.16 percent, National Life Insurance Company by 49.25 percent, Suryajyoti Life by 17.34 percent, Asian Life by 11.66 percent and Citizen Life by 19.84 percent.
Sanima Reliance Life insurance has earned Rs 4.84 billion, MetLife Rs 4.44 billion, IME Life Insurance Rs 3.77 billion, Reliable Nepal Life Insurance Rs 3.69 billion, Pramu Mahalaxmi Life Insurance Rs 3.67 billion and Sun Nepal Life Insurance Rs 3.85 billion. Sanima Reliance Life’s business grew by 13.32 percent, MetLife by 7.52 percent, IME Life by 14.64 percent, Reliable Nepal Life by 23.75 percent, Pramu Mahalaxmi Life by 19.96 percent and Sun Nepal Life by 10.62 percent compared to the previous year.
