Kathmandu. Current fiscal year 2082. In the first quarter of 83 years (July-September), the cost of salary of employees of life insurance companies has increased.
This is according to the financial statements of the first quarter of the current fiscal year made public by 14 life insurers in operation. In the review period, the companies spent Rs 1.92 billion in salaries and allowances to their employees. Last year, 2081. In the same period of 2018, the companies spent Rs 1.76 billion on salaries and allowances of their employees. Compared to the previous year, companies spent 8.90 percent on this headline.
During the review period, the cost of salary of employees of 13 life insurers increased while one decreased. Himalayan Life Insurance Company is the highest spender and National Life Insurance Company is the lowest spender.
In the review period, Himalayan Life Insurance spent Rs 28.54 crore on salary and allowances of its employees. The company had posted a total expenditure of Rs 25.95 crore in the same quarter last year. In the review period of the previous year, the company’s employee salary increased by 9.97 percent.
Similarly, Nepal Life Insurance Company is in second place. In the review period of the previous year, Nepal Life Insurance spent Rs 22.83 crores, down 7.14 percent.
The third is Surya Jyoti Life. In the first quarter of the current FY, the company has spent Rs 18.82 crore on employees’ salaries. The company had posted a total expenditure of Rs 18.24 crore in the same quarter last year. Such expenditure has increased by 3.21 percent compared to the previous year.
During the review period, National Life Insurance spent Rs 15.32 crore on salary and allowances of its employees. The company had spent Rs 14.05 crore in the same period last year. In this way, the cost of salary of the employees of the company has increased by 9.08 percent.
Likewise, Sanima Life Insurance has collected Rs 13.67 crore as salary of Rs 13.67 crore, Life Insurance Life Insurance Rs 12.23 crore, IME Life Insurance Rs 11.4 billion, Prabhu Mahalaxmi Life Insurance Rs 11.22 billion, Sun Nepal Life Insurance Rs 11.01 million, Citizen Life Insurance Rs 10.74 crore and IME Life Insurance Rs 10.14 million. In the same period of the previous year, Reliance Life Insurance collected Rs 12.65 crore, LIC Life Insurance Rs 11.43 crore, IME Life Insurance Rs 10.14 crore, Prabhu Mahalaxmi Life Insurance Rs 10.72 crore, Sun Nepal Life Insurance Rs 9.76 crore, Citizen Life Insurance Rs 10.74 million. All these companies have increased their expenses during the review period compared to the previous year.
During the review period, MetLife Insurance earned Rs 10.74 crore, Asian Life Insurance Rs 10.24 crore, Reliable Nepal Life Insurance Rs 10.22 crore and Rastriya Life Insurance Rs 5.53 million. The expenditure of all these has increased during the review period compared to the previous year.
The National Life Insurance Company has increased the expenses the most. During the review period, the company’s salary and allowances increased by 15053.97 percent compared to the previous year.
