xKathmandu. Sun Nepal Life Insurance Company, which was once completely focused on the insurance premium income from foreign employment term insurance policy, is also trying to establish itself in the sale of traditional insurance plans of term nature. <\/p>\n
According to a press release published by Care Ratings Nepal, according to the company’s unrevised financial statements, in the financial year 2082. The total earned fee increased by about 12 percent to Rs 5.09 billion in FY83. The increase in renewal insurance premium earnings has also increased the total premium income. <\/p>\n
Similarly, the company’s net earned premium was Rs 4.89 billion in the previous financial year. It increased by 13 percent to Rs 4.89 billion in the previous fiscal year compared to Rs 82. The company’s retention ratio i.e. the renewal rate in the second year was 96 percent. <\/p>\n
FY 2080. In 2018, Sun Nepal Life collected Rs 84.30 crore in insurance premiums from foreign employment term insurance policies. This amount accounted for 53.89 per cent of the total insurance premium of Rs 1.56 billion as against the first insurance premium of Rs 1.56 billion in the year 2018. It accounted for 21.69 per cent of the total insurance premiums. <\/p>\n
FY 2081. In 1982, 47.17 percent of the total insurance premium collection was covered by the insurance premium earned from the foreign employment term insurance. 2081. Since 1982, the Authority had announced to distribute the premium collected on the basis of the predetermined quota through the bridge. When Sun Nepal withdrew, Asian Life Insurance had collected the highest premium of Rs 1.05 billion from the foreign employment term insurance policy. Despite collecting such a huge amount, Asian Life had received the share only according to the quota fixed by the authority. <\/p>\n
At a time when the business has shrunk after the resumption of the insurance pool for foreign employment term insurance by the Nepal Insurance Authority, Sun Nepal has been gradually increasing the size of the business by promoting the business across the country. <\/p>\n
The company’s profit before tax declined to Rs 36.60 crore in the last fiscal year due to an increase in the amount to be transferred to the life insurance fund. <\/p>\n
Out of the total 14 traditional life insurers, Sun Nepal Life has a market share of only 2.51 percent. The company has introduced an insurance plan with a combination of health insurance and accident insurance along with traditional style insurance to increase the market share. Apart from this, it has been selling insurance policies online in partnership with eSewa, and recently it has introduced the facility to buy health insurance online. <\/p>\n
CARE Ratings Nepal has reaffirmed the Issuer Rating of Sun Nepal Life Insurance Company Limited to Triple B Plus, following the improvement in the company’s business size and financial strength. Entities that receive this rating are considered to have a moderate level of safety in terms of timely fulfillment of financial obligations in Nepal and have moderate credit risk. <\/p>\n
According to Care Ratings, the quality of investment diversification of the company is good. About 58 percent of the total investment is invested in fixed and interest-earning deposits of various banks and financial institutions. <\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
xKathmandu. Sun Nepal Life Insurance Company, which was once completely focused on the insurance premium income from foreign employment term insurance policy, is also trying to establish itself in the sale of traditional insurance plans of term nature. According to a press release published by Care Ratings Nepal, according to the company’s unrevised financial statements, […]<\/p>\n","protected":false},"author":5,"featured_media":187078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45152,45159],"tags":[],"class_list":["post-320998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-life-insurance-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=320998"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320998\/revisions"}],"predecessor-version":[{"id":320999,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320998\/revisions\/320999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/187078"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=320998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=320998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=320998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}