Kathmandu. Current fiscal year 2082. In the first five months of 2018, life insurance companies have collected around Rs 60 billion in insurance premiums by renewing policies.
According to the data made public by the Nepal Insurance Authority, 14 life insurance companies have earned Rs 59.93 billion in renewal insurance premium till the end of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 52.08 billion in renewal premiums till December 19, 2018. The renewal premium has increased by 15.08 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 December 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 16.24 billion in renewal premium till mid-December of the current fiscal year. The company had collected Rs 15.41 billion in the previous year. Compared to the previous year, the company’s premium collection increased by 5.40 percent.
Life Insurance Corporation of Nepal (LIC) is the second highest premium collection for renewal. The company has collected Rs 6.88 billion in renewal premiums till mid-November. The company had collected Rs 6.63 billion in renewal premium in the same period last year. The company’s renewal premium has increased by 3.69 percent compared to the previous year.
The third is National Life. In the review period, the company collected Rs 6.85 billion in renewal insurance premiums from Rs 6.72 billion in the previous year.
Similarly, Himalayan Life Insurance has collected Rs 6.04 billion in renewal premium till mid-December. The company had posted a net profit of Rs 5.78 billion in the same period last year. The company’s renewal premium increased by 4.49 percent compared to the previous year.
Nepal Life Insurance has collected Rs 2.1 billion in renewal premium, followed by Surya Jyoti Life Insurance Rs 2.8 billion, Citizen Life Insurance Rs 2.96 billion, Citizen Life Insurance Rs 2.8 billion, Reliance Life Insurance Rs 2.07 billion, Citizen Life Insurance Rs 2.19 billion, and Nepal Life Insurance Rs 2.07 billion, respectively. In the review period, the renewal premium of Rastriya Life Insurance Company increased by 182.36 percent, Surya Jyoti Life Insurance by 14.08 percent, Asian Life Insurance by 7.91 percent, Citizen Life Insurance by 22.21 percent and Sanima Reliance Life by 8.15 percent.
Likewise, Prabhu Life Insurance has collected Rs 1.66 billion in renewal insurance premiums, Prabhu Life Insurance Rs 1.65 billion, Reliable Nepal Life Insurance Rs 1.61 billion, Prabhu Life Insurance Rs 1.68 billion, and Sun Nepal Life Insurance Rs 1.29 billion. In the review period, MetLife Insurance increased by 11.29 percent, IME Life Insurance by 22.89 percent, Prabhu Mahalaxmi Life by 14.20 percent, Reliable Nepal Life Insurance by 20.37 percent and Sun Nepal Life Insurance by 21.25 percent.
