Kathmandu. Current fiscal year 2082. Life insurance companies have spent more than Rs 11 billion in agent commission till the third quarter (July-March) of 2018.
According to the financial details of the third quarter made public so far, 14 life insurance companies have spent Rs 11.04 billion till mid-April. Previous fiscal year 2081. The companies had spent Rs 9.85 billion till March 2018. The agent commission of the companies increased by 12.04 percent in the review period compared to the previous year.
Compared to the previous year, the agent commission of all the companies has increased. Nepal Life Insurance has been the highest distributing agent commission while IME Life is ahead in terms of growth rate.
Nepal Life Insurance has disbursed Rs 2.73 billion as agent commission till mid-April of the current fiscal year. The company had spent Rs 2.41 billion in agent commission in the same period of the previous year. The company’s agent commission expense increased by 13.48 percent in the review period compared to the previous year.
National Life Insurance is the life insurer that spends the second most on agent commissions. The company has spent Rs 1.62 billion till mid-April. The company had spent Rs 1.48 billion in the same period last year. Compared to the previous year, the company’s agent commission expenses increased by 9.26 percent.
Life Insurance Corporation of Nepal Ltd (LIC Nepal) is in the third position. In the review period, LIC Nepal spent Rs 982.8 million which increased by 9.12 percent to Rs 1.07 billion in the review period.
Himalayan Life Insurance has also spent Rs 1.04 billion in agent commission till mid-April. The company had disbursed Rs 98.64 crore as agent commission in the same period last year. During the review period, the company’s expenses increased by 5.74 percent compared to the previous year.
Nepal Life Insurance earned Rs 19.11 billion, Citizen Life earned Rs 56.26 billion, Citizen Life earned Rs 54.10 billion, and IME Life Insurance earned Rs 43.64 billion. In the review period, Surya Jyoti Life Insurance earned 11.58 percent, Asian Life Insurance by 11.03 percent, Citizen Life Insurance by 17.48 percent, Sanima Life Insurance by 15.40 percent and IME Life Insurance by 29.92 percent.
Similarly, Reliable Nepal Life Insurance has collected Rs 42.23 billion, Mate Life Insurance Rs 41.48 crore, Prabhu Mahalaxmi Life Insurance Rs 39.63 million, Sun Nepal Life Insurance Rs 31.67 crore and Rastriya Life Insurance Rs 14.33 million. Likewise, Reliable Nepal Life Insurance has increased by 17.60 percent, MetLife Insurance by 11.54 percent, Prabhu Mahalaxmi Life Insurance by 13.72 percent, Sun Nepal Life Insurance by 10.16 percent and Rastriya Life Insurance by 2.07 percent.
