Kathmandu: The first premium income (FPI) of life insurers have enjoyed 58 percent growth in the first premium earning of the current fiscal year.
As per the data made public by Beema Samiti, the regulator, insurance companies have been able to earn Rs. 34.02 billion in the first 10 months of the current fiscal year. During the first 10 months of fiscal year 076/77, the FPI earning was Rs. 21.53 billion only.
Nepal Life Insurance has earned the highest FPI of Rs. 7.36 billion which accounts for 21.63 percent of the total FPI income of the life insurance industry. Nepal Life has earned Rs.400 million during the month of Baisakh. It is 23.52 percent of the total FPI earned by insurers during the last month.
Similarly, LIC Nepal remains at second position with Rs. 3.03 billion total FPI while National Life Insurance has Rs. 3.08 billion FPI during the first 10 months of the current FY. Government-owned Rastriya Beema Sasthan’s FPI earning is Rs. 0.68 billion.
Union Life Insurance adds Rs. 80 million in the month of Baisakh amounting total FPI of Rs. 2.6 billion during the evaluation period.
Among New Life Insurers, Reliable Life Insurance stands at the second position on the basis of monthly FPI among all players. It has earned 180 million FPI in Baisakh which is second highest after Nepal Life Insurance. It’s ten months FPI earning is Rs.1.78 billion.
Asian Life Insurance’s total FPI is Rs. 1.74 billion. During last month it has earned Rs. 40 million FPI.
Surya Life’s FPI during Baisakh was Rs. 50 million and Rs. 1.63 billion during the evaluation period. Met Life’s FPI is Rs. 1.28 billion in which Rs. 120 million was added during Baisakh only.