Kathmandu:Amid the Covid19 pandemic life insurance companies have managed to cross last FY’s TPI earning within first eleven of current FY.Nineteen life insurance companies have earned total premium of Rs 102.34 billion by mid-June of the current FY. It exceeds last year’s TPI by 8.43 percent. The TPI of last FY was Rs.94.38 billion.
According to Beema Samiti (BS), the regulatory authority, 19 life insurance companies have collected total premium income(TPI) of Rs 102.34 billion.
According to the statistics provided by BS, Nepal Life Insurance Company is at the top of the chart with 26.93 percent share in the total premium earning.
The company has managed to earn Rs. 27.57 billion TPI.
The eldest life insurer from private sector Life Insurance Corporation (Nepal) has TPI Rs. 14.69 billion. It’s share is 14.35 percent of the total TPI of life Insurers. National Life Insurance continues stand at third position with the share of 9.37 percent that totals toTPI Rs 9.57 billion.
Among the third generation life insurers, Union Life Insurance Company has left second generation insurers Asian Life, Prime Life, Guransh Life and Surya Life behind with 5.56 percent TPI.Union Life has earned TPI Rs.5.70 billion.
Asian Life Insurance has been able to stand at fifth position with a share of 4.92 percent TPI. It’s TPI is Rs.5.04 billion.
As the last month of the FY, Asar(mid June to mid July) is the most awaited month for the life insurance business growth, it is expected that the TPI will exceed by around 30 percent in comparison to last FY.
With the target of qualifying for huge incentive package, the life insurance agents have the tendency of making remarkable contribution to first premium income(FPI) during last month of any FY.