Kathmandu: In the first 11 months of the current fiscal year, 19 life insurance companies have managed to earn over Rs. 66 billion in renewal premium. According to Beema Samiti,the regulatory authority, life insurance companies have managed to earn Rs. 66.58 billion in renewable premiums by mid-June of the current FY. These companies had earned Rs 64.34 billion renewal premium by mid-April.
Similarly, 19 life insurance companies earned Rs 2.21 billion in renewal insurance premiums in the month of Jestha 2078(15 June to 15 July) alone, while Rs.3.43 billion in the month of Baisakh(14 April to 14 May). Compared to the month of Baishakh, the renewal insurance fee of the companies has declined in Jestha.
According to BS, Nepal Life Insurance has managed to earn the highest renewal premium by mid-June. The company earned Rs. 20.05 billion in renewal premiums during the review period.The second is Life Insurance Corporation (LIC Nepal). The company has managed to earn Rs. 11.52 billion in renewal premiums over a period of 11 months.
Similarly, Rastriya Beema Sansthan is in the third position. The company has managed to earn Rs. 6.57 billion in renewal premiums so far, while National Life Insurance Company has collected Rs. 6.36 billion renewal premium.
Asian Life contributed Rs. 3.26 billion, Met Life Rs. 3.21 billion, Union Life Rs. 3.2 billion, Prime Life Rs. 2.20 billion, Surya Life Rs. 1.90 billion, Gurans Life Rs. 1.72 billion and Citizen Life Rs. 1.20 billion. Rs. 200 million and IME Life has earned Rs. 1 billion in renewal premium.
Companies with less than Rs.1 billion RPI:
In the first 11 months of the current fiscal year, Jyoti Life Insurance Company has earned Rs 980 million, while Reliance Life has collected Rs. 880 million. Sun Nepal Life has Rs. 790 million and Reliable Nepal Life Rs. 660 million RPI. Sanima Life Rs. 560 million, Prabhu Life Rs. 460 million and Mahalakshmi Life Rs. 240 million RPI.
RPI of Life Insurers during Jestha 2078:
LIC Nepal has the highest renewal premium income(RPI) in the month of Jestha, 2077/78. The company has earned Rs. 270 million in renewal insurance fees in Jestha alone. Union Life Insurance Company stands at the second position with Rs. 230 million in RPI during Jestha alone. The RPI of National Life has earned Rs. 210 million, Met Life has earned Rs. 130 million, Surya Life Rs. 120 million and Asian Life Rs. 10 million in June. IME Life and Citizen Life each have earned Rs. 9 crore RPI.
Similarly, Rastriya Bima Sansthan collected Rs.70 million, Nepal Life Rs. 60 million, Reliance Life and Jyoti Life Rs 50 million, Gurans Life Rs. 30 million, Sun Nepal Life Rs 20 million, Reliable Nepal Life, Sanima Life, Prabhu Life and Mahalakshmi Life Rs 20 million each.