Kathmandu:Life insurance companies have earned over Rs.35 billion first premium income (FPI) during the first 11 months of the current fiscal year. According to Beema Samiti, 19 life insurance companies have managed to collect the first premium of Rs. 35.19 billion by mid-June.
Life insurance companies have earned Rs. 1.08 billion in premiums in Jestha(mid may to mid June) alone. Compared to the month of Baisakh (mid April to mid May), the FPI of the companies has declined by 36.47 percent. In the month of Baishakh 2078 alone, 19 life insurance companies had earned the first premium of Rs 1.70 billion.
Nepal Life Insurance Company has maintained its position on top with the highest FPI Rs 7.49 billion by mid-June. It covers 21 percent of the total FPI income of Life Insurers. While National Life Insurance Company has earned Rs. 3.18 billion FPI. It has only 9 percent share in total FPI of the life insurance industry.
LIC is Nepal declined to third position in terms of FPI with approximate 3 percent market share. It has collected Rs. 3.17 billion FPI by mid-June. Similarly, Union Life Insurance Company has earned the first premium of Rs 2.66 billion which accounts to 8 percent of the industry’s FPI. Union remains on top among the fourth generation life insurers.
Similarly, Reliable Nepal Life has earned Rs 1.97 billion with 6 percent share. The FPI of Asian Life(ALIC) has been declining since third quarter. It stands at sixth position with FPI Rs 1.78 billion. Earlier ALIC used to be in top 5 position among life insurers.
Similarly, Surya Life Insurance Company Rs 1.71 billion, Jyoti Life Rs 1.62 billion, Citizen Life Insurance Company Rs 1.59 billion, Gurans Life Insurance Company Rs 1.45 billion. Met Life has earned Rs 1.34 billion, Reliance Life Rs 1.25 billion, Prime Life Rs 1.13 billion, Sanima Life Rs 1.90 billion and IME Life Insurance Company Rs 1.8 billion FPI.
Companies earning FPI in million:
According to Beema Samiti, Prabhu Life has earned Rs 750 million, Sun Nepal Life Rs 730 million, Rastriya Bima Sansthan Rs 690 million and Mahalakshmi Life Rs 510 million FPI in the first 11 months of the fiscal year 2077/78.