Kathmandu:Life insurance companies have earned over Rs. 41 billion First Premium Income(FPI) in the last fiscal year. According to Insurance Board, 19 life insurance companies have managed to collect the FPI of Rs. 41.97 billion by mid-July 2021.The FPI growth is 21.72 pc as compared to the previous FY 2076/77.
Life insurance companies have earned Rs 6.92 billion FPI during the last month of FY 2077/78.As per Nepali Calendar, the last FY ended on 15 July. FPI is generated through the sales of new policies.
Nepal Life Insurance Company has earned Rs. 8.82 billion FPI last FY. While National Life Insurance Company stands at second position with FPI Rs. 4.3 billion.This time LIC Nepal is toppled down to third place in terms of FPI. The company has FPI of Rs. 3.56 billion by mid-July. Similarly, Union Life Insurance Company has earned Rs. 3.18 billion FPI.
Similarly, Reliable Nepal Life collected Rs. 2.21 billion while Asian Life has earned Rs 2.13 billion TPI. Citizen Life Insurance Company collected Rs. 2.2 billion. Surya Life Insurance Company Rs 2.1 billion, Jyoti Life Rs 1.84 billion and Gurans Life Insurance Company Rs 1.68 billion. IME Life has earned Rs. 1.59 billion, Reliance Life Rs 1.48 billion, Met Life Rs 1.45 billion, Prime Life Rs 1.38 billion and Sanima Life Rs 1.28 billion FPI.
Despite the ongoing pandemic of Covid19 and the tightened rules imposed by the regulatory authority, Insurance Board, life insurance companies have enjoyed a praise worthy growth.
Companies earning FPI in millions
According to the board, Sun Nepal Life earned Rs. 910 million, Prabhu Life Rs. 890 million, Rastriya Bima Sansthan Rs. 760 million and Mahalakshmi Life Rs. 750 million FPI in the first fiscal year 2077/78.