Kathmandu: Life insurance companies have over Rs.78 billion in renewal premium income (RPI) in the last fiscal year 2077/78. According to the Insurance Board, 19 life insurance companies have managed to earn Rs 78.39 billion in renewable insurance fees by mid-July 2021.
Life insurance companies have earned Rs. 11.49 billion in renewal insurance fees in Asar month(mid June-mid July)alone.
Nepal Life Insurance Company stands at top with Rs. 23.99 billion in renewal insurance premium. LIC Nepal is again in the second place with Rs. 13.58 billion in last FY. National Life Insurance has Rs.8.10 while Rastriya Bima Sansthan has earned Rs. 6.65 billion RPI.
Asian Life Insurance Company remained at fifth position with Rs 3.78 billion RPI. Similarly, Union Life and Mate Life Insurance Company have earned Rs 3.57 billion RPI.
The RPI of Prime Life Rs. 2.63 billion, Surya Life Insurance Company Rs. 2.29 billion, Gurans Life Insurance Company Rs. 2 billion, Citizen Life Rs 1.49 billion and Jyoti Life Rs 1.25 billion respectively. While IME Life and Reliance Life collected Rs. 1.19 billion and Rs 1.09 billion respectively.
Companies earning RPI in millions:
According to Insurance Board, Sun Nepal Life has earned Rs. 890 million RPI from old policies.Reliable Nepal Life earned Rs. 780 million,Sanima Life Rs. 670 million, Prabhu Life Rs. 560 million and Mahalakshmi Life Rs. 310 million during the fiscal year 2077/78.