Kathmandu: Unlike previous fiscal year, all life insurance companies have been able to earn TPI above Rs.1 billion during last fiscal year. And moreover, all life insurers except the state-owned Rastriya Beema Sansthan, have gained double digit growth in FY 2077/78.
As per Nepali calendar, the last FY ended on 15 July 2021. As per Insurance Board, Sanima Life Insurance has achieved the highest growth in terms of total premium income(TPI). Its TPI amount is Rs.1.97 billion while it was only Rs.0.82 billion previous year.
Sun Nepal Life Insurance achieves 100 pc growth with TPI Rs.2.22 billion in last FY. IME Life Insurance stands at third position in terms of business growth. Its growth is 99.29pc.Its TPI is Rs.2.79 billion.
With 86.88 pc growth in TPI, Reliable Life Insurance is the fourth highest growth achiever. Its TPI is Rs.2.99. Similarly, Reliance Life Insurance and Citizen Life Insurance stand at fifth and sixth position with TPI growth of 83.57 and 83.16 pc respectively. TPI of Reliance Life is Rs.2.57 billion and Citizen Life is Rs.3.59 billion.
Similarly, Guransh Life Insurance achieved a growth of 68.04pc while collected Rs.3.68 billion and Jyoti Life achieved 64.02pc growth with TPI Rs.3.10 billion.
As per the data published by the Insurance Board, Union Life has achieved a growth of 41.04 pc with TPI Rs.6.77 while Surya Life has TPI Rs. 4.26 billion while achieving 33.13 pc growth.
Companies below industry average:
The industrywide average growth is 27.12pc. Among the 19 life insurance companies, only 12 life insurers have been able to gain growth above industry average while remaining 7 life insurers have growth below average.
Nepal Life, LIC Nepal, Met Life, Prime Life, Prabhu Life, Mahalaxmi Life and Rastriya Beema Santhan are among the companies with growth below industry average.
The state-owned Rastriya Beema Sansthan has the lowest growth of 5.11 with Rs.7.41 billion TPI. LIC Nepal has achieved only 11.95pc growth with TPI Rs.17.14 billion. Nepal Life has achieved 15.67pc growth with TPI Rs.32.84 billion. Nepal Life continues to lead the market though its market share is declining. Its market share during FY 77/78 remained 27.15 pc. Met Life Insurance achieved 20.96 pc growth while the TPI remained Rs.5.02 billion.
Similarly, Prime Life has 21.75pc growth with TPI Rs.4.03 billion. Mahalaxmi Life’s growth also declined as compared to last FY. Its growth rate is limited to 21.84pc. Its TPI is Rs.1.06 billion in FY 77/78. Prabhu Life Insurance has TPI of Rs.1.45 with 22.88 pc growth.