Kathmandu: The life insurance fund of life insurance companies has increased by 24 percent in the second quarter of the current fiscal year 2078/79.
The Life Insurance Fund has exceeded Rs. 427 billion in the Q2. Such fund of life insurance companies was Rs. 343 billion in the same period last year. Life Insurance Fund is considered as the financial backbone of any life insurance company.
Among the life insurance companies, Nepal Life has the largest life insurance fund of Rs. 124 billion. . Such fund of Nepal Life has improved by 23 percent compared to the Q2 of last FY. Nepal Life alone has 29.23 percent of the total life insurance fund of the industry.
Similarly, the second largest fund is Life Insurance Corporation Nepal(LICN). Such fund of the company has improved by 16 percent compared to last year and reached Rs. 86.49 billion. National Life Insurance has managed to raise Rs. 47.21 billion by increasing the percentage by 24 percent this year alone.
Rs. 38.14 billion has been deposited in the life insurance fund of the stated-owned Rastriya Beema Sansthan. Asian Life Insurance(ALICL), stands at fifth rank in terms of life insurance fund. It has a life insurance fund of Rs. 29.37 billion. Mete Life, is at sixth ranked, with Rs. 19.61 billion life fund.
Prime Life, which is ranked seventh, has a life insurance fund of Rs. 16.61 billion. Similarly, Surya Life has Rs. 12.57 billion and Gurans Life has Rs. 11.48 billion in Life Fund.
Representing the third generation of Life Insurance Companies, Union Life Insurance is ahead with Rs. 9.53 billion life insurance fund.
Similarly, Jyoti Life has Rs. 5.14 billion and Citizen Life has increased its life insurance fund by 103 percent to Rs. 4.88 billion. While IME Life Rs. 3.87 billion, Reliable Nepal Life Rs 3.61 billion, Reliance Life Rs 3.36 billion, Sun Nepal Life Rs 3.6 billion, Sanima Life Rs 2.82 billion and Prabhu Life Rs 2.60 billion life fund respectively. While Prabhu Life and Mahalakshmi Life have Rs 2.60 billion and Rs. 1.73 billion life fund respectively.