Kathmandu: Life insurance companies have earned the first premium of Rs. 23.32 billion as of Magh end(mid February) of current fiscal year. Life insurers have earned Rs. 2.42 billion in the month of Magh alone. The liquidity crunch in the financial market has negative impact on the new business generation of the Life Insurers,
According to the Insurance Board of Nepal(Beema Samiti) , Nepal Life has earned Rs. 3.87 billion in Magh 078. The company has earned the first premium of Rs. 459.3 million as of Magh end 078/79.
National Life Insurance is the second largest earner of premiums. The company has earned the first premium of Rs. 339.5 million in Magh alone and Rs. 2.55 billion in till Magh end of 78/79.
Similarly, Life Insurance Corporation Nepal(LICN), which has earned the third highest premium, has collected Rs. 204.8 million. As of Magh end of 078/79, it has earned Rs. 1.48 billion.
Sun Nepal Life is in the fourth place in terms of earning the first premium in Magh alone. Sun Nepal earned the first premium of Rs 188.3 million in Magh, while it earned Rs 1.47 billion by the end of Magh. Sun Nepal has shown all the distributable premium income of
Foreign Employment Insurance to it’s sole income. But as per the agreement among life insurers, the earning from FEI is distributable among all the 15 life insurers.
Citizen Life Insurance, which is in the fifth place, earned the first premium of Rs.154.6 million in Magh alone, while it is Rs.1.60 billion till Magh end 078/79. Union Life’s first premium earnings have earned only Rs. 98.2 million while its Rs. 1.45 billion till Magh end.
Similarly, Reliance Life has reported Rs. 121.5 million first premium income while Asian Life Insurance has earned Rs.112.6 million only. The FPI of Surya Life Rs.108.5 million, Met Life Rs.105.4 million, Jyoti Life Rs.107 million, Union Life Rs. 98.2 million and Prime Life Rs.75.2 million, IME Life Rs. 64.6 million, Reliance Life Rs. 51.2 million, Gurans Life Rs.51.2 million, Prabhu Life Rs.49.7 million, Sanima Life Rs.46.7 million, Mahalakshmi Life Rs. 46 million and Rastriya Beema Sansthan Rs. 35.6 million first premium income respectively.