Citizen Life gains surprising growth while Life Insurers’ earn FPI Rs.2.88bn in Falgun

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Kathmandu: Life insurance companies have earned over Rs. 2.88 billion in first premiums(FPI) in Falgun month of the current fiscal year 2078/79 alone. According to the Insurance Board, insurance regulatory authority, 19 life insurance companies have collected Rs. 25.91 billion FPI during first eight months of current FY. The FPI of previous month was Rs.2.42 billion only.

According to the data unveiled by the IB, Nepal Life Insurance Company has collected highest FPI of Rs. 513.2 million in the month of Falgun while National Life Insurance’s FPI remained Rs. 292.7 million during this period.

Surprisingly, Citizen Life Insurance Company has jumped to third position in terms of FPI. Citizen Life has earned Rs. 244.9 million FPI in the month of Falgun alone. It’s FPI was Rs. 154.6 million in the month of Magh. Citizen Life represents the Fourth generation of Life Insurers. It has been expected that along with the FPI form expat insurance and term insurance, Citizen Life has improved earning from endowment plans as well.

LIC Nepal, a joint venture between LIC India and Nepal. has earned Rs. 215 million FPI. In the month of Falgun, LIC toppled down to fourth position from third. ITs FPI was Rs. 204.8 million in previous month. Similarly, Reliable Nepal Life has earned FPI Rs. 188.8 million while Jyoti Life Insurance Company has earned Rs. 197.1 million. Sun Nepal Life Rs. 189.5 million and Surya Life Insurance Company Rs 155.3 million FPI.

Similarly, Union Life Insurance’s FPI Rs. 143 million, Met Life Rs. 128.8 million, Asian Life Rs. 118.3 million, Prime Life Rs 91.5 million and Sanima Life Rs. 88 million. The FPI of IME Life Rs 74.50 million, Reliance Life Rs. 68.7 million and Prabhu Life Rs 51.8 million.

According to the data unveiled the IB, state-owned Rastriya Beema Sansthan has earned Rs. 44.4 million FPI while Mahalakshmi Life has earned the first premium of Rs. 41.8 million. Gurans Life has performed poorly in terms of FPI. It’s FPI for the month of Falgun is Rs. 27.8 million.

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