Kathmandu: Life insurance companies have been able to increase total premium income by 16.75 percent during the first 11 months of current fiscal year. As compared to the same period of last fiscal year the 19 life insurers have achieved the growth in their total premium income(TPI).
The 19 life insurers have earned total premium(TPI) Rs.1 trillion 19 billion 47 crore and 71 lakh in the first 11 months of current fiscal year. The TPI was Rs.1 trillion 2 billion and 34 crore during the same period of last fiscal year 2077/78.
The first premium income(FPI) in the month of Jestha alone remained Rs. 2.59 billion from the new business while the renewal premium income(RPI) is Rs.6.48 billion.
According to the data unveiled by the Insurance Board, Nepal Life Insurance has earned a total premium of Rs 30.67 billion during the first 11 months. LIC Nepal stands at the second position with the earning of Rs 14.79 billion total premium.
National Life has earned a total premium of Rs 12.72 billion while state-owned lifer insurer Rastriya Beema Sansthan has earned a total premium of Rs. 7.49 billion during the period. Union Life Insurance has earned a total premium of Rs 6.93 billion.
Similarly, Asian Life has earned a total premium of Rs 5.97 billion during the first 11 months of current fiscal year 2078/79. Met Life has earned Rs 4.78 billion while Citizen Life has accumulated Rs 4.61 billion. Prime Life reports TPI of Rs 4.45 billion. Surya Life has earned TPI Rs 4.25 billion and Sun Nepal Life has earned Rs 3.53 billion. Reliable Nepal Life has Rs 3.43 billion, Jyoti Life has Rs 3.21 billion and IME Life Rs 2.85 billion TPI.
Similarly, Guransh Life performs poor in terms of business growth. Its TPI has plunged by 13.79 percent to Rs 2.73 billion. Guransh Life is in the process of merger with Union Life and Prime Life though there’s no remarkable development seen yet. Reliance Life has earned Rs 2.58 billion and Sanima Life has TPI Rs 2.3 billion. The TPI of Prabhu Life and Mahalakshmi Life are Rs 1.74 billion and Rs 1.28 billion respectively.
