Life Insurers Witness Sharp Decline NWP Growth Rate

Kathmandu: The life insurance industry witnesses a sharp decline in it’s growth rate during last fiscal year amid ongoing liquidity crunch in the market. The average insurance premium growth rate of life insurers remained 14.02 percent during last fiscal year 2078/79 contrary to the growth of 25 percent in previous fiscal year.

The life insurance companies have earned net total premium income(TPI) Rs. 1.35 billion in last fiscal year while it was Rs.1.18 billion during previous fiscal year. The net TPI of fiscal year 2076/77 was Rs. 94 billion only.

Among the 19 life insurers, Prabhu Life Insurance has achieved the highest growth rate of 63 percent in last fiscal year. It has collected Rs. 2.29 billion net premium. Nepal Life Insurance, the market leader in terms of business volume, has achieved a growth of 9 percent only. It has earned Rs. 34.98 billion last fiscal year.

LIC Nepal has earned the second highest net premium last fiscal year with Rs. 18.13 billion net premium income. National Life Insurance remained at third position with net premium income of Rs.14.28 billion. At the fourth position, the state-owned life insurer, Rastriya Beema Sansthan has collected Rs. 8.39 billion net premium.

Union Life Insurance has earned Rs. 7.59 billion while Asian Life has earned Rs. 6.80 billion net premium. Similarly, Citizen Life Insurance Rs. 5.1 billion, Met Life Rs. 4.98 billion, Surya Life Rs. 4.92 billion, Prime Life Rs. 4.61 billion, Reliable Nepal Rs. 3.777 billion, Jyoti Life Rs. 3.62 billion net premium income.

According to the unaudited quarterly financial report of the fourth quarter of last fiscal year, IME Life has earned Rs. 3.40 billion, Gurans Life  Rs. 3.5 billion, Reliance Life Rs. 2.99 billion, Sun Nepal Rs. 2.45 billion net premium income. The net premium income of Sanima Life Rs. 2.31 billion, Prabhu Life Rs. 2.29 billion and Mahalakshmi Life has earned Rs. 1.53 billion in last fiscal year.

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