Kathmandu: Life insurance companies have earned a total of Rs. 7.09 billion first insurance premium from new business in the first quarter of current fiscal year. Life insurers have earned FPI Rs. 2.29 billion in the month of Ashoj 2079 only.
During Q1, Nepal Life(NLIC) has earned highest FPI Rs. 1.35 billion. According to the Nepal Insurance Authority(NIA), National Life Insurance has earned FPI Rs. 84 crore while LIC Nepal(NLIC) has earned Rs. 52 crore 62 lakh in Q1 of current FY 2079-89. Sun Nepal Life stands at fourth position in terms of FPI. It has earned a total of Rs. 52 crore 50 lakh. It’s major chunk of FPI is generated from Foreign Employment Insurance(FEI). Citizen Life has earned Rs. 49 crore 62 lakh FPI in Q1.
The FPI of Surya Life is Rs. 40 crore while Reliable Nepal has earned Rs. 36 crore. Asian Life Insurance has collected FPI Rs. 35 crore from new business. Prabhu Life Insurance has earned Rs.12.01 crore in Q1 of current FY.
According to the data unveiled by the NIA, Jyoti Life and Union Life have earned Rs. 33 crore and Rs 31 crore FPI respectively. Guransh Life has earned the lowest FPI of Rs. 5.71. Guransh Life, Prime Life and Union Life Insurance Companies are under the merger process with each-other.It seems that the ongoing process of merger with other life insurers has created negative impact on new business of Union Life Insurance.
