Kathmandu: Life insurance companies collected over Rs. 59 billion in the first five months of the current fiscal year 2079-80. According to the data unveiled by the Nepal Insurance Authority, life insurers collected a total of Rs. 59 billion 515.2 million till the end of Mangsir 2079.
The total insurance premium(TPI) includes the first premium income(FPI) of Rs. 11 billion 270 million. All 19 life insurers have sold a total of 1,39,86,505 insurance policies till the end of Mangsir.
According to the Authority, Nepal Life Insurance earned the highest TPI of Rs.15 billion 628.8 million. In the second place, LIC Nepal earned TPI Rs. 7 billion 2.51 million. National Life was third with TPI Rs. 6 billion 538.4 billion. Rastriya Beema Sansthan, the only state-owned life insurer, earned Rs. 5.56 billion. Accordingly, Union Life Insurance collected Rs 3.30 billion, Asian Life Insurance Rs. 2.80 billion, and Citizen Life Insurance Rs 2.20 billion TPI till Mangsir end.
Similarly, the TPI of Met Life (Alico) Rs. 2.09 billion, Prime Life Rs. 1.84 billion, and Sun Nepal Life 1.63 billion. IME Life Rs. 1.47 billion, Reliable Nepal Life Rs.1.43 billion, Reliance Life Rs. 1.21 billion, Gurans Life Rs. 1.11 billion, Sanima Life Rs. 1.23 billion TPI.
Surya Life and Jyoti Life collected Rs. 2.02 billion and Rs.1.43 billion respectively. The integrated business of these two companies has already kicked off from 7th Paush 2079. Similarly, Prabhu Life and Mahalaxmi Life remained at the last position with Rs. 82.53 crore and Rs. 62.3 crore TPI in the review period. Both Prabhu and Mahalaxmi Life Insurance are in a merger process.