Life Insurers Generate Rs.14.17 billion FPI By the End of Q2

Kathmandu: Life insurance companies earned Rs. 14.17 billion first insurance premium by the end of the second quarter of the current financial year 2079-80. The companies collected Rs. 2.90 billion TPI in the month of Paush 2079 only.

By the month of Paush(Q2), the total insurance premium income(TPI) was Rs. 71.65 billion compared to Rs. 59.51 billion of Mangsir 2079.

According to the data published by Nepal Insurance Authority, Nepal Life earned Rs. 2.58 billion FPI by the end of Q2 of 7980. National Life remained in second position with FPI Rs. 1.62 billion during the review period.

At the third highest FPI, LIC Nepal earned Rs. 1.12 billion. Similarly, Sun Nepal Life Rs 966.6 million by the end of Paush 2079. Its FPI is highly dominated by the premiums collected from foreign insurance employment policies issued for expatriates.

Citizen Life earned Rs. 879.2 million FPI while Asian Life earned Rs. 737.2 million and Reliable Nepal 727.3 million FPI till Paush end. The FPI of Union Life remained declining as compared to the total market share. It earned Rs. 666.4 million only in by the end of Q2 of FY 79-80. Surya Life Rs. 607.5 million, IME Life Rs.605.5 million FPI by the end of Q2. Met Life Rs. 603.9 million, Jyoti Life Rs. 492.9 million, Prime Life Rs.437.2 million FPI during the review period.

According to Nepal Insurance Authority,  Reliance Life Rs. 437.2 million, Sanima Life Rs 424 million, state-owned life insurer Rastriya Beema Sansthan Rs. 352.1 million, Prabhu Life Rs. 304.5 million, Mahalakshmi Life Rs. 228 million, Surya Life Rs. 210 million and Gurans Life earned Rs 160 million FPI.

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