Kathmandu: The first insurance premium income(FPI) of life insurers has declined by 28.54 percent during the first seven months of the current financial year as compared to the same period of the last financial year 2078-79.
According to the data unveiled by the Nepal Insurance Authority, life insurance companies collected Rs. 16.45 billion FPI by the end of Magh 2079. The FPI was Rs. 23.03 billion during the same period of last FY.
Life insurers collected a total of Rs. 2.27 billion during the last Magh alone. The FPI of Magh month in last FY 2078-79 was Rs. 2.42 billion. The FPI of Magh month also declined by 6.07 percent.
Nepal Life Insurance witnessed a sharp decline of 21.7 percent in FPI as compared to the review period of the last financial year. The insurer’s FPI was Rs. 3.87 billion by the end of Magh of last FY 2078-79 while it’s only Rs.3.03 billion during the current FY 2079-80. National Life Insurance earned a total of Rs. 1.98 billion FPI by the end of Magh against an FPI of Rs.2.55 billion under the review period of last FY. Its FPI shrunk by 22.35 percent.
Suryajyoti Life earned Rs.1.47 billion FPI from new business by the end of Magh 2079. After the merger between Surya Life and Jyoti Life, the FPI and market share has also expanded. The insurer has a market share of 8.99 percent in FPI.
LIC Nepal Rs. 1.31 billion by the end of Magh in the current FY. Its FPI was Rs. 1.48 billion by the end of Magh during the last FY 2078-79.
Sun Nepal Life has been continuously improving its FPI with a larger contribution from foreign employment insurance(FEI). Its FPI was Rs. 1.09 billion by the end of the first seven months of the current FY 2079-80.
