Kathmandu: The life insurance industry has witnessed a minor increment of 1.68 percent in the total insurance premium income (TPI). According to the data unveiled by the Nepal Insurance Authority, life insurance companies earned a total of NPR 93 billion 753.7 million TPI in the first eight months of the current FY 079-80.
By the end of Falgun 2079, the life insurers sold 1,40,01,576 insurance policies. Life insurers collected a total of NPR 10.36 billion in the month of Falgun alone.
According to the Authority, Nepal Life earned NPR 24 billion 378 million by the end of Falgun 2079. LIC Nepal collected TPI NPR 11 billion 497.7 million. National Life Insurance earned NPR 10 billion 221 million during the review period.
In the eight months of the current FY, the TPI of seven life insurance companies decreased. The TPI of Suryajyoti Life, Guransh Life, Sun Nepal Life, Met Life, Union Life, Relival Nepal Life, and Prime Life Insurance decreased in the first eight months of the current FY as compared to the same period of last FY 2078-79.
Prime Life Insurance, which is in the final stage of a merger with two other life insurers, witnessed a sharp decline in the TPI. Its TPI decreased by 13.48 percent to NPR 2 billion 965 million. The insurer’s TPI was NPR 3 billion 427.2 million during this period of the last FY.