Kathmandu: The insurance premiums income of life insurance companies increased by 15 percent in the month of Jestha 2080 compared to the same period of last FY 2078-79. The life insurers witnessed remarkable growth in the monthly premiums income amid the economic slowdown.
According to the data published by the Nepal Insurance Authority, life insurers collected a total(TPI) of NPR 10.43 billion in the month of Jestha 2080. The premium collection was NPR 9.07 billion during the same month last FY.
The TPI includes NPR 2.63 billion premiums income collected through new business. The premiums collected from the new business was NPR 2.59 billion during the month of Jestha last year.
Nepal Life Insurance (NLIC) earned TPI NPR 2.71 billion while National Life Insurance (NLICL) remained in the second position with NPR 1.67 billion TPI. The TPI of LIC Nepal(LICN) NPR 1.29 billion, Himalayan Life(HLI) NPR 816.9 million, Surya Jyoti Life NPR 714.45 million, Met Life NPR 499 million, and Sanima Reliance Life(SRL) NPR 451.7 million.
The TPI of Asian Life Insurance(ALICL) NPR 424.6 million, Citizen Life(CLI) NPR 419 million, and IME Life NPR 295.4 million. State-owned life insurer Rastriya Beema Sansthan earned NPR 285.9 million. Similarly, the TPI of Reliable Nepal Insurance was NPR 283.9 million in the month of Jestha 2080.
According to the Authority, by the end of 11 months of the current FY 2079-80, the TPI surged by a nominal 4.23 percent to NPR 1.24 trillion as compared to the first 11 months of FY 2078-79.