Kathmandu: Citizen Life Insurance(CLICL) has outperformed Union Life Insurance(ULI) in first premium income(FPI) during the first two months of current fiscal year. Citizen Life has succeeded to the third position among 19 life insurance companies during the first two-months of the current FY 2078/79.
Among the new life insurance companies, Union Life had been expanding market aggressively since its inception. But due to poor bonus rate declaration of Union Life Insurance,other companies have outperformed it. Union Life has poor bonus rate in comparision to FY 75/76 due to the annual money back plan payment plan and high management expenses.
Nepal Life has of Rs. 1.18 billion FPI in during the comparison period. Similarly,in the second place National Life has Rs. 660 million and in the third place Citizen Life has Rs. 540 million.
Reliable Nepal, the second largest new life insurance company, has managed to earn the first premium of Rs 430 million. Union Life, which is in the third place among the new companies, has a total of Rs. 370 million. Among the overall life insurance companies, the Union Life is ranked 7th. In terms of total premium income, Union Life is ahead of new insurance companies.
