Kathmandu. Current fiscal year 2082. Life insurance companies have collected more than Rs 120 billion in insurance premiums by renewing their policies in the 10 months of the current fiscal year.
According to the data released by the Nepal Insurance Authority (NEA) today, 14 life insurance companies have earned Rs 120.71 billion in renewal insurance premium till mid-April of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 109.43 billion in renewal insurance premiums till May 198. The renewal premium collected by the insurers increased by 10.31 percent in the review period compared to the previous year.
Compared to the previous year, the renewal premium collection of all companies has increased till April this year. IME Life continues to collect the highest number of renewal insurance premiums.
Nepal Life Insurance has collected Rs 32.02 billion in renewal insurance premium till mid-April of the current fiscal year. The company had collected Rs 29.47 billion in the previous fiscal year. Compared to the previous year, the company’s renewal premium collection increased by 8.67 percent.
Life Insurance Corporation of Nepal (LIC) is the second highest premium collection for renewal. The company has collected Rs 14.07 billion in renewal premium till mid-April. The company had collected Rs 13.43 billion in renewal premium in the same period of the previous year. Compared to the previous year, the company’s renewal premium increased by 4.77 percent.
The third is National Life. The company had collected Rs 12.91 billion in renewal insurance premiums in the review period of the previous year, up 8.29 percent to Rs 13.98 billion.
Similarly, Himalayan Life Insurance has collected Rs 12.59 billion in renewal premium till April. The company had posted a net profit of Rs 11.73 billion in the same period last year. Compared to the previous year, the company’s renewal premium has increased by 7.27 percent.
Similarly, Nepal Life Insurance has collected Rs 9.01 billion in renewal premium, Surya Jyoti Life Insurance Rs 7.04 billion, Citizen Life Insurance Rs 4.57 billion, Citizen Life Insurance Rs 4.57 billion and Reliance Life Insurance Rs 4.55 billion. In the review period, the renewal premium of Rastriya Life Insurance Company increased by 18.26 percent, Surya Jyoti Life Insurance by 12.74 percent, Asian Life Insurance by 9.11 percent, Citizen Life Insurance by 15.62 percent and Sanima Reliance Life Insurance by 14.53 percent.
Likewise, Prabhu Life Insurance has collected Rs 4.11 billion in renewal premiums, Prabhu Life Insurance Rs 3.4 billion, Reliable Nepal Life Insurance Rs 2.1 billion, Reliable Life Insurance Rs 2.1 billion, Prabhu Life Insurance Rs 3.4 billion, and Sun Nepal Life Insurance Rs 2.59 billion. In the review period, MetLife Insurance increased by 8.39 percent, IME Life Insurance by 22.82 percent, Prabhu Mahalaxmi Life Insurance by 14.42 percent, Reliable Nepal Life Insurance by 18.36 percent and Sun Nepal Life Insurance by 17.29 percent.
