Kathmandu. Current fiscal year 2082. Life insurance companies have collected about Rs 86 billion in insurance premiums by renewing insurance policies in the first seven months of ’83 BS.
According to the data made public by the Nepal Insurance Authority, 14 life insurance companies have earned Rs 85.94 billion in renewal premium till mid-January of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 75.25 billion in renewal premiums till January 1980. The renewal premium has increased by 14.20 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 mid-January of the current year. KATHMANDU: Nepal Life Insurance Company (NLIC) has been leading in terms of growth rate while collecting the highest renewal premium.
Nepal Life Insurance has collected Rs 22.83 billion in renewal premium till mid-January of the current fiscal year. The company had collected Rs 21.21 billion in the same period last year. Compared to the previous year, the company’s premium collection increased by 7.64 percent.
Life Insurance Corporation of Nepal (LIC) is the second highest premium collection for renewal. The company has collected Rs 10.10 billion in renewal insurance premiums till mid-January. The company had collected Rs 9.62 billion in renewal premium in the same period last year. The company’s renewal premium increased by 4.93 percent compared to the previous year.
The third is National Life. The company had collected Rs 8.36 billion in renewal premium till mid-February of the previous year, which increased by 15.63 percent to Rs 9.67 billion in the review period.
Similarly, Himalayan Life Insurance has collected Rs 9.04 billion in renewal insurance premium till mid-January 2018. The company had posted a net profit of Rs 8.42 billion in the same period last year. The company’s renewal premium has increased by 7.37 percent compared to the previous year.
Similarly, Nepal Life Insurance collected Rs 4.96 billion in renewal premiums, followed by Surya Jyoti Life Insurance Rs 4.96 billion, Citizen Life Insurance Rs 3.21 billion and Nepal Life Insurance Rs 3.12 billion. In the review period, the renewal premium of Rastriya Life Insurance Company increased by 105.92 percent, Surya Jyoti Life Insurance by 12.39 percent, Asian Life Insurance by 6.32 percent, Citizen Life Insurance by 14.30 percent and Sanima Reliance Life Insurance by 11.73 percent.
Likewise, Prabhu Life Insurance has collected Rs 2.82 billion in renewal insurance premiums, Prabhu Life Insurance Rs 2.86 billion, IME Life Insurance Rs 2.85 billion, Reliable Nepal Life Insurance Rs 2.84 billion, and Sun Nepal Life Insurance Rs 1.85 billion. In the review period, MetLife Insurance increased by 7.31 percent, IME Life Insurance by 22.03 percent, Reliable Nepal Life Insurance by 21.11 percent, Prabhu Mahalaxmi Life Insurance by 13.36 percent and Sun Nepal Life Insurance by 18.21 percent.
