Kathmandu. Current Fiscal Year 2082. Life insurance companies have collected more than Rs 100 billion in insurance premiums by renewing insurance policies till the third quarter (July-March) of 83.
According to the data released by the Nepal Insurance Authority (NIA) today, 14 life insurers have earned Rs 108.58 billion in renewal insurance premiums till the first nine months of the current fiscal year. In the previous fiscal year, 2081. Insurance companies had earned Rs 99.55 billion in renewal insurance premiums till March 2018. The renewal premium collected by the insurers increased by 9.08 percent in the review period compared to the previous year.
Compared to the previous year, the renewal premium collection of all the companies has increased till April of the current year. IME Life is ahead in the growth rate while Nepal Life has collected the highest renewal premium.
Nepal Life Insurance has collected Rs 28.55 billion in renewal premium till April of the current fiscal year. The company had collected Rs 26.76 billion till April last year. Compared to the previous year, the company’s renewal premium collection has increased by 6.71 percent.
Life Insurance Corporation Nepal (LIC) has collected the second highest renewal premium. The company has collected Rs 12.69 billion in renewal premiums till mid-April. In the same period last year, the company had collected only Rs 12.14 billion in renewal premiums. The company’s renewal premium increased by 4.56 percent compared to the previous year.
National Life is in the third position. The company had collected Rs 11.80 billion in renewal insurance premiums till April last year, up 6.44 per cent from Rs 12.56 billion in the review period.
Similarly, Himalayan Life has collected Rs 11.49 billion in renewal insurance premiums till mid-April. The company had collected Rs 10.72 billion in the same period last year. The company’s renewal premium increased by 7.23 percent compared to the previous year.
National Life Insurance Company collected Rs 8.12 billion in renewal premium, while Surya Jyoti Life collected Rs 6.35 billion, Asian Life collected Rs 5.49 billion, Citizens Life collected Rs 4.11 billion and Sanima Reliance Life collected Rs 3.95 billion in the review period. During the review period, National Life Insurance Company increased by 13.11 percent, Surya Jyoti Life by 12.50 percent, Asian Life by 8.68 percent, Citizen Life by 15.17 percent and Sanima Reliance Life by 13.66 percent.
Likewise, MetLife earned Rs 3.74 billion in renewal premiums, IME Life Insurance Rs 3.19 billion, Reliable Nepal Life Insurance Rs 2.98 billion, Prabhu Mahalaxmi Life Insurance Rs 2.96 billion and Sun Nepal Life Insurance Rs 2.33 billion. In the review period, MetLife Insurance earned Rs 8.20 percent, IME Life Insurance by 22 percent, Reliable Nepal Life Insurance by 19.13 percent, Prabhu Mahalaxmi Life Insurance by 14.37 percent and Sun Nepal Life Insurance by 16.64 percent.
