Kathmandu. Current fiscal year 2082. In the first 10 months of 2018, life insurance companies have brought in business of more than Rs 156.17 billion.
According to the data released by the Nepal Insurance Authority (NEA), 14 life insurance companies have collected a total of Rs 156.17 billion in insurance premiums till mid-April. Last year, 2081. By mid-April 2018, the companies had brought in Rs 139.36 billion. The company’s turnover increased by 12.06 percent in the review period compared to the previous year.
During the review period, Nepal Life Insurance was the top importer in terms of business while IME Life was ahead in terms of business growth. The business of all the companies has increased compared to the previous year.
In the current FY, Nepal Life has earned a total insurance premium of Rs 41.16 billion. The company had earned Rs 36.59 billion in insurance premiums in the same period last year. The company’s turnover increased by 12.51 percent in the review period compared to the previous year.
Similarly, National Life is the second largest businessman in the world. The company has collected a total premium of Rs 19.02 billion till mid-April. The company had collected Rs 17.20 billion in insurance premiums in the same period last year. The company’s business increased by 10.61 percent compared to the previous year.
Life Insurance Corporation (LIC Nepal) is in the third position in terms of bringing in the largest business. In the review period, the company collected Rs 16.84 billion in total insurance premiums from Rs 15.57 billion in the previous year.
Similarly, Nepal Life Insurance has collected Rs 15.55 billion in insurance premiums, followed by Life Insurance Rs 10.09 billion, Surya Jyoti Life Insurance Rs 9.50 billion, Asian Life Insurance Rs 8.01 billion and Citizen Life Insurance Rs 6.78 billion. Likewise, Himalayan Life Insurance Company Ltd (5.52 per cent), Rastriya Life Insurance Company (16.43 per cent), Surya Jyoti Life Insurance (11.47 per cent), Asian Life Insurance (12.25 per cent) and Citizen Life Insurance (19.49 per cent) increased in the review period.
Also, Sun Nepal Life Insurance has collected Rs 1.11 billion in insurance premiums, Prabhu Life Insurance Rs 4.94 billion, Prabhu Life Insurance Rs 1.4 billion, Prabhu Life Insurance Rs 1.19 billion, and Sun Nepal Life Insurance Rs 1.11 billion. The business of all these companies has increased compared to the previous year.
