June 2, 2022 | Investopaper
In the first ten months of current fiscal year 2078/79, 19 life insurance companies operating in Nepal have collected a total premium of Rs 110.40 billion. In the month of Baisakh alone, these companies in total have earned Rs. 7.86 billion as total premium income. Out of the total premium, Rs. 31.26 billion is the first premium income while renewed insurance premium stood at Rs. 79.13 billion.
Nepal Life Insurance Company has generated the highest premium income with Rs 28.35 billion, followed by LIC Nepal Limited with Rs 13.52 crores.
The table below presents the premium income generated by these companies in the first ten months of the current fiscal year 2078/79.
Premium Collection Of Life Insurance Companies In Nepal [FY 2078/79]
|S.N||Life Insurance Companies In Nepal||In Baisakh ( In Rs. Crores)||In 10 Months, FY 2078/79 ( In Rs. Arba or In Rs. Billion)|
|1||Nepal Life Insurance Co. Ltd.||198.44||28.35|
|2||LIC Nepal Ltd.||106.91||13.52|
|3||National Life Insurance Co. Ltd.||86.25||10.98|
|4||Rastriya Beema Sansthan Ltd.||25.71||7.24|
|5||Union Life Insurance Co. Ltd.||37.1||6.52|
|6||Asian Life Insurance Co. Ltd.||40.05||5.53|
|7||Met Life Alico Co. Ltd.||34.02||4.37|
|8||Citizen Life Insurance Co. Ltd.||35.78||4.26|
|9||Prime Life Insurance Co. Ltd.||25.46||4.14|
|10||Surya Life Insurance Co. Ltd.||29.2||3.92|
|11||Sun Nepal Life Insurance Co. Ltd.||22.6||3.26|
|12||Reliable Nepal Life Insurance Co. Ltd.||22.43||3.21|
|13||Jyoti Life Insurance Co. Ltd.||25.6||2.88|
|14||IME Life Insurance Co. Ltd.||17.88||2.56|
|15||Gurans Life Insurance Co. Ltd.||20.53||2.53|
|16||Reliance Life Insurance Co. Ltd.||22.53||2.39|
|17||Sanima Life Insurance Co. Ltd.||15.24||1.88|
|18||Prabhu Life Insurance Co. Ltd.||9.97||1.57|
|19||Mahalaxmi Life Insurance Co. Ltd.||10.39||1.18|
Source: Beema Samiti
Premium Collection Of Life Insurance Companies In Nepal [FY 2077/78]
In the last fiscal year 2077/78, 19 life insurance companies had earned insurance premium of Rs. 120.95 billion. This is 28.15 percent more than the previous fiscal year. In the previous fiscal year 2076/77, the companies had collected insurance premium of Rs. 94.38 billion. In the fiscal year 2077/78, the companies collected Rs 41.97 billion for the first premium and Rs 78.35 billion from the renewal premium. Similarly, Rs 630 million had been collected from foreign employment insurance premiums.
During this period, Nepal Life Insurance earned the most and Mahalaxmi Life Insurance the least premium. As per the data of the Insurance Board, Nepal Life Insurance earned around Rs 32.84 billion in insurance premiums till Ashad end of the fiscal year 2077/78.
Similarly, LIC Nepal had collected Rs 17.14 billion in insurance premiums during the period, while National Life Insurance Company had generated Rs 12.16 billion in insurance premiums during the period. The state-owned Rastriya Beema Sansthan had collected about Rs 7.41 billion in premiums.
Similarly, Union Life Insurance earned Rs 6.77 billion in premiums and Asian Life Insurance earned Rs 5.92 billion in the same period. Likewise, Met Life Insurance had collected Rs 5.02 billion while Surya Life Insurance had Rs 4.26 premium income.
Also, Prime Life Insurance had generated Rs 4.03 billion in insurance premiums, Gurans Life Rs 3.68 billion, Citizen Life Insurance Rs 3.59 billion, Jyoti Life Insurance Rs 3.1 billion, Reliable Life Insurance Rs 2.99 billion, IME Life Insurance Rs 2.79 billion, Reliance Life Insurance Rs 2.57 billion, Sun Nepal Life Insurance Rs 2.22 billion, and Sanima Life Insurance had collected Rs 1.95 billion.
Likewise, Prabhu Life Insurance had earned the premium of Rs 1.45 billion and Mahalaxmi Life Insurance had earned the lowest premium income of Rs 1.06 billion.
At present, there are 19 life and 20 non-life insurance companies operating in the country.
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Premium Collection Of Life Insurance Companies In Nepal
Premium Income In Rs. ‘Arba’
|S.N||Life Insurance Companies In Nepal||FY 2077/78||FY 2076/77||Percent Change|
|1||Nepal Life Insurance Co. Ltd.||32.84||28.39||15.67|
|2||LIC Nepal Ltd.||17.14||15.31||11.95|
|3||National Life Insurance Co. Ltd.||12.16||9.21||32.03|
|4||Rastriya Beema Sansthan Ltd.||7.41||7.05||5.11|
|5||Union Life Insurance Co. Ltd.||6.77||4.8||41.04|
|6||Asian Life Insurance Co. Ltd.||5.92||4.54||30.40|
|7||Met Life Alico Co. Ltd.||5.02||4.15||20.96|
|8||Surya Life Insurance Co. Ltd.||4.26||3.2||33.13|
|9||Prime Life Insurance Co. Ltd.||4.03||3.31||21.75|
|10||Gurans Life Insurance Co. Ltd.||3.68||2.19||68.04|
|11||Citizen Life Insurance Co. Ltd.||3.59||1.96||83.16|
|12||Jyoti Life Insurance Co. Ltd.||3.10||1.89||64.02|
|13||Reliable Nepal Life Insurance Co. Ltd.||2.99||1.6||86.88|
|14||IME Life Insurance Co. Ltd.||2.79||1.4||99.29|
|15||Reliance Life Insurance Co. Ltd.||2.57||1.4||83.57|
|16||Sun Nepal Life Insurance Co. Ltd.||2.22||1.11||100.00|
|17||Sanima Life Insurance Co. Ltd.||1.95||0.82||137.80|
|18||Prabhu Life Insurance Co. Ltd.||1.45||1.18||22.88|
|19||Mahalaxmi Life Insurance Co. Ltd.||1.06||0.87||21.84|
Source: Beema Samiti
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