July 22, 2021 | Investopaper
In the fiscal year 2077/78, 19 life insurance companies have 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 have 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 has been collected from foreign employment insurance premiums.
Nepal Life Insurance At Top
During this period, Nepal Life Insurance has earned the most and Mahalaxmi Life Insurance the least premium. As per the data of the Insurance Board, Nepal Life Insurance has earned around Rs 32.84 billion in insurance premiums till Ashad end of the fiscal year 2077/78.
Similarly, LIC Nepal has collected Rs 17.14 billion in insurance premiums during the period, while National Life Insurance Company has generated Rs 12.16 billion in insurance premiums during the period. The state-owned Rastriya Beema Sansthan has 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 has collected Rs 5.02 billion while Surya Life Insurance has Rs 4.26 premium income.
Also, Prime Life Insurance has 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 has collected Rs 1.95 billion.
Likewise, Prabhu Life Insurance has earned the premium of Rs 1.45 billion and Mahalaxmi Life Insurance has 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
|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|
|9||Surya Life Insurance Co. Ltd.||4.26||3.2||33.13|
|8||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|
|15||IME Life Insurance Co. Ltd.||2.79||1.4||99.29|
|14||Reliance Life Insurance Co. Ltd.||2.57||1.4||83.57|
|17||Sun Nepal Life Insurance Co. Ltd.||2.22||1.11||100.00|
|19||Sanima Life Insurance Co. Ltd.||1.95||0.82||137.80|
|16||Prabhu Life Insurance Co. Ltd.||1.45||1.18||22.88|
|18||Mahalaxmi Life Insurance Co. Ltd.||1.06||0.87||21.84|
Source: Beema Samiti
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