The First Insurance Fee of the Life Insurance Company Decreased by 10 Percent

Kathmandu : The 14 life insurance companies that are currently operating have managed to earn first insurance premiums worth 4.33 billion rupees by the mid of September.

In the mid of September of the last financial year, life insurance companies earned Rs.4.81 billion first insurance fee. Compared to the same period of the previous financial year, the first insurance premium income of life insurance companies has decreased by about 10 percent.

By the mid of September, Nepal Life has earned the highest first insurance fee. The company has managed to earn a total of 1.8 billion rupees in new insurance fees by mid of September.

In comparison with the same period of last year mid of September, the company’s first insurance premium income has increased by 14 percent.Similarly, National Life has earned new business worth a total of Rs.556.3 million by the mid of September.

The company’s new business has decreased by 1.54 percent compared to mid of September.In terms of new business growth, Reliable Nepal Life is at the forefront.

By the mid of September, the company’s first insurance fee increased by 117 percent and stood at 214.6 million rupees. Surya jyoti Life has earned new business worth Rs.338.5 million by the mid of September.

In addition, LIC Nepal’s new insurance fee income decreased by 4.96 percent to Rs.318.1 million by the mid of September. By the mid of September, the details shows that Met Life’s 6%, Himalayan Life’s & Asian Life’s 18.17%, Prabhu Mahalakshmi Life’s 21%, National Insurance Institute’s 22%, Citizen Life’s 23%, Sun Nepal Life’s 44% and Sanima Reliance Life’s 46% decrease in first insurance fee earnings.