Nepal Life and National Life’s first premium income increased significantly, 9 companies including SuryaJyoti life decreased

Kathmandu : The portion of first insurance fee in the total business done by life insurance companies till the end of January- February, 2023/2024 A.D (2079/080 Magh), of the current fiscal year 2079/80 has reached above 16 billion Rupees. Among them, the first insurance fee collection of five companies including Nepal Life and National Life has increased by a high number, while the first insurance fee of nine insurance companies including Suryajyoti Life has decreased.

In a period of seven months, the total of first insurance fee collection of 14 life insurance companies operating in Nepal has decreased by two percent.

The first insurance fee collection of Nepal Life is seen as the largest in the country, increased by 21.30 percent and exceeded 3.67 billion Rupees. During the same period of last fiscal year, this amount was 3.03 billion Rupees. Similarly, the first insurance fee of National Life, which is in second place, has increased by 18.71 percent and managed to collect 2.35 billion Rupees. In the same period of the last fiscal year, the company has collected 1.98 billion Rupees as the first insurance fee. Observing the statistics published by the insurance authority it can be seen that the company has succeeded in making high progress even in the middle of the financial crisis.

Similarly, Suryajyoti Life’s first insurance fee has decreased by 22.06 percent from 1.47 billion Rupees to 1.15 billion Rupees. Similarly, LIC Nepal’s first insurance fee has decreased by 8.75 percent from 1.31 billion to 1.19 billion Rupees. During the review period, while the new insurance business of Sanima Reliance decreased by 13.81 percent, Sun Nepal Life’s decreased by 29 percent, Reliable Nepal Life’s decreased by 9.98 percent, Prabhu Mahalaxmi Life’s decreased by 26.46 percent and Rastriya Jeewan Beema Company’s also decreased by 10.75 percent.

On the basis of new business, it indicates the latest economic activity of life insurance companies and the operational status of agents. Out of the 17 billion Rupees first insurance fees collected by life insurance companies in seven months, Nepal Life has the highest amount of Rs.3.67 billion, National Life has Rs.2.35 billion, Himalayan Life has Rs.1.20 billion, LIC Nepal has Rs 1.19 billion, Suryajyoti Life has Rs.1.15 billion, Citizen Life has collected Rs.95 million and Asian Life has collected 890 million Rupees as first insurance fee.

Similarly, Sanima Reliance has managed to collect Rs.850 million, Sun Nepal has collected Rs.770 million, IME Life has collected Rs.760 million, Reliable Nepal Life has collected Rs.740 million , Met Life has collected Rs.720 million, Prabhu Mahalaxmi Life has collected Rs.450 million and Rastriya Jeewan Beema  Company has managed to collect Rs.350 million as first insurance fee.