life insurance companies Renewal Premiums Increased by 6% in comparison with last fiscal year

Kathmandu : The 14 life insurance companies currently operating have earned renewal insurance premiums worth at 79 billion 865.5 million Rupees until the end of Falgun month, 2080 B.S.

Life insurance companies had earned 75 billion 200.7 million Rupees as renewal insurance fee until the end of Falgun month of last economic year. Which shows that, if compared to the same period of the previous financial year, the renewal insurance fee have earned by life insurance companies about 6.20 percent.

Prabhu Mahalaxmi Life and Reliable Nepal Life are leading on the basis of increase rate in renewal insurance premiums. By the month of Falgun, Prabhu Mahalaxmi Life’s renewal insurance fee earnings increased by 27.19 percent and became 2.18 billion Rupees.

Whereas, the renewal insurance fee earnings of Reliable Nepal Life, which is in second, has increased its renewal earning by 23.74 percent and became 1billion 777.9 million Rupees. According to the published financial statement, the company had earned renewal insurance fees equal to 1.43 billion Rupees during the same period of the last fiscal year.

According to the data published by the Insurance Authority, until the month of Falgun month of this current fiscal year, Sun Nepal Life has increased its renewal earning by 15.40 percent, Himalayan Life’s by 14.35 percent, Suryajyoti Life’s by13.64 percent and Asian Life’s by 12.25 percent.

Likewise, National Life along with other companies has increased their renewal premium earnings by 10 percent or less than that. In other hand, renewal insurance fee income of the government-own Rastriya Jeevan Beema Company has decreased by 23.31 percent in comparison with the earning of last fiscal year of same period.

Up to the month of Falgun, Nepal Life and Life Insurance Corporation’s renewal insurance premium fee earnings are the highest. During this period, Nepal Life earned 22 billion 55.7 million Rupees and LIC Nepal earned renewal insurance premium fees equal to 10.22 billion Rupees, according to the published financial statements.

Similarly, Himalayan Life has earned a total of 9 billion 787.1 million Rupees as insurance renewal premium fees, and National Life has earned a total of 8 billion 702.7 million Rupees as renewals.

Similarly, the government-owned Rastriya Jeevan Beema Company has earned 4 billion 840.5 million Rupees in renewal premium fees.