600 Billion 320 Million Rupees accumulated in the insurance fund of life insurance companies

Kathmandu: By the end of the current fiscal year 2023/24 A.D (2080/81 B.S), the size of the insurance fund of 14 life insurance companies has increased by 11.89 percent. According to the financial statements published by the life insurance companies for the first quarter of the current fiscal year, it is seen that all the companies have increased the size of the insurance fund.

According to the details, the life insurance fund of the life insurance companies has 632 billion 300 million rupees till the end of the year, which is 11.89 percent more than last year’s fund. Because until this period of the last year 2023/2024 A.D (2079/80 B.S), the insurance fund of the companies had 565 billion 130 million Rupees.

Insurance companies have accumulated some amount in the insurance fund by accumulating the premium raised by the insured, the interest rate amount received from the loan in the insurance policy, the interest rate received from the term deposit, the income from investment loan and other income and the reinsurance commission income during the insurance business. In order to bear the risks that may occur in the company in the future, the life insurance companies must have set aside money in the insurance fund.

According to the first quarter financial statement of the current fiscal year, Nepal Life Insurance has the largest insurance fund size. Nepal Life has accumulated 183 billion 650 million Rupees in the life insurance fund till the first quarter, which is 10.96 percent more than last year.

Likewise, LIC Nepal has also accumulated 113 billion 800 million Rupees till the first quarter by significantly expanding its life insurance business. In addition, National Life has also increased the size of the insurance fund in 6 months of the current fiscal year and has accumulated 71 billion 440 million rupees in the fund.

Also, 58.48 billion Rupees by Himalayan Life, 52.63 billion Rupees by National Life Insurance, 40.09 billion Rupees by Asian Life, 30.51 billion Rupees by Suryajyoti Life, 25.32 billion Rupees by Met Life, 12.69 billion Rupees by Sanima Reliance, 12.07 billion Rupees by Citizen Life, 8.53 billion Rupees by Reliable Nepal, 8.51 billion Rupees by Prabhu Mahalaxmi life, 7.99 billion Rupees by IME Life and 6.51 billion Rupees by Sun Nepal in their reserve fund.

 Which is on the top based on the growth rate?

Among the 14 life insurance companies, based on the growth rate, Reliable Nepal Life has increased the insurance fund the most. Compared to the same period of the last financial year, the insurance fund size of all companies has increased. Among them, Reliable Nepal Life has increased the size of life insurance fund by 31.47 percent till this period.

Citizen Life is second in terms of increasing the size of the life insurance fund. The company’s life insurance fund increased by 18.30 percent.

Similarly, the insurance fund size has increased by      16.33 percent of Prabhu Mahalaxmi, 16.30 percent of Sanima Reliance, 14.81 percent of Sun Nepal Life, 14.60 percent of Asian Life, 14.08 percent of Rastriya Jeevan Beema, 13.91 percent of IME Life, 12.21 percent of Himalayan Life, 11.97 percent of LIC Nepal 11.97 percent, 11.21 percent of Suryjyoti Life, 10.96 percent of Nepal Life, 8.60 percent of National Life and 6.11 percent of Met Life.