Attractive Improvement in the Business of non-life Insurance Companies that went to Merger, four Companies rose to the top 5, How many?
Kathmandu: In the last one year, 12 non-life insurance companies joined the merger. As per the instructions of Nepal Insurance Authority for capital increase, the 12 non-life insurance companies that chose the option of merger were limited to 6. The number of non-life insurance companies in Nepal has decreased from 20 to 14.
Former, Everest and Lumbini General (Sagarmatha Lumbini Insurance), Himalayan General and Everest Insurance (Himalayan Everest), Siddharth and Premium (Siddharth Premier Insurance), IME General and Prudential (IGI Prudential Insurance), Sanima General and General Insurance (Sanima GIC), United Insurance and Azod Insurance (United Azod Insurance) joined the merger. Most of the insurance companies that have gone into mergers are also getting commercially stronger.
The data released by the Nepal Insurance Authority up to the end of August shows this. With the beginning of the new financial year, the business sectors that have gone into mergers are also becoming stronger. Due to providing Nepal Insurance Authority’s decision to recapitalize, 20 non-life insurance companies have reduced to 14 companies after merger.
Companies that have gone to mergers are continuing to expand their business at a faster pace than the companies that have been doing business at the forefront. By the end of August, non-life insurance companies have done a total insurance business of more than 7 billion. Among them, the companies that have gone to merger have been successful in the top five.
Sagarmatha and Lumbini Insurance merged and became one, Sagarmatha Lumbini Insurance has been in the forefront till this period. The company has managed to do insurance business of Rs 91 crore 47 lakh by the end of August.Second, Siddharth, which is made up of Siddharth and Premium, has succeeded in being a premium company. The company has managed to earn a total insurance fee of Rs.73 crore 41 lakh till this period.
Fourth is the Himalayan Everest Insurance Company which consists of Himalayan General and Everest Insurance. The company has managed to earn a total insurance fee of Rs.66 crore 24 lakh till this period.
IGI Prudential Insurance is ranked fifth. The company has managed to success to earn a total insurance fee of Rs.55 crore during this quarter.Similarly, United Insurance Company, which participated in the merger, has managed to success to earn a total insurance fee of million rupees and Sanima GIC 37 million rupees.
