Kathmandu. Current fiscal year 2082. In the first four months of the current fiscal year, life insurance companies have collected about Rs 49.5 billion in insurance premiums by renewing policies.

According to the data made public by the Nepal Insurance Authority, 14 life insurance companies have earned Rs 49.49 billion in renewal insurance premium till mid-November of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 42.68 billion in renewal premium till mid-November 2018. In the review period of the previous year, the renewal premium has increased by 15.95 percent.

Compared to the previous year, the renewal premium collection of all companies has increased till mid-October of the current fiscal year. KATHMANDU: Nepal Life Insurance Company (NLIC) has been leading in terms of growth rate while collecting the highest renewal premium.

Nepal Life Insurance has collected Rs 13.33 billion in renewal insurance premiums till mid-October of the current fiscal year. The company had collected Rs 12.76 billion in the same period last year. Compared to the previous year, the company’s premium collection increased by 4.5 percent.

National Life is the second highest collection of renewal insurance premiums. The company has collected Rs 5.58 billion in renewal premium till mid-November. The company had collected Rs 4.89 billion in renewal premium in the same period last year. The company’s renewal premium has increased by 14.16 percent compared to the previous year.

Life Insurance Corporation of Nepal Ltd (LIC Nepal) is in the third position. The company had collected Rs 5.53 billion in renewal insurance premiums in the review period of the previous fiscal year, up 4.18 percent from Rs 5.31 billion in the review period.

Similarly, Himalayan Life Insurance has collected Rs 4.95 billion in renewal premium till mid-November. The company had posted a net profit of Rs 4.79 billion in the same period last year. The company’s renewal premium increased by 3.47 percent compared to the previous year.

Nepal Life Insurance has collected Rs 2.80 billion in renewal premiums, followed by Life Insurance of Rs 2.80 billion, Citizen Life Insurance Rs 1.92 billion and Nepal Life Insurance Rs 1.92 billion. In the review period, the insurance premium of Rastriya Life Insurance increased by 238.31 percent, Surya Jyoti Life Insurance by 14.52 percent, Asian Life Insurance by 6.91 percent, Citizen Life Insurance by 21.72 percent and Sanima Life Insurance by 12.87 percent.

Likewise, Prabhu Life Insurance has collected Rs 1.62 billion in renewal insurance premiums, Prabhu Life Insurance Rs 1.67 billion, IME Life Insurance Rs 1.36 billion, Reliable Nepal Life Insurance Rs 1.4 billion, and Sun Nepal Life Insurance Rs 1.1 billion. In the review period, MetLife Insurance increased by 10.68 percent, Prabhu Mahalaxmi Life by 11.55 percent, IME Life Insurance by 20.63 percent, Reliable Nepal Life Insurance by 20.01 percent and Sun Nepal Life Insurance by 16.96 percent.