In the first year of their operation, these newbies have earned most of their earnings from bank deposits rather from the insurance business. However, it's too early to get the actual glimpse of the companies in such a short period of operation.
In the days ahead, these companies are planning for aggressive branch expansions as well as the sale of policies. Moreover, the companies are also reeling under the mandatory requirement of meeting paid-up capital of Rs 2 billion as per Insurance Board. For that matter, the companies are already juggling up to issue IPO to the general public.
Out of the 9 new insurance companies, Reliable Nepal Life Insurance has earned the highest net profit of Rs 127.8 million in the last FY followed by Jyoti Life Insurance that earned Rs 109 million in net profit.
Similarly, in terms of net insurance premium, Union Life has earned the highest insurance premium of Rs 762.6 million followed by IME Life with Rs 499.5 million in insurance premium.
