March 26: The business of life insurance companies has decreased in mid-February to mid-March of the current fiscal year.

Although the collection of first-time insurance fee increased in the review month, the overall business declined due to the decline in renewal of insurance policies. According to the Nepal Insurance Authority, 14 life insurance companies collected insurance fees of Rs 11.65 billion from the sale of new insurance policies and the renewal of old policies in mid-February to mid-March.

Compared to the previous one-month period, collection of insurance fees of the life insurance companies decreased by about Rs 1 billion. In mid-January to mid-February, the insurance companies had collected Rs 12.66 billion in insurance fees.

In mid-February to mid-March, life insurance companies issued a total of 415,676 insurance policies and collected Rs 2.55 billion as first-time insurance fee. Similarly, the authority said that the companies collected insurance fee of Rs 9.95 billion from the renewal of insurance policies.

In mid-January to mid-February, the insurance companies had issued a total of 448,000 insurance policies and collected Rs 2.29 billion as the first-time insurance fee. Similarly, they collected insurance fee of Rs 10.36 billion from renewal. Nepal Life Insurance Company collected the highest insurance fee in mid-February to mid-March. The company collected Rs 3.9 billion in the review month.