Life insurance premiums increased by 4% until the month of mid of February

Kathmandu : Life insurance companies have managed to increase the total insurance business by 4.18 percent until mid of February, 2024, until of (Magh, 2080) the current fiscal year. Even in the middle of severe economic recession, life insurance companies have managed to achieve a high increase in gross insurance fee income, according to public statistics published on 22th February, 2024, (10th of Falgun, 2080 B.S).

According to statistics, the growth rate of Prabhu Mahalaxmi Life, National Life, Himalayan Life Insurance and Reliable Nepal Life has increased by double digits. Prabhu Mahalaxmi Life has achieved the highest growth of 12.46 percent compared to last fiscal year, while National Life has managed to achieve an increase of 11.91 percent. Similarly, while Himalayan Life increased its business by 10.79 percent, Reliable Nepal Life managed to increase its business by 10.74 percent.

Along with other life insurance companies that have succeeded in increasing their business, IME Life has succeeded in increasing its business by 7.82 percent, Met Life by 8.25 percent, and Nepal Life by 7.21 percent. Similarly, Citizen Life achieved a growth rate of 4.01 percent and SuryaJyoti ‘s also grew by 3.44 percent. In the other hand the business of Government-owned Rastriya Jeewan Beema Comany has decreased by 23.15 percent.