Life Insurance Sector in Nepal Records 7.47% Growth Amid Economic Challenges
Kathmandu – Despite the prevailing political and economic uncertainties, Nepal’s life insurance sector has shown resilience by recording a 7.47% growth in business during the first quarter of the current financial year. The 14 life insurance companies operating in the country collectively reported a business volume of NPR 44.42 billion, an increase from NPR 41.33 billion during the same period last year.
Nepal Life Insurance maintained its lead in the industry, achieving the highest business volume of NPR 11.96 billion within three months. The company’s success is attributed to its active and aggressive business strategies driven by its agent network. National Life Insurance followed as the second-largest contributor with NPR 4.91 billion, while Rastriya Jeevan Beema Company and Life Insurance cooperation recorded significant NPR 4.61 billion and NPR 4.57 billion respectively.
Other notable performers included Himalayan Life Insurance with NPR 4.27 billion, SuryaJyoti Life Insurance with 2.49 billion, Asian Life Insurance with NPR 2.36 billion, Citizen Life Insurance at NPR 1.74 billion, and Sanima Reliance Life with NPR 1.56 billion. MetLife Nepal, IME Life Insurance, Reliable Nepal Life, and Prabhu Mahalakshmi Life also reported business figures exceeding NPR 1 billion each, while Sun Nepal Life Insurance recorded NPR 1.16 billion.
While Nepal Life led in terms of overall business volume, Sun Nepal Life Insurance emerged as the fastest-growing company. Its business grew by an impressive 23% compared to the previous year. Reliable Nepal Life Insurance followed closely, reporting a 19% growth rate, while National Life Insurance achieved a growth of 17.19%. Citizen Life Insurance and IME Life Insurance recorded growth rates of 16.19% and 10%, respectively.
