Nepal’s Life Insurance Sector Sees 18.62% Profit Increase in First Quarter

Kathmandu: Nepal’s life insurance sector has shown robust growth in the first quarter of the current financial year, with the net profit of 14 life insurance companies collectively increasing by 18.62% compared to the same period last year. According to financial statements published by these companies, the sector earned a cumulative profit of 1.9241 billion rupees, up from 1.62 billion rupees in the previous year.

Himalayan Life Insurance and Citizen Life Insurance have emerged as leaders in profit generation and business growth during this period. These companies achieved progress by actively engaging their agents and enhancing management strategies. Himalayan Life Insurance posted a profit of 253.7 million rupees, marking a 5.12% increase from last year. Nepal Life, the second-highest performer, saw its profit rise by 30% to 205.4 million rupees, up from 157.9 million rupees.

Reliable Nepal Life also recorded substantial growth, with a profit of 199.3 million rupees in the first quarter. Similarly, Sun Nepal Life achieved a net profit of 166.1 million rupees, IME Life earned 145.5 million rupees, National Life posted 138.3 million rupees, Asian Life reported 132.9 million rupees, and Sanima Reliance also recorded 132.9 million rupees. Citizen Life rounded out the list with a profit of 130.9 million rupees.

Additional players in the sector also performed well, with Prabhu Mahalakshmi Life reporting a net profit of 126.2 million rupees, SuryaJyoti Life at 115.3 million rupees, MetLife Nepal at 96.5 million rupees, LIC Nepal at 78.8 million rupees, and Rastriya Jeevan Beema Company at 2.267 million rupees.

In terms of profit growth rates, Citizen Life Insurance led the sector with an 83.16% increase over the previous year. Reliable Nepal Life followed closely with a 66% growth, while Asian Life Insurance secured the third position with a 42% profit increase.