Nepal’s Life Insurance Fund Reaches Rs. 737.2 Billion, Rising 18.35%
Kathmandu – Nepal’s life insurance sector continues to show remarkable growth, with the life insurance fund of 14 life insurance companies reaching Rs. 737.2 billion by the second quarter of the current financial year. According to an analysis on the companies’ published financial statements, the life insurance fund size has increased by 18.35% compared to the same period last year.
A larger fund not only reflects the company’s stability but also exerts greater influence on the overall market. Notably, the total life insurance fund is now close to half the size of Nepal’s annual budget.
Major Contributors to the Fund
According to the second-quarter financial statements, Nepal Life Insurance holds the largest share, with a fund of Rs. 217.1 billion, marking an 18.90% increase from the previous year. LIC Nepal also expanded its life insurance business, accumulating Rs. 127.2 billion amount during the review period.
National Life Insurance collected notable premiums, accumulating Rs. 77.95 billion. Other major contributors include Himalayan Life Insurance with Rs. 70.40 billion, Rastriya Beema Company with Rs. 58 billion, and Asian Life Insurance with Rs. 44.68 billion.
Additionally, Suryajyoti Life Insurance amassed Rs. 37.73 billion, MetLife accumulated Rs. 27.32 billion, Citizen Life collected Rs. 16.60 billion, and Sanima Reliance Life Insurance reached Rs. 16.60 billion.
Meanwhile, Prabhu Mahalakshmi Life Insurance saved Rs. 11.89 billion, Reliable Nepal Life Insurance gathered Rs. 11.53 billion, IME Life Insurance collected Rs. 10.87 billion, and Sun Nepal Life Insurance accumulated Rs. 8.96 billion.
Fastest Growth Among Life Insurance Companies
Among the 14 life insurance companies, Sanima Reliance Life Insurance achieved the highest growth in its life insurance fund, recording a 48.59% increase compared to last year. Prabhu Mahalakshmi Life followed with 45.25% growth, IME Life Insurance with 44.08%, and Citizen Life Insurance with a 44.08% increase.