Life Insurance Companies in Nepal Earn Rs 85.90 Billion in Premiums in Second Quarter
Kathmandu – The 14 life insurance companies operating in Nepal have collectively earned Rs 85.90 billion in insurance premiums by the end of the second quarter of the current financial year, according to their recently published financial statements. This marks a 12.06 percent increase from the Rs 75.76 billion collected during the same period of the previous financial year.
Nepal Life Insurance continues to lead the sector with the highest premium earnings, having collected Rs 23.39 billion in the first six months of the current financial year, up from Rs 20 billion during the same period last year. National Life Insurance follows in second place with Rs 9.61 billion in premiums, compared to Rs 8.56 billion collected in the corresponding period of the previous year.
LIC Nepal has earned Rs 9.45 billion in premiums, while Himalayan Life Insurance collected Rs 8.26 billion. Rastriya Jeewan Beema Company earned Rs 5.79 billion, SuryaJyoti Life Rs 5.6 billion, and Asian Life Rs 4.21 billion during this period. Citizen Life Insurance reported Rs 3.38 billion, Sanima Reliance Life Rs 3.20 billion, Met American Life Rs 2.86 billion, Sun Nepal Life Rs 2.45 billion, IME Life Rs 2.44 billion, Reliable Nepal Life Rs 2.38 billion, and Prabhu Mahalakshmi Life Insurance Rs 2.34 billion in total premiums.
In terms of growth rate, Sun Nepal Life Insurance has shown the highest increase with a remarkable growth of 38.08 percent. The company’s premium income surged from Rs 1.77 billion in the second quarter of the previous year to Rs 2.45 billion this year. Citizen Life Insurance and Reliable Nepal Life Insurance followed closely with significant growth in their premium collections.
Suryajyoti Life Insurance recorded a growth rate of 18.24 percent, Nepal Life Insurance 16.98 percent, IME Life 15.74 percent, Prabhu Mahalakshmi Life 15.29 percent, and Sanima Reliance Life 14.93 percent. Other companies that recorded growth include Asian Life Insurance with 14.86 percent, National Life Insurance with 12.20 percent, LIC Nepal with 9.20 percent, Met American Life with 6.78 percent, and Himalayan Life Insurance with 2.14 percent.
However, one company experienced a decline. Rastriya Jeewan Beema Company’s total premium income dropped by 9.67 percent compared to the same period last year. The company earned Rs 6.41 billion in the previous year, which decreased to Rs 5.79 billion in the current year.