Life Insurance Renewal Premiums Cross NPR 75 Billion in Seven Months of Current FY 2081/82

Kathmandu – Nepal’s life insurance sector has recorded robust growth in renewal insurance fees, with earnings surpassing NPR 75 billion in the first seven months of the current fiscal year 2081/82. According to data released by the Nepal Insurance Authority, 14 life insurance companies collectively earned NPR 75.25 billion in renewal insurance premiums upto the month of Magh 2081. This marks a 6.33% increase compared to the same period last fiscal year when the total stood at NPR 70.77 billion.

Nepal Life Insurance maintained its position as the top insurer in renewal premiums, collecting NPR 21.21 billion, an 8.65% increase from the previous year. LIC Nepal Life followed with an increase of 7.57%, bringing its total renewal fees to NPR 9.62 billion. Meanwhile, Himalayan Life saw a slight decline of 3.25%, recording NPR 8.42 billion in renewal premiums.

Among the fastest-growing insurers, Reliable Nepal Life experienced the highest surge, with renewal fee earnings rising by 23.88% to NPR 1.93 billion from last year’s NPR 1.56 billion. Similarly, Citizen Life reported a significant 21.96% growth, reaching NPR 2.81 billion in renewal premiums.

Other companies also demonstrated strong performance. National Life Insurance’s renewal fees increased by 8.73% to NPR 8.36 billion, SuryaJyoti Life saw a 13.83% rise to NPR 4.41 billion, while Asian Life recorded a 12.82% growth, reaching NPR 4 billion. However, Rastriya Jeevan Beema Company faced a sharp decline of 28.32%, with its renewal earnings dropping to NPR 3.31 billion.

Sanima Reliance saw a 10.95% increase, collecting NPR 2.79 billion, while MetLife recorded an 8.95% growth, reaching NPR 2.63 billion in renewal premiums. Prabhu Mahalakshmi and IME Life also emerged as strong competitors, with renewal fees of NPR 2.06 billion and NPR 2.05 billion, respectively.