Life Insurance Companies in Nepal Earn NPR 18.43 Billion in New Business in Seven Months

Kathmandu – The 14 life insurance companies currently operating in Nepal have collectively earned NPR 18.43 billion in new business (first insurance premiums) in the first seven months of the current financial year. This marks a significant growth compared to the same period in the previous fiscal year.

According to data published by the Nepal Insurance Authority, life insurance companies had earned NPR 16.11 billion in first insurance premiums during the same period last year. This means that the sector has seen a 14.40% increase in new business revenue this year.

Among the companies, Nepal Life Insurance has reported the highest earnings, generating NPR 4.59 billion in first insurance premiums. Following closely, National Life Insurance has earned NPR 2.73 billion. LIC Nepal has secured NPR 1.54 billion, while both SuryaJyoti Life Insurance and Himalayan Life Insurance have recorded NPR 1.38 billion respectively.

Other companies have also shown notable performances. Citizen Life Insurance earned NPR 1.047 billion, Asian Life Insurance NPR 956.7 million, and Sanima Reliance Life Insurance NPR 874.7 million. Similarly, MetLife collected NPR 738 million, Reliable Nepal Life Insurance NPR 728.9 million, Prabhu Mahalakshmi Life Insurance NPR 704.1 million, IME Life Insurance NPR 685.4 million, Sun Nepal Life Insurance NPR 540.1 million, and Rastriya Jeevan Beema Company NPR 515.8 million in first insurance premiums.

In terms of business growth, Prabhu Mahalakshmi Life Insurance has made the most remarkable progress, achieving a 53.69% increase in new business. Rastriya Jeevan Beema Company follows with a 46.76% growth rate. Other companies that have experienced significant growth include LIC Nepal with a 28.92% increase, Nepal Life with 24.80%, SuryaJyoti Life with 20.01%, National Life with 16.14%, Himalayan Life with 14.92%, and Citizen Life with 9.58%.