Life Insurance Companies Collect Rs 24.4 Billion in First Premiums in Q3 FY 2081/82
Kathmandu – Nepal’s life insurance sector has recorded a significant uptick in first insurance premiums, collecting Rs 24.41 billion during the third quarter of the current fiscal year 2081/82, according to the latest data released by the Insurance Authority.
The figure marks a 13.69 percent increase compared to the same period last fiscal year, when companies had collected Rs 21.46 billion. The rise in first premium income reflects growing consumer confidence and expanding market reach, despite economic fluctuations.
Nepal Life Insurance continues to lead, securing the highest first premium income of Rs 5.99 billion in the nine-month period. This represents a robust 24.63 percent growth from the previous fiscal year.
National Life Insurance holds the second position, earning Rs 3.66 billion in first premiums, with a year-on-year growth of 13.57 percent. LIC Nepal ranks third, collecting Rs 1.89 billion—an impressive 25.37 percent rise from the same period last year.
Suryajyoti Life Insurance follows with Rs 1.81 billion in first premium collections, up by 16.28 percent. Other companies also reported steady performances: Himalayan Life Insurance earned Rs 1.75 billion, Citizen Life Rs 1.35 billion, and Asian Life Rs 1.25 billion.
Further, Sanima Reliance Life Insurance generated Rs 1.19 billion, Reliable Nepal Life Rs 1.01 billion, MetLife Rs 980 million, Prabhu Mahalaxmi Rs 955.7 million, IME Life Rs 932.8 million, Rastriya Jeevan Beema Company (government-owned) Rs 860.8 million, and Sun Nepal Life Insurance Rs 722.4 million in first-time premium income.
(Note: Figures for this FY exclude foreign employment term insurance, which was included in last year’s statistics)