Life Insurance Fund Grows by 18.79% in Nepal, Reaches Rs 766 Billion
Kathmandu – The life insurance sector in Nepal has witnessed significant growth, with the total life insurance fund of companies increasing by 18 percent compared to the same period last year. According to third-quarter data, the combined life insurance fund has reached Rs 766.3 billion, up from Rs 645.1 billion in the corresponding period of the previous year.
Nepal Life Insurance and LIC Nepal continue to lead the sector, each maintaining reserves exceeding Rs 100 billion. Nepal Life Insurance tops the chart with a life insurance fund of Rs 225.67 billion, followed by LIC Nepal at Rs 129.80 billion.
Other key insurers have also reported strong figures. National Life Insurance has a fund of Rs 81.32 billion, while Himalayan Life holds Rs 73.77 billion. Asian Life and Surya Jyoti Life have reserves of Rs 45.63 billion and Rs 39.45 billion respectively. MetLife maintains a fund of Rs 28.39 billion, Citizen Life Rs 18.2 billion, and Sanima Reliance Life Rs 17.81 billion. The funds of Prabhu Mahalaxmi Life, Reliable Nepal Life, IME Life, and Sun Nepal Life stand at Rs 12.80 billion, Rs 12.43 billion, Rs 11.84 billion, and Rs 9.51 billion respectively.
In terms of growth rate, newer companies have shown remarkable momentum. Sun Nepal Life recorded the highest year-on-year growth, with its insurance fund increasing by 46.48 percent. Sanima Reliance Life followed with a 44.07 percent growth, while Citizen Life registered a 43.97 percent rise in its fund.
In contrast, government-owned Rastriya Beema Company, along with Asian Life and LIC Nepal, reported relatively lower growth in their life insurance funds compared to other private sector counterparts.