Life Insurance Companies in Nepal Collect Over Rs 13 Billion in Premiums in Baisakh, Marking 17% Growth
Kathmandu — Nepal’s life insurance industry has recorded impressive growth in the first month of the current fiscal year, with 14 active life insurance companies collecting a total premium income of Rs 13.18 billion during the month of Baisakh, according to the latest data published by the Nepal Insurance Authority. This marks a 16.93% increase compared to the Rs 11.27 billion collected during the same month last fiscal year.
Nepal Life Insurance remains the market leader, recording premium earnings of Rs 3.57 billion, a year-on-year growth of 22.02%. National Life Insurance Company followed with Rs 1.56 billion, while LIC Nepal secured the third position with Rs 1.53 billion in premium income.
Himalayan Life Insurance reported a business volume of Rs 1.19 billion during the same period. Other notable performers included Suryajyoti Life (Rs 872.3 million), Asian Life (Rs 676.3 million), Citizen Life (Rs 593.3 million), and MetLife (Rs 542.9 million).
State-owned Rastriya Jeevan Beema Company reported a business volume of Rs 508 million, followed by Sanima Reliance Life at Rs 491.2 million and Reliable Nepal Life at Rs 456.7 million.
In terms of growth rate, Rastriya Jeevan Beema Company and Citizen Life stood out as top . performers with 70.83% and 29.99%