Life Insurance Companies Report Rs 4.16 Billion in New Business in Jestha, Marking 24.84% Growth

Kathmandu – Life insurance companies in Nepal recorded a significant rise in new business in the month of Jestha (mid-May to mid-June), generating Rs 4.16 billion in insurance premiums, including foreign employment insurance. According to data released by the Nepal Insurance Authority, this marks a 24.84 percent increase compared to the same period last fiscal year.

In Jestha of the previous fiscal year, life insurers had generated Rs 3.33 billion in new business. This year, 14 life insurance companies participated in the market, with the majority showing notable growth. Leading the sector in terms of premium income were Nepal Life Insurance and National Life Insurance, both maintaining their stronghold from previous months.

Government-owned Rastriya Jeevan Beema Company made the most remarkable leap, with its new business soaring by 83.61 percent compared to the same period last year. Prabhu Mahalaxmi Life Insurance followed closely, registering a 79.69 percent increase in first premium income. Similarly, IME Life Insurance demonstrated strong momentum, boosting its new business by 71.36 percent.

Among other insurers, National Life Insurance posted a 42.88 percent rise in new business, while Suryajyoti Life Insurance and Nepal Life Insurance followed with increases of 40.16 percent and 33.44 percent respectively. Met Life Insurance saw a growth of 32.77 percent, and Reliable Nepal Life Insurance improved by 22.80 percent.

Citizen Life Insurance reported a 21.30 percent increase in new business, Asian Life Insurance 19.10 percent, and Himalayan Life Insurance 12.36 percent.

While 11 out of the 14 companies experienced growth during the review period, three insurers—Sanima Reliance Life Insurance, Sun Nepal Life Insurance, and LIC Nepal—saw a slight decline in their new business figures.