Life Insurance Renewal Premiums Rise by 12.91% in FY 2081/82

Kathmandu — Renewal premium income for life insurance companies in Nepal grew significantly in the last fiscal year 2081/82, indicating steady sectoral expansion and improved policyholder retention. According to the Nepal Insurance Authority, the 14 life insurers currently operating earned a total of Rs 137.73 billion in renewal premiums in the fourth quarter, up 12.91 percent from Rs 121.98 billion in the corresponding period of FY 2080/81.

Nepal Life Insurance Company remained the market leader, with renewal premiums climbing 13.61 percent to Rs 37.29 billion from Rs 32.82 billion a year earlier. LIC Nepal followed with Rs 16.88 billion, an increase of 8.93 percent, while National Life posted Rs 16.37 billion, up 15.78 percent. Himalayan Life Insurance also saw positive growth, with its renewal premium income rising 5.78 percent to Rs 14.84 billion.

Other companies recorded strong performances during the period. Rastriya Jeevan Beema Company reported Rs 8.74 billion in renewal premiums, up 9.90 percent from the previous fiscal year, while Suryajyoti Life rose 14.85 percent to Rs 8.11 billion and Asian Life grew 15.10 percent to Rs 7.05 billion. Citizen Life registered a sharp 21.18 percent increase to Rs 5.15 billion, and Sanima Reliance recorded Rs 4.88 billion, up 13.28 percent.

Similarly, IME Life earned Rs 4.8 billion, a 9.88 percent rise, Union Life grew 18.55 percent to Rs 3.72 billion, and Prabhu Mahalaxmi collected Rs 3.62 billion, up 10 percent. Reliable Nepal Life marked the highest growth rate with a 29.19 percent jump to Rs 3.53 billion, while Sun Nepal Life posted a 20.67 percent increase to Rs 2.8 billion.