Life Insurance Companies Record 27.22% Growth in First Premium Collection in FY 2081/82
Kathmandu — Life insurance companies in Nepal have reported significant growth in first premium collection in new business during the last fiscal year, with first insurance premiums reaching Rs 43.69 billion by the end of Ashar 2081/82. According to data released by the Nepal Insurance Authority, 14 operating life insurers collectively achieved a 27.22% increase compared to the same period in the previous fiscal year, when first premiums totaled Rs 34.34 billion.
Nepal Life Insurance led the market, generating the highest volume of premium collection. The company’s first premiums rose by 33.90% to Rs 10.7 billion. National Life Insurance ranked second, with a 19.55% increase to Rs 6.04 billion. Asian Life secured the third position, marking an impressive 65.75% surge to Rs 3.19 billion.
Source: Nepal Insurance Authority
Suryajyoti Life followed closely with Rs 3.18 billion in first premiums, up 25.74%. LIC Nepal reported Rs 3.03 billion, a growth of 16.64%, while Himalayan Life Insurance posted Rs 2.81 billion, an increase of 9.40%.
Citizen Life achieved Rs 2.35 billion, up 20.14%, and Sun Nepal Life recorded Rs 2.20 billion, reflecting a 40.88% jump. Sanima Reliance Life earned Rs 2.12 billion in first premiums.
Other companies included IME Life with Rs 1.93 billion, Reliable Nepal Life with Rs 1.75 billion, Prabhu Mahalaxmi Life with Rs 1.74 billion, Met Life with Rs 1.45 billion, and the government-owned Rastriya Jeevan Beema Company with Rs 1.11 billion in first premium collection.