Life Insurance Companies’ Premium Income Rises 6.02% in the First Month of Current Fiscal Year

Kathmandu – The business of life insurance companies has increased in the first month of the current fiscal year 2082/83. According to data released by the Nepal Insurance Authority, 14 life insurers collected a combined total insurance premium of Rs 19.65 billion in Shrawan, reflecting a 6.02 percent growth compared to the same period last fiscal year.

Nepal Life Insurance retained its market leadership with Rs 6.19 billion in premium income, up 8.44 percent from the Rs 5.71 billion earned in the corresponding period last year. National Life Insurance secured the second spot with Rs 2.41 billion, marking a 6.58 percent rise compared to Rs 2.26 billion last year. LIC Nepal ranked third with Rs 2.3 billion in premiums, though this represented a 1.84 percent decline from the previous fiscal year.

Himalayan Life Insurance earned Rs 2.2 billion, a 4.88 percent increase, while Suryajyoti Life saw growth of 10.26 percent to Rs 1.24 billion. Other companies posting growth included Asian Life (Rs 948.6 million, up 2.29%), Citizen Life (Rs 856.4 million, up 12.08%), and Sanima Reliance Life (Rs 719.5 million, up 6.44%).

IME Life and Reliable Nepal Life registered the highest growth rates. IME Life’s premium income surged 23.53 percent to Rs 670.5 million, while Reliable Nepal Life rose 16.41 percent to Rs 581.7 million.

Similarly, Prabhu Mahalaxmi Life earned Rs 616.8 million, reflecting 5 percent growth. MetLife collected Rs 539.9 million with a 6.81 percent rise, while Rastriya Jeevan Beema Company saw its income drop 7.44 percent to Rs 433.9 million. Sun Nepal Life recorded the steepest decline, with premium income falling 18.61 percent to Rs 365.2 million.