Life Insurance Companies in Collect Rs 3.26 Billion in Bhadra, Marking strong Growth
Kathmandu – Life insurance companies in Nepal have reported robust growth in new business during the month of Bhadra, with total premiums reaching Rs 3.26 billion, marking a significant increase compared to the previous fiscal year. According to data released by the Nepal Insurance Authority, 14 life insurance companies collected these premiums, including those from foreign employment insurance, during the month of Shrawan.
The figures indicate a 16.3 percent rise in new business compared to Shrawan of the last fiscal year, when companies had recorded premiums worth Rs 2.81 billion. Among the leading performers, Nepal Life Insurance and National Life Insurance secured the highest premium income during the period.
IME Life Insurance, LIC Nepal, and National Life Insurance were particularly aggressive in acquiring new business, demonstrating notable growth over the previous fiscal year. IME Life Insurance stood out with an impressive 104.83 percent increase in first premium income in Bhadra alone. LIC Nepal followed with a 63.19 percent growth, reflecting its active efforts to expand its portfolio. National Life Insurance also recorded a 43.45 percent rise in first premium income during the same period.
Other insurers also posted healthy growth. Reliable Nepal Life Insurance and Citizen Life Insurance increased their first premium income by 33.10 percent and 26.91 percent, respectively, compared to the previous year. Meanwhile, Met Life achieved a 22.72 percent increase, Nepal Life a 21.01 percent increase, Prabhu Mahalaxmi Life Insurance a 20.64 percent increase, the government-owned Rastriya Jeevan Beema Company a 20.05 percent increase, and Sanima Reliance Life Insurance a 5.68 percent increase.
On the other hand, a few companies experienced a slight decline in first premium income. Asian Life Insurance, Himalayan Life Insurance, Suryajyoti Life, and Sun Nepal Life Insurance all reported modest decreases, with Sun Nepal Life notably stepping back from foreign employment insurance business.
The month of Bhadra is crucial for life insurance companies and their agents, as it offers a key opportunity to meet sales targets and implement business strategies. Companies often launch incentive programs and strategic campaigns during this period to boost new business and strengthen agent performance.