Life Insurance Business Grows Nearly 20% in First Quarter; IME, Citizen, and Reliable Lead in Growth

Kathmandu – Nepal’s life insurance industry has witnessed a robust 19.84% growth in total premium collection during the first quarter of the current fiscal year 2082/83, according to the Nepal Insurance Authority (NIA).

As per data published by the Authority, the country’s 14 operating life insurance companies collectively earned Rs 49.22 billion in insurance premiums up to the end of Ashoj, compared to Rs 41.81 billion during the same period last fiscal year.

Nepal Life Insurance Company continued to dominate the market with a total premium income of Rs 13.45 billion, reflecting a 12.20% increase from the previous year. It was followed by National Life Insurance, which reported Rs 5.68 billion in business—an impressive 15.90% rise. LIC Nepal ranked third, collecting Rs 4.98 billion, up 8.96% from the prior year.

The government-owned Rastriya Jeevan Beema Company posted a remarkable growth of 222.49%, reaching Rs 4.53 billion, while Himalayan Life Insurance earned Rs 4.43 billion, marking a 2.90% increase. Similarly, Suryajyoti Life Insurance reported premiums of Rs 2.88 billion.

In terms of percentage growth, IME Life Insurance and Citizen Life Insurance were among the strongest performers, expanding by 24.82% and 24.68%, respectively. Reliable Nepal Life Insurance followed closely with a 20.58% increase, while MetLife Nepal and Sanima Reliance Life Insurance posted gains of 15.40% and 15.38%, respectively. Prabhu Mahalaxmi Life Insurance also recorded steady growth of 12.93% during the review period.