In February, Asian Life, Prabhu Mahalaxmi, and Citizen Life Post Strong Growth; Nepal Life and National Life See Decline

Kathmandu — Life insurance companies in Nepal collected a total of Rs 13.66 billion in insurance premiums in February of the current fiscal year.

According to data published by the Nepal Insurance Authority, the 14 operating life insurance companies together recorded this total premium income.

The industry posted a 2.58 percent year-on-year growth compared to the same period last fiscal year, when companies had collected Rs 13.32 billion. Overall, the sector saw modest expansion in premium income.

By total premium collection, Nepal Life Insurance and National Life Insurance remained at the top of the market. However, in terms of growth rate, National Life Insurance (government-owned) and Asian Life Insurance led the sector.

Nepal Life Insurance topped the chart in February with Rs 3.37 billion in premiums. However, the company’s business recorded a slight decline compared to the same period last year.

National Life Insurance, ranked second, reported Rs 1.69 billion in total premium income, marking a 29.31 percent decline year-on-year.

In contrast, National Life Insurance Company (government-owned) recorded the highest growth in the sector at 104.40 percent, reflecting strong business momentum. Asian Life Insurance also posted solid growth of 32.74 percent.

Prabhu Mahalaxmi Life Insurance grew by 21.74 percent, Citizen Life Insurance by 15.94 percent, IME Life Insurance by 15.94 percent, Reliable Nepal Life Insurance by 9.60 percent, MetLife Nepal by 6.93 percent, SuryaJyoti Life Insurance by 4.60 percent, and LIC Nepal by 2.32 percent.

Sanima Reliance Life Insurance recorded marginal growth of 0.38 percent during the review period. Meanwhile, Nepal Life Insurance, Himalayan Life Insurance, Sun Nepal Life Insurance, and National Life Insurance all reported declines in premium income in February.