Life Insurance Companies Earn Rs 8.91 Billion in First Premiums in Ashar; Asian Life, IME Life, and Nepal Life Lead Growth

Kathmandu — Life insurance companies across Nepal recorded a significant surge in business in Ashar, the final month of the last fiscal year 2081/82, earning first insurance premiums worth Rs 8.91 billion. According to data released by the Nepal Insurance Authority, 14 life insurers — including foreign employment insurance — reported notable growth compared to the same month last year.

Overall, the industry’s new business grew by 31.51 percent year-on-year, up from Rs 6.78 billion in Ashar of the previous fiscal year. Nepal Life Insurance and National Life Insurance topped the chart in total first premium earnings. However, in terms of growth rate, Asian Life, IME Life, and Nepal Life showed particularly aggressive expansion.

Asian Life Insurance reported the highest growth, boosting its first premium income by 76.19 percent compared to last year. IME Life followed with a 55.43 percent increase, while Nepal Life, which crossed Rs 10 billion in annual new business, recorded a 47.23 percent rise. Prabhu Mahalaxmi Life also reported a strong performance with a 43.26 percent increase.

Source: Nepal Insurance Authority

Other insurance companies registering healthy growth included Reliable Nepal Life (40.50 percent), Suryajyoti Life (37.96 percent), Citizen Life (35.42 percent), and Sanima Reliance Life (33.29 percent). MetLife saw a 30.60 percent jump, National Life Insurance grew by 29.41 percent, Himalayan Life by 20.31 percent, and LIC Nepal by 17.34 percent.

In contrast, two companies reported declines. Government-owned Rastriya Jeevan Beema suffered a 40.40 percent drop in new business, while Sun Nepal Life’s first premium income fell sharply by 89.74 percent. The latter’s decline was partly due to its decision to withdraw from the foreign employment insurance segment.