Life Insurance Companies Earn Profit of Rs 6.2 Billion FY 2081/82, Nepal Life and IME Life on Top

Kathmandu — The combined net profit of life insurance companies in Nepal fell by 16.01% in the fiscal year 2081/82, according to financial statements published by the insurers. The 14 life insurance companies currently in operation earned a total profit of Rs 6.2 billion during the review period, compared to Rs 7.17 billion in the previous fiscal year.

Despite the overall decline, six companies recorded profit growth, with Reliable Nepal Life Insurance and Asian Life Insurance achieving the highest percentage increases. Industry players attributed the financial progress of some companies to more active agency networks and improved management efficiency.

Nepal Life Insurance led the sector with a net profit of Rs 603.2 million, up 17.37% from the previous year. IME Life Insurance ranked second with a profit of Rs 583.3 million. Reliable Nepal Life Insurance posted the highest percentage growth, up 47.25% to Rs 570.1 million.

Source: According to the data published by All Life Insurance companies

Other notable results include Himalayan Life Insurance (Rs 546.9 million), Sun Nepal Life Insurance (Rs 542.4 million), Met Life Nepal (Rs 496.1 million), and Citizen Life Insurance (Rs 425 million).

National Life Insurance earned Rs 412.8 million, followed by Asian Life Insurance with Rs 409.3 million. Sanima Reliance Life Insurance and Prabhu Mahalaxmi Life Insurance posted Rs 377.7 million and Rs 370.7 million, while SuryaJyoti Life Insurance recorded Rs 350.2 million and LIC Nepal Rs 315.8 million. Meanwhile, the government-owned Rastriya Jeevan Beema Company reported a modest Rs 20.8 million in profit.