Renewal Premium Income of Life Insurance Companies Rises by Over 20% in First Quarter

Kathmandu – Life insurance companies in Nepal have collected Rs 39.68 billion in renewal insurance premiums during the first quarter of the current fiscal year 2082/83, marking a significant 20.55% increase compared to the same period last year.

According to data published by the Nepal Insurance Authority (NIA), the 14 life insurance companies operating in the country had earned Rs 32.92 billion in renewal premiums during the first quarter of the previous fiscal year.

In life insurance, policyholders are required to renew their policies annually or semi-annually as per the terms of their agreements. The steady rise in renewal premiums indicates improved policy retention and growing trust among existing customers.

Among the companies, Nepal Life Insurance Company collected the highest renewal premium of Rs 10.74 billion, followed by National Life Insurance with Rs 4.36 billion, and LIC Nepal with Rs 4.30 billion. Himalayan Life Insurance earned Rs 3.88 billion, while Asian Life Insurance and Sanima Reliance Life Insurance collected Rs 1.81 billion and Rs 1.37 billion, respectively.

Meanwhile, MetLife Nepal earned Rs 1.28 billion, IME Life Insurance Rs 1.09 billion, Prabhu Mahalaxmi Life Insurance Rs 1.08 billion, and Reliable Nepal Life Insurance Rs 1.04 billion in renewal premiums.

In terms of percentage growth, the government-owned Rastriya Jeevan Beema Company Insurance Company posted an exceptional 301.77% rise, reaching Rs 4.07 billion. Citizen Life Insurance followed with a 25.55% increase to Rs 1.58 billion, Suryajyoti Life Insurance rose by 21.92% to Rs 2.26 billion, and Sun Nepal Life Insurance by 21.55% to Rs 759.8 million.