Life Insurance Companies’ New Business Grows by Nearly 16.95% in First Quarter

Kathmandu – Nepal’s life insurance sector has witnessed steady growth in new business during the first quarter of the current fiscal year 2082/83, collecting a total of Rs 9.54 billion in new premiums by the end of Ashoj, according to the Nepal Insurance Authority (NIA).

The Authority’s data shows that 14 life insurance companies earned insurance premiums — including those from foreign employment policies — worth Rs 9.09 billion during the review period. The overall figure represents a 16.95% increase compared to the corresponding period of the last fiscal year, when the companies had recorded Rs 8.15 billion in new business.

Among the insurers, Nepal Life Insurance and National Life Insurance led the market in new business generation, with Nepal Life showing the highest year-on-year growth. The company’s new business surged by 37.33% to Rs 2.7 billion, marking the strongest expansion among its peers.

IME Life Insurance also demonstrated impressive momentum, increasing its first premium income by 37.18% to Rs 424.7 million during the review period. LIC Nepal, holding the third position, achieved a 31.52% growth in new business compared to the previous fiscal year.

Other notable performers include Citizen Life Insurance with a 22.42% increase, Reliable Nepal Life Insurance with 19.66%, MetLife Nepal with 17.12%, the government-owned Rastriya Jeevan Beema Company with 16.43%, and Asian Life Insurance with 15.46% growth.

Similarly, National Life Insurance reported a 13.83% rise in new business, Suryajyoti Life Insurance grew by 11.78%, and Prabhu Mahalaxmi Life Insurance by 8.38%. However, Sun Nepal Life Insurance saw a slight decline in first premium income following its suspension of the foreign employment insurance segment.