Renewal Premiums Climb Almost 12%, IME Life Emerges as Fastest-Growing Insurer
Kathmandu – Nepal’s life insurance industry continued its upward momentum in the current fiscal year, with renewal premium collections rising by 11.63 percent as of mid-June, according to the latest business statistics released by the Nepal Insurance Authority.
Life insurers collected a combined NPR 133.91 billion in renewal premiums during the review period, compared to NPR 119.96 billion in the corresponding period of the previous fiscal year. Renewal premiums represent the recurring payments made by policyholders to keep their insurance coverage active after purchasing a policy.
Among the 14 life insurers in operation, Nepal Life Insurance remained the market leader in renewal premium income, generating NPR 35.99 billion, up from NPR 32.79 billion a year earlier.
National Life Insurance followed with NPR 16.57 billion, while LIC Nepal collected NPR 15.49 billion and Himalayan Life Insurance generated NPR 13.54 billion in renewal premiums. State-owned Rastriya Jeevan Beema Company reported NPR 9.50 billion, followed by SuryaJyoti Life Insurance with NPR 7.71 billion and Asian Life Insurance with NPR 6.59 billion.
Other insurers also posted notable collections during the period. Citizen Life Insurance earned NPR 5.14 billion, Sanima Reliance Life Insurance NPR 4.82 billion, MetLife Nepal NPR 4.66 billion, Prabhu Mahalaxmi Life Insurance NPR 3.61 billion, Reliable Nepal Life Insurance NPR 3.57 billion, and Sun Nepal Life Insurance NPR 2.75 billion in renewal premiums.
When measured by growth rate, IME Life Insurance led the industry with a 22.68 percent increase in renewal premium income. Rastriya Jeevan Beema Company followed with 20.30 percent growth, while National Life Insurance and Reliable Nepal Life Insurance recorded increases of 18.49 percent and 18.36 percent, respectively. Citizen Life Insurance expanded its renewal premium business by 16.86 percent, followed by Sun Nepal Life Insurance at 16.32 percent and Sanima Reliance Life Insurance at 15.07 percent.
The remaining insurers also posted positive growth. Renewal premium income rose by 14.71 percent for Prabhu Mahalaxmi Life Insurance, 12.62 percent for SuryaJyoti Life Insurance, 9.76 percent for Nepal Life Insurance, 8.73 percent for MetLife Nepal, 8.55 percent for Asian Life Insurance, 4.95 percent for Himalayan Life Insurance, and 4.47 percent for LIC Nepal. The latest figures indicate that renewal business remains a key driver of growth for Nepal’s life insurance sector, with several mid-sized insurers recording faster expansion rates than the industry’s largest players.