First-Year Premium Collection Rises 33.67% in Three Months: Company-Wise Breakdown
Kathmandu — First-year premium collection by life insurance companies operating in Nepal has increased significantly. According to data released by the Nepal Insurance Authority, 14 life insurers collected a total of Rs 12.75 billion in first-year premiums by mid-October (end of Ashoj) in the current fiscal year. This represents a 33.67 percent increase from Rs 9.54 billion collected during the same period of the previous fiscal year.
Nepal Life Insurance ranked first in first-year premium collection, collecting Rs 3.15 billion by mid-October. The company had collected Rs 2.71 billion during the corresponding period last fiscal year, marking a 16.37 percent increase.
National Life Insurance ranked second with first-year premium collection of Rs 2.11 billion. It had collected Rs 1.32 billion during the same period last year, representing growth of 60.46 percent. These were the only two companies to collect more than Rs 1 billion in first-year premiums.
The remaining 12 companies recorded first-year premium collections below Rs 1 billion. SuryaJyoti Life Insurance ranked third with Rs 888.80 million, an increase of 44.93 percent compared with the previous year. LIC Nepal collected Rs 813.90 million, registering growth of 19.79 percent. Citizen Life Insurance ranked fifth with Rs 772.30 million, up 29.11 percent.
IME Life Insurance collected Rs 739.40 million in first-year premiums, a 74.10 percent increase compared with the same period last year. It recorded the highest growth rate among all life insurers. Himalayan Life Insurance collected Rs 691.70 million, up 26.54 percent, while Asian Life Insurance collected Rs 673.30 million, registering growth of 47.05 percent. Sanima Reliance Life Insurance collected Rs 642.20 million, an increase of 47.03 percent.
Reliable Nepal Life Insurance collected Rs 609.80 million, recording growth of 49.22 percent. Prabhu Mahalaxmi Life Insurance collected Rs 551.40 million, up 72.02 percent, making it the second-highest performer in terms of growth rate. MetLife collected Rs 469.90 million, an increase of 24.43 percent, while Sun Nepal Life Insurance collected Rs 332.00 million, registering growth of 68.21 percent.
Meanwhile, first-year premium collection declined at Rastriya Jeevan Beema Company. The state-owned insurer collected only Rs 303.60 million by mid-October in the current fiscal year, compared with Rs 454.60 million during the same period last year. This represents a decline of 33.22 percent. Rastriya Jeevan Beema Company was the only insurer to record a decrease in first-year premium collection during the review period.