Life Insurance Renewal Premiums Cross Rs. 42.5 Billion in Four Months

Kathmandu – Life insurance companies in Nepal have reported significant growth in renewal insurance premiums during the first four months of the current fiscal year 2081/082. According to the Nepal Insurance Authority, 14 life insurance companies collectively earned Rs. 42.68 billion in renewal premiums by end of Kartik month (Mid-November), reflecting a 4.59% increase compared to the same period last fiscal year.

In the previous fiscal year, life insurers had earned Rs. 40.81 billion in renewal premiums during the same period. Nepal Life Insurance led the market with a 12.68% rise in its renewal premiums, collecting Rs. 12.76 billion in four months. LIC Nepal followed with a premium growth of 8.69%, earning Rs. 5.31 billion, while National Life recorded a substantial increase of 21.28%, reaching Rs. 4.89 billion.

Reliable Nepal Life achieved the highest growth rate in renewal premiums, surging 33.63% to Rs. 1.10 billion compared to Rs. 826.8 million in the previous fiscal year. Other companies also showed positive trends, including Himalayan Life with a 1.13% increase to Rs. 4.79 billion, SuryaJyoti Life with a 14.78% rise to Rs. 2.45 billion, and Asian Life with a 13.96% growth to Rs. 2.21 billion.

However, not all companies fared well. The Rastriya Jeevan Beema Company experienced a 66.80% decline in renewal premium income, earning only Rs. 1.34 billion during this period.