Life Insurance Companies Earn Rs. 2.25 Billion in New Premiums

Kathmandu – Life insurance companies in Nepal have achieved impressive growth in new business, earning Rs. 2.25 billion in first insurance premiums during the month of Kartik (Mid- November). According to data from the Nepal Insurance Authority, the 14 operating life insurance companies collectively recorded an 18.43% increase in new business compared to the same period last fiscal year, when they earned Rs. 1.90 billion in premiums.

Nepal Life Insurance Company led the market, earning Rs. 643.8 million in new business during Kartik, a 23% growth from the previous year. National Life Insurance secured the second spot with earnings of Rs. 364.2 million, marking a 3.69% increase, while LIC Nepal came in third with a 31.51% rise, earning Rs. 225.4 million.

Prabhu Mahalaxmi Life Insurance saw the highest growth rate in new business, with an impressive 56% increase compared to the previous year. Citizen Life followed closely with a 52% rise, while Himalayan Life, Reliable Nepal Life, and Sanima Reliance Life recorded growth of 48%, 45%, and 33%, respectively.

Other notable performers include Himalayan Life Insurance with Rs. 144.7 million, SuryaJyoti Life Insurance with Rs. 132.2 million, and Asian Life Insurance with Rs. 112.2 million. Meanwhile, Sanima Reliance Life and Citizen Life earned Rs. 109 million and Rs. 107.3 million, respectively.

However, the government-owned Rastriya Jeevan Beema Company reported a significant decline, with new business premiums dropping 53% from Rs. 58 million last year to Rs. 26.9 million this year.