Life Insurance Companies Report 45% Growth in Renewal Premiums

Kathmandu – Life insurance companies in Nepal have recorded significant growth in renewal insurance premiums, earning Rs. 9.76 billion in the month of Kartik (Mid-October to Mid- November), marking a 45.10% increase compared to the same period last fiscal year. According to data from the Nepal Insurance Authority, this is a substantial rise from the Rs. 6.73 billion earned during the same period last year.

Nepal Life Insurance led the sector, earning Rs. 2.74 billion in renewal premiums, a 39% increase from the previous year. LIC Nepal followed in second place, reporting Rs. 1.25 billion in renewal premiums, reflecting a 41% growth. National Life Insurance, securing third place, saw its renewal premiums rise by 52.80% to Rs. 1.14 billion.

One of the standout performers was Rastriya Jeevan Beema Company, which recorded the highest percentage increase, with its renewal premium income soaring by 183.03% compared to last year. Other companies also posted strong results: Himalayan Life earned Rs. 1.11 billion, SuryaJyoti Life Rs. 593.4 million, and Asian Life Rs. 573.5 million.

Reliable Nepal Life, Prabhu Mahalaxmi Life, and IME Life also saw impressive growth, with their renewal premiums increasing by 73%, 70%, and 64%, respectively. Sun Nepal Life recorded a 55% increase in renewal premiums during the same period.