Life Insurance Companies Collect Over Rs 52 Billion in Renewal Premiums in Five Months

Kathmandu – Life insurance companies in Nepal have earned Rs 52.81 billion in renewal insurance premiums in the first five months of the current fiscal year 2081/082. This represents a 2.58% increase compared to Rs 50.77 billion collected during the same period in the previous fiscal year, as per data released by the Nepal Insurance Authority.

Nepal Life Insurance leads the sector in renewal premium collection, with a total of Rs 15.41 billion, reflecting an 8.78% growth. LIC Nepal followed with Rs 6.63 billion, an increase of 8.57%, while National Life saw its renewal premiums grow by 8.38% to Rs 6.72 billion.

Reliable Nepal Life Insurance recorded the highest growth during this period, with its renewal premiums surging by 28.48% to Rs 1.34 billion, a significant jump from Rs 1.04 billion last year. Similarly, Citizen Life registered a strong 16.03% growth, collecting Rs 1.87 billion, while IME Life reported a 19.43% increase to Rs 1.35 billion.

Despite the overall growth in the sector, some companies faced challenges. Himalayan Life Insurance experienced a 3.34% decline, with renewal premiums dropping to Rs 5.78 billion. Rastriya Jeevan Beema Company saw the steepest fall, with its premiums declining by 58% to Rs 1.78 billion.

Meanwhile, other companies showed modest gains. Suryajyoti Life’s renewal premiums increased by 10.92% to Rs 2.96 billion, Asian Life grew by 9.41% to Rs 2.69 billion, and Sanima Reliance recorded a 5.96% increase to Rs 1.91 billion. MetLife achieved a 6.71% growth, collecting Rs 1.82 billion, while Sun Nepal Life grew by 11.73% to reach Rs 1 billion.