Life Insurance Sector Sees 14.65% Growth in New Business, Nepal Life Leads the Market

Kathmandu – The life insurance sector in Nepal has shown significant growth in new business during the first six months of the current fiscal year 2081/082. The 14 life insurance companies operating in the country collectively earned NPR 15.84 billion in first premium income, marking a 14.65% increase compared to NPR 13.81 billion during the same period of the previous fiscal year, according to the Nepal Insurance Authority.

Nepal Life Insurance led the market, generating the highest first premium income of NPR 3.92 billion. This represents a robust growth of 24.60% compared to the same period last year. Rastriya Jeevan Beema Company with NPR 2.34 billion in first premium income, achieving an impressive growth rate of 41.26%.

LIC Nepal also reported strong performance, earning NPR 1.33 billion in first premiums, reflecting a 27% increase. Similarly, Himalayan Life Insurance collected NPR 1.19 billion, showing a 13.58% rise, while Suryajyoti Life Insurance earned NPR 1.18 billion with a growth rate of 22.96%.

Among the notable performers, Prabhu Mahalaxmi Life Insurance stood out with the highest growth rate of 48.94%, earning NPR 604.5 million in first premium income. Citizen Life Insurance saw its premiums rise to NPR 901.6 million, growing by 13.08%, while Asian Life earned NPR 822.6 million, reflecting a 4.96% growth. Sanima Reliance Life also expanded its business to NPR 756.9 million, a 6% increase compared to the previous fiscal year.

However, not all companies reported growth. Reliable Nepal Life’s first premium income dropped by 2.94%, earning NPR 625.5 million. IME Life saw an 11% decline, collecting NPR 598.3 million, and Sun Nepal Life reported the steepest drop of 29.27%, with its income falling to NPR 471.8 million.