Life Insurance Companies Business Reports 10.33% Growth, Reliable and Citizen Life Insurance Lead
Kathmandu – Life insurance companies operating in Nepal have collectively earned insurance premiums totaling Rs 108.71 billion by the end of Falgun month (mid-March) of the current fiscal year. The latest data, released by the Nepal Insurance Authority, shows a 10.33 percent increase in the business of 14 life insurance companies compared to the same period of the previous fiscal year, when total premiums stood at Rs 98.53 billion.
Nepal Life Insurance continues to lead the market, reporting the highest insurance business with premiums worth Rs 29.39 billion during the eight-month period, reflecting an 11.78 percent increase from the previous fiscal year. National Life Insurance secured the second position with an increase of 17.87 percent in business, earning Rs 13.62 billion in premiums. LIC Nepal followed closely, recording an 8.49 percent rise to Rs 12.56 billion.
Source: Nepal Insurance Authority
Himalayan Life Insurance also saw growth, with total premium income reaching Rs 11.22 billion. Suryajyoti Life Insurance also saw notable progress, raising its premium income by 17.29 percent to Rs 6.69 billion. Similarly, Asian Life Insurance’s premium income increased by 10.46 percent, reaching Rs 5.69 billion.
Citizen Life Insurance showed impressive growth, increasing its premium income by 20.66 percent to Rs 4.49 billion. Meanwhile, Rastriya Jeevan Beema Company, which is government-owned, reported premium earnings of Rs 4.47 billion. Sanima Reliance Life Insurance recorded a total premium income of Rs 4.29 billion, while Met Life Nepal earned Rs 3.88 billion. IME Life Insurance reported premium income of Rs 3.28 billion, followed by Prabhu Mahalaxmi Life at Rs 3.19 billion and Sun Nepal Life at Rs 2.70 billion.
Reliable Nepal Life Insurance emerged as one of the fastest-growing companies, with a 20.66 percent increase in business, bringing its total premium income to Rs 3.17 billion.