Life Insurance Companies in Nepal Collect Rs 21.12 Billion in First Insurance Premiums
Kathmandu – Life insurance companies operating in Nepal have collected a total of Rs 21.12 billion and 54 million in first insurance premiums during the first eight months of the current fiscal year 2081/82. The latest figures, released by the Insurance Authority up to end of Falgun month (mid-March), show a 13.18 percent increase compared to the same period in the previous fiscal year, when the total first insurance premiums stood at Rs 18.66 billion.
Nepal Life Insurance has lead the sector, collecting Rs 5.24 billion in first insurance premiums during this period which shows significant growth of 23.66 percent compared to the previous fiscal year. National Life Insurance secured the second position, earning Rs 3.30 billion in first insurance premiums, marking a 15.61 percent increase from the previous year.
LIC Nepal ranked third, collecting Rs 1.71 billion in first insurance premiums, which shows a substantial 26.97 percent increase from the same period last year. Himalayan Life Insurance also recorded steady growth, with total first insurance premiums amounting to Rs 1.56 billion, reflecting a 12.51 percent rise.
Suryajyoti Life Insurance earned Rs 1.55 billion, while Citizen Life Insurance and Asian Life Insurance collected Rs 1.18 billion and Rs 1.08 billion, respectively. Sanima Reliance Life Insurance and Citizen Life recorded Rs 1.01 and Rs 1.18 billion respectively.
Reliable Nepal Life Insurance earned Rs 852.9 million in first insurance premiums, while Met Life reported a total of Rs 843.3 million. Prabhu Mahalaxmi Life collected Rs 798.5 million, followed closely by IME Life with Rs 779.5 million. Sun Nepal Life earned Rs 621.1 million in first insurance premiums, while the government-owned Rastriya Jeevan Beema Company collected Rs 544.7 million during the eight-month period.