Life Insurance Companies Earn NPR 85.61 Billion in Renewal Premiums

Kathmandu — Life insurance companies in Nepal have earned NPR 85.61 billion in renewal insurance premiums up to end of Falgun (mid-March) of the current fiscal year, reflecting a 7.20% increase compared to the same period last fiscal year, according to data released by the Nepal Insurance Authority.

The 14 life insurance companies in operation had collected NPR 79.86 billion in renewal premiums during the same period last year. Nepal Life Insurance has emerged as the top earner, securing NPR 23.92 billion in renewal premiums during the eight-month period — an 8.47% rise from the previous fiscal year.

LIC Nepal ranked second, earning NPR 10.84 billion in renewal premiums, marking a 6.04% increase. National Life Insurance saw a notable 16.88% rise, collecting NPR 10.17 billion, while Himalayan Life Insurance earned NPR 9.55 billion.

Suryajyoti Life reported a 13.58% increase, with renewal premiums reaching NPR 4.96 billion. Asian Life Insurance collected NPR 4.47 billion, and National Life Insurance Company brought in NPR 3.82 billion. Citizen Life Insurance earned NPR 3.16 billion in renewal premiums.

Sanima Reliance Life’s renewal premium income increased by 10.76% to NPR 3.11 billion. Met Life secured NPR 3.3 billion, IME Life collected NPR 2.31 billion, and Prabhu Mahalaxmi Life earned NPR 2.29 billion during the review period.

Reliable Nepal Life achieved the highest growth rate, with renewal premiums rising by 22.45% to NPR 2.17 billion. Sun Nepal Life Insurance also reported a 10.40% increase, earning NPR 1.17 billion.

However, the government-owned Rastriya Jeevan Beema Company saw a 20.88% decline in renewal premiums compared to the previous fiscal year, while Himalayan Life’s renewal premium income dropped by 2.42%.