Life Insurance Business Grows by 14.62% in Q3; Nepal Life Leads in Volume, Reliable Nepal in Growth Rate
Kathmandu — The life insurance sector in Nepal has recorded a 14.62% growth in insurance premium income in the third quarter of the current fiscal year, signaling a strong recovery and rising public engagement with life insurance products.
According to the data released by the Nepal Insurance Authority on Sunday, 14 life insurance companies collectively earned Rs. 126.1 billion in premiums by the end of Chaitra.
Nepal Life Insurance Company maintained its top position in terms of total premium collection, earning Rs. 33 billion a 12.10% increase compared to the same period last year. Meanwhile, Rastriya Jeevan Beema Company, which is government-owned, posted the highest year-on-year growth in business with a 49.25% rise, making it the most improved performer in terms of growth percentage.
Reliable Nepal Life followed closely with a 23.75% growth rate, while National Life secured third place in the growth ranking with 21.26%. Other notable performers include Prabhu Mahalaxmi Life and Citizen Life (19% growth each), SuryaJyoti Life (17.34%), IME Life (14.64%), Sanima Reliance Life (13.32%), and Asian Life (11.66%).
Sun Nepal Life, MetLife, and Himalayan Life reported more modest gains, growing by 10.62%, 7.52%, and 2.16% respectively.