Life Insurance Business Grows by 14.84 Percent; National Life, Reliable Nepal and Citizen Lead in Growth Rate
Kathmandu — Nepal’s life insurance industry has achieved a 14.84 percent year-on-year growth in premium income, with total earnings rising from Rs 121.35 billion last fiscal year to Rs 139.36 billion by the end of Baisakh month (mid-May) this year.
Among the life insurance companies, Nepal Life Insurance Company led the market in terms of total business volume. The company succeeded in collecting Rs 36.59 billion in insurance premiums, maintaining its dominance as the top insurer. National Life Insurance Company followed with Rs 17.20 billion in premium income, while LIC Nepal stood in third position, having brought in Rs 15.57 billion by the same period.
However, when it comes to growth in premium income compared to the same period last year, the dynamics tell a different story. Rastriya Jeevan Beema Company has posted the most significant growth rate, increasing its premium income by 50.36 percent. The company, which had earned Rs 5.76 billion last year, reached Rs 8.67 billion this year.
Reliable Nepal Life Insurance ranked second in terms of growth, with its premium income rising by 23.91 percent. It managed to collect Rs 4.14 billion this year, compared to Rs 3.34 billion during the same period last fiscal year. Citizen Life Insurance followed closely, achieving a growth rate of 20.83 percent. The company’s premium income rose from Rs 4.70 billion last year to Rs 5.68 billion this year.
On the other hand, some of the more established insurers, such as LIC Nepal, MetLife, and Himalayan Life recorded growth rates below 10 percent.