Life Insurance Companies Earn Rs 34.09 Billion in First Premiums, New Business Grows by 23.69 Percent

Kathmandu — Nepal’s life insurance sector has witnessed a strong rise in new business, earning Rs 34.09 billion in first premiums by mid-June of the current fiscal year. According to data published by the Nepal Insurance Authority on Sunday, all 14 life insurance companies currently in operation contributed to this growth.

Compared to the same period of the previous fiscal year, when life insurers had earned Rs 27.56 billion in first premiums, the sector’s new business has grown by 23.69 percent.

Nepal Life Insurance continues to lead the market in new business generation. The company earned Rs 8.22 billion in first premiums during the 11-month review period, marking a 31.59 percent increase over the previous year. Following behind, National Life Insurance earned 4.91 billion with an 18.12 percent increase.

Suryajyoti Life Insurance followed in third place, registering a 29.36 percent increase in new business and earning Rs 2.60 billion in first premiums.

Interestingly, Rastriya Jeevan Beema Company, a government-owned company, recorded 11.06 billion with the highest percentage growth, as the new business rose by 120.17 percent compared to the same period last year.

Other insurers also reported strong performance. LIC Nepal earned Rs 2.41 billion, with a 16.46 percent increase in first premiums, while Himalayan Life Insurance collected Rs 2.31 billion, marking a 13.32 percent growth.

Notably, Prabhu Mahalaxmi Life Insurance has emerged as one of the fastest-growing companies in terms of new business. The company’s first premium income surged by 69.05 percent, making it the second-highest in growth rate.