Life Insurance Premiums Rise by 11.41% in Jestha
Kathmandu – Nepal’s life insurance sector has witnessed a notable rise in premium income, with a monthly growth of 11.41 percent recorded in the month of Jestha (mid-May to mid-June), according to the latest report released by the Nepal Insurance Authority.
The 14 life insurance companies currently in operation collectively generated a total premium income of Rs 14.69 billion during the month, up from Rs 13.18 billion from the month of Baisakh (mid-April to mid-May).
Nepal Life Insurance Company led the market by collecting the highest premium amount of Rs 4.43 billion. Following Nepal Life, National Life earned Rs 1.70 billion, LIC Nepal collected Rs 1.66 billion, and Himalayan Life brought in Rs 1.42 billion.
Other key performers in terms of premium income include SuryaJyoti Life, Asian Life, Citizen Life, Sanima Reliance, MetLife, IME Life, Prabhu Mahalaxmi, Reliable Nepal Life, Rastriya Jeevan Beema Company, and Sun Nepal Life.
In terms of Growth Rate
When comparing month-on-month growth, 11 of the 14 companies experienced an increase in premium income, while 3 recorded a decline. IME Life Insurance posted the highest growth rate at 27.07 percent, followed by Nepal Life with 24.12 percent, Himalayan Life with 19.31 percent, and Sanima Reliance Life with 15.02 percent.
Other insurers such as National Life, Citizen Life, LIC Nepal, Asian Life, Suryajyoti Life, Prabhu Mahalaxmi, and MetLife also showed moderate gains. Meanwhile, Sun Nepal Life, Reliable Nepal Life, and Rastriya Jeevan Beema Company reported a dip in their total premium income in the month of Jestha compared to the month of Baisakh.
