Kathmandu: Life insurance companies have posted strong business growth in the first month of the current fiscal year 2083/84. According to data released by the Nepal Insurance Authority, 14 operating life insurance companies collected a total of Rs. 26.22 billion in insurance premiums during Shrawan.
In the same month of the previous fiscal year 2082/83, the companies had collected Rs. 19.65 billion in premiums. This represents a 33.44 percent year-on-year increase in total premium collection.
Nepal Life Leads the Market
Nepal Life Insurance remained at the top in terms of total premium collection. The company collected Rs. 6.99 billion in premiums during Shrawan, compared to Rs. 6.19 billion in the corresponding month last year. Its premium collection increased by 12.93 percent.
Rastriya Jeevan Beema Company ranked second with a premium collection of Rs. 3.99 billion. The company had collected only Rs. 433.92 million during the same period last year. As a result, its premium collection surged by 820.16 percent.
National Life Insurance stood third, collecting Rs. 2.91 billion in premiums. Its business increased by 20.65 percent compared with the previous year.
Similarly, Himalayan Life Insurance collected Rs. 2.29 billion, registering a 13.11 percent increase. Life Insurance Corporation Nepal (LIC Nepal) collected Rs. 2.14 billion in premiums, up 4.98 percent from the previous year.
Double-Digit Growth for Most Companies
SuryaJyoti Life Insurance collected Rs. 1.51 billion in premiums during Shrawan, recording a 21.90 percent growth. Asian Life Insurance collected Rs. 1.11 billion, with its business increasing by 17.14 percent. Citizen Life Insurance collected Rs. 960.19 million, registering a 12.11 percent increase.
Meanwhile, IME Life Insurance collected Rs. 909.40 million, marking a significant 35.63 percent growth. Sanima Reliance Life Insurance collected Rs. 854.30 million, with its premium collection increasing by 18.73 percent. Prabhu Mahalaxmi Life Insurance collected Rs. 761.13 million, up 23.39 percent from the previous year.
Likewise, Reliable Nepal Life Insurance collected Rs. 706.64 million, recording a 21.46 percent increase. MetLife collected Rs. 602.86 million in premiums during the month, with its business growing by 11.64 percent. At the bottom of the list, Sun Nepal Life Insurance collected Rs. 466.94 million in premiums. Despite having the lowest total collection among the 14 companies, its business grew by a notable 27.85 percent year-on-year.
Overall, all 14 life insurance companies recorded growth in premium collection during Shrawan compared with the same month of the previous fiscal year. The 33.44 percent growth in the sector’s total premium collection indicates a strong start to the new fiscal year and reflects continued expansion in Nepal’s life insurance business.
