Nepali Life Insurance Companies Collect Over NPR 200 Billion in Premium, Business Up by 12.43%

Life insurance companies in Nepal generated over NPR 200 billion in total business during the fiscal year 2082/83. According to data released by the Nepal Insurance Authority today, 14 life insurers collectively collected NPR 200.0191 billion (NPR 2 kharb 1 crore 91 lakh) in total insurance premiums during the last fiscal year.

This marks a 12.43% increase compared to the previous fiscal year (2081/82), when the insurers brought in NPR 177.9063 billion (NPR 1 kharb 77 arba 90 crore 63 lakh). Among the 14 companies, 13 recorded growth in their business, while one company experienced a decline.

Nepal Life Insurance Company secured the highest total premium amount during the review year, while IME Life Insurance led in terms of growth rate.

Nepal Life collected NPR 53.6884 billion in total premium during the fiscal year 2082/83, up from NPR 47.7901 billion in the previous fiscal year a year-on-year growth of 12.34%.

National Life Insurance stood second in terms of premium collection, gathering NPR 24.6857 billion compared to NPR 22.2283 billion in the previous year, recording an 11.06% growth.

Life Insurance Corporation (LIC Nepal) ranked third, raising its total premium to NPR 21.2339 billion from NPR 19.9255 billion in the previous fiscal year, reflecting a growth of 6.57%.

Other major premium collections during the year included Himalayan Life Insurance at NPR 18.5605 billion (up 5.16%), SuryaJyoti Life Insurance at NPR 12.9067 billion (up 16.59%), Asian Life Insurance at NPR 10.4365 billion (up 13.53%), and Rastriya Jeeban Beema Company at NPR 9.6405 billion, which saw a decline of 2.19%.

Furthermore, Citizen Life Insurance collected NPR 9.1689 billion, Sanima Reliance Life Insurance gathered NPR 7.9942 billion, IME Life Insurance collected NPR 7.4541 billion, MetLife recorded NPR 6.8603 billion, Reliable Nepal Life Insurance reported NPR 65.4208 billion, Prabhu Mahalaxmi Life Insurance collected NPR 6.3369 billion, and Sun Nepal Life Insurance secured NPR 4.6310 billion in total premiums.

All of these remaining companies saw an increase in their business compared to the previous year, with IME Life Insurance achieving the highest business growth of 37.96%.