Life insurance companies in the country generated business worth over Rs 126m over the first nine months of fiscal year 2024/25.
Third quarter data released by the Nepal Insurance Authority (NIA) shows 14 life insurance companies operating in the country sold 13.54m policies over the nine-month period, earning a total premium of Rs 126.18bn. This marks a growth of 14.62 percent compared to Rs 110.08bn that these companies had earned in the same period of the previous fiscal year.
These life insurers issued 507,615 policies and collected a total premium of Rs 17.46bn in the ninth month of the fiscal year (mid-March to mid-April). Similarly, three micro life insurance companies sold 70,863 policies, generating Rs 131.08m in premiums during the same period. The micro insurers have collected Rs 555.69m in premium in the nine-month period.
All 14 companies recorded business growth during the review period, data shows. Nepal Life led the market in terms of total premium collected, while Citizen Life and Rastriya Beema Company posted the highest growth rates. By mid-April, Nepal Life collected a total premium of Rs 33.01bn, up 12.1 percent from Rs 29.45bn in the same period last year. National Life ranked second with premium earnings of Rs 15.64bn, a 21.26 percent increase from last fiscal year’s Rs 12.89bn. LIC Nepal came third with its total premium rising by 9.39 percent to Rs 14.03bn from Rs 12.83bn in the nine-month period of the previous fiscal year.
By mid-April, Himalayan Life earned Rs 12.59bn in premiums, marking a modest growth of 2.16 percent compared to the same period last year. In contrast, Rastriya Jeevan Beema recorded a significant surge in business, with premium collections rising by 49.25 percent to reach Rs 8.16bn. Suryajyoti Life Insurance posted strong results as well, earning Rs 7.65bn, a 17.34 percent increase year-on-year. Similarly, Asian Life Insurance saw its premium income rise by 11.66 percent to Rs 6.46bn. Citizen Life also posted notable growth, collecting Rs 5.08bn in premiums, a 19.84 percent growth from the previous year.
Meanwhile, Sanima Reliance Life Insurance earned Rs 4.84bn, reflecting a 13.32 percent growth, while MetLife Insurance collected Rs 4.44bn, 7.52 percent more compared to the same period of the previous fiscal year. IME Life also saw its premium earnings rise by 14.64 percent to Rs 3.77bn, while Reliable Nepal Life Insurance posted a robust 23.75 percent growth to Rs 3.69bn.
Prabhu Mahalaxmi saw its premium collections rise by 19.96 percent to Rs 3.67bn, while Sun Nepal Life earned Rs 3.08bn, marking a 10.62 percent year-on-year growth.
