Life Insurers' Business Up 15%, Nepal Life Tops, IME Life Fastest Growing
By the end of Bhadra of the current fiscal year 2083/84, 14 life insurers collected a total of NPR 40.54 billion in premiums, up 15.01% from the same period last year. Nepal Life led in premium collection, while IME Life recorded the highest growth rate.
Kathmandu — By the end of Bhadra, the second month of the current fiscal year 2083/84, 14 life insurers collected a total of NPR 40.54 billion in premiums. According to the Nepal Insurance Authority, in the same period last year, such collection stood at NPR 35.24 billion. Thus, life insurance business grew by 15.01% during the review period.
In terms of premium volume, Nepal Life is at the top, while IME Life Insurance leads in growth rate. During the review period, all insurers saw their business increase compared to the previous year.
- Nepal Life: NPR 10.58 billion (previous year NPR 9.68 billion), growth 9.27%
- National Life: NPR 4.85 billion (previous year NPR 3.98 billion), growth 21.99%
- Rastriya Jeevan Bima Company: NPR 4.41 billion (previous year NPR 4.08 billion), growth 8.19%
- Life Insurance (LIC Nepal): NPR 3.67 billion, growth 8.37%
- Himalayan Life: NPR 3.59 billion, growth 13.23%
- Suryajyoti Life: NPR 2.46 billion, growth 22.41%
- Asian Life: NPR 1.82 billion, growth 22.91%
- Citizen Life: NPR 1.69 billion
- IME Life: NPR 1.48 billion
- Sanima Reliance Life: NPR 1.42 billion
- Prabhu Mahalaxmi Life: NPR 1.27 billion
- Reliable Nepal Life: NPR 1.26 billion
- MetLife: NPR 1.19 billion
- Sun Nepal Life: NPR 0.77 billion
During the review period, all companies saw their business increase compared to the same period last year, indicating positive growth in the life insurance sector.