Life Insurance Companies Generate Rs.65.74 Billion in Premium Income in First 5 Months
December 26, 2024 | Investopaper
In the first five months (Shrawan-Karthik) of the current fiscal year 2081/82, 14 life insurance companies operating in Nepal have collected a total premium of Rs 65.74 billion. Out of the total premium of Rs 65.74 billion, Rs. 12.47 billion is the first premium income, 1.18 billion is foreign employment premium while renewed insurance premium stood at Rs. 52.08 billion.
Nepal Life Insurance Company has generated the highest premium income with Rs 18.76 billion, followed by National Life Insurance with Rs 7.98 billion.
The table below presents the premium income generated by these companies in the first 5 months (Shrawan-Mangsir) of the current fiscal year 2081/82.
Premium Collection of Life Insurance Companies in Nepal [FY 2081/82]
Premium Collection (In Rs. ‘billion’)
| S.N | Life Insurance Companies In Nepal | Premium Collection In Mangsir (In Rs. ‘billion’) | Total Premium Collection (In Rs. ‘billion’) | Market Share (In %) |
| 1 | Nepal Life Insurance Co. Ltd. | 3.35 | 18.76 | 28.54 |
| 2 | National Life Insurance Co. Ltd. | 1.55 | 7.98 | 12.14 |
| 3 | LIC Nepal Ltd. | 1.61 | 7.66 | 11.65 |
| 4 | Himalayan Life Insurance Ltd. | 1.21 | 6.79 | 10.33 |
| 5 | Surya Jyoti Life Insurance Co. Ltd. | 0.74 | 3.99 | 6.07 |
| 6 | Asian Life Insurance Co. Ltd. | 0.62 | 3.36 | 5.11 |
| 7 | Citizen Life Insurance Co. Ltd. | 0.46 | 2.65 | 4.03 |
| 8 | Sanima Reliance Life Insurance Ltd. | 0.54 | 2.59 | 3.94 |
| 9 | Met Life Alico Co. Ltd. | 0.46 | 2.33 | 3.54 |
| 10 | Rastriya Jeevan Beema Company Ltd. | 0.48 | 2.25 | 3.42 |
| 11 | Prabhu Mahalaxmi Life Insurance Ltd. | 0.32 | 1.94 | 2.95 |
| 12 | Reliable Nepal Life Insurance Co. Ltd. | 0.37 | 1.92 | 2.92 |
| 13 | IME Life Insurance Co. Ltd. | 0.36 | 1.89 | 2.87 |
| 14 | Sun Nepal Life Insurance Co. Ltd. | 0.29 | 1.57 | 2.39 |
| Total | 12.34 | 65.74 | 100.00 |
Source: Nepal Insurance Authority
Premium Collection Of Life Insurance Companies In Nepal [FY 2080/81]
In the last fiscal year 2080/81, 14 life insurance companies operating in Nepal had collected a total premium of Rs 156.33 billion. Out of the total premium of Rs 156.33 billion, Rs. 34.34 billion is the first premium income while renewed insurance premium stood at Rs. 121.98 billion.
Nepal Life Insurance Company generated the highest premium income with Rs 40.85 billion, followed by National Life Insurance Limited with Rs 19.2 billion.
Premium Collection (In Rs. ‘billion’)
| S.N | Life Insurance Companies In Nepal | Premium Collection (In Rs. ‘billion’) | Market Share (In %) |
| 1 | Nepal Life Insurance Co. Ltd. | 40.85 | 26.13 |
| 2 | National Life Insurance Co. Ltd. | 19.2 | 12.28 |
| 3 | LIC Nepal Ltd. | 18.1 | 11.58 |
| 4 | Himalayan Life Insurance Ltd. | 16.6 | 10.62 |
| 5 | Surya Jyoti Life Insurance Co. Ltd. | 9.5 | 6.08 |
| 6 | Rastriya Jeevan Beema Company Ltd. | 8.71 | 5.57 |
| 7 | Asian Life Insurance Co. Ltd. | 8.05 | 5.15 |
| 8 | Citizen Life Insurance Co. Ltd. | 6.21 | 3.97 |
| 9 | Sanima Reliance Life Insurance Ltd. | 6.18 | 3.95 |
| 10 | Met Life Alico Co. Ltd. | 5.67 | 3.63 |
| 11 | IME Life Insurance Co. Ltd. | 4.74 | 3.03 |
| 12 | Prabhu Mahalaxmi Life Insurance Ltd. | 4.37 | 2.80 |
| 13 | Reliable Nepal Life Insurance Co. Ltd. | 4.2 | 2.69 |
| 14 | Sun Nepal Life Insurance Co. Ltd. | 3.88 | 2.48 |
| Total | 156.33 | 100.00 |
Source: Nepal Insurance Authority
Premium Collection Of Life Insurance Companies In Nepal [FY 2079/80]
| S.N | Life Insurance Companies In Nepal | Premium Collection (In Rs. ‘billion’) | Market Share (In %) |
| 1 | Nepal Life Insurance Co. Ltd. | 37.17 | 26.11 |
| 2 | LIC Nepal Ltd. | 17.46 | 12.27 |
| 3 | National Life Insurance Co. Ltd. | 16.43 | 11.54 |
| 4 | Himalayan Life Insurance Ltd. | 14.89 | 10.46 |
| 5 | Surya Jyoti Life Insurance Co. Ltd. | 8.81 | 6.19 |
| 6 | Rastriya Beema Sansthan Ltd. | 8.3 | 5.83 |
| 7 | Asian Life Insurance Co. Ltd. | 7.01 | 4.92 |
| 8 | Citizen Life Insurance Co. Ltd. | 5.89 | 4.14 |
| 9 | Sanima Reliance Life Insurance Ltd. | 5.67 | 3.98 |
| 10 | Met Life Alico Co. Ltd. | 5.26 | 3.70 |
| 11 | IME Life Insurance Co. Ltd. | 4.18 | 2.94 |
| 12 | Reliable Nepal Life Insurance Co. Ltd. | 3.79 | 2.66 |
| 13 | Sun Nepal Life Insurance Co. Ltd. | 3.78 | 2.66 |
| 14 | Prabhu Life Insurance Co. Ltd. | 2.07 | 1.45 |
| 15 | Mahalaxmi Life Insurance Co. Ltd. | 1.58 | 1.11 |
| Total | 142.35 | 100.00 |
Source: Nepal Insurance Authority
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Premium Collection Of Life Insurance Companies In Nepal [FY 2078/79]
| S.N | Non-Life Insurance Companies In Nepal | Total Premium Collection (In Rs. Billion) | Market Share (In %) |
| 1 | Nepal Life Insurance Co. Ltd. | 35.38 | 25.54 |
| 2 | LIC Nepal Ltd. | 18.22 | 13.15 |
| 3 | National Life Insurance Co. Ltd. | 14.33 | 10.34 |
| 4 | Rastriya Beema Sansthan Ltd. | 8.47 | 6.11 |
| 5 | Union Life Insurance Co. Ltd. | 7.92 | 5.72 |
| 6 | Asian Life Insurance Co. Ltd. | 6.87 | 4.96 |
| 7 | Citizen Life Insurance Co. Ltd. | 5.43 | 3.92 |
| 8 | Met Life Alico Co. Ltd. | 5.23 | 3.77 |
| 9 | Surya Life Insurance Co. Ltd. | 4.99 | 3.6 |
| 10 | Prime Life Insurance Co. Ltd. | 4.6 | 3.32 |
| 11 | Reliable Nepal Life Insurance Co. Ltd. | 3.94 | 2.84 |
| 12 | Jyoti Life Insurance Co. Ltd. | 3.8 | 2.74 |
| 13 | IME Life Insurance Co. Ltd. | 3.53 | 2.55 |
| 14 | Sun Nepal Life Insurance Co. Ltd. | 3.36 | 2.43 |
| 15 | Reliance Life Insurance Co. Ltd. | 3.12 | 2.25 |
| 16 | Gurans Life Insurance Co. Ltd. | 3.08 | 2.22 |
| 17 | Prabhu Life Insurance Co. Ltd. | 2.39 | 1.73 |
| 18 | Sanima Life Insurance Co. Ltd. | 2.31 | 1.67 |
| 19 | Mahalaxmi Life Insurance Co. Ltd. | 1.58 | 1.14 |
| Total | 138.64 | 100 |
Source: Beema Samiti
Premium Collection Of Life Insurance Companies In Nepal [FY 2077/78]
In the fiscal year 2077/78, 19 life insurance companies had earned insurance premium of Rs. 120.95 billion. This is 28.15 percent more than Rs. 94.38 billion of the fiscal year 2076/77.
In the fiscal year 2077/78, the companies collected Rs 41.97 billion for the first premium and Rs 78.35 billion from the renewal premium. Similarly, Rs 630 million had been collected from foreign employment insurance premiums.
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Premium Collection Of Life Insurance Companies In Nepal
Premium Income In Rs. ‘Billion’
| S.N | Life Insurance Companies In Nepal | FY 2077/78 | FY 2076/77 | Percent Change |
| 1 | Nepal Life Insurance Co. Ltd. | 32.84 | 28.39 | 15.67 |
| 2 | LIC Nepal Ltd. | 17.14 | 15.31 | 11.95 |
| 3 | National Life Insurance Co. Ltd. | 12.16 | 9.21 | 32.03 |
| 4 | Rastriya Beema Sansthan Ltd. | 7.41 | 7.05 | 5.11 |
| 5 | Union Life Insurance Co. Ltd. | 6.77 | 4.8 | 41.04 |
| 6 | Asian Life Insurance Co. Ltd. | 5.92 | 4.54 | 30.40 |
| 7 | Met Life Alico Co. Ltd. | 5.02 | 4.15 | 20.96 |
| 8 | Surya Life Insurance Co. Ltd. | 4.26 | 3.2 | 33.13 |
| 9 | Prime Life Insurance Co. Ltd. | 4.03 | 3.31 | 21.75 |
| 10 | Gurans Life Insurance Co. Ltd. | 3.68 | 2.19 | 68.04 |
| 11 | Citizen Life Insurance Co. Ltd. | 3.59 | 1.96 | 83.16 |
| 12 | Jyoti Life Insurance Co. Ltd. | 3.10 | 1.89 | 64.02 |
| 13 | Reliable Nepal Life Insurance Co. Ltd. | 2.99 | 1.6 | 86.88 |
| 14 | IME Life Insurance Co. Ltd. | 2.79 | 1.4 | 99.29 |
| 15 | Reliance Life Insurance Co. Ltd. | 2.57 | 1.4 | 83.57 |
| 16 | Sun Nepal Life Insurance Co. Ltd. | 2.22 | 1.11 | 100.00 |
| 17 | Sanima Life Insurance Co. Ltd. | 1.95 | 0.82 | 137.80 |
| 18 | Prabhu Life Insurance Co. Ltd. | 1.45 | 1.18 | 22.88 |
| 19 | Mahalaxmi Life Insurance Co. Ltd. | 1.06 | 0.87 | 21.84 |
| Total | 120.95 | 94.38 | 28.15 |
Source: Beema Samiti
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