Life insurance companies in Nepal have reported a notable increase in their net insurance fee earnings for the last financial year, with a 13.96% rise bringing the total to Rs 1 trillion 52 billion 43 crore.
Life Insurance Companies 14% Increase in Net Insurance
This compares to Rs 1 trillion 33 billion 74 crore earned in the previous year.
Among the 14 operating life insurance companies, Nepal Life Insurance emerged as one of the top earners. Its net insurance fee earnings rose by 9.86% to Rs 40 billion 11 million 2 lakh 8 thousand. This growth reflects a positive trend across the industry, with all 12 companies showing an increase in their net insurance fee earnings over the past year.
National Life Insurance reported a 13.99% increase, achieving net insurance fee earnings of Rs 18.79 billion, up from Rs 16.48 billion in the previous financial year. LIC Nepal earned Rs 18.6 billion, while Himalayan Life and Suryajyoti Life earned Rs 16.19 billion and Rs 9.10 billion, respectively. Other companies reported net insurance fee earnings of less than Rs 10 billion.
Prabhu Mahalakshmi Life Insurance saw the most significant increase, with a 122.40% rise in net insurance fee earnings, reaching Rs 4 billion 23 million. Reliance Life and Sanima Life also experienced substantial growth, with Reliance Life’s earnings increasing by 74% to Rs 5 billion 86 million, and Suryajyoti Life seeing a 27% increase.
The overall growth in net insurance fee earnings underscores the expanding reach and effectiveness of Nepal’s life insurance sector, reflecting a strong performance and increasing confidence in the industry.