Nepal Life Insurance collects premium of Rs 23.2bn in 7 months of current FY

KATHMANDU: Nepal Life Insurance Company has collected a premium of Rs 23.2 billion, leading the market in the first seven months of the current fiscal year 2023/24.

The life insurance industry in Nepal is competitive, with companies striving to increase their premium collections. From the beginning of the fiscal year until mid-February, these companies have collected Rs 86.88 billion in premiums. This figure comes from 13.7 million active insurance policies.

A report indicates that Reliable Nepal Life Insurance Company has the most active policies, with a total of 3,195,345. National Life Insurance Company follows with 1,597,712 policies. Prabhu Mahalaxmi Life Insurance has the fewest active insurance policies, with 167,678.

In terms of total insurance charges, Nepal Life Insurance Company Ltd is followed by Life Insurance Corporation (Nepal) Ltd and National Life Insurance Co Ltd by collecting Rs 10.14 billion and Rs 10 billion, respectively.