KATHMANDU: Nepal’s life insurance companies have collected nearly Rs 100 billion in premiums over the first seven months of the current fiscal year, according to the Nepal Insurance Authority.

Data shows that 14 life insurers amassed NPR 95.38 billion in premiums, reflecting a 9.79% increase compared to the same period last year, when collections stood at NPR 86.88 billion.

All insurances, except state-owned Rastriya Beema Sansthan and Himalayan Life Insurance, reported growth during this period.

Nepal Life Insurance led the market with NPR 26.54 billion in premiums, up 12.06% year-on-year. National Life Insurance ranked second with NPR 11.23 billion, marking an 11.78% rise.

Other major contributors included LIC Nepal (NPR 11.17 billion), Himalayan Life (NPR 9.90 billion), SuryaJyoti Life (NPR 5.95 billion), Asian Life (NPR 5.07 billion), and Citizen Life (NPR 3.98 billion).

Among the fastest-growing insurers, Citizen Life recorded the highest growth at 22%, reaching NPR 3.98 billion in premiums, while Reliable Nepal Life posted a 20.89% increase.

Despite economic challenges, Nepal’s life insurance sector continues to expand.