Life insurance companies post nearly Rs 5 billion net profit by Q3

KATHMANDU, MAY 13: By the end of the third quarter of the current fiscal year, life insurance companies in Nepal have collectively earned a net profit of nearly Rs 5 billion. According to unaudited financial reports published by the companies, the total net profit stands at Rs 4.88 billion.

Among the 14 life insurance companies, 12 recorded an increase in net profit, while 2 companies saw a decline. Leading the profit growth chart is Asian Life Insurance Company, which reported a 59.53% rise in net profit during the review period this fiscal year compared to the same period last fiscal.

Asian Life earned a net profit of Rs 334.7 million, up from Rs 209.8 million recorded in the corresponding quarter of the last fiscal.

Reliable Nepal Life Insurance ranked second in profit growth, followed by SuryaJyoti Life. Reliable Nepal's net profit grew by 36.89%, reaching Rs 465.7 million, compared to Rs 340.2 million in the same period last year.

In the first nine months of 2024/25, SuryaJyoti Life reported a 31.89% increase in net profit, earning Rs 295.7 million, up from Rs 224.2 million recorded in the corresponding period last fiscal

Similarly, during the review period, MetLife posted a 27.63% rise in net profit, Citizen Life 27.12%, and LIC Nepal 22.66%. In contrast, Sun Nepal Life saw a 33% drop in profits, while Rastriya Beema Company’s profit declined by 37%.

In terms of total profit, Nepal Life remains at the top, recording the highest net profit of Rs 652.2 million, followed by Himalayan Life with Rs 472.4 million.