The total net profit of Nepal’s life insurance companies jumped 18.62 percent  year-on-year in the first quarter of the current fiscal year, 2024/25.

Between mid-July and mid-October this year, the 14 companies collectively earned over Rs 1.92 billion in net profit, compared to Rs 1.62 billion in the same period last year, according to their latest unannualised financial statements.

Himalayan Life Insurance earned the highest net-profit of Rs 253.7 million in the period, a 5.12 percent surge compared to the same period last year. Nepal Life Insurance, which came second by registering a net profit of Rs 205.4 million, was followed by Reliable Nepal Life, Sun Nepal Life and the IME Life which made net profit of Rs 199.3 million, Rs 166.1 million and Rs 145 million, respectively.

Notably, Citizen Life Insurance experienced the largest surge in net profit by 83.16 percent, followed by Reliable Nepal Life at 66.99 percent in the period.

While the profit of 13 companies surged in the period, the Rastriya Jeewan Beema Company reported a 94 percent decline–from Rs 37.8 million to Rs 2.26 million.  

Table below shows the net profit of life insurance companies in first quarters of 2024/25 and 2023/24

Life insurance companies	Net profit in Q1 2024/25 (in Rs million)	Net profit in Q1 FY 2023/24 (in Rs million)	Change (%)
Himalayan Life	253.75	241.39	5.12
Nepal Life	205.40	157.93	30.06
Reliable Nepal Life	199.38	119.40	66.99
Sun Nepal Life	166.14	165.32	0.49
IME Life	145.01	130.38	11.22
National Life	138.38	130.25	6.24
Asian Life	132.97	93.59	42.07
Sanima Reliance Life	132.94	110.85	19.93
Citizen Life	130.92	71.485	83.16S
Prabhu Mahalaxmi Life	126.23	100.39	25.74
SuryaJyoti Life	115.33	112.50	2.51
MetLife	96.51	92.54	4.29
LIC Nepal	78.83	58.19	35.45
Rastriya Jeewan Beema Company	2.26	37.81	-94.01
Total net profit	1,924.12	1,622.099	18.62

                                  Source: Respective life insurance companies