Net Profit of Life Insurance Companies Jumps 15.29% Last FY

The total net profit of Nepal’s life insurance companies surged by 15.29% in the last fiscal year, 2023/24, which ended on July 15.

The 14 companies collectively earned around Rs 5.73 billion in net profit last fiscal year, compared to Rs 4.97 billion in the previous fiscal year, 2022/23, recently published unaudited fourth quarter financial statements of the companies show.

However, three of the 14 companies–Sun Nepal Life Insurance, MetLife Nepal and Life Insurance Corporation Nepal–saw their profits decline last fiscal year.

The Himalayan Life Insurance recorded the highest net profit of nearly Rs 634 million, while the Rastriya Jeevan Beema Company recorded the lowest at around Rs 153 million.

Notably, Citizen Life Insurance experienced the largest surge in net profit by 216%, followed by SuryaJyoti Life Insurance at 146%.

Table below shows the net profit of life insurance companies in fiscal years 2023/24 and 2022/23.

 

Life insurance companies	Net profit in FY 2023/24 (in Rs million)	Net profit in FY 2022/23 (in Rs million)	Change (%)
Himalayan Life	633.85	521.29	21.59
Sun Nepal Life	574.96	782.55	- 26.53
IME Life	514.55	209.98	145.04
Nepal Life	513.98	392.91	30.81
MetLife	504.14	765.46	-34.14
Reliable Nepal Life	426.35	334.21	27.57
National Life	406.35	252.52	60.92
SuryaJyoti Life	396.53	161.17	146.03
Prabhu Mahalaxmi Life	366.17	179.14	104.4
Sanima Reliance Life	350.82	219.38	59.91
Asian Life	328.59	240	36.91
Citizen Life	324.77	102.59	216.56
LIC Nepal	238.50	753.44	-68.34
Rastriya Jeevan Beema Company	153.686	62.61	145.45
Total net profit	5733.32	4977.32	15.29

                                  Source: Respective life insurance companies