Banking Khabar/ Kavi Phuyal, Senior Deputy Chief Executive Officer (DCEO) of Sun Nepal Life Insurance, has resigned from the company, effective Friday.The insurer has not disclosed the reason for his resignation.Phuyal joined Sun Nepal Life in February 2025 after serving as the CEO of IME Life Insurance. He had been appointed for a second term at IME Life but left the company before taking up the renewed tenure.His departure from Sun Nepal Life has prompted speculation within the insurance industry over his next assignment, with his name being linked to Himalayan Life Insurance.
However, there has been no official confirmation from either Phuyal or Himalayan Life regarding a possible appointment.The speculation comes as Himalayan Life is dealing with uncertainty over its chief executive position. CEO Kapil Kumar Dahal was suspended after a criminal case was filed against him.
The company had subsequently opened applications for the CEO position. The recruitment process was later halted after a writ petition was filed at the court challenging the appointment process.Phuyal’s possible move to Himalayan Life has therefore attracted attention amid the insurer’s ongoing management situation. Any appointment, however, will only be confirmed through an official decision by the company.
Phuyal has more than a decade of experience in Nepal’s insurance and financial sectors. He started his career at Laxmi Bank and later worked at Rastriya Beema Sansthan, Prime Life Insurance, Surya Life Insurance, Citizen Life Insurance and IME Life.He served as CEO of IME Life for four years before joining Sun Nepal Life as Senior DCEO.
During his tenure at Sun Nepal Life, company sources say Phuyal played a role in expanding the insurer’s business. According to the sources, the company’s business increased from around NPR 700 million to more than NPR 1 billion during the period.
With his resignation now taking effect, the insurance industry is watching closely for Phuyal’s next move. His reported link with Himalayan Life will become clearer only if either side makes a formal announcement.
