AGM status among non-life insurance companies; SIC, EIC, NBIL & RBCL yet to call AGM of FY 71/72

There are 15 listed non-life insurance companies at present and most of the companies have conducted Annual General Meeting (AGM). Only few insurance companies are left to convene their AGM. Investors invest their money in dividend-paying stocks as dividend-paying stocks represent companies that are considered financially stable and mature. The stock prices of these companies may steadily increase over time while shareholders enjoy periodic dividend payments. There are 10 non-life insurance companies, which have successfully conducted its AGM and have also declared dividends from the net profit earned in Fiscal Year 2071/72. United Insurance Company (Nepal) Limited (UIC) has called its AGM going to be held on Ashad 20, 2073. Premier Insurance Company Limited (PIC) had declared the highest amount of dividend to its shareholders.  It has declared 30% stock dividend. Similarly, Shikhar, United and Himalayan General Insurance have declared 24%, 20% and 20% stock dividend respectively. Siddhartha Insurance had declared 25 percent bonus share and 25 percent right share. Sagarmatha, Everest, NB Insurance and Rastriya Beema Company Limited are yet to conduct their AGM. Sagarmatha Insurance Company Limited (SIC) has already announced 23.75 percent stock dividend on Falgun 12, 2072 but it has not conducted its AGM. As per an official of Sagarmatha Insurance, “We have planned to convene AGM by Ashad end.” Everest Insurance Company Limited (EIC) has not been able to hold its Annual General Meeting (AGM) for four consecutive fiscal years. AGM for fiscal year 2068/69, 2069/70, 2070/71 and 2071/72 has not been held by the insurance company. Pradip Mohan Dhaubhadel, CEO of Everest Insurance Limited said, “The financial reports of the FY 2068/69 and 2069/70 are in finalization process and we are also on the verge of appointing auditor for FY 2070/71 and 2071/72.” ‘We are planning to convene AGM of FY 2068/69 and 2069/70 by Ashad, 2073.’ he added. It’s been more than a decade that Rastriya Beema Company Limited (RBCL) has not conducted its AGM yet. The insurance company had conducted its aftermost AGM on Jestha 28, 2066. Insurance Board has the authority to fine insurance companies who delay to conduct their AGMs. The board can even cancel or refuse to renew the license of the companies. But the insurance board has never taken such action against any insurance companies till date. An official of Rastriya Beema Company said, “We have sent approval in Insurance Board. Withthe approval from board we will conduct AGM within 15-20 days.” Likewise, NB Insurance Company Limited (NBIL) also needs to hold its AGM for the ongoing fiscal year 2071/72. On Poush 30, 2072 NBIL had convened AGM of FY 2068/69 to 2070/71 which approved 10:8 (80%) right share issue to its shareholders. According to an official of NB Insurance, “We are planning to hold the AGM for the fiscal year 2071/72 very soon.”