LICN plans to collect Rs 1.4 arba through new schemes by fiscal end

ShareSansar, March 11:

Life Insurance Corporation Nepal Limited Annual General Meeting has duly endorsed 30 percent bonus shares to its shareholders from the net profit it posed in the last fiscal year of 2069/70.

The 12th AGM of the leading insurer was held at the City Hall in Kathmandu yesterday.

Amending its previous decision to give 20 percent bonus share in 64th BOD meeting, the insurance company in January had decided to increase its dividend by additional 10 percent.

Addressing the AGM, LICN officials told the shareholders that an awesome Rs 1,352 crore has been deposited in the life insurance fund of the company by the end of the second quarter of the current fiscal.

They further informed that they plan to sell 85 thousand insurance schemes to add additional Rs 1.40 arba through new schemes by the end of the current fiscal.

The insurance company also informed that the bonus shares will be issued on the basis of the paid-up capital.

It may be noted that the company had recently issued the right shares, which have already been listed. Following the issuance of right shares, LICN's paid-up has risen to Rs 50.62 crore.

"Following the issuance of the bonus shares, the company's paid-up will now further rise to Rs 65.81 crore," LICN's company secretary Binod Kumar Bhujel told ShareSansar.