Nepal Investment Bank buys National Life Insurance stocks

KATHMANDU, MAY 31:

Nepal Investment Bank Ltd (NIBL) — one of the leading domestic commercial banks — has purchased 290,000 units of shares of National Life Insurance Company (NLIC).

The investment will enable further diversification of income stream for the bank and unlock synergies in cross selling of products, said the bank that has successfully demonstrated its robust financial performance for the past 10 years. “The bank has earned a net profit of Rs 1.34 billion till the third quarter of the current fiscal year 2012-13.”

With 42 branches, NIBL is well represented across the country and is in a unique position to provide truly international banking experience in terms of products and services to its customers through an extensive domestic and global network. Currently, Nepal Investment Bank has 70 ATM outlets across the country.

National Life Insurance Company Ltd — formerly known as National Life & General Insurance Co Ltd — was incorporated in 1988 under the Company Act 1964 and the Insurance Act 1968 with a prime objective to meet the growing insurance requirements of the country.

It has earned a niche for itself in domestic life insurance market. It has reinsurance support and back-up of the world’s leading reinsurance company, Hannover Re, of Germany. NLIC, with a paid up capital of Rs 501.3 million, earned a net profit of Rs 96.3 million in last fiscal year 2011-12, and distributed 25 per cent stock dividend to its shareholders.

Source: THT