Nepal Life Insurance endorsed 68% dividend; authorized capital to be Rs 5 arba

ShareSansar June 16:

The 15th AGM of Nepal Life Insurance Company Limited (NLIC) held  today in Birgunj has endorsed 60% bonus share and 8% cash dividend from the net profit earned in the last fiscal year 2070/71.

The company’s paid up capital will be raised to Rs 1.73 arba after issuing bonus share.  The AGM has passed the proposal to raise the authorized capital to Rs 5 arba.

While delivering the welcome speech, The Chairman of the company Mr. Ramesh Gupta has mentioned that the company has covered 41% of the life insurance market due to their new business policies and hence they are leading the market.

He also said that the company is planning to invest in the production, National priorities and other new sectors which were set open by the Beema Samiti a year back.

He also expressed grief towards those who have lost their life in the massive earthquake of April 25, 2015 in the country.

Nepal Life Insurance has donated Rs 51 lakhs to the Prime Minister Disaster Relief Fund to help the victims of the earthquake.  The company has simplified the claim settlement process because of the earthquake.

It has received 34 death claims and all the claims have been settled by the insurance company which was worth Rs 2 arba and 54 crore.

Nepal Life Insurance Company Limited (NLIC) had 93.7 % rise inthe net profit in third quarter of 2071/72 compared to the corresponding quarter of the last fiscal year. It has collected Rs 2 arba 54 crore premiums which includes foreign employment business as well till the end of third quarter of the current fiscal year.