Sagarmatha Insurance AGM approved 15% stock dividend; Business growth increased by 5.02%

ShareSansar, July 16:

Sagarmatha Insurance Company Limited (SIC) has successfully conducted its 18th AGM on Ashad 30, 2072 at Lainchaur Banquet, Kathmandu.

As per the press release, the chairman of insurance company Ram Krishna Manandhar compared the financial highlights of 2070/71. In comparison with previous year report, the business growth of insurance company has increased by 5.02%.  Its premium stands at Rs 97 crore 17 lakh 24 thousand. The net profit of the company has grown by Rs 20 crore 31 lakh 84 thousand. In the AGM the chairman had proposed 15% bonus share and 0.79% cash dividend of tax purpose to shareholders from the net profit it earned in the last fiscal year 2070/71.  The Chairman of the company approved the bonus share for the shareholders.

Despite the hurdles of devastating earthquake on Baishak 12 and 29, the company has been able to maintain its targeted insurance premium of Rs 1 arba 1 crore.

The company has more than Rs 125 crore investment .The chairman expressed his gratitude among the shareholders addressing the strong economic condition of the company.

Sagarmatha Insurance has received the highest insurance claims related to the earthquake. Altogether 2700 application were received out of which 21 crore 72 lakhs payment were given to the applicant, 801 claims was deducted and further 603 claims worth Rs 12 crore 10 lakh was fully settled. Similarly 38 claims were given advance of Rs 9 crore 62 lakhs. Out of 801 claims 198 claims were invalid.

Excluding the head office, the insurance company has been providing services through 25 branches and sub branches. The insurance company has further aimed to open new branches in upcoming year.