Sagarmatha Insurance not to provide dividend from net profit of FY 2073/74

Sagarmatha Insurance Company Limited (SIC) has published notice regarding dividend. As per the notice published in NEPSE today, the board meeting of the insurance held in Kartik 27, 2074 decided not to provide any dividend to its shareholders from the net profit it had earned in the FY 2073/74. It had earned Rs 25.55 crore in the fourth quarter of the FY 2073/74. SIC had distributed 22% bonus and 1.15% cash dividend from the net profit of FY 2072/73. SIC has paid up capital of Rs 53.82 crore.  As per the new guideline, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75. It should hike its capital by Rs 46.18 crore (around 85%).