Tag: Insurance

  • “Sun Nepal Life Insurance Company Limited Initiates IPO Issue for Nepalese Citizens Working Abroad”

    “Sun Nepal Life Insurance Company Limited Initiates IPO Issue for Nepalese Citizens Working Abroad”


    Sun Nepal Life Insurance Company Limited has commenced the issuance of 9,60,000 unit IPO shares exclusively for Nepalese citizens working abroad, starting from today, 1st Shrawan. The IPO issue will remain open until the 15th Shrawan, 2080.

    The total issued capital of the life insurance company amounts to Rs. 3.2 Arba, of which 30% or 96,00,000 unit shares will be made available to the public, including Nepalese citizens working abroad and the general public. Among the total shares being issued, 10% or 960,000 units have been allocated specifically for Nepalese citizens working abroad. The remaining 86,40,000 units will be issued later to the general public, encompassing employees of the company and mutual funds.

    The IPO shares will be offered at a price of Rs. 239 per share, which includes a premium price of Rs. 139 in addition to the face value of Rs. 100.

    Nepal SBI Merchant Banking has been appointed as the issue manager for the IPO, which aims to raise a total of Rs. 2.22 Arba for Sun Nepal Life Insurance Company Limited. Out of this amount, Rs. 1.26 Arba will be allocated as the premium amount, while the remaining portion will contribute to the company’s paid-up capital.

    Established on August 2, 2017, Sun Nepal Life Insurance Company Limited is a licensed life insurance company authorized by the Insurance Board. The company offers a diverse range of products, including Money Back, Endowment, Whole Life, and Term Assurance products, through its extensive sales network. As of mid-December 2019, the company boasted a branch network of 21 (including the head office), 56 sub-branches, and 15,838 insurance agents.

    In addition, CRNL (Credit Rating Nepal Limited) has assigned a grading of ‘CARE-NP IPO Grade 4’ to the proposed IPO of Sun Nepal Life Insurance Company Limited, indicating below-average fundamentals. The company intends to issue 60 lakh shares with a target of raising Rs. 60 crores through the IPO.

  • Successful Merger of United Insurance Company (Nepal) Limited and Ajod Insurance Limited: Listing of United Ajod Insurance Limited on NEPSE

    Successful Merger of United Insurance Company (Nepal) Limited and Ajod Insurance Limited: Listing of United Ajod Insurance Limited on NEPSE


    United Ajod Insurance Limited, following the successful merger between United Insurance Company (Nepal) Limited and Ajod Insurance Limited, has listed a total of 1,90,45,680 shares on the Nepal Stock Exchange (NEPSE).

    The merger agreement was signed by UIC and AIL on Poush 27, 2079. The companies agreed on a swap ratio of 82.50:100, meaning that AIL shareholders’ number of shares would decrease by 17.5% in the newly merged company. Prior to the merger, AIL and UIC had respective share capitals of Rs. 1 Arba and Rs. 1.07 Arba. However, post-merger, the combined share capital of United Ajod Insurance Limited reached Rs. 1.90 Arba.

    Following the successful merger, UIC and AIL initiated joint transactions under the name “United Ajod Insurance Limited” on Jestha 14, 2080. The opening price range for the initial transactions was set at Rs. 489.49 per share. This marked the commencement of operations for the merged entity, which now operated as a unified entity under the name United Ajod Insurance Limited.

    In summary, the merger between United Insurance Company (Nepal) Limited and Ajod Insurance Limited has led to the listing of 1,90,45,680 shares of United Ajod Insurance Limited on NEPSE. The merger was executed based on a swap ratio of 82.50:100, resulting in a combined share capital of Rs. 1.90 Arba. The joint transactions under the name United Ajod Insurance Limited commenced with an initial open price range of Rs. 489.49 per share.

  • Reliable Nepal Life Insurance IPO: 12 Lakh Unit Shares for Nepalese Citizens Working Abroad

    Reliable Nepal Life Insurance IPO: 12 Lakh Unit Shares for Nepalese Citizens Working Abroad


     

    Reliable Nepal Life Insurance Company Limited has initiated the issuance of 12,00,000 units of IPO shares exclusively for Nepalese citizens working abroad. The IPO shares will be available for subscription starting today, July 27th, and the closing date for the issue is August 10th. The company’s total issued capital is Rs. 4 Arba, with 30% of the shares, or 1,20,00,000 units, being offered to the public. Out of this, 10% (12,00,000 units) has been allocated for Nepalese citizens working abroad, 5% (600,000 units) for company employees, and 5% (600,000 units) for mutual funds. The remaining 96,00,000 units will be made available to the general public at a later stage.

     

  • IME Life Insurance IPO Oversubscribed 1.4 Times with 10.84 Lakh Applicants

    IME Life Insurance IPO Oversubscribed 1.4 Times with 10.84 Lakh Applicants


     

    IME Life Insurance Company Limited is concluding the issuance of 96,00,000 unit shares to the general public starting from today, which is the 25th of Ashad. The issuance began on the 21st of Ashad, 2080.

    The company has an issued capital of Rs. 4 Arba, out of which 30% or 1,20,00,000 unit shares are allocated for the public, including Nepalese citizens working abroad and the general public. Among the total shares issued, 10% or 12,00,000 unit shares were reserved for Nepalese citizens working abroad, while 5% or 600,000 units were set aside for the employees of the company. Additionally, 5% or 600,000 units were allocated for mutual funds. The remaining 96,00,000 units are being offered to the general public.

     

  • Shikhar Insurance Leads Non-Life Insurance Premium Collection with Rs. 36.19 Arba in Jestha

    Shikhar Insurance Leads Non-Life Insurance Premium Collection with Rs. 36.19 Arba in Jestha


     

    In the first eleven months of the fiscal year 2079/80, non-life insurance companies in Nepal collected an impressive amount of Rs. 36.19 Arba in premiums from 25.37 lakh active insurance policies. According to a report from the Nepal Insurance Authority, Siddhartha Premier Insurance holds the most active policies at 313,602, followed by Sagarmatha Lumbini Insurance with 305,633 policies. On the other hand, National Insurance Co. Ltd has the fewest active policies, with only 30,563 in total.

     

  • “80% Surge in Life Insurance Policies for Foreign Employment, NIA Statistics Show”

    “80% Surge in Life Insurance Policies for Foreign Employment, NIA Statistics Show”


     

    According to the Nepal Insurance Authority (NIA), the number of life insurance policies taken by individuals working abroad has increased by a significant 80.68 percent within a year. From Jestha 2079 to Jestha 2080, the number of life insurance policies subscribed for foreign employment rose from 876,541 to 1,583,746.

    Overall, there has been growth in both life and non-life insurance policies during this period. The total count of life insurance policies sold increased by 11.38 percent, reaching 14,069,937 by Jestha 2080, compared to 12,632,373 by the end of Jestha 2079.

     

  • NLG Insurance Company Granted 66% Right Shares Permission by Nepal Insurance Authority

    NLG Insurance Company Granted 66% Right Shares Permission by Nepal Insurance Authority


     

    NLG Insurance Company has received permission from the Nepal Insurance Authority (NIA) to issue 66% right shares. The company’s board meeting, held last Friday, approved the decision for capitalization. NLG Insurance will now seek approval from the Securities Board of Nepal (SEBON) for the rights issuance. Once SEBON grants permission, the company will distribute the rightful shares to its shareholders.

     

  • SEBON Grants IPO Approval to Five Companies, Including Two Life Insurance, Two Hydropower, and One Investment Sector Firm.

    SEBON Grants IPO Approval to Five Companies, Including Two Life Insurance, Two Hydropower, and One Investment Sector Firm.


     

    SEBON Approves IPO Issue of 5 Companies; Hathway Investment Nepal to Raise Rs. 14.62 Crores

    The Securities Exchange Board of Nepal (SEBON) has given its approval for the initial public offering (IPO) of five different companies. One of them, Hathway Investment Nepal Limited, plans to issue 29.25 lakh shares at a par value of Rs. 50 per share. This will raise approximately Rs. 14.62 crores for the company, which accounts for 12.5% of its total issued capital. Currently, Hathway Investment Nepal has a paid-up capital of Rs. 1.02 Arba, and after the IPO allotment, it will increase to Rs. 1.17 Arba. Global IME Capital Limited has been appointed as the issue manager for this IPO. The proposal received SEBON’s approval on Ashad 17.

  • Reliable Nepal Life Insurance Receives Permission for IPO at Premium

    Reliable Nepal Life Insurance Receives Permission for IPO at Premium


     

    Reliable Nepal Life Insurance has received approval from the Securities Board of Nepal (SEBON) to launch an initial public offering (IPO) with a premium. The IPO will offer shares at a price of Rs 257 per share, including a premium of Rs 157 above the face value of Rs 100. A total of 1.2 crore unit shares, valued at Rs 2,989,800,800, will be issued, representing 30 percent of the company’s paid-up capital. Civil Capital Market Limited has been appointed as the issue manager for the share offering. Currently, the company’s promoters hold a 70 percent stake in the company.

  • “Sanima Reliance Life Insurance Offers 100% Waiver on Delayed Charges Till Asar 28”

    “Sanima Reliance Life Insurance Offers 100% Waiver on Delayed Charges Till Asar 28”


     

    Sanima Reliance Life Insurance has introduced a renewal scheme aimed at waiving off 100% of delayed charges for its current policyholders. The scheme will be available from Asar 11 to 28, 2080. The company has encouraged its customers to take advantage of this opportunity, according to a media statement.

  • “Non-life Insurers Resume Agro Insurance Sales Until Asar End; Threaten Halt if Subsidy Disbursement Fails”

    “Non-life Insurers Resume Agro Insurance Sales Until Asar End; Threaten Halt if Subsidy Disbursement Fails”


     

    Non-life insurance companies in Nepal have decided to restart selling agro insurance policies until the end of Asar 2080, responding to persistent requests from the government and farmers. However, these companies have cautioned the government that they will stop issuing policies if the subsidy amount is not paid within the specified timeframe, according to a media statement.

     

  • After successful merger, 8.02 crore unit shares of Himalayan Life Insurance (HLI) listed on NEPSE for trading.

    After successful merger, 8.02 crore unit shares of Himalayan Life Insurance (HLI) listed on NEPSE for trading.


     

    The merger between Gurans Life Insurance Company Ltd. (GLICL), Prime Life Insurance Company Limited (PLIC), and Union Life Insurance Company Limited (ULI) has resulted in the creation of Himalayan Life Insurance Limited (HLI). The merger agreement was signed on Ashad 29, 2079, with a swap ratio of 1:1:1. After the merger, a total of 80,203,837 shares of HLI have been listed on the Nepal Stock Exchange (NEPSE), making it the largest merger in the country’s life insurance sector. The individual shares of GLICL, ULI, and PLIC were 25,365,630 units, 23,428,550 units, and 31,409,657 units respectively.