Tag: Life

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.

July 12, 2023
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.

July 10, 2023
“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.

July 5, 2023
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.

July 4, 2023
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.

June 30, 2023
“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.

June 27, 2023
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.

June 21, 2023
Prabhu Life Insurance and Mahalaxmi Life Insurance Merge, Unveil Logo

Prabhu Life Insurance and Mahalaxmi Life Insurance have recently introduced the logo for the merged entity that will result from their ongoing merger process. This joint unveiling signifies an important step in the consolidation of these two life insurance companies. The logo will be utilized once the merger process is successfully completed.

The combined entity will have a strong presence in the market with a total of 167 branches spread across the nation. Additionally, the merged company will benefit from a dedicated workforce consisting of 449 employees. The consolidation aims to leverage the synergies and strengths of both companies to create a more robust and competitive entity in the insurance industry.

Upon completion of the merger, the combined paid-up capital of the merged entity is expected to reach Rs. 429.6 crore. This increased capital base will enhance the financial stability and capacity of the new company to better serve its customers.

Furthermore, the merged entity is also considering floating a Further Public Offering (FPO) with a target of raising Rs. 90 crore in premium collections. This initiative demonstrates the company’s intent to further strengthen its financial position and expand its operations.

The introduction of the logo and the plans for an FPO highlight the ambitious vision of Prabhu Life Insurance and Mahalaxmi Life Insurance in shaping the future of the merged entity. This merger aims to create a stronger and more competitive player in the insurance industry, with an enhanced ability to offer comprehensive insurance solutions to individuals and businesses across the nation.

June 19, 2023
Asian Life Insurance Company Limited Lists 24,71,894.42 Unit Bonus Shares on NEPSE, LTP at Rs. 695

Asian Life Insurance Company Limited (ALICL) has successfully listed 24,71,894.42 unit bonus shares on the NEPSE (Nepal Stock Exchange). The company’s 15th Annual General Meeting (AGM), held on the 18th of Baisakh, approved an 8.947% dividend for the fiscal year 2078/79. Subsequently, in a meeting of the board of directors held on Falgun 30, it was decided to distribute 8.50% bonus shares valued at Rs. 24.71 crores and a 0.447% cash dividend (for tax purposes) valued at a little over Rs. 1.30 crores. These dividends were proposed from the paid-up capital of Rs. 2.90 Arba.

Following the listing, the bonus shares of ALICL are now available for trading on the NEPSE. As of the current market data, the Last Traded Price (LTP) of ALICL stands at Rs. 695. Investors and traders can actively participate in the buying and selling of these shares in the stock market.

The listing of the bonus shares on the NEPSE provides an opportunity for investors to benefit from the additional shares distributed by Asian Life Insurance Company Limited. It allows shareholders to enhance their ownership in the company and potentially realize gains as the company progresses.

June 19, 2023
“Prabhu Life Insurance Company’s 5th AGM Approves Dividend, Elects New BoDs, and Announces Merger with Mahalaxmi Life Insurance”

Prabhu Life Insurance Company recently held its 5th Annual General Meeting (AGM) under the chairmanship of Mr. Subhash Amatya on Jestha 26, 2080.

During the AGM, the financial reports for the previous fiscal year were approved. In addition, the meeting decided to distribute 9.80% bonus shares and 0.51% cash dividends to the shareholders. These dividends serve as a return on their investment in the company. Moreover, the AGM elected new members to the Board of Directors, including Ms. Shikshya Bhattachan, Ms. Mijas Bhattachan, Mr. Shyam Krishna Shrestha, and Mr. Sushan Sherchan from the promoter shareholder group, as stated in the media statement.

Furthermore, the AGM endorsed the proposal for a merger with Mahalaxmi Life Insurance. The merger will be conducted using a share swap ratio of 100%, resulting in the formation of a new entity named Prabhu Mahalaxmi Life Insurance. According to the media statement, the joint operations of the merged entity are expected to commence by the end of Asar, 2080.

Overall, the AGM marked important decisions regarding dividend distribution, Board of Directors’ composition, and the merger with Mahalaxmi Life Insurance, leading to the formation of Prabhu Mahalaxmi Life Insurance.

June 11, 2023
National Life Insurance Company Approves Bonus Shares and Cash Dividend in 35th AGM

National Life Insurance Company recently held its 35th Annual General Meeting (AGM) under the leadership of its chairman, Ms. Prema Singh, on Jestha 22, 2080.

During the AGM, the shareholders approved the distribution of 8% bonus shares and a 6.5% cash dividend. Additionally, an additional cash dividend of Rs 1.95 crore was endorsed for taxation purposes. As a result of the capitalization of the bonus shares, the company’s paid-up capital will increase to Rs 5.01 arba.

According to a media statement, the life insurance company recorded a premium collection of Rs 1440.76 crore during the review period. The life insurance fund also saw growth, reaching Rs 5880.42 crore, while the total investment portfolio expanded to Rs 4703.92 crore.

These developments reflect the company’s strong financial performance and its commitment to providing value to its shareholders and policyholders.

June 6, 2023
Life Insurance Companies in Nepal Compete to Increase Premium Collections

Insurance companies in Nepal are competing to increase their premium collections, the amount of money they receive from policyholders. During the first ten months of the fiscal year 2079/80, life insurance companies collected a total of Rs. 1.14 Kharba in premiums from their 1.38 crore active insurance policies.

A report from the Nepal Insurance Authority revealed that Nepal Life Insurance Company Limited collected the highest premium amount of Rs. 29.65 Arba. They had 1,035,214 active insurance policies as of Baisakh 2080.

On the other hand, Himalayan Life Insurance Limited collected the lowest premium amount of Rs. 15.11 Crores due to having only 595 active insurance policies. Himalayan Life Insurance was formed after merging Prime Life Insurance, Gurans Life Insurance, and Union Life Insurance, which is the largest merger in Nepal’s insurance sector.

In another development, Sanima Life Insurance Company Limited and Reliance Life Insurance Company Limited completed their merger process with a swap ratio of 1:1. They have now combined to form ‘Sanima Reliance Life Insurance Company Limited’ since Chaitra 09.

Among the insurance companies, Reliable Nepal Life Insurance Co. Ltd. has the highest number of active insurance policies, with 34,77,018 clients as of Baisakh 79/80. However, their premium collection amounted to only Rs. 3 Arba.

June 1, 2023