Insurance

Non-Life Insurance Companies Earn More than Rs 36 Billion in Insurance Premium

Jun 25, 2024 0 1 minutes 38 seconds to read

KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance…

United Insurance and Ajod Insurance Begin Joint Transaction

May 29, 2023 0 1 minutes 49 seconds to read

Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from…

Nepal Insurance Authority gives nod to merger agreement of United and Ajod Insurance

Jan 17, 2023 0 43 seconds to read

Nepal Insurance Authority has given its green light to a merger agreement signed by Ajod Insurance Limited and United Insurance…

IBN Suggests Merger of Insurance Companies that fail to Increase Paid-up Capital

Apr 01, 2022 0 3 minutes 50 seconds to read

April 1: The Insurance Board Nepal has made it clear that it will only discuss the problems that may arise in the process of increasing the paid-up capital of the insurance companies after they submit the plan to raise the…

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NEPSE

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			'article_category_id' => '222',
			'title' => 'Non-Life Insurance Companies Earn More than Rs 36 Billion in Insurance Premium',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to data published by the Nepal Insurance Authority, 14 insurance companies sold a total of 2,608,792 insurance policies from mid-July to mid-June, earning Rs 36.33 billion in total insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Among them, Shikhar Insurance earned the highest amount, collecting Rs 4.89 billion. Sagarmatha Lumbini Insurance is second on the list, earning Rs 4.29 billion. Siddhartha Premier Insurance Company is third, with earnings of Rs 3.66 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, Himalayan Everest Insurance Company earned Rs 3.23 billion, IGI Prudential Insurance Company earned Rs 3.21 billion, Neco Insurance earned Rs 2.88 billion, United Azod Insurance earned Rs 2.38 billion, and NLG Insurance Company earned Rs 2.26 billion in insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Among these companies, National Insurance Company earned the lowest insurance fees, collecting Rs 1.1 billion. Nepal Insurance Company earned Rs 1.40 billion, Rastriya Beema Company earned Rs 1.53 billion, Prabhu Insurance earned Rs 1.56 billion, The Oriental earned Rs 1.75 billion, and Sanima GIC Insurance earned Rs 2.21 billion in insurance premium.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'United Insurance and Ajod Insurance Begin Joint Transaction ',
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			'summary' => 'Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday.',
			'content' => '<p><span style="font-size:18px">May 29: Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint&nbsp;transaction under the name &lsquo;United Ajod Insurance Company Limited&rsquo; from Sunday. The merged company has declared its aim to rank within best five non-life insurance companies within the next four years.</span></p>

<p><span style="font-size:18px">During a special ceremony held in Kathmandu on Sunday, the Chairman of the Insurance Board, Surya Prasad Silwal, handed the insurance operation license to the new company&#39;s Chairman, Aajad Shrestha.</span></p>

<p><span style="font-size:18px">Addressing the ceremony, Chairman Silwal emphasized the need for insurance companies to enhance customer trust. He suggested that the merged company&nbsp;strive to provide excellent services.</span></p>

<p><span style="font-size:18px">Silwal &nbsp;also emphasized the importance of establishing a system for prompt and easy payment of claims up to the specified amount and maintaining good governance and transparency.</span></p>

<p><span style="font-size:18px">Former Chairman of United Insurance Company (Nepal) Limited, Rabibhakta Shrestha, said that the companies had merged to provide quality services and reduce the costs. Shrestha said that the company aims to invest in new sectors and provide high returns to investors and quality services to policyholders.</span></p>

<p><span style="font-size:18px">Chairman of United Ajod Insurance Limited, Aajad Shrestha, highlighted the company&#39;s goal to become one of the top five non-life insurance companies by providing competitive rates, quality services, and new products within four years. He emphasized the need for a fast and reliable service flow, focusing on customer satisfaction and prompt claim settlements.</span></p>

<p><span style="font-size:18px">Following the merger, the company&rsquo;s paid-up capital has reached Rs 1.90 billion. The company has Rs 59.67 crore in reserve fund, while the insurance fund stands at Rs 72.64 crore.&nbsp;</span></p>

<p><span style="font-size:18px">Additionally, the company has a total of 100 branches across the country and has a workforce of 581 employees.&nbsp;<br />
The number of policies issued by the company stands at 192,825, with a total premium of Rs 2.39 billion.&nbsp;</span></p>

<p>&nbsp;</p>
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<span style="font-size:20px">January 17: Nepal Insurance Authority has given its green light to a merger agreement signed by Ajod Insurance Limited and United Insurance Limited.&nbsp;</span></p>

<p><span style="font-size:20px">Issuing a letter on January 13, insurance authority has given its nod to the two insurance companies to go into a merger.&nbsp;</span></p>

<p><span style="font-size:20px">United Insurance Limited and Ajod Insurance Limited had signed the merger agreement on January 10. Both entities have agreed to prepare swap ration based on the Due Diligence (DDA) report.&nbsp;</span></p>

<p><span style="font-size:20px">Earlier, Ajod Insurance and Prabhu Insurance had inked a memorandum of understanding (MoU) for a merger. However, the merger process was aborted after they could not agree on the name of the merged entity and swap ratio.&nbsp;</span></p>
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			'title' => 'IBN Suggests Merger of Insurance Companies that fail to Increase Paid-up Capital ',
			'sub_title' => '',
			'summary' => 'April 1: The Insurance Board Nepal has made it clear that it will only discuss the problems that may arise in the process of increasing the paid-up capital of the insurance companies after they submit the plan to raise the capital. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">April 1: The Insurance Board Nepal has made it clear that it will only discuss the problems that may arise in the process of increasing the paid-up capital of the insurance companies after they submit the plan to raise the capital.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Operators of insurance companies and institutional investors went to the board on Thursday to discuss about the directive issued by the board recently to double the paid-up capital of insurance companies within a year. During the meeting, chairman of the board Surya Silwal requested the insurance companies to submit their plan for capital increase first and then assured to discuss with them if they face any problem.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, the insurance companies have been saying that increasing paid-up capital at the moment is not possible. The board had issued a circular to the insurance companies last Thursday directing them to increase the paid-up capital of life insurance companies to Rs 5 billion and non-life insurance companies to Rs 2.5 billion by April 2023.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">At present, the paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The board has also directed the companies to submit a plan to increase the paid-up capital within 30 days. However, insurance companies argue that it is impossible to raise the capital in such a short period and that too during the covid-19 pandemic and liquidity crisis.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Executive director of the board Raju Raman Poudel said that the practical problems can be known and discussed only after the companies come up with a capital increment plan.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;&quot;The directors and investors of insurance companies had visited the board on Thursday to inform us that it would be challenging for them to increase their paid-up capital. We told them that we are ready to discuss the issues once they submit their plan,&quot; he told New Business Age, &quot;They were also positive regarding this issue.&quot;&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Rajendra Malla, president of the Non-Life Insurance Practitioners&#39; Association, said that they are ready to submit a plan to increase their capital. They are also positive on the issue of increasing the capital. But, he said that the time limit is too short.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We are positive that the company should be strengthened and capital should be increased. But we are amid economic crisis at present. In such situation, it would have been easier to raise the capital gradually rather than at once,&quot; he said, &quot;Therefore, we have asked the board to facilitate it. We hope that the problems will be heard as soon as we submit the capital increment plan.&quot;&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials of the board have suggested a merger for those companies that cannot raise the capital. It seems that the board has decided to increase the capital for the purpose of pressuring the insurance companies to merge.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Malla, who is also the chairman of Nepal Chamber of Commerce, said that companies could be ready for the merger as well. &quot;If required, we are ready to merge. But the board should facilitate it,&quot; he said.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">During the discussion, Silwal said that the decision to increase the paid-up capital of insurance companies was taken with the objective of strengthening the insurance companies, reducing administrative costs, increasing the quality of services and increasing public confidence in insurance. </span></span></p>

<p>&nbsp;</p>
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			'id' => '21355',
			'article_category_id' => '222',
			'title' => 'Non-Life Insurance Companies Earn More than Rs 36 Billion in Insurance Premium',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to data published by the Nepal Insurance Authority, 14 insurance companies sold a total of 2,608,792 insurance policies from mid-July to mid-June, earning Rs 36.33 billion in total insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Among them, Shikhar Insurance earned the highest amount, collecting Rs 4.89 billion. Sagarmatha Lumbini Insurance is second on the list, earning Rs 4.29 billion. Siddhartha Premier Insurance Company is third, with earnings of Rs 3.66 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, Himalayan Everest Insurance Company earned Rs 3.23 billion, IGI Prudential Insurance Company earned Rs 3.21 billion, Neco Insurance earned Rs 2.88 billion, United Azod Insurance earned Rs 2.38 billion, and NLG Insurance Company earned Rs 2.26 billion in insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Among these companies, National Insurance Company earned the lowest insurance fees, collecting Rs 1.1 billion. Nepal Insurance Company earned Rs 1.40 billion, Rastriya Beema Company earned Rs 1.53 billion, Prabhu Insurance earned Rs 1.56 billion, The Oriental earned Rs 1.75 billion, and Sanima GIC Insurance earned Rs 2.21 billion in insurance premium.</span></span></span></span></p>

<p>&nbsp;</p>
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			'summary' => 'Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday.',
			'content' => '<p><span style="font-size:18px">May 29: Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint&nbsp;transaction under the name &lsquo;United Ajod Insurance Company Limited&rsquo; from Sunday. The merged company has declared its aim to rank within best five non-life insurance companies within the next four years.</span></p>

<p><span style="font-size:18px">During a special ceremony held in Kathmandu on Sunday, the Chairman of the Insurance Board, Surya Prasad Silwal, handed the insurance operation license to the new company&#39;s Chairman, Aajad Shrestha.</span></p>

<p><span style="font-size:18px">Addressing the ceremony, Chairman Silwal emphasized the need for insurance companies to enhance customer trust. He suggested that the merged company&nbsp;strive to provide excellent services.</span></p>

<p><span style="font-size:18px">Silwal &nbsp;also emphasized the importance of establishing a system for prompt and easy payment of claims up to the specified amount and maintaining good governance and transparency.</span></p>

<p><span style="font-size:18px">Former Chairman of United Insurance Company (Nepal) Limited, Rabibhakta Shrestha, said that the companies had merged to provide quality services and reduce the costs. Shrestha said that the company aims to invest in new sectors and provide high returns to investors and quality services to policyholders.</span></p>

<p><span style="font-size:18px">Chairman of United Ajod Insurance Limited, Aajad Shrestha, highlighted the company&#39;s goal to become one of the top five non-life insurance companies by providing competitive rates, quality services, and new products within four years. He emphasized the need for a fast and reliable service flow, focusing on customer satisfaction and prompt claim settlements.</span></p>

<p><span style="font-size:18px">Following the merger, the company&rsquo;s paid-up capital has reached Rs 1.90 billion. The company has Rs 59.67 crore in reserve fund, while the insurance fund stands at Rs 72.64 crore.&nbsp;</span></p>

<p><span style="font-size:18px">Additionally, the company has a total of 100 branches across the country and has a workforce of 581 employees.&nbsp;<br />
The number of policies issued by the company stands at 192,825, with a total premium of Rs 2.39 billion.&nbsp;</span></p>

<p>&nbsp;</p>
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<br />
<span style="font-size:20px">January 17: Nepal Insurance Authority has given its green light to a merger agreement signed by Ajod Insurance Limited and United Insurance Limited.&nbsp;</span></p>

<p><span style="font-size:20px">Issuing a letter on January 13, insurance authority has given its nod to the two insurance companies to go into a merger.&nbsp;</span></p>

<p><span style="font-size:20px">United Insurance Limited and Ajod Insurance Limited had signed the merger agreement on January 10. Both entities have agreed to prepare swap ration based on the Due Diligence (DDA) report.&nbsp;</span></p>

<p><span style="font-size:20px">Earlier, Ajod Insurance and Prabhu Insurance had inked a memorandum of understanding (MoU) for a merger. However, the merger process was aborted after they could not agree on the name of the merged entity and swap ratio.&nbsp;</span></p>
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			'summary' => 'April 1: The Insurance Board Nepal has made it clear that it will only discuss the problems that may arise in the process of increasing the paid-up capital of the insurance companies after they submit the plan to raise the capital. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">April 1: The Insurance Board Nepal has made it clear that it will only discuss the problems that may arise in the process of increasing the paid-up capital of the insurance companies after they submit the plan to raise the capital.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Operators of insurance companies and institutional investors went to the board on Thursday to discuss about the directive issued by the board recently to double the paid-up capital of insurance companies within a year. During the meeting, chairman of the board Surya Silwal requested the insurance companies to submit their plan for capital increase first and then assured to discuss with them if they face any problem.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, the insurance companies have been saying that increasing paid-up capital at the moment is not possible. The board had issued a circular to the insurance companies last Thursday directing them to increase the paid-up capital of life insurance companies to Rs 5 billion and non-life insurance companies to Rs 2.5 billion by April 2023.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">At present, the paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The board has also directed the companies to submit a plan to increase the paid-up capital within 30 days. However, insurance companies argue that it is impossible to raise the capital in such a short period and that too during the covid-19 pandemic and liquidity crisis.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Executive director of the board Raju Raman Poudel said that the practical problems can be known and discussed only after the companies come up with a capital increment plan.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;&quot;The directors and investors of insurance companies had visited the board on Thursday to inform us that it would be challenging for them to increase their paid-up capital. We told them that we are ready to discuss the issues once they submit their plan,&quot; he told New Business Age, &quot;They were also positive regarding this issue.&quot;&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Rajendra Malla, president of the Non-Life Insurance Practitioners&#39; Association, said that they are ready to submit a plan to increase their capital. They are also positive on the issue of increasing the capital. But, he said that the time limit is too short.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We are positive that the company should be strengthened and capital should be increased. But we are amid economic crisis at present. In such situation, it would have been easier to raise the capital gradually rather than at once,&quot; he said, &quot;Therefore, we have asked the board to facilitate it. We hope that the problems will be heard as soon as we submit the capital increment plan.&quot;&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials of the board have suggested a merger for those companies that cannot raise the capital. It seems that the board has decided to increase the capital for the purpose of pressuring the insurance companies to merge.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Malla, who is also the chairman of Nepal Chamber of Commerce, said that companies could be ready for the merger as well. &quot;If required, we are ready to merge. But the board should facilitate it,&quot; he said.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">During the discussion, Silwal said that the decision to increase the paid-up capital of insurance companies was taken with the objective of strengthening the insurance companies, reducing administrative costs, increasing the quality of services and increasing public confidence in insurance. </span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21355',
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			'title' => 'Non-Life Insurance Companies Earn More than Rs 36 Billion in Insurance Premium',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to data published by the Nepal Insurance Authority, 14 insurance companies sold a total of 2,608,792 insurance policies from mid-July to mid-June, earning Rs 36.33 billion in total insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Among them, Shikhar Insurance earned the highest amount, collecting Rs 4.89 billion. Sagarmatha Lumbini Insurance is second on the list, earning Rs 4.29 billion. Siddhartha Premier Insurance Company is third, with earnings of Rs 3.66 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, Himalayan Everest Insurance Company earned Rs 3.23 billion, IGI Prudential Insurance Company earned Rs 3.21 billion, Neco Insurance earned Rs 2.88 billion, United Azod Insurance earned Rs 2.38 billion, and NLG Insurance Company earned Rs 2.26 billion in insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Among these companies, National Insurance Company earned the lowest insurance fees, collecting Rs 1.1 billion. Nepal Insurance Company earned Rs 1.40 billion, Rastriya Beema Company earned Rs 1.53 billion, Prabhu Insurance earned Rs 1.56 billion, The Oriental earned Rs 1.75 billion, and Sanima GIC Insurance earned Rs 2.21 billion in insurance premium.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-25',
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			'keywords' => 'insurance, premium, earning',
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			'id' => '18005',
			'article_category_id' => '222',
			'title' => 'United Insurance and Ajod Insurance Begin Joint Transaction ',
			'sub_title' => '',
			'summary' => 'Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday.',
			'content' => '<p><span style="font-size:18px">May 29: Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint&nbsp;transaction under the name &lsquo;United Ajod Insurance Company Limited&rsquo; from Sunday. The merged company has declared its aim to rank within best five non-life insurance companies within the next four years.</span></p>

<p><span style="font-size:18px">During a special ceremony held in Kathmandu on Sunday, the Chairman of the Insurance Board, Surya Prasad Silwal, handed the insurance operation license to the new company&#39;s Chairman, Aajad Shrestha.</span></p>

<p><span style="font-size:18px">Addressing the ceremony, Chairman Silwal emphasized the need for insurance companies to enhance customer trust. He suggested that the merged company&nbsp;strive to provide excellent services.</span></p>

<p><span style="font-size:18px">Silwal &nbsp;also emphasized the importance of establishing a system for prompt and easy payment of claims up to the specified amount and maintaining good governance and transparency.</span></p>

<p><span style="font-size:18px">Former Chairman of United Insurance Company (Nepal) Limited, Rabibhakta Shrestha, said that the companies had merged to provide quality services and reduce the costs. Shrestha said that the company aims to invest in new sectors and provide high returns to investors and quality services to policyholders.</span></p>

<p><span style="font-size:18px">Chairman of United Ajod Insurance Limited, Aajad Shrestha, highlighted the company&#39;s goal to become one of the top five non-life insurance companies by providing competitive rates, quality services, and new products within four years. He emphasized the need for a fast and reliable service flow, focusing on customer satisfaction and prompt claim settlements.</span></p>

<p><span style="font-size:18px">Following the merger, the company&rsquo;s paid-up capital has reached Rs 1.90 billion. The company has Rs 59.67 crore in reserve fund, while the insurance fund stands at Rs 72.64 crore.&nbsp;</span></p>

<p><span style="font-size:18px">Additionally, the company has a total of 100 branches across the country and has a workforce of 581 employees.&nbsp;<br />
The number of policies issued by the company stands at 192,825, with a total premium of Rs 2.39 billion.&nbsp;</span></p>

<p>&nbsp;</p>
',
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			'created' => '2023-05-29',
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			'title' => 'Nepal Insurance Authority gives nod to merger agreement of United and Ajod Insurance ',
			'sub_title' => '',
			'summary' => 'Nepal Insurance Authority has given its green light to a merger agreement signed by Ajod Insurance Limited and United Insurance Limited. ',
			'content' => '<p><br />
<br />
<span style="font-size:20px">January 17: Nepal Insurance Authority has given its green light to a merger agreement signed by Ajod Insurance Limited and United Insurance Limited.&nbsp;</span></p>

<p><span style="font-size:20px">Issuing a letter on January 13, insurance authority has given its nod to the two insurance companies to go into a merger.&nbsp;</span></p>

<p><span style="font-size:20px">United Insurance Limited and Ajod Insurance Limited had signed the merger agreement on January 10. Both entities have agreed to prepare swap ration based on the Due Diligence (DDA) report.&nbsp;</span></p>

<p><span style="font-size:20px">Earlier, Ajod Insurance and Prabhu Insurance had inked a memorandum of understanding (MoU) for a merger. However, the merger process was aborted after they could not agree on the name of the merged entity and swap ratio.&nbsp;</span></p>
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			'title' => 'IBN Suggests Merger of Insurance Companies that fail to Increase Paid-up Capital ',
			'sub_title' => '',
			'summary' => 'April 1: The Insurance Board Nepal has made it clear that it will only discuss the problems that may arise in the process of increasing the paid-up capital of the insurance companies after they submit the plan to raise the capital. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">April 1: The Insurance Board Nepal has made it clear that it will only discuss the problems that may arise in the process of increasing the paid-up capital of the insurance companies after they submit the plan to raise the capital.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Operators of insurance companies and institutional investors went to the board on Thursday to discuss about the directive issued by the board recently to double the paid-up capital of insurance companies within a year. During the meeting, chairman of the board Surya Silwal requested the insurance companies to submit their plan for capital increase first and then assured to discuss with them if they face any problem.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, the insurance companies have been saying that increasing paid-up capital at the moment is not possible. The board had issued a circular to the insurance companies last Thursday directing them to increase the paid-up capital of life insurance companies to Rs 5 billion and non-life insurance companies to Rs 2.5 billion by April 2023.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">At present, the paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The board has also directed the companies to submit a plan to increase the paid-up capital within 30 days. However, insurance companies argue that it is impossible to raise the capital in such a short period and that too during the covid-19 pandemic and liquidity crisis.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Executive director of the board Raju Raman Poudel said that the practical problems can be known and discussed only after the companies come up with a capital increment plan.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;&quot;The directors and investors of insurance companies had visited the board on Thursday to inform us that it would be challenging for them to increase their paid-up capital. We told them that we are ready to discuss the issues once they submit their plan,&quot; he told New Business Age, &quot;They were also positive regarding this issue.&quot;&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Rajendra Malla, president of the Non-Life Insurance Practitioners&#39; Association, said that they are ready to submit a plan to increase their capital. They are also positive on the issue of increasing the capital. But, he said that the time limit is too short.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We are positive that the company should be strengthened and capital should be increased. But we are amid economic crisis at present. In such situation, it would have been easier to raise the capital gradually rather than at once,&quot; he said, &quot;Therefore, we have asked the board to facilitate it. We hope that the problems will be heard as soon as we submit the capital increment plan.&quot;&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials of the board have suggested a merger for those companies that cannot raise the capital. It seems that the board has decided to increase the capital for the purpose of pressuring the insurance companies to merge.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Malla, who is also the chairman of Nepal Chamber of Commerce, said that companies could be ready for the merger as well. &quot;If required, we are ready to merge. But the board should facilitate it,&quot; he said.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">During the discussion, Silwal said that the decision to increase the paid-up capital of insurance companies was taken with the objective of strengthening the insurance companies, reducing administrative costs, increasing the quality of services and increasing public confidence in insurance. </span></span></p>

<p>&nbsp;</p>
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			'id' => '21355',
			'article_category_id' => '222',
			'title' => 'Non-Life Insurance Companies Earn More than Rs 36 Billion in Insurance Premium',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In the first 11 months of the current fiscal year, non-life insurance companies collected over Rs 36 billion in insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to data published by the Nepal Insurance Authority, 14 insurance companies sold a total of 2,608,792 insurance policies from mid-July to mid-June, earning Rs 36.33 billion in total insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Among them, Shikhar Insurance earned the highest amount, collecting Rs 4.89 billion. Sagarmatha Lumbini Insurance is second on the list, earning Rs 4.29 billion. Siddhartha Premier Insurance Company is third, with earnings of Rs 3.66 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, Himalayan Everest Insurance Company earned Rs 3.23 billion, IGI Prudential Insurance Company earned Rs 3.21 billion, Neco Insurance earned Rs 2.88 billion, United Azod Insurance earned Rs 2.38 billion, and NLG Insurance Company earned Rs 2.26 billion in insurance premium.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Among these companies, National Insurance Company earned the lowest insurance fees, collecting Rs 1.1 billion. Nepal Insurance Company earned Rs 1.40 billion, Rastriya Beema Company earned Rs 1.53 billion, Prabhu Insurance earned Rs 1.56 billion, The Oriental earned Rs 1.75 billion, and Sanima GIC Insurance earned Rs 2.21 billion in insurance premium.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'United Insurance and Ajod Insurance Begin Joint Transaction ',
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			'summary' => 'Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday.',
			'content' => '<p><span style="font-size:18px">May 29: Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint&nbsp;transaction under the name &lsquo;United Ajod Insurance Company Limited&rsquo; from Sunday. The merged company has declared its aim to rank within best five non-life insurance companies within the next four years.</span></p>

<p><span style="font-size:18px">During a special ceremony held in Kathmandu on Sunday, the Chairman of the Insurance Board, Surya Prasad Silwal, handed the insurance operation license to the new company&#39;s Chairman, Aajad Shrestha.</span></p>

<p><span style="font-size:18px">Addressing the ceremony, Chairman Silwal emphasized the need for insurance companies to enhance customer trust. He suggested that the merged company&nbsp;strive to provide excellent services.</span></p>

<p><span style="font-size:18px">Silwal &nbsp;also emphasized the importance of establishing a system for prompt and easy payment of claims up to the specified amount and maintaining good governance and transparency.</span></p>

<p><span style="font-size:18px">Former Chairman of United Insurance Company (Nepal) Limited, Rabibhakta Shrestha, said that the companies had merged to provide quality services and reduce the costs. Shrestha said that the company aims to invest in new sectors and provide high returns to investors and quality services to policyholders.</span></p>

<p><span style="font-size:18px">Chairman of United Ajod Insurance Limited, Aajad Shrestha, highlighted the company&#39;s goal to become one of the top five non-life insurance companies by providing competitive rates, quality services, and new products within four years. He emphasized the need for a fast and reliable service flow, focusing on customer satisfaction and prompt claim settlements.</span></p>

<p><span style="font-size:18px">Following the merger, the company&rsquo;s paid-up capital has reached Rs 1.90 billion. The company has Rs 59.67 crore in reserve fund, while the insurance fund stands at Rs 72.64 crore.&nbsp;</span></p>

<p><span style="font-size:18px">Additionally, the company has a total of 100 branches across the country and has a workforce of 581 employees.&nbsp;<br />
The number of policies issued by the company stands at 192,825, with a total premium of Rs 2.39 billion.&nbsp;</span></p>

<p>&nbsp;</p>
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			'title' => 'Nepal Insurance Authority gives nod to merger agreement of United and Ajod Insurance ',
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			'summary' => 'Nepal Insurance Authority has given its green light to a merger agreement signed by Ajod Insurance Limited and United Insurance Limited. ',
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<span style="font-size:20px">January 17: Nepal Insurance Authority has given its green light to a merger agreement signed by Ajod Insurance Limited and United Insurance Limited.&nbsp;</span></p>

<p><span style="font-size:20px">Issuing a letter on January 13, insurance authority has given its nod to the two insurance companies to go into a merger.&nbsp;</span></p>

<p><span style="font-size:20px">United Insurance Limited and Ajod Insurance Limited had signed the merger agreement on January 10. Both entities have agreed to prepare swap ration based on the Due Diligence (DDA) report.&nbsp;</span></p>

<p><span style="font-size:20px">Earlier, Ajod Insurance and Prabhu Insurance had inked a memorandum of understanding (MoU) for a merger. However, the merger process was aborted after they could not agree on the name of the merged entity and swap ratio.&nbsp;</span></p>
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			'title' => 'IBN Suggests Merger of Insurance Companies that fail to Increase Paid-up Capital ',
			'sub_title' => '',
			'summary' => 'April 1: The Insurance Board Nepal has made it clear that it will only discuss the problems that may arise in the process of increasing the paid-up capital of the insurance companies after they submit the plan to raise the capital. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">April 1: The Insurance Board Nepal has made it clear that it will only discuss the problems that may arise in the process of increasing the paid-up capital of the insurance companies after they submit the plan to raise the capital.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Operators of insurance companies and institutional investors went to the board on Thursday to discuss about the directive issued by the board recently to double the paid-up capital of insurance companies within a year. During the meeting, chairman of the board Surya Silwal requested the insurance companies to submit their plan for capital increase first and then assured to discuss with them if they face any problem.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, the insurance companies have been saying that increasing paid-up capital at the moment is not possible. The board had issued a circular to the insurance companies last Thursday directing them to increase the paid-up capital of life insurance companies to Rs 5 billion and non-life insurance companies to Rs 2.5 billion by April 2023.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">At present, the paid-up capital of a life insurance company is Rs 2 billion and that of a non-life insurance company is Rs 1 billion. The board has also directed the companies to submit a plan to increase the paid-up capital within 30 days. However, insurance companies argue that it is impossible to raise the capital in such a short period and that too during the covid-19 pandemic and liquidity crisis.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Executive director of the board Raju Raman Poudel said that the practical problems can be known and discussed only after the companies come up with a capital increment plan.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&nbsp;&quot;The directors and investors of insurance companies had visited the board on Thursday to inform us that it would be challenging for them to increase their paid-up capital. We told them that we are ready to discuss the issues once they submit their plan,&quot; he told New Business Age, &quot;They were also positive regarding this issue.&quot;&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Rajendra Malla, president of the Non-Life Insurance Practitioners&#39; Association, said that they are ready to submit a plan to increase their capital. They are also positive on the issue of increasing the capital. But, he said that the time limit is too short.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We are positive that the company should be strengthened and capital should be increased. But we are amid economic crisis at present. In such situation, it would have been easier to raise the capital gradually rather than at once,&quot; he said, &quot;Therefore, we have asked the board to facilitate it. We hope that the problems will be heard as soon as we submit the capital increment plan.&quot;&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials of the board have suggested a merger for those companies that cannot raise the capital. It seems that the board has decided to increase the capital for the purpose of pressuring the insurance companies to merge.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Malla, who is also the chairman of Nepal Chamber of Commerce, said that companies could be ready for the merger as well. &quot;If required, we are ready to merge. But the board should facilitate it,&quot; he said.&nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">During the discussion, Silwal said that the decision to increase the paid-up capital of insurance companies was taken with the objective of strengthening the insurance companies, reducing administrative costs, increasing the quality of services and increasing public confidence in insurance. </span></span></p>

<p>&nbsp;</p>
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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00