Kathmandu. The company’s 37th Annual General Meeting (AGM) was held today. The successful completion was held under the chairmanship of Prema Singh, Chairman of the company.
In the meeting, she said that the economy was challenging in the review year 2080/81. The long-term impact of the COVID-19 pandemic, geo-political conflicts and counter-weather disruptions in supply chains, increase in prices of food, energy and other commodities and problems in cooperatives across the country, slowdown in real estate transactions and decline in demand for goods and services have affected the overall economy. ।
The business of the company has been satisfactory in fy 2080/81. The total insurance premium of the company increased by 21.90 percent to Rs 2049.12 crore. A total of Rs 1,368.18 crore has been transferred to the total insurance contract liability during the review year and the total insurance contract liability has increased by 21.70 percent to Rs 7,960.18 crore during the year. Similarly, in the review year, the company will pay Rs. 10,000 on death claim, expiry and partial expiry claim, surrender value, claim and other claim payments. 832.82 crore claims have been paid.
Total investment increased by 17.35 percent to Rs 7,015.46 crore. The company is making efforts to maximize investment in long-term deposits to bring stability in the company’s investment returns. The annual average return rate on investment of the company is satisfactory and the rate has been maintained at 9.17 percent in fy 2080/81.
The company has been investing all its investible funds within the area directed by the Nepal Insurance Authority (NEA) in the maximum long-term investment instruments in terms of transparency and returns and is confident that this will protect the maximum interest of the insured.
The company is trying to diversify its investment and in the meantime, the company has adopted a policy of investing more in fixed assets for the purpose of building commercial buildings in the branches owned by it in the coming days. In this context, the construction work of the company’s nepalgunj-based building has been completed and has come into operation.
The company has also initiated the process of constructing a new modern commercial building on the land owned by it for its Itahari branch. Investment is being made to make the company technology-friendly. Similarly, the company is focused on providing the necessary technical training to train the employees of the company.
The company has shifted 1 percent of the net profit to the social responsibility reserve as per the directives of the regulatory body, maintaining the balance between business goals and corporate social responsibility. Under the title of Corporate Social Responsibility, the company has been supporting the health and education sectors in particular. In this context, in the review year, the company has also provided financial assistance of Rs 2.5 million to The Pbatjambalmag Kshkatstagatav or Rijasmi Zhbbattij Organization for a project related to the health treatment of children.
The 37th Annual General Meeting (AGM) of the company will provide a cash dividend of Rs 521.213 million at the rate of 10 per cent of the company’s updated paid-up capital for fy 2080/81 and a bonus share dividend of Rs 266 million 6 thousand 654 for tax purposes on the said cash and bonus dividend. The resolution has been passed.
The total paid-up capital of the life insurance company has increased to Rs 5.47 billion with the addition of 5 percent bonus share to the existing paid-up capital of Rs 5.21 billion.
The company has elected three directors Prema Rajya Laxmi Singh, Rathi Pawan Bahadur Pandey (A.P.) and Kushal Malli on behalf of the founding members and two directors Kuldeep Sharan Singh and Smt. Bhawani Rana unopposed to the Board of Directors from the 37th Annual General Meeting of the company.
In the meeting, the Chairman expressed the belief that National LaF Insurance Company would continue to play a leading role in fulfilling the needs of life insurance of the common people as a major insurer in the days to come.
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