Kathmandu. The 38th Annual General Meeting (AGM) of National Life Insurance Company (NLIC) has been successfully concluded. The meeting was presided over by Mrs. Prema Singh, Chairman of the company.

In the meeting, Chairman Singh said that the global economy is gradually becoming resilient despite the Covid pandemic and geopolitical tensions. According to him, most of the world’s central banks have adopted flexible monetary policies as inflation has been declining in recent years.

Although Nepal’s economic growth is estimated to be 4.61 percent in the fiscal year 2081÷82 years, political and social uncertainty might put pressure on the growth rate in the coming year, he said.

In the fiscal year 2081÷82, the company’s total insurance premium increased by 10.26 percent to Rs 225.99 billion. During the period, the company added Rs 149.88 billion in insurance contract liabilities. The total insurance contract liability increased by 18.83 percent to Rs 945.88 billion compared to the previous year.

During the review year, the company paid claims worth Rs. 94.86 billion in terms of death claims, termination, surrender value and other claims. The total investment of the company increased by 11.04 percent to Rs 779.20 billion. According to the company, the average return on investment is 8.76 percent. The chairman said that the investment was made within the safe and regulatory sector for long-term stability.

The company has increased its stake in Himalayan Bank Limited to 13.61% by acquiring more than 28 million promoter shares of Himalayan Bank. It was also informed that the subsidiary company National Capital Limited has distributed 7% cash dividend for the first time after coming into operation.

The 38th Annual General Meeting (AGM) has approved 8.5 percent cash dividend and 4 percent bonus share for the fiscal year 2081÷82 (208182 on the basis of paid-up capital of the company. After issuance of bonus shares, the paid-up capital of the company has reached Rs 5.69 billion, which has met the minimum capital requirement of the regulatory body.

Speaking at the meeting, Chairman Singh expressed his confidence that the insurance company would move forward as a leading insurance provider in the life insurance sector in the coming days contributing to the life insurance needs of the general public.