IGI Prudential Insurance Limited successfully held its 28th Annual General Meeting (AGM) on Poush 24, Thursday, at Amrapali Banquet, Bhatbhateni–Naxal, Kathmandu. Chairperson Hemraj Dhakal, while welcoming shareholders, stated that insurance plays a vital role in protecting individuals, property, businesses, and liabilities, and in mitigating financial crises arising from natural and human-induced risks. He highlighted that the development, reach, and credibility of the insurance market are key indicators of a nation’s economic condition and business sustainability, adding that the company has successfully completed 28 years of operation.
The AGM unanimously approved a proposal to distribute a 5% cash dividend to shareholders based on the current paid-up capital. The meeting was also informed that the company’s 11-storey building with a two-level parking facility, constructed on 2 ropani 6 aana 2 paisa 3 daam of land at Panipokhari, has been handed over by the contractor. The company plans to relocate its head office from Narayanchaur to its own Panipokhari building by Magh 2082. While four floors will be used for office operations, the remaining floors will be rented out to generate additional income.
Chairperson Dhakal noted that during the current fiscal year, the non-life insurance sector faced insurance claims exceeding NPR 27 arba due to the Gen Z movement and continuous rainfall, floods, and landslides. Despite these challenges, he expressed optimism that government policy initiatives, gradual improvement in economic indicators, and positive signals from the stock market would support a favorable business environment in the long term. He also emphasized the company’s focus on digital services to make operations more efficient, secure, and customer-friendly through increased use of information technology.
On the same occasion, Chief Executive Officer Yugeshbhakta Bade Shrestha informed the AGM that the company is providing services through 90 branches across all seven provinces, supported by 531 employees, 430 agents, and 192 surveyors. He stated that the company’s paid-up capital stands at NPR 3 arba 2 crore, making IGI Prudential the largest non-life insurance company in Nepal based on paid-up capital.
According to CEO Shrestha, the total insurance premium of the non-life insurance sector increased by 6.77% to NPR 43 arba 95 crore in the last fiscal year. During the same period, IGI Prudential collected insurance premiums worth NPR 3 arba 86 crore 59 lakh, reflecting a 6.32% growth. The company paid NPR 2 arba 46 crore 33 lakh against 18,500 insurance claims and contributed NPR 79 crore 87 lakh to the Government of Nepal under various tax headings.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
