Kathmandu, July 14
Prabhu Mahalakshmi Life
Insurance Limited has started its joint operation following the merger of two
companies from Friday.
The company was created
after the merger of Prabhu Life Insurance Limited and Mahalaxmi Life Insurance
Limited. Raju Raman Paudel, Executive Director of Nepal Insurance Authority (NIA),
inaugurated the joint operation in the newly relocated central office building
amid a brief ceremony.
Following the NIA's
directives to increase the paid up of capital life insurance company to Rs. 5 billion,
the two companies have decided to go for a merger in mid-July last year.
The merger was completed
today with the approval of the NIA, Company Registrar Office and Securities
Board of Nepal after the decision of the general assembly last month. A couple
of days earlier, the board of directors of the company had appointed Ramesh
Kumar Bhattarai as the Chief Executive Officer of the company.
Speaking on the occasion,
Paudel congratulated them for completing the merger despite facing long-term
problems. He expressed his hope that the company will do business amid healthy
competition by introducing new insurance policies as per the market demands.
Umesh Lal Shrestha, Director
of the company, said that the insurance market is becoming highly competitive. Paid
up capital of the new company is Rs. 4.29 billion. It has 442 employees and 115
permanent branch and sub-branches.
Published in The Rising Nepal daily on 15 July 2023.
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