The life insurance company promoted by 17 promoters including Sunrise Bank, T M Dugar Group and a group of diverse businessmen, industrialist and legal professionals has the authorised capital of Rs 500 million and issued capital of Rs 360 million.
The promoters have the 70 per cent of the authorised capital at Rs 252 million and the remaining of 30 per cent amounting to Rs 108 million is floated for the public.
According to the Securities Board of Nepal (Sebon), a company must float 30 per cent shares to the public.
An investor can apply minimum 50-unit to a maximum of 20,000-unit, according to the Issue manager for the Initial Public Offering (IPO) NMB Capital Ltd – a subsidiary of NMB Bank Ltd.
There are nine life insurance companies and 16 non-life insurance companies in Nepal making it to a total of 25 insurance companies in the domestic insurance sector. However, Rastriya Beema Sansthan is life-and non-life both facility.
The 34,092,725-unit shares of 20 insurance companies with a paid up value of Rs 3,409,272,500 are listed in the Nepse under the insurance sub-group that is one of the key players in the secondary market.
Today the insurance sub-group gained 12.86 points to close at 489.46 points as Life Insurance Co Nepal gained Rs 58, National Life Insurance gained Rs 30 and Prime Life Insurance gained Rs 20 per unit share in a day's trading.
Though the insurance market is huge, there is a shortage of technical manpower, besides lack of awareness and education about the insurance in the domestic market.
"Rate undercutting is the biggest problem in the insurance sector, according to an insurance expert. "The intention should not be to form a cartel and charge clients more but bring new products and price it accordingly,” he said, adding that insurance is a fund management. "It is a financial security in the event of death or on the inability to earn due to physical disabilities.”
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