Himalayan Life Insurance 17th AGM: 14% Bonus Shares, NFRS Financials, and Auditor Appointment
23rd February 2025, Kathmandu
The 17th Annual General Meeting (AGM) of Himalayan Life Insurance took place today, 11th Falgun 2080 (23rd February 2025), at Anupam Foodland and Banquet in Battisputali, Kathmandu.
Himalayan Life Insurance 17th AGM
Shareholders gathered to discuss the company’s growth and financial performance. Key proposals for the company’s future, including dividend distributions and capital increases, were reviewed. The meeting aimed to ensure the company’s continued progress and financial stability.
Bonus Share Approval
The meeting approved the distribution of bonus shares for the fiscal year 2079/80 (2022/23). The company’s paid-up capital of Rs. 8.02 billion will see a 14% bonus share issuance, amounting to Rs. 1.12 billion. The tax on these shares will be the responsibility of the shareholders. Additionally, the meeting approved a proposal to adjust any fractional shares in shareholders’ accounts.
Capital Increase and Company Revisions
After the bonus share distribution, the company’s paid-up capital will rise to Rs. 9.14 billion. This increase will require amendments to the company’s articles of association and bylaws. The board of directors was granted the authority to implement these changes, should regulatory authorities provide new instructions.
Annual Report and Financial Statements
The AGM ratified the annual report for the fiscal year 2079/80(2022/23), which includes the financial records of the recently merged companies, Gurans Life Insurance and Union Life Insurance. These financial documents were approved in line with Nepal Financial Reporting Standards (NFRS). The meeting also reviewed and approved the balance sheet, profit and loss accounts, and cash flow statements for the year.
Appointment of External Auditor
The meeting confirmed the appointment of an external auditor for the fiscal year 2080/81 (2023/24) and set the remuneration for the auditor. This appointment will ensure proper oversight of the company’s financial activities for the upcoming year.
Book Closure and Dividend Eligibility
For the AGM and dividend distribution, Himalayan Life Insurance closed its book on 25th Magh 2080 (8th February 2025). Only those shareholders registered by 24th Magh 2080 (7th February 2025) were eligible to attend the AGM and receive the dividend.
Looking Forward
The successful AGM marks a significant milestone for Himalayan Life Insurance. The approval of bonus shares, amendments to company documents, and the appointment of an external auditor set the stage for the company’s continued success and growth. With a strengthened financial base and a commitment to serving its customers, the company is well-positioned to thrive in Nepal’s competitive insurance market.
For more: Himalayan Life Insurance 17th AGM
