IGI Prudential 27th AGM: 9.73% Cash Dividend Approved, Premium Growth 7.12%
9th March 2025, Kathmandu
The 27th Annual General Meeting (AGM) of IGI Prudential Insurance Limited was successfully held at Amrapali Banquet, Kathmandu. The event was attended by shareholders, company executives, and other stakeholders.
IGI Prudential 27th AGM
Chairman Hemraj Dhakal welcomed the shareholders and emphasized the importance of insurance in citizens’ lives. He noted that IGI Prudential has been instrumental in reducing risks for individuals over the last two decades, contributing significantly to Nepal’s economy.
During his address, Dhakal mentioned that life insurance premiums in Nepal had risen to NPR 41.47 billion in the last fiscal year, reflecting a 2.8% increase. The life insurance sector contributed 0.73% to Nepal’s GDP in the fiscal year 2080/081 (2023/2024), with the overall insurance sector accounting for 3.47%. IGI Prudential’s insurance premium revenue grew by 7.12%, reaching NPR 3.63 billion.
Cash Dividend Approved for Shareholders
The AGM approved a cash dividend of NPR 29.49 crore (including tax), which is 9.7368% of the company’s paid-up capital for the fiscal year 2080/081. Shareholders enthusiastically approved all ordinary and special proposals during the meeting.
Company’s New Building and Future Plans
IGI Prudential is constructing an 11-story building on its land, which is expected to be completed in six months. The company plans to expand its presence by building similar structures in various provinces starting next year.
CEO Emphasizes IGI’s Growth and Market Position
CEO Yugeshbhakta Bade Shrestha also addressed the shareholders, acknowledging the company’s growth and market leadership. He credited the support from customers, investors, regulatory bodies, and the company’s dedicated team for its success. Shrestha reassured shareholders that IGI Prudential would continue to grow and strengthen Nepal’s insurance market.
Company’s National Presence and Workforce
IGI Prudential currently operates in all seven provinces of Nepal, with 69 branches and sub-branches, along with 14 service counters, totaling 83 locations. The company employs 501 people, with 45.79% of them being women. Additionally, 400 agents and 191 surveyors contribute to delivering services across the country.
Increased Insurance Premium and Tax Contributions
The company’s insurance premium collection rose by 7.12% from NPR 3.39 billion in the fiscal year 2079/080 (2022/2023) to NPR 3.63 billion in the review year. IGI Prudential also made a significant contribution to national development by paying NPR 59.28 crore in taxes last fiscal year, which increased by 35.8% to NPR 80.50 crore in the current year.
Conclusion
The successful AGM highlighted IGI Prudential Insurance’s commitment to growth and economic development. The company remains dedicated to offering reliable insurance services and contributing to Nepal’s progress.
For more: IGI Prudential 27th AGM
