During the period, Ajod Insurance earned the highest net insurance premium of Rs 167.7 million and net profit of Rs 23.1 million. Similarly, it has the highest insurance fund of Rs 42.1 million and reserve fund of Rs 38 million.
In terms of reserve fund, General Insurance has the highest reserve fund of Rs 32.9 million. The company earned the net insurance premium of Rs 132.9 million and net profit of Rs 14 million.
Meanwhile, Sanima General Insurance has the lowest net insurance of Rs 39.9 million and has earned the net profit of Rs 18.2 million. Sanima logged reserve fund of Rs 32.9 million and insurance fund of Rs 38.7 million.
Ajod, Sanima and General Insurance Company are three new non-life insurance companies that came to operation since the last FY.
The companies are required to maintain minimum paid-up capital of Rs 1 billion as per IB directive. Accordingly, the companies are preparing to issue 30 percent issue initial public offering (IPO) of their issued capital to the general public in a bid to reach the minimum paid-up capital.
Among them, Ajod Insurance already sought approval from Securities Board of Nepal (SEBON) to issue the IPO on February 4. The company is planning to issue 3 million units of primary shares.
The company has appointed NIBL Ace Capital as its issue manager and Global IME Capital and Kumari Capital as underwriters for the issue.
Care Rating Nepal has assigned Grade 4 rating to the issue indicating below average fundamentals.
Similarly, General Insurance is also set to issue 30 percent right shares worth Rs 300 million. The company has appointed NIBL Ace Capital as its issue manager.
Likewise, Sanima General Insurance had approved a proposal of issuing 30 percent right shares through its AGM held on February 7. The company will issue 3 million units of primary shares worth Rs 300 million.
