Insurance Companies Opting for Capital Increment

Mar 31, 2021 01:08 PM Merolagani

In a bid to extend risk-bearing capacity with the expanding business opportunity in the current uncertain global environment, domestic insurance companies are opting to increase their capital.

According to the existing provision of the Insurance Board, life and non-life insurance companies are required to have a minimum paid-up capital of Rs two billion and Rs one billion respectively. Most of the insurance companies have also maintained the required minimum paid-up capital.

Despite of maintaining the required paid-up capital, foreseeing the future risk and opportunity, Shikhar Insurance and Ajod Insurance have taken a step ahead to increase their paid-up capital through right issue.

Wherein, Shikhar Insurance has already endorsed a 30 percent right proposal from its AGM held on March 22, Ajod Insurance has listed an agenda related to 50 percent right issue in its upcoming AGM to be held on April 20.

Shikhar Insurance has a current paid-up capital of Rs 1.75 billion which will reach Rs 2.28 billion after the right issue. Similarly, Ajod Insurance has a paid-up capital of Rs 1 billion will reach Rs 1.5 billion after the right issue.

 

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