Citizen Life Insurance Company Limited has raised Rs. Issue and sale of shares of Rs. 75,00,000 (seventy five lakhs) at the rate of Rs. 100 / – equivalent to Rs. An Issue Manager has been appointed. The agreement was signed by Mr. Poshak Raj Poudel, Chief Executive Officer of Citizen Life Insurance Company Limited and Mr. Mekh Bahadur Thapa, Deputy Chief Executive Officer of NIBL S Capital Limited.
Authorized capital Rs. 300 million. The company has already paid Rs. 175 million from the founding shareholders and the amount allocated to the public is Rs. 750000000. In the near future, the paid up capital of the company will be Rs. 250 crore.
Citizen Life Insurance Company, which is preparing to issue primary shares in this way, has made this public. According to the unaudited financial statements for the fourth quarter (mid-August) of 2076/07, the company has managed to strengthen its life insurance fund with its business growth by 164% and total premium income by 69%. The size of reserves and funds has also been increased by 117% from Rs. 228.6 million to Rs. 496.1 million and the income from investment and insurance policy collateral and other loans has been increased by 31 percent to Rs. It has succeeded to reach 338.3 million.
As the investment period in the life insurance business has a direct impact on the company’s income, the company has been able to invest about 91% of the total investment and loan amount in long-term bonds and time deposits of various banks and financial institutions by giving priority to long-term investment and loan. The long-term investment made in the past seems to play a direct role in building the foundation for the stability of the company by providing high returns in the future as well.
Taking advantage of every difficult situation, the company will continue to make the services it provides in the coming days more customer-centric and technology-oriented. Through the Citizen Team, including leaders, the company is committed to providing excellent service while achieving financial and social goals in the future.